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← The Methodist Church Chelmsford Circuit

2023-08-31-accounts

ONTENTS Pages
Trustees' Report 2-10
Trustees and Administrative Details 11-13
Independent
Examiner's		 Report 14-16
Financial Accounts
and		 Notes 17-33

Circuit
Notes General Model
Trust		 Design'd
to the Fund Fund Funds Restrict Endowme Total
acc'ts Unrest'd Unrest'd Unrest'd ed Fund nt Funds 2022-23
Income
Income from monetary
investments 5,006 5,488 730 11,224
Income from investment
ro erties 20,447 20,447
Assessments
on		 Churches 175,658 175,658
Grants received 4,327 4,327
Other charitable income 2,245 8,126 10,371
Total income 207,683 5,488 0 8,126 730 222,027
Ex enditure
Grants and donations 1,620 1,620
Salaries and associated costs 10 133,858 782 134,640
Property
maintenance
Et other
costs 12 43,564 43,564
District Assessment
Et Le		 13 44,232 6,316 50,548
Office ex enses Et resources 14 3,770 991 4,761
Other out oin s 15 1,820 502 95 70 2,487
Total charitable ex enditure 227,244 6,818 0 3,488 70 237,620
Gains/(losses)
on monetary
investments 18 -334 -1,051 -1,385
Net income/
ex		 enditure -19,561 -1,664 0 4,638 -391 -16,978
Transfers
between
funds		 4,140 -8,480 5,000 -660
Other
ains
Net movement in funds -15,421 -10,144 5,000 4,638 -1,051 -16,978
Total funds brou ht forward 1,629,116 176,316 103,000 6,315 24,758 1,939,505
Total funds carried forward 1,613,695 166,172 108,000 10,953 23,707 1,922,527

Notes General Circuit Model Design'd
to the Fund Trust Fund Funds Restricted Endowment Total
acc'ts Unrest'd Unrestricted Unrest'd Fund Funds 2021-22
Income
Income from monetary
investments 137 1,204 641 1,982
Income from investment
ro erties 15,477 15,477
Assessments
on Churches		 184,446 184,446
Grants received 9,500 9,500
Other charitable
income		 2,254 2,254
Total income 202,314 1.204 9,500 641 213,659
Ex enditure
Grants
and donations
Salaries and associated costs 10 126,582 12,176 138,758
Property
maintenance
Et other
costs 12 29,063 29,063
District Assessment
Et Le		 13 44,492 113,517 158,009
Office ex enses
Et resources		 14 4,491 434 4,925
Other out oin s 15 1,058 151 75 1,284
Total charitableex
enditure		 205,686 113,668 0 12,610 75 332,039
Gains/(losses)
on monetary
investments 18 528) (1,660) 2,188)
Capitalisation
of property
im
rovement		 17
Net income/
ex enditure		 3,372 112,992 3,110 1,094 120,568
Transfers
between
funds		 566 (103,000) 103,000 (566)
Other
ains		 16 339,304 339,304
Net movement
in funds		 2,806 123,312 103,000 3,110 1,660 218,736
Total funds brou
ht forward		 1,631,922 53,004 9,425 26,418 1,720,769
Total funds carried forward 1,629,116 176,316 103,000 6,315 24,758 1,939,505

General Circuit Design'd
Fund Model Trust Funds Rest'd Endow
Notes Unrest'd Unrest'd unrest'd Fund Funds Total 2023 Total 2022
Fixed Assets
Circuit Manses 17 1,250,000 1,250,000 1,250,000
Investment
Properties		 17 282,250 282,250 282,250
Total Fixed Assets 1&532,250 0 0 1,532,250 1,532,250
Current Assets
Investments
with TMCP		 18 166,172 23,707 189,879 201,075
Debtors
Et Prepayments		 19 10,159 10,159 12,964
Cash at Bank 20 74,406 108,000 10,953 193,359 194,967
Total Current Assets 84,565 166,172 108,000 10,953 23,707 393,397 409,006
Current
Liabilities
Creditors
(due in under		 1
year) 21 3,120 3,120 1,750
Total Current
Liabilities		 3,120 0 0 3,120 1,750
Net Current Assets 81,445 166,172 108,000 10,953 23,707 390,277 407,256
Total assets less current
liabilities 1,613,695 166,172 108,000 10,953 23,707 1,922,525 1,939,506
Long term liabilities
(due
after more than
1 year)		 0 0
Net assets 1,613,695 166,172 108,000 10,953 23,707 1,922,525 1,939,506
Funds ofthe Circuit
General
Fund (Unrestricted)		 22-24 1,613,695 1,613,695 1,629,117
General
Fund (Allocated)		 22-24 108,000 108,000 103,000
CMTF (Unrestricted) 22-24 166,172 166,172 176,316
Total Unrestricted
Funds		 1,613,695 166,172 108,000 0 0 1,887,867 1,908,433
Restricted
Funds		 22-24 10,953 10,953 6,315
Endowment
Funds		 22-24 23,707 23,707 24,758
Total Funds 1,613,695 166,172 108,000 10,953 23,707 1,922,527 1,939,506
The notes on pages 20 to 33form part ofthese accounts
Approved
by the trustees of The Methodist
Church-Chelmsford		 Circuit and signed on their behalf.

CFB: Central Central Finance Board of the Methodist
Church
manages
a Common
Deposit		 Finance Board of the Methodist
Church
manages
a Common
Deposit		 Finance Board of the Methodist
Church
manages
a Common
Deposit		 Finance Board of the Methodist
Church
manages
a Common
Deposit		 Finance Board of the Methodist
Church
manages
a Common
Deposit		 Fund and a series and a series and a series and a series of of
pooled investment funds for the Methodist
Church
in Great Britain and provides		 investment advice to
those entities.
Church: a group of members
relating to a specific Church
Circuit: a group of Methodist
Churches
near each other, and overseen jointly
Circuit Meeting: The trustees of the Circuit, most of whom are appointed by their local Churches and
the others
by virtue of a role they undertake
for the Circuit		 and/or their local
Churches.
CLT (Circuit Leadership
Team):
A group
(comprising
mostly,
but not exclusively)		 of Circuit trustees
responsible
for the day-to-day
administration
and policy		 formulation of the Circuit.
Generally,
the CLT comprises the Presbyters
(Ministers)		 and lay staff stationed within
the Circuit, the Circuit Stewards
and the Circuit Treasurer
CMTF: Circuit Model Trust Fund
Connexion The Methodist
Church
in Great Britain which includes the		 Head Office at Methodist
Church
House, all Methodist
Districts,
Circuits and Churches		 in Great Britain.
Connexional Funds: The designated
and/or
Restricted
Funds held and administered		 by the Connexion in
furtherance
of its charitable
and mission objectives.
CPF: Connexional
Priority
Fund
District: a group of contiguous
Circuits
linked geographically.
DAF: District Advance
Fund
FRS: Financial
reporting
Standard
HMRC: Her Majesty's
Revenue
and Customs
Lay Employees: Personnel
employed
by the Circuit on generally
accepted		 commercial employment
terms.
MMPS: Methodist
Ministers'
Pension Scheme
NEST: Pensions
and Assurance
Scheme for Lay Employees of the		 Chelmsford Methodist
Church
Presbyters (including
Superintendent):
Probationer
or Ordained
Methodist		 Ministers who have pastoral
and administrative
responsibility
for the Churches
within		 the Circuit
SOFA: Statement
of Financial Activities
SORP: Statement
of Recommended
Practice
TMCP: Trustees for Methodist
Church
Purposes,
the legal owner		 and Custodian Trustee of all
Methodist
Model Trust property,
including
Legacies, Endowments
and		 Accumulated
Funds

Note 6 Assessment Note 6 Assessment or share or share General
Fund		 General Fund
(continued) (unrestricted) (unrestricted)
2022/23 2021/22
Broomfield 18,161 18,664
Christ Church, Braintree (LEP) 7,200 7,200
Christ Church, Coggeshall (LEP) 962 800
The Church at Great Notley (LEP) 1,477 1,440
Hall Street, Chelmsford 6,000 4,800
Halstead 8,000 5,500
Hatfield
Peverel		 7,488 3,268
Maldon 20,522 17,397
Moulsham
Lodge		 21,500 34,054
South Woodham
Ferrers		 14,133 11,875
St Augustine, Springfield (LEP) 3,000 2,796
Trinity,
Chelmsford		 53,004 63,582
Witham 14,211 13,070
Total 175,658 184,446

ote 8
Other char		 itable
inco		 me
General Fund Restricted
(unrestricted Fund Total
2022/23 2022/23 2022/23
Solar energy rebate 2,193 2,193
Refugee fund 8,126 8,126
Donations 52 52
Total other charitable income 2,245 8,126 10,371
General Fund Restricted
(unrestricted Fund Total
2021/22 2021/22 2021/22
Solar energy rebate 2,084 2,084
Refugee fund
Donation 20 20
HSBC Compensation 150 150
Total other charitable income 2,254 2,254

ote 10
Stipends,
sa		 laries and associate d costs
General Fund Restricted
(unrestricted Fund Total
2022/23 2022/23 2022/23
Stipends 6salaries
Stipends-Ministers 84,005 84,005
Salaries -Lay worker
Et admin		 10,396 779 11,175
Employers'
pensioncontributions		 21,731 21,731
Employers'
N
I contributions		 8,022 8,025
Apprenticeship
levy		 467 467
Supernumerary
fees		 800 800
Professional
fees-admin		 contract 5,400 5,400
Total stipends
& salaries costs		 130,821 782 131,603
Associated costs
Ministers'
travel		 2, 386 2,386
Lay employees'
travel		 171 171
Payroll fees 480 480
Total associated costs 3,037 3,037
Total stipends,
salaries
associated costs		 Et 133,858 782 134,640
General Fund Restricted
(unrestricted Fund Total
2021/22 2021/22 2021/22
Stipends
Et salaries
Stipends-Ministers 80,568 0 80,568
Salaries -Lay worker
Et admin		 7,514 11,407 18,921
Employers'
pensioncontributions		 20,840 0 20,840
Employers'
N
I contributions		 7,642 457 8,099
Apprenticeship
levy		 532 0 532
Supernumerary
fees		 1,150 0 1,150
Professional
fees-admin		 contract 5,400 0 5,400
Total stipends 8 salaries costs 123,646 11,864 135,510
Associated costs
Ministers'
travel		 2,286 0 2,286
Lay employees'
travel		 170 312 482
Payroll fees 480 0 480
Total associated costs 2,936 312 3,248
Total stipends,
salaries		 Et
associated costs 126,582 12,176 138,758

ote 12
Property ex		 penses
General Fund General Fund
(unrestricted) (unrestricted)
Property costs-manses 2022/23 2021/22
Insurance 1,066 2,564
Manse Council tax Et water 9,539 8,635
Maintenance-manses 23,403 5,668
Quinquennial
inspection		 fee4 (1
in 2021/22) 2,795 650
Property costs-let properties
Maintenance-let
properties		 2,754 7,886
Agents'
fees		 4,007 3,010
Quinquennial
inspection		 fee 650
Total property
costs		 43,564 29,063

General General
Fund- Fund-
unrestricted unrestricted
2022/23 2021/22
District Assessment 44,232 44,492
CMTF Fund- CMTF Fund-
unrestricted unrestricted
2022/23 2021/22
District Advance Fund Levy 6,316 1,325
Connexional Priority Fund Levy 112,192
Total Levies 6,316 113,517

Note 14 Office Office expenses expenses and resources resources
General Fund Restricted
(unrestricted) Fund Total
2022/23 2022/23 2022/23
Telephone Et internet 2,116 2,116
Printing, postage & stationery 1,151 1,151
IT Et video equipment costs 210 210
Use of office
Preaching Et sundry resources 293 991 1,284
Total 3,770 991 4,761
General Fund Restricted
(unrestricted) Fund Total
2021/22 2021/22 2021/22
Telephone Ej:internet 2,060 2,060
Printing, postage Et stationery 1,399 1,399
ITcosts 191 191
Use of office 500 500
Preaching Et sundry resources 341 434 775
Total 4,491 434 4,925
Note 15 Other outgoings
General Fund CMTF Fund Restricted Endowment Total Total
unrestricted unrestricted Fund
2022/23 2022/23 2022/23 2022/23 2022/23 2021/22
Bank Char es 60 60 63
Just Giving
Char e 95 95 245
Trainin 960 960
Independent
examiner's fee 800 800 750
TCMP admin. fee 502 70 572 226
Total 1,820 502 95 70 2,487 1,284

Note 17 Fix ed Assets -Manses and Other Properties
Manse Manse Investment
Land buildings property Total Total
2022/23 2022/23 2022/23 2022/23
2021/22
Balance brought forward 510,000 740,000 282,250 1,532,250 1,532,250
Revaluation of investment
property
Disposals
Balance carried forward 510,000 740,000 282, 250 1,532,250 1,532,250
Schedule of Manses and Investment Property
Property Type Cost Valuation Total
30 Park Ave Chelmsford Manse 425,000 425,000
4 Rubens Gate Springfield Chelmsford Manse 475,000 475,000
11 Mirosa Drive Maldon Manse 350,000 350,000
10Wickfield Ash Chelmsford Investment 282,250 282,250
Total 1,250,000 282,250 1,532,250

Year end valuation Year end valuation 2022/23 2022/23 2022/23 2022/23 2021/22
2021/22		 2021/22
2021/22
CMTF fund Endowment fund CMTF fund
Endowment		 fund
Common investment
funds		 7,542 23,707 7,876 24,758
Trustees' Interest
Fund		 158,630 168,440
Total 166,172 23,707 176,316 24,758
Note 18 Monetary Investment Assets (continued)
Endowment
Change in investment values CMTF fund fund
Investments
held in common		 investment funds
2022/23 2022/23
Carrying (market)
value		 at beginning of year 7,876 24,758
Net loss on revaluation -334 -1,051
Carrying (market) value at end of year 7,542 23,707

Note 19
Debto		 rs and prepayme nts
General
Fund		 General Fund
(unrestricted) (unrestricted)
2022/23 2021/22
Debtors
Assessments
due		 500 2,000
Solar panel FIT payment due 836 827
Prepayments
Ministers'
stipends		 in advance 6,876 9,472
Manse insurance 1,493
Council Tax 210 665
Letting agents'fees 244
Total debtors 8 prepayments 10,159 12,964
Note 20
Bank		 Et Cash Balances
General Fund Designated Restricted Total Total
(unrestricted) Fund Fund
2022/23 2022/23 2022/23 2022/23 2021/22
Central Finance Board 63,021 108,000 10,953 181,974 115,240
Cash at bank 11,383 11,383 79,727
Total 74,404 108,000 10,953 193,357 194,967