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2022-08-31-accounts

Southwark and Deptford Circuit

Charity Registration Number: 1134402

Report & Accounts 31 August 2022

The Financial Warehouse Company Ltd Chartered Certified Accountants 11-13 Station Road Swanley, BR8 8ES

Southwark and Deptford Circuit

Report and Financial Statements 2022 Contents

Page
Legal and administrative information 2-3
Report of the Trustees 4
Independent Examiner’s Report to the Circuit 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12

1

Southwark and Deptford Circuit

Legal and Administrative Information For the year ended 31 August 2022

Charity Name 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
Circuit serving at the date of this report were:
Superintendent Revd David Gillman
Superintendent Revd David Gillman
Ministers. Revd Ling Yu Ji
Revd David Markay
Revd Charity Madenyika
Revd Paul Weary
Secretary Joy Nnanami
Circuit Staff Peter Baffoe
Winnie Baffoe
Circuit Stewards Esther Adenuga
Evelyn deGraft
Vidal Sumner (Treasurer)
Edet Okon
Roxanne Parker
Abenaa Baffoe
Preacher’s Secretary Olu Akinyemi
Safeguarding Officer Vacant
Lloyds Bank,
Charity Aid Foundation
Independent Mr Ransford Grey FCCA, MBA, B.Sc (Hons)
Examiner

2

Southwark and Deptford Circuit

Legal and Administrative Information For the year ended 31 August 2022

Trustees
Bermondsey Ayo Odumade Steward
Sammy Abbey Treasurer
Stephanie Stevenson Representative
Vacant Representative
Eric Bediako Representative
Christ Church Peter Bondzie Steward
Elizabeth Morgan Representative
Deptford Steve Asare Ansong Steward
Bola Nzekwe Treasurer
Theodora Abbey
Tetteh Representative
Herne Hill Jackie Plumridge Steward
Thomas Beko Treasurer
Joanthan Dolling Representative
Manor Samuel Awuah Steward
Pamela Williams Treasurer
Felix Otabil Representative
Peckham Ernest Young Steward
Ernest Hagan Treasurer
Henry Needham Representative
Walworth Road Evelyn King Steward
Vidal Sumner Treasurer
Leke Dada Representative
Caroline Ogunsola Representative
Jonna Coker Representative
Nii Annan Asumang Representative
Ann Pratt Representative

3

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2022

The Southwark and Deptford Circuit submits its report and the financial statements for the year ended 31[st] August 2022. 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:

4

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2022

The Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the circuit and in the churches.

The Circuit commits itself to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable

2. Public Benefit

The Trustees of the Methodist church had due regard to the public benefit guidance published by the charity commission in compliance with its duties under section 17 of the Charities Act 2011. The guidance sets of 2 key principles:

  1. The Organisation must have an identifiable benefit

  2. The benefit must be to the public or a section of the public

The Church exist, inter alia to

The trustees consider that for these reasons the charity meets these public benefits requirements

3. Achievements and Performance

The Southwark and Deptford Circuit continues to adjust to the post-pandemic reality. Congregations are smaller in number, the streaming of some services continues, income from Sunday offerings and giving by members is improving but not at previous levels. This is exacerbated by increased costs in daily essentials leaving less for people to give. The other mainstream of income from the use of property by other organisations is also slow to recover. This is having an adverse effect on local church budgets, the source of which is the income to circuit funds. The church advice to draw from reserves has been done leaving little in either church or circuit funds. This is a matter of continuing concern as the likely increase in expenditure will not be sustainable in future years unless there is improvement in direct giving and more efficient use of church property.

The circuit had two ministers take sabbaticals during the year with cover being given by other ordained staff and local churches. Two ministers were restationed at the end of the year with one new minister being appointed in the southern part of the circuit. The reduction in one minister is partly in

5

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2022

response to finance but more to do with the availability of ministers across the wider Methodist Church.

One circuit steward has come to the end of their term of office. Thanks was given to Esther Adenuga for the care she had exercised towards the ministers and work of the circuit. New stewards have been appointed.

The work among young people across the churches is generally small; so the opportunity to come together and facilitate attendance at 3Generate, the national conference for young people, is a highlight and encouragement. It is from these lives that future leadership needs to be drawn. The Circuit continues to train preachers and has seen several accredited. One preacher will continue to offer for ordained ministry in the next year.

The longer term use of manses is under consideration; in the meantime an arrangement has been made for the use of one manse to house a Syrian refugee family in partnership with Peckham Refugee Sponsoring Group. The circuit stewards have reviewed the care of the manses and are working on a schedule of maintenance within the restricted budget given the financial pressure on general income. The circuit received reports from several churches including Bermondsey and Peckham where new structures for identifying mission have been made.

In relation to safeguarding, the circuit received the Methodist Church’s response to the Independent Inquiry into Sexual Abuse and continues to advocate training of officers and develop greater awareness of working safely in all its work.

Similarly, the circuit, given its diversity, welcomes the emphasis of the Methodist Church in the resources around justice, dignity and solidarity and continues to work locally in its work, witness and worship to embody these values.

………………………………………… David Gillman Superintendent Minister.

4. Financial Review

The Circuit prepares accrual accounts. They are not a consolidation of the accounts of churches in the circuit. The Circuit budgets is prepared by first anticipating the expenditure for the forthcoming year and then determining how that sum will be raised. About 90% of the income for the year ended 20/21 came from the individual churches assessment whilst the remaining fund was from investments.

4.1 Financial Activity and Financial Position

The statements of Financial Activities and Balance Sheet can be found on Pages 10 and 11 respectively. Total reserves at the yearend is £1,959,979. This is represented by Unrestricted Fund of £1, 832,399 and restricted funds of £51,408

6

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2022

4.2 Reserves Policy

The reserves of the circuit are dependent on the extent that its ongoing cost can be funded from the assessment levied on the individual churches. The Circuit seeks to operate its financial affairs each year on an ongoing basis. At the year-end, the actual readily available reserves of the circuit were £183,612 (2021: £256,562)

4.3 Investment Policy

Funds in excess of immediate working capital requirement are placed in a bank 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 accept that there is a legal or constructive obligation to make the payment and that such payment is probable.

5. Plans for Future Periods

Work on our strategy is more limited given the constraints of the pandemic. However, we are establishing a team ministry in the north of the Circuit with two new ministers working alongside the Superintendent. Churches are adapting to minister in line with government guidelines, opening where possible to give support to vulnerable groups and individuals.

The uncertainties have not been easy to negotiate and we recognise that 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 accordance with applicable law and United Kingdom Standards (UKGAAP).

The Law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which gives a true and fair view of the charity’s financial activities during the year and its financial position at the end of the year.

In preparing those financial statements, the Trustees are required to:

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity Accounts and Reports Regulations 2008

7

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2022

and the provisions of the governing document. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

7. Approval

The Trustees’ Annual Report was approved by the trustees on ………………24/04/2023 and signed on their behalf by

………………………………………………………….

Rev David Gillman BD, MA Superintendent Minister and Chair of Trustees

……………………………………………………… Vidal Sumner Treasurer

8

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 2022, which are set out on pages 10 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.

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

…………………………… 24/04/ 2023

9

Southwark and Deptford Circuit

Income Statement For the year ended 31 August 2022

Statement of financial activities for the year Ended 31 August 2022 Statement of financial activities for the year Ended 31 August 2022 Statement of financial activities for the year Ended 31 August 2022 Statement of financial activities for the year Ended 31 August 2022
Notes
2
Expenditure
Expenditure on:
3
4a
4
4b
Other cost
4b
Tax payable
Net gains/(losses)
on investments
Extraordinary
items
Other gains/(losses)
Reconciliation of
funds:
5
Income from monetary
Net income/(expenditure)
before tax for the
reporting period
Grants
Assessment on churches
District Assessment levy
Staff cost
Property
Total
Income
Income and endowments
from:
Donations and legacies
Total funds carried
Total
Net income/(expenditure)
Net income/(expenditure)
Transfers between funds
Net movement in funds
Total funds brought forward
Other recognised		 Unrestricted
funds
Restricted
funds
Endowment
funds
£
£
£

3,585
-
-
68
-
-
253,784
-
-
Total funds
£		 Prior year funds
£
23,017
3,195
240,400
3,585
68
253,784
257,437
-
-		 257,437 266,612
-
-
155,156
-
-
21,535
102,064
-
-
5,580
-		 5,500
251,179
24,344
102,064
2,824
-
155,156
21,535
102,064
5,580
284,335
-
-		 284,335 385,911
26,898
-
-
-		 26,898
-		 119,299
-
-
-
-		 - -
26,898
-
-
-		 26,898
-		 119,299
-
- - -
26,898
-
-
-		 26,898
-		 119,299
-
-
-
-
-
-
-
45
-
15
5,224
-		 - -
480
-
-
-
5,254
-
26,943
-
15
5,224
-		 32,152
-		 119,779
-
1,935,514
10,698
45,919		 2,111,910
1,992,131
1,908,571
10,713
40,695		 1,959,979 1,992,131

10

Southwark and Deptford Circuit

Balance Sheet For the year ended 31 August 2022

Fixed assets
Tangible assets (Note 6)
TMCP Investments (Note 7)
Total fixed assets
Current assets
Debtors (Note 8)
TMCP Investments
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one
year (Note 9)
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after one
year
Provisions for liabilities
Total net assets or liabilities
Funds of the Charity (notes 5)
Endowment funds
Restricted funds
Unrestricted funds
Designated
Fair value reserve
Total funds		 Unrestricte
d funds
Restricted
income
funds
Endowme
nt funds
Total this
year
Total last
year
£
£
£
£
£
1,724,959 - - 1,724,959
1,724,959
-10,713 40,695 51,408
56,617
1,724,959 10,713 40,695 1,776,367
1,781,576
38,243 - - 38,243
39,422
60,240 - - 60,240
61,675
132,427- -132,427
172,513
230,910 - - 230,910
273,610
47,298 - - 47,298
63,055
183,612 - - 183,612
210,555
1,908,571 10,713 40,695 1,959,979
1,992,131
- - -
-
- - - -
-
1,908,571 10,713 40,695 1,959,979
1,992,131
40,695 40,695
45,919
10,713
10,713
10,698
1,832,399
1,832,399
1,859,342
76,172
76,172
76,172
1,908,571 10,713 40,695 1,959,979
1,992,131

The Financial statements were approved by the Circuit on 24 /12/2022……. Signed on their behalf by

……………………. Mr Vidal Sumner Treasurer

11

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102)). The financial statements are drawn up on the historical cost basis of accounting.

The financial statements include all transactions, assets and liabilities for which the circuit is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The circuit meets the definition of a public benefit entity under FRS 102.

Going Concern

Each year it is the Trustee’s responsibility to state whether or not the annual accounts have been drawn up on a going concern basis (see the accounting policy note on page 12). Going concern is the assumption that an entity, in this case, the Circuit, has the resources (financial or otherwise) needed to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the Trustees of these annual accounts. If the going concern principle did not apply, then the accounts would be drawn up on an insolvent basis. Clearly, as part of this year’s going concern review, the Trustees have had to consider the likely impact of the cost of living crisis on its ministry. It has concluded that the financial risks to the ministry have increased slightly as a result of increased economic costs which has affected income from churches, although churches in the circuit continue to pay assessments, which is the main source of income for the Circuit. It is therefore appropriate to prepare the 2022 Accounts on a going-concern basis and it is not necessary to make any adjustments to these accounts. The Trustees will continue to keep both the short-term and longer-term impact under review

Income recognition

Income is recognised in the Statement of Financial Activities when the charity has entitlement to the funds, any performance conditions attached to the items(s) of income have been met, it is probable that income will be received and the amount can be measured reliably. Donations are accounted for gross when received. Rental income is accounted for on accrual basis. In accordance with the charities SORP (FRS102), the time of volunteers us not recognised. Further information on this matter is provided in the Trustees Annual Report.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

12

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The circuit is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Charitable expenditure includes those costs in fulfilling the circuit principal objects, as outlined in the Report of the circuit. These include grants payable, governance costs and an apportionment of support costs.

Taxation

As a charity, the circuit is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the circuit.

Tangible Fixed Assets

Tangible fixed assets are capitalized if they can be used for more than one year, and cost at least (say) £1000. They are valued at cost or a reasonable value on receipt. Where cost is not available, the Church Council may provide a reasonable estimate of cost or of the buildings’ current value to the church. An estimate based on insurance value should take account of the fact that cover will be based on demolition and reinstating the current building and not the original cost less accumulated depreciation.

Provision is made for depreciation where appropriate

Investments

Investments are valued in the balance sheet at market value at the year end. Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year-end are shown in the SOFA

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to

13

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Fund accounting

The funds held by the charity are either:

Ministers’ manse costs

The Circuit is required to provided accommodation for each minister in the Circuit and their families and this is seen as a benefit to the Circuit. Ministers are expected to occupy the manse provided to them. The Circuit bears the cost of repairs, maintenance, buildings insurance, council tax and water charges. These figures are not separately disclosed as benefit in kind for ministers as HMRC does not seek to tax these receipts in the hands of ministers.

Methodist Connexional Funds

The Methodist Church Connexion raise assessments against Circuit and these are paid quarterly to their Districts. The Circuit raise assessments against Churches in the Circuit. The Districts remits to the Methodist Church Fund quarterly most of the sums received from Circuits. A small sum is retained by the Districts to meet its own cost.

Financial Instruments

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement date.

2. Income

14

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

Assessment on Churches Assessment on Churches
2022 2021
General CMTF Restricted Endowment Total Total
Bermondsey 90,000 90,000 90,000
Christ Church 24,296 24,296 24,400
Deptford 25,000 25,000 25,000
Herne Hill 4,488 4,488 25,000
Manor 20,000 20,000 20,000
Pekham 15,000 15,000 15,000
Walworth 75,000 75,000 41,000
253,784 - - 253,784 240,400
Interest 68 68 3,196
Other income 3,585 3,585 23,017
Total income 257,437 - - - 257,437 266,613

3. Grants and donations paid

No grant was made in to organisations in 2023

4. Expenditure on Property

Insurance
Council Tax
Water rates
General Maintenance
General exp		 2022
2021
£
£
4,680
4,378
8,046
9,510
3,182
3,271
5,627
7,185
21,535
24,344

4a. Expenditure – staff costs

The Circuit met the stipends and expenses of all the ministers working in the Circuit during the year. The ministerial stipends are as per the guidelines. None of the employees earned more than £60,000. The total paid to key management is £155,156 (2021 - £251,179). There is no accrual for holiday pay as it is immaterial; the holiday year ends on 31[st] August. All Staff are paid at or above the living wage.

4b. Expenditure – Missionary & Charitable Giving

15

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

District Assessment & Levy

Methodsit Chruch fund (MCF)
District Expenses
Levy on CMF funds
Total
Other outgoings
Grants
Youth Work
Administration		 General
CMTF
Restricted
Endowment
Total
2021
102,064
102,064
102,064
-
1,673
-
1,673
1,579
102,064
1,673
-
-
103,737
103,643
General
CMTF
Restricted
Total
2,021
-
5,500
-
5,580
5,580
2,824
5,580
-
-
5,580
8,324

5. Fund Movement

Fund Movement

General Fund
Restricted
Designated
Endowment		 Balances at
01/09/ 2021
Income
`Expenditure Transfers
Gains/
(Losses) Prior Yr Adj
Balances at
31 Aug 2022
1,859,342
257,437
284,335
15
30
1,832,399
10,698
15
10,713
76,172
-
76,172
45,919
5,224
40,695
1,992,131
257,437
284,335
-
5,254
30
1,959,979

6. Tangible Fixed Assets

16

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

All of the fixed assets are used for charitable purposes. All of the fixed assets are used for charitable purposes. All of the fixed assets are used for charitable purposes. All of the fixed assets are used for charitable purposes. All of the fixed assets are used for charitable purposes.

At the beginning of the
year
Additions
Revaluations
Disposals
Transfers *
At end of the year
Freehold land
& buildings
£
1,724,959
-
-
-
-
1,724,959
Fixtures, fittings
and equipment
£
-
-
-
-
-
Total
£
1,724,959
-
-
-
-
1,724,959

Depreciation and impairments

*Basis*
 Rate
At beginning of the year
Disposals
Depreciation
Impairment
Transfers
At end of the year
Net book value at the
beginning of the year
Net book value at the
end of the year
Net book value*		 SL or RB
 SL or RB SL or RB
Straight Line
("SL") or
Reducing
Balance
("RB")		 Straight Line
("SL") or
Reducing
Balance
("RB")
- - -
- - -
- - -
- - -
- - -
- - -
1,724,959 - 1,724,959
1,724,959 - 1,724,959
1,724,959
1,724,959		 -
-		 1,724,959
1,724,959

7. Fixed Asset Investments

17

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

Circuit Model Trust Fund – balances £60,240 (2021: £ 56,671) . The purpose of the fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit. Although this is technically Unrestricted Fund under the control of the Circuit Meeting, Prior approval is still required from the District to utilize these funds. Methodist Standing order 930, 913 and 917 (2) are applicable.

8. Debtors

Total
Trade debtors
Prepayments and accrued income
Other debtors		 This year
£		 Last year
£
38,243 39,422
- -
- -
38,243 39,422

9. Creditors - Amounts Falling Due Within One Year

Analysis of creditors

Analysis of creditors
Trade creditors
Accruals and deferred income
Taxation and social security
Other creditors
Total		 Amounts falling due within
oneyear
This year
£		 Last year
£
46,498 62,254
800 800
- -
- -
47,298 63,054

10. Restricted Funds

Restricted fund held at the balance sheet date includes Endowment of £51,408.

11. Unrestricted Funds

General Fund balances £1,908,571 at 31[st] August 2022 (2021: £1,935,514). 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.

18

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

Central Finance Board (CFB) and Cash at Bank : £192,667 (2021:£234,188) . 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.

19

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2022

Glossary of Terms

CFB: Central Finance Board of the Methodist Church manages a common Deposit Fund and a series of pooled investment finds for Methodist entities in Great Britain and Provides Investment advice to those entities.

Church : a group of members from fewer than 10 to more than 300

CAF: Charity Aid Foundation

Circuit: a group of Methodist Churches near each other, typically between 1- to 30 TMCP: Trustees for Methodist Church Purposes , the Legal owner and Custodian Trustees of all Methodist Model Trust Property, including Legacies , Endowments and Accumulated Funds

20