| ffotes to | Circuit Model | Designated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| the | General Fund | Trust | Funds | Restricted | Endowment | Total | |||||
| accounts | (Unrestricted) | (Unrestricted) | (unrestricted) | Funds | Funds | 2019-20 | |||||
| f | |||||||||||
| Income | |||||||||||
| 1 | Donations and legacies |
0 | |||||||||
| 2 | income from monetary |
investments | 2,195 | 5,152 | 14 | 7I361 | |||||
| 3 | Other trading activities |
10,091 | 10,091 | ||||||||
| 4 | Assessments on Churches |
163,307 | 163,307 | ||||||||
| 5 | Capital Receipt | 238,326 | 238,326 | ||||||||
| 6 | Grants received | 0 | |||||||||
| 7 | Other income | 2,095 | 175,377 | 177,472 | |||||||
| 6Total income | 177,688 | 4181855 | 14 | 0 | 596,557 | ||||||
| Expenditure | |||||||||||
| 9 | Grants and donations | 4,289 | 244 | 4,533 | |||||||
| 10 | Stipends and related | costs | 195,167 | 195,167 | |||||||
| 1'I | Property maintenance | 10,740 | 10,740 | ||||||||
| 12 | Distdct Levy | 165,894 | 165,894 | ||||||||
| 13 | District Assessment | 51,624 | 18,343 | 69,967 | |||||||
| 14 | Insurance & Utiiities |
11,497 | 11,497 | ||||||||
| 15 | Telephone &Travel |
11,235 | 1'l,235 | ||||||||
| 16 | Agents Commission | on | Lets | 1,261 | 't,261 | ||||||
| 17 | Admin Charges | 452 | 722 | 3 | 1,177 | ||||||
| 18 | Ministry Costs | 6,709 | 755 | 7,464 | |||||||
| 19 | 0 | ||||||||||
| 20 | Total charitable expenditure |
288,685 | 189,248 | 0 | 1,002 | 0 | 478,935 | ||||
| 21 | Gains/(losses) on monetary |
investments | 0 | ||||||||
| 22 | Gains/(losses) on investment |
properties | (138) | (109) | (247) | ||||||
| 23 | Net income/(expenditure) | (110,997) | 229+69 | 0 | (1,097) | 117,375 | |||||
| 24 | Transfers between funds | (]65,336) | 164,335 | 1,001 | 0 | ||||||
| 25 | Other gains/(losses) | 0 | |||||||||
| 26 | Net movement in funds |
2'76,333) | 393,804 | 0 | (96 | 117,375 | |||||
| 21 | Total funds brought forward |
1,961.856 | 361,240 | 36,064 | 2,379,162 | ||||||
| 28 | Total funds carried forward | 1,705,525 | 755,044 | 0 | 35,968 | 0 | 2,496,537 |
| Notes to | Circuit Model | Designated | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| the | General | Fund | Trust | Funds | Restricted | Endowment | Total | ||||||
| accounts | (Unrestricted) | (Unrestricted) | (unrestricted) | Funds | Funds | 2018-19 | |||||||
| E | f | ||||||||||||
| Income | |||||||||||||
| Donations and legacies | 4,554 | 6,448 | 11,002 | ||||||||||
| 2 | Income from monetary | investments | 901 | 1,537 | 428 | 2,866 | |||||||
| 3 | Other trading activities |
4,950 | 4,950 | ||||||||||
| 4 | Assessments on Churches |
212,178 | 212,178 | ||||||||||
| 5 | Capital Receipt | 306,468 | 306,488 | ||||||||||
| 6 | Grants received | 0 | |||||||||||
| 7 | Other income | 1,239 | 14,934 | 16,173 | |||||||||
| 8Total income | 223,822 | 322,959 | 0 | 6,876 | 553,657 | ||||||||
| Expenditure | |||||||||||||
| 9 | Grants and donations | 6,533 | 7,644 | ||||||||||
| 10 | Stipends and related | costs | 171,161 | 171,161 | |||||||||
| 11 | Properly maintenance |
13,252 | 2,676 | 15,928 | |||||||||
| 12 | District Levy | 102,595 | 102,595 | ||||||||||
| 13 | District Assessment | 50,952 | 2,021 | 52,973 | |||||||||
| 14 | insurance & Utilities |
19,327 | 19,327 | ||||||||||
| 15 | Telephone &Travel |
19,243 | 19,243 | ||||||||||
| 16 | Agents Commission | on | Lets | 896 | 896 | ||||||||
| 17 | Admin Charges | 183 | 162 | 68 | 413 | ||||||||
| 18 | Ministry Costs | 7,969 | 1,278 | 9,247 | |||||||||
| 19 | 0 | ||||||||||||
| 20 | Total charitable expenditure |
282,983 | 115,265 | 0 | 1,179 | 399,427 | |||||||
| 21 | Gains/(losses) on monetary |
investments | 0 | ||||||||||
| 22 | Gains/(losses) on investment |
properties | 96 | 75 | 171 | ||||||||
| 23 | Net income/(expenditure) | (59,161) | 207,790 | 0 | 5&772 | 154,401 | |||||||
| 24 | Transfers between funds | (74,768) | 72,617 | 2,151 | 0 | ||||||||
| 25 | Other gains/(losses) | 0 | |||||||||||
| 26 | Net movement in funds |
133,929 | 280,407 | 0 | 7,923 | 154,401 | |||||||
| 27 | Total funds brought forward | 2,115,787 | 80,833 | 28,141 | 2,224,761 | ||||||||
| 28 | Total funds carried forward | 1,981,858 | 361,240 | 0 | 36,064 | 0 | 2,379,162 |
| General Fund | Circuit | Model | Designated | Restricted Funds | Endowment | Totals 2020 | Totals 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Unrestricted) | Trusts | Funds | Funds | ||||||||||
| Hotes to the | (Unrestricted) | (Unrsstrictedl | |||||||||||
| Accounts | F | ||||||||||||
| Fixed Assets | |||||||||||||
| Circuit Menses & Equipment | 12 | 1,494,793 | 1,494,793 | 1,782,597 | |||||||||
| investment properties |
|||||||||||||
| Investments | 13 | 7,693 | 7,693 | 7,831 | |||||||||
| Total | fixed | assets | 1,494,793 | 7,693 | 0 | 1,502,486 | 1,790/28 | ||||||
| Current Assets | |||||||||||||
| Debtors | 14 | 12,968 | 12,966 | 12,577 | |||||||||
| Loans by the Circuit | 17 | ||||||||||||
| investments with TMCP |
18 | 191,768 | 747.351 | 35,968 | 975,087 | 581,000 | |||||||
| Central Finance Board Deposits | 35,462 | 35,462 | 30,6'i5 | ||||||||||
| Cash at Bank and in hand | 14/18 | 22,189 | 22,189 | 13,607 | |||||||||
| Total | cunent assets | 262,387 | 747&351 | 35,968 | 0 | 1,045,706 | 637,799 | ||||||
| Current liabilities | |||||||||||||
| Creditors (dve in under 1 |
year) | 15 | 51,655 | 51,655 | 49,064 | ||||||||
| Grants payable within 2017-18 |
|||||||||||||
| Total current /labtgties | 51,655 | 51,655 | 49,064 | ||||||||||
| Net cunent assetslllablllties | 210,732 | 747,351 | 35,968 | 994,051 | 588,735 | ||||||||
| Total assets less current liabilities | 1 705&525 | 755&044 | 35,968 | 0 | 2,496,537 | 2,379,163 | |||||||
| Long term liabilities | |||||||||||||
| (due after more than one | year) | ||||||||||||
| Grants payable after 2017-18 | |||||||||||||
| Loans to the Circuit | |||||||||||||
| Wet assefa | 1&705&525 | 755,044 | 35,968 | 0 | 2&496,537 | 2,379&163 | |||||||
| Funds ofthe Circuit | |||||||||||||
| General Fund (Unrestricted) |
1,705,525 | 1,705,525 | 1,981,857 | ||||||||||
| Circuit Model Trust Fund | (Unrestricted) | 755,044 | 755,044 | 361,241 | |||||||||
| Designated Funds (Unrestricted) |
|||||||||||||
| Total tlnrestricted | Funds | 2,460,569 | 2,343,098 | ||||||||||
| Restricted Funds | 35,968 | 35,968 | 36,065 | ||||||||||
| Endowment Funds |
|||||||||||||
| Total Funds | 1,705,525 | 755,044 | 35,968 | 0 | 2,496,537 | 2,379,163 |
| SOmerSet Mendip MethOdiSt Orcult |
|||||||
|---|---|---|---|---|---|---|---|
| Notes tothe Accounts | |||||||
| X.Basis ofaccounting | |||||||
| The financial statements have been prepared in accordance with Accounting ond Reporting |
by Charitlesr Statement of | ||||||
| Recommended Proctice (SORP) applicable to charities preparing their accounts in accordance with the Financial |
Reporting Standard | ||||||
| applicable inthe UK and Re[public ofIreland (FRS102)(effective from 1January 2015)—(Charities SORP [FRS102). |
|||||||
| 2.Funds | |||||||
| The funds heid constitute: General Funds held for any purpose ofthe Circuit which are Unrestricted. The Circuit |
Model Trust Fund | ||||||
| has wide purposes defined ln Standing Orders and Iscategorised as unrestricted, Restricted |
funds which are | held for a narrower | |||||
| purpose. There are also the following Endowinent funds as listed, Details ofeach material |
fund are disclosed | in | the final note to | ||||
| these accounts. Any funds may be represented by more than )vst cash. |
|||||||
| 3.Accounting | policies | ||||||
| Basis | |||||||
| These accounts have been prepared on the basis ofhistorical cost except that investments |
are shown attheir | market valve atthe | end | ||||
| ofthe year, on the accruals basis to show atrue and fair view ofthe Circuit's%nancial position and activities. |
|||||||
| Income Recognition | |||||||
| Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes |
entitled tothe | resources, and the | |||||
| trustees are reasonably certain they will receive the resources; and the monetary valve can be measured |
with sufficient reliability. |
||||||
| Resources Expended | |||||||
| This is recognised when a liability is incvrred, or a constructive obligation arues, that results |
In the payment | being unavoidable. | |||||
| Liabilities are recognised as soon as an ovtgow ofeconomic benefit is considered more likely than not under |
the | legal or constructive | |||||
| obligation committing the Circuit to pay out resources. |
|||||||
| Grants | |||||||
| Grants made by the Circuit from Its own funds are recognised in full at the time ofagreement orwhen the |
Circuit | accepts that there is | |||||
| a legal oroperational obligation to make the payment. When the grant is recurrent over more than one year |
the | balance payable | In | ||||
| future years istreated as a provision for future commitments ln the Balance Sheet against the appropdiate |
fund, the provision being | ||||||
| released in future years as instalments are paid in accordance with the originally agreed terms. |
|||||||
| VAT | |||||||
| Since the Orcuit is not VAT registered, all input VAT ischarged with the expenses to which itrefers. |
|||||||
| Tangible f(xed | assets for use by the Circuit | ||||||
| These are capitalised ifthey can be used for more than one year, and individualiy cost at leastf1,000. |
|||||||
| The freehold property is shown in the accounts at 2015deemed cost values. No depreciation is provided |
on | the | building because | the | |||
| trustees consider the current residual fair value ofthe manse buildings [onthe assumption |
that it had reached the end ofits useful | ||||||
| economic life by the year-end) to be not less than its current value. Any depreciation would |
not be material. | The | property has been | ||||
| reviewed for Impairment. |
|||||||
| Investment Properties |
|||||||
| Investment properties - no property Is currently deemed to not be held forthe long term purposes ofthe charity. |
|||||||
| Investments | |||||||
| Investments are valued In the balance sheet at market value atthe year end. Investment income is included |
in the accounts when | ||||||
| receivable and any gains or losses on revaluation at the year end are shown in the SOFA. |
|||||||
| Debtors and Prepayments | |||||||
| Debtors pnimarily relate tothe payment ofthe September stipend in August. |
|||||||
| Creditors | |||||||
| Creditors include both sundry expenses and specifically the 1stquarter assessment received |
In August. | ||||||
| Going Concern | These accounts have been prepared on the Going Concern basis. |
| Circuit | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Model Trust | Restricted | |||||
| 4.Donations | and legacies | Fund | Total | Total | |||
| f | f | f | f | ||||
| Donations | 0 | 11,002 | |||||
| Legacies | 0 | ||||||
| Total | 0 | 0 | 11,002 | ||||
| CIrcuit | |||||||
| Unrestricted | Model Trust | Restricted | 2020 | 2019 | |||
| 5.Other | trading activities | f | Fund | f | Total f |
Total f |
|
| Lettings | (Frome Manse) | 10,091 | 10,091 | 4,950 | |||
| Total | 10,091 | 0 | 10,091 | 4,950 | |||
| Circuit | |||||||
| Unrestricted | Model Trust | Restricted | 2020 | 2019 | |||
| 6.Investment | income | Fund | Total | Total | |||
| f | f | f | f | ||||
| Central | Finance Board | 2,195 | 5,152 | 14 | 7,361 | 2,866 | |
| Total | 2,195 | 5,152 | 14 | 7,361 | 2,866 | ||
| 7.Other | Income | ||||||
| Other Income | 2,095 | 175,377 | 177,472 | 16,173 |
| 9.Payment toTrustees | This | year | Last year | |
|---|---|---|---|---|
| Payments made to trustees or related family members |
for | |||
| additional services provided to the |
Circuit by agreement | |||
| with the Circuit Meeting | ||||
| Number oftrustees who were paid | expenses | 13 | ||
| Nature ofthe expenses | ||||
| Expense payments primarily relate |
to reimbursement | for travel and computing | casts, | |
| Tota I amount paid |
10,731 | 20,246 | ||
| 10.Fees for exafnination or audit ofthe accounts |
||||
| Independent examiner's or auditors' fees for reporting |
||||
| on the accounts | 500 | 500 | ||
| Other fees (eg:advice, accountancy | services) paid to the | |||
| independent examiner or auditor |
| 11.Paid employees | 11.Paid employees | 11.Paid employees | |||
|---|---|---|---|---|---|
| Stipends and related costs paid during the | year were: | ||||
| Gross wages, salaries, stipends | and benefits | in kind | 153,815 | 134,434 | |
| Employer's National Insurance |
costs | 10,244 | 7,915 | ||
| Pension costs | 28,592 | 23,276 | |||
| Supernummeries and Preaching |
fees | 1,325 | 4,150 | ||
| Admin Charges and Apprentice | Levy | 1,191 | 1,386 | ||
| Total staR costs | 195,167 | 171,161 | |||
| Average number ofstaff employed | during | ||||
| the year were: |
| Cost or valuation | then. It is possi purchased. |
ble that the Fra | me IVlanse will | be sold durin | g the next financ | ial year with a | more suita | ble re | placement | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other Axed | |||||||||||
| assets | Payments | on | |||||||||
| including | Fixtures, | account | and | ||||||||
| Residential | Other | motor | fittings and | assets under | |||||||
| Land | Other Land g |
Manses 6 |
buildings | vehides f |
equipment | construction g |
Total f |
||||
| Balance brought | forward | 1,782,597 | 1,782,597 | ||||||||
| Additions | |||||||||||
| Revaluations (+/-) |
|||||||||||
| Disposals (-) | 287,804 | 287,804 | |||||||||
| Transfers (+/-) |
|||||||||||
| Balance carried | forward | 1,494,793 | 0 | 1,494,793 | |||||||
| Accumuiated | Basis | SLor RB | SLor RB | SLor RB | SLor RB | ||||||
| Depreciation | Rate | ||||||||||
| Balance brought | forward | ||||||||||
| Depreciation charge |
for veer(-) | ||||||||||
| Revaluations (+/-) |
|||||||||||
| Disposafs (-) | |||||||||||
| Transfers (+/-) |
|||||||||||
| Balance carried | forward | ||||||||||
| Net book value | |||||||||||
| Brought forward | 1,782,597 | 1,782,597 | |||||||||
| Carried forward | 1,494,793 | 1,494,793 |
| Analysis ofinvestment movements |
Analysis ofinvestment movements |
This year | Lastyear | ||||
|---|---|---|---|---|---|---|---|
| investments listed on a recognised |
Stock Exchange | ||||||
| Investments held in common |
investment funds, |
||||||
| Securities not listed on a recognised | Stock Exchange | 7,693 | 7,831 | ||||
| Other investments | |||||||
| Total | 7,693 | 7,831 | |||||
| Change in investment values |
|||||||
| Carrying (market) value at beginning |
ofyear | 7,831 | 7,735 | ||||
| Add: additions to investments | at cost | ||||||
| less: disposals at carrying value | |||||||
| Net gain/(loss) on revaluation |
-138 | ||||||
| Carrying (market) value at end |
ofyear | 7,693 | 7,831 | ||||
| 14.Analysis ofcurrent assets | This year | Last year | |||||
| Debtors and prepayments | E | ||||||
| Pre paid Stipends | 11,809 | 11,494 | |||||
| Other prepayments | 1,159 | 1,083 | |||||
| Other debtors | 0 | ||||||
| Total debtors and prepayrnents | 12,968 | 12,577 | |||||
| Analysis ofcash at bank | |||||||
| Bank balance held in Co-operative | Bank pic | 22,189 | 13,607 | ||||
| Total Cash and Bank | 22,189 | 13,607 | |||||
| 15.Analysis ofcurrent liabilities and long term creditors | |||||||
| Creditors | 3,963 | 4,489 | |||||
| Assessments in Advance |
47,692 | 44,575 | |||||
| Total Current Liabilities |
51,655 | 49,064 |
| Signature | ofTreasurer | Date | ~/)s/z | ~/)s/z | ||
|---|---|---|---|---|---|---|
| Name | ||||||
| Mrs Angela Wittleton | ||||||
| Address | ||||||
| Drill Hall | Cottage, Street Road, | Glastonbury, | Somerset, BA69EF | |||
| Presentation tothe Circuit Meeting for approval. |
||||||
| I confirm | that the Accounts have been presented | to the Circuit Meeting | on | November | 2020 | |
| and were | approved. | |||||
| Signature | ofthe Chair ofthe | Date | November | 2020 | ||
| meeting | ||||||
| Name of | the Chair ofthe | |||||
| meeting | Rev Tina Swire |
| ffotes to | Circuit Model | Designated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| the | General Fund | Trust | Funds | Restricted | Endowment | Total | |||||
| accounts | (Unrestricted) | (Unrestricted) | (unrestricted) | Funds | Funds | 2019-20 | |||||
| f | |||||||||||
| Income | |||||||||||
| 1 | Donations and legacies |
0 | |||||||||
| 2 | income from monetary |
investments | 2,195 | 5,152 | 14 | 7I361 | |||||
| 3 | Other trading activities |
10,091 | 10,091 | ||||||||
| 4 | Assessments on Churches |
163,307 | 163,307 | ||||||||
| 5 | Capital Receipt | 238,326 | 238,326 | ||||||||
| 6 | Grants received | 0 | |||||||||
| 7 | Other income | 2,095 | 175,377 | 177,472 | |||||||
| 6Total income | 177,688 | 4181855 | 14 | 0 | 596,557 | ||||||
| Expenditure | |||||||||||
| 9 | Grants and donations | 4,289 | 244 | 4,533 | |||||||
| 10 | Stipends and related | costs | 195,167 | 195,167 | |||||||
| 1'I | Property maintenance | 10,740 | 10,740 | ||||||||
| 12 | Distdct Levy | 165,894 | 165,894 | ||||||||
| 13 | District Assessment | 51,624 | 18,343 | 69,967 | |||||||
| 14 | Insurance & Utiiities |
11,497 | 11,497 | ||||||||
| 15 | Telephone &Travel |
11,235 | 1'l,235 | ||||||||
| 16 | Agents Commission | on | Lets | 1,261 | 't,261 | ||||||
| 17 | Admin Charges | 452 | 722 | 3 | 1,177 | ||||||
| 18 | Ministry Costs | 6,709 | 755 | 7,464 | |||||||
| 19 | 0 | ||||||||||
| 20 | Total charitable expenditure |
288,685 | 189,248 | 0 | 1,002 | 0 | 478,935 | ||||
| 21 | Gains/(losses) on monetary |
investments | 0 | ||||||||
| 22 | Gains/(losses) on investment |
properties | (138) | (109) | (247) | ||||||
| 23 | Net income/(expenditure) | (110,997) | 229+69 | 0 | (1,097) | 117,375 | |||||
| 24 | Transfers between funds | (]65,336) | 164,335 | 1,001 | 0 | ||||||
| 25 | Other gains/(losses) | 0 | |||||||||
| 26 | Net movement in funds |
2'76,333) | 393,804 | 0 | (96 | 117,375 | |||||
| 21 | Total funds brought forward |
1,961.856 | 361,240 | 36,064 | 2,379,162 | ||||||
| 28 | Total funds carried forward | 1,705,525 | 755,044 | 0 | 35,968 | 0 | 2,496,537 |
| Notes to | Circuit Model | Designated | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| the | General | Fund | Trust | Funds | Restricted | Endowment | Total | ||||||
| accounts | (Unrestricted) | (Unrestricted) | (unrestricted) | Funds | Funds | 2018-19 | |||||||
| E | f | ||||||||||||
| Income | |||||||||||||
| Donations and legacies | 4,554 | 6,448 | 11,002 | ||||||||||
| 2 | Income from monetary | investments | 901 | 1,537 | 428 | 2,866 | |||||||
| 3 | Other trading activities |
4,950 | 4,950 | ||||||||||
| 4 | Assessments on Churches |
212,178 | 212,178 | ||||||||||
| 5 | Capital Receipt | 306,468 | 306,488 | ||||||||||
| 6 | Grants received | 0 | |||||||||||
| 7 | Other income | 1,239 | 14,934 | 16,173 | |||||||||
| 8Total income | 223,822 | 322,959 | 0 | 6,876 | 553,657 | ||||||||
| Expenditure | |||||||||||||
| 9 | Grants and donations | 6,533 | 7,644 | ||||||||||
| 10 | Stipends and related | costs | 171,161 | 171,161 | |||||||||
| 11 | Properly maintenance |
13,252 | 2,676 | 15,928 | |||||||||
| 12 | District Levy | 102,595 | 102,595 | ||||||||||
| 13 | District Assessment | 50,952 | 2,021 | 52,973 | |||||||||
| 14 | insurance & Utilities |
19,327 | 19,327 | ||||||||||
| 15 | Telephone &Travel |
19,243 | 19,243 | ||||||||||
| 16 | Agents Commission | on | Lets | 896 | 896 | ||||||||
| 17 | Admin Charges | 183 | 162 | 68 | 413 | ||||||||
| 18 | Ministry Costs | 7,969 | 1,278 | 9,247 | |||||||||
| 19 | 0 | ||||||||||||
| 20 | Total charitable expenditure |
282,983 | 115,265 | 0 | 1,179 | 399,427 | |||||||
| 21 | Gains/(losses) on monetary |
investments | 0 | ||||||||||
| 22 | Gains/(losses) on investment |
properties | 96 | 75 | 171 | ||||||||
| 23 | Net income/(expenditure) | (59,161) | 207,790 | 0 | 5&772 | 154,401 | |||||||
| 24 | Transfers between funds | (74,768) | 72,617 | 2,151 | 0 | ||||||||
| 25 | Other gains/(losses) | 0 | |||||||||||
| 26 | Net movement in funds |
133,929 | 280,407 | 0 | 7,923 | 154,401 | |||||||
| 27 | Total funds brought forward | 2,115,787 | 80,833 | 28,141 | 2,224,761 | ||||||||
| 28 | Total funds carried forward | 1,981,858 | 361,240 | 0 | 36,064 | 0 | 2,379,162 |
| General Fund | Circuit | Model | Designated | Restricted Funds | Endowment | Totals 2020 | Totals 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Unrestricted) | Trusts | Funds | Funds | ||||||||||
| Hotes to the | (Unrestricted) | (Unrsstrictedl | |||||||||||
| Accounts | F | ||||||||||||
| Fixed Assets | |||||||||||||
| Circuit Menses & Equipment | 12 | 1,494,793 | 1,494,793 | 1,782,597 | |||||||||
| investment properties |
|||||||||||||
| Investments | 13 | 7,693 | 7,693 | 7,831 | |||||||||
| Total | fixed | assets | 1,494,793 | 7,693 | 0 | 1,502,486 | 1,790/28 | ||||||
| Current Assets | |||||||||||||
| Debtors | 14 | 12,968 | 12,966 | 12,577 | |||||||||
| Loans by the Circuit | 17 | ||||||||||||
| investments with TMCP |
18 | 191,768 | 747.351 | 35,968 | 975,087 | 581,000 | |||||||
| Central Finance Board Deposits | 35,462 | 35,462 | 30,6'i5 | ||||||||||
| Cash at Bank and in hand | 14/18 | 22,189 | 22,189 | 13,607 | |||||||||
| Total | cunent assets | 262,387 | 747&351 | 35,968 | 0 | 1,045,706 | 637,799 | ||||||
| Current liabilities | |||||||||||||
| Creditors (dve in under 1 |
year) | 15 | 51,655 | 51,655 | 49,064 | ||||||||
| Grants payable within 2017-18 |
|||||||||||||
| Total current /lab/atlas | 51,655 | 51,655 | 49,064 | ||||||||||
| Net cunent assetslllablllties | 210,732 | 747,351 | 35,968 | 994,051 | 588,735 | ||||||||
| Total assets less current liabilities | 1 705&525 | 755&044 | 35,968 | 0 | 2,496,537 | 2,379,163 | |||||||
| Long term liabilities | |||||||||||||
| (due after more than one | year) | ||||||||||||
| Grants payable after 2017-18 | |||||||||||||
| Loans to the Circuit | |||||||||||||
| Wet assefa | 1&705&525 | 755,044 | 35,968 | 2&496,537 | 2,379&163 | ||||||||
| Funds ofthe Circuit | |||||||||||||
| General Fund (Unrestricted) |
1,705,525 | 1,705,525 | 1,981,857 | ||||||||||
| Circuit Model Trust Fund | (Unrestricted) | 755,044 | 755,044 | 361,241 | |||||||||
| Designated Funds (Unrestricted) |
|||||||||||||
| Total tlnrestricted | Funds | 2,460,569 | 2,343,098 | ||||||||||
| Restricted Funds | 35,968 | 35,968 | 36,065 | ||||||||||
| Endowment Funds |
|||||||||||||
| Total Funds | 1,705,525 | 755,044 | 35,968 | 0 | 2,496,537 | 2,379,163 |
| SOmerSet Mendip MethOdiSt Orcult |
|||||||
|---|---|---|---|---|---|---|---|
| Notes tothe Accounts | |||||||
| X.Basis ofaccounting | |||||||
| The financial statements have been prepared in accordance with Accounting ond Reporting |
by Charitlesr Statement of | ||||||
| Recommended Proctice (SORP) applicable to charities preparing their accounts in accordance with the Financial |
Reporting Standard | ||||||
| applicable inthe UK and Re[public ofIreland (FRS102)(effective from 1January 2015)—(Charities SORP [FRS102). |
|||||||
| 2.Funds | |||||||
| The funds heid constitute: General Funds held for any purpose ofthe Circuit which are Unrestricted. The Circuit |
Model Trust Fund | ||||||
| has wide purposes defined ln Standing Orders and Iscategorised as unrestricted, Restricted |
funds which are | held for a narrower | |||||
| purpose. There are also the following Endowinent funds as listed, Details ofeach material |
fund are disclosed | in | the final note to | ||||
| these accounts. Any funds may be represented by more than )vst cash. |
|||||||
| 3.Accounting | policies | ||||||
| Basis | |||||||
| These accounts have been prepared on the basis ofhistorical cost except that investments |
are shown attheir | market valve atthe | end | ||||
| ofthe year, on the accruals basis to show atrue and fair view ofthe Circuit's%nancial position and activities. |
|||||||
| Income Recognition | |||||||
| Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes |
entitled tothe | resources, and the | |||||
| trustees are reasonably certain they will receive the resources; and the monetary valve can be measured |
with sufficient reliability. |
||||||
| Resources Expended | |||||||
| This is recognised when a liability is incvrred, or a constructive obligation arues, that results |
In the payment | being unavoidable. | |||||
| Liabilities are recognised as soon as an ovtgow ofeconomic benefit is considered more likely than not under |
the | legal or constructive | |||||
| obligation committing the Circuit to pay out resources. |
|||||||
| Grants | |||||||
| Grants made by the Circuit from Its own funds are recognised in full at the time ofagreement orwhen the |
Circuit | accepts that there is | |||||
| a legal oroperational obligation to make the payment. When the grant is recurrent over more than one year |
the | balance payable | In | ||||
| future years istreated as a provision for future commitments ln the Balance Sheet against the appropdiate |
fund, the provision being | ||||||
| released in future years as instalments are paid in accordance with the originally agreed terms. |
|||||||
| VAT | |||||||
| Since the Orcuit is not VAT registered, all input VAT ischarged with the expenses to which itrefers. |
|||||||
| Tangible f(xed | assets for use by the Circuit | ||||||
| These are capitalised ifthey can be used for more than one year, and individualiy cost at leastf1,000. |
|||||||
| The freehold property is shown in the accounts at 2015deemed cost values. No depreciation is provided |
on | the | building because | the | |||
| trustees consider the current residual fair value ofthe manse buildings [onthe assumption |
that it had reached the end ofits useful | ||||||
| economic life by the year-end) to be not less than its current value. Any depreciation would |
not be material. | The | property has been | ||||
| reviewed for Impairment. |
|||||||
| Investment Properties |
|||||||
| Investment properties - no property Is currently deemed to not be held forthe long term purposes ofthe charity. |
|||||||
| Investments | |||||||
| Investments are valued In the balance sheet at market value atthe year end. Investment income is included |
in the accounts when | ||||||
| receivable and any gains or losses on revaluation at the year end are shown in the SOFA. |
|||||||
| Debtors and Prepayments | |||||||
| Debtors pnimarily relate tothe payment ofthe September stipend in August. |
|||||||
| Creditors | |||||||
| Creditors include both sundry expenses and specifically the 1stquarter assessment received |
In August. | ||||||
| Going Concern | These accounts have been prepared on the Going Concern basis. |
| Circuit | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Model Trust | Restricted | |||||
| 4.Donations | and legacies | Fund | Total | Total | |||
| f | f | f | f | ||||
| Donations | 0 | 11,002 | |||||
| Legacies | 0 | ||||||
| Total | 0 | 0 | 11,002 | ||||
| CIrcuit | |||||||
| Unrestricted | Model Trust | Restricted | 2020 | 2019 | |||
| 5.Other | trading activities | f | Fund | f | Total f |
Total f |
|
| Lettings | (Frome Manse) | 10,091 | 10,091 | 4,950 | |||
| Total | 10,091 | 0 | 10,091 | 4,950 | |||
| Circuit | |||||||
| Unrestricted | Model Trust | Restricted | 2020 | 2019 | |||
| 6.Investment | income | Fund | Total | Total | |||
| f | f | f | f | ||||
| Central | Finance Board | 2,195 | 5,152 | 14 | 7,361 | 2,866 | |
| Total | 2,195 | 5,152 | 14 | 7,361 | 2,866 | ||
| 7.Other | Income | ||||||
| Other Income | 2,095 | 175,377 | 177,472 | 16,173 |
| 9.Payment toTrustees | This | year | Last year | |
|---|---|---|---|---|
| Payments made to trustees or related family members |
for | |||
| additional services provided to the |
Circuit by agreement | |||
| with the Circuit Meeting | ||||
| Number oftrustees who were paid | expenses | 13 | ||
| Nature ofthe expenses | ||||
| Expense payments primarily relate |
to reimbursement | for travel and computing | casts, | |
| Tota I amount paid |
10,731 | 20,246 | ||
| 10.Fees for exafnination or audit ofthe accounts |
||||
| Independent examiner's or auditors' fees for reporting |
||||
| on the accounts | 500 | 500 | ||
| Other fees (eg:advice, accountancy | services) paid to the | |||
| independent examiner or auditor |
| 11.Paid employees | 11.Paid employees | 11.Paid employees | |||
|---|---|---|---|---|---|
| Stipends and related costs paid during the | year were: | ||||
| Gross wages, salaries, stipends | and benefits | in kind | 153,815 | 134,434 | |
| Employer's National Insurance |
costs | 10,244 | 7,915 | ||
| Pension costs | 28,592 | 23,276 | |||
| Supernummeries and Preaching |
fees | 1,325 | 4,150 | ||
| Admin Charges and Apprentice | Levy | 1,191 | 1,386 | ||
| Total staR costs | 195,167 | 171,161 | |||
| Average number ofstaff employed | during | ||||
| the year were: |
| Cost or valuation | then. It is possi purchased. |
ble that the Fra | me IVlanse will | be sold durin | g the next financ | ial year with a | more suita | ble re | placement | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other Axed | |||||||||||
| assets | Payments | on | |||||||||
| including | Fixtures, | account | and | ||||||||
| Residential | Other | motor | fittings and | assets under | |||||||
| Land | Other Land g |
Manses 6 |
buildings | vehides f |
equipment | construction g |
Total f |
||||
| Balance brought | forward | 1,782,597 | 1,782,597 | ||||||||
| Additions | |||||||||||
| Revaluations (+/-) |
|||||||||||
| Disposals (-) | 287,804 | 287,804 | |||||||||
| Transfers (+/-) |
|||||||||||
| Balance carried | forward | 1,494,793 | 1,494,793 | ||||||||
| Accumuiated | Basis | SLor RB | SLor RB | SLor RB | SLor RB | ||||||
| Depreciation | Rate | ||||||||||
| Balance brought | forward | ||||||||||
| Depreciation charge |
for veer(-) | ||||||||||
| Revaluations (+/-) |
|||||||||||
| Disposafs (-) | |||||||||||
| Transfers (+/-) |
|||||||||||
| Balance carried | forward | ||||||||||
| Net book value | |||||||||||
| Brought forward | 1,782,597 | 1,782,597 | |||||||||
| Carried forward | 1,494,793 | 1,494,793 |
| Analysis ofinvestment movements |
Analysis ofinvestment movements |
This year | Lastyear | ||||
|---|---|---|---|---|---|---|---|
| investments listed on a recognised |
Stock Exchange | ||||||
| Investments held in common |
investment funds, |
||||||
| Securities not listed on a recognised | Stock Exchange | 7,693 | 7,831 | ||||
| Other investments | |||||||
| Total | 7,693 | 7,831 | |||||
| Change in investment values |
|||||||
| Carrying (market) value at beginning |
ofyear | 7,831 | 7,735 | ||||
| Add: additions to investments | at cost | ||||||
| less: disposals at carrying value | |||||||
| Net gain/(loss) on revaluation |
-138 | ||||||
| Carrying (market) value at end |
ofyear | 7,693 | 7,831 | ||||
| 14.Analysis ofcurrent assets | This year | Last year | |||||
| Debtors and prepayments | E | ||||||
| Pre paid Stipends | 11,809 | 11,494 | |||||
| Other prepayments | 1,159 | 1,083 | |||||
| Other debtors | 0 | ||||||
| Total debtors and prepayrnents | 12,968 | 12,577 | |||||
| Analysis ofcash at bank | |||||||
| Bank balance held in Co-operative | Bank pic | 22,189 | 13,607 | ||||
| Total Cash and Bank | 22,189 | 13,607 | |||||
| 15.Analysis ofcurrent liabilities and long term creditors | |||||||
| Creditors | 3,963 | 4,489 | |||||
| Assessments in Advance |
47,692 | 44,575 | |||||
| Total Current Liabilities |
51,655 | 49,064 |
| Signature | ofTreasurer | Date | ~/)s/z | ~/)s/z | ||
|---|---|---|---|---|---|---|
| Name | ||||||
| Mrs Angela Wittleton | ||||||
| Address | ||||||
| Drill Hall | Cottage, Street Road, | Glastonbury, | Somerset, BA69EF | |||
| Presentation tothe Circuit Meeting for approval. |
||||||
| I confirm | that the Accounts have been presented | to the Circuit Meeting | on | November | 2020 | |
| and were | approved. | |||||
| Signature | ofthe Chair ofthe | Date | November | 2020 | ||
| meeting | ||||||
| Name of | the Chair ofthe | |||||
| meeting | Rev Tina Swire |