**Charity registration number 1134031** ## **PUTNEY METHODIST CHURCH** # **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022** ## **PUTNEY METHODIST CHURCH** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** The Members of the Church Council **Charity number** 1134031 **Principal address** Gwendolen Avenue Putney London SW15 6SN **Independent Examiner** Sam Thomas Azets Audit Services Trinity Court 34 West Street Sutton Surrey SM1 1SH **Investment advisors** The Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ ## **PUTNEY METHODIST CHURCH** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 4| |Independent examiner's report|5| |Statement of financial activities|6 - 7| |Balance sheet|8| |Notes to the accounts|9 - 20| ## **PUTNEY METHODIST CHURCH** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ The trustees present their annual report and financial statements for the year ended 31 August 2022. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Church's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective from 1 January 2015. ## **Reference and administrative details** Reference and administrative details are shown in the Legal and Administrative Information page of the financial statements. ## **Objectives and activities** The objective and policy of the trustees, both long term and short term, is to enable the church to function successfully at a local level and, through The Connexion, at a national and international level as well. The Methodist Church's calling is to respond to the gospel of God's love in Christ and to live out its discipleship in worship and mission. The Church is concerned with helping the wider community, which it does so through a variety of donations to various charities and good causes both in the UK and overseas. It raises money at regular Church services and through occasional fund raising activities. The Church services are at the heart of local life, but Church life extends further. The central four objectives are worship, learning and care, service and evangelism. The Church provides facilities to Lion House School (now Hurlingham Nursery School), from which it receives rental income. Putney Methodist Church also has a Sunday School. The Church also engages in outreach with other local schools and groups, runs a meditation group for local people, and has long-established links with Wandsworth Prison. When gifts and legacies are received they are usually invested for long term benefit, in line with the principles of the Methodist Church. The church is used regularly to host community events, for example concerts and fundraising for charities such as Christian Aid, and also serves as a polling station. During the year the Church took the decision to assume responsibility for Roehampton Methodist Church, which from next year will become a 'class' of Putney Methodist Church. Putney will from next year be responsible for the finances and management of Roehampton, which serves the Alton Estate in Roehampton. The Church has also put strategies in place regarding the safeguarding of children and vulnerable adults, a Fire Risk Assessment and a Health and Safety Assessment. The Church is of the opinion that it fulfils the requirements of Section 4 of the Charities Act 2011, as a result of its work in the community. The Church relies heavily on volunteer work. Trustees do not receive formal training, other than in safeguarding, but are under the guidance of the Circuit and the Minister who is employed directly by the Circuit. Regular meetings are held to ensure that any issues arising are discussed properly. There were no employees during the year. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Church should undertake. ## **Achievements and performance** Putney Methodist Church has continued to maintain its activities of Christian witness and service to the community both from its Putney building and at Roehampton. At Putney, in addition to Sunday worship, the church hosts weekly Christian meditation, rehearsals of the PMC Singers, and a range of other community uses. Regular activities at Roehampton include a parent and toddler group, Sixty Plus café, and a foodbank, as well as Tuesday worship. Putney Methodist Church has also continued to maintain the Church and school buildings for which it is responsible. Expenditure and donations have been maintained at a level to keep sufficient funds and reserves have been in line with its overall objectives of helping the Church and wider community. - 1 - ## **PUTNEY METHODIST CHURCH** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ Income has primarily been in the form of voluntary donations and the letting of part of the buildings to Hurlingham Nursery School; there is also income from other users of the buildings in both Putney and Roehampton. Both congregational collections and other donations are increasingly made electronically. The Church’s investments have retained their value, due to the Church's cautious portfolio, which was creditable given the current economic conditions. This was in line with the longterm objective to keep the church on a solid financial footing. The Putney Methodist Church, Roehampton Methodist Church and Putney school buildings were valued at a total of £7,751,685 by Methodist Insurance. ## **Financial review** This reserves policy relates to our General Fund and Restricted Fund. The assets of the Church are spread between bank balances and investment funds held by the Central Finance Board of the Methodist Church and the Trustees for Methodist Church Purposes (TMCP). This helps to ensure regular and reliable returns. It is the policy of the Church that unrestricted funds which have not been designated for a specific use should be maintained at a level in excess of three month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Church’s current activities while consideration is given to ways in which additional funds may be raised. At the end of the financial year, general unrestricted funds amounted to £310,384 (2021 - £388,286). Our total unrestricted expenditure for the last financial year amounted to £151,397 (2021 - £111,671) and therefore the trustees consider the reserves level as it stands is sufficient to meet the minimum three months expenditure as stated in the policy. This policy is reviewed annually. Reserves held in the designated fund are for use in the maintenance and upkeep of the Church and ancillary buildings. Designated fund reserves have increased during the year to £216,267 (2021 - £145,908). There are no major plans that require additional funding in the foreseeable future, therefore the Trustees consider these reserves sufficient. If for any reason additional funding were to be required, the Trustees would review the fundraising methods required to raise more funds. The reserves are reviewed annually, in the context of the need for a continuing programme of repair and maintenance of the large and historic church building. Restricted funds comprise of Benevolent funds of £614 (2021 - £659) unexpended balances of donations and grants held on trust for specific purposes. The endowment funds are held by the Trustees for Methodist Church Purposes and have unrestricted income but the capital is restricted. The balance of the endowments at the end of the year was £3,377 (2021 - £3,992). The trustees have assessed the major risks to which the Church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees intend to operate the Putney Methodist Church in a similar manner for the foreseeable future. ## **Structure, governance and management** The Church completed registration with the Charity Commission in 2010 and is largely governed by a document entitled 'The Constitutional Practice and Discipline of the Methodist Church' last revised in 1996. The trustees who served during the year are listed in note 21 to these financial statements. All members of the Church Council are trustees and the minister is automatically appointed. The General Church council meet annually and elect the Church Stewards and representatives to sit on the Church Council. Other designated members such as the Church Council Secretary are elected by the Church Council. - 2 - ## **PUTNEY METHODIST CHURCH** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU). The charity's current policy concerning the payment of trade creditors is to: - settle the terms of payment with suppliers when agreeing the terms of each transaction; - ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and - pay in accordance with the charity's contractual and other legal obligations. The charity had no trade creditors at the end of the year. The Putney Methodist Church is part of the Richmond and Hounslow Circuit of Methodist churches, which is part of the larger London District. The Circuit administers people, property and finance, and acts through central Circuit meetings, which representatives of each of the local churches attend. Putney Methodist Church pays a quarterly assessment to the Circuit to cover the Circuit's costs. All districts are related to each other through The Connexion, which is a network of support for all the churches in Great Britain. The Methodist Church's activities are governed largely by a document entitled 'The Constitutional Practice and Discipline of the Methodist Church' last revised in 1996. Putney Methodist Church has its own Church Council which makes decisions affecting the Church at a local level. There are no formal training procedures involved in membership of the Church Council, which is ultimately the decision making body for Putney Methodist Church. The Church tries hard to ensure that people on the Church Council and various committees have a combination of relevant skills. Members are from a wide variety of backgrounds and professions. On a national level, the on going work of the Methodist Conference is undertaken throughout the year by the Methodist Council, which meets four times annually. ## **Plans for the future** The trustees intend to operate the Putney Methodist Church in a similar manner for the foreseeable future. ## **Statement of trustees' responsibilities** The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Church and of the incoming resources and application of resources of the Church for that year. In preparing these accounts, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 3 - PUTNEY METHODIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Thè trnstè&s' rep)rt was approved by the Board ofTnJslees. C Norris Trnst•• Dated ## **PUTNEY METHODIST CHURCH** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF PUTNEY METHODIST CHURCH** I report to the trustees on my examination of the financial statements of Putney Methodist Church (the Church) for the year ended 31 August 2022. ## **Responsibilities and basis of report** As the trustees of the Church you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Church’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the Church as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Sam Thomas Azets Audit Services Independent Examiner ICAEW 28/06/2023 Dated: ......................... Trinity Court 34 West Street Sutton Surrey SM1 1SH United Kingdom - 5 - ## |Total||2021|**£**||51,794|90,225|142,019||574|111,105|111,679|46,749||77,089| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Restricted|funds|2021|**£**||-|2|2||-|-|-|-||2| |Endowment|funds|2021|**£**||-|26|26||8|-|8|(77)||(59)| |Unrestricted|funds|2021|**£**||51,794|90,197|141,991||566|111,105|111,671|46,826||77,146| |**Total**||**2022**|**£**||61,832|102,978|164,810||952|150,505|151,457|(21,557)||(8,204)| |**Restricted**|**funds**|**2022**|**£**||-|3|3||-|48|48|-||(45)| |**Unrestricted Endowment**|**funds**
**funds**|**2022**
**2022**|**£**
**£**||61,832
-|102,940
35|164,772
35||941
11|150,457
-|151,398
11|(20,942)
(615)||(7,568)
(591)| ||||**Notes**||**3**|**4**|||**7**|**5**||**11**||| |||||**Income from:**|Donations and legacies|Investment Income|**Total income**|**Expenditure on:**|Raising funds|Charitable activities|**Total resources expended**|Net gains/(losses) on investments|**Net (outgoing)/incoming resources before**|**transfers**| ## |||77,089|-|77,089||-|77,089|6,353,882|6,430,971| |---|---|---|---|---|---|---|---|---|---| |||2|-|2||-|2|657|659| |||(59)|(19)|(78)||-|(78)|4,070|3,992| |||77,146|19|77,165||-|77,165|6,349,155|6,426,320| |||(8,204)|-|(8,204)||1,723,034|1,714,830|6,430,971|8,145,801| |||(45)|-|(45)||-|(45)|659|614| |||(591)|(24)|(615)||-|(615)|3,992|3,377| |||(7,568)|24|(7,544)||1,723,034|1,715,490|6,426,320|8,141,810| |**Net (outgoing)/incoming resources before**||**transfers**|Gross transfers between funds|**Net (outgoing)/incoming resources**|**Other recognised gains and losses**|Revaluation of tangible fixed assets|**Net movement in funds**|Fund balances at 1 September 2021|**Fund balances at 31 August 2022**| PUTNEY METHODIST CHURCH BALANCE SHEET ASAT31AUGusf2022 2022 2021 Not•s Flx•d ass•ts Tangible 888ets Inv¢striwnts 12 13 7.751.885 282.S86 5,968,760 334,152 8,034,271 6.302,912 Current as8•ts Debtors Cash at bank and in hand 14 28,342 92,798 28,991 117,147 121,140 146,138 Cr•dltorn: amounts f￿lIng duo wlthln on• y•ar 15 19,6101 118.0791 Net curr8nt assgts 111.530 128.059 Total l•M CUrr￿t Ilabllhl 8.145.801 6.430,971 In¢om• fund• Rostricted lunds EndLwmant funds 16 614 3.377 659 3.992 Designated fvndg General unrestrictgd ftJnd8 Rèvaluation r8sgNe 17 216,267 310,383 7.615,160 145,908 388,286 5.892,126 8.141,810 6.426,320 8,145,801 6,430,971 C Norris Tfu•to• **BALANCE SHEET (CONTINUED)** _**AS AT 31 AUGUST 2022**_ ## **PUTNEY METHODIST CHURCH** ## **1 Critical accounting estimates and judgements** In the application of the Church’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Judgement has been used in the allocation of support and governance costs to each of the three activities. The useful economic life fixtures, fittings and equipment has been estimated in order to determine the appropriate depreciation policy. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **2 Accounting policies** ## **Charity information** Putney Methodist Church is part of the Richmond and Hounslow Circuit of Methodist churches whose activities are largely governed by a document entitled 'The Constitutional Practice and Discipline of the Methodist Church' last revised in 1996. ## **2.1 Accounting convention** The accounts have been prepared in accordance with the Church's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Church is a Public Benefit Entity as defined by FRS 102. The Church has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Church. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **2.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **2.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. - 9 - ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **2 Accounting policies** **(Continued)** Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Church. ## **2.4 Income** Income is recognised when the Church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are accounted for on the basis of when the monies are received by The Central Finance Board. ## **2.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Support costs have been allocated to activities for which they directly relate. Any governance costs have been allocated on the proportion of other costs incurred for the activities. Resources expended are recognised as Charitable activities under the following headings: Church events - costs directly associated with running Church Services and events Gifts to charity - donations made to registered charities Ecumenical services - donations made to further the charitable activities of the Methodist Church Assessment by circuit - contributions to the local circuit for minister stipends and to assist in regional governance. ## **2.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures, fittings & equipment 3-30 years The Church building is included in the balance sheet at its insured value as determined by Methodist Insurance Plc. An adjustment is made every year (where material) as an unrealised gain or loss. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. - 10 - ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **2 Accounting policies** ## **(Continued)** ## **2.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **2.8 Impairment of fixed assets** At each reporting end date, the Church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **2.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **2.10 Financial instruments** The Church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Church's balance sheet when the Church becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Church’s contractual obligations expire or are discharged or cancelled. ## **2.11 Fixed assets** All fixed assets are initially recorded at cost. Tangible assets with a cost of below £500 are not included in fixed assets. - 11 - ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **2 Accounting policies** **(Continued)** ## **2.12 Property** After taking advice from the Charities Commission, in conjunction with the Property Methodist Office, the Church buildings and the school property need to be included on the balance sheet, at their insured value according to Methodist Insurance plc. An adjustment is made every year where material as an unrealised gain or loss. It has been identified from the SORP (paragraph 18.3) that historic churches are unlikely to meet the heritage asset definition as the preservation of the buildings they occupy is unlikely to be the primary objective of the charity. Churches therefore do not quality as a heritage asset and so cannot be included at nil cost. ## **3 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Donations and gifts|42,282|14,473| |Grants receivable|19,550|37,321| ||61,832|51,794| |**Donations and gifts**||| |Envelopes|6,731|10,940| |Collections|16,051|3,397| |Gift aid reclaimed|2,000|136| |Roehampton Church income|17,500|-| ||42,282|14,473| - 12 - ## ## ||Total||2021|£|85,208|4,679|338|90,225| |---|---|---|---|---|---|---|---|---| ||Restricted|funds|2021|£|-|-|2|2| ||Endowment|funds|2021|£|-|-|26|26| ||Unrestricted|funds|2021|£|85,208|4,679|310|90,197| ||**Total**||**2022**|**£**|95,976|6,621|381|102,978| ||**Restricted**|**funds**|**2022**|**£**|-|-|3|3| ||**Unrestricted Endowment**|**funds**
**funds**|**2022**
**2022**|**£**
**£**|95,976
-|6,621
-|343
35|102,940
35| |**Investment Income**|||||Rental income|Other interest receivable|Interest receivable|| |**4**||||||||| ## ||**Total**|**2021**||**£**|13,241|59,060|188|72,489|34,738||3,878||111,105|||111,105|-|111,105| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||**Gifts to**
**Ecumenical**
**Assessment**|**charity**
**services**
**by circuit**|**2021**
**2021**
**2021**|**£**
**£**
**£**|-
13,241
-|3,136
395
55,529|-
188
-|3,136
13,824
55,529|-
34,738
-||168
727
2,983||3,304
49,289
58,512|||3,304
49,289
58,512|-
-
-|3,304
49,289
58,512| ||**Total**|**2022**||**£**|18,824|50,840|1,662|71,326|75,333||3,846||150,505|||150,457|48|150,505| ||**Gifts to**
**Ecumenical**
**Assessment**|**charity**
**services**
**by circuit**|**2022**
**2022**
**2022**|**£**
**£**
**£**|-
18,824
-|4,768
2,764
43,308|-
1,662
-|4,768
23,250
43,308|-
75,333
-||257
1,254
2,335||5,025
99,837
45,643|||5,025
99,789
45,643|-
48
-|5,025
99,837
45,643| |**Charitable activities**|||||Depreciation and impairment|Direct costs|Advertising||Share of support costs (see note 8)||Share of governance costs (see note 8)||||**Analysis by fund**|Unrestricted funds|Restricted funds|| |**5**||||||||||||||||||| ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **6 Description of charitable activities** ## Gifts to charity Donations made to registered charities. ## Ecumenical services Donations made to further the charitable activities of the Methodist Church. ## Assessment by circuit Contributions to the local circuit for minister stipends and to assist in regional governance. ## **7 Raising funds** |**Unrestricted Endowment**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Investment management
941
11
941
11
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Rates, Light & Heat
7,426
-
Insurance
6,288
-
Printing, Postage &
Stationery
1,061
-
Repairs & Renewals
37,300
-
Cleaning
3,218
-
Sundry expenses
4,420
-
Administrative support
15,620
-
Audit fees
-
3,360
Accountancy
-
-
Legal and professional
-
486
75,333
3,846
Analysed between
Charitable activities
75,333
3,846|**Total**
Unrestricted
Endowment
funds
funds
**2022**
2021
2021
**£**
£
£
952
566
8
952
566
8
**2022**Support costs Governance
costs
**£**
£
£
7,426
9,833
-
6,288
6,349
-
1,061
828
-
37,300
7,024
-
3,218
1,718
-
4,420
2,219
-
15,620
6,767
-
3,360
-
2,835
-
-
744
486
-
299
79,179
34,738
3,878
79,179
34,738
3,878|Total
2021
£
574| |---|---|---| |||574| |||2021
£
9,833
6,349
828
7,024
1,718
2,219
6,767
2,835
744
299| |||38,616| |||38,616| ## **8 Support costs** Accountancy costs includes payments to the independent examiners of £3,360 (2021- £2,700) for independent examination fees. - 15 - ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **9 Trustees** None of the trustees (or any persons connected with them) (2021 - £nil) received any remuneration during the year. No trustees (2021 - £nil) received reimbursement for any reason other than making purchases on the Church's behalf. ## **10 Employees** The average monthly number of employees during the year was: ||**2022**|**2021**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees whose annual remuneration was more than £60,000. ## **11 Net gains/(losses) on investments** ||**Unrestricted **|**Endowment**|**Total**|Unrestricted|Endowment|Total| |---|---|---|---|---|---|---| ||**funds**|**funds**||funds|funds|| ||**2022**|**2022**|**2022**|2021|2021|2021| ||**£**|**£**|**£**|£|£|£| |Revaluation of||||||| |investments|(20,942)|(615)|(21,557)|46,826|(77)|46,749| ## **12 Tangible fixed assets** |**Freehold land**
**and buildings**
**£**
**Cost or valuation**
At 1 September 2021
5,892,126
Additions
711,048
Revaluation
1,011,986
At 31 August 2022
7,615,160
**Depreciation and impairment**
At 1 September 2021
-
Depreciation charged in the year
-
At 31 August 2022
-
**Carrying amount**
At 31 August 2022
7,615,160
At 31 August 2021
5,892,126|**Fixtures,**
**fittings and**
**equipment**
**£**
180,206
78,715
-
258,921
103,572
18,824
122,396
136,525
76,634|**Total**
**£**
6,072,332
789,763
1,011,986| |---|---|---| |||7,874,081| |||103,572
18,824| |||122,396| |||7,751,685| |||5,968,760| - 16 - ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **12 Tangible fixed assets** ## **(Continued)** Land and buildings with a carrying amount of £7,615,160 (2021 - £5,892,126) were revalued during the year by the Methodist Insurance. This is inline with the Methodist Church policy to recognise the value of land and buildings at the insured value, considered to be the fair value. ## **13 Fixed asset investments** ||**Unlisted**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 1 September 2021|334,152| |Valuation changes|(51,566)| |At 31 August 2022|282,586| |**Carrying amount**|| |At 31 August 2022|282,586| |At 31 August 2021|334,152| ## **14 Debtors** |**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**2022**
**£**
3,656
24,686
28,342
**2022**
**£**
-
9,610
9,610|**2021**
**£**
1,656
27,335| |---|---|---| |||28,991| |||**2021**
**£**
6,000
12,079| |||18,079| **15 Creditors: amounts falling due within one year** Deferred income of £6,250 (2021 - £6,250) has been recognised in relation to rent received in advance for the school and play area. - 17 - ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **16 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: ||||**Movement**||**Movement**|**in funds**|| |---|---|---|---|---|---|---|---| ||||**in funds**||||| |||**Balance at**|**Net incoming**|**Balance at**|**Net incoming**|**Revaluations,**|**Balance at**| ||**1**|**September**|**resources**|**1 September**|**resources**|**gains and**|**31 August**| |||**2020**||**2021**||**losses**|**2022**| |||**£**|**£**|**£**|**£**|**£**|**£**| |Benevolent fund||657|2|659|3|(48)|614| £614 (2021: £659) is held as a restricted fund in bank accounts as a benevolent fund in order to help those in need. ## **17 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |||**Movement in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---|---|---|---| ||**Balance at**|**Net incoming**|**Transfers**|**Balance at**|**Net incoming**|**Transfers**|**Balance at**| ||**1 September**|**resources**||**1 September**|**resources**||**31 August**| ||**2020**|||**2021**|||**2022**| ||**£**|**£**|**£**|**£**|**£**|**£**|**£**| |General|||||||| |property|41,471|69,037|(43,882)|66,626|63,563|6,796|136,985| |Lion House|||||||| |lease|79,282|-|-|79,282|-|-|79,282| ||120,753|69,037|(43,882)|145,908|63,563|6,796|216,267| The Property fund is a designated fund relating to the buildings at Gwendolen Avenue, which forms the Church and ancillary buildings used for letting to Lion House School, and income and expenditure relating to the same. Part of this fund is set aside to meet the ongoing obligations arising from the lease on Lion House School. Income from the fund is also used to meet the Assessment by circuit expense, which requires transfer to the unrestricted fund. - 18 - ## ||Total||2021|£||||5,968,760|334,152|128,059|6,430,971| |---|---|---|---|---|---|---|---|---|---|---|---| ||Restricted|fund|2021|£||||-|659|-|659| ||Endowment|funds|2021|£||||-|3,992|-|3,992| ||Unrestricted|funds|2021|£||||5,968,760|329,501|128,059|6,426,320| ||**Total**||**2022**|**£**||||7,751,685|282,586|111,530|8,145,801| ||**Restricted**|**fund**|**2022**|**£**||||-|614|-|614| ||**Endowment**|**funds**|**2022**|**£**||||-|3,377|-|3,377| ||**Unrestricted**|**funds**|**2022**|**£**||||7,751,685|278,595|111,530|8,141,810| |**Analysis of net assets between funds**|||||Fund balances at 31 August 2022 are represented||by:|Tangible assets|Investments|Current assets/(liabilities)|| |**18**|||||||||||| ## **PUTNEY METHODIST CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **19 Related party transactions** There were no disclosable related party transactions during the year (2021 - none). No remuneration was paid to key management personnel during the year. ## **20 List of Trustees** Minister Deacon, ex officio member Senior Steward - Administration Stewards Council Secretary Church Council Secretary Sunday School Safeguarding Church Meeting Rev Geoffrey Farrar Rev Kathy Johnson Clive Norris Jenny Drewe Jane Fawcett Sarah Mtonga Geoff Waterhouse Lisa Armstrong Ruth Kelly Jane Fawcett David Armstrong Ben Waterhouse Lesley Murray Jessica Dalton - 20 -