2023-08-31-accounts - Telford Methodist Circuit

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REGISTERED CHARITY NUMBER: 1134372

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 2023

	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 21
Detailed Statement of Financial Activities	22 to 23

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. 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 3 full time Presbyters, 1 part time Presbyter, 5 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. The aftermath of the Covid pandemic continues to have an effect on the churches both in terms of numbers and finances.

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 had been put on hold in the light of Covid 19 and churches were invited to make payments to the Circuit as their finances allow for a year. Work is currently ongoing in preparation of the 24/25 budget to reassess the current level of contributions with a view to an increase across all churches.

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 2023

Trustees Trustees Superintendent Minister Hendry Ponniah

Ministers

Roger Dunlop Fiona Brown Christopher Parkes Derrick Lander* Ann Shephard John Farrimond David Lavender

Lay Workers Denice Morgan

Circuit Stewards

Marcelle Kite Jo Kudlacik Derrick Lander John Parkin Charlie Zukiewicz

Ex-Officio Members Ex - Vice President Leon Murray

Officers & Committee Representatives

LP Secretary Paul Trenberth

Circuit Treasurer Helen Hayward

LP Representatives Christine Rayner

Safeguarding Officer Margaret Reynolds*

Admaston

John Addison Bill Tomlinson Jane Timms Angela Kidd

Albrighton

Bryan Beech Alison Lang Chris Harrison

Bridgnorth

Ruth Cole John Pratley Diane Radford Gillian Lindley

Broseley Marcus Branson Rita Powell

Page 2

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023

Dawley CC Robert Yapp John Davis

Donnington

Celia Talbot Philip Owen Eileen Owen

Hadley Shirley Toze Maureen Beard

Horsehay

Margaret Reynolds David Tarrier Liz Zukiewicz Jan Bennett Charles Zukiewicz

Leegomery John Bowdler David Collington Shirley Stevens Val Beasley

Much Wenlock Brian Oakley Joyce Pridmore Mary Rudge Anne Lloyd

Newport Margaret Mantripp Lesley Busby-Waltho Jim Carroll Richard Langley Annie Cuthbert

Oakengates Sylvia Bailey Andrew Evans Angela Evans

Rodington Brian Bonehill Tom Currie

Shifnal Marcelle Kite Barbara Lamkin Janet Lander

The Rock

Derek Sheldon Maureen Rollason Mavis Lamb

Page 3

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Wellington Diane Parkin Gail Hocking Alastair Battrick Roger Dunlop

Double qualification.

Independent Examiner Ian Cattell FCA Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG

Solicitors

Clarkes Solicitors Hazeldine House Telford Centre Telford TF3 4JL

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

Page 4

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

REFERENCE AND ADMINISTRATIVE DETAILS

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 5 March 2024 and signed on its behalf by:

Rev M Torchon - 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 2023.

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 member of the Institute of Chartered Accountants in England and Wales, 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:

accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
the accounts do not accord with those records; or
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

Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG

5 March 2024

Page 6

TELFORD METHODIST CIRCUIT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Assessments on Churches Sale of churches Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 6 Charitable activities 7 District Assessment & Levy Support costs Stipends, NIC & Pensions URC Mission & Ministry Office & manse expenses Property Repairs Grants to churches Profit on sale of manse Accountancy and legal fees Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 200 240,332 384,277 - 23,781 648,590 2,388 53,340 5,059 192,202 8,477 43,420 36,257 660 (62,420) 3,196 282,579 (277) 365,734 1,846,820 2,212,554	Restricted funds £ - - - 1 1,024 1,025 - - - - - 1,228 - - - - 1,228 - (203) 50,726 50,523	Endowment fund £ - - - - - - - - - - - - - - - - - - - 56,580 56,580	2023 Total funds £ 200 240,332 384,277 1 24,805 649,615 2,388 53,340 5,059 192,202 8,477 44,648 36,257 660 (62,420) 3,196 283,807 (277) 365,531 1,954,126 2,319,657	2022 Total funds £ 32,206 232,615 - 1,000 22,033 287,854 2,427 55,406 - 181,678 7,876 46,365 35,511 660 - 7,257 337,180 (80) (49,406) 2,003,532 1,954,126

The notes form part of these financial statements

Page 7

TELFORD METHODIST CIRCUIT

BALANCE SHEET 31 AUGUST 2023

Notes FIXED ASSETS Tangible assets 14 Investments 15 CURRENT ASSETS Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 18 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS	Unrestricted funds £ 1,717,015 - 1,717,015 2,248 496,231 498,479 (2,940) 495,539 2,212,554 2,212,554	Restricted funds £ - - - - 50,523 50,523 - 50,523 50,523 50,523	Endowment fund £ - 56,303 56,303 - 277 277 - 277 56,580 56,580	2023 Total funds £ 1,717,015 56,303 1,773,318 2,248 547,031 549,279 (2,940) 546,339 2,319,657 2,319,657 2,212,554 50,523 56,580 2,319,657	2022 Total funds £ 1,635,000 56,580 1,691,580 4,284 292,696 296,980 (34,434) 262,546 1,954,126 1,954,126 1,846,820 50,726 56,580 1,954,126

The financial statements were approved by the Board of Trustees and authorised for issue on 5 March 2024 and were signed on its behalf by:

Rev M Torchon - Trustee

The notes form part of these financial statements

Page 8

TELFORD METHODIST CIRCUIT

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
2023
Notes
£
Cash flows from operating activities
Cash generated from operations
1
288,753
Net cash provided by/(used in) operating activities
288,753
Cash flows from investing activities
Purchase of tangible fixed assets
(347,015)
Purchase of fixed asset investments
-
Sale of tangible fixed assets
327,420
Interest received
8,812
Net cash used in investing activities
(10,783)
Cash flows from financing activities
Income attributable to endowment
-
Net cash provided by financing activities
-
Change in cash and cash equivalents in
the reporting period
277,970
Cash and cash equivalents at the
beginning of the reporting period
2
269,061
Cash and cash equivalents at the end of
the reporting period
2
547,031

2022
£
(74,504)
(74,504)
-
(28,095)
-
1,190
(26,905)
28,095
28,095
(73,314)
342,375
269,061

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 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

	OPERATING ACTIVITIES
			2023	2022
			£	£
	Net income/(expenditure) for the reporting period (as per the
	Statement of Financial Activities)		365,531	(49,406)
	Adjustments for:
	Losses on investments		277	80
	Profit on disposal of fixed assets		(62,420)	-
	Interest received		(8,812)	(1,190)
	Income attributable to endowment		-	(28,095)
	Decrease in debtors		2,036	1,107
	(Decrease)/increase in creditors		(7,859)	3,000
	Net cash provided by/(used in) operations		288,753	(74,504)
2.	ANALYSIS OF CASH AND CASH EQUIVALENTS
			2023	2022
			£	£
	Notice deposits (less than 3 months)		547,031	292,696
	Overdrafts included in bank loans and overdrafts falling due within one year		-	(23,635)
	Total cash and cash equivalents		547,031	269,061
3.	ANALYSIS OF CHANGES IN NET FUNDS
		At 1.9.22	Cash flow	At 31.8.23
		£	£	£
	Net cash
	Cash at bank	292,696	254,335	547,031
	Bank overdraft	(23,635)	23,635	-
		269,061	277,970	547,031
	Total	269,061	277,970	547,031

The notes form part of these financial statements

Page 10

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 2023

2. DONATIONS AND LEGACIES

Donations 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 Sale of churches Sale of churches	2023 £ 200 2023 £ 1 2023 £ 15,993 8,812 24,805 2023 £ 240,332 384,277 624,609	2022 £ 32,206 2022 £ 1,000 2022 £ 20,843 1,190 22,033 2022 £ 232,615 -	2022 £ 32,206
			2022 £ 1,000 2022 £ 20,843 1,190
			22,033
		232,615

Assessments on Churches

At the beginning of the year, the Circuit comprised of 16 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
	2023	2022
	£	£
Property letting costs	2,388	2,427

continued...

Page 12

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023

7. CHARITABLE ACTIVITIES COSTS

District Assessment & Levy Support costs Stipends, NIC & Pensions URC Mission & Ministry Office & manse expenses Property Repairs Grants to churches Profit on sale of manse Accountancy and legal fees	Direct Costs £ 53,340 5,059 192,202 8,477 44,648 36,257 - - - 339,983	Grant funding of activities (see note 8) £ - - - - - - 660 - - 660	Support costs (see note 9) £ - - - - - - - (62,420) 3,196 (59,224)	Totals £ 53,340 5,059 192,202 8,477 44,648 36,257 660 (62,420) 3,196 281,419

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 2023 was £8,477 (2022: £7,876).

8. GRANTS PAYABLE

	2023	2022
	£	£
Grants to churches	660	660
The total grants paid to institutions during the year was as follows:
	2023	2022
	£	£
Donations to churches
	660	660

continued...

Page 13

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

9. SUPPORT COSTS

Profit on sale of manse Accountancy and legal fees	Governance Finance costs £ £ (62,420) - - 3,196 (62,420) 3,196	Totals £ (62,420) 3,196 (59,224)

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.

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 - £153,220

Employer's national insurance contributions - £11,208

Employer's superannuation contributions - £27,774

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

11. STAFF COSTS

Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows:	2023 £ 153,220 11,208 27,774 192,202 2023	2022 £ 150,470 11,321 19,887
		181,678
		2022

No employees received emoluments in excess of £60,000.

continued...

Page 14

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 4,112 - Charitable activities Assessments on Churches 232,615 - Other trading activities 999 - Investment income 21,750 283 Total 259,476 283 EXPENDITURE ON Raising funds 2,427 - Charitable activities District Assessment & Levy 55,406 - Stipends, NIC & Pensions 181,678 - URC Mission & Ministry 7,876 - Office & manse expenses 43,550 2,815 Property Repairs 35,511 - Grants to churches 660 - Accountancy and legal fees 7,257 - Total 334,365 2,815 Net gains/(losses) on investments - - NET INCOME/(EXPENDITURE) (74,889) (2,532) RECONCILIATION OF FUNDS Total funds brought forward 1,921,709 53,258 TOTAL FUNDS CARRIED FORWARD 1,846,820 50,726	Endowment fund £ 28,094 - 1 - 28,095 - - - - - - - - - (80) 28,015 28,565 56,580	Total funds £ 32,206 232,615 1,000 22,033 287,854 2,427 55,406 181,678 7,876 46,365 35,511 660 7,257 337,180 (80) (49,406) 2,003,532 1,954,126

13. 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

Page 15

continued...

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

13. FUNDS - continued

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

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.

14. TANGIBLE FIXED ASSETS

COST At 1 September 2022 Additions Disposals At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022	Manses £ 1,635,000 347,015 (265,000) 1,717,015 1,717,015 1,635,000

Page 16

continued...

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023

15. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
	Unlisted
	investments
	£
MARKET VALUE
At 1 September 2022	56,580
Revaluations	(277)
At 31 August 2023	56,303
NET BOOK VALUE
At 31 August 2023	56,303
At 31 August 2022	56,580
There were no investment assets outside the UK.
Cost or valuation at 31 August 2023 is represented by:
	Unlisted
	investments
	£
Cost	56,303

Fixed asset investments are held by the Trustees for Methodist Church Purposes, and are held on deposit and in fixed interest securities.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 17) Trade creditors Other creditors LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts	2023 £ - - 2,940 2,940 2023 £ -	2022 £ 23,635 (1) 10,800 34,434 2022 £ 23,635

17. LOANS

continued...

Page 17

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

18. 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 Sabbatical Fund Training Fund Restricted Fund Endowment funds Endowment funds TOTAL FUNDS	At 1.9.22 £ 1,705,667 141,153 1,846,820 15,915 3,415 5,381 12,407 1,324 1,703 10,581 50,726 56,580 1,954,126	Net movement in funds £ 369,812 (4,078) 365,734 739 - (942) - - - - (203) - 365,531	At 31.8.23 £ 2,075,479 137,075 2,212,554 16,654 3,415 4,439 12,407 1,324 1,703 10,581 50,523 56,580 2,319,657

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 TOTAL FUNDS	Incoming resources £ 648,590 - 648,590 739 286 1,025 649,615	Resources expended £ (278,501) (4,078) (282,579) - (1,228) (1,228) (283,807)	Gains and Movement losses in funds £ £ (277) 369,812 - (4,078) (277) 365,734 - 739 - (942) - (203) (277) 365,531

continued...

Page 18

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023

18. 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 Sabbatical Fund Training Fund Restricted Fund Endowment funds Endowment funds TOTAL FUNDS	At 1.9.21 £ 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	Net movement in funds £ (69,032) (5,857) (74,889) 105 - (2,591) - - (190) 144 (2,532) 28,015 (49,406)	At 31.8.22 £ 1,705,667 141,153 1,846,820 15,915 3,415 5,381 12,407 1,324 1,703 10,581 50,726 56,580 1,954,126

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 Training Fund Restricted Fund Endowment funds Endowment funds TOTAL FUNDS	Incoming resources £ 259,476 - 259,476 105 34 - 144 283 28,095 287,854	Resources expended £ (328,508) (5,857) (334,365) - (2,625) (190) - (2,815) - (337,180)	Gains and Movement losses in funds £ £ - (69,032) - (5,857) - (74,889) - 105 - (2,591) - (190) - 144 - (2,532) (80) 28,015 (80) (49,406)

continued...

Page 19

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

18. 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 Sabbatical Fund Training Fund Restricted Fund Endowment funds Endowment funds TOTAL FUNDS	At 1.9.21 £ 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	Net movement in funds £ 300,780 (9,935) 290,845 844 - (3,533) - - (190) 144 (2,735) 28,015 316,125	At 31.8.23 £ 2,075,479 137,075 2,212,554 16,654 3,415 4,439 12,407 1,324 1,703 10,581 50,523 56,580 2,319,657

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 Training Fund Restricted Fund Endowment funds Endowment funds TOTAL FUNDS	Incoming resources £ 908,066 - 908,066 844 320 - 144 1,308 28,095 937,469	Resources expended £ (607,009) (9,935) (616,944) - (3,853) (190) - (4,043) - (620,987)	Gains and Movement losses in funds £ £ (277) 300,780 - (9,935) (277) 290,845 - 844 - (3,533) - (190) - 144 - (2,735) (80) 28,015 (357) 316,125

continued...

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TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

19. 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

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TELFORD METHODIST CIRCUIT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Other income Investment income Rents received Deposit account interest Charitable activities Assessment on churches Sale of churches Total incoming resources EXPENDITURE Investment management costs Property letting costs Charitable activities Stipends and allowances Social security Pensions Light and heat Telephone Insurance, council tax etc Repairs and maintenance Sundries Travelling Training Office expenses URC mission and ministry Ecumenical Mission Enabler Direct assessment and levy Grants to churches Support costs Finance Loss on sale of tangible fixed assets	2023 £ 200 1 15,993 8,812 24,805 240,332 384,277 624,609 649,615 2,388 153,220 11,208 27,774 2,891 2,919 18,354 36,257 3,798 12,674 - 4,012 8,477 5,059 53,340 660 340,643 (62,420)	2022 £ 32,206 1,000 20,843 1,190 22,033 232,615 - 232,615 287,854 2,427 150,470 11,321 19,887 7,760 1,683 19,781 35,511 5,092 8,348 190 3,511 7,876 - 55,406 660 327,496 -

This page does not form part of the statutory financial statements

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TELFORD METHODIST CIRCUIT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Finance Governance costs Accountancy and legal fees Total resources expended Net income/(expenditure)	2023 £ 3,196 283,807 365,808	2022 £ 7,257 337,180 (49,326)

This page does not form part of the statutory financial statements

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