|FINANCIAL|STATEMENTS FOR THE YEAR|STATEMENTS FOR THE YEAR|STATEMENTS FOR THE YEAR|ENDED 31STAUGUST|ENDED 31STAUGUST|ENDED 31STAUGUST|2023|2023|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|CONTENTS|AND CHARITY INFORMATION||||||||||||||
|CONTENTS||||||||||||||PAGE|
|Report ofthe Trustees||||||||||||||1-5|
|Independent|Auditor's|Report||||||||||||6 -8|
|Statement ofFinancial||Activities|||||||||||||
|Balance Sheet||||||||||||||10|
|Statement ofCash Flows|||||||||||||||
|Notes to the|Financial|Statements||||||||||||12 - 17|
|TRUSTEES (Circuit||Stewards)||Steve Acklam|(Senior Steward)||||||||||
|A full list ofTrustees||is shown|on page 4/5|Margaret
Wilson (resigned November|||||||2022)||||
|||||Ruth Levine|||||||||||
|||||James Hindley|(Steward)|||(resigned||August 2023)|||||
|||||Elsie Salmon|||||||||||
|||||Ross McEwan|(appointed|||March 2023)|||||||
|CIRCUIT MINISTERS||||Deacon lan Munay|||||||||||
|||||The Reverend|Charity Nzegwu||||||||||
|||||The Reverend|Rose Westwood||||(Superintendent||||and Chair)||
|||||The Reverend|Jenny Pathmarajah||||||||||
|REGISTERED OFFICE||||Wesley Methodist||Church|||||||||
|||||Christ's Piece|||||||||||
|||||Cambridge|||||||||||
|||||CBI ILG|||||||||||
|CHARITY REGISTRATION|||NUMBER|1134226|||||||||||
|AUDITORS||||Prentis & Co LLP|||||||||||
|||||Chartered
Accountants|||and Statutory||||Auditors||||
|||||115cMilton Road|||||||||||
|||||Cambridge|||||||||||
|||||CB4 IXE|||||||||||
|BANKERS||||Lloyds Bank Pic|||||||||||
|||||University
ofCambridge||||Branch|||||||
|||||PO Box 1000|||||||||||
|||||BXI ILT|||||||||||
|||||Trustees for Methodist|||Church||PurPoses||||||
|||||Model Tntst Fund|||||||||||
|||||Central Buildings|||||||||||
|||||Oldham
Street|||||||||||
|||||Manchester|||||||||||
|||||Ml IJQ|||||||||||
|||||Central Finance Board|||ofthe Methodist|||||Church|||
|||||9 Bonhill Street|||||||||||
|||||London|||||||||||
|||||EC2A 4PE|||||||||||
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|BALANCE SHEET||||||
|---|---|---|---|---|---|
||||2023||2022|
|||Notes|||6|
|FIXEDASSETS||||||
|Tangible fixed assets|||3,548,500||3,436,000|
|Investments||||631,823|826,163|
|TOTAL PIXED ASSETS|||4,|180,323|4,262, 163|
|CURRENT ASSETS||||||
|Central Finance Board -|Deposit Accounts||403,044||425,942|
|Cash at bank and in hand|||8,525||10,354|
|Debtors|||7,845||6,633|
|TOTAL CURRENT ASSETS|||419,414||442,929|
|CREDITORS: amounts|falling due within|||||
|one year||10|50,435||51,097|
|NET CURRENT ASSETS||||368,979|391,832|
|TOTAL ASSETSLESSCURRENT LIABILITIES|||4,549,302||4,653,995|
|NET ASSETS||12|4,549,302||4,653,995|
|THE FUNDS OF THEC~||||||
|Unrestricted
income funds|||4,536,488||4,641,181|
|Restricted income funds||||12,814|12,814|
|TOTAL CHARITY FUNDS|||4,549,302||4,653,995|
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||||2023|2022|
|---|---|---|---|---|
|||Notes|I||
|CASH USED IN OPERATING ACTIVTIES|||||
|Net cash used in operating
activities||14|(46,691)|(83,684)|
|CASH FLOWS FROM INVESTING ACTIVITIES|||||
|Interest received|||12,993|3,531|
|Lettings
income|||9,000|24,896|
|Additions
to investments|||(29)|(1,315)|
|NET CASH PROVIDED BYINVESTING ACTIVITIES|||21,964|27,112|
|CHANGE
IN CASH AND CASH EQUIVALENTS|IN THE|YEAR|(24,727)|(56,572)|
|CASH AND CASH EQUIVALENTS AT THE BEGINNING||OF THE YEAR|436,296|492,868|
|CASH AND CASH EQUIVALENTS AT THE END|OFTHE YEAR||411,569|436,296|
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|||||||(Unrestricted)|(Unrestricted)||||
|---|---|---|---|---|---|---|---|---|---|---|
|OTHER|INCOME|||||Circuit||Model||2023|
|Year ended 31st August||2023||||General||Trust|Restricted|Total|
|||||||I'und||Fund|Funds|Funds|
|Legacies||||||27,664||||27,664|
|||||||(Unrestricted)|||||
|OTHER|INCOME||||||Circuit|Modei||2022|
|Year ended 31st August||2022||||General||Trust|Restricted|Total|
|||||||I'und||Fund|Funds|Funds|
|||||||||8|||
|District and Connexion||refunds||||6,160||||6, 160|
|||||||(Unrestricted)|||||
|INTEREST AND INVESTMENT INCOME|||||||Circuit|Model||2023|
|Year ended 31st August||2023||||General||Trust|Restricted|Total|
|||||||Fund||Fund|Funds|Funds|
|||||||||8|||
|Interest on deposits||||||2,971|10,022|||12,993|
|||||||(Unresn icted)|||||
|INTEREST AND INVESTMEN'f INCOME|||||||Circuit|Model||2022|
|Year ended 31st August||2022||||General||Trust|Restricted|Total|
|||||||Fund||Fund|Funds|Funds|
|Interest on deposits||||||419||3,112||3,531|
|TRUSTEE AND STAFF REMUNERATION|||||||||||
|The staff|costs were:||||||||2023|2022|
|Trustees|(Circuit Ministers)||and|support|staff||||||
||Salaries||||||||121,672|121,292|
||Social|security||costs|||||11,373|15,243|
||Pension costs||||||||27,869|29,020|
||Relocation||costs||||||(1,855)|17,598|
||||||||||159,059|183,153|
|Average|weekly number|of|staff|employed|during the year:||||||
|Full time|||||||||||
|Part time|||||||||||
||||||||||5|5|
|NOTES|TO|THE FINANCIAL STATEMENTS ... ., , , , ,2CONTINUED|THE FINANCIAL STATEMENTS ... ., , , , ,2CONTINUED|||
|---|---|---|---|---|---|
|||NET MOVEMENT|IN FUNDS FOR THE YEAR|2023|2022|
|||The net movement|in funds for the year is stated after charging'.||f|
|||Audit fee||3,752|3,422|
|In common
with other small entities ofour size and nature|we use ow auditors|to assist with the preparation|to assist with the preparation|
|---|---|---|---|
|ofour financial
statements.||||
|TANGIBLE FIXEDASSETS|||Freehold|
|Year ended 31st August 2023|||property|
||||(manses)|
|COST||||
|Balance at 1st September 2022|||3,436,000|
|Transfer to investments|||(593,000)|
|Transfer from investments|||763,500|
|Revaluations|||(58,000)|
|Balance at 31stAugust 2023|||3,548,500|
|DEPRECIATION||||
|Balance at 1st September 2022 and 31st August 2023||||
|NET BOOK VALUE at 31stAugust 2023|||3,548,500|
|TANGIBLE FIXED ASSETS|||Freehold|
|Year ended 31stAugust 2022|||property|
||||(manses)|
|COST||||
|Balance at 1st September 2021|||3,213,000|
|Revaluations|||223,000|
|Balance at 31stAugust 2022|||3,436,000|
|DEPRECIATION||||
|Balance at 1st September 2021 and 31st August 2022||||
|NET BOOK VALUE at 31st August 2022|||3,436,000|
|||Book Value|Book Value|
|GAINS AND LOSSES||@|@|
|Year ended 31stAugust 2023||01.09.2023|01.09.2022|
|68 Melboum
Road, Royston||698,500|663,500|
|12Moss Drive, Haslingfield|||593,000|
|37 Maids Causeway,
Cambridge||1,190,000|1,251,500|
|la Radegund
Road, Cambridge||908,500|928,000|
|2 Mowlam
Close, Impington||751,500||
|||3,548,500|3,436,000|
|The properties
were revalued|by|the trustees|this year with reference to the relevant|sources.|The values|are|
|---|---|---|---|---|---|---|
|fair value based on open market||value.|||||
|INVESTMENTS|||||2023|2022|
|Circuit Finance Board managed||fund|||1,587|1,676|
|2 Mowlam Close, Impington||||||763,500|
|12Moss Drive, Haslingfield||||570,000|||
|Investment
account|||||60,236|60,987|
|||||631,823||826,163|
##
##
|INVESTMENTS - continued|INVESTMENTS - continued||||||||
|---|---|---|---|---|---|---|---|---|
|GAINS AND LOSSES|||Transfer||||||
|Year ended|31st August 2023|Book Value|to/lrom|Net Interest||||Book Value|
|||@|Tangible||and|Gains||@|
|||01.09.2022|Fixed Assets||Charges|/(Losses)|Revaluation|31.08.2023|
|2 Mowlam|Close, Impington|763,500|(763,500)||||||
|12 Moss Drive, Haslingfield|||593,000||||(23,000)|570,000|
|Circuit Finance Board managed|||||||||
|fund||1,676|||29|(118)||1,587|
|Investment|account|60,987||||(751)||60,236|
|||826,163|(170,500)||29|(869)|(23,000)|631,823|
|GAINS AND LOSSES|||Book Value|Net Interest||||Book Value|
|Year ended|31stAugust 2022||@||and|Gains/||@|
||||01.09.2021||Charges|(Losses)|Revaluation|31.08.2022|
|2 Mowlam|Close, Impington||722,000||||41,500|763,500|
|Circuit Finance Board managed||fund|1,950||11|(285)||1,676|
|Investment|account||63,484||1,304|(3,801)||60,987|
||||787,434||1,315|(4,086)|41,500|826,163|
##
||||||
|---|---|---|---|---|
|DEBTORS|||2023|2022|
|Other debtors|||7,845|6,633|
|CREDITORS|||2023|2022|
|Due within
one year:|||||
|Assessment
income|||46,024|46,995|
|Audit fee accrual|||2,950|2,900|
|Other creditors|||1,461|1,202|
||||50,435|5 1.,097|
|RESTRICTED FUNDS|Brought|||Carried|
|Year ended 31stAugust 2023|forward|Income Expenditure|Transfers|forward|
|Youth Work|152|||152|
|Hany Jackson Fund|12,662|||12,662|
||12,814|||12,814|
|RESTRICTED FUNDS|Brought|||Carried|
|Year ended 31stAugust 2022|forward|Income Expenditure|Transfers|forward|
|Youth Work|2,857|(2,705)||152|
|Ilarry Jackson Fund|12,662|||12,662|
||15,519|(2,705)||12,814|
##
##
|12.|ANALYSIS OF NET ASSETS BETWEEN FUNDS||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||Year ended 31st August 2023||Funds|Funds|Funds|
||Tangible
fixed assets||3,548,500||3,548,500|
||Investments||631,823||631,823|
||Net current assets||356,165|12,8]4|368,979|
||||4,536,488|12,814|4,549,302|
||ANALYSIS OFNET ASSETSBETWEEN FUNDS||Unrestricted|Restricted|Total|
||Year ended 31st August 2022||Funds|Funds|Funds|
||Tangible
fixed assets||3,436,300||3,436,000|
||Investments||826,163||826,163|
||Net cun ent assets||379,018|12,814|391,832|
||||4,641,481|12,814|4,653,995|
|13.|RELATED PARTIES|||||
||The Methodist
Church
is a related patty and during the year a contribution||or levy off,l5,795 (2022:||618657)|
||was paid to it out ofthe capital receipts received by the Circuit.|||||
||The Lays is a related party and during the year a donation|was received of6105 (2022:8105).||||
##
|RECONCILIATIO
ACTIVITIES|N
OF NET|M|OVEMENT
IN FUNDS TO NET|CASH FLOW FROM OPERATIN|G|
|---|---|---|---|---|---|
|||||2023|2022|
|Net movement
in|funds|||(104,693)|214,258|
|Adjustments
for:||||||
|(Gains)/losses
on|revaluatiou|of|fixed assets|58,000|(223,000)|
|(Gains)/losses
on|revaluation|of|investments|23,869|(37,414)|
|Interest and rents|&om investments|||(21,993)|(28,427)|
|Increase/(decrease)|in creditors|||(662)|(2,468)|
|(Increase)/ decrease in debtors||||(1,212)|(6,633)|
|Net cash provided|by operating||activities|(46,691)|(83,684)|