## Southwark and Deptford Circuit Charity Registration Number: 1134402 Report & Accounts 31 August 2020 The Financial Warehouse Company Ltd Chartered Certified Accountants 38 Croydon Road London BR3 4BJ Southwark and Deptford Circuit Report and Flnancial Statements 2020 Contents Page Legal and administrative Inforniation Report of the Trusteès Independent Examiner's report to the Circuit Statement of financial artivities Balance sheèt 10 Notes to the financial statements ## Southwark and Deptford Circuit ## **Legal and Administrative Information For the year ended 31 August 2020** |**Charity Name**|**Charity Name**||Southwark and Deptford Circuit|Southwark and Deptford Circuit| |---|---|---|---|---| |**Charity No**|||1134402. The Circuit was established by the Deed of Union 1932 and the|| ||||Methodist Church Act (1976) and is a charity which was formally registered|| ||||with the Charity Commission on 19 February 2010.|| |**Principal Address**|||Walworth Road London|SE5 0EW.| |**Governing**|||Deed of Union (1932) and the Methodist church Act (1976).|| |**Document**||||| |**Members**|**of**|**the**|The Members of the Circuit who served during the year or who were serving|| |**Circuit**|||at the date of this report were:|| ||||Ministers|Revd. David Gillman BD, MA (Circuit| |||||Superintendent)| |||||Revd. David Markay. BA, MDiv (Minister)| |||||Revd. Robert Mpanduki MA, Dip Theo (Minister)| |||||Revd. Paul Weary MA, B.Sc. (Minister)| |||||Mr Peter Baffoe| |||||Mrs Winnie Baffoe BA,MSc| |||||Revd. Edwina Turner (Supernumerary)| ||||Circuit Stewards|Mr Desmond Sesay| |||||Mrs Jennifer Yankson-Lartey| |||||Ms Esther Adenuga| |||||Mr Ofori Mensah| |||||Mr Vidal Sumner| |||||Ms Bala**Gnanaprgasam**| |||||Evelyn deGraft| ||||Bankers:|Lloyds Bank,| |||||Charity Aid Foundation| ||||Independent Examiner|Ransford Grey FCCA, MBA, B.Sc (Hons)| _2_ ## Southwark and Deptford Circuit ## **Legal and Administrative Information For the year ended 31 August 2020** ## **Trustees** Balachandren Gnanapragasam Rev Paul Weary MA B.Sc Ofori Mensah Felix Adoko Otabil Henry Samuel Needham Pamela Beatrice Williams Peter Baffoe Rev Edwina Turner Elizabeth Ann Byworth-Morgan Steve Asare Vidal Sumner Desmond Sesay Nancy Chidawa Oluwole Richards Christine Coxen Omobolaji Ibiyemi Nzekwe Noel Abeoguday Quinty-Williams Rev Robert Mpanduki Jennifer Mabel Slaney Jennifer Yankson Lartey Ernest Hagan James A D Thorpe Sylvia Gnanapragasam _3_ ## **SOUTHWARK AND DEPTFORD CIRCUIT** ## **Report of the Trustees For the year ended 31 August 2020** The Southwark and Deptford Circuit submits its report and the financial statements for the year ended 31[st] August 2020. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report. ## **1. Structure, Governance & Management** ## **1.1 Trustees** The governing document for the Circuit is the Deed of Union (1932) and the Methodist Church Act (1976). Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD). Day to day management of the Circuit is undertaken by the Circuit Leadership team (comprising the presbyters and Circuit Stewards) and the Local Preachers meeting. ## **1.2 Training of Trustees** The Methodist church connexion provides a range of guidance to support the effective running of the Circuit, including the leaflet “The Role of a Trustee in the Methodist Church” ## **1.3 Risk Management** Major risks, both physical and financial, are identified, recorded and professional advice taken as required. There is regular annual review process undertaken and recorded. Income and Expenditure is monitored in total and is compared with the approved annual budget to detect trends as part of the risk management process to avoid unforeseen calls on reserves. ## **1.4 Safeguarding** Every Person has a value and dignity which comes directly from the creation of male and females in God’s own image and likeliness. Christians see this potential as fulfilled by God’s re -creation of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore to protect them from harm. The Methodist Connexional practice outlines commitment to the following principles: - The care and nurture of, and respectful pastoral ministry with, all children, young people and adults - The safeguarding and protection of all children, young people and adults when they are vulnerable - The establishing of safe, caring communities which provide a loving environment where there is informed vigilance as t the dangers of abuse. - The Circuit will carefully select and train all those with any responsibility within the Church, in line with Safer Recruitment principles, including the use of criminal records disclosures and registration with the best relevant vetting and barring schemes - The Circuit will respond without delay to every complaint made which suggest that an adult, child or young person may have been harmed, cooperating with the police and local authority in any investigation - The Circuit will seek to work with anyone who has suffered abuse, developing with them an appropriate ministry of informed pastoral care _4_ SOUTHWARK AND DEPTFORD CIRCUIT Report of the Trustees For the year ended 31 August 2020 The Circuit will seek to challenge any abus¢ of power, especially by anyone in position of The Circuit will seek to offer pastoral ¢are and suppo¢ including supervision and referral to the proper authorities, to any member of our church community known to have offended against a child, young person or vulnerable. In all thesc principles thc Circuit will tollow legislation, guidance and rccognised good practice The Circuit commits ilself to ensuriDg the implementation of Connexional Safcguarding Policy. governmLnt legyislation. guidance and safe prclctice in thc circuit thd in the churches. The Circuit commits itself to the provision of support, advice and training for lay and ordained people thal will ensure peopl¢ are clear and conlident about their roles and rLsponsibilities in salegiuarding) and promoting thc welfarc of Lhildren and adulls who may be vulncrable 2. Publlc Benollt The Trustres of the Methodist church had due regard io the public benefit guidanoe published by thc charity commission in compliancc with ils duties undcr scction 17 of the Chariti¢S Act 2011. Thc guidance sels c)f 2 key prin¢iplcs: The Organisation must have an identifiabl¢ ￿nefIt 2. The bencfit musi be tu the publi¢ or a 5¢ciion ofthe public The Church exisL inter alia to 1￿C￿se awareness of God's prcsence #nd to ¢elebTat¢ God's love. Help people io learn and grow as ChristiY4ll%, through mutual 5UPWrt and care; and Be a &?ood n¢ights)ur w pcopl¢ in n¥¢d and chall¢nge injustL¢e The trustees consider that for these reasons the charity meets these publi¢ b¢nefits requirements 3. Achievements and Performance The Southwark aDd Deptford Circuit consists of seven churches across the Borough of Southwork and includes Deptford that sits on thc border of Greenwich and Lewishdm. The Circuit works in t¢￿S with Rcvds David Markay and Paul Weary sharing responsibility for the work at Walworth Road. Christ Church, East Dulwich and Heme Hill. Two of ihose churLhes are Methodist and URC (lJnited Reformed Church) which means that iK)th tradilions are expressed in their worship and mission. Revds David Gillman and Robert Mpanduki work at Deptford and Bennondsey, Peckham and Manor (South Berniondscy). Revd Robert Mpanduki retired in July 2020. We look forward to two new ministers joining the tearn in September 2020. SOUTHWARK AND DEPTFORD CIRCUIT Report of the Trustees For the year ended 31 August 2020 Worship und pasturdi work were interrupted by the restrictions placed on churches by the COVID19 pandemic. Work has Continued online, with administration and worship eonducted virtually. Essential pastoral work has becn managed safely and buildings protected for periods of lockdown. The financial impact on the church has ix'¢n sigynifieant in this Ye￿ with reduced incorne from members and other usc'rs ol our church properties. This has an impact on our funds since the Circuit draw8 its monies from each church. The Circuit is LonsLthily reviewing ils position, mitigating ils losses and drawing upon res¢rv¢s as advised by the Methodisi Church centrally. The Circuit is making evcry attcmpt lo maintain contact with its membership though TeLognisLs thal the impact of Covid19 will have far reaching eff￿ts on our future life and work. David Gillman Superintendent Minister. 4. Flnancial Revi¢w The Circuil prepares aLLrual accounts.. They are not a consolidation of the accounts of churches in the ircuil. The Circuit budgcts is prcparcd by first anticipating thc cxpcndilure for ihe f()rthcoming year then detcmining how that sum will be raised. Ab(iui 990/0 of the inLI)me for the ycar ended 2019120 came frorn the individual churches asscssmcnt whi151 thc rcmuining fund was from invcstments, 4.1 Financial Activity and Financial Position The statements of Financial Activities dnd Balance Sheet can be found on PagJe$ 9 and l O respcctivcly. 'lTh¢ Circuit rcscrvcs increascd by £43.837 during thc year (2018119 - £15,356) . The balanG¢ sh¢et shows totsl net assets of £2,111.910 (2017118 £2,068,073) 4.2 Reserves Policy The reserves of the Lircuit are dependent on the extent that iLs ongioingy cost can be funded from th¢ a88e8sment levied on the individual churches. The Circuit seeks to operate its financial affairs each year on an ongoing ba¥is. At the year end, the actual readily available reserves of the circuit were £256,564 (2018119.. £225,320) 4.3 Investment Policy Funds in excess of immediate working capital requirement are placed in a batjk deposit account, investments are valued at fair values . 4.4 Grants Policy Grant are recognised in full when the award is made once the Districts a¢ccptq that there is a legal or constructive obligation to make the payment and that such payment ts probable. SOUTHWARK AND DEPTFORD CIRCUIT Report of the Trustees For the year ended 31 August 2020 5. Plans for Future Period$ Work on our slrdlL'gy is more limited givcn the constraints of the pandemic. Howcver, we are ¢stablishing a team ministy in the north of the Circuit with two new ministLrs working alongside the Superintendent. Churches are adapting to minister in linc with government guidelines. opening where possible to give support to vulnerable groups and individual5. The un¢ertainties have not been ca8y to negyotiate we r¢Lo&nise Ihat the longer the restrictions affect our work, the longer it will take to restore our finances and the work it supports. 6. Responsibilities of Trustees for the Financial Statements The Trustees are responsible for preparing the Trustees. Annual Report and the accounts in a¢¢ordance with applicable law l￿d UnilLd Kingdom Standards {IJKGAAP). The Law applicable to charitics in England and Walc% requires the Trustee8 to preparc aL'Lounts for each financial year which gives a true (￿d fair view ot the charity's finanLial activities during? the ye8 and its financial position at ihe cnd of the year. In prcparingy those finanLial slatement$. the Trustees are required to: select suit(Ibl¢ accounting policies and apply thcm i()nsislenlly' observe the method4 und principlcs ofthe Charities SORP make.judg)emenls and L4limales ihat arc ￿'aSonable and prudcnt. statc whcther applicabli. accounting st1￿￿8rd.9 have been followcd, subject io any dcpartures disLloscd tmd LxpluinL'd in ihL l inancial statemenLs' and prepa￿ the financial statements on the going concern basis unless it is inappropriate to presume that the activities ot the charity will continue. 'I"hc trustecs are responsible for kceping adequate accounting records which disclose with reasonabl¢ a¢curaLy at any time thL findllLidl position of the charity and enables them to ensure that thc fIn￿Lia1 statements Comply with the Charities A¢1 201 I, the Charity Accounts and Rcports Regul¢ltions 2008 and thc provisions ot thc gov¢rning doLument. 'I'he Truslees are also responsible for Safeguarding the assets of the Lharily and hence for taking reasonable steps for the prevention and detection of traud and other I￿¢￿7u1aritie5. The trustees arc responsible for ihe maintenancc and integrity of the Lharity and financial informalion included in the Lhdrily's website. 7. Approval The Trustees, Annual Report was approved by the trustees on ..................2410212021 and signed on their behalf by Rev David Gillman BD, MA Supcrintcndent Minister and Chair of Trustees Vidal Sumner Treasurer ## **SOUTHWARK AND DEPTFORD CIRCUIT** ## **Report of the Independent Examiner to The Southwark and Deptford Circuit** I report on the accounts of the Southwark and Deptford Circuit for the year ended 31 August 2020, which are set out on pages 9 to 17. ## **Respective responsibilities of the Circuit and examiner** The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. The charity’s gross income exceeds £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Accountants in England and Wales. It is my responsibility to: - examine the accounts (under section 145 of the 2011 Act); - to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## _**Basis of independent examiners’ report**_ My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## _**Independent examiners’ statement**_ 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 church 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 ## **Ransford Grey FCCA, MBA, B.Sc (Hons) Chartered Certified Accountant** 24/02/ 2021 _8_ Southwark and Deptford Circuit Income Statement For the year ended 31 August 2020 Restrlctsd Unrestrictè income EDdowm¢nt d frjnds funds funds Total funds Prlor year funds Income Income and endowments from: Donat￿￿5 and legac Incon* from monetary Inv￿l[l￿nt tssessment on churche5 2.236 2,236 617 330,400 332,636 330,400 332,636 354,400 355,017 Totol (Note 2) Expenditure Expendrturè 0￿. Grdnts (Notes 31 SaL1r￿s and assocrdted cost. {Note5 4a) Property {Note$ 41 District A55es5mlt kny (Notes 4bl O¢h*r cort (Notes 4b) rotol 5,500 150,049 25,371 97,684 11.754 290,358 5,500 150.049 25.371 97.684 11,754 290.358 19,500 178,624 37.299 95.558 8,680 339,661 Net Incomel(expendlttYe) beft)re tsx for the reportln8 period Tax payable Net Incomel(expenditure) aft¢r tsx before investment 8ainsl{loss•s) Net gains1{bs5esl on investments Net incomel(expen(Iture) Extraordinary Items Transfer5 between funds Other recognised 8ainsl(105ses Other gainsll105sesI Net movement ift funds 42,278 42,278 15,356 42.278 42,278 15.356 412 42,691 1,176 29 29 1,559 43,837 15,356 42,691 1.176 29 43.837 15.356 Reconciliotion of ftsnd&' Total funds bn)ught fotward Totol funds carrfed fonvord 2.068,073 2,110,764 2,068,073 2,111,910 2,052,717 2,068,073 1,176 29 Southwark and Deptford Circuit Balance Sheet For the year ended 31 August 2020 R¢stri¢t•d Income funds Uryestricted ErtdDwmert Total this funds Total last year ye¥Jr Fixed as$*ts Tangib￿ 3ssets TMCP In¥e5twits (Note 61 IN¢x• 71 1,724,959 1.724.959 1,724.9S9 l Oh82 10.682 43533 43533 54.215 1,779,174 1.724,959 1,776.087 Cwrent ass•ts Debtor5 TMCP InveStm￿ts Cash at bank and In hand (Not¢ 81 93.985 63,172 93,985 63,171 45.053 66,664 192.474 3¢4.191 Toeol cvrmrt oM•ts 347,278 347,278 Creditorn fallhi due within oney*ar INo¢e 91 14,542 14542 12,205 N•t ¢M*tsl{Ilobllltl•x) 332,736 332,736 291,986 Totol l•u curr•rt Il#bllltl•i 2,057,695 l Oh82 43.533 2,068,073 CMditor* amunts lalllni dui after cne year Provisions for liabllltl•s Totol nét assets orllabllltl•s 2,OS7,69S 10&82 43,533 2P68.073 Funth of the Charity (Th)t•$ 5) Endowment funds 43,533 43533 10.682 1,981.523 76.172 41ffj22 Re5tncted funds 10,682 U￿￿tr￿ted lunds 1.981,523 76,172 2n26,451 Desgnated v*bJe resefve Total fI￿dI ,057,6 l Oh82 43533 2M68.073 The Financial statements were approve by the Circuit on 2410212021....... Signed on their behalf by Mr Vidal Sumner Tre&surer Jo Southwark and Deptford Circuit Notes to the Financial Statements For the year ended 31 August 2020 l. Accounting Policies The prinLipai accounting policies ad()plLd, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as tollows- Basis of accounting The financial stst¢ments have been prepared under the Charities Act 2011 and in accordance with the Charitics Statement of Recommcnded Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102)). The financial siaiements are drawn up on the historical cost basis of accounting. The financial statements include all transaLtions, assets and liabilitie5 for which ihe cirLUit is responsible in law. They do not inLlude ihe accounts of Lhurch gr()ups that owe an affiliation to another body or those that are infornial gatherings of church meM￿rs. The circuit mccls the definition of a public Ixnefit entity under FRS 102. Going Concern l-hLrL' arc no materia] uncertainties about the circuit ability to continue as a going concern and acLordin&ily ihe accounts havc becn drawn up on a going concern basis. Income recognltion InL()mL is rec()bJni%ed in the Statcmcnt of Financial Activities whcn the charity has entitlemenl to the funds, any pcrtornianLe conditions attached to the ilems(s) of income havc bcen mel, it is probable that inLome will be recoivcd and thc 4*mount Lan be measured rcliably. Don4ltions are aLLounted for gross when rcccived. Rental income is accounted for on accrual basis. In dccordance with the charilics SORP (FRSI 02), the timo ofvolunteers us not recogni8¢d. Further information on this matter is provided in the Trustees Annual Report. Interest on funds held on deposit is included when r¢c¢ivable and the amount can be measured reliably by the charity; this is nornially upon notifi¢ation ofthe interest paid or payable by the bank. Expenditure recognition Expenditure is accrucd as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities arc discounted to present value. The circuit is not registered for V AT wid accordingly exp¢nditure includes VAT wher¢ appropriate. Charitable expenditure includes those costs in fulfilling the circuit principal objects, as outlined in the Rew)rt of the circuit. These include grants payable, governance costs and an apportionment of support costs. Grants payable are payments made to third parties in furtherance ofthe circuit's objccts. In the case of an unconditional grant offer this is accrued once the recipient hils been notified of the grant award. The notifiLalion gives the recipient a reasonable expectation that they will rcLeive the grant. Grants awards that are subject to the recipient fulfilling perfornwice conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the circuit. IJ Southwark and Deptford Circuit Notes to the Financial Statements For the year ended 31 August 2020 Governance costs comprise all costs involving the public accountabiltty of the circuit and its compliance with regulation and good practice. These costs include costs telated to the independent examination and legal fees. Taxation As a charity, the circuit is exempt from tax on income and gains falling within the PTovi%ions of the Corporation Taxes Act 2010 or the Taxation of chi￿￿￿¢ab]c CJains Aci 1992 to the extent that Ihe%e are applied to its charitable objects. No tax chargyes have arisen on the circuit. Tangible Fixed A55ets Tangiible fixed tissLts' arc capitalized if they can be used foT morc than one year. and cost at least (say) £1 000. 'I'hey are valued at C05t or d re£L%onable value on receipt. Where cost is not available. the Lhuroh Council may provide a reasonable estimate of Cost or of the buildings, current value to the Lhurch. An estimate based on insurancc value should take account of the fact that cover will be bi1s¢d on d¥molition and reinsthting the current building and not the oribyindl Cost less accumulated depreciation. Provisi()n 18 made for depreciation where appropriate Investments Invesim¢nts are V¢ilued in the balanLe sheet at market value at the year end. Inv¢stm¢nÉ income is includcd in the accounts when receivable and any gains or losscs on revalualion ai ihL' yLur-end are sh<)wn in thc %OPA Debtors DLblors are included at the Settlement amount due. Prepayments are valued at the amount pr¢paid. Cash at bank and in hand C(i%h at bthk and in h¢￿￿ inLludes cash and short term highly liquid investments with a short maiurily of thrLe months. or ILss from the date ot'opcning oL'the deposit. Creditors and provisions Crcditors and provisions arc rccogniscd whcrc the charity has a prcscnt obligation arising from a past event that will probably result in the transfir or runds lo a third party and ihe amouni due to settle the obligation can bc measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Fund accounting The funds held by the charity are either.. Unr¢stri¢t¢d g¢n¢rdl Funds - Ihese are funds which can be used in accordance with the charitable objects al thc discretion of the circuil. Resiricled funds - these are tunds that can only be uscd for particular restri¢t¢d purposes within the objects of the charity. Rcstrictions arise when specified by the donor or when flmds are raised for particular r¢stri¢ted purposes. J2 Southwark and Deptford Circuit Notes to the Financial Statements For the year ended 31 August 2020 Ministers. manse costs Thc Circuit is rcquircd to provided accomrnodation for each minister in the Circuit and their families and this is seen as a bcnefit to the Circuit. Ministers are expected to occupy the manse provided to them. The Circuit bears the cost of repairs. m¢Lintenance. buildingJs insurance, council tax (￿d water charges. These figures are not separately disclosed as benefit in kind for ministers &s HMRC does not seek to tax these receipts in the hands of ministers. Methodist Connexional Funds The Methodisi Church Connexion raise assessments abJainst Circuil and the5c are paid quarterly to their Districts. The Circuit raise assessments against Churches in thc Cireuil. Th¢ DistTiCts rcmits to the Methodist Church Fund qudrterly mc)st of the sums received from Circuits. A small sum is rctaincd by thc Districts to mcct its own cost. Financial Instruments The c.harity only has financial assets and liabilities of a kind that qualify as basic financial in%trumenls. Elasic financial instrumcnts are initially recognised at transaction walue and subscquently measurcd at their settlcment dale. 2. Income Asse3¥ment on Churche8 General 90,000 24,400 40,000 35,000 20.000 15,(X)O 106.lJ)O CMTF Restrlrtéd Endowment Total 90.000 24.400 40,000 35,000 20,000 15,IxJo 106,C4)0 2019 95.000 24,400 45,000 Bermondsey Christ Churth Deptford Herne Hill Manor Pekham Walworth 20,0 15,0 115,0(KJ Interest 594 1,124 518 2,236 617 Total Inco￿ 330 994 518 332 636 355017 3. Grants and donations paid Total grants of £5,500 (2019: 19,500) were made from the general fL￿d to South London Mission to Ca￿ out ¢omtnunity work. 13 Southwark and Deptford Circuit Notes to the Financial Statements For the year ended 31 August 2020 4. Expenditure on Property 2020 2019 Insurdnce Council Tax Water rates General Maintenance 4,046 7,307 3,177 10,841 4,105 6,985 3,076 3,035 Major Repairs 20 098 4a. Expenditure - staff costs I'he Circuil met the stipends of and expenses of dll Ihe rninisters workingy in the Circuit durin&J the year. I'he ministerial stipLnds arc as per the gFuidelinL'S. Nonc, of thL' LmployLcs rLYeived earned more thw) £60.000. ThL tutiil P¢iid iu key man&lb)Lment £150,049 (2018119 - £178,624} 'I'hLre is no accrual for holiday pay as it is immaterial; Ihe holidxy year ends 31 Augusl. All are paid at or above the living wage. 4b. Expenditure - Missionary & Charitable Giving Dlrtdct Asmisment & Levy GeneNI 97.684 CMTF Rèrtrfrted Endowment Total 97,684 2019 95,558 Methodsit Chruch fund (MCFI D1$w￿% Expon$e$ Levy on CMF funds Total 1,609 95,558 Other outBDln85 Grants Youth Work Adminlstration G•n*NI CMTF Reitrfrt•d Total 5,5C 2,01• 19,5(Xl 4,4 3.890 7A74 7M74 5. Fund Movemont Balance• •1 01Sept 2019 I,>SO.279 Balgnt•5 •t EXp?￿Wbjre TraMfvr6 6•lMIILoJJes1 Prforyr JI Aug 2021 332.636 (280,3561 (3521 1,981.524 10.681 75.172 Generdl Fund Re5trLted 08￿nal80 EnlowT￿nI 1Q,681 76.172 41 e22 2 008 Q73 518 518 332 030 14 Southwark and Deptford Circuit Notes to the Ftnancial Statements For the year ended 31 August 2020 6. Tangible Fixed Assets All of the fixed assets are used for churilable purposes. Cost OT valuatlon Froehold land & buildings Flxtures. fittings and oqulpmgnt Totsl At the beginning of the year Addition5 1,724.959 1,724,959 Revaluations Disposals Transfers" At end of the year 1,724,959 1,724,959 Deprecl•tlon •nd Impalrnient• 'Ba818 SLorRB SLorRB SLorRB Straight Line I SL"lor Reducing Balance I'RB'I At beginning of the year Disposals Depreciation ImpaimEnt Transfers" At end of the year Net book value Net book value al the beginning of the year 1,724,959 1,724,959 Net book value at the end of the year 1,724.959 1,724,959 J5 Southwark and Deptford Circuit Notes to the Financial Statements For the year ended 31 August 2020 7. Fixed A$$et Investments Cir¢uit Model Trust Fund - balances £54315 (2019: £ 51,128). The purpose of the fund is for U8e ilt the discretion of the truslees in the furtheranLe of the general objectives of the Circuit. Although this is technically Unrestricl¢d fund undcr the control of the Circuit M¢clin¥, Prior approval is still required from thc District to utilize these funds. Methodist Standing order 930, 913 and 917 (2) are applicable. 8. Debtors Andpij ofdebto Thls y•ar Last y• Trwl• d•bto 93,985 45,053 Pr•p•rni•tht* acuu•d incom• Oth•r d•btors Total 93.985 45,053 9. Creditors - Amounts Falling Due Wlthln One Yoar Analy4$ of u•dlt* Amounts fafiinz du• wlthln on* ytar L•st y•ar Amountj falling due aftsr moY¢ thw one y*ar Th15 y•4r L45t year Thlj Tr¥Jt crBdltor% Accwals *nd deferred In¢om• 800 Taxatlon and wdal s•curfty Otheru•dlto Totsl 14542 12.205 16 **Southwark and Deptford Circuit** **Notes to the Financial Statements For the year ended 31 August 2020** ## **10. Restricted Funds** The only restricted fund held at the balance sheet date was endowment. ## **11. Unrestricted Funds** **General Fund balances £2,057,695 at 31[st] August 2020 (2019: £1,950,279).** The purpose of the fund is used at the discretion of the trustees in the furtherance of the general objective of the Circuit and which have not been designated for other purposes. 88% of this fund is held as freehold properties. During the year £5,500 was paid out as grants and donations from the General fund. **Central Finance Board (CFB) and Cash at Bank** : **£191,121 (2018: £192,473)** The Circuit has current accounts with Lloybs and CAF. The sum held on those accounts are immediately available. In addition, the Circuit has a deposit accounts at CFB a common deposit fund. Interest is earned on these accounts and credited monthly; the sums deposited can be withdrawn without notice and without loss if interest. These sums are viewed as being liquid ## **12. Related Party Transactions** The Circuit is part of the London District and is also accountable to the Methodist Conference. The Following Methodist Churches are linked to the Circuit: Bermondsey Central Hall Christ Church Dulwich Deptford Mission Herne Hill Manor Peckham Walworth **13. Fee to External Examiner:** The External Examiner was paid £800 to examine and prepare the Circuit accounts. _17_ Southwark and Deptford Circuit Notes to the Financial Statements For the year ended 31 August 2020 Gloss&ry of Ttrms CFB: Central Fin2mcL FJ()