**Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235** www.aylesburyvale.org.uk
## **Trustees’ Annual Report 2021-22**
## **Correspondence Address: Superintendent Minister Revd Richard Atkinson**
## **6 Herston Close, Aylesbury, Bucks. HP21 9UR**
## **OVERVIEW**
## **INTRODUCTION**
The Vale of Aylesbury Methodist Circuit (VOAMC) comprises sixteen churches, fourteen of which are in Buckinghamshire and two in Oxfordshire. Of our churches, Christchurch Thame is joint Methodist and United Reformed; two are united with the Anglicans (Hardwick & Weedon and North Marston); a third, at Fairford Leys, a three-way LEP with Methodist, URC and Anglian participation.
The churches are situated in:
|Aylesbury|North Marston|Fairford Leys|
|---|---|---|
|Cheddington|Princes Risborough|Chinnor|
|Stewkley|Stone|Cuddington|
|Swanbourne|Waddesdon|Thame (Christchurch)|
|Wingrave|Hardwick & Weedon||
|Haddenham|Whitchurch||
The circuit employs three full time Presbyters, one of whom acts as Superintendent Minister. The church at Fairford Leys employs its own minister. Our churches are grouped for mutual support and fellowship. We are part of the Northampton District of the Methodist Church of Great Britain.
The Circuit Meeting is the main decision-making body which normally meets twice a year. In the intervening times the Circuit Leadership Team comprising the Presbyteral staff, Circuit Stewards and other key figures, watches over the life of the Circuit.
## **AIMS AND ORGANISATION**
Charity objective is to act as a Resource provider within the area around Vale of Aylesbury for the Methodist Church:
The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of:
- a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church;
- b) Any charitable purpose for the time being of any Connexional, District, Circuit, Local or other organisation of The Methodist Church;
- c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church;
- d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to The Methodist Church.
## **Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235**
## www.aylesburyvale.org.uk
The organisation and resourcing of regular public acts of worship open to members of the church and non-members alike.
The teaching of Christianity through sermons, courses and small groups.
The resourcing of pastoral work including visiting the sick and bereaved. Taking religious assemblies in local schools.
Promotion of Christianity through the staging of events and services.
Provision of chaplaincy services to the local university and other institutions
## **MISSION STATEMENT**
We are a mutually supportive team of churches in and around Aylesbury. We are all committed to a common purpose of channelling God’s unchanging love for all people in our constantly changing world.
- **1 Circuit Leadership**
- **1.1** Relationships: To build links with other churches and faiths identifying potential for joint working.
- **1.2** Local support: To support local congregations to identify priorities for mission, develop strategies to pursue these and provide leadership continuity.
- **1.3** Resources: To regularly review our Circuit deployment of people, finance and property.
- **1.4** Internal Communications: To constantly consider the communication needs of our churches in relation to Circuit policies and actions.
- **2 Worship**
- **2.1** Circuit: To worship together as a Circuit and to foster a sense of Circuit identity.
- **2.2** Prayer: To encourage participation in and the development of Circuit Prayer services and events.
- **2.3** Congregation development: To provide meaningful weekly worship, to identify and facilitate alternative approaches to worship, the development of local congregations and support of smaller churches. To regularly present the challenge of Christian commitment and church membership to all those associated with the circuit churches.
- **2.4** Ecumenism: To encourage local churches to explore shared worship with other churches in their community.
- **3 Learning and Caring**
- **3.1** Training and Development: To identify needs and to provide both financial assistance and opportunities for personal and church growth by appropriate events and training for Church Stewards, Youth & Children’s workers, Local Preachers, Worship Leaders, Musicians, Pastoral Carers and other identified groups, including ecumenical partners.
- **3.2** Personal faith: To encourage people to increase and develop their personal faith through Bible Study, Fellowship and small groups.
- **3.3** Pastoral: To ensure appropriate pastoral care for all congregations. **4 Service**
- **4.1** Community needs: To encourage churches to investigate and respond to the needs of their local community and new housing developments, especially in the use of our buildings.
- **4.2** Welcome: To provide a welcoming environment for family occasions, Christian Festivals and other community events.
- **4.3** Issues and Concerns: To provide a forum for publicising and supporting issues of local or global concern, especially climate change, justice, freedom and humanity.
## **Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235**
## www.aylesburyvale.org.uk
- **4.4** Fair Trade: To be a Fair Trade Circuit by all churches maximising their use of fairly traded goods to give a fair return to third world producers.
- **5 Evangelism**
- **5.1** External Communications: To explore appropriate means of presenting the life changing Good News of Jesus Christ in the local community.
- **5.2** Publicity: To make best use of available means of publicity including the external image of our churches and the practical Christian love of our members within the community.
- **5.3** Training: To provide training in personal evangelism to enable all our people to share their faith effectively.
- **5.4** Seekers: To ensure opportunities regularly exist for people to explore the Christian faith. To develop a church life of wholesome Christian spirituality in our witness to each other, the local community and the world.
- **5.5** Chaplaincy: To support chaplaincy work in its various forms
## **REVIEW OF THE YEAR**
Our churches have returned from the challenges of the pandemic with numbers holding up. Some of our folks have become less mobile but we have seen an influx of new people around the circuit with some positive endeavour to try and reach out into the post-pandemic world. Many of our churches are also seeking to respond to the cost-of-living crisis by providing warm spaces either with or without local authority funding in spite of the immense challenges that the current economic climate brings.
Some places are looking at more evangelistic endeavours in the hope of allowing the Christian voice of hope to be heard in the midst of the bleak circumstances we all face.
## **FINANCIAL REVIEW**
## **INCOME TRENDS**
Assessment paid by circuit churches makes up the bulk of regular income (77%). Assessments collected were 12% higher than the previous year as in that year assessments were reduced by 10% to aid the churches during the pandemic.
The freehold manse at 14 Henrietta Road continues to be let temporarily, which provided income of £18,477.
In 2021, Circuit meeting agreed to delegate the running of the Stoke Mandeville community centre to Aylesbury Methodist Church Council and circuit income now includes letting income from Sees The Day and Karibuni Children.
Total income was in line with budgeted.
## **EXPENDITURE TRENDS**
The main categories of regular expenditure are salaries and associated costs, property and District Assessment & Levy.
Overall expenditure was £6,962 lower than budgeted and £5,043 than the previous year.
Salaries and associated costs were 25% lower than budgeted due to reduced costs as the circuit budgeted for a full-time minister but ultimately employed a part-time minister.
## **Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235**
## www.aylesburyvale.org.uk
Property costs were higher than budgeted due to expenses related to Stewkley which benefited from extensive repairs and maintenance in preparation for the new minister. District Assessment & Levy costs of £37,522 were 10% higher than the previous year (£34,014).
The only donation was given to Aylesbury Town Chaplaincy.
Expenditure on local and visiting preachers’ and administration costs have returned to prepandemic levels.
The net income for the year was an excess of receipts over payments of £ 215,130 which includes a gain of £195,205 on the revaluation of the manses.
## **FUND BALANCES**
Total funds carried forward stand at £3,097,025. About 88% of the value of this fund is held as freehold property, being manses for ministers, and from time to time churches closed for worship in the Circuit.
## **PLANS FOR 2022/23**
We continue to be mindful of the need to support our churches through the challenges and opportunities of the present, to this effect we are looking at possible use of the Model trust fund to help enable this. The arrival of a new presbyter means that we will have a new look which completes the transition from 3.5 to 3 presbyters. The new geographical arrangement will help to reduce our environmental impact as do moving more circuit gatherings to virtual formats.
The budget for the coming financial year allows for the current complement of three full-time ordained ministers funded by the Circuit, and the share of the joint URC and Methodist minister. Income is in line with this year. Expenses are expected to rise due to the return to a full-time minister.
An amount relating to relocation expenses for the incoming Minister has also been included in the budget. Income and expenses related to Stoke Mandeville church building form part of the budget this year.
Assessments paid by churches will decrease by 1%.
## **FINANCE AND GOVERNANCE**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102), (effective from 1st January 2015) - (Charities SORP (FRS 102)).
The members of the Vale of Aylesbury Methodist Circuit meeting are the Charity Trustees, membership being made up of circuit office holders, ministers and representatives appointed by the local churches. Full membership is shown as Appendix A to this report.
The Trustees for Methodist Church Purposes (TMPC) are the Custodian Trustee of Circuit Properties.
## **Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235** www.aylesburyvale.org.uk
## **CIRCUIT MINISTERS AND OFFICERS**
## _CIRCUIT MINISTERS:_
- The Rev’d Richard Atkinson
- The Rev’d John Amankwatia
- The Rev’d Keith Edwards
- The Rev’d Anthony Howells
- The Rev’d Romilly Micklem
## _CIRCUIT STEWARDS:_
- Lynn Bernstone
- Alfred Rogers
- Chris Sara
- Barry Tarbox
- Keith Wallace
## _INDEPENDENT EXAMINER:_
Michael L Foote 8 Bates Lanes Weston Turville Aylesbury Bucks. HP22 5SL
## _BANKING AND INVESTMENTS:_
National Westminster Bank Plc
22 Market Square, Aylesbury, HP20 1SJ
Central Finance Board of the Methodist Church,
9 Bonhill Street, London EC2A 4PE
Trustees for Methodist Church Purposes
Central Buildings, Oldham Street, Manchester Ml 1J
CIRCUIT TREASURER:
Pearl Doughlin
## **PUBLIC BENEFIT**
We confirm the trustees have had regard to the Charity Commission's guidance onpublic benefit.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The governing document for the circuit is the Deed of Union (1932) and Methodist Church Act (1976).
Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD).
Day to day management of the circuit is undertaken by the Superintendent Minister and the Circuit Leadership Team.
**Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235**
## www.aylesburyvale.org.uk
## **RELATED PARTIES**
The Circuit is part of the Northampton District and is also accountable to the Methodist Conference.
## **RISK MANAGEMENT**
The Vale of Aylesbury Methodist Circuit:
- takes professional advice as and when required.
- follows procedures and guidelines issued by the Methodist Church to mitigate risks.
- adopts and implements the Methodist Church's robust safeguarding policies and procedures in the Circuit and the local churches.
## **SAFEGUARDING**
Methodist Connexional practice outlines commitment to the following principles:
- the care and nurture of, and respectful pastoral ministry with all children, young people and vulnerable adults
- the safeguarding and protection of all children, young people and vulnerable adults when they are vulnerable
- the establishing of safe, caring communities which provide a loving environment where there is informed vigilance as to the dangers of abuse.
- We will carefully select and train all those with any responsibility within the Church, in line with Safer Recruitment principles, including the use of criminal records disclosures and registration with the relevant vetting and barring schemes.
- We will respond without delay to every complaint made which suggests that a children, young people or vulnerable adult may have been harmed, cooperating with the police and local authority in any investigation.
- We will seek to work with anyone who has suffered abuse, developing with them an appropriate ministry of informed pastoral care.
- We will seek to challenge any abuse of power, especially by anyone in a position of trust.
- We will seek to offer pastoral care and support, including supervision and referral to the proper authorities, to any member of our church community known to have offended against a child, young person or vulnerable adult.
- In all these principles we will follow legislation, guidance and recognised good practice.
The Vale of Aylesbury Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the circuit and in the churches.
The Vale of Aylesbury Circuit commits itself to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable.
## **RESERVES POLICY**
The Reserves Policy for the Circuit is to hold a minimum sum equivalent to six months' average expenditure. In addition, the Circuit will hold sums relating to specific budgeted expenditure, such
## **Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235** www.aylesburyvale.org.uk
as: planned repairs and renewals; relocation expenses of ministers; and outreach projects. This should be sufficient to meet any unforeseen item of major expenditure on manses and/or to be able to continue, in the short term, funding of planned activities in the event of any inability to raise the full Circuit Assessment from churches.
## **Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235**
www.aylesburyvale.org.uk
## **Appendix A Vale of Aylesbury Methodist Circuit Trustees 2021/2022**
|**Trustee name**|**Notes**||**Trustee name**|**Notes**|
|---|---|---|---|---|
|Paul Alderman|||Alf Rogers|Resigned 08-Sep-2021|
|Louise Atkinson|||Arthur Sara||
|Rev Richard Atkinson|||Chris Sara||
|Janet Banham|||Andrew Shaw||
|Peter Banham|||MaryShurlock||
|Lynn Bernstone|||Sue Spinks||
|JennyBullimore|||Margaret Stevens||
|John Cotton|||Marilyn Storer||
|MaryCottrell|||Peter Stray||
|Claire Crofts|||Heather Stuchbury||
|Marilyn Dore|||BarryTarbox||
|Pearl Doughlin|||Rod Thorpe||
|Robert Earl|||Kathryn Trout||
|Rev Keith Edwards|||Keith Wallace||
|Barbara Evered|||Barbara Warne||
|Frankie Fisher|||Ruth Watkins||
|Sarah Gibbs|||Roger Watson||
|Kevin Hardern|||Colin Watts||
|Ken Harris|||Margaret Watts||
|Lynda Hart|||Margaret Wells||
|David Heffer|||CathyWhiteway||
|Douglas Hill|||Dawn Wright||
|Jane Honeyball|||||
|Pete Honeyball|||||
|Rev AnthonyHowells|||||
|Paul Ingram|||||
|Viv Kemp|||||
|Roger Kirk|||||
|Julie Maguire|||||
|Jennifer Mariner-Kyle|||||
|Gill Marks|||||
|Rev RomillyMicklem|||||
|JoyMurphy|||||
|David Neville|||||
|Albert Odro|||||
|Alison Orr|||||
|Mike Pullen|||||
|DesQuinn|||||
## **THE VALE OF AYLESBURY METHODIST CIRCUIT**
Charity Registration No.1134235 Circuit no: 23/29 District: Northampton
## **FINANCIAL STATEMENTS**
## **For the Year ending 31st August 2022**
Page 1/16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Statement of Financial Activities (SOFA) for the year ended 31 August 2022**
|**Notes to**
**the**
**accounts**
**Income**
1 Donations and legacies
2 Income from monetary investments
3 Income from investment properties
4 Assessments on Churches
3
5 Capital Receipts
4
6 Grants received
7 Other charitable income
5
8**Total income**
**Expenditure**
9 Grants and donations
6
10 Salaries and associated costs
7
11 Property
8
12 Connexional assessment & model trust levy
9
13 District Assessment & Levy
9
14 Depreciation
1(xi)
15 Office & administration expenses
10
16 Other outgoings
11
17**Total charitable expenditure**
**18 Gains/(losses) on monetary investments**
12
19 Gains/(losses) on disposal/revaluation of properties
Investment properties
Non-investment properties
13
20**Net income/(expenditure)**
21 Transfers between funds
22 Reclassification of funds
14
23 Other gains/(losses)
24**Net movement in funds**
**25 Total funds brought forward**
26 Total funds carried forward|**Unrestricted Funds**|**Unrestricted Funds**|**Unrestricted Funds**|**Restricted and**
**Endowment**|**Restricted and**
**Endowment**|**Total**
**2021-22**|
**Total**
**2020-21**|
|---|---|---|---|---|---|---|---|
||
**General Fund**|**Circuit Model**
**Trust**|**Designated**
**Funds**|**Restricted**
**Funds**|**Endowment**
**Funds**|||
||£
£
£
£
£
£
£|||||||
|||||||-
**2,025**
-
**210,755**
**0**
-
**61,007**
**273,787**|-
1,240
-
187,602
-
-
59,332
**248,174**|
||537
210,755
61,007|1,464
-||1|23|||
||**272,299**|**1,464**|**-**|**1**|**23**|||
|||||||**2,300**
**119,154**
**58,766**
**9,174**
**37,522**
-
**8,265**
**17,157**
**252,338**|1,000
147,126
37,556
9,456
34,014
-
7,519
474
**237,145**|
||2,000
119,154
58,766
37,522
-
7,589
17,157|9,174
665||300|11|||
||**242,188**|**9,839**|**-**|**300**|**11**|||
||195,205|( 1,315)|||( 209)|**( 1,524)**
-
**195,205**
**215,130**
-
-
-
**215,130**
**2,881,895**
**3,097,025**|3,219
216,005
230,253
-
-
**230,253**
2,651,643
**2,881,896**|
||225,316|**(9,690)**|**-**|**(299)**|**(197)**|||
||( 340)
-|||350|( 10)|||
||224,976|**(9,690)**|**-**|**51**|**(207)**|||
||2,643,309|233,474||1,219|3,893|||
||**2,868,285**|**223,784**|**-**|**1,270**|**3,686**|||
Page 2/16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Balance Sheet as at 31 August 2022**
|**Notes to**
**the**
**accounts**
**Fixed Assets**
Circuit Manses & Other Property
15
Investment properties
Investments
16
**_Total fixed assets_**
**Current Assets**
Debtors
17
Loans by the Circuit
18
Investments with TMCP
16
Central Finance Board Deposits
19
Cash at Bank and in hand
19
**_Total current assets_**
**Current liabilities (due within one year)**
Creditors/income rec'd in advance
20
Grants payable within 2018-19
**_Total current liabilities_**
**_Net current assets/liabilities_**
**_Total assets less current liabilities_**
**Long term liabilities**
**(due after more than one year)**
Grants payable after 2018-19
Payable on loans to the Circuit
**_Net assets_**
**Funds of the Circuit**
General Fund (Unrestricted)
21
Circuit Model Trust Fund (Unrestricted)
22
Designated Funds (Unrestricted)
**_Total Unrestricted Funds_**
Restricted Funds
23
Endowment Funds
23
**_Total Funds_**|**General Fund (Unrestricted)**|**Circuit Model Trusts (Unrestricted)**|**Designated Funds (Unrestricted)**|**Restricted Funds**|**Endowment Funds**|**Total**
**2021-22**
**Totals**
**2020-21**|**Total**
**2021-22**
**Totals**
**2020-21**|
|---|---|---|---|---|---|---|---|
||£|£|£|£|£|£|£|
|||||||||
||2,692,710
-
**2,692,710**|||-|1,194
**1,194**|2,692,710
-
20,806
**2,713,516**|2,497,505
-
22,329
**2,519,834**|
|||||||||
|||19,612
**19,612**|-|||||
|||||||||
||13,852
-
148,092
52,899
**214,843**|204,172
**204,172**|-|1,270
**1,270**|2,492
**2,492**|13,852
-
206,664
148,092
54,169
**422,777**|9,578
-
215,038
129,596
45,604
**399,816**|
|||||||||
||39,268
-
**39,268**|-|-|-|-|39,268
-
**39,268**|37,754
-
**37,754**|
||**175,575**|**204,172**|-|**1,270**|**2,492**|**383,509**|**362,062**|
|||||||||
||**2,868,285**|**223,784**|-|**1,270**|**3,686**|**3,097,025**|**2,881,896**|
|||||||||
||-
-|||||-
-|-
-|
||**2,868,285**|**223,784**|**0**|**1,270**|**3,686**|**3,097,025**|**2,881,896**|
|||||||||
||2,868,285|||||2,868,285
223,784
-|2,643,310
233,474
-|
|||223,784||||||
||||-|||||
|||||||**3,092,069**|**2,876,784**|
|||||1,270||1,270|**1,219**
**3,893**|
||||||3,686|3,686||
||**2,868,285**|**223,784**|-|**1,270**|**3,686**|**3,097,025**|**2,881,896**|
Page 3/16
Vale of Aylesbury Methodist Circuit **Circuit no: 23/29 Notes to the accounts for the year ended 31st August 2022**
## **1 Basis of Accounting and Accounting Policies**
## i Accounting standard
The financial statements have been prepared in accordance with _Accounting and Reporting by Charities: Statement of Recommended Practice (SORP),_ applicable to charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102), (effective from 1st January 2015) - (Charities SORP (FRS 102)).
## ii Public benefit entity
The Vale of Aylesbury Methodist Circuit meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy note below.
## iii Basis
These accounts have been prepared on the basis of historical cost convention, except that Fixed Asset land and buildings have been valued at fair value as described in the accounting policy note below, and investments are shown at their market value at the end of the year. The accruals basis has been used, and the trustees present accounts that show a true and fair view of the Circuit's financial position and activities.
## iv Content
The financial information presented is relevant, reliable, comparable and complete. Where estimates are used they are based on experience, research and judgement. The accounts are expressed in £Sterling, rounded to the nearest pound.
## v Going concern
Based on the monetary assets and human resources available at 31st August 2022, the trustees believe that the Circuit is a going concern.
## vi Consolidation
The Circuit has denominational regulatory oversight in respect of the work of the active churches within the Circuit, but has no legal or operational control of those churches and their governing bodies except in extreme circumstances. For this reason the financial statements of the active churches within the Circuit are not consolidated into these financial statements.
## vii Income recognition
Income is brought into the accounts when there is entitlement and the amount is reliably measurable, once it is more than likely than not that the economic benefit of the income will be forthcoming.
The Circuit acts as agent in two matters:
the collection from churches and payment over of their contributions to various funds controlled and administered by The Methodist
Church - "Connexional Funds",
the administration (application, collection and disbursement) of grants requested by churches within the circuit from, but not limited to, the District and Connexion.
In these matters the transactions are not reflected in the SOFA because they are the income of either the Connexion or churches as appropriate. Instead the transactions are disclosed in the Notes to the Accounts as required by SORP(FRS102).
## viii Expenditure
This is recognised when a liability is incurred, or a constructive obligation arises, where the amount is reliably measurable, and it is considered more likely than not that there will be an outflow of economic benefit.
## ix Grants
Grants made by the circuit from its own funds are recognised in full at the time of agreement to make a grant without performance conditions, or as and when the Circuit accepts that there is a legal or operational obligation to make the payment if it is subject to performance conditions. When the grant to be accrued is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the balance sheet against the appropriate fund, the provision being released in future years in accordance with the originally agreed terms. In cases where the grant has been charged to one fund but for ease of payment has been transferred to another fund any future payments provision is applied to the fund from which the grant will ultimately be paid.
## x VAT
As the Circuit is not registered for VAT, all expenses incurred with a VAT charge are included in the accounts inclusive of that charge.
Page 4 /16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## xi Tangible fixed assets
These are capitalised if they can be used for more than one year, and individually cost at least £1,000.
The freehold residential property is shown in the accounts at estimated net realisable value, by reference to information obtainable on the individual properties' market value via the internet, and seeking appropriate knowledge, guidance and expertise on the state of them and the land on which they stand. There is no information readily to hand of their historical cost to the Circuit.
From time to time the Circuit may be required to assume responsibility for church premises following cessation of worship. This results in the Circuit becoming Managing Trustees for the property. The property is then recognised as an asset at its anticipated sale price. In the absence of a ready market for church buildings, this may entail resorting to a method of valuation by reference to the insured value to establish the Discounted Replacement Cost of the building concerned, with the addition of its site value. In each case a further adjustment is made by way of deduction from value of the anticipated levy chargeable by the Connexion on disposal proceeds.
No provision for depreciation is made because the Trustees consider that the current residual value of the properties in their present condition is not less than its historical cost, and, in the absence of any evidence of impairment, any depreciation provision for the buildings component of the properties would be immaterial.
## xii(a) Monetary investments
The Circuit's investments are in monetary assets classified as basic financial instruments under FRS102, and 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 end of the financial year are shown in the SOFA and in Note 12 below.
## xii(b) Investment property
From time to time the Circuit may hold residential property (formerly manses) which is surplus to its normal staffing requirements. Where this is the case and it is anticipated that the property is unlikely to be used as a manse within a period of two years, the property is classified as Investment Property (whether let out or not), and any lets are at market rates, unless there is a compelling reason not to do so in furtherance of the Circuit's charitable objectives..
## xiii Receivables and payables
Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors are initially recognised at settlement amount after trade discounts, where normal credit terms apply, or the amount advanced to the Circuit. Subsequently creditors that are current liabilities are measured at the cash or other consideration expected to be paid.
## xiv Loans as basic financial instruments
Where concessionary loans (i.e. free of interest) are made by or received by the Circuit to further its charitable purposes, and are repayable after more than one year, they are initially recognised at the amount paid or received, with carrying value adjusted in subsequent years to reflect repayments and any accrued interest, adjusted for any impairment, if necessary.
Where there is objective evidence of impairment, an immediate impairment loss is recognised in the Statement of Financial Activities (SOFA). Subsequent reversals of an impairment loss that objectively relates to an event occurring after the impairment loss was recognised, are recognised immediately in the SOFA.
## xv Methodist Connexional Funds
The Methodist Church Connexion raises assessments against Circuits , and they are paid quarterly to their Districts. The Circuits raise assessments against churches in the Circuit. The District quarterly remits to The Methodist Church Fund most of the sum received from Circuits. A small sum is retained by the District to meet its own costs. The Circuit may act as agent for _ad hoc_ collections for various funds controlled and administered by the Methodist Church. These are detailed in Note 26 below.
## xvi Endowment funds
Where the Circuit holds money that may not be spent and must be retained(as capital) to generate an income, the money or assets to be retained are classified as an Endowment Fund. The capital will be shown in the balance sheet in the column for endowment funds. The income may be restricted or unrestricted depending upon the terms of the endowment.
## xvii Ministers' manse costs
The Circuit is required to provide accommodation for each minister and their families. This is seen as a benefit to the Circuit. Ministers are expected to occupy the manse provided for them. The Circuit bears the cost of repairs, maintenance, building insurance, Council Tax and water charges. These figures are not separately disclosed as benefits-in-kind for ministers, as HMRC does not seek to tax these receipts as income in the hands of the ministers.
Page 5 /16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **2 Comparatives and balances brought forward from the previous year.**
The following provides in greater detail than in the SOFA on page 2 of these accounts, a list of the financial information for the previous year (2020/21) on an accruals basis of accounting.
|**Statement of Financial Activities(SOFA) for 2020/21**
Income
1 Donations and legacies
4 Assessments on Churches
5 Capital Receipts
6 Grants received
7 Other charitable income
**8 Total charitable Income**
Expenditure
9 Grants and donations
11 Property
13 District Assessment & Levy
14 Depreciation
16 Other outgoings
**17 Total charitable expenditure**
18 Gains/(losses) on monetary investments
-
19 Gains/(losses) on disposal/reval. of properties
Investment properties
Non-investment properties
21 Transfers between funds
22 Reclassification of funds
23 Other gains/(losses)
**23 Net movement in funds**
24 Total funds brought forward
**25 Total funds carried forward**
2,643,310
233,474
5,112
2,881,896
235,572
( 5,643)
324
230,253
2,407,738
239,117
4,788
2,651,643
-
-
-
-
-
-
-
-
235,912
( 5,643)
( 16)
230,253
( 340)
-
340
-
-
-
-
-
216,005
-
-
216,005
3,246
( 27)
3,219
-
8
34,014
-
7,519
474
237,145
-
-
8
-
227,203
-
-
478
-
9,934
34,014
-
7,033
474
37,556
-
-
37,556
9,456
-
9,456
1,000
147,126
-
-
1,000
-
-
147,126
187,602
-
-
-
59,332
248,174
-
-
-
-
19
**£**
**£**
**£**
-
19
-
1,240
-
-
59,332
247,110
-
-
1,045
-
1,045
-
-
187,602
**Accruals basis**
**Accruals basis**
**£**
176
**UNRESTRICTED**
**General Fund**
-
**2020/21**
**2020/21**
**Model Trust Fund**
**2020/21**
**2020/21**
**Accruals basis**
**Accruals basis**
**TOTALS**
-
**RESTRICTED/ENDOWM'T**
12 Connexional assessment &
model trust levy
15 Office & administration
expenses
**20 Net income/(expenditure)**
2 Income from monetary
investments
3 Income from investment
properties
10 Salaries and associated costs,
incl. travel, phone & removals|**UNRESTRICTED**|**UNRESTRICTED**|**RESTRICTED/ENDOWM'T**|**TOTALS**|
|---|---|---|---|---|
||**General Fund**
**2020/21**|**2020/21**
**Model Trust Fund**|**2020/21**|**2020/21**|
||**Accruals basis**|**Accruals basis**|**Accruals basis**|**Accruals basis**|
||**£**|**£**|**£**|**£**|
||-
-
59,332
-
-
187,602
176|-
-
1,045
-
-
-|-
-
-
-
-
19|187,602
-
-
-
59,332
-
1,240|
||247,110|1,045|19|248,174|
||||||
||34,014
-
7,033
474
37,556
1,000
147,126|-
-
478
-
-
9,456
-
-|-
-
8
-
-
-
-
-|34,014
-
7,519
474
37,556
9,456
1,000
147,126|
||227,203|9,934|8|237,145|
||stments
-
of properties
-
216,005|-
-
3,246|-
-
( 27)|-
216,005
3,219
-|
||2,643,310
235,572
2,407,738
-
-
235,912
( 340)|233,474
( 5,643)
239,117
-
-
( 5,643)
-|5,112
324
4,788
-
-
( 16)
340|2,881,896
230,253
2,651,643
-
-
230,253
-|
Page 6 /16
Vale of Aylesbury Methodist Circuit
## **Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **2 Comparatives and balances brought forward from the previous year- continued**
|**Balance Sheet at 31st August 2021**
**Fixed Assets**
Circuit Manses & Other Property
Investment properties
Investments
Total fixed assets
**Current assets**
Debtors and prepayments
Loans by the Circuit
Investments with Trustees for Methodist Church Purposes
Central Finance Board Deposits
Cash at bank and in hand
Total current assets
**Current liabilities (Due in one year)**
215,038
44,385
-
1,219
45,604
183,559
212,547
3,710
399,816
-
-
-
-
129,596
-
-
129,596
212,547
2,491
-
-
9,578
2,497,505
-
20,927
1,402
2,519,834
9,578
20,927
-
1,402
2,497,505
-
22,329
**£**
**£**
**£**
**£**
2,497,505
-
-
-
-
**2020/21**
**2020/21**
**Accruals basis**
**Accruals basis**
**Accruals basis**
**Accruals basis**
**2020/21**
**2020/21**
**General Fund**
**Model Trust Fund**
**UNRESTRICTED**
**RESTRICTED/ENDOWM'T**
**TOTALS**|**UNRESTRICTED**|**UNRESTRICTED**|**RESTRICTED/ENDOWM'T**|**TOTALS**|
|---|---|---|---|---|
||**2020/21**
**General Fund**|**2020/21**
**Model Trust Fund**|**2020/21**|**2020/21**|
||**Accruals basis**|**Accruals basis**|**Accruals basis**|**Accruals basis**|
||**£**|**£**|**£**|**£**|
|Total current liabilities
Net current assets/(liabilities)
**Total assets less current liabilities**
Instalments on loans made to the
Circuit
Grants instalments payable within
one year
Creditors, income received in
advance and accruals|-
-
-
37,754
-
-||-
-
-|-
-
37,754|
||37,754|-|-|37,754|
||145,805|212,547|3,710|362,062|
||2,643,310|233,474|5,112|2,881,896|
|**Long term liabilities (due after mor**|**e than one year)**||||
|Total long term liabilities
**Net assets / (liabilities)**
Payable on loans made to the
Circuit
Grants instalments payable within
one year|-
-|-
-|-
-|-
-|
||-|-|-|-|
||2,643,310|233,474|5,112|2,881,896|
Page 7 /16
Vale of Aylesbury Methodist Circuit
## **Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **3 Assessments on churches**
The Circuit was comprised of 16 (16 in 2021) active churches during the year. Each church is assessed for a contribution to meet the overall net costs of the Circuit. In making its Assessment budgeted income from investment income and letting income, and confirmed external grants and contributions are taken into account. The Circuit aims to cover all its net costs from the Assessment.
The Assessment on churches is annually determined by the Circuit using a formula which takes into account the relative income of each church, income being defined as and restricted to the sum of its weekly, monthly or annual offerings and Gift Aid refunds thereon, plus interest received, investment income and income from hiring of church premises. Assessments on churches are payable quarterly in advance, and are treated as pre-paid on a receivable basis. If any church has not paid its Assessment for the year by the year end, the shortfall is treated as a debtor amount if it is regarded by the Circuit Treasurer as recoverable.
The Circuit active churches during the year on which Assessments were raised as above were:
Aylesbury Cheddington Princes Risborough Cuddington Haddenham Stone Stewkley Thame Waddesdon Swanbourne Whitchurch Wingrave Weedon Chinnor
Other churches providing grants/contributions were Fairford Leys and North Marston.
## **4 Capital receipts**
There were no capital receipts from sales of property or other sources in 2020/21 or 2021/22.
|**5 **
**6 **|**Other income**
**Grants and donations**
Aylesbury Town Chaplaincy
Henrietta Road (manse temporarily let) rent
receivable, net of agent's commission
Income from hiring Stoke Mandeville premises
Stoke Mandeville
Miscellaneous receipts on closure of churches:
Other sundry receipts|**General Fund**
**(Unrestricted)**|**Circuit Model**
**Trusts**
**(Unrestricted)**|**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
|---|---|---|---|---|---|---|---|---|
|||£|£|£|£|£|£|£|
|||18,477
42,530
-
-|||||18,477
17,721
42,530
33,750
-
7,861
-
-||
|||61,007|||||61,007|59,332|
||||||||||
|||2,000|||||2,000|1,000|
|||2,000|||-||2,000|1,000|
Page 8 /16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **7 Stipends and associated costs**
Stipends were paid to 3 (3..2021) Methodist ministers during the year. In addition, under a Settlement Agreement dated 22/6/16 between the Joint Pastorate consisting of Christchurch Thame, Chinnor, Cuddington and Haddenham Methodist Churches and Rev. Dr Romilly Micklem, the latter, a United Reformed Church (URC) minister has served in the Circuit, employment costs of whom were reimbursed monthly by the Circuit to the URC Trust. The appropriate financial information is as follows:
|Methodist ministers:
Stipends -gross
Employers Nat.Ins. Contributions
Pension Fund contributions
CfM
Apprentice Levy
URC minister
Reimbursements paid to the URC Trust
Other ministerial costs
Travelling
Telephone
Removal, stationing and relocation costs
Total stipends and associated ministerial costs|**General Fund**
**(Unrestricted)**|**Circuit Model**
**Trusts**
**(Unrestricted)**|**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
|---|---|---|---|---|---|---|---|
||£|£|£|£|£|£|£|
|||||||||
||64,127
5,774
13,893
342
323|||||64,127
5,774
13,893
342
323|79,531
7,441
20,598
507
401|
||84,459
25,300
6,324
1,501
1,570|||||84,459
25,300
6,324
1,501
1,570|108,478
34,203
2,806
1,639
-|
||119,154|||||119,154|147,126|
## **7 Stipends and associated costs - continued**
There were no other persons employed by the Circuit.
The almost halving of travel costs last year was attributable mainly to the restrictions introduced to curb the Coronavirus.
No employees received benefits of more than £60,000. There is no accrual for holiday pay as it is considered immaterial; the holiday year ends on 31st August. All staff are paid at or above the living wage.
Most ordained presbyters and deacons are members of the Methodist Ministers' Pension Scheme (MMPS). This is a defined benefit scheme. The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters and deacons) are not employees of the Church. For simplicity, however, when dealing with National Insurance Contributions and pension contributions, the terms 'employer' and 'employee' are used as they would be in an employing body.
## **7a Cost of Superintendent, Presbyters and Trustees**
The Superintendent of the Circuit, the other Presbyters and remaining members of the Circuit Leadership Team (CLT) are considered as Key Management Personnel. The Superintendent chairs meetings of the CLT and Circuit Meetings. The members of the Circuit Meeting are the trustees of the Circuit. The stipends, employer's NIC and employer's pension contributions and other expenses of the Presbyters of the Circuit are paid by the Circuit.
The manses are provided by the Circuit for the occupation of the Presbyters. The manses are maintained at the Circuit's expense. The value of the Council Tax and water charges paid by the Circuit is not disclosed here as HMRC does not regard this as a benefit-in-kind in the hands of the presbyter.
## **7b Payments to Trustees**
It is not Circuit policy to reimburse non Presbyteral members of the CLT, Circuit Meeting and others involved in the administration of Circuit affairs for expenditure properly incurred in carrying out their duties. The Presbyters of the Circuit undertake the primary executive roles within the Circuit. Apart from the Presbyters, no member of the Circuit Meeting or CLT was in receipt of any payment for work undertaken on behalf of the Circuit, although certain travelling and administration costs are reimbursed from time to time in relation to specific projects.
Page 9 /16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **8 Property expenses**
The Circuit is Managing Trustee for 4 manses (4..2021), 3 (3..2021) of which are occupied by ministers stationed in the Circuit. One manse is not presently occupied by a minister but temporarily let externally for a market value rent, until such times as the Circuit requires the property for occupation by one its ministers. The Rev. Dr Romilly Micklem, referred to in note 7 above, lives in his own property. The Circuit is responsible for the payment of insurance and repairs for all properties, and with the exception of the let manse, is also responsible for Council Tax and water charges.
## Expenditure on the manses
|Manses
Council tax
Water supply
Utilities for vacant manses
Insurance
Repairs and maintenance
Expenditure on other Property
Churches closed for worship:
Stoke Mandeville insurance
Stoke Mandeville utilities
Stoke Mandeville upkeep, etc
Quinquennial reports
Property Totals|**General Fund**
**(Unrestricted)**|**Circuit Model**
**Trusts**
**(Unrestricted)**|**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
|---|---|---|---|---|---|---|---|
||£|£|£|£|£|£|£|
|||||||||
||8,177
1,239
32
2,369
25,264|||||8,177
1,239
32
2,369
25,264|8,491
841
-
2,289
15,191|
||37,082
194
5,439
15,497
554|||||37,082
194
5,439
15,497
554|26,812
613
3,235
3,787
3,109|
||58,766|||||58,766|37,556|
## **9 District Assessment and Levy**
The District Assessment is charged to the Circuit by the Northampton District, in part for the District's expenses and in part for the Methodist Church Fund (MCF).
The Levy is calculated on a sliding scale percentage of the Circuit's CMTF account balance as at 31st August the previous accounting year.
|**10 **|Levy on CMTF account balance
**Office and administration costs**
Printing & copying
Circuit website
Pastoral visitor travelling
Ministers' sundry expenses
Stewards' and treasurer''s reimbursements
The Vine subscription
Hire of church for meetings
Literature and publications
Special contribution
Sundry
TMCP administration fees
Aylesbury Methodist Church - contribution
towards office administrator
District expenses and Methodist Church Fund|**General Fund**
**(Unrestricted)**|**Circuit Model**
**Trusts**
**(Unrestricted)**|**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
|---|---|---|---|---|---|---|---|---|
|||£|£|£|£|£|£|£|
|||37,522|9,174||||37,522
9,174|34,014
9,456|
|||37,522|9,174||||46,696|43,470|
||||||||||
|||3,840
12
515
-
1,716
458
413
-
581
54|665|||11|3,840
12
515
-
1,716
458
413
-
581
54
676|3,840
13
441
-
1,511
412
-
-
705
111
486|
|||7,589|665|||11|8,265|7,519
~~P 10 /1~~|
||||||||||
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **11 Other outgoings**
|**Other outgoings**|||||
|---|---|---|---|---|
|Local preachers' expenses
Special contribution to The Methodist Ministers'
Pension Fund appeal|2,157
15,000||2,157
15,000|474
-|
||17,157||17,157|474|
## **12 Investment management**
During the year the circuit paid TMCP, the custodians of the Circuit's investments (Circuit Model Trust Fund and Endowment Funds) management charges based on a percentage of the value of the individual funds at the beginning of the year. The amount of charges concerned are referred to in note 10.
Realised and unrealised gains (losses) in the invested funds are listed below. More information can be found in Note 16 **.**
|**General Fund**
**(Unrestricted)**
**Circuit Model**
**Trusts**
**(Unrestricted)**
**Designated**
**Funds**
**(Unrestricted)**
**Restricted**
**Funds**
**Endowment**
**Funds**
**Total**
**2021/22**
**Total**
**2020/21**
£
£
£
£
£
£
£
Circuit Model Trust Fund (CMTF)
( 1,315)
( 1,315)
3,246
Stranks Bequest Permanent Endowment
(209)
(209)
(27)
(1,315)
(209)
(1,524)
3,219
**Property disposals/revaluations**
**Carrying value**
**b/f**
**Closed church**
**value**
**introduced**
**Sale**
**Revalued and**
**c/f**
**Gain/(loss)**
£
£
£
£
Manses:
47 King Edward Ave
476,500
514,500
38,000
6 Herston Close
693,000
726,000
33,000
103 High Street
590,500
659,000
68,500
14 Henrietta Road
521,500
565,300
43,800
Churches closed for worship:
Stoke Mandeville - see also Note 14 below
216,005
227,910
11,905
2,497,505
-
-
2,692,710
195,205
The net gains or losses on disposal or revaluation of properties are detailed below. Stoke Mandeville Church was closed for worship in 2020, and
the Circuit assumed responsibility for it. In accordance with Note 1(xii), it was entered in the Balance Sheet at its estimated realisable value,
after deduction of the approximate CPF Levy chargeable on the proceeds. The manses have been revalued to reflect their current estimated
market values, after allowance for costs of sale.|**General Fund**
**(Unrestricted)**|**Circuit Model**
**Trusts**
**(Unrestricted)**|**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
|---|---|---|---|---|---|---|---|
||£|£|£|£|£|£|£|
|||( 1,315)|||(209)|( 1,315)
(209)|3,246
(27)|
|||(1,315)|||(209)|(1,524)|3,219|
## **13 Property disposals/revaluations**
Page 11 /16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **14 Reclassification of funds, and assumption of church property on closure for worship**
Any fund whose classification has changed (e.g. Restricted to Unrestricted or vice versa) at the direction of the Circuit trustees or Custodian trustees is listed below.
Circuit property is always carried in the General Fund but upon sale the net proceeds are processed through the Circuit Model Trust Fund (CMTF). This requires an adjustment and any such sales during the year are reflected below at the gross sale price, after deduction of agents' and legal costs. See also the reference to Stoke Mandeville Church in Note 13 above.
|There were no closures of churches for worship
in 2020/21 or 2021/22. The last closure occurred
in 2019/20, when the value of Stoke Mandeville
Church was introduced into the Circuit records.|**General Fund**
**(Unrestricted)**|**Circuit Model**
**Trusts**
**(Unrestricted)**|**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
|---|---|---|---|---|---|---|---|
||£|£|£|£|£|£|£|
||-|||||-|-|
||-|||||-|-|
## **15 Fixed Assets**
## - Buildings held during the year consist of:
- i. 4 manses (4 - 2021), 3 (3 - 2021) of which are occupied by circuit ministers, and 1 (1 - 2021) let temporarily, as a fourth minister within the circuit at present does not require provision of accommodation, because he occupies his own property.
- ii. In 2019/20 one church closed for worship, but has been retained pending a decision for its use by the circuit or one of the circuit churches, and/or letting. During 2020/21 and 2021/22 the premises were hired out to locally run organisations.
## Cost / valuation
|Balance brought forward
Additions in year
Revaluations
Less Disposals in year
Transfers between categories
Balance carried forward
Accumulated depreciation
Balance brought forward
Depreciation charge for the year
Depreciation accumulated on disposals
Balance carried forward
Net book value
Brought forward
Carried forward
Properties represented above:
Manses:
47 King Edward Ave
6 Herston Close
103 High Street
14 Henrietta Road
Churches closed for worship:
Stoke Mandeville|Investment
properties
£|
Buildings
£|
Buildings
£|Total
£|
|---|---|---|---|---|
||-
-
-
-
-|2,497,505
-
195,205
-
-||2,497,505
-
195,205
-
-|
||-|2,692,710||2,692,710|
||-
-
-|-
-
-||-
-
-|
||-|-||-|
||-
-|2,497,505
2,692,710||2,497,505
2,692,710|
|||Book value
Carried fwd
514,500
726,000
659,000
565,300
227,910
2,692,710|||
|||Book value
Carried fwd|||
||||||
|||514,500
726,000
659,000
565,300
227,910|||
|||2,692,710|||
Page 12 /16
Vale of Aylesbury Methodist Circuit
## **Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **16 Investment Assets (and Trustees for Methodist Church Purposes (TMCP))**
The funds that support the Circuit Model Trust Fund (CMTF) and the Circuit's other funds (as listed below) are held by TMCP in Trustees Interest and/or Managed Equity Funds on which interest and dividends are credited to the accounts each month or quarter. They are regarded as medium and long term investments.
TMCP is the legal owner and custodian trustee of all Methodist model trust property, including legacies, endowments and accumulated funds. Trust property is held for and on behalf of local management trustees who are responsible for the day to day management of trust property. TMCP ensure that, through providing guidance and acting under their direction, the managing trustees comply with charity law and Methodist law and policy as determined by the Methodist Conference.
|CFB Managed Mixed Fund
CFB Managed Fixed Int.Fund
**Fixed Asset - Value 31/8/2022**
Trustees Interest Funds
**Current Asset - Value 31/8/2022**
Note-Values per unit 31/8/22:
CFB Managed Mixed Fund
£5.251
CFB Manag. Fixed Int.Fund
£1.811||Endowments|Endowments|Endowments|Endowments|||
|---|---|---|---|---|---|---|---|
||CMTF
Trust
8292|Stranks
Bequest
799B|A.Rose
Trust
4420|J.Walker
Bequest
1280|Total|Grand Total|2021|
|||Numberofunits||||||
||3,735|659|||659|3,735
659|3,735
659|
||£|£|£|£|£|£|£|
||19,612|1,193|300|98|1,193|20,805|22,329|
||204,172|2,094|||2,492|206,664|215,038|
||204,172|2,094|300|98|2,492|206,664|215,038|
||(2021)
£5.603
£2.128|||||||
## **17 Debtors and prepayments**
Unless indicated as otherwise, amounts shown as debtors at the beginning of the year are expected to be received in the course of the following year. All sums paid in advance at 31st August 2021 were for activities that have been held during 2021/22. Similarly, it is expected that payments in advance at 1st September 2022 will be expensed in 2022/23.
|Prepayments:
Stipends, pensions and NICs prepaid
Other expenses
Debtor:
Methodist insurance claim
Stoke Mandeville rental|**General Fund**
**(Unrestricted)**||**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2020/21**|
**Total**
**2019/20**|
|---|---|---|---|---|---|---|---|
||£||£|£|£|£|£|
||9,546
-
1,056
3,250|||||9,546
-
-
1,056
3,250|6,159
169
-
-
3,250|
||13,852|||||13,852|9,578|
## **18 Loans to Circuit churches**
Loans to churches within the Circuit may be granted by the trustees for a variety of purposes, but are normally project based and interest free.
There were no loans outstanding at 31st August 2021 or 31st August 2022.
Page 13 /16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **19 Central Finance Board (CFB) and bank balances**
Monetary balances held at the Central Finance Board of the Methodist Church and at NatWest Bank are all available on demand without loss of interest.
|**General Fund**
**(Unrestricted)**
£
Central Finance Board
148,092
Subtotal
148,092
NatWest Bank
1,621
HSBC (used for Stoke Mandeville premises)
51,278
Other
Subtotal
52,899
Total
200,991
**Creditors, accruals and Income received in advance**
It is expected that all sums accrued at 31st August 2022 will be
**General Fund**
**(Unrestricted)**
£
Income received in advance:
Assessments in advance
35,643
Proportion of rent received in advance
725
Subtotal
36,368
Creditors and accruals
Ministers' travel
-
Ministers' sundry exps.
-
Local preachers' expenses
329
Telephone
-
Vacant manses utilities
32
Manse repairs
-
Sundries
7
Stoke Mandeville:
Upkeep
2,204
Utilities
328
Subtotal
2,900
Total
39,268|**General Fund**
**(Unrestricted)**||**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
|---|---|---|---|---|---|---|---|
||£||£|£|£|£|£|
||148,092|||||148,092|129,596|
||148,092|||||148,092|129,596|
||1,621
51,278|||1,270||1,621
51,278
1,270|16,070
28,315
1,219|
||52,899|||1,270||54,169|45,604|
||200,991|||1,270||202,261|175,200|
|||paid during|theyear to 31st August 2023|||||
||**General Fund**
**(Unrestricted)**||**Designated**
**Funds**
**(Unrestricted)**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total**
**2021/22**|
**Total**
**2020/21**|
||£||£|£|£|£|£|
||35,643
725|||||||
|||||||35,643
725|36,139
675|
||36,368|||||36,368|36,814|
||-
-
329
-
32
-
7
2,204
328|||||||
|||||||-
-
329
-
32
-
7
-
2,204
328|-
-
-
-
-
-
-
-
89
851|
||2,900|||||2,900|940|
||39,268|||||39,268|37,754|
## **20 Creditors, accruals and Income received in advance**
## **21 Unrestricted funds**
The purpose of the fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit, and which have not been designated for other purposes. About 95% of the value of this fund is held as freehold property, being manses for ministers, and from time to time churches closed for worship in the Circuit. Details of grants and donations made from the General Fund during the year can be found in Note 6.
The fund balance at 31st August 2022 was £2,868,285 (2021 £2,643,310 )
The Circuit Meeting is aware that grant applications must demonstrate public benefit and this is true for the Fund.
## **22 Circuit Model Trusts Fund**
The purpose of the Circuit Model Trust Fund is for use at the discretion of the trustees in the furtherance of of the objectives of the Circuit. Its main source of income is formulaically determined contributions from the sale of manses and church buildings in the Circuit.
Although it is technically an Unrestricted Fund under the control of the Circuit Meeting, prior approval is still required from the District to utilise the funds. Methodist Standing Orders 930,931 and 917(2) are applicable.
The fund balance at 31st August 2022 was £223,784 (2021 £233,474 )
Page 14 /16
Vale of Aylesbury Methodist Circuit
**Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **23 Restricted and Endowment Funds**
The Restricted and the Endowment Funds exist to support the causes listed below. All the Funds' assets, except the Education and Youth Fund which is managed locally, are managed by TMCP, and the net income after charges is paid direct to the administrators of the fund.
The Education and Youth Fund is currently funded by an annual transfer from the General Fund, which has amounted to £350 each year for the last several years. The funds can be used for any educational or young people's purpose within the Circuit.
The income from the Endowment Funds can be used for General Circuit purposes, but the capital of the Stranks Bequest and the Jane Walker Bequest are Permanent Endowments.
The funds' balances at 31st August 2022 were as follows:
|Restricted Fund
Education and Youth Fund
Endowment Funds
Stranks Bequest
Jane Walker Bequest
Alfred Rose Trust
Subtotal
Total of Restricted & Endowment|2021/22
2020/21
£
£
1,270
1,219
3,288
3,495
98
98
300
300|2021/22
2020/21
£
£
1,270
1,219
3,288
3,495
98
98
300
300|
|---|---|---|
||3,686|3,893|
||4,956|5,112|
## **24 Summary of fund movements**
|Fund|**Balance at**
**1/9/21**|**Income**|**Expenditure**|**Transfers &**
**Reclassifi-**
**cation**|
**Gains/**
**(losses)**|**Balance at**
**31//8/22**|
|---|---|---|---|---|---|---|
|General
Circuit Model Trust
**Total unrestricted**
Education & Youth
**Total restricted**
Stranks Bequest
Jane Walker Bequest
Alfred Rose Trust
**Total Endowment**
**Total restricted & Endowment**
**Total of all funds**|**£**|**£**|**£**|**£**|**£**|**£**|
||2,643,310
233,474|272,299
1,464|( 242,189)
(9,839)|( 340)|195,205
(1,315)|2,868,285
223,784|
||2,876,784|273,763|(252,028)|(340)|193,890|3,092,069|
||1,219|1|(300)|350||1,270|
||1,219|1|(300)|350|-|1,270|
||3,495
98
300|22
-
1|( 10)
-
(1)|( 10)
-
-|( 209)|3,288
98
300|
||3,893|23|(11)|(10)|(209)|3,686|
||5,112|24|(311)|340|(209)|4,956|
||2,881,896|273,787|(252,339)|-|193,681|3,097,025|
## **25 Analysis of net assets between funds**
|**Analysis of net assets between funds**|||||||
|---|---|---|---|---|---|---|
|Tangible fixed assets
Tangible fixed assets investments
Other fixed assets investments
Current assets incl.current ass't investm'ts
Current liabilities
Creditors due after one year|**General**|**CMTF**|**Restricted**|**Endowm't**|**Total**|**2021**|
||**£**|**£**|**£**|**£**|**£**|**£**|
||2,692,710
-
-
214,843
( 39,268)
-|-
-
19,612
204,172
-
-|-
-
-
1,270
-
-|-
-
1,194
2,492
-
-|2,692,710
-
20,806
422,777
( 39,268)
-|2,497,505
-
22,329
399,816
( 37,754)
-|
||2,868,285|223,784|1,270|3,686|3,097,025|2,881,896|
Page 15 /16
Vale of Aylesbury Methodist Circuit
## **Circuit no: 23/29**
## **Notes to the accounts for the year ended 31st August 2022**
## **26 Related parties**
None of the Circuit trustees made direct donations to the Circuit during the year or preceding year. The Circuit trustees are members of one or another church within the Circuit and may be trustees in those churches.
Related parties include the Methodist Connexion, the Northampton District, churches within the Circuit, other Methodist Districts in Great Britain, CFB and TMCP. Reference to transactions with some of these parties can be found in Notes 3,4,6,9,10,12,16 and 18. All of these entities have their own trustees or directors.
## **27 Capital commitments and contingent liabilities**
There were no capital commitments or contingencies at the year end (2021..Nil).
## **28 Lease commitments**
The Circuit has no lease commitments apart from the rental element of manses' telephones. The amount involved is not considered material.
## **29 Independent examiner**
No fees or remuneration has been accrued for in these accounts.
## **30 Stoke Mandeville premises taken over by Circuit - income and expenditure**
Transactions during the year ended 31st August 2021, relating specifically to the premises at Stoke Mandeville, are summarised as follows, under the headings in which they are included in the SOFA pages under General Fund:
|**Income**
2 Income from monetary investments
(interest)
7 Other charitable income:
Rentals
Bank balances and cash taken over by circuit at 1/9/20
Further church cash funds received since 1/9/20
**Expenditure**
11 Property:
Upkeep
Insurance
Utilities
10 Sundry: Bank charges
**Net income, including bank & cash balances taken over**|**2021/22**
15
42,529
-
-
42,544
15,497
194
5,439
42
21,172
21,372|**2020/21**|
|---|---|---|
||15
42,529
-
-|5
33,750
6,894
967|
||42,544|41,616|
||15,497
194
5,439
42|3,787
613
3,265
-|
||21,172|7,665|
||||
||21,372|33,951|
## **30 Stoke Mandeville premises taken over by Circuit - balances carried forward**
|Current assets:
Debtors
Central Finance Board Deposits
Cash at Bank and in hand
Total current assets
Current liabilities:
Creditors/income rec'd in advance
Total current iabilities
Net current assets|**31/8/22**
3,250
3,663
51,278
58,191
2,838
2,838
55,353|**31/8/21**|
|---|---|---|
||3,250
3,663
51,278|3,250
3,648
28,315|
||58,191|35,213|
||2,838|1,232|
||2,838|1,232|
||||
||55,353|33,981|
Page 16 /16
##
##
##
##
##
##
##