##
##
##
##
##
##
##
##
||||||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|||||
##
##
##
##