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|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||||
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