Charity Registration No. 1134358
THE METHODIST CHURCH, NORWICH CIRCUIT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
## THE METHODIST CHURCH, NORWICH CIRCUIT
## LEGAL AND ADMINISTRATIVE INFORMATION
|Charity number|1134358|
|---|---|
|Principal address|Chapel Field Road|
||NORWICH|
||Norfolk|
||United Kingdom|
||NR2 1SD|
|Trustees|Listed in trustees report|
|Secretary|M Callam|
|Independent examiner|Argents Accountants Limited|
||15 Palace Street|
||NORWICH|
||Norfolk|
||United Kingdom|
||NR3 1RT|
|Bankers|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||WEST MALLING|
||Kent|
||ME19 4JQ|
## THE METHODIST CHURCH, NORWICH CIRCUIT
## CONTENTS
||Page|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 18|
## THE METHODIST CHURCH, NORWICH CIRCUIT
## TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The trustees present their annual report and financial statements for the year ended 31 August 2021.
The trustees who served during the year and up to the date of signature of the financial statements were:
Revd Andy Burrows Zoe Lam Martin Callam (Secretary) Steven Leung John Walters (Treasurer) Kai-Chiu Liu Jacky Baker Pauline Mann Michael Barnham John Manson John Brittain Helen Martin Geoffrey Brown Jean Matthews Caroline Carey Linda Morgan Connie Chan Helen Nichols Penny Clayden Margo North Dennis Coleman Revd Matthew Olanrewaju Elizabeth Cook Stephen Osborn Revd Mary Cousins Susan Pamplin Jan Cozens Kevin Parfitt Revd Stephen Cullis Vivienne Pease Vi Dack Kim Pike Zing Eagling Jenny Poltock Elsie Edwards June Proctor Susan Eldridge Revd Mary Sachikonye Revd Mark Elvin Ian Scales Chris Emms Peter Sergeant David Everitt Elizabeth Sidebottom Peter Farrow Sally Simpson Kim Fletcher Sue Skinner Michael Garratt Margaret Snelling Mike Gibbs Joy Southam Michael Green Eric Steward Tina Greenhalgh Jack Stone Jonathan Hall Linda Sutton Hilary Harding Godfrey Talford Robert Hendry Liz Thetford Kit Holland Trevor Tolliday David Hood Pastor Edmund Tsui Marilyn Hood Norma Virgoe Kenneth Horne Revd Dr Alan Wakeman Martin Horth Kathleen Ward Roger Hull Jenny Wenn John Johnson Chris Wilson-Town (appointed 7 July 2021) Josephine Johnson Pastor Sean Worsley Min Kennison Graham Wrenn
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
- 1 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## TRUSTEES' REPORT (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## Objectives and activities
The Circuit acts as a custodian of the properties, other than the Church buildings, owned by the Church within its area, collects contributions from each of the individual Churches within its area, and arranges the payment of stipends to the Ministers of the Circuit, and salaries to lay employees. Its investment polices are those authorised by the Standing Orders of the Methodist Conference.
The Methodist Conference stations Ministers annually in the Circuit and the Circuit undertakes to pay to the central Stipends Office the relevant costs which are set nationally. Lay employees are on contracts that have been approved by the District Lay Employment Committee in line with the Methodist connexional guidelines and polices.
## Risk management
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## Significant activities
The Circuit continues to act as managing trustees of the church premises in Long Stratton pending a decision regarding the future of the building.
## Achievements and performance
The Circuit continued its support of Methodist Churches within its area and received donations and grants towards its ongoing duties. The Circuit continues to evaluate the use and necessity of the various properties under its auspices, with the goal to make the best use of each.
Opportunities have been taken to appoint new ministers and make use of pastors and other lay workers to provide enhanced pastoral capacity for churches in the Circuit.
## Financial review
During the year the Circuit received total income of £427,713 mainly made up from Assessment income and donations. The expenditure for the year amounted to £442,365. The major cost of the Circuit was to pay stipends and salaries and the assessment and levy to East Anglia District. There was an overall loss for the year of £14,633.
## Reserve policy
The Policy relates to the general unrestricted funds that are freely available to be used for any or all of the purposes of the Circuit.
Under Standing Orders the Circuit must meet its financial obligations in relation to the support of its ministers and the maintenance of its manses. To meet this obligation it is our policy to hold in the Unrestricted General Fund at least 6 months expenditure of £300.000.
Circuit Model Trust Fund (Restricted Fund) derives from the sales of chapels and manses and is restricted by the Conference. This restriction is an internal regulation though and the fund can be used for a variety of purposes. The Charity Commission have agreed that it is appropriate for this fund to be shown in our accounts as unrestricted and for the Trustees to set a policy for the management of this fund.
The policy is to hold £100,000 in Unrestricted General Funds (Central Finance Board and CAF bank) and £200,000 in the Circuit Model Trust Fund (TMCP). The balances can be varied providing there is always £300,000 in Reserves.
- 2 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## TRUSTEES' REPORT (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## Plans for future periods
In addition to the ongoing commitment to provide effective resources and support for the members, the community and local churches within the Circuit, the Trustees are committed to;
1)Furthering the redevelopment and successful relationship with the Bowthorpe Road Methodist Church.
2)Providing the active involvement of new ministers and Pastors in the growth of the local church community. 3)The continuing development and redevelopment of Manses a **nd Churches within the Circuit’s control.** 4)Providing for the enhanced pastoral support where required.
## Structure, governance and management
The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
## Recruitment and appointment of Trustees
The Charity Trustees are appointed to the roles for a designated period, by the Representative Session of the Norwich Circuit Meeting. The Meeting Chair and Secretary offer training to new Trustees on appointment in the form of personal induction.
The trustees' report was approved by the Board of Trustees on 19 January 2022
Martin Callam
Trustee
- 3 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## STATEMENT OF TRUSTEES' RESPONSIBILITIES
## FOR THE YEAR ENDED 31 AUGUST 2021
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## INDEPENDENT EXAMINER'S REPORT
## TO THE TRUSTEES OF THE METHODIST CHURCH, NORWICH CIRCUIT
I report to the trustees on my examination of the financial statements of The Methodist Church, Norwich Circuit (the charity) for the year ended 31 August 2021.
## Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
**I report in respect of my examination of the charity’s financial statements carried out under section 145 of** the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## Independent examiner's statement
**Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in** section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mark Johnstone FCA Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom
10 February 2022
- 5 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
## FOR THE YEAR ENDED 31 AUGUST 2021
|Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Donations and
2
392,392
5,359
Investments
3
18,862
37
Other income
4
11,063
-
Total income
422,317
5,396
Expenditure on:
Charitable activities
5
438,316
4,049
Net gains/(losses) on
investments
10
19
-
Net (outgoing)/incoming
resources before transfers
(15,980)
1,347
Gross transfers
between funds
(785)
785
Net (expenditure)/income for
the year/
Net movement in funds
(16,765)
2,132
Fund balances at 1
September 2020
2,962,720
26,020
Fund balances at 31 August
2021
2,945,955
28,152|Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
397,751
394,442
7,713
18,899
13,781
190
11,063
14,787
-
427,713
423,010
7,903
442,365
473,166
6,709
19
(2)
-
(14,633)
(50,158)
1,194
-
12
(12)
(14,633)
(50,146)
1,182
2,988,740
3,012,866
24,838
2,974,107
2,962,720
26,020|Total
2020
£
402,155
13,971
14,787
430,913
479,875
(2)
(48,964)
-
(48,964)
3,037,704
2,988,740|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 6 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## BALANCE SHEET
## AS AT 31 AUGUST 2021
|Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Investments
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
16
Unrestricted funds|2021
£
£
2,370,000
12,864
261,544
437,781
712,189
(108,082)
604,107
2,974,107
28,152
2,945,955
2,974,107|2020
£
£
2,370,000
13,051
386,260
337,015
736,326
(117,586)
618,740
2,988,740
26,020
2,962,720
2,988,740|2020
£
£
2,370,000
13,051
386,260
337,015
736,326
(117,586)
618,740
2,988,740
26,020
2,962,720
2,988,740|
|---|---|---|---|
||||2,988,740|
||||26,020
2,962,720|
||||2,988,740|
The financial statements were approved by the Trustees on 19 January 2022
## Revd Andy Burrows
Trustee
John Walters
Trustee
- 7 -
THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## FOR THE YEAR ENDED 31 AUGUST 2021
## 1 Accounting policies
Charity information
The Methodist Church, Norwich Circuit is a unincorporated charity.
## 1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], **the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of** Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## 1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## 1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## 1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 8 -
THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 1 Accounting policies
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are **allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s** use.
## 1.6 Tangible fixed assets
The Circuit acts as managing trustee to a number of Manse properties in the Norwich area, purchased at various times over the past 50 years. They are incorporated at the Trustees' valuation, which does not exceed current market value. The valuation is reviewed annually, and any reduction in market value would be reflected in the accounts.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## 1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## 1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## 1.9 Financial instruments
**The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.**
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 9 -
THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 1 Accounting policies
## Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## Derecognition of financial liabilities
**Financial liabilities are derecognised when the charity’s contractual obligations expire or are** discharged or cancelled.
## 1.10 Employee benefits
**The cost of any unused holiday entitlement is recognised in the period in which the employee’s services** are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## 1.11 Retirement benefits
- Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 2 Donations and legacies
||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||funds|funds||funds|funds||
||2021|2021|2021|2020|2020|2020|
||£|£|£|£|£|£|
|Donations and gifts|392,392|5,359|397,751|394,442|7,713|402,155|
- 10 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 2 Donations and legacies
|Donations and gifts
Assessments
Mission Contribution
Funds to support
Presbyters and
Connection Property
Other|392,392
-
-
-
-
392,392|-
3,094
1,165
1,050
50
5,359|392,392
3,094
1,165
1,050
50
397,751|394,442
-
-
-
-
394,442|-
4,810
1,265
1,290
348
7,713|394,442
4,810
1,265
1,290
348|
|---|---|---|---|---|---|---|
|||||||402,155|
- 3 Investments
|Unrestricted
Restricted
funds
funds
2021
2021
£
£
Rental income
17,400
-
Dividend income
2
-
Interest receivable
1,460
37
18,862
37|Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
17,400
8,400
-
2
2
-
1,497
5,379
190
18,899
13,781
190|Total
2020
£
8,400
2
5,569|
|---|---|---|
|||13,971|
- 4 Other income
||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||£|£|
|Sale of Property|-|6|
|Heartsease|2,943|1,220|
|Sprowston Road|1,464|3,329|
|Spixworth|958|926|
|Horsford|81|363|
|Wymondham Networker|3,988|4,699|
|Rosebery Road|65|790|
|Miscellaneous income|1,564|3,454|
||11,063|14,787|
- 11 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 5 Charitable activities
|Assessment
and
ministerial
activities
Collection
and Grant
funding
activities
2021
2021
£
£
Property costs
51,988
-
District Assessments
84,014
-
Minister travel fund and
local preacher expenses
9,143
-
Pulpit supplies
3,105
-
Quinquennial surveys
2,832
-
Expenses, training and
sundries
5,064
-
156,146
-
Grant funding of
activities (see note 6)
-
4,049
Share of support costs
(see note 7)
258,928
-
Share of governance
costs (see note 7)
23,242
-
438,316
4,049
Analysis by fund
Unrestricted funds
438,316
-
Restricted funds
-
4,049
438,316
4,049|Total
2021
Assessment
and
ministerial
activities
Collection
and Grant
funding
activities
2020
2020
£
£
£
51,988
75,361
-
84,014
85,477
-
9,143
11,419
-
3,105
2,818
-
2,832
5,308
-
5,064
6,867
-
156,146
187,250
-
4,049
-
11,209
258,928
250,790
-
23,242
30,626
-
442,365
468,666
11,209
438,316
468,666
4,500
4,049
-
6,709
442,365
468,666
11,209|Total
2020
£
75,361
85,477
11,419
2,818
5,308
6,867|
|---|---|---|
|||187,250
11,209
250,790
30,626|
|||479,875|
|||473,166
6,709|
|||479,875|
- 12 -
THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 6 Grants payable
||Collection|Collection|
|---|---|---|
||and Grant|and Grant|
||funding|funding|
||activities|activities|
||2021|2020|
||£|£|
|Grants to institutions:|||
|Mission contributions|1,534|3,304|
|Benevolent contributions|300|850|
|Connexional support for Presbyter and Deacons|1,165|1,265|
|Connexional support for Property|1,050|1,290|
|Other|-|4,500|
||4,049|11,209|
## 7 Support costs
|Support costs|||||
|---|---|---|---|---|
|Staff costs
Administration costs
Audit fees
Accountancy
TMCP administration
District levy
Levy on property sale
Analysed between
Charitable activities|Support
costs
Governance
costs
£
£
257,766
-
1,162
-
-
2,300
-
-
-
771
-
20,171
-
-
258,928
23,242
258,928
23,242|2021
£
257,766
1,162
2,300
-
771
20,171
-
282,170
282,170|Support
costs
Governance
costs
£
£
246,214
-
4,576
-
-
1,500
-
900
-
959
-
27,265
-
2
250,790
30,626
250,790
30,626|2020
£
246,214
4,576
1,500
900
959
27,265
2|
|||||281,416|
|||||281,416|
8 Trustees
Included within staff costs was **trustee’s** remuneration for the year of £191,167.
- 13 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 8 Trustees
The membership of the Circuit comprises Ministers, Deacons, Circuit Stewards, Lay workers and others either elected by their Church or holding an office within the Circuit. All are eligible to receive reasonable expenses incurred in the course of their activities. Identifying the number of people who incurred such expenses would be unnecessarily time consuming.
The principle expenses paid were Ministers travel funds totalling £9,143 (2020 £11,367)
## 9 Employees
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
|Employment costs
Wages and salaries
Social security costs
Other pension costs|2021
Number
9
2021
£
200,375
18,398
38,993
257,766|2020
Number
8|
|||2020
£
181,712
25,941
38,561|
|||246,214|
There were no employees whose annual remuneration was more than £60,000.
10 Net gains/(losses) on investments
||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||£|£|
|Gain/(loss) on sale of investments|19|(2)|
- 14 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
|11
Tangible fixed assets
Cost
At 1 September 2020
At 31 August 2021
Carrying amount
At 31 August 2021
At 31 August 2020
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
13
Current asset investments
TMCP investment funds
14
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income|Freehold land and buildings
£
2,370,000
2,370,000
2,370,000
2,370,000
2021
2020
£
£
11,994
11,567
870
1,484
12,864
13,051
2021
2020
£
£
261,544
386,260
2021
2020
£
£
104,230
102,387
3,852
15,199
108,082
117,586|Freehold land and buildings
£
2,370,000
2,370,000
2,370,000
2,370,000
2021
2020
£
£
11,994
11,567
870
1,484
12,864
13,051
2021
2020
£
£
261,544
386,260
2021
2020
£
£
104,230
102,387
3,852
15,199
108,082
117,586|
|---|---|---|
|||2,370,000|
|||2,370,000|
|||2,370,000|
|||2020
£
11,567
1,484|
|||13,051|
|||2020
£
386,260|
|||2020
£
102,387
15,199|
|||117,586|
15 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £27,491 (2020 - £26,741).
- 15 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 16 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific
|||Movement in funds|Movement in funds|||Movement in funds|Movement in funds|||
|---|---|---|---|---|---|---|---|---|---|
||Balance at|Incoming|Resources|Transfers|Balance at|Incoming|Resources|Transfers|Balance at|
||1 September|resources|expended||1 September|resources|expended||31 August|
||2019||||2020||||2021|
||£|£|£|£|£|£|£|£|£|
|Circuit Mission Fund|23,222|4,988|(3,304)|-|24,907|3,131|(1,534)|-|26,504|
|Benevolent Fund|967|348|(850)|-|465|50|(300)|785|1,000|
|Connexional Fund|-|2,555|(2,555)|-|-|2,215|(2,215)|-|-|
|Jessops and Gift Fund|649|11|-|(11)|648|-|-|-|648|
|Ivy Barnard Fund|-|1|-|(1)|-|-|-|-|-|
||24,838|7,903|(6,709)|(12)|26,020|5,396|(4,049)|785|28,152|
- 16 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
## 17 Unrestricted funds
These are unrestricted funds which are material to the charity's activities made up as follows:
|Balance at
1 September
2019
£
General Fund
2,492,632
Circuit Advance
Model Trust
Fund
480,234
Revaluation
Reserve
40,000
3,012,866|Incoming
resources
£
419,369
3,642
-
423,011|Movement in funds
Resources
expended
Transfers Revaluations,
gains and
losses
Balance at
1 September
2020
£
£
£
£
(374,938)
12
-
2,537,075
(98,229)
-
(2)
385,645
-
-
-
40,000
(473,167)
12
(2)
2,962,720|Incoming
resources
£
421,091
1,226
-
422,317|Movement in funds
Resources
expended
Transfers Revaluations,
gains and
losses
£
£
£
(312,374)
(752)
19
(125,942)
(33)
-
-
-
-
(438,316)
(785)
19|Balance at
31 August
2021
£
2,645,059
260,896
40,000|
|---|---|---|---|---|---|
||||||2,945,955|
- 17 -
## THE METHODIST CHURCH, NORWICH CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 AUGUST 2021
|18
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
August 2021 are
represented by:
Tangible assets
2,370,000
-
Current
assets/(liabilities)
575,955
28,152
2,945,955
28,152|Total Unrestricted
funds
Restricted
funds
2021
2020
2020
£
£
£
2,370,000
2,370,000
-
604,107
592,720
26,020
2,974,107
2,962,720
26,020|Total
2020
£
2,370,000
618,740|
|---|---|---|
|||2,988,740|
19 Related party transactions
There were no disclosable related party transactions during the year with the exception to trustees remuneration disclosed in the trustee note.
- 18 -