Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
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SANKEY VALLEY METHODIST CIRCUIT (18/13)
TRUSTEES ANNUAL REPORT and FINANCIAL STATEMENTS FOR YEAR ENDED 31[st] AUGUST 2022
Charity Number 1134227
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT & FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
| CONTENTS | PAGE |
|---|---|
| Trustees annual report | 1 |
| Report of the Independent Auditors | 7 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 |
| Appendix A: List of Trustees | 27 |
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] AUGUST 2022
The Trustees have pleasure in presenting their report and the financial statements of the Charity for the year ended 31st August 2022.
OUR PURPOSES AND ACTIVITIES
The Circuit's aim is to advance the Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church for the benefit of the public. We confirm that the Trustees had regard to the Charity Commission’s guidance on public benefit, and, specifically, the guidance relating to charities for the advancement of religion.
The calling of the Methodist Church is to respond to the Gospel of God’s love in Christ and to live out its discipleship in worship and mission. It does this through worship, learning and caring service and evangelism.
The Mission plan of the Sankey Valley Circuit (as agreed by the February 2020 Circuit Meeting) is to respond to this calling by seeking to inspire, encourage, equip and enable the local churches to be disciples, grow disciples and make disciples of Jesus Christ.
To develop this mission we:
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➢ Encourage and challenge churches to fulfil their calling locally (local growth / mission plans).
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➢ Support churches as they seek to do things in new ways.
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➢ Stand alongside areas where fragile work should be sustained.
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➢ Employ presbyters and deacons to provide pastoral support to all those who are linked to the Methodist churches in the Circuit and to facilitate mission opportunities.
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➢ Provide Lay Employees to support our ministers and assist in the mission of our churches. ➢ Produce a quarterly preaching plan to ensure regular acts of worship take place at the Methodist churches within the Circuit.
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➢ Find and share expertise wherever we can.
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➢ Provide learning and development opportunities with appropriate resources.
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➢ Support the Nutgrove Methodist Aided Primary School .
Safeguarding
The Trustees of the Circuit recognise that the safety of children, young people and vulnerable adults is paramount.
The Circuit has a robust safeguarding policy in place and each of the Methodist Churches within the Circuit have approved and adopted a safeguarding policy. These policies apply to trustees, staff and volunteers and provide a commitment to safe recruitment, selection and vetting. The Circuit’s policy is reviewed annually and the last review was by the Circuit Meeting in June 2022.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] AUGUST 2022
ACHIEVEMENTS AND PERFORMANCE
The year saw a mixture of positive and sad events as the Circuit churches looked to continue mission in the aftermath of the Covid pandemic. Churches continued to develop new ways of providing worship services virtually but also providing fellowship and spiritual support for those without access to online content. Sadly the year saw four churches ceasing to worship and the properties were transferred as assets to the Circuit and came under the management of the Circuit.(Hood Manor, Burtonwood, Sutton and Wesley)
Staffing levels have continued to present challenges for the circuit. We are grateful to our presbyters for their willingness to take on additional responsibilities.
Other key achievements in the year have been:
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The Circuit churches having chosen Epiphany Trust as their nominated charity for the two year period ending 31st August 2022, agreeing to a further two years of support due to the first period being significantly affected by Covid. The charity focuses on helping young people who are often out of the public eye and so often struggle for support – the disabled and disadvantaged.
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Continued financial support given to churches to enable live streaming of services and events. The Circuit planning to have one live-streamed service available Circuit-wide each Sunday. Circuit meeting of Trustees had discussed how multi-media could be used to further the mission of churches and the Circuit.
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Our Deacon works ecumenically in St Helens town centre with support of a food pantry using the Wesley church premises in the centre of St Helens. Wesley was one of the churches that ceased to meet as a Methodist worshipping community. Also strong relations continue with Nutgrove Methodist Aided Primary school.
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Looking at a positive working together programme. Particular emphasis for church and Circuit leadership teams.
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The District Synod being held in the Circuit at Prescot & Whiston in April 2022.
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Supporting the Connexional Pension Reserve fund with a sizeable donation of £82,500 from Circuit reserves.
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40 youngsters attending 3 Generate in October 2021. Video feedback of the amazing event has been circulated Circuit-wide.
FINANCIAL REVIEW
Overall there was a net surplus for the year of £1,236k, compared to a deficit of £382k in 2021.
This is heavily influenced by the movement of 4 churches into the Circuit’s asset portfolio as sadly these churches ceased to worship. Asset value added was £1,237k.
The Circuit Model Trust Fund (an Unrestricted Designated Fund), had an in year deficit of £104k. This mainly arose due to the costs of £37k for deacons in the Circuit and the District levy of £43k for its Advance Fund.
On the Circuit’s General Fund there was a surplus of £13k. This included a transfer of funds into the circuit from the 4 churches that ceased to worship in the year and the expenses around insurance and utilities dealing with these churches.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] AUGUST 2022
Principal Funding Resources
The principal ongoing funding source of the Charity were the assessments of £362k paid by the Circuit’s churches towards the Charity's operating costs for the year.
Investment Policy and Performance
Under Methodist Standing Orders the proceeds from the sale of manses and chapels must be invested with the Trustees for Methodist Church Purposes. Other funds not immediately required are deposited with the Central Finance Board of the Methodist Church.
Reserves Policy
The Trustees consider that an appropriate level of General Reserve to provide an adequate working balance would be between three and four and a half months costs, which equates to between £169k and £250k based on the 2022 accounts expenditure.
As at the 31 August 2022, the General Fund balance (excluding Fixed Assets) was £172k, which falls within the agreed parameters.
In addition, the Circuit held £983k in Designated Funds as at 31 August 2022 after excluding the Revaluation Reserve. The purpose of these funds is set out in Note 24 to the Financial Statements.
Collaborative arrangements with connected charities
The members of the Circuit Meeting are the trustees of the Jackson Trust, a registered charity (No. 505907) whose object is to make gifts to those deemed deserving or in need of help who are on the community role of those Circuit Churches which were part of the former Warrington Circuit. The Circuit appoints three individual Managing Trustees to look after the day to day running of the Trust and to make decisions relating to grant approvals. During 2022, the Trust made £883 in grants. As at 31[st] August 2022, the Trust held investments valued at £89,196.
Three trustees of the Circuit are trustees of the Fred Pendlebury Trust (FPT) [Charity Reg. No. 242863] by virtue of the post they hold within the Circuit, with the remaining two trustees being the Mayor of Warrington and Chair of Stockton Heath Parish Council. The FPT’s object is to assist either generally or individually persons of 50 years of age or over who were born or are resident in the Warrington area who are in conditions of need, hardship or distress by offering grants to cover the costs of items such as kitchen appliances and domestic furnishings. In 2022, the FPT gave grants of £26,647 and at 31 August 2022 held investment funds valued at £1,168,000.
As their trustees do not act under the direction of the Circuit Meeting, the above charities do not meet the definition for consolidation as set out in the Charity SORP (FRS 102).
Going Concern Basis
The Trustees confirm that there is a reasonable expectation that the Charity will continue to receive contributions from the Circuit churches and can therefore continue in operational existence. Accordingly, the going concern basis has been adopted in preparing the Circuit's financial statements.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] AUGUST 2022
PLANS FOR FUTURE PERIODS
Our plans for the coming year include:
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A review of the possible creation of the North West England district merging current Cumbria, Bolton & Rochdale, Lancashire and Liverpool districts.
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The continued development of Children & Youth work responding to 3Generate initiatives. Circuit looking at party of children attending a day at the 3Gen event in October 2021.
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The Circuit churches supporting Epiphany Trust as their nominated charity for the year. The charity provides life changing support to children and young people throughout the world.
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Holding a Circuit Leadership team away day to look at Circuit strategy, use of resources and oversight / trusteeship. This in the light of not being successful in stationing for 2022/23 and moving to a ministerial team of 4 presbyters and 1 deacon.
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Implementing a new Church assessment share formula, likely based on income, to give greater clarity on the required assessment.
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A review of the criteria for the use of the money held within the Model Trust Funds.
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Continuing a review of strategic use for Wesley Methodist Church for mission, Deacon Helen Coleman working with ecumenical partners in St Helens.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Sankey Valley Methodist Circuit Charity registration number 1134227 Principal Office Circuit Resource Centre 1st Floor, Bold Street Mission Palmyra Square Warrington WA1 1JQ 01925 652228 www.sankeyvalleymethodists.org.uk
Trustees
The Trustees who comprised the Circuit Leadership Team during the year were:
Ministers: Revd D Easton (Superintendent) Revd M Coles Deacon H Coleman Revd L Bishop Revd M Harwood Rev A Moffoot Circuit Stewards : Mrs M Reeve (Senior) Mr A Rogers (Treasurer) Mr G Pegg (Oversight/Governance) Revd I Musgrove Mrs S Francis Mrs V Palmer Dr T Rhodes
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] AUGUST 2022
The names of all those who served as Trustees of the Charity for all or part of the year or were Trustees at the date that this report was adopted are listed in Appendix A.
Auditors: Murray Smith LLP Chartered Accountants and Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
Bankers: Cooperative Bank Plc Central Finance Board of Methodist Church PO Box 250 9 Bonhill Street Skelmersdale WN8 6WT London EC2A 4PE Custodian Trustees Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 5JQ Solicitors Tickle Hall Cross Carlton Chambers 25 Hardshaw Street St Helens WA10 1RP
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Circuit is part of the Liverpool District of the Methodist Church of Great Britain. Each district, circuit and Methodist church whilst being a separate charity is governed by the Deed of Union 1932, Methodist Church Act 1932 and by the Methodist Church's Standing Orders. Local Ecumenical Partnerships each have their own Constitution or Sharing Agreement.
At the end of the year, the Circuit comprises 20 Methodist churches, a Methodist/United Reform Ecumenical Partnership, and a Methodist/United Reform shared church.
The Circuit pays the Methodist ministers and lay employees who support its churches and acts as managing trustees for the ministers' manses.
The decision making body is the Circuit Meeting who are its Trustees. During the year, the Circuit Meeting was made up of the Circuit Ministers, those Supernumerary ministers who wished to be a trustee, the Circuit Stewards, other Circuit Officials appointed by the Circuit Meeting, Church Treasurers (or an alternative person approved by the Circuit Meeting), a Church Steward and one elected representative from each Church.
The decisions of the Circuit Meeting are implemented through a Circuit Leadership Team, which has appointed a number of other committees responsible for specific areas of work.
The Circuit Leadership Team is developing procedures for the consideration of the risks that face the Circuit and the steps that can be taken to mitigate these risks. Robust procedures are in place in respect of safeguarding children and vulnerable adults.
RESPONSIBILITIES OF THE TRUSTEES
The Charity's Trustees are responsible for preparing the Trustees Annual Report and the financial statements 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 financial
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] AUGUST 2022
statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources, including the income and expenditure, and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE TO OUR AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as each trustee is aware, there is no relevant audit information of which the charity's auditor is unaware; and
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each trustee has taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
APPOINTMENT OF AUDITOR
The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 18 September 2025 and signed on its behalf by:
The Revd A Moffoot (Superintendent Minister)
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SANKEY VALLEY METHODIST CIRCUIT
YEAR ENDED 31[st] AUGUST 2022
Opinion
We have audited the financial statements of Sankey Valley Methodist Circuit (the ‘Charity’) for the year ended 31st August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31[st] August 2022, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our Independent Auditors’ Report thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
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SANKEY VALLEY METHODIST CIRCUIT
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SANKEY VALLEY METHODIST CIRCUIT
YEAR ENDED 31[st] AUGUST 2022
thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees' Report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Responsibilities of the Trustees statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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SANKEY VALLEY METHODIST CIRCUIT
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SANKEY VALLEY METHODIST CIRCUIT
YEAR ENDED 31[st] AUGUST 2022
The audit procedures designed to identify irregularities included:
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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Enquiry of company staff with responsibilities for compliance matters to identify any instances of non-compliance with laws and regulations;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our Report
This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Nicola Tucker FCA (Senior Statutory Auditor) For and on behalf of Murray Smith LLP Chartered Accountants Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
19-09-2025
Date signed …………………………………….
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[st] AUGUST 2022
| Notes Income from: Donations 3 Charitable activities 4 Trading activities 5 Investments 6 Other 7 Total Income Expenditure on: Raising funds 8 Charitable activities 9 Other 15 Total Expenditure Net income / (expenditure) before transfers Transfers between funds 25 Net income/ (expenditure) before other gains & losses Other recognised gains / (losses)): Gains / (Losses) on current investments Gains / (Losses) on fixed assets for Charity's own use Gains / (Losses) on revaluation of fixed assets Net movement in funds Total Funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds 2022 Total Funds 2021 Total Funds £ £ £ £ As restated 1,239,938 1,680 1,241,618 2,020 379,102 - 379,102 358,160 44,938 - 44,938 35,863 5,469 136 5,605 2,905 71,300 - 71,300 9,729 |
|---|---|
| 1,740,747 1,816 1,742,563 408,677 |
|
| 22,793 - 22,793 16,807 486,667 - 486,667 563,930 152,060 - 152,060 27,455 |
|
| 661,520 - 661,520 608,192 |
|
| 1,079,227 1,816 1,081,043 (199,515) 136 (136) - - |
|
| 1,079,363 1,680 1,081,043 (199,515) (150) - (150) 369 - - - (183,196) 155,000 - 155,000 - |
|
| 1,234,213 1,680 1,235,893 (382,342) 5,007,898 33,258 5,041,156 5,423,498 |
|
| 6,242,111 34,938 6,277,049 5,041,156 |
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
BALANCE SHEET
YEAR ENDED 31[st] AUGUST 2022
| Notes | 2022 | 2022 | 2021 | 2021 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| As restated | |||||
| FIXED ASSETS | |||||
| Tangible assets | 17 | 2,972,599 | 1,661,777 | ||
| Investment property | 18 | 2,115,000 | 2,035,000 | ||
| 5,087,599 | 3,696,777 | ||||
| CURRENT ASSETS | |||||
| Current investments | 2,231 | 2,381 | |||
| Debtors | 19 | 35,329 | 22,640 | ||
| Cash at bank and in hand | 20 | 1,231,776 | 1,416,000 | ||
| 1,269,336 | 1,441,021 | ||||
| CREDITORS: Amounts falling due | |||||
| within one year | 21 | 79,886 | 96,642 | ||
| NET CURRENT ASSETS | 1,189,450 | 1,344,379 | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 6,277,049 | 5,041,156 | |||
| NET ASSETS | 6,277,049 | 5,041,156 | |||
| REPRESENTED BY: | |||||
| Restricted Funds | 23 | 34,938 | 33,258 | ||
| Unrestricted Funds: | |||||
| Designated funds | 24 | 982,648 | 1,151,963 | ||
| Revaluation reserve | 24 | 2,079,631 | 1,924,631 | ||
| Other unrestricted funds | 24 | 3,179,832 | 6,242,111 | 1,931,304 | 5,007,898 |
| TOTAL FUNDS | 6,277,049 | 5,041,156 |
These financial statements were approved by the Board of Trustees and authorised for issue on 18 September 2025 and were signed on its behalf by:
The Revd A Moffoot (Superintendent Minister)
The notes on pages 13 to 26 form part of these financial statements
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
STATEMENT OF CASH FLOWS
YEAR ENDED 31[st] AUGUST 2022
| Cash flows from operating activities: Net cash provided by (used in) operating activities (See Note 29) Cash flows from investing activities Interest from investments Proceeds from tangible fixed assets Net cash provided by (used in) investing activities Cash flows from financing activities Change in cash and cash equivalents in reporting period Cash and cash equivalents at beginning of reporting period Cash and cash equivalents at end of reporting period |
2022 £ (189,829) 5,605 - 5,605 - (184,224) 1,416,000 1,231,776 |
2021 £ As restated (162,204) |
|---|---|---|
| 2,905 611,804 |
||
| 614,709 | ||
| - 452,505 963,495 |
||
| 1,416,000 |
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
1. Basis of Preparation
The financial statements have been prepared in accordance with 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 1 January 2019).
The Circuit meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2. Summary of significant accounting policies
a)
Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
b) Income recognition
Items of income are recognised and included in the accounts when all of the following criteria are met:
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The charity has entitlement to the funds;
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Any performance conditions attached to the items of income have been met or are fully within the control of the charity;
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There is sufficient certainty that receipt of the income is considered probable; and
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The amount can be measured reliably.
c)
Expenditure recognition
Expenditure is recognised as soon as there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Project grants made by the Circuit are recognised in full when approved by the Trustees and, in the case of property projects, any requisite District and/or Connexional approval has been obtained. In addition, there must be certainty that the project as approved will proceed and that the amount approved will be drawn down.
As the Circuit is not able to recover Value Added Tax (VAT), any VAT payable is charged with the expenses to which it refers.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
d) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and allocated in accordance with Ministerial and staff time.
The analysis of these costs is included in note 10.
e)
Tangible Fixed Assets
The Circuit’s manses were valued at October 2019 using professional valuations and revalued in current year by desk exercise. No depreciation is provided on these buildings because the Trustees consider the current residual fair values (on the assumption that they had reached the end of their useful economic life by the year-end) to be not less than the current valuations. The properties have been reviewed for impairment.
Furniture and Equipment for manses or other Circuit property costing over £1,000 is capitalised with depreciation being calculated on a 10% straight line basis so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.
On the closure of Methodist churches, the Circuit Meeting generally becomes the managing trustees for the property. Where the Circuit Meeting resolves to sell the property, it is not treated as a Fixed Asset and the net proceeds of sale are included in the accounts as “Other Income” on receipt of the funds.
f) Investment property
Investment property is included at fair value. Gains are recognised in the income statement.
g) Investments
The investments of the Circuit are held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. The unrealised gains arising on investments at the year-end are shown in the Statement of Financial Activities.
h) Debtors and creditors; bank and cash
Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors that are current liabilities are measured at the cash or other consideration expected to be paid. The liquid funds of bank balances and deposit account balances are shown at the realisable values.
i) Concessionary loans
Where concessionary loans (i.e. free of interest) are made by the Circuit to further its charitable purposes, and are repayable after more than one year, they are initially recognised at the amount paid, with the carrying value adjusted in subsequent years to reflect repayments, adjusted for any impairment, if necessary.
j) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Page 14
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
| 3. Donations and legacies 4. Income from charitable activities Donations to Charity Fund Donations to Children/YP Fund Donated churches Donations to General Fund Total Church assessments Letting of community centre and rooms Printing recharges Other income Total |
2022 Unrestricted Funds Restricted Funds Total Funds £ £ £ - 930 930 1,485 - 1,485 1,237,000 - 1,237,000 1,453 750 2,203 1,239,938 1,680 1,241,618 361,917 - 361,917 14,097 - 14,097 1,291 - 1,291 1,797 - 1,797 379,102 - 379,102 |
2021 Total Funds £ As restated 617 - - 1,403 |
|---|---|---|
| 2,020 | ||
| 349,462 5,576 1,318 1,804 |
||
| 358,160 |
5. Other trading activities
This comprised rents from 3 manses which were temporarily surplus to requirements.
6. Investment income
This comprised interest and dividends on monies on deposit with the Central Finance Board and invested with Trustees for Methodist Church Purposes.
| 7. Other income 8. Expenditure on raising funds Sale of Property – Expenses Refund Closed Churches Total Management cost on let manses Investment management costs Total |
2022 Unrestricted Funds Restricted Funds Total Funds £ £ £ - - - 71,300 - 71,300 71,300 - 71,300 19,888 - 19,888 2,905 - 2,905 22,793 - 22,793 |
2021 Total Funds £ As restated 7,514 2,215 |
|---|---|---|
| 9,729 | ||
| 15,892 915 |
||
| 16,807 |
Page 15
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
9. Analysis of Charitable Activities
| 2022 Ministerial pay & expenses Non-Admin Lay staff pay & expenses Connexional / District Assessments Grants & Donations Other property expenses Other costs Governance costs (See Note 10) Support costs (See Note 10) Totals |
Ministry Mission Fresh Expressions Total 2022 £ £ £ £ 140,017 57,143 15,154 212,314 - 2,549 - 2,549 48,735 28,835 5,395 82,965 - 20,388 - 20,388 - 11,215 - 11,215 27,541 16,295 3,049 46,885 15,090 9,518 1,647 26,255 48,336 30,488 5,272 84,096 |
|---|---|
| 279,719 176,431 30,517 486,667 |
Ministerial & Lay staff pay costs have been allocated based on assessed time spent on activities; other costs allocated direct where practical, otherwise pro rata to staff costs.
Of the £486,667 expenditure in 2022, all £486,667 was charged to Unrestricted Funds.
| 2021 Ministerial pay & expenses Non-Admin Lay staff pay & expenses Connexional / District Assessments Grants & Donations Other property expenses Other costs Governance costs (See Note 10) Support costs (See Note 10) Totals |
Ministry Mission Fresh Expressions Total 2021 £ £ £ £ As restated 140,403 66,915 15,187 222,505 - 2,549 - 2,549 61,216 36,220 6,777 104,213 - 41,404 - 41,404 - 17,723 - 17,723 10,781 6,379 1,193 18,353 17,838 14,377 1,945 34,160 64,242 51,778 7,003 123,023 |
|---|---|
| 294,480 237,345 32,105 563,930 |
Of the £563,930 expenditure in 2021, £562,606 was charged to Unrestricted Funds and £1,324 to Restricted Funds.
Page 16
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
10. Analysis of Governance and Support Costs
| 2022 Ministerial pay & expenses Admin Lay staff pay & expenses Manse costs Connexional / District Assessments Circuit Resource Centre Audit fee Other costs Totals 2021 Ministerial pay & expenses Admin Lay staff pay & expenses Manse costs Connexional / District Assessments Circuit Resource Centre Audit fee Other costs Totals |
Support Costs Governance Total 2022 Allocation Basis £ £ £ 6,156 11,997 18,153 Ministerial time 11,509 5,876 17,385 Lay staff time 55,992 2,947 58,939 Ministerial time 5,065 5,230 10,295 Staff time 2,512 443 2,955 Staff time - (3,194) (3,194) Governance 2,862 2,956 5,818 Staff time 84,096 26,255 110,351 Support Costs Governance Total 2021 Allocation Basis £ £ £ As restated 6,169 12,022 18,191 Ministerial time 11,410 5,825 17,235 Lay staff time 96,054 5,055 101,109 Ministerial time 6,362 6,570 12,932 Staff time 1,909 337 2,246 Staff time - 3,194 3,194 Governance 1,119 1,157 2,276 Staff time 123,023 34,160 157,183 |
|---|---|
| Paid Employees Stipends, Salaries, Employers National Insurance & Pension Costs Gross Stipends/Salaries Social security costs Other pensions costs |
176,987 181,696 15,384 15,487 42,558 43,790 234,929 240,973 2022 2021 £ £ As restated |
176,987 181,696 15,384 15,487 42,558 43,790 234,929 240,973 2022 2021 £ £ As restated |
|---|---|---|
| 240,973 |
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
Particulars of employees:
The average number of employees during the year, calculated as full-time equivalents, was:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Number of ministers | 6 | 6.33 |
| Number of administrative staff | 3 | 2 |
No employee received remuneration of more than £60,000 during the year (2021 - Nil). There is no accrual for holiday pay for the lay staff as it is immaterial.
12. Pensions
Most ordained presbyters and deacons are members of the Methodist Ministers' Pension Scheme, a funded defined benefit scheme maintained by the Methodist Church of Great Britain. Each circuit is required to contribute to the scheme for its ministers whether or not they choose to join the scheme. Contributions in 2022 were 9.3% for ministers and 26.9% of standard stipend for the Circuit.
The assets of the pension scheme are held separately from those of the Circuit in independently administered funds. The actuaries are of the opinion that it is not possible to identify on a consistent and reasonable basis, the share of the underlying assets and liabilities of the scheme attributable to the Circuit. As such, it is accounted for as a defined contribution scheme under FRS102.
The Circuit's lay employees are eligible to join a defined contribution scheme established by The Pensions Trust which provides pensions for charities and not for profit and voluntary organisations on standard terms negotiated by the Methodist Church of Great Britain. Contributions to this scheme are 6% of salary for lay employees and 6% for the Circuit. Eligible lay employees (i.e. those earning over £10,000 a year) were subject to auto enrolment into a pension scheme from 1 May 2016.
13. Trustee remuneration and expenses
Included within Charitable Activities is the remuneration of Circuit ministers who under Methodist Standing Orders are ex officio members of the Circuit Meeting and therefore trustees of the charity. The other trustee receiving remuneration was the Circuit Safeguarding Officer.
Expenses paid to trustees comprised travel/telephone costs to Circuit Ministers, travel costs to Circuit Stewards and Lay Preachers who were trustees, and preaching fees/travel costs to Circuit Supernumerary Ministers who were trustees. The number of trustees receiving expenses and the total paid were:
| 2022 | 2021 | |
|---|---|---|
| Number of trustees who were paid expenses | 7 | 8 |
| Total amount paid | 15,473 | 18,926 |
Page 18
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
| 2022 £ 14. Grants and Donations Grants & Donations paid (Unrestricted Funds): Church Building Projects_(Grants)_ - Church Mission Projects (Grants) 18,388 Connexional Funds & Charities (Donations) 1,500 Donations paid (Restricted Funds): Circuit Charities (Epiphany Trust/LWPT) 500 Total 20,388 15. Other expenditure 2022 Unrestricted Funds Restricted Funds Total Funds £ £ £ District Advance Fund levy on Circuit Model Trust Fund 43,291 - 43,291 Manse Selling Costs - - - Closed Churches – Management Costs 26,269 - 26,269 Pension Reserve Fund Contribution 82,500 - 82,500 152,060 - 152,060 16. Net Income / (Expenditure) for year This is stated after charging: Depreciation 1,178 Audit fee - 2022 £ |
2022 £ 14. Grants and Donations Grants & Donations paid (Unrestricted Funds): Church Building Projects_(Grants)_ - Church Mission Projects (Grants) 18,388 Connexional Funds & Charities (Donations) 1,500 Donations paid (Restricted Funds): Circuit Charities (Epiphany Trust/LWPT) 500 Total 20,388 15. Other expenditure 2022 Unrestricted Funds Restricted Funds Total Funds £ £ £ District Advance Fund levy on Circuit Model Trust Fund 43,291 - 43,291 Manse Selling Costs - - - Closed Churches – Management Costs 26,269 - 26,269 Pension Reserve Fund Contribution 82,500 - 82,500 152,060 - 152,060 16. Net Income / (Expenditure) for year This is stated after charging: Depreciation 1,178 Audit fee - 2022 £ |
2021 £ As restated 4,700 33,327 2,053 1,324 41,404 2021 Total Funds £ As restated 4,244 7,117 16,094 - |
|
|---|---|---|---|
| 152,060 - 152,060 |
27,455 | ||
| 1,178 - 2022 £ |
Page 19
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
17. Tangible Fixed Assets
| ngible Fixed Assets | |
|---|---|
| Cost or valuation At 1 September 2021 (As restated) Additions Revaluations in year As at 31 August 2022 Depreciation At 1 September 2021 (As restated) Charge for year As at 31 August 2022 Net Book Value At 31 August 2021 (As restated) At 31 August 2022 ed Asset Investments Cost or valuation At 1 September 2021 (As restated) Revaluations in year As at 31 August 2022 Net Book Value At 31 August 2021 (As restated) At 31 August 2022 |
Land & Buildings - Manses Land & Buildings – closed churches Fixtures & Fittings Total £ £ £ £ 1,650,000 - 36,344 1,686,344 - 1,237,000 - 1,237,000 75,000 - - 75,000 |
| 1,725,000 1,237,000 36,344 2,998,344 |
|
| - - 24,567 24,567 - - 1,178 1,178 |
|
| - - 25,745 25,745 |
|
| 1,650,000 - 11,177 1,661,177 |
|
| 1,725,000 1,237,000 10,599 2,972,599 |
|
| Land & Buildings - Manses Land & Buildings – Community Centres Total £ £ £ 1,755,000 280,000 2,035,000 80,000 - 80,000 1,835,000 280,000 2,115,000 1,755,000 280,000 2,035,000 1,835,000 280,000 2,115,000 |
18. Fixed Asset Investments
Land and buildings manses consist of freehold properties (£3,010,000) and a long leasehold property (£550,000).
On the sale of a manse where the proceeds are not being applied to a replacement project, a levy is payable under Methodist Standing Orders to the Connexional Priority Fund of 20% on the first £100,000 and 40% on the balance. As at 31 August 2022, the amount payable on the sale of all the manses would be £1,264,000.
Page 20
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
| 19. Debtors and prepayments Loans to Circuit churches Prepayments Other Debtors Total 20. Cash at bank and in hand Trustees for Methodist Church Purposes (Interest Funds) Central Finance Board (Deposit Account) Co-operative Bank (Current Account) Cash in Hand Total 21. Creditors and accruals Amounts falling due within one year. Receipts in advance Other Creditors Agency Collections Total |
2022 £ 2,000 32,011 1,318 35,329 975,392 234,799 21,511 74 1,231,776 69,120 10,766 - 79,886 |
2021 £ As restated 2,000 19,635 1,005 22,640 974,559 400,180 41,199 62 |
|
|---|---|---|---|
| 1,416,000 | |||
| 85,242 11,828 (428) |
|||
| 96,642 |
- Capital commitment
The Circuit had no capital commitments at 31 August 2022. (2021: Nil)
Page 21
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
23. Movement in Restricted Funds
| 2022 Charity Fund Fresh Expressions 2021 (As restated) Charity Fund Fresh Expressions |
Balance 1 Sep 21 Incoming Resources Outgoing Resources Transfers Balance 31 Aug 22 £ £ £ £ £ 316 1,680 - - 1,996 32,942 136 - (136) 32,942 |
|---|---|
| 33,258 1,816 - (136) 34,938 |
|
| Balance 1 Sep 20 Incoming Resources Outgoing Resources Transfers Balance 31 Aug 21 £ £ £ £ £ As restated 1,023 617 (1,324) - 316 32,942 45 - (45) 32,942 |
|
| 33,965 662 (1,324) (45) 33,258 |
Purposes of Restricted Income Funds
Charity Fund - Monies received for the benefit of the Circuit’s nominated charity.
Fresh Expressions - This fund holds the monies transferred to the custody of the Circuit in 2008 by Deed of Appointment from the Withinshaw Trust. The monies are lodged with the Central Finance Board and the Circuit Meeting has agreed that they should be "Restricted", with the interest being transferred each year to the Fresh Expressions Unrestricted Income Fund (see Note below).
Page 22
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
24. Movement in Unrestricted Funds
| 2022 Designated Funds: Children & Youth Circuit Model Trust Fresh Expressions Local Preacher Fund Manse Maintenance Mission Fund Nutgrove Comm. Centre Revaluation Reserve General Funds: Fixed Assets Other 2021 (As restated) Designated Funds: Children & Youth Circuit Model Trust Fresh Expressions Local Preacher Fund Manse Maintenance Mission Fund Nutgrove Comm. Centre Revaluation Reserve General Funds: Fixed Assets Other |
Balance 1 Sep 21 Incoming Resources Outgoing Resources Transfers Gains & Losses / Journal Entries Balance 31 Aug 22 £ £ £ £ £ £ 9,058 1,485 (8,495) 2,000 - 4,048 781,540 3,120 (101,655) (5,000) (150) 677,855 3,680 - (500) 136 - 3,316 2,034 - (250) - - 1,784 40,000 - (6,000) - - 34,000 317,371 1,321 (52,997) - - 265,695 (1,720) 10,946 (13,276) - - (4,050) 1,924,631 - - - 155,000 2,079,631 |
|---|---|
| 3,076,594 16,872 (183,173) (2,864) 154,850 3,062,279 |
|
| 1,772,147 1,237,000 (1,178) - - 3,007,969 159,157 486,875 (477,169) 3,000 - 171,863 |
|
| 1,931,304 1,723,875 (478,347) 3,000 - 3,179,832 |
|
| 5,007,898 1,740,747 (661,520) 136 154,850 6,242,111 |
|
| Balance 1 Sep 20 Incoming Resources Outgoing Resources Transfers Gains & Losses Balance 31 Aug 21 £ £ £ £ £ £ 9,356 - (2,298) 2,000 - 9,058 227,071 1,340 (54,044) 606,804 369 781,540 3,635 - - 45 - 3,680 2,034 - - - - 2,034 40,000 - - - - 40,000 350,389 1,010 (34,028) - - 317,371 10,858 5,577 (18,155) - - (1,720) 2,343,731 - - (419,100) - 1,924,631 2,987,074 7,927 (108,525) 189,749 369 3,076,594 2,149,355 - (1,308) (192,704) (183,196) 1,772,147 253,102 400,089 (497,034) 3,000 - 159,157 2,402,457 400,089 (498,342) (189,704) (183,196) 1,931,304 5,389,531 408,016 (606,867) 45 (182,827) 5,007,898 |
Page 23
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
Purposes of Designated Unrestricted Income Funds:
Local Preacher Fund – This comprises monies from three bequests and is to be used for providing training grants to Local Preachers. The Bridge Bequest was previously a Restricted Income Fund while the other two bequests were previously part of the General Fund.
Children and Youth - This fund holds monies allocated by the Circuit Meeting for work amongst children and young people of the Circuit.
Circuit Model Trust Fund – This fund receives the proceeds of sale of manses and churches and is used to fund property and mission projects approved by the Trustees subject to rules set by the Methodist Connexion.
Fresh Expressions - This fund holds monies allocated by the Circuit Meeting to help develop “fresh ways of being a church”.
Manse Maintenance - This fund holds unspent budget monies from previous years which are to be made available to the Property Stewards in future years for major cyclical repairs.
Mission Fund – This comprises monies received from church’s trustees on the closure of churches and from other Methodist funds which were previously treated as Restricted, which the Trustees have agreed to be designated for Mission initiatives.
Nutgrove Community Centre – This fund holds the balance of income received after paying out operational expenses, which Trustees have agreed should be held to meet future maintenance and to contribute towards the cost of Deacon working in the Nutgrove community.
Revaluation Reserve – In accordance with FRS 102 this Fund is credited / expensed with gains / losses on the revaluation of fixed assets.
25. Transfers between funds
The reasons for the transfers between funds were as follows:
| From Fund | To Fund | Reason | Amount |
|---|---|---|---|
| Circuit Model Trust | General | Allocation of rent from proceeds of sold manse |
£5,000 |
| Fresh Expressions {Restricted} |
Fresh Expressions {Unrestricted} |
Interest received | £136 |
| General | Children & Youth | Annual allocation agreed by Circuit Meeting |
£2,000 |
Page 24
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
26. Analysis of net assets between funds
| 2022 Tangible Fixed Assets Investment Property Net Current Assets 2021 Tangible Fixed Assets Investment Property Net Current Assets 27. Transactions with related parties Related Party Income: Circuit Churches Pendlebury Trust Jackson Trust Expenditure: Circuit Churches Liverpool District Liverpool District Advance Fund Methodist Connexional Funds |
Unrestricted Funds Restricted Funds £ £ 2,972,599 - 2,115,000 - 1,154,512 34,938 6,242,111 34,938 Unrestricted Funds Restricted Funds £ £ 1,661,777 - 2,035,000 - 1,311,121 33,258 5,007,898 33,258 Description of transaction 2022 £ Assessments to fund Circuit Operating costs 361,917 Contribution to admin costs 1,320 Contribution to admin costs 100 Grants 18,388 District & Connexion costs 93,260 Levy on Model Trust Fund 43,291 Circuit Donations 1,500 |
Total £ 2,972,599 2,115,000 1,189,450 |
|---|---|---|
| 6,277,049 | ||
| Total £ As restated 1,661,777 2,035,000 1,344,379 |
||
| 5,041,156 | ||
| 2021 £ As restated 349,642 1,320 100 38,027 117,145 4,244 2,000 |
Page 25
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2022
28. Taxation
The Circuit is a registered charity and is entitled to claim annual exemption from UK corporation tax to the extent that income and gains are applicable and applied to charitable purposes only.
29. Reconciliation of net income / (expenditure) to net cash flow from operating activities
| Net income / (expenditure) for the year(as per Statement of Financial Activities) Adjustments for: Depreciation charges Interest from investments Donated churches (Profit) / Loss on sale of fixed assets (Gain) / Loss on current investments (Gain) / Loss on revaluations of fixed assets (Increase) / Decrease in Debtors Increase / (Decrease) in Creditors Net Cash provided by (used in) Operating Activities |
1,235,893 (382,342) 1,178 1,308 (5,605) (2,905) (1,237,000) - - 183,196 150 (369) (155,000) - (12,689) 2,529 (16,756) 36,379 (189,829) (162,204) 2022 2021 £ £ As restated |
1,235,893 (382,342) 1,178 1,308 (5,605) (2,905) (1,237,000) - - 183,196 150 (369) (155,000) - (12,689) 2,529 (16,756) 36,379 (189,829) (162,204) 2022 2021 £ £ As restated |
|---|---|---|
| (162,204) |
30. Prior year adjustments
In the preparation of the 2022 financial statements, it was determined that some investment properties were incorrectly classified as tangible fixed assets. £2,035,000 has been moved to Investment Properties, there was no effect in the Statement of Financial Activities.
Page 26
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
APPENDIX A: LIST OF TRUSTEES
The following persons served as a Trustee of the Circuit for all or part of the financial year.
Ministers stationed in the Circuit:
Revd David Easton Revd L Bishop Deacon Helen Coleman Revd M Coles Revd M Harwood Revd A Moffoot
Circuit Stewards:
Mrs M Reeve Mr G Pegg (Governance/Circuit Meeting Secretary) Mr A Rogers (Treasurer) Revd I Musgrove Mrs S Francis Mrs V Palmer Dr T Rhodes
Supernumerary ministers:
Revd I Musgrove Deacon T Luke Deacon F den Uil
Other Circuit Officers:
Ms L Locke (Safeguarding Officer) Mr P Hatton (Nutgrove Methodist Voluntary Aided School) Ms R Bottell (Nutgrove Methodist Voluntary Aided School) Mrs Sue Rigby (Trusts) Mr R Verrill (Trusts) Mrs J Otterson (LP Meeting Secretary)
Church Steward Representative
Ms K Ahearne (Cronton) Mrs S Bowden (St Martins, Woolston) Miss M Duff (Cross Lane United) Mr J Galsworthy (Latchford) Mrs D Shopland (Lymm) Ms Y Hedgecock (Trinity, Widnes) Mrs B Hitchen (Nutgrove) Mrs V Barber (St James, Rainhill) Dr S Longworth (Farnworth) Mr P Ogden (Rixton) Ms S Spibey (Heath Street, Golborne) Mrs D Scapens (Ashton) Mr K Gardam (Penketh)
Page 27
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
APPENDIX A: LIST OF TRUSTEES
Church Finance Representative
Mr T Bradshaw (Heath Street, Golborne) Mr D Bargh (St James, Rainhill) Mr G Roberts (Padgate) Mrs C Caldwell (New Song Network) Mr J Crossley (Nutgrove) Ms J Foster (Cronton) Mr J D Humbles (Stockton Heath) Mr K Long (St Martins, Woolston) Mr D Makin (Farnworth) Mr R Quinn (Trinity, Widnes) Mr I Rayner (Penketh) Mrs B Scahill (Prescot & Whiston) Mrs M Simpson (Cross Lane United) Mrs P Hughes (Ashton) Mr G Pegg (Lymm) Mr P Wilkinson (Antrobus) Mr I Wright (Rixton)
Church Elected Representative
Mrs G Longs (St. Martins, Woolston) Mrs J Birkett (Nutgrove) Ms A Bolshaw (Antrobus) Mrs M Davies (St. James, Rainhill) Mrs G Dickinson (Heath Street, Golborne) Dr B Fisher (Farnworth) Mrs A Harrison (Prescot & Whiston) Mrs P Lee (Cronton) Mrs J Sampson (Rixton) Mrs J Ormand (Latchford) Mrs J Roberts (Padgate) Mrs J Woods (Ashton) Mrs A Squires (New Song Network) Dr J Woodthorpe (Lymm) Ms J Whitfield (Stockton Heath) Mr B Williams (Cross Lane United)
Page 28