| fortheyea | rended31Au | gust2023 | |
|---|---|---|---|
| Somerset Mendip Methodist | Circuit | Circuitno |
*07116 |
| Registered Charity-Registration number | 1134237 | ||
| Ministers | RevTina Swire- | Superintendent | |
| RevMegSlingo | |||
| RevCollinMoore | |||
| CircuitStewards | JudithGole | ||
| AngelaWittleton | |||
| BarrySpeddings | |||
| JacquiCobb | |||
| MalcolmGale | |||
| LoisEmm |
| Nameof Circuit SOMERSET |
Nameof Circuit SOMERSET |
MENDIPCIRCUIT | MENDIPCIRCUIT | MENDIPCIRCUIT | CircuitNo | 07lLG | |
|---|---|---|---|---|---|---|---|
| statement ofFinancialActivities(soFA) | for theyear ended31August2023 | ||||||
| Notesto the |
GeneralFund | CircuitModelDesignated Trust Funds |
Restricted | Endowment | Total | ||
| accounts | (Unrestrictedl | (Unrestricted)(unrestricted)Funds | Funds | 2022-23 | |||
| ffff | f | f | |||||
| lncome | |||||||
| 1Donations andlegacies 2lncomefrom monetaryinvestments 3Othertradingactivities 4Assessments on Churches 5Capital Receipt 6Grants received 7Other income |
4 6 5 8 7 |
4,908 16,083 9,818 197,307 0 |
15,800 539,521 |
20,000 56 |
20,000 31,939 9,818 r97,307 539,521 0 4,908 |
||
| 8Totalincome | 228,LL6 | 555,321 | 20,056 | 0 | 803,493 | ||
| Expenditure | |||||||
| 9Grants and donations | 6,s33 | 1,000 | 7,533 | ||||
| 10Stipends and relatedcosts | 11 | 774,750 | L74,t5O | ||||
| 11 Property maintenance | 43,O76 | 20,628 | 2,687 | 66,391 | |||
| 12 DistrictLevy | 167,809 | t67,8O9 | |||||
| 13 District Assessment | 49,920 | 26,777 | 76,631. | ||||
| 14 lnsurance& Utilities | 75,797 | 15,797 | |||||
| 15Telephone & Travel | 73,625 | L3,625 | |||||
| 16Agents Commission onLets | 7,307 | L,3O7 | |||||
| 17AdminCharges | 7,246 | 7,347 | 4 | 2,597 | |||
| 18MinistryCosts | 3,269 | 665 | 3,934 | ||||
| 19 Rounding | (1) | 1 | 0 | ||||
| 20Totalcharitable expenditure | 223,028 | 0 | 0 | 529,774 | |||
| 21Gains/(losses) on monetary investments | (362) | (s47l | (e0s) | ||||
| 22Gains/(losses) oninvestment properties | 0 | ||||||
| 23Net income/(expenditure) | 174,273l- | 331,931 | 0 | 15,152 | 0 | 272,8L0 | |
| 24Transfers between funds | 505,941 | (s07,941) | 2,000 | 0 | |||
| 25Other gains/(losses) | 0 | ||||||
| 26Net movementinfunds | 431.668 | 1176,0101 | 0 | t7 | 0 | 272,8t0 | |
| 27 Totalfunds brought forward | 2,446,074 | ||||||
| 28Total funds carriedforward | 2,189,606 | 296,804 | 200,000 | 32,474 | 0 | 2,7t8,A84 |
| StatementofFinancialActiviti | es(SOFA | )for theyea | r ended31A | r ended31A | ugust2022 | ugust2022 | |||
|---|---|---|---|---|---|---|---|---|---|
| Notesto | CircuitModel | Designated | |||||||
| the | GeneralFund | Trust | Funds | Restricted | Endowment | Total | |||
| accounts | (Unrestrictedl | (Unrestricted) | (unrestricted) | Funds | Funds | 202L-22 | |||
| ff | f | f | f | f | |||||
| lncome | |||||||||
| 1Donations andlegacies | 4 | 0 | |||||||
| 2lncomefrom monetaryinvestments | 6 | 2,433 | 1,616 | 7 | 4,056 | ||||
| 3Othertrading activities | 5 | 2,777 | 2,771. | ||||||
| 4Assessments on Churches | 273,923 | 2L3,923 | |||||||
| 5Capital Receipt | 8 | 1,020 | 252,906 | 7,315 | 26L,24t | ||||
| 6Grants received | 0 | ||||||||
| 7Other income | 7 | 8,963 | 8,953 | ||||||
| 8Totalincome | 229,1t0 | 254,522 | 0 |
7,322 | 0 | 490,954 | |||
| Expenditure | |||||||||
| 9Grants and donations | 4,984 | 1,000 | 5,984 | ||||||
| 10Stipends and relatedcosts | 77 | 774,957 | L74,957 | ||||||
| 11Property maintenance | 24,434 | 24,434 | |||||||
| 12DistrictLevy | 77,762 | 77,L62 | |||||||
| 13 District Assessment | 50,432 | 22,732 | 73,t64 | ||||||
| 14 lnsurance& Utilities | 19,608 | 19,608 | |||||||
| 15Telephone & Travel | 12,585 | 12,585 | |||||||
| 16Agents Commission onLets | 346 | 346 | |||||||
| 17AdminCharges | 7,226 | 1,196 | 2,426 | ||||||
| 18MinistryCosts | 5,498 | 6,L97 | |||||||
| 19 | 0 | ||||||||
| 20Total charitable expenditure | 289,085 | LO6,O74 | 0 | L,703 | 395,863 | ||||
| 21Gains/(losses) on monetary investments | 0 | ||||||||
| 22Gains/(losses) oninvestment properties | (s72l. | (60s) | 11.,L771 | ||||||
| 23Net income/(expenditure! | (s9,976) | t47,876 | 0 | 5,014 | 0 | 92,9L4 | |||
| 24Transfers between funds | 93,819 | (94,819) | 1,000 | 0 | |||||
| 25 Other gains/(losses) | 0 | ||||||||
| 26Net movementinfunds | 33,843 | 53,057 | 0 | 6,014 | 0 | 92,9L4 | |||
| 27f oulfunds brought forward | !,724,O92 | 4L9,759 | 200,000 | 9,309 | 2,353,760 | ||||
| 28Total funds carriedforward | 1.,757,9t5 | 472,8L6 | 200,000 | L5,323 | 2,M6,074 |
| Balance S | heetasat | 31August | 2023 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General Fund | CircuitModel | Designated | Restricted | Funds | Endowment | Totals | 2023 | Totals | 2022 | ||||||
| (Unrestricted) | Trusts | Funds | Funds | ||||||||||||
| Notesto the | (Unrestricted) | (Unrestrictedl | |||||||||||||
| Accounts | f | f | f | f | f | f | f | ||||||||
| FixedAssets | |||||||||||||||
| Circuit Manses&Equipment | 72 | 1,93L,734 | t,93t,734 | 7,494,793 | |||||||||||
| lnvestmentproperties | 0 | ||||||||||||||
| lnvestments | 13 | 8,777 | 8,177 | 8,533 | |||||||||||
| Totolfrxedossets | L,93t,7t4 | 8,t71 | 0 | 0 | 0 | 1,939,905 | 1,503,326 | ||||||||
| Current Assets | |||||||||||||||
| Debtors and Prepayments | 74 | la170 | L8,379 | tL,225 | |||||||||||
| Loans bytheCircuit | t7 | 0 | 0 | ||||||||||||
| lnvestmentswithTMCP | 18 | 223,329 | 288,633 | 200,000 | 15,161 | 727,t23 | 902,933 | ||||||||
| Central Finance Board | Deposits | 49,878 | 17,3t3 | 67,t9L | 64,153 | ||||||||||
| CashatBankand in | hand | t4/18 | 13,743 | 13,743 | 8,358 | ||||||||||
| Totolcurrentossets | 305,329 | 288,633 | 200,000 | 32,474 | 0 | 826,436 | 985,669 | ||||||||
| Current liabilities | |||||||||||||||
| Creditors(duein under1 | year) | 15 | 47,457 | 47,457 | 43,92t | ||||||||||
| Grantspayablewilhin | 2022-23 | 0 | |||||||||||||
| Totalcurrent lidbilities | 47,457 | 0 | 0 | 0 | 0 | 47,457 | 43,921 | ||||||||
| Net | cunentossets/l iobiIities | 257,872 | 288,633 | 200,000 | ?2,474 | 0 | 778,979 | 942,748 | |||||||
| Totdlossetslesscurrent liobilities | 2,718,8U | 2,446,074 | |||||||||||||
| Longterm liabilities | |||||||||||||||
| ldue aftermorethan | onevearl | ||||||||||||||
| Grants payableafter2021--22 | 0 | ||||||||||||||
| Loansto the Circuit | 0 | ||||||||||||||
| 0 | |||||||||||||||
| lvet ossets | 2,189,606 | 296,804 | 200,000 | 12,474 | 0 | 2,7tA,AU | 2,446,074 | ||||||||
| Fundsofthe Circuit | |||||||||||||||
| GeneralFund(Unrestricted) | 2,189,606 | 2,189,606 | !,757,938 | ||||||||||||
| Circuit Model Trust | Fund | (Unrestricted) | 296,804 | 296,804 | 472,8t4 | ||||||||||
| DesignatedFunds(Unrestricted) | 200,000 | 200,000 | 200,000 | ||||||||||||
| Toto | IUnrcstrictedF u nds | 2,6A6,4L0 | 2,4?0,752 | ||||||||||||
| RestrictedFunds | 32,474 | 32,474 | 15,322 | ||||||||||||
| EndowmentFunds | 0 | 0 | |||||||||||||
| TotolFunds | zoo,oool | lz,+tll | 0 | 2,7ta,aa4 | 2,446,074 |
| 1.Basisof accounting | |
|---|---|
| Thefinancial statementshavebeen prepared in accordance with Accounting ond Repofting by Chdrities: StatementoI | |
| Recommended Proctice(SORP)applicabletocharities preparingtheiraccounts in accordancewith theFinancial Reporting Standard | |
| applicableintheUKand Relpublicoflreland(FR5102)(effectivefrom1January 2015)-(CharitlesSORP(FRS102). | |
| 2.Funds | |
| Thefundsheldconstitute:GeneralFundsheldforanypurposeoftheCircuitwhichareUnrestricted.TheCircuitModelTrustFund | |
| haswide purposes definedinStanding Orders andiscategorisedasunrestricted.Restricted funds which are heldforanarrower | |
| purpose.Therearealsothefollowing Endowmentfundsaslisted.Detailsofeachmaterialfundaredisclosedinthefinalnoteto | |
| theseaccounts. Anyfundsmay be represented by more thanjustcash. | |
| 3.Accounting policies | |
| Basis | |
| Theseaccounts have been prepared onthebasisofhistorical cost exceptthatinvestments are shownattheirmarket valueattheend | |
| of the year,ontheaccrualsbasistoshowatrueandfair view of the Circuit's financial position and activities. | |
| lncomeRecognition | |
| lncomeisincludedinthe StatementofFinancial Activities(SOFA)when the Circuit becomesentitled tothe resources,andthe | |
| trusteesarereasonablycertaintheywill receivetheresources; andthemonetaryvaluecanbemeasuredwithsufficientreliability. |
|
| ResourcesExpended | |
| This isrecognised whenaliabilityisincurred, oraconstructive obligationarises,thatresultsinthepayment being unavoidable. | |
| Liabilities are recognisedassoonasanoutflowof economic benefitisconsidered more likely thannotunderthelegal or constructive | |
| obligationcommittingtheCircuittopayoutresources. | |
| Grants | |
| Grants madebytheCircuitfromits own funds are recognisedinfull at thetimeof agreement or whentheCircuitacceptsthat thereis | |
| alegaloroperationalobligationtomakethepayment. Whenthegrantisrecurrentovermorethanoneyearthebalancepayablein | |
| futureyearsistreatedas aprovisionfor futurecommitmentsintheBalanceSheet againsttheappropriate fund,theprovision being | |
| releasedinfutureyearsasinstalments are paid in accordancewiththe originally agreed terms. | |
| VAT | |
| SincetheCircuitisnotVATregistered, all inputVAT ischargedwiththe expensestowhichitrefers. | |
| Tangiblefixedassetsforuse | bythe Circuit |
| Theseare capitalisediftheycanbeusedformore than one year, and individually cost at leastf1,000. | |
| Thefreehold propertyisshownintheaccounts at 2015 deemed costvalues.Nodepreciationisprovidedonthebuildingbecausethe | |
| trustees considerthe currentresidual fair value ofthemanse buildings(ontheassumptionthatit had reachedtheend of its useful | |
| economlclifebytheyear-end)tobenotlessthanitscurrentvalue.Anydepreciationwouldnotbematerial. Thepropertyhasbeen |
|
| reviewedfor impairment. | |
| lnvestment Properties | |
| lnvestment properties - nopropertyiscurrently deemedtonot be heldfor thelongtermpurposesofthecharity. | |
| lnvestments | |
| lnvestmentsarevaluedinthebalance sheet at market value at the yearend.lnvestment incomeisincludedintheaccounts when | |
| receivable andanygains orlosseson revaluation at the year endareshownintheSOFA. | |
| Debtors and Prepayments | |
| Debtors primarily relate tothepayment of the September stipendinAugust. | |
| Creditors | |
| Creditors include both sundry expenses and specificallythe1stquarter assessment receivedinAugust. | |
| Going Concern | Theseaccounts have been prepared on the Going Concernbasis. |
| Circuit | |||||
|---|---|---|---|---|---|
| UnresrictedModel Trust | Restricted | 2023 | 2022 | ||
| 4.Donations andlegacies | Fund | Total | Total | ||
| E | e | E | f. | ||
| Donations | 0 | 0 | 0 | 0 | U |
| Legacies | 20,000 | 20,000 | |||
| Total | 0 | 0 | 20,000 | 20,000 | 0 |
| Circuit | |||||
| UnrestrictedModelTrust | Restricted | 2023 | 2022 | ||
| 5.Other trading activities | Fund | Total | Total | ||
| EE | E | e | |||
| Lettings (Frome Manse) | 4,895 | 4,89s | 2,77t | ||
| Lettings (StreetMC) | 4,923 | 4,923 | U | ||
| Total | 9,818 | 0 | 0 | 9,818 | 2,771 |
| Circuit | |||||
| UnrestrictedModelTrust | Restricted | 2023 | 2022 | ||
| 5.lnvestment income | Fund | Total | Total | ||
| ff | € | E | |||
| Central FinanceBoard | 16,08315,800 | 56 | 31,939 | 4,0s6 | |
| Total | 16,083 | 15,800 |
55 | 31,939 | 4,056 |
| 7.Other lncome | |||||
| Otherlncome | 4,908 | 0 | 4,908 | 8,963 |
| 9. PaymenttoTrustees | This | Last | |||
|---|---|---|---|---|---|
| Payments madetotrusteesorrelatedfamilymembersfor | |||||
| additionalservices providedto theCircuitbyagreement | |||||
| with theCircuitMeeting | f | ||||
| Numberoftrusteeswhowerepaidexpenses | L4 | 15 |
| Totalamountpaid | 12,474 | 10,341 | |
|---|---|---|---|
| 10.Feesforexamination or auditoftheaccounts | |||
| lhdependentexaminer's orauditors'feesfor reporting | |||
| ontheaccounts | € | s25 | 500 |
| Other fees(eg:advice, accountancy services) paidto the | |||
| independentexaminer orauditor | f | 0 | 0 |
| 11. Paid employees | |||
|---|---|---|---|
| Stipends andrelatedcostspaid during theyearwere: | |||
| Grosswages,salaries,stipendsand benefits in kind | f | L36,143 | 139,269 |
| Employer's National lnsurancecosts | f | 1,0,674 | 9,065 |
| Pensioncosts | f | 24,682 | 23,502 |
| Supernummeries andPreachingfees | f | L,450 | 1,,875 |
| AdminChargesandApprenticeLevy | f | 1,207 | 1,,246 |
| Total staffcosts | f | 174,t50 | 174,957 |
| Averagenumber ofstaffemployed during | |||
| theyearwere: | 5 | 6 |
| Costorvaluation | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other fixed | |||||||||||
| assets | Payments on | ||||||||||
| including | Fixtures, | account and | |||||||||
| Residential | Other | motor | fittingsand | assetsunder | |||||||
| Land | OtherLand | Manses | buildings | vehicles | equipment | construction | Total | ||||
| t | f | € | f | f. | € | E | t | ||||
| Balancebroughtforward | 1,494,793 | 0 | 1,,494,793 | ||||||||
| Additions | 436,941, | 436,94L | |||||||||
| Revaluations (+/-) | 0 | ||||||||||
| Disposals(-) | 0 | ||||||||||
| Transfers(+/-) | 0 | ||||||||||
| Balancecarriedforward | 0 | n | 1,93L,734 | 0 | 0 | n | 0 | 1,,937,734 | |||
| Accumulated | Basis | SLorRB | SLorRB | SLorRB | SLorRB | ||||||
| Rate | |||||||||||
| Balancebroughtforward | 0 | ||||||||||
| Depreciationchargeforyear(-) | U | ||||||||||
| Revaluations (+/-) | 0 | ||||||||||
| Disposals(-) | U | ||||||||||
| Transfers (+/-) | U | ||||||||||
| Balancecarriedforward | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Net bookvalue | |||||||||||
| Broughtforward | 7,494,793 | 7,494,793 | |||||||||
| Carriedforward | 7,93L,734 | 7,937,734 |
| An of investment movements |
This | Last | ||||
|---|---|---|---|---|---|---|
| lnvestments listed onarecognised StockExchange | ||||||
| lnvestments held in commoninvestmentfunds, | ||||||
| Securitiesnotlisted onarecognised StockExchange | 8,171 | 8,s33 | ||||
| Other investments | ||||||
| Total | 8,17t | 8,533 | ||||
| ininvestmentvalues | ||||||
| Carrving(market)value at beginning of vear | 8,533 | 9,105 | ||||
| Add:additionstoinvestments at cost | ||||||
| Less:disposals at carrying value | ||||||
| Net eain/(loss) on revaluation | 0 | -572 | ||||
| Carrying (market) value at end ofyear | 8,533 | 8,533 | ||||
| 14.Analysisof currentassets | Thisyear | Lastyear | ||||
| Debtors andprepayments | e | t | ||||
| Prepaid Stipends | 1,3,546 | 7,901, | ||||
| Otherprepayments | 2366 | 3,324 | ||||
| Otherdebtors | 2467 | 0 | ||||
| Total debtors and prepayments | L8,379 | Ll,225 | ||||
| Analysisofcashat bank | ||||||
| Bankbalance held in Co-operativeBankplc | 13,743 | 8,358 | ||||
| TotalCashandBank | L3,743 | 8,3s8 | ||||
| 15.Analysisof current liabilities andlongtermcreditors | ||||||
| Creditors | f | 4,732 | 1,896 | |||
| Assessments in Advance | f | 42,725 | 42,02s | |||
| Total Current Liabilities | f | 47,457 | 43,921, |
| UnrestrictedFundName | Opening | lncome | Expenditure | Transfers | Gainson | Closing | Purpose of thefund |
|---|---|---|---|---|---|---|---|
| Balance | revaluation | Balance | |||||
| General | 1,534,609 | 214,687 | 288,9s8 | 505,941 | 1,966,279 | ||
| Trust14855LongTerm | 154,41,4 | 1L,243 | Ll,243 | t54,474 | Amalgamated previous | ||
| DevelopmentReserve | Property Model Trust | ||||||
| Trust 6874 Unrestricted | 68,915 | 2,1,86 | 2,186 | 68,91s | Amalgamatedprevious | ||
| Bequests Reserve | Model TrustBequests | ||||||
| Designated-Trust14855 Long | 200,000 | 0 | 0 | 200,000 | Designatedfunds for capital | ||
| Term DevelopmentReserve | investment | ||||||
| Designated-Circuit Model Trust | 472,8t4 | 555,321 | 223,028 | $a7,941,) | (362) | 296,804 | |
| Fund | |||||||
| Tota | 2,430,752 | 783,437 | 525,415 | (2,000) | (362) | 2,686,412 | |
| RestrictedFunds | |||||||
| RestrictedFundName | Opening | lncome | Expenditure | Transfers | Closing | Purpose of thefund | |
| Balance | Balance | ||||||
| Trust13535-Training & DevelopmentFund |
1,450 | 56 | 1,668 | 2,000 | 1,838 | Training of CircuitStaff- lnternal Organisation |
|
| Trust10117 GeorgeJDyer | 6,7lt | (28s) | 6,426 | Support of Circuit Activities | |||
| Trust3566 Seymour Bequest | 7,L61, | 2 | (262) | 6,897 | Support of Youth work | ||
| Ruth Tucker Bequest | 20,000 | 2,687 | 17,3t3 | Upkeepof Wedmore | |||
| graveyard, untilsold | |||||||
| Totals | 15,322 | 20,056 | 4,357 | 2,000 | (s47], | 32,474 | |
| EndowmentName | Howthe | capitalis | current | valueofthe | Annual | income | What theincomewas |
| invested | ca | usedfor | |||||
| Totals |
| Signature of Treasurer | ffida, | tft,lzory | |
|---|---|---|---|
| Name | |||
| MrsAngela Wittleton | |||
| Address | |||
| Drill Hall Cottage, Street Road, Glastonbury, Somerset,846gEF | |||
| Presentation to theCircuitMeetingforapproval. | |||
| Iconfirm that the Accounts have been presentedtothe Circuit Meetingon | 1 | 5th November2023 | |
| and were approved. | |||
| Signatureofthe Chair ofthe | Date | 1SthNovember2023 | |
| meeting | |||
| Name of the Chairofthe | |||
| meeting | €euc..F(o-rf |
| fortheyea | rended31Au | gust2023 | |
|---|---|---|---|
| Somerset Mendip Methodist | Circuit | Circuitno |
*07116 |
| Registered Charity-Registration number | 1134237 | ||
| Ministers | RevTina Swire- | Superintendent | |
| RevMegSlingo | |||
| RevCollinMoore | |||
| CircuitStewards | JudithGole | ||
| AngelaWittleton | |||
| BarrySpeddings | |||
| JacquiCobb | |||
| MalcolmGale | |||
| LoisEmm |
| Nameof Circuit SOMERSET |
Nameof Circuit SOMERSET |
MENDIPCIRCUIT | MENDIPCIRCUIT | MENDIPCIRCUIT | CircuitNo | 07lLG | |
|---|---|---|---|---|---|---|---|
| statement ofFinancialActivities(soFA) | for theyear ended31August2023 | ||||||
| Notesto the |
GeneralFund | CircuitModelDesignated Trust Funds |
Restricted | Endowment | Total | ||
| accounts | (Unrestrictedl | (Unrestricted)(unrestricted)Funds | Funds | 2022-23 | |||
| ffff | f | f | |||||
| lncome | |||||||
| 1Donations andlegacies 2lncomefrom monetaryinvestments 3Othertradingactivities 4Assessments on Churches 5Capital Receipt 6Grants received 7Other income |
4 6 5 8 7 |
4,908 16,083 9,818 197,307 0 |
15,800 539,521 |
20,000 56 |
20,000 31,939 9,818 r97,307 539,521 0 4,908 |
||
| 8Totalincome | 228,LL6 | 555,321 | 20,056 | 0 | 803,493 | ||
| Expenditure | |||||||
| 9Grants and donations | 6,s33 | 1,000 | 7,533 | ||||
| 10Stipends and relatedcosts | 11 | 774,750 | L74,t5O | ||||
| 11 Property maintenance | 43,O76 | 20,628 | 2,687 | 66,391 | |||
| 12 DistrictLevy | 167,809 | t67,8O9 | |||||
| 13 District Assessment | 49,920 | 26,777 | 76,631. | ||||
| 14 lnsurance& Utilities | 75,797 | 15,797 | |||||
| 15Telephone & Travel | 73,625 | L3,625 | |||||
| 16Agents Commission onLets | 7,307 | L,3O7 | |||||
| 17AdminCharges | 7,246 | 7,347 | 4 | 2,597 | |||
| 18MinistryCosts | 3,269 | 665 | 3,934 | ||||
| 19 Rounding | (1) | 1 | 0 | ||||
| 20Totalcharitable expenditure | 223,028 | 0 | 0 | 529,774 | |||
| 21Gains/(losses) on monetary investments | (362) | (s47l | (e0s) | ||||
| 22Gains/(losses) oninvestment properties | 0 | ||||||
| 23Net income/(expenditure) | 174,273l- | 331,931 | 0 | 15,152 | 0 | 272,8L0 | |
| 24Transfers between funds | 505,941 | (s07,941) | 2,000 | 0 | |||
| 25Other gains/(losses) | 0 | ||||||
| 26Net movementinfunds | 431.668 | 1176,0101 | 0 | t7 | 0 | 272,8t0 | |
| 27 Totalfunds brought forward | 2,446,074 | ||||||
| 28Total funds carriedforward | 2,189,606 | 296,804 | 200,000 | 32,474 | 0 | 2,7t8,A84 |
| StatementofFinancialActiviti | es(SOFA | )for theyea | r ended31A | r ended31A | ugust2022 | ugust2022 | |||
|---|---|---|---|---|---|---|---|---|---|
| Notesto | CircuitModel | Designated | |||||||
| the | GeneralFund | Trust | Funds | Restricted | Endowment | Total | |||
| accounts | (Unrestrictedl | (Unrestricted) | (unrestricted) | Funds | Funds | 202L-22 | |||
| ff | f | f | f | f | |||||
| lncome | |||||||||
| 1Donations andlegacies | 4 | 0 | |||||||
| 2lncomefrom monetaryinvestments | 6 | 2,433 | 1,616 | 7 | 4,056 | ||||
| 3Othertrading activities | 5 | 2,777 | 2,771. | ||||||
| 4Assessments on Churches | 273,923 | 2L3,923 | |||||||
| 5Capital Receipt | 8 | 1,020 | 252,906 | 7,315 | 26L,24t | ||||
| 6Grants received | 0 | ||||||||
| 7Other income | 7 | 8,963 | 8,953 | ||||||
| 8Totalincome | 229,1t0 | 254,522 | 0 |
7,322 | 0 | 490,954 | |||
| Expenditure | |||||||||
| 9Grants and donations | 4,984 | 1,000 | 5,984 | ||||||
| 10Stipends and relatedcosts | 77 | 774,957 | L74,957 | ||||||
| 11Property maintenance | 24,434 | 24,434 | |||||||
| 12DistrictLevy | 77,762 | 77,L62 | |||||||
| 13 District Assessment | 50,432 | 22,732 | 73,t64 | ||||||
| 14 lnsurance& Utilities | 19,608 | 19,608 | |||||||
| 15Telephone & Travel | 12,585 | 12,585 | |||||||
| 16Agents Commission onLets | 346 | 346 | |||||||
| 17AdminCharges | 7,226 | 1,196 | 2,426 | ||||||
| 18MinistryCosts | 5,498 | 6,L97 | |||||||
| 19 | 0 | ||||||||
| 20Total charitable expenditure | 289,085 | LO6,O74 | 0 | L,703 | 395,863 | ||||
| 21Gains/(losses) on monetary investments | 0 | ||||||||
| 22Gains/(losses) oninvestment properties | (s72l. | (60s) | 11.,L771 | ||||||
| 23Net income/(expenditure! | (s9,976) | t47,876 | 0 | 5,014 | 0 | 92,9L4 | |||
| 24Transfers between funds | 93,819 | (94,819) | 1,000 | 0 | |||||
| 25 Other gains/(losses) | 0 | ||||||||
| 26Net movementinfunds | 33,843 | 53,057 | 0 | 6,014 | 0 | 92,9L4 | |||
| 27f oulfunds brought forward | !,724,O92 | 4L9,759 | 200,000 | 9,309 | 2,353,760 | ||||
| 28Total funds carriedforward | 1.,757,9t5 | 472,8L6 | 200,000 | L5,323 | 2,M6,074 |
| Balance S | heetasat | 31August | 2023 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General Fund | CircuitModel | Designated | Restricted | Funds | Endowment | Totals | 2023 | Totals | 2022 | ||||||
| (Unrestricted) | Trusts | Funds | Funds | ||||||||||||
| Notesto the | (Unrestricted) | (Unrestrictedl | |||||||||||||
| Accounts | f | f | f | f | f | f | f | ||||||||
| FixedAssets | |||||||||||||||
| Circuit Manses&Equipment | 72 | 1,93L,734 | t,93t,734 | 7,494,793 | |||||||||||
| lnvestmentproperties | 0 | ||||||||||||||
| lnvestments | 13 | 8,777 | 8,177 | 8,533 | |||||||||||
| Totolfrxedossets | L,93t,7t4 | 8,t71 | 0 | 0 | 0 | 1,939,905 | 1,503,326 | ||||||||
| Current Assets | |||||||||||||||
| Debtors and Prepayments | 74 | la170 | L8,379 | tL,225 | |||||||||||
| Loans bytheCircuit | t7 | 0 | 0 | ||||||||||||
| lnvestmentswithTMCP | 18 | 223,329 | 288,633 | 200,000 | 15,161 | 727,t23 | 902,933 | ||||||||
| Central Finance Board | Deposits | 49,878 | 17,3t3 | 67,t9L | 64,153 | ||||||||||
| CashatBankand in | hand | t4/18 | 13,743 | 13,743 | 8,358 | ||||||||||
| Totolcurrentossets | 305,329 | 288,633 | 200,000 | 32,474 | 0 | 826,436 | 985,669 | ||||||||
| Current liabilities | |||||||||||||||
| Creditors(duein under1 | year) | 15 | 47,457 | 47,457 | 43,92t | ||||||||||
| Grantspayablewilhin | 2022-23 | 0 | |||||||||||||
| Totalcurrent lidbilities | 47,457 | 0 | 0 | 0 | 0 | 47,457 | 43,921 | ||||||||
| Net | cunentossets/l iobiIities | 257,872 | 288,633 | 200,000 | ?2,474 | 0 | 778,979 | 942,748 | |||||||
| Totdlossetslesscurrent liobilities | 2,718,8U | 2,446,074 | |||||||||||||
| Longterm liabilities | |||||||||||||||
| ldue aftermorethan | onevearl | ||||||||||||||
| Grants payableafter2021--22 | 0 | ||||||||||||||
| Loansto the Circuit | 0 | ||||||||||||||
| 0 | |||||||||||||||
| lvet ossets | 2,189,606 | 296,804 | 200,000 | 12,474 | 0 | 2,7tA,AU | 2,446,074 | ||||||||
| Fundsofthe Circuit | |||||||||||||||
| GeneralFund(Unrestricted) | 2,189,606 | 2,189,606 | !,757,938 | ||||||||||||
| Circuit Model Trust | Fund | (Unrestricted) | 296,804 | 296,804 | 472,8t4 | ||||||||||
| DesignatedFunds(Unrestricted) | 200,000 | 200,000 | 200,000 | ||||||||||||
| Toto | IUnrcstrictedF u nds | 2,6A6,4L0 | 2,4?0,752 | ||||||||||||
| RestrictedFunds | 32,474 | 32,474 | 15,322 | ||||||||||||
| EndowmentFunds | 0 | 0 | |||||||||||||
| TotolFunds | zoo,oool | lz,+tll | 0 | 2,7ta,aa4 | 2,446,074 |
| 1.Basisof accounting | |
|---|---|
| Thefinancial statementshavebeen prepared in accordance with Accounting ond Repofting by Chdrities: StatementoI | |
| Recommended Proctice(SORP)applicabletocharities preparingtheiraccounts in accordancewith theFinancial Reporting Standard | |
| applicableintheUKand Relpublicoflreland(FR5102)(effectivefrom1January 2015)-(CharitlesSORP(FRS102). | |
| 2.Funds | |
| Thefundsheldconstitute:GeneralFundsheldforanypurposeoftheCircuitwhichareUnrestricted.TheCircuitModelTrustFund | |
| haswide purposes definedinStanding Orders andiscategorisedasunrestricted.Restricted funds which are heldforanarrower | |
| purpose.Therearealsothefollowing Endowmentfundsaslisted.Detailsofeachmaterialfundaredisclosedinthefinalnoteto | |
| theseaccounts. Anyfundsmay be represented by more thanjustcash. | |
| 3.Accounting policies | |
| Basis | |
| Theseaccounts have been prepared onthebasisofhistorical cost exceptthatinvestments are shownattheirmarket valueattheend | |
| of the year,ontheaccrualsbasistoshowatrueandfair view of the Circuit's financial position and activities. | |
| lncomeRecognition | |
| lncomeisincludedinthe StatementofFinancial Activities(SOFA)when the Circuit becomesentitled tothe resources,andthe | |
| trusteesarereasonablycertaintheywill receivetheresources; andthemonetaryvaluecanbemeasuredwithsufficientreliability. |
|
| ResourcesExpended | |
| This isrecognised whenaliabilityisincurred, oraconstructive obligationarises,thatresultsinthepayment being unavoidable. | |
| Liabilities are recognisedassoonasanoutflowof economic benefitisconsidered more likely thannotunderthelegal or constructive | |
| obligationcommittingtheCircuittopayoutresources. | |
| Grants | |
| Grants madebytheCircuitfromits own funds are recognisedinfull at thetimeof agreement or whentheCircuitacceptsthat thereis | |
| alegaloroperationalobligationtomakethepayment. Whenthegrantisrecurrentovermorethanoneyearthebalancepayablein | |
| futureyearsistreatedas aprovisionfor futurecommitmentsintheBalanceSheet againsttheappropriate fund,theprovision being | |
| releasedinfutureyearsasinstalments are paid in accordancewiththe originally agreed terms. | |
| VAT | |
| SincetheCircuitisnotVATregistered, all inputVAT ischargedwiththe expensestowhichitrefers. | |
| Tangiblefixedassetsforuse | bythe Circuit |
| Theseare capitalisediftheycanbeusedformore than one year, and individually cost at leastf1,000. | |
| Thefreehold propertyisshownintheaccounts at 2015 deemed costvalues.Nodepreciationisprovidedonthebuildingbecausethe | |
| trustees considerthe currentresidual fair value ofthemanse buildings(ontheassumptionthatit had reachedtheend of its useful | |
| economlclifebytheyear-end)tobenotlessthanitscurrentvalue.Anydepreciationwouldnotbematerial. Thepropertyhasbeen |
|
| reviewedfor impairment. | |
| lnvestment Properties | |
| lnvestment properties - nopropertyiscurrently deemedtonot be heldfor thelongtermpurposesofthecharity. | |
| lnvestments | |
| lnvestmentsarevaluedinthebalance sheet at market value at the yearend.lnvestment incomeisincludedintheaccounts when | |
| receivable andanygains orlosseson revaluation at the year endareshownintheSOFA. | |
| Debtors and Prepayments | |
| Debtors primarily relate tothepayment of the September stipendinAugust. | |
| Creditors | |
| Creditors include both sundry expenses and specificallythe1stquarter assessment receivedinAugust. | |
| Going Concern | Theseaccounts have been prepared on the Going Concernbasis. |
| Circuit | |||||
|---|---|---|---|---|---|
| UnresrictedModel Trust | Restricted | 2023 | 2022 | ||
| 4.Donations andlegacies | Fund | Total | Total | ||
| E | e | E | f. | ||
| Donations | 0 | 0 | 0 | 0 | U |
| Legacies | 20,000 | 20,000 | |||
| Total | 0 | 0 | 20,000 | 20,000 | 0 |
| Circuit | |||||
| UnrestrictedModelTrust | Restricted | 2023 | 2022 | ||
| 5.Other trading activities | Fund | Total | Total | ||
| EE | E | e | |||
| Lettings (Frome Manse) | 4,895 | 4,89s | 2,77t | ||
| Lettings (StreetMC) | 4,923 | 4,923 | U | ||
| Total | 9,818 | 0 | 0 | 9,818 | 2,771 |
| Circuit | |||||
| UnrestrictedModelTrust | Restricted | 2023 | 2022 | ||
| 5.lnvestment income | Fund | Total | Total | ||
| ff | € | E | |||
| Central FinanceBoard | 16,08315,800 | 56 | 31,939 | 4,0s6 | |
| Total | 16,083 | 15,800 |
55 | 31,939 | 4,056 |
| 7.Other lncome | |||||
| Otherlncome | 4,908 | 0 | 4,908 | 8,963 |
| 9. PaymenttoTrustees | This | Last | |||
|---|---|---|---|---|---|
| Payments madetotrusteesorrelatedfamilymembersfor | |||||
| additionalservices providedto theCircuitbyagreement | |||||
| with theCircuitMeeting | f | ||||
| Numberoftrusteeswhowerepaidexpenses | L4 | 15 |
| Totalamountpaid | 12,474 | 10,341 | |
|---|---|---|---|
| 10.Feesforexamination or auditoftheaccounts | |||
| lhdependentexaminer's orauditors'feesfor reporting | |||
| ontheaccounts | € | s25 | 500 |
| Other fees(eg:advice, accountancy services) paidto the | |||
| independentexaminer orauditor | f | 0 | 0 |
| 11. Paid employees | |||
|---|---|---|---|
| Stipends andrelatedcostspaid during theyearwere: | |||
| Grosswages,salaries,stipendsand benefits in kind | f | L36,143 | 139,269 |
| Employer's National lnsurancecosts | f | 1,0,674 | 9,065 |
| Pensioncosts | f | 24,682 | 23,502 |
| Supernummeries andPreachingfees | f | L,450 | 1,,875 |
| AdminChargesandApprenticeLevy | f | 1,207 | 1,,246 |
| Total staffcosts | f | 174,t50 | 174,957 |
| Averagenumber ofstaffemployed during | |||
| theyearwere: | 5 | 6 |
| Costorvaluation | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other fixed | |||||||||||
| assets | Payments on | ||||||||||
| including | Fixtures, | account and | |||||||||
| Residential | Other | motor | fittingsand | assetsunder | |||||||
| Land | OtherLand | Manses | buildings | vehicles | equipment | construction | Total | ||||
| t | f | € | f | f. | € | E | t | ||||
| Balancebroughtforward | 1,494,793 | 0 | 1,,494,793 | ||||||||
| Additions | 436,941, | 436,94L | |||||||||
| Revaluations (+/-) | 0 | ||||||||||
| Disposals(-) | 0 | ||||||||||
| Transfers(+/-) | 0 | ||||||||||
| Balancecarriedforward | 0 | n | 1,93L,734 | 0 | 0 | n | 0 | 1,,937,734 | |||
| Accumulated | Basis | SLorRB | SLorRB | SLorRB | SLorRB | ||||||
| Rate | |||||||||||
| Balancebroughtforward | 0 | ||||||||||
| Depreciationchargeforyear(-) | U | ||||||||||
| Revaluations (+/-) | 0 | ||||||||||
| Disposals(-) | U | ||||||||||
| Transfers (+/-) | U | ||||||||||
| Balancecarriedforward | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Net bookvalue | |||||||||||
| Broughtforward | 7,494,793 | 7,494,793 | |||||||||
| Carriedforward | 7,93L,734 | 7,937,734 |
| An of investment movements |
This | Last | ||||
|---|---|---|---|---|---|---|
| lnvestments listed onarecognised StockExchange | ||||||
| lnvestments held in commoninvestmentfunds, | ||||||
| Securitiesnotlisted onarecognised StockExchange | 8,171 | 8,s33 | ||||
| Other investments | ||||||
| Total | 8,17t | 8,533 | ||||
| ininvestmentvalues | ||||||
| Carrving(market)value at beginning of vear | 8,533 | 9,105 | ||||
| Add:additionstoinvestments at cost | ||||||
| Less:disposals at carrying value | ||||||
| Net eain/(loss) on revaluation | 0 | -572 | ||||
| Carrying (market) value at end ofyear | 8,533 | 8,533 | ||||
| 14.Analysisof currentassets | Thisyear | Lastyear | ||||
| Debtors andprepayments | e | t | ||||
| Prepaid Stipends | 1,3,546 | 7,901, | ||||
| Otherprepayments | 2366 | 3,324 | ||||
| Otherdebtors | 2467 | 0 | ||||
| Total debtors and prepayments | L8,379 | Ll,225 | ||||
| Analysisofcashat bank | ||||||
| Bankbalance held in Co-operativeBankplc | 13,743 | 8,358 | ||||
| TotalCashandBank | L3,743 | 8,3s8 | ||||
| 15.Analysisof current liabilities andlongtermcreditors | ||||||
| Creditors | f | 4,732 | 1,896 | |||
| Assessments in Advance | f | 42,725 | 42,02s | |||
| Total Current Liabilities | f | 47,457 | 43,921, |
| UnrestrictedFundName | Opening | lncome | Expenditure | Transfers | Gainson | Closing | Purpose of thefund |
|---|---|---|---|---|---|---|---|
| Balance | revaluation | Balance | |||||
| General | 1,534,609 | 214,687 | 288,9s8 | 505,941 | 1,966,279 | ||
| Trust14855LongTerm | 154,41,4 | 1L,243 | Ll,243 | t54,474 | Amalgamated previous | ||
| DevelopmentReserve | Property Model Trust | ||||||
| Trust 6874 Unrestricted | 68,915 | 2,1,86 | 2,186 | 68,91s | Amalgamatedprevious | ||
| Bequests Reserve | Model TrustBequests | ||||||
| Designated-Trust14855 Long | 200,000 | 0 | 0 | 200,000 | Designatedfunds for capital | ||
| Term DevelopmentReserve | investment | ||||||
| Designated-Circuit Model Trust | 472,8t4 | 555,321 | 223,028 | $a7,941,) | (362) | 296,804 | |
| Fund | |||||||
| Tota | 2,430,752 | 783,437 | 525,415 | (2,000) | (362) | 2,686,412 | |
| RestrictedFunds | |||||||
| RestrictedFundName | Opening | lncome | Expenditure | Transfers | Closing | Purpose of thefund | |
| Balance | Balance | ||||||
| Trust13535-Training & DevelopmentFund |
1,450 | 56 | 1,668 | 2,000 | 1,838 | Training of CircuitStaff- lnternal Organisation |
|
| Trust10117 GeorgeJDyer | 6,7lt | (28s) | 6,426 | Support of Circuit Activities | |||
| Trust3566 Seymour Bequest | 7,L61, | 2 | (262) | 6,897 | Support of Youth work | ||
| Ruth Tucker Bequest | 20,000 | 2,687 | 17,3t3 | Upkeepof Wedmore | |||
| graveyard, untilsold | |||||||
| Totals | 15,322 | 20,056 | 4,357 | 2,000 | (s47], | 32,474 | |
| EndowmentName | Howthe | capitalis | current | valueofthe | Annual | income | What theincomewas |
| invested | ca | usedfor | |||||
| Totals |
| Signature of Treasurer | ffida, | tft,lzory | |
|---|---|---|---|
| Name | |||
| MrsAngela Wittleton | |||
| Address | |||
| Drill Hall Cottage, Street Road, Glastonbury, Somerset,846gEF | |||
| Presentation to theCircuitMeetingforapproval. | |||
| Iconfirm that the Accounts have been presentedtothe Circuit Meetingon | 1 | 5th November2023 | |
| and were approved. | |||
| Signatureofthe Chair ofthe | Date | 1SthNovember2023 | |
| meeting | |||
| Name of the Chairofthe | |||
| meeting | €euc..F(o-rf |