**REGISTERED CHARITY NUMBER: 1134372** **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** ## **FOR** ## **TELFORD METHODIST CIRCUIT** Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG **TELFORD METHODIST CIRCUIT** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** ||**Page**| |---|---| |**Report of the Trustees**|1 to 5| |**Independent Examiner's Report**|6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8| |**Cash Flow Statement**|9| |**Notes to the Cash Flow Statement**|10| |**Notes to the Financial Statements**|11 to 20| |**Detailed Statement of Financial Activities**|21 to 22| **TELFORD METHODIST CIRCUIT** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of 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). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The calling of the Methodist Church is to respond to the gospel of God's love in Christ and to live out its discipleship in worship and mission. It does this through: Worship, Learning and Caring, Service and Evangelism. The circuit includes 13 Methodist churches and 3 LEPs. The circuit provides ministerial oversight, through the support of 2 full time Presbyters, 3 part time supernumerary presbyters and a number of lay workers. The Circuit provides a benefit to the public by supporting both financially and practically, through the churches across the area. The churches provide a venue for many varied activities throughout the week as well as worship on a Sunday. Their congregations vary between 7 and 137 numbers, are of all age groups and backgrounds. All this is now on hold due to the Covid 19 lockdown and its aftermath. Churches have been using reserves to continue to pay their way to the circuit when churches are closed and income both offerings and lettings are seriously reduced. There is a clear possibility that one or two smaller churches will not re-open. ## **FINANCIAL REVIEW** ## **Financial position** An Annual Budget Review is undertaken to consider the current level of funds held, the anticipated expenditure for the forthcoming 12 months, and how this is to be met by contributing churches. The voluntary Share Contribution method to meet this figure has been put on hold in the light of Covid 19 and churches have been invited to make payments to the Circuit as their finances allow for a year. This will have to be reconsidered in the light of changed financial circumstances. ## **Reserves policy** The Reserves Policy for the Telford Circuit is to hold a sum equivalent to 3 months annual expenditure in the General Fund in order to meet any unforeseen planned activities in the event of the closure of a church or an inability to raise the full income required from churches. Our restricted funds are held by the Trustees for Methodist Church Purposes and we have access to them as appropriate but do not manage the capital. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Safeguarding** Safeguarding continues to be an important area of consideration for the Church and we continue to work with the Wolverhampton and Shrewsbury District and the wider connexion in order to ensure that our policies, training and practices meet both moral and all of the statutory and legal requirements in this area. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1134372 ## **Principal address** Dawley Christian Centre High Street Dawley Telford Shropshire TF4 2EX Page 1 **TELFORD METHODIST CIRCUIT** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## **Trustees Ministers** Molly Chitokwindo Julie Morton Hendry Ponniah Fiona Brown Dora Dixon John Farrimond Derrick Lander David Lavender Gordon Morton Christopher Parkes Ann Shepard John Trudgill **Superintendent** Hendry Ponniah **Lay Workers** Denice Morgan **Local Preacher** Paul Trenberth **Circuit Stewards** Bill Tomlinson Derrick Lander Charlie Zukiewicz Jo Kudlacik John Parkin Marcelle Kite **Ex-Officio Members** Ex - Vice President Leon Murray **Officers & Committee Representatives** LP Secretary Paul Trenberth Circuit Treasurer Val Smith LP Representatives Christine Rayner Circuit Support Manager /Property Secretary Sharon Hanson **Local Church Representatives Admaston** John Addison Bill Tomlinson Jane Timms Angela Kidd Trevor Reynolds ## **Albrighton** Bryan Beech David Corden Alison Lang Chris Harrison Colin Miller **Bridgnorth** Ruth Cole John Pratley Page 2 **TELFORD METHODIST CIRCUIT** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 AUGUST 2021** Diane Radford Gillian Lindley Valerie Morris ## **Broseley** *Karen Cross Karen Fox Marcus Branson Rita Powell Mike Davies **Dawley CC** John Berry Robert Yapp John Davis **Donnington** Barry Stephan Celia Talbot Philip Owen Eileen Owen **Hadley** Shirley Toze Maureen Beard **Horsehay** Margaret Reynolds David Tarrier Liz Zukiewicz Jan Bennett Charles Zukiewicz **Ketley** Val Smith Mary Donaldson Meryl Stobbs Dan Clarke **Leegomery** John Bowdler David Collington Shirley Stevens Val Beasley ## **Marsh Green** Mary Evans Alison Evans Jenny Newby ## **Much Wenlock** Brian Oakley Joyce Pridmore Mary Rudge Anne Lloyd **Newport** Margaret Mantripp Lesley Busby-Waltho Page 3 **TELFORD METHODIST CIRCUIT** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 AUGUST 2021** Jim Carroll Richard Langley Annie Cuthbert **Oakengates** Sylvia Bailey Andrew Evans Angela Evans **Rodington** Brian Bonehill Tom Currie **Shifnal** Kathy Insall Marcelle Kite Brian Foster Barbara Lamkin Janet Lander ## **St George's** Mark Bestwick Marion Lowe **The Rock** Derek Sheldon Maureen Rollason Mavis Lamb **Tibberton** Mrs J Fletcher George Fletcher **Wellington** Diane Parkin Gail Hocking Jennifer Mansell Barbara Murray * Double qualification. The circuit stewards are key lay leaders who should be listed. **Independent Examiner** Ian Cattell FCA Chartered accountant Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG ## **Solicitors** Clarkes Solicitors Hazeldine House Telford Centre Telford TF3 4JL Page 4 **TELFORD METHODIST CIRCUIT** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 AUGUST 2021** **REFERENCE AND ADMINISTRATIVE DETAILS Advisers and Bankers** **The Co-operative Bank plc** , PO Box 101 1 Balloon Street Manchester M60 4EP ## **Richard Hustwick - Manses Surveyors** 2 St. James Crescent Stirchley Telford TF3 1BL ## **Andrew Dixon and Company - Churches Surveyors** Grosvenor House Central Park Telford TF2 9TW ## **Christophers - Quinquennial inspections** Adrian Mole Midtrees The Green Hambridge Langport Somerset TA10 0AT **Tempertons Lettings** - **Lettings** 23 - 25 High Street Newport Shropshire TF10 7AT Superintendent Minister is the Rev Hendry Ponniah who can be contacted via the circuit office: Dawley Christian Centre, High Street Dawley TF 01952 505108 Approved by order of the board of trustees on 16 February 2023 and signed on its behalf by: Rev H Ponniah - Trustee Page 5 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TELFORD METHODIST CIRCUIT** ## **Independent examiner's report to the trustees of Telford Methodist Circuit** I report to the charity trustees on my examination of the accounts of Telford Methodist Circuit (the Trust) for the year ended 31 August 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Chartered accountant which is one of the listed bodies. I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts 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 accounts to be reached. Ian Cattell FCA Chartered accountant Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG 16 February 2023 Page 6 **TELFORD METHODIST CIRCUIT** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021** |Notes
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Assessments on Churches
Grants
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
Raising funds
6
**Charitable activities**
7
District Assessment & Levy
Stipends, NIC & Pensions
URC Mission & Ministry
Office Expenses
Property Repairs
Grants to churches
Accountancy and legal fees
**Total**
Net gains on investments
**NET**
**INCOME/(EXPENDITURE)**
**Transfers between funds**
15
**Net movement in funds**
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
funds

£
6,280
250,719
-
-
22,660
279,659
2,670
59,709
182,390
9,432
29,880
4,300
3,571
3,000
294,952
-
(15,293)
(19,104)
(34,397)
1,956,106
1,921,709|Restricted
funds
£
-
-
3,500
219
80
3,799
-
-
-
-
3,883
14,434
5,460
-
23,777
-
(19,978)
19,103
(875)
54,133
53,258|Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
171
171
-
171
28,394
28,565|2021
Total
funds
£
6,280
250,719
3,500
219
22,740
283,458
2,670
59,709
182,390
9,432
33,763
18,734
9,031
3,000
318,729
171
(35,100)
(1)
(35,101)
2,038,633
2,003,532|2020
Total
funds
£
750
250,428
4,000
4,634
22,196
282,008
2,928
60,935
237,385
18,264
27,709
17,777
16,578
3,895
385,471
51
(103,412)
-
(103,412)
2,142,045
2,038,633| |---|---|---|---|---|---| The notes form part of these financial statements Page 7 ## **TELFORD METHODIST CIRCUIT** ## **BALANCE SHEET 31 AUGUST 2021** |Notes
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Prepayments and accrued
income
Cash at bank
**CREDITORS**
Amounts falling due within one
year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
funds

£
1,635,000
-
1,635,000
5,391
304,333
309,724
(23,015)
286,709
1,921,709
1,921,709|Restricted
funds
£
-
-
-
-
53,258
53,258
-
53,258
53,258
53,258|Endowment
fund
£
-
28,565
28,565
-
-
-
-
-
28,565
28,565|2021
Total
funds
£
1,635,000
28,565
1,663,565
5,391
357,591
362,982
(23,015)
339,967
2,003,532
2,003,532
1,921,709
53,258
28,565
2,003,532|2020
Total
funds
£
1,635,000
28,394
1,663,394
1,443
454,259
455,702
(80,463)
375,239
2,038,633
2,038,633
1,956,106
54,133
28,394
2,038,633| |---|---|---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 16 February 2023 and were signed on its behalf by: H Ponniah - Trustee The notes form part of these financial statements Page 8 ## **TELFORD METHODIST CIRCUIT** |**CASH FLOW STATEMENT**
**FOR THE YEAR ENDED 31 AUGUST 2021**
2021
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
(43,987)
Net cash used in operating activities
(43,987)
**Cash flows from investing activities**
Interest received
434
Net cash provided by investing activities
434
**Change in cash and cash equivalents in**
**the reporting period**
(43,553)
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
385,928
**Cash and cash equivalents at the end of**
**the reporting period**
2
342,375|2020
£
(78,746)
(78,746)
3,296
3,296
(75,450)
461,378
385,928| |---|---| The notes form part of these financial statements Page 9 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE CASH FLOW STATEMENT** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Gain on investments
Interest received
(Increase)/decrease in debtors
Decrease in creditors
**Net cash used in operations**
**2.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Notice deposits (less than 3 months)
Overdrafts included in bank loans and overdrafts falling due within one year
Total cash and cash equivalents
3.
**ANALYSIS OF CHANGES IN NET FUNDS**|2021
£
(35,100)
(171)
(434)
(3,948)
(4,334)
(43,987)
2021
£
357,591
(15,216)
342,375|2020
£
(103,412)
(51)
(3,296)
64,756
(36,743)
(78,746)
2020
£
454,259
(68,331)
385,928| |---|---|---| ||At 1.9.20|Cash flow|At 31.8.21| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank|454,259|(96,668)|357,591| |Bank overdraft|(68,331)|53,115|(15,216)| ||385,928|(43,553)|342,375| |**Total**|385,928|(43,553)|342,375| The notes form part of these financial statements Page 10 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial information presented is relevant, reliable, comparable and complete. Where estimates are used these are based on experience, research and judgement. The accounts are expressed in £ Sterling, rounded to the nearest pound. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** These are capitalised if they can be used for more than one year, and individually cost at least £1,000. The freehold property is shown in the accounts at 2017 revaluation. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The properties have been reviewed for impairment and are being maintained in good repair. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 11 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## **2. DONATIONS AND LEGACIES** |Donations
Legacies
**3.**
**OTHER TRADING ACTIVITIES**
Other income
**4.**
**INVESTMENT INCOME**
Rents received
Deposit account interest
Rents received relate to the letting of temporarily surplus manse accommodation.
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Assessment on churches
Assessments on Churches
Grants
Grants|2021
£
6,280
-
6,280
2021
£
219
2021
£
22,306
434
22,740
2021
£
250,719
3,500
254,219|2020
£
500
250
750
2020
£
4,634
2020
£
18,900
3,296
22,196
2020
£
250,428
4,000|2020
£
500
250
750
2020
£
4,634
2020
£
18,900
3,296| |---|---|---|---| ||||22,196| |||254,428|| ## **Assessments on Churches** At the beginning of the year, the Circuit comprised of 21 churches and each was assessed for a contribution to meet the overall net costs of the Circuit. ## **6. RAISING FUNDS** ## **Investment management costs** |**Investment management costs**||| |---|---|---| ||2021|2020| ||£|£| |Property letting costs|2,670|2,928| continued... Page 12 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** ## **7. CHARITABLE ACTIVITIES COSTS** |District Assessment & Levy
Stipends, NIC & Pensions
URC Mission & Ministry
Office Expenses
Property Repairs
Grants to churches
Accountancy and legal fees|Direct
Costs
£
59,709
182,390
9,432
33,763
18,734
-
-
304,028|Grant
funding of
activities
£
-
-
-
-
-
9,031
-
9,031|Support
costs
£
-
-
-
-
-
-
3,000
3,000|Totals
£
59,709
182,390
9,432
33,763
18,734
9,031
3,000| |---|---|---|---|---| |||||316,059| ## **District Assessment & Levy** In common with other circuits in the District, the Circuit pays an annual assessment, which is based on the number of Methodist Presbyters and Lay Workers within each circuit. The Levy is calculated on a sliding scale percentage of the balance of the Circuit's CMTF at 31 August in the previous accounting year ## **URC Mission & Ministry** The URC Synod makes an annual charge relating to its general costs.The total cost for the year ended 31st August 2021 was £9,432 (2020: £18,264). ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020. Certain trustees are remunerated as employees of the Circuit. All payments to trustees are at normal market rates and are subject to review by independent members of the trustee body. Total annual amounts paid to trustees were as follows: Stipends and salaries - £133,260 Employer's national insurance contributions - £9,693 Employer's superannuation contributions - £26,329 ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Assessments on Churches
Grants
Other trading activities
Investment income
**Total**|Unrestricted
funds
£
750
250,428
3,500
3,744
21,913
280,335|Restricted
funds
£
-
-
500
890
283
1,673|Endowment
fund
£
-
-
-
-
-
-|Total
funds
£
750
250,428
4,000
4,634
22,196
282,008| |---|---|---|---|---| continued... Page 13 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** |**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**EXPENDITURE ON**
Raising funds
2,928
-
**Charitable activities**
District Assessment & Levy
60,935
-
Stipends, NIC & Pensions
237,194
191
URC Mission & Ministry
18,264
-
Office Expenses
22,983
4,726
Property Repairs
7,809
9,968
Grants to churches
13,571
3,007
Accountancy and legal fees
3,895
-
**Total**
367,579
17,892
Net gains on investments
-
-
**NET INCOME/(EXPENDITURE)**
(87,244)
(16,219)
**RECONCILIATION OF FUNDS**
Total funds brought forward
2,043,350
70,352
**TOTAL FUNDS CARRIED FORWARD**
1,956,106
54,133|**- continued**
Endowment
fund
£
-
-
-
-
-
-
-
-
-
51
51
28,343
28,394|Total
funds
£
2,928
60,935
237,385
18,264
27,709
17,777
16,578
3,895
385,471
51
(103,412)
2,142,045
2,038,633| |---|---|---| ## **10. FUNDS** The funds held constitute: ## **Unrestricted Funds** ## **General Fund** The purpose of this fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit. ## **Circuit Model Trust Fund** Consists of money held by the Trustees for Methodist Church purposes for use in the circuit. This money is derived from the sale of churches, and is available for grants towards mission and property schemes in the circuit. ## **Restricted Funds** ## **Circuit Mission fund** The money in this fund is available for mission initiatives in the circuit. ## **Children and young people fund** This fund was set up as a designated fund and was used to provide support for children and young people. ## **Graveyard fund** The purpose of this fund is for maintenance of graveyards associated with closed churches. ## **Madeley fletcher** continued... Page 14 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** ## **10. FUNDS - continued** This was a separate fund set up relating to a possible project in a closed church in Madeley. This manse was sold in this financial year. ## **Manse and refurbishment fund** This fund is used by the trustees as a provision for refurbishments and repairs carried out on manses. ## **Restricted fund** This is a general restricted fund used for any restricted money from grants, for training fund, manse and removals etc are kept. ## **Sabbatical fund** This fund was for money towards ministers' sabbaticals which is passed on to the Connexion. ## **School worker** This fund which was a grant towards a part time worker in John Fletcher church school. ## **Training fund** The purpose of this fund is to was to provide support for training initiatives. ## **Endowment Funds** Endowment Trust Funds is mainly from legacies where only the interest is available for use. ## **11. TANGIBLE FIXED ASSETS** |**COST**
At 1 September 2020 and 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020
**12.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 September 2020
Revaluations
At 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020|Manses
£
1,635,000
1,635,000
1,635,000
Unlisted
investments
£
28,394
171
28,565
28,565
28,394| |---|---| There were no investment assets outside the UK. Page 15 continued... **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## **12. FIXED ASSET INVESTMENTS - continued** Cost or valuation at 31 August 2021 is represented by: Cost Unlisted investments £ 28,565 Fixed asset investments are held by the Trustees for Methodist Church Purposes, and are held on deposit and in fixed interest securities. ## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| |---|---|---| |Bank loans and overdrafts (see note 14)
Trade creditors
Other creditors|2021
£
15,216
(1)
7,800
23,015|2020
£
68,331
7,332
4,800| |||80,463| ## **14. LOANS** An analysis of the maturity of loans is given below: ||2021|2020| |---|---|---| ||£|£| |Amounts falling due within one year on demand:||| |Bank overdrafts|15,216|68,331| Page 16 continued... **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** ## **15. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
Circuit model trust fund
**Restricted funds**
Circuit mission
Children and Young People Fund
Grave yard fund
Madeley Fletcher
Manse and refurbishment fund
Sabbatical Fund
School Worker
Training Fund
Restricted Fund
Manse and refurbishment fund
Madeley School Wkr
**Endowment funds**
Endowment funds
**TOTAL FUNDS**
Net movement in funds, included in the above ar|At 1.9.20
£
1,798,938
157,168
1,956,106
21,537
3,415
9,136
14,597
(24,188)
1,324
(4,267)
1,893
10,401
24,349
(4,064)
54,133
28,394
2,038,633
e as follows:|Net
movement
in funds
£
(5,135)
(10,158)
(15,293)
(5,727)
-
(1,164)
(2,190)
(14,433)
-
3,500
-
36
-
-
(19,978)
171
(35,100)|Transfers
between
funds
£
(19,104)
-
(19,104)
-
-
-
-
38,621
-
767
-
-
(24,349)
4,064
19,103
-
(1)|At
31.8.21
£
1,774,699
147,010
1,921,709
15,810
3,415
7,972
12,407
-
1,324
-
1,893
10,437
-
-
53,258
28,565
2,003,532| |---|---|---|---|---| |**Unrestricted funds**
General fund
Circuit model trust fund
**Restricted funds**
Circuit mission
Grave yard fund
Madeley Fletcher
Manse and refurbishment fund
School Worker
Restricted Fund
**Endowment funds**
Endowment funds
**TOTAL FUNDS**|Incoming
resources
£
279,658
1
279,659
33
229
-
1
3,500
36
3,799
-
283,458|Resources
expended
£
(284,793)
(10,159)
(294,952)
(5,760)
(1,393)
(2,190)
(14,434)
-
-
(23,777)
-
(318,729)|Gains and
Movement
losses
in funds
£
£
-
(5,135)
-
(10,158)
-
(15,293)
-
(5,727)
-
(1,164)
-
(2,190)
-
(14,433)
-
3,500
-
36
-
(19,978)
171
171
171
(35,100)| |---|---|---|---| continued... Page 17 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## **15. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Circuit model trust fund
**Restricted funds**
Circuit mission
Children and Young People Fund
Grave yard fund
Madeley Fletcher
Manse and refurbishment fund
Sabbatical Fund
School Worker
Training Fund
Restricted Fund
Manse and refurbishment fund
Madeley School Wkr
**Endowment funds**
Endowment funds
**TOTAL FUNDS**|At 1.9.19
£
1,876,973
166,377
2,043,350
24,370
3,415
8,117
14,597
(14,220)
1,324
(263)
2,406
10,321
24,349
(4,064)
70,352
28,343
2,142,045|Net
movement
in funds
£
(78,035)
(9,209)
(87,244)
(2,833)
-
1,019
-
(9,968)
-
(4,004)
(513)
80
-
-
(16,219)
51
(103,412)|At
31.8.20
£
1,798,938
157,168
1,956,106
21,537
3,415
9,136
14,597
(24,188)
1,324
(4,267)
1,893
10,401
24,349
(4,064)
54,133
28,394
2,038,633| |---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Circuit model trust fund
**Restricted funds**
Circuit mission
Grave yard fund
Manse and refurbishment fund
School Worker
Training Fund
Restricted Fund
**Endowment funds**
Endowment funds
**TOTAL FUNDS**|Incoming
resources
£
278,172
2,163
280,335
174
1,419
-
-
-
80
1,673
-
282,008|Resources
expended
£
(356,207)
(11,372)
(367,579)
(3,007)
(400)
(9,968)
(4,004)
(513)
-
(17,892)
-
(385,471)|Gains and
Movement
losses
in funds
£
£
-
(78,035)
-
(9,209)
-
(87,244)
-
(2,833)
-
1,019
-
(9,968)
-
(4,004)
-
(513)
-
80
-
(16,219)
51
51
51
(103,412)| |---|---|---|---| continued... Page 18 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **FOR THE YEAR ENDED 31 AUGUST 2021** ## **15. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
Circuit model trust fund
**Restricted funds**
Circuit mission
Children and Young People Fund
Grave yard fund
Madeley Fletcher
Manse and refurbishment fund
Sabbatical Fund
School Worker
Training Fund
Restricted Fund
Manse and refurbishment fund
Madeley School Wkr
**Endowment funds**
Endowment funds
**TOTAL FUNDS**|At 1.9.19
£
1,876,973
166,377
2,043,350
24,370
3,415
8,117
14,597
(14,220)
1,324
(263)
2,406
10,321
24,349
(4,064)
70,352
28,343
2,142,045|Net
movement
in funds
£
(83,170)
(19,367)
(102,537)
(8,560)
-
(145)
(2,190)
(24,401)
-
(504)
(513)
116
-
-
(36,197)
222
(138,512)|Transfers
between
funds
£
(19,104)
-
(19,104)
-
-
-
-
38,621
-
767
-
-
(24,349)
4,064
19,103
-
(1)|At
31.8.21
£
1,774,699
147,010
1,921,709
15,810
3,415
7,972
12,407
-
1,324
-
1,893
10,437
-
-
53,258
28,565
2,003,532| |---|---|---|---|---| continued... Page 19 **TELFORD METHODIST CIRCUIT** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** ## **15. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Circuit model trust fund
**Restricted funds**
Circuit mission
Grave yard fund
Madeley Fletcher
Manse and refurbishment fund
School Worker
Training Fund
Restricted Fund
**Endowment funds**
Endowment funds
**TOTAL FUNDS**|Incoming
resources
£
557,830
2,164
559,994
207
1,648
-
1
3,500
-
116
5,472
-
565,466|Resources
expended
£
(641,000)
(21,531)
(662,531)
(8,767)
(1,793)
(2,190)
(24,402)
(4,004)
(513)
-
(41,669)
-
(704,200)|Gains and
Movement
losses
in funds
£
£
-
(83,170)
-
(19,367)
-
(102,537)
-
(8,560)
-
(145)
-
(2,190)
-
(24,401)
-
(504)
-
(513)
-
116
-
(36,197)
222
222
222
(138,512)| |---|---|---|---| ## **16. RELATED PARTY DISCLOSURES** ## **Churches within the Circuit:** Admaston Albrighton Bridgnorth Methodist-URC LEP Broseley Dawley Donnington Hadley Horsehay Ketley Leegomery Marsh Green Much Wenlock Oakengates United Methodist-URC LEP St Georges St Georges, Rodington Methodist-Anglican LEP Trinity, Newport Methodist-URC LEP Trinity, Shifnal The Rock Tibberton Wellington Page 20 **TELFORD METHODIST CIRCUIT** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Legacies
**Other trading activities**
Other income
**Investment income**
Rents received
Deposit account interest
**Charitable activities**
Assessment on churches
Grants
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Property letting costs
**Charitable activities**
Stipends and allowances
Social security
Pensions
Telephone
Insurance, council tax etc
Repairs and maintenance
Sundries
Travelling
Training
Office expenses
URC mission and ministry
Direct assessment and levy
Grants to churches
**Support costs**
**Governance costs**
Accountancy and legal fees|2021
£
6,280
-
6,280
219
22,306
434
22,740
250,719
3,500
254,219
283,458
2,670
151,456
12,039
18,895
1,704
11,467
18,734
2,466
11,508
-
6,618
9,432
59,709
9,031
313,059
3,000|2020
£
500
250
750
4,634
18,900
3,296
22,196
250,428
4,000
254,428
282,008
2,928
186,614
10,852
29,896
3,737
14,427
17,777
2,429
12,989
513
4,173
18,264
60,399
16,578
378,648
3,895| |---|---|---| This page does not form part of the statutory financial statements Page 21 **TELFORD METHODIST CIRCUIT** |Total resources expended
**Net expenditure**|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31 AUGUST 2021**|2021
£
318,729
(35,271)|2020
£
385,471
(103,463)| |---|---|---|---| ||||| This page does not form part of the statutory financial statements Page 22