## ## ## ## ## ## ## |||||Page| |---|---|---|---|---| |Trustees'
Report (induding
reference and administrative|||details)|1-B| |Statement offinancial|activities|||| |Balance Sheet||||10| |Cash flow statement||||| |Notes to the flnandal|statements|||12-20| |Declaration||||21| |Independent
examiner's
report||||22| |The following page does not form||part ofthe financial|statements|| |Detailed income and|expenditure|account||24| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Unrestricted|Funds|Restricted|Endowment|Total|Total| |---|---|---|---|---|---|---|---|---|---| |||||General|CMTF|Funds|Funds|2023|2022| ||||Note|E|E|E|||| |Income and Endowments|from:||||||||| |Donations
and legacies|||2|419||||419|972| |Charitable
activities|||||||||| |Assessments
or share|||3|343,379||||343,379|387,567| |Investments|||5|5,444|13,233|371|54|19,102|4,500| |Other|||6|61,775||||61,775|139,613| |Total||||411,017|13,233|371|54|424,675|532,652| |Expenditure|||||||||| |Stipends, salaries,
NIC &Pension costs|||8|289,066||||289,066|315,143| |TMCP Levy|||||37,058|||37/I58|28,796| |Methodist
Church
Fund, including||District|||||||| |Assessment||||67,568||||67,568|77,591| |Telephone
&travel||||5,387||||5,387|4,221| |Insurance,
utilities, etc.||||24,945||||24,945|26,751| |Maintenance
of circuit manses||||39,943||||39,943|17,121| |Maintenance
ofother Circuit property|||||||||| |(Oreston)||||9,601||||9,601|2,213| |Other Expenditure|||9|27,678|1,741|5,640|5|35,064|23,972| |Grants and donations|||10|25,991||||25,991|19,738| |Total||||490,179|38,799|5,640|5|534I623|515,546| |Net (expenditure)/income|before|gains|||||||| |and losses on investments,|and before fair|||(79,162)|(25,566)|(5,269)|49|(109,948)|17,106| |value adjustments|||||||||| |Net gains/(losses)
on investments||||(531)|(1,387)|(182)||(2,100)|(3,314)| |Fair value adjustments
to tangible
assets||fixed||(361,669)||||(361,669)|| |Net income/(expenditure)|for the year|||441,362)|(26,953)|(5,451)|49|(473,717)|13,792| |Transfers between
funds||||445,581|(413,638)|(31,892)|(51)||| |Net movement
in funds||||4,219|(440,591)|(37,343)|(2)|(473,71'7)|13,792| |Reconciliation offunds:|||19||||||| |Total funds brought
forward||||220,850|616,147|2,248,056|1,702|3,086,755|3,072,963| |Total funds carried forward||||225,069|175,556|2,210,713|1,700|2,613,038|3,086,755| ||||10|||||m
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0|| ## ||for the|Cash
Year|Flow S
Ended|tatement
31August 2023|||| |---|---|---|---|---|---|---|---| |||||||2023|2022| |||||||f|f .| |Net cash used in operating
activities
(see below)||||||159,228)|(117,535)| |Cash flows from investing
act(vlties:|||||||| |(Purchase)/Sale
ofinvestments
Losses on investments||||||(2,100)
583|(3,314)
924| |Fund income
Manse improvement
/ Purchase offixed assets
Proceeds from sale of property (net of levy and other costs)
Dividends,
interest and rents from investments
Net cash provided
by investing
activities||||||(332,123)
19,102
(314,538)|(154,959)
286,432
4,500
133,583| |Change
ln cash and cash equivalents
in the
Cash and cash equivalents
at the beginning
Cash and cash equivalents
at the end ofthe|reporting
period
ofthe reporting
reporting
period||period|||(473,766)
924,191
59. 25|16,048
908,143
9 .19| |Note: Cash includes
both the cash held ot bank, and the Investments||||with TCMP|||| |||||||2023f|2022
f| |Reconciliation
ofcash flows from operating
Net (expenditure)/income
forthe reporting|activities:
period|||||(473,717)|13,792| |Adjustments
for:
Losses on investments
Impairment
loss||||||2,100
361,669
300|3,314| |Depreciation
Fund income
Profit on the sale offixed assets||||||(583)|(924)
(136,954)
(75)| |Capital expenditure
Dividends,
interest and rents from investments
(Increase)/Decrease
in debtors
(Decrease)/Increase
in creditors
Net cash (used In)/provided
by operating
activities||||||(19,102)
11,787
~68
)
~28)|(4,500)
(17,959)
25,174
)118,152)| |||||||2023|2022| |||||||f|f| |Analysis of cash and cash equivalents|||||||| |Cashin hand||||||195,744|219,577| |Current accounts
Investments
with TMCP (current)
Investments
with TMCP (fixed)
Total cash and cash equivalents||||||218,806
35,875
450,425|667,221
37,393
924,191| |Analysis of net changes
in debt||||At the start||Fair value|At the end of| |||||ofthe year|Cash flows|adjustments|the year| |Cash
Cash equivalents||||219,577
704,614|(23,833)
(447,833)
(2,100)||195,744
254,681| |Borrowings|||||||| |Total||||924 191|471666)
2 100)||450,425| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |2|Donations|and legacies|and legacies|||||| |---|---|---|---|---|---|---|---|---| ||||||2023||2022|| ||||||E||E|| ||Donations|(unrestricted||funds)||419||972| ||Donation|ofOreston|Fund (restricted funds)|||||| |||||||419||972| ## ## |The Circuit is|made up ofthe following
Churches:||| |---|---|---|---| |Bittaford|Ivybridge|Ridgeway|Woodford| |Compton|Millbrook|Roborough|Yealmpton| |Cornerstone|Mount Gould|Sherwell|| |Crownhill|Pennycross|St Budeaux|| |Elburton|Pornphlett|Stoke|| ## ## ||||||||2023|2022| |---|---|---|---|---|---|---|---|---| ||||||||E|E| |Dividends|and|interest|on investments|(restricted
funds)|||371|154| |Dividends|and|interest|on investments|(unrestricted|CMTF funds)||13,233|3,040| |Dividends|and|interest|on investments|(unrestricted|designated|funds)|625|99| |Dividends|and|interest|on investments|(unrestricted|funds)||2,020|602| |Dividends|and|interest|on investments|(endowment|funds)||54|8| |Central
Finance||Board|(unrestricted
funds)||||2,799|597| ||||||||19,102|4,500| ## ## ||||||2023|2022| |---|---|---|---|---|---|---| |Number oftrustees|who were|paid|expenses|||| |Expenses payments|primarily|relate|to reimbursement|for travel/courses.||| |Reimbursement
for|items purchased||on behalf ofthe|Circuit.|2,576|2,386| |Total amount
paid|(6)||||2,576|2386| ## ## ## ## |Gross salar|ies
paid t|o employe|es|were as follows:|||| |---|---|---|---|---|---|---|---| |||||||2023|2022| |||||||E|E| |Gross pay||||||221,662|241,926| |Employer's|National|Insurance|contributions|||18,205|18,215| |Employer's|pension|contributions||to defined contribution|schemes|36,278|37,451| |Total payroll costs||||||276,145|297,592| |Other expenses
paid||||||12,921|17,551| |Total staff|costs (unrestricted||funds)||||| ## ## ## ## |continued
Other outgoings|||||||||| |---|---|---|---|---|---|---|---|---|---| |All costs are made|from unrestricted||||funds except those noted below.|||2023|2022| |||||||||E|E| |Graveyard
costs||||||||2,200|4,960| |Administration
expenses||||||||3,037|1,895| |Accountancy
fees||||||||5,728|5,048| |Independent
examination|||fees|||||1,750|1,750| |Depredation||||||||300|| |Other Sundry costs|||||||||1,298| |Fund Management|charges:||||||||| |(unrestricted
funds)||||||||205|207| |(unrestricted
CMTF funds)||||||||1,741|1,427| |(unrestricted
designated||||funds)||||60|60| |(restricted
funds)||||||||39|39| |(endowment
funds)||||||||5|5| |Publications||||||||1,936|2,847| |Money coHected on behalf|||ofothers|||||332|| |Circuit plans||||||||873|816| |Professional
fees||||||||15,370|2,057| |Communion
wine||||||||452|357| |Stewards/local
preachers||costs||||||1,036|1,206| |Total||||||||9|69| |Grants and donations|||||||||| |||||||||2023|2022| |||||||||E|E| |Pennycross
Mission|enabler|||(unrestncted||CMTF funds)|||5,379| |Benevolent
fund grants||||||||1,700|| |Circuit Model Trust|Fund grants|||||||8,657|| |Digital grants||||||||12,588|10,862| |Other small grants:|||||||||| |(unrestricted
funds)||||||||3,046|3,497| |Total|||||||||| |Manses and other|property|||and equipment|||||| ||||||||Manses &||| ||||||||other|Equipment|Total| ||||||||property||| ||||||||E||| |Cost or valuation|||||||||| |As at 1September|2022||||||2,234,509||2,234,509| |Additions
in the year|||||||329,892|2,233|332,125| |Less: Depreciation|in the year|||||||(300)|(300)| |Less: Fair value adjustment|||||||||,669| |At 31August 2023|||||||2,202,732|1,933|2,204,665| ## ## ## ## |Creditors: Amounts
falling due within o|ne year|||| |---|---|---|---|---| ||||2023|2022| ||||E|E| |Deferred income
Other Creditors
Accruals
Total|||51,478
33,065
18,357
46,610
1,750
12,859
11»91|| |It is expected that all accruals and other|creditors|as at 31August 2023 will be paid during the year to31August 2024.||| |Deferred income relates to assessments|which are|paid in advance.|2023|2022| ||||E|E| |Deferred income brought
forward
Assessment
income received
in the year
Deferred income carried forward
Amount
owed for the year but not received
Assessment
Income recognised
in the year|||51,478
336,121
(46,610)
2,390
343 379|44,381
379,324
(51,478)
15,340
3 7 33| ## ## ## ## ## ## ## ## ## ## ## ## ## |Analysis offunds|||||||| |---|---|---|---|---|---|---|---| |||Balance as at|Incoming|Outgoing|Gains/(taddadi||Balance as at| |||01-Sep-22|Resources|Resources|on investments|Transfers|31-Aug-23| |Restricted
Funds|||||||| |8Skelley||297|10|(1)|||306| |Sup'ts Discretionary|Fund|1,519|35|(1,204)|||350| |Training
Fund||6,406|167|(4,420)|||2,153| |Youth &Children||1,046|33|(3)|||1,076| |Oreston
—Royle Trust||4,279|126|(12)|(182)|(115)|4,096| |Manses 8 other proerpty||2,234,509||||(31,777)|2,202,732| |||2,248,056|371|(5,640)|(182)|(31,892)|2,210,713| |Endowment
Funds|||||||| |Mrs Lakin
—Legacy||1,702|54|(5)||(51)|1,700| |Unrestricted
Funds|||||||| |Designated
Funds|||||||| |Laira Zion Utd||6,788|330|(29)|||7,089| |Miss F L Moore||10,771|294|(1,730)||(265)|9,070| |PAME||38,818|2,768|(43,388|||(1,802)| |||56,377|3,392|(45,147)||(265)|14,357| |Grcuit Model Trust Fund||616,147|13,233|(38,798)|(1,387)|(413,639)|175,556| |GeneralFund||103,434|401,405|(794,711)||447,299|157T427| |Oreston funds||13,163|401|(37)|(402)||13,125| |Various||28,922|11,880|(18,562)|(129)|(905)|21,206| |R Hill||18,954|601|(54||547|18,954| |||780,620|427,520|(852,162)|(1,918)|32,208|386,268| |Total Funds||3,086,755|431,337|902,954|(2,100)||2,613,038| ## ## ## ## ## ## ## ## ## ## ## ## ## |||Detailed statement|offinancial activities||| |---|---|---|---|---|---| |||for the Year Ended 31August 2023|||| |||||2023|2022| |||||E|E| |INCOME|||||| |Circuit assessments||||343,379|387,566| |Donations||||419|972| |Grant for Oreston||||50,000|| |Dividends||||1,459|1,281| |Bank interest receivable||||17,643|3,219| |Otherincome||||11,775|2,659| |||||424.675|595,697| |DIRECT CHARITABLE EXPENDITURE|||||| |Grants paid||||25,991|19,738| |Wages and salaries||||289,066|315,143| |Water||||2,781|3,751| |Counciltax||||16,470|16,136| |Insurance||||5,694|6,864| |Alarms|||||| |Repairs and maintenance||||39,943|17,121| |Oreston expenses||||9,601|2,213| |Money collected on behalf ofothers||||332|| |Quinquennials|||||| |TMCP - District levy||||37,058|28,796| |Support costs of connexion
and district||||67,568|77,591| |Pro fess iona
I fees||||15,370|2,057| |Telephones||||5,387|4,221| |Publications||||1,936|2,847| |Depreciation||||300|| |Stewards costs||||1,036|1,206| |Communion
wine||||452|357| |Sundries|||||1,298| |Graveyard
costs||||2,200|4,960| |Circuit plans||||873|816| |||||522,058|505,115| |MANAGEMENT
AND ADMINISTRATION|||||| |Administration,
postage||and stationery||3,037|1,895| |Independent
review|and|accountancy||7,478|6,798| |Fund management|charges|||2,050|1,738| |||||12,565|10,431| |TOTAL EXPENDITURE||||534,623|515,546| |Unrealised
(losses)/gains||on investments||(2,100)|(3,314)| |NET (DEFICIT)/INCOME before exceptional items||||(112,048)|(123,163)| |Gain on sale of7St|Lawrence Road||||136,955| |Impairment
ofOreston||||(361,669)|| |NET MOVEMENT
IN FUNDS||||(473,717)|13,792|