| Statement of Financial Activities | Statement of Financial Activities | Statement of Financial Activities | Statement of Financial Activities | (SOFA) | for the year | for the year | ended | 31August 2022 | 31August 2022 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes to | Circuit Model | Designated | |||||||||||
| the | General | Fund | Trust | Funds | Restricted | Endowment | Total | ||||||
| accounts | (Unrestricted) | (Unrestricted) | (unrestricted) | Funds | Funds | 2021-22 | |||||||
| E | E | E | E | ||||||||||
| Income | |||||||||||||
| 1 | Donations and legacies |
0 | |||||||||||
| 2 | Income from monetary | investments | 2,433 | 1,616 | 4,056 | ||||||||
| 3 | Other trading activities | 2,771 | 2,771 | ||||||||||
| 4 | Assessments on Churches |
213,923 | 213,923 | ||||||||||
| 5 | Capital Receipt | 1,020 | 252,906 | 7,315 | 261,241 | ||||||||
| 6 | Grants received | 0 | |||||||||||
| 7 | Other income | 8,963 | 8,963 | ||||||||||
| 8Total income | 229,110 | 254,522 | 0 | 7,322 | 0 | 490,954 | |||||||
| Expenditure | |||||||||||||
| 9 | Grants and donations | 4,984 | 1,000 | 5,984 | |||||||||
| 10 | Stipends and related costs | 174,957 | 174,957 | ||||||||||
| 11 | Property maintenance |
24,434 | 24,434 | ||||||||||
| 12 | District Levy | 77,162 | 77,162 | ||||||||||
| 13 | District Assessment | 50,432 | 22,732 | 73,164 | |||||||||
| 141nsurance & Utilities | 19,608 | 19,608 | |||||||||||
| 15 | Telephone &Travel |
12,585 | 12,585 | ||||||||||
| 16 | Agents Commission on |
Lets | 346 | 346 | |||||||||
| 17 | Admin Charges | 1,226 | 1,196 | 2,426 | |||||||||
| 18 | Ministry Costs | 5,498 | 699 | 6,197 | |||||||||
| 19 | 0 | ||||||||||||
| 20 | Total charitable expenditure |
289,086 | 106,074 | 0 | 1,703 | 0 | 396,863 | ||||||
| 21 | Gains/(losses) on monetary |
investments | 0 | ||||||||||
| 22 | Gains/(losses) on investment |
properties | (572) | (605) | (1,177) | ||||||||
| 23 | Net income/(expenditure) | (59,976) | 147,876 | 0 | 5,014 | 92,914 | |||||||
| 24 | Transfers between funds | 93,819 | (94,819) | 1,000 | 0 | ||||||||
| 25 | Other gains/(losses) | 0 | |||||||||||
| 26 | Net movement in funds |
33,843 | 53,057 | 0 | 6,014 | 92,914 | |||||||
| 27 | Total funds brought forward |
1,724,092 | 419,759 | 200,000 | 9,309 | 2,353,160 | |||||||
| 28 | Total funds carried forward | 1,757,935 | 472,816 | 200,000 | 15,323 | 0 | 2,446,074 |
| Statement of Financial Activities | Statement of Financial Activities | Statement of Financial Activities | Statement of Financial Activities | (SOFA) | for the year | for the year | ended | 31August 2021 | 31August 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes to | Circuit Model | Designated | ||||||||||||
| the | General | Fund | Trust | Funds | Restricted | Endowment | Total | |||||||
| accounts | (Unrestricted) | (Unrestricted) | (unrestricted) | Funds | Funds | 2020-21 | ||||||||
| f | f | f | f | f | f | |||||||||
| Income | ||||||||||||||
| 1 | Donations and legacies |
0 | ||||||||||||
| 2 | Income from monetary | investments | 938 | 2,342 | 3,287 | |||||||||
| 3 | Other trading activities |
8,064 | 8,064 | |||||||||||
| 4 | Assessments on Churches |
193,222 | 193,222 | |||||||||||
| 5 | Capital Receipt | 2,482 | 2,482 | |||||||||||
| 6 | Grants received | 0 | ||||||||||||
| 7 | Other income | 22,140 | 22,140 | |||||||||||
| 8Total income | 226,846 | 2,342 | 0 | 229,195 | ||||||||||
| Expenditure | ||||||||||||||
| 9 | Grants and donations | 9,133 | 9,133 | |||||||||||
| 10 | Stipends and related costs |
219,896 | 219,896 | |||||||||||
| 11 | Property maintenance |
21,652 | 21,652 | |||||||||||
| 12 | District Levy | 0 | ||||||||||||
| 13 | District Assessment | 49,356 | 47,878 | 97,234 | ||||||||||
| 141nsurance Ih Utilities |
12,055 | 12,055 | ||||||||||||
| 15 | Telephone 8Travel | 5,972 | 5,972 | |||||||||||
| 16 | Agents Commission on |
Lets | 1,008 | 1,008 | ||||||||||
| 17 | Admin Charges | 457 | 1,510 | 4 | 1,971 | |||||||||
| 18 | Ministry Costs | 5,455 | 718 | 6,173 | ||||||||||
| 19 | 0 | |||||||||||||
| 20 | Total charitable expenditure |
315,851 | 58,521 | 722 | 0 | 375,094 | ||||||||
| 21 | Gains/(losses) on monetary |
investments | 0 | |||||||||||
| 22 | Gains/(losses) on investment |
properties | 1,412 | 1,111 | 2,523 | |||||||||
| 23 | Net income/(expenditure) | (89,005) | (54,767) | 0 | 396 | 0 | (143,376) | |||||||
| 24 | Transfers between funds | 107,573 | (280,518) | 200,000 | (27,055) | 0 | ||||||||
| 25 | Other gains/(losses) | 0 | ||||||||||||
| 26 | Net movement in funds |
18,568 | (335,285) | 200,000 | (26,659) | 0 | (143,376) | |||||||
| 27 | Total funds brought forward |
1,705,525 | 755,044 | 35,968 | 2,496,537 | |||||||||
| 28 | Total funds carried forward | 1,724,093 | 419,759 | 200,000 | 9,309 | 0 | 2,353,161 |
| Balance Sh | eet as at | 31August | 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GeneralFund | Circuit Model | Designated | Restricted Funds | Endowment | Totals 2022 | Totals 2021 | |||||||
| (Unrestricted) | Trusts | Funds | Funds | ||||||||||
| Notes to the | (Unrestricted) | (Unrestricted) | |||||||||||
| Accounts | E | E | |||||||||||
| Fixed Assets | |||||||||||||
| Circuit Manses &Equipment | 12 | 1,494,793 | 1,494,793 | 1,494,793 | |||||||||
| Investment properties |
|||||||||||||
| Investments | 13 | 8,533 | 8,533 | 9,105 | |||||||||
| Totalled | assets | 1,494,793 | 8,533 | 0 | 1,503,326 | 1,503,898 | |||||||
| Current Assets | |||||||||||||
| Debtors and Prepayrnents | 14 | 11,225 | 11,225 | 13,044 | |||||||||
| Loans b the Circuit | 17 | ||||||||||||
| Investments with TMCP |
18 | 223,329 | 464,281 | 200,000 | 15,323 | 902,933 | 842,280 | ||||||
| Central Finance Board Deposits | 64,153 | 64,153 | 31,930 | ||||||||||
| Cash at Bank and in hand | 14/18 | 8,358 | 8,358 | 11,721 | |||||||||
| Total | current | ossets | 307,065 | 464,281 | 200,000 | 15,323 | 986,669 | 898,975 | |||||
| Current liabilities |
|||||||||||||
| Creditors (due in under 1year) | 15 | 43,921 | 43,921 | 49,712 | |||||||||
| Grants payable within 2021-22 |
|||||||||||||
| Total | current liabilities | 43,921 | 43,921 | 49,712 | |||||||||
| Net current | assets/liabi%des | 263,144 | 200,000 | 15,323 | 942,748 | 849,263 | |||||||
| Total assets less | current liabilities | 1,757,937 | 472,814 | 200,000 | 15,323 | 0 | 2,446,074 | 2,353,161 | |||||
| Long term liabilities | |||||||||||||
| due after more than one | ear | ||||||||||||
| Grants payable after 2021-22 | |||||||||||||
| Loans tothe Circuit | |||||||||||||
| Net | assets | 1,757,937 | 472,814 | 200,000 | 15,323 | 2,446,074 | 2,353,161 | ||||||
| Funds ofthe Circuit | |||||||||||||
| General Fund (Unrestricted) |
1,757,937 | 1,757,937 | 1,705,525 | ||||||||||
| Circuit Model Trust Fund | (Unrestricted) | 472,814 | 472,814 | 755,044 | |||||||||
| Designated Funds (Unrestricted) |
200,000 | 200,000 | |||||||||||
| Total Unrestricted | Funds | 2,430,751 | 2,460,569 | ||||||||||
| Restricted Funds |
15,323 | 15,323 | 35,968 | ||||||||||
| Endowment Funds |
|||||||||||||
| Total | Funds | 1,757,937 | 472,814 | 200,000 | 15,323 | 2,446,074 | 2,496,537 |
| 1.Basis ofaccounting | 1.Basis ofaccounting | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| The financial statements have been prepared in accordance with Accounting ond Reporting |
by | Charities: Statement of | |||||||||
| Recommended Practice (SORP) applicable to charities preparing their accounts in |
accordance | with the Financial | Reporting Standard | ||||||||
| applicable in the UK and Re(public of Ireland (FRS102)(effective from 1January 2015)—(Charities SORP (FRS102). |
|||||||||||
| 2.Funds | |||||||||||
| The funds held constitute: General Funds held for any purpose ofthe Circuit which |
are Unrestricted. The Circuit |
Model Trust Fund | |||||||||
| has wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted |
funds which are | held for a narrower | |||||||||
| purpose .There are also the following Endowment funds as listed. Details ofeach |
material | fund are disclosed | in | the final | note | to | |||||
| these accounts. Any funds may be represented by more than just cash. |
|||||||||||
| 3.Accounting | policies | ||||||||||
| Basis | |||||||||||
| These accounts have been prepared on the basis ofhistorical cost except that investments |
are | shown attheir | market value at | the | end | ||||||
| ofthe year, on the accruals basis to show atrue and fair view ofthe Circuit's financial position |
and activities. | ||||||||||
| Income Recognition | |||||||||||
| Income is included in the Statement ofFinancial Activities (SOFA) when the Circuit |
becomes | entitled tothe resources, and the | |||||||||
| trustees are reasonably certain they will receive the resources; and the monetary |
value can | be measured | with sufficient | reliability. | |||||||
| Resources Expended | |||||||||||
| This is recognised when a liability is incurred, or a constructive obligation arises, that results |
in | the payment | being unavoidable. | ||||||||
| Liabilities are recognised as soon as an outflow of economic 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 atthe time of |
agreement | or when the | Circuit | accepts | that | there is | |||||
| a legal or operational 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 in 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 Circuit is not VAT registered, all input VAT is charged with the expenses to which it |
refers. | ||||||||||
| Tangible fixed | assets for use by the Circuit | ||||||||||
| These are capitalised ifthey can be used for more than one year, and individually cost at least |
f1,000. | ||||||||||
| 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 (on the 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 for the long term purposes ofthe charity. |
|||||||||||
| Investments | |||||||||||
| Investments are valued in the balance sheet at market value at the year end. Investment income is included |
in the accounts when | ||||||||||
| receivable and any gains or losses on revaluation atthe year end are shown in the |
SOFA. | ||||||||||
| Debtors and Prepayments | |||||||||||
| Debtors primarily 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. |
| Unrestricted | Unrestricted | Model | Model | Trust | Trust | Restricted | Restricted | 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4.Donations and legacies |
Fund | Total | Total | ||||||||||||
| f | f | E | E | ||||||||||||
| Donations | |||||||||||||||
| Legacies | |||||||||||||||
| Total | |||||||||||||||
| Circuit | |||||||||||||||
| Unrestricted | Model | Trust | Restricted | 2022 | 2021 | ||||||||||
| 5.Other trading | activities | Fund | Total | Total | |||||||||||
| f | f | E | f | ||||||||||||
| Lettings (Frome | Manse) | 2,771 | 2,771 | 8,064 | |||||||||||
| Total | 2,771 | 0 | 2,771 | 8,064 | |||||||||||
| Circuit | |||||||||||||||
| Unrestricted | Model | Trust | Restricted | 2022 | 2021 | ||||||||||
| 6.Investment income |
Fund | Total | Total | ||||||||||||
| f | f | f | f | ||||||||||||
| Central Finance | Board | 2,433 | 1,616 | 7 | 4,056 | 3,287 | |||||||||
| Total | 2,433 | 1,616 | 7 | 4,056 | 3,287 | ||||||||||
| 7.Other Income | |||||||||||||||
| Other Income | 8,963 | 8,963 | 22,140 | ||||||||||||
| Included in other |
income are the | closure of bank accounts | from Bruton Methodist | Church f7726 | (2021West | ||||||||||
| Camel Methodist | Church f596 and Sandford Methodist |
Church f20953) | |||||||||||||
| 8.Capital Receipt | |||||||||||||||
| Tfrd Trust fund/Sale | ofchapels | 1,020 | 252,906 | 7,315 | 261,241 | 2,482 | |||||||||
| Trust Funds transfererred | from Bruton MC, | Street MC and proceeds | from | sale of | Portway | MC (2021West Camel MC trust | |||||||||
| fund) | |||||||||||||||
| 9.Payment to Trustees | 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 | 15 | 10 | |||||||||||
| Nature ofthe expenses | |||||||||||||||
| Expense payments | primarily relate |
to reimbursement | for travel, stationery, | postage and computing | costs |
| Total amount | paid | 10,341 | 5,239 | |
|---|---|---|---|---|
| 10.Fees for | examination | or audit ofthe accounts | ||
| Independent | examiner's | or auditors' fees for reporting | ||
| on the accounts | 525 | 500 | ||
| Other fees (eg:advice, accountancy services) paid tothe |
||||
| 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 | 139,269 | 176,126 | |
| Employer's National Insurance costs |
9,065 | 11,303 | |||
| Pension costs | 23,502 | 30,106 | |||
| Supernummeries and Preaching |
fees | 1,875 | 875 | ||
| Admin Charges and Apprentice |
Levy | 1,246 | 1,486 | ||
| Total staff costs | 174,957 | 219,896 | |||
| Average number ofstaff employed |
during | ||||
| the year were: |
| Cost or valuation | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other fixed | |||||||||||
| assets | Payments | on | |||||||||
| including | Fixtures, | account | and | ||||||||
| Residential | Other | motor | fittings and | assets under | |||||||
| Land | Other Land | Manses | buildings | vehicles | equipment | construction | Total | ||||
| f | f | f | f | f | f | f | |||||
| Balance brought | forward | 1,494,793 | 1,494,793 | ||||||||
| Additions | |||||||||||
| Revaluations (+/-) |
|||||||||||
| Disposals (-) | |||||||||||
| Transfers (+/-) |
|||||||||||
| Balance carried | forward | 1,494,793 | 1,494,793 | ||||||||
| Accumulated | Basis | SLor RB | SLor RB | SLor RB | SLor RB | ||||||
| Depreciation | Rate | ||||||||||
| Balance brought | forward | ||||||||||
| Depreciation charge |
for year(-) | ||||||||||
| Revaluations (+/-) |
|||||||||||
| Disposals (-) | |||||||||||
| Transfers (+/-) |
|||||||||||
| Balance carried | forward | ||||||||||
| Net book value | |||||||||||
| Brought forward | 1,494,793 | 1,494,793 | |||||||||
| Carried forward | 1,494,793 | 1,494,793 |
| Analysis ofinvestment movements |
Analysis ofinvestment movements |
This year | Last year | |||||
|---|---|---|---|---|---|---|---|---|
| Investments listed on a recognised |
Stock Exchange | |||||||
| Investments held in common investment |
funds, | |||||||
| Securities not listed on a recognised | Stock Exchange | 8,533 | 9,105 | |||||
| Other investments | ||||||||
| Total | 8,533 | 9,105 | ||||||
| Change in investment values |
||||||||
| Carrying (market) value at beginning |
ofyear | 9,105 | 7,693 | |||||
| Add: additions to investments | at cost | |||||||
| Less:disposals at carrying value | ||||||||
| Net gain/(loss) on revaluation |
-572 | 1412 | ||||||
| Carrying (market) value at end | ofyear | 8,533 | 9,105 | |||||
| 14.Analysis ofcurrent assets | This year | Last year | ||||||
| Debtors and prepayments | E | |||||||
| Pre paid Stipends | 7,901 | 11,950 | ||||||
| Other prepayments | 3,324 | 1,094 | ||||||
| Other debtors | ||||||||
| Total debtors and prepayments | 11,225 | 13,044 | ||||||
| Analysis ofcash at bank | ||||||||
| Bank balance held in Co-operative | Bank | pic | 8,358 | 11,721 | ||||
| Total Cash and Bank | 8,358 | 11,721 | ||||||
| 15.Analysis ofcurrent liabilities and long term creditors | ||||||||
| Creditors | 1,896 | 1,113 | ||||||
| Assessments in Advance |
42,025 | 48,599 | ||||||
| Total Current Liabilities | 43,921 | 49,712 |
| Signature | ofTreasurer | jv-jJ za2~ | jv-jJ za2~ | ||
|---|---|---|---|---|---|
| Name | |||||
| Mrs Angela Wittleton | |||||
| Address | |||||
| Drill Hall | Cottage, Street Road, Glastonbury, | Somerset, BA6 9EF | |||
| Presentation to the Circuit Meeting for approval. |
|||||
| I confirm | that the Accounts have been presented | to the Circuit Meeting on | 30th November | 2022 | |
| and were | approved. | ||||
| Signature | ofthe Chair ofthe | Date | 30th November | 2022 | |
| m88lllg | |||||
| Name of | the Chair ofthe | ||||
| meeting | Rev Tina Swire |