**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:
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
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...
Page 20
**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
Page 21
**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
Page 22
**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
Page 23