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← Putney Methodist Church

2023-08-31-accounts

Charity registration number 1134031

PUTNEY METHODIST CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 - 22

PUTNEY METHODIST CHURCH

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

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 hosts a range of children's activities, including a monthly Messy Church, a school holiday club (Surrey Explorers), and special events such as carol services for local schools. The Church also engages in outreach with other local schools and groups, runs a meditation group for local people, and has longestablished 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.

Putney became responsible for the finances and management of Roehampton, which serves the Alton Estate in Roehampton. In addition to its weekly services, it hosts a wide range of community activities including the Roehampton Community Shed (part of the national network of Men's Sheds).

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 Methodist Church requirements and practices on safeguarding and on equality, diversity and inclusion. However they 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.

PUTNEY METHODIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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 long-term 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 £8,384,388 (2022 - £7,615,160) 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 £310,387 (2022 - £310,383). Our total unrestricted expenditure for the last financial year amounted to £152,302 (2022 - £151,398) 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 decreased during the year to £207,226 (2022 - £216,267). While there are no specific major plans that require additional funding in the foreseeable future, the Trustees are hoping to improve the accessibility of the Putney church buildings for those with mobility issues, such as wheelchair users or parents with pushchairs. It is likely that this will involve significant alterations to the present configuration of the premises, for which additional funding would be required. In this eventuality the Trustees would review the church's financial capacity and seek to raise additional funds as needed. Meanwhile, however, the Trustees consider that these reserves are sufficient. 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 £635 (2022 - £614) 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 £3,131 (2022 - £3,377).

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.

PUTNEY METHODIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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:

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.

PUTNEY METHODIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 Statsm•nt of trustms. r•sponsI￿lI1 The trustees ar8 resrM)nsibl8 for preparing the Twtees. ReFNt and the accwnts in accordaw with applicab law 8nd United Kingdom Accounts'ThJ Standards Iunited KiThJdom GeneollyAccepled Ac(x)uniing Practicel. The law applica￿• to etharili85 in Eryland al￿ Wa&8s requns I1￿ trustees to prepare accoJnts for each finarKial year which give a Irue and fair v￿W of the state of affaws of th8 Chur¢h and of the incorning resources and applicaijon of r8soJrces of Ihe Ch￿ch l(¥ that ye8r. In prepariNJ thesè rnnts, the trustees are wuired to.. - sdect suitablg a¢¢ounting pol￿￿ and th•n appty Ihem c4ThislenUy: - obseryt the melhc4Js FrfindF48s in Ihe Charllth SORP." - make ludgements and estimates that are reasonable and W￿l8nt. - state wheth8f aF(4vble a¢ctynbng 8tsnd8rds have bow k4kyed. subj.ect to any malwial dopartures di$clos8d 8nd 6xpl8ined M) tho accounts.. and . pr8pare aCC￿nIS on th8 gothg b88i8 unless rt is inapwopnale to p￿SUm0 that the Cha￿tY I￿11 conllnue kn ope181icffi. The tnJst88s are responsibl8 for keeping suffitionl 8ccgxJnting records that disclose wilh reasonat46 a¢cura¢y at any time Ihg finand rA)silt•n of Ihe Church and enable them to ensuie that the accounts comply the Charities Acl 2011, Ihe Charity IAco)unts and Rep￿ts) Regulab"on$ 2008 and the rovi￿On5 of the Iru8t deed. They are also ras￿sIble for sal8guarding the assels ol Churth and he￿ for tsking reasonabl8 steps for the prevention and rtetect￿ ol fraud and othef irregulanti85. The Iru8t8es' was approved by the Board of Tn￿1888. C Norris Tru•t•• Datsd

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 2023.

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:

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.

==> picture [100 x 47] intentionally omitted <==

Sam Thomas Azets Audit Services Independent Examiner ICAEW

Dated: 13 May 2024

Trinity Court 34 West Street Sutton Surrey SM1 1SH United Kingdom

PUTNEY METHODIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Endowment
Restricted
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
20,720
-
-
Investment Income
4
127,694
67
21
Total income
148,414
67
21
Expenditure on:
Raising funds
7
795
10
-
Charitable activities
5
151,507
-
-
Total resources expended
152,302
10
-
Net gains/(losses) on investments
12
(5,206)
(246)
-
Net (outgoing)/incoming resources before
transfers
(9,094)
(189)
21		 Total
Unrestricted
Endowment
Restricted
funds
funds
funds
2023
2022
2022
2022
£
£
£
£
20,720
61,832
-
-
127,782
102,940
35
3
148,502
164,772
35
3
805
941
11
-
151,507
150,457
-
48
152,312
151,398
11
48
(5,452)
(20,942)
(615)
-
(9,262)
(7,568)
(591)
(45)		 Total
2022
£
61,832
102,978
164,810
952
150,505
151,457
(21,557)
(8,204)

PUTNEY METHODIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

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 2022
Fund balances at 31 August 2023		 (9,094)
57
(9,037)
769,228
760,191
8,141,810
8,902,001		 (189)
(57)
(246)
-
(246)
3,377
3,131		 21
-
21
-
21
614
635		 (9,262)
-
(9,262)
769,228
759,966
8,145,801
8,905,767		 (7,568)
24
(7,544)
1,723,034
1,715,490
6,426,320
8,141,810		 (591)
(24)
(615)
-
(615)
3,992
3,377		 (45)
-
(45)
-
(45)
659
614		 (8,204)
-
(8,204)
1,723,034
1,714,830
6,430,971
8,145,801

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

PUTNEY METHODIST CHURCH BALANCE SHEET ASAT31 AUGUST2023 2023 Flx•d M••ts Tangible assets Inv8Stments 13 14 8.507.509 277.135 7.751,685 282.586 8.784,644 8,034.271 Curr•nl •M•l• Debtors Cash ot bank arKI tn hand 15 29.214 96.763 28.342 92,798 125.977 121,140 Cr•dltorn: •mouThts lalllnq du• wlthln on• y••r 14,8541 19.8101 Not ￿rr￿n1 •ss•ts 121.123 111,530 Total a•••ts l•u ¢urr•nt Il•bllltl•• 8.905.767 8.145,801 In¢om lund• Rgstrictgd funds Endowmgnl fvrKI• 17 614 3,377 3.131 O•$lgnat*d fund$ Gèrwal unrestrICt￿ funds Revaluakn r•s•Ng 207226 310.387 8.384.388 216,287 310.383 7.615.160 8.902.LX)1 8.141.810 8.WS.767 8.145.801 Th• fln•ndd slatsmwrts were ty th• Tr￿1¢0$ ￿ .. C N¢Jrfs Trn•t••

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023

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.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

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
2023 2022
£ £
Donations and gifts 16,457 42,282
Grants receivable 4,263 19,550
20,720 61,832
Donations and gifts
Envelopes 8,125 6,731
Collections 5,716 16,051
Gift aid reclaimed 2,616 2,000
Roehampton Church income - 17,500
16,457 42,282

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

4 Investment Income

Unrestricted Endowment
Restricted
funds
funds
funds
Endowment
2023
2023
2023
£
£
£
Rental income
118,070
-
-
Other interest receivable
7,009
-
-
Interest receivable
2,615
67
21
127,694
67
21		 Total
Unrestricted Endowment
Restricted
funds
funds
funds
Endowment
2023
2022
2022
2022
£
£
£
£
118,070
95,976
-
-
7,009
6,621
-
-
2,703
343
35
3
127,782
102,940
35
3		 Total
2022
£
95,976
6,621
381
102,978

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

5 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		 Gifts to
charity
Ecumenical
services
Assessment
by circuit
2023
2023
2023
£
£
£
-
23,352
-
4,563
3,463
48,846
-
3,079
-
4,563
29,894
48,846
-
64,779
-
188
1,229
2,008
4,751
95,902
50,854
4,751
95,902
50,854
-
-
-		 Total
2023
£
23,352
56,872
3,079
83,303
64,779
3,425
151,507
151,507
-		 Gifts to
charity
Ecumenical
services
Assessment
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
-		 Total
2022
£
18,824
50,840
1,662
71,326
75,333
3,846
150,505
150,457
48

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

7 Raising funds

Unrestricted Endowment
funds
funds
Endowment
2023
2023
£
£
Investment management
795
10
795
10		 Total
Unrestricted Endowment
funds
funds
Endowment
2023
2022
2022
£
£
£
805
941
11
805
941
11		 Total
2022
£
952
952

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

8 Support costs

Support
costs
Governance
costs
£
£
Rates, Light & Heat
13,285
-
Insurance
6,720
-
Printing, Postage &
Stationery
81
-
Repairs & Renewals
29,343
-
Cleaning
2,179
-
Sundry expenses
3,038
-
Administrative support
10,133
-
Audit fees
-
3,120
Legal and professional
-
305
64,779
3,425
Analysed between
Charitable activities
64,779
3,425		 2023
Support
costs
Governance
costs
£
£
£
13,285
7,426
-
6,720
6,288
-
81
1,061
-
29,343
37,300
-
2,179
3,218
-
3,038
4,420
-
10,133
15,620
-
3,120
-
3,360
305
-
486
68,204
75,333
3,846
68,204
75,333
3,846		 2022
£
7,426
6,288
1,061
37,300
3,218
4,420
15,620
3,360
486
79,179
79,179

Accountancy costs includes payments to the independent examiners of £3,360 (2022- £3,360) for independent examination fees.

9 Trustees

None of the trustees (or any persons connected with them) (2022 - £nil) received any remuneration during the year. No trustees (2022 - £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:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Net gains/(losses) on investments

**Unrestricted ** Endowment Total Unrestricted Endowment Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Revaluation of
investments (5,206) (246) (5,452) (20,942) (615) (21,557)
13 Tangible fixed assets
Unrestricted Endowment
funds
funds
2023
2023
£
£
Revaluation of
investments
(5,206)
(246)
13
Tangible fixed assets		 Unrestricted Endowment
funds
funds
2023
2023
£
£
Revaluation of
investments
(5,206)
(246)
13
Tangible fixed assets		 Total
Unrestricted
Endowment
funds
funds
2023
2022
2022
£
£
£
(5,452)
(20,942)
(615)		 Total
Unrestricted
Endowment
funds
funds
2023
2022
2022
£
£
£
(5,452)
(20,942)
(615)		 Total
2022
£
(21,557)
Freehold land
and buildings
£
Cost or valuation
At 1 September 2022
7,615,160
Additions
-
Revaluation
769,228
At 31 August 2023
8,384,388
Depreciation and impairment
At 1 September 2022
-
Depreciation charged in the year
-
At 31 August 2023
-
Carrying amount
At 31 August 2023
8,384,388
At 31 August 2022
7,615,160		 Fixtures,
fittings and
equipment
£
258,921
9,949
-
268,870
122,397
23,352
145,749
123,121
136,525		 Total
£
7,874,081
9,949
769,228
8,653,258
122,397
23,352
145,749
8,507,509
7,751,685

Land and buildings with a carrying amount of £8,384,388 (2022 - £7,615,160) 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.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

14 Fixed asset investments

Cost or valuation
At 1 September 2022
Valuation changes
At 31 August 2023
Carrying amount
At 31 August 2023
At 31 August 2022
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Accruals and deferred income		 Unlisted
investments
£
282,586
(5,451)
277,135
277,135
282,586
2023
2022
£
£
6,233
3,656
22,981
24,686
29,214
28,342
2023
2022
£
£
4,854
9,610

Deferred income of £1,494 (2022 - £6,250) has been recognised in relation to rent received in advance for the school area.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

17 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 in funds Movement
in funds
Balance at Net incoming Revaluations, Balance at Net incoming Balance at
1 September resources gains and 1 September resources 31 August
2021 losses 2022 2023
£ £ £ £ £ £
Benevolent fund 659 3 (48) 614 21 635

£635 (2022: £614) is held as a restricted fund in bank accounts as a benevolent fund in order to help those in need.

18 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
2021 2022 2023
£ £ £ £ £ £ £
General
property 66,626 63,563 6,796 136,985 73,070 (82,111) 127,944
Lion House
lease 79,282 - - 79,282 - - 79,282
145,908 63,563 6,796 216,267 73,070 (82,111) 207,226

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.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

19
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
Restricted
fund
2023
2023
2023
£
£
£
Fund balances at 31 August 2023 are represented
by:
Tangible assets
8,507,509
-
-
Investments
274,004
3,131
-
Current assets/(liabilities)
120,488
-
635
8,902,001
3,131
635		 Total Unrestricted
funds
Endowment
funds
Restricted
fund
2023
2022
2022
2022
£
£
£
£
8,507,509
7,751,685
-
-
277,135
278,595
3,377
614
121,123
111,530
-
-
8,905,767
8,141,810
3,377
614		 Total
2022
£
7,751,685
282,586
111,530
8,145,801

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

No remuneration was paid to key management personnel during the year.

21 List of Trustees

Minister Rev Geoffrey Farrar Deacon, ex officio member Rev Kathy Johnson Senior Steward - Administration Clive Norris Stewards Jenny Drewe Jane Fawcett Ruth Kelly Jessica Dalton Sarah Mtonga Jean Butcher Appointed on 6th October 2022 Pastorial Committee Jane Fawcett Sarah Mtonga Church Meeting David Armstrong Ben Waterhouse Lesley Murray Hannah Odukwa Appointed on 6th October 2022 Geoff Waterhouse