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##
||||Pages|
|---|---|---|---|
|Report ofthe Trustees|||1-7|
|Report ofthe Independent||Auditors|8-10|
|Statement of Financial|Activities|||
|Year ended 31August||2021|11|
|Year ended 31August||2020|12|
|Balance Sheet|||13|
|Cash flow statement|||14|
|Notes forming
part of|the|Financial Statements|15-24|
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##
|||||||||E|E|
|---|---|---|---|---|---|---|---|---|---|
|Endowment
funds||||||||||
|The income
from these funds
is applied
capital is not available
for use'||to ministry|within||the|Circuit, The|||254,548|
|Restricted
funds||||||||||
|Available
for financing
capital|schemes - Arthur
Newbery|||Trust'||||220,742||
|Available
for funding
revenue|expenditure|as specified by||donors||||14,454||
||||||||||235,196|
|Unrestricted
funds||||||||||
|Manse capital fund (equivalent
to the value||ofmanse|and|investment|||properties)||5,812,750|
|Circuit
Model
Trust
Fund,
schemes
through
grants*|for financing|churches'|property|||and|mission||166,447|
|Funds available
for financing|Circuit occasional expenditure:|||||||||
|Circuit development
fund,|for training
and mission projects|||||||50,607||
|Youth work fund||||||||2,500||
|Kentwood
fund, for supporting
churches||small building||schemes||||12.973||
||||||||||66,080|
|Funds for financing
Circuit annual
operating||expenditure||||||||
|General funds, for all purposes||||||||244,211||
|Manse maintenance
fund,|for repairs, maintenance||and|refurbishment||||48,434||
||||||||||292,645|
|Total funds|||||||||6,827,666|
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|9.
Principal
ris|9.
Principal
ris|ks|and uncertainties|and uncertainties||||||
|---|---|---|---|---|---|---|---|---|---|
|The major risks||to|which the Circuit is||exposed|have been identified
by the Circuit Meeting
and|||are|
|listed|below.
A|major risk||is defined as one that,|||if realised|could fundamentally
affect the way|in|
|which|the Circuit|o|crates orachieves its outcomes||||in the next one to three
ears.|||
||Risk|||||Evaluation||Commenta||
|A|Churches|cannot
afford
to pay|||their|Moderate||The Circuit takes
into account
church||
||assessments.||This|would
affect the||||income
when
setting
assessments|on|
||abili
ofthe||Circuit to fund staffin|||||churches.||
||The Circuit|cannot maintain
residential||||Low||Surveyors
carry
out inspections
every||
||properties
to||appropriate
standards|||||five years to assist planning
repairs and||
|||||||||maintenance.
There is sufficient
in|the|
|||||||||Model Trust Fund for works needed|in|
|||||||||the medium
term||
|C|The Circuit|is unable||to fill stations|with|Moderate||There
is a Connexional
shortage|of|
||presbyters,|deacons||or lay staff where||||presbyters,
and
sometimes
vacancies||
||a
ro riate.|||||||cannot be filled immediatel||
|D|The Circuit||is unable|to attract
circuit||Moderate||The
Circuit
is
heavily
dependent|on|
||stewards
and other office holders||||with|||such individuals
and the time that they||
||appropriate|skills and||expertise||||commit to the Circuit's
life and work.|At|
|||||||||resent most
osts are filled.||
||Churches|are unable||to attract|office|Moderate||If
churches
cease
to
operate,|the|
||holders
with||suificient
time,
skills||and|||Circuit may need to become managing||
||expertise
to||enable|them
to continue||||trustee for the site.||
||o eratin|||||||||
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||||Notes|Unrestricted|Unrestricted|funds|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||General|Designated||Funds|Funds|2021|
|||||Funds||Funds||||
|||||6||6|6|6||
|INCOME AND ENDOWMENTS||||||||||
|Donations
and legacies||||||||||
|Charitable
income||||||||||
|Assessments
on churches
Other income
Investments|||4|449,850
431||30,243|||449,850
30,674|
|LeNings income
Investment
income and|interest||3|7,259||93,624
832|110|135|93,624
8,336|
|Total income and endowments||||457,540||124,699|110|135|582,484|
|EXPENDITURE||||||||||
|Charitable
expenditure||||||||||
|Stipends,
salaries and associated costs
Assessments
and levies|||5
6|357,172
105,738||13.839|||357,172
119,577|
|Manse running
costs|||7|-||74,432|||74,432|
|Grants and donations|||10|500||30,000|100||30,600|
|Administration
and travel|||8|23,264|||||23,264|
|Other outgoings|||9|11,041||33,566|||44.607|
|Raising funds||||||||||
|Investment
management|costs|||513||502|65|1,583|2,663|
|Total expenditure||||498,228||152,339|165|1,583|652,315|
|Net incomel(expenditure)
investment
gains/losses|before|||(40,688)||(27,640)|(55)|(1,448)|(69,831)|
|Investment
realised
& unrealised||gains/(losses)||||||||
|Investment
properties|||15|||191,250|||191,250|
|Other|||16||||27,789|30,041|57,830|
|Net income/(expenditure)
transfers|before|||(40,688)||163,610|27,734|28,593|179,249|
|Transfers
between
funds||||ee,eto||(55,610)||||
|Revaluation
offreehold
property|||14|||250,000|||250,000|
|Net movement
in funds||||17,922||355,000|27,734|28,593|429,249|
|Total funds brought
forward|(revised)|||226,289|5,738,711||207,462|225,955|6,398,417|
|Total funds at 31August 2021||||244,211|6,093,711||235,196|254,548|6,827,666|
##
##
||||Notes|Unrestricted|Unrestricted|Funds|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||General|Designated||Funds|Funds|2020|
|||||Funds
8||Funds
E|||(restated)
8|
|INCOME AND ENDOWMENTS||||||||||
|Donations
and legacies
Charitable
income||||||12.982|||12,982|
|Assessments
on churches
Otherincome|||4|477,135
170||11,468|||477,135
11.638|
|Investments||||||||||
|Lettings income
Investment
income and|interest||3|9,706||85,338
2,651|280|347|85,338
12,984|
|Total income and endowments||||487,011||112,439|280|347|600,077|
|EXPENDITURE||||||||||
|Charitable
expenditure||||||||||
|Stipends, salaries and associated costs
Assessments
and levies|||5
6|340,423
104,249||15,396|||340,423
119,645|
|Manse running
costs|||7|||121,971|||121,971|
|Grants and donations|||10|500||6,998|322||7,820|
|Administration
and travel|||8|28,282|||||28,282|
|Other outgoings|||9|13.819||25,542|||39,361|
|Raising funds||||||||||
|Investment
management|costs|||||642|65|1,578|2,285|
|Total expenditure||||487,273||170,549|387|1,578|659,787|
|Net income/(expenditure)
investment
gains/losses|before|||(262)||(58,110)|(107)|(1,231)|(59,710)|
|Investment
realised
& unrealised||gains/(losses)||||||||
|Investment
properties||||||||||
|Other investments|||16||||(2,718)|(5,532)|(8,250)|
|Net income/(expenditure)
transfers|before|||(262)||(58,110)|(2,825)|(6,763)|(67,960)|
|Transfers
between
funds||||13,661||(11,464)|(2,197)|||
|Revaluation
of freehold
property||||||||||
|Net movement
in funds||||13,399||(69,574)|(5,022)|(6,763)|(67,960)|
|Total funds brought
forward||||212,890|5,808,285||212,484|232,718|6,466,377|
|Total funds at 31 August 2020||(revised)||226,289|5,738,711||207,462|225,955|6,398,417|
##
##
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##
|||||2021|2020|
|---|---|---|---|---|---|
||||Notes|8|6|
|Cash used in operating
activities|||25|(151,938)|(198,580)|
|Cash flows from investing
activities||||||
|Dividends,
interest and rents from investments||||101,960|98,322|
|Proceeds from sale of property||||||
|Expenditure
funded
through
investment|porffolio|||83,782|71,156|
|Purchase of investments||||(40.980)|(7,292)|
|Investment
sale proceeds||||42.748|8,506|
|Cash provided
by investing
activities||||187,510|170,692|
|(Reduction)/increase
in cash and cash equivalents|||in year|35,572|(27,888)|
|Cash and cash equivalents
at the beginning||ofthe|year|372,984|400,872|
|Total cash and cash equivalents
at the end ofyear||||408,556|372,984|
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##
##
|MANSE RUNNING COSTS|||||||
|---|---|---|---|---|---|---|
||Unrestricted|Funds|||||
||General|Designated|Restricted|Endowment|Total|Total|
||Funds
6|Funds
6|Funds
6|Funds
6|2021f|2020
6|
|Insurance
and ualities
Rent payable
Repairs and maintenance||27,972
19,200
27,260|||27,972
19,200
27,260|31,811
6,950
83,210|
|||74,432|||74,432|121,971|
##
|EL||||||
|---|---|---|---|---|---|
|Unrestricted|Funds|||||
|General|Designated|Restricted|Endowment|Total|Total|
|Funds
6|Funds
6|Funds
6|Funds
6|2021f|2020
6|
|8,090||||8,090|6,908|
|2,309||||2,309|3,344|
|1,699||||1,699|1,710|
|4,400
6,766||||4,400
6,766|4,800
11,520|
|23,264||||23,264|28,282|
||||Unrestricted|Funds|||||
|---|---|---|---|---|---|---|---|---|
||||General|Designated|Restricted|Endowment|Total|Total|
||||Funds|Funds|Funds|Funds|2021|2020|
||||6|6|6|6|6|6|
|Audit fees|||6,720||||6,720|6,840|
|Professional|fees||||||||
|Property|management||576|26.336|||26,912|26,118|
|Sale of ransom||strip||7,230|||7,230||
|Other expenditure|||3,745||||3,745|6,403|
||||11,041|33.566|||44,607|39,361|
|20).Associated
sup|port costs are insignifi|cant
and|have n|ot been disclos|ed separately|||
|---|---|---|---|---|---|---|---|
|||||||Total|Total|
|General funds (unrestricted)||||Paid
6|Accrued
6|2021f|2020f|
|Reading
University|Chaplaincy|||500||500||
|Churches
Together|in Berkshire|||||||
|||||500||500|500|
|Designated
funds|(unrestricted)|||||||
|Model Trust Fund||||||||
|Tilehurst
Methodist
Church towards||funding|lay|||||
|employee
post||||30,000||30,000||
|Christ Church|Woodley, kitchen reurbishment||||||4,000|
|Kentwood
Fund||||||||
|Small grants|paid to churches||||||4,100|
|||||30,000||30,000|8,100|
|Benevolence
fund|(restricted)|||||||
|Payments||||100||100|322|
|||||30,600||30,600|8,922|
##
##
##
|to anil during the year (2020|to anil during the year (2020|;6845).|;6845).|||
|---|---|---|---|---|---|
|Expenses
paid to members||ofthe Circuit Meeting were as follows:||2021|2020|
|||||6|6|
|Travel expenses||||3,883|10,089|
|Pulpit supply costs||||2,340|3,775|
|Manse expenses
reimbursed||||1,711|390|
|Administration
and|other ministry expenses||reimbursed|1,157|4,360|
|||||9,091|18,614|
|Number oftrustees|who were paid expenses|||16|19|
##
|eme co|ntinues
int|o the future,|were as|
|---|---|---|---|
||||2017|
||||E'm|
|Target|level ofassets||449.7|
|Actual value ofassets|||469.3|
|Surplus/shortfall(-)||in assets|19.6|
|Funding|level||104.40%|
##
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##
##
##
##
||||||||||
|---|---|---|---|---|---|---|---|---|
|16|INVESTMENTS||||||2021|2020|
||||||||6|6|
||Balance at 1 September 2020||||||334,426|343,888|
||Additions
Disposals
Unrealised
gains/(losses)||||||40,980
(42,748)
57,830|7,292
(8,506)
~8,248|
||||||||390,488|334,426|
||Cash held||||||262,021|345,803|
||Balance at 31August 2021||||||652,509|680,229|
||Analysis of investments||||||||
||Investments
listed on a recognised|Stock Exchange or held|||in common||||
||investment
funds,
unit trusts or other||collective investment||schemes||390,487|334,426|
||Other investments||||||95,575|95,209|
||Circuit Model Trust cash holdings||||||166,447|250,594|
||||||||652,509|680,229|
|17|DEBTORS||||||2021|2020|
||Sundry debtors||||||6,976|7,806|
||Stipends
paid in advance||||||20,118|19,896|
||Prepayments||||||11,470|15,141|
||||||||38,564|42,843|
|18|CREDITORS||||||2021|2020|
||||||||6|6|
||Assessments||||||34,264|35,701|
||Other creditors||||||2,776|3,922|
||Grants payable to churches||||||18,600|18,600|
||Accruals||||||29,073|10,916|
||||||||84,713|69,139|
|19|ANALYSIS OF NET ASSETS BETWEEN FUNDS||||||||
||||Fixed|Investment||Other|Current||
||||Assets|Property||Investments|Assets (net)|Total|
||||6||8||8|8|
||Funds, year ended 31August 2021||||||||
||Endowment
funds|||||254,548||254,548|
||Restricted
funds|||||231,514|3,682|235,196|
||Unrestricted
funds||3,195,000|2,617,750||166,447|358,725|6,337,922|
||||3,195,000|2,617,750||652,509|362,407|6,827,666|
||Funds, year ended 31August 2020||(restated, see pages||11&12)||||
||Endowment
funds|||||225,955||225,955|
||Restricted
funds|||||203,680|3,782|207,462|
||Unrestricted
funds||2,945,000|2,426,500||250,594|342,906|5,965,000|
||||2,945,000|2,426,500||680,229|346,688|6,398,417|
##
##
##
|20|ENDOWMENT|ENDOWMENT|FUNDS|||Opening|Net incomef|Investment|Transfers|Closing|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||balances|(expenditure)|gainsl(losses)||balances|
||Movements
in||year ended 31August 2021|||E|E|E||E|
||Arthur|Newbery|Trust 5446 (Trustees|Investment|Fund: TIF|359||||359|
||Anhur
Anhur|Newbery
Newbery|Trust 4345 (TIF)
Trust 4763 (Methodist|Managed||30,599|42|||30,641|
||Mixed|Funds 8|TIF)|||85,268||15,633||100,901|
||Arthur|Newbery|Trust 5447 (TIF)|||337||||337|
||Anhur|Newbery|Trust 3669(TIF)|||9,535|13|||9.548|
||AJ Briggs Trust||(managed
by Lloyds Bank Private||Banking)|||14.408||112.762|
|||||||225,955|(1,448)|30,041||254,548|
||Movements
In||year ended 31 August|2020|||||||
||Arthur|Newbery|Trust 5446 (Trustees Investment||Fund; TIF|359||||359|
||Arthur
Arthur|Newbery
Newbery|Trust 4345 (TIF)
Trust 4763 (Methodist|Managed||30,399|200|||30,599|
||Mixed
Arthur|Funds
&
Newbery|TIF)
Trust 5447 (TIF)|||86,797
337||(1,529)||85,268
337|
||Arthur|Newbery|Trusl 3669(TIF)|||9,471|64|||9,535|
||AJ Briggs Trust||(managed
by Lloyds Bank Private||Banking)|||||99.857|
|||||||||||225 955|
|Movements|Movements|in year ended 31|August 2021|E|E|||E||E|
|---|---|---|---|---|---|---|---|---|---|---|
|Benevolence||fund||3,782||(100)||||3,682|
|Edith|Bailey|Bequest (supporting|people)|10.757||15||||10,772|
|Arthur|Newbery
Trust (Iinancing||capital schemes||||||||
|in the|Circuit)|||192,923||30|27,789|||220,742|
|||||207,462||(55)|27,789||0|235,196|
|Movements||In year ended 31|August 2020||||||||
|Benevolence||fund||4,104||(322)||||3,782|
|Edith|Bailey|Bequest (supporting|people)|10,686||71||||10.757|
|Arthur|Newbery
Trust (financing||capital schemes||||||||
|in the|Circuit)|||195,500||144|(2,721)|||192,923|
|Fund|for the|Worker with the Deaf (dosed)||2,194||||(2.194)|||
|||||212,484||(107)|(2,721)|(2.194)||207,462|
##
||||Fo|r lhe year ende|d 31August 2|021 (cent'dj||||
|---|---|---|---|---|---|---|---|---|---|
|22|UNRESTRICTED FUNDS||||Opening|Net Income or|Investment|Transfers|Closing|
||||||balances|expenditure(-)|GainslLosses||balances|
||||||E|8|6|E|E|
||Movements
in year ended 31August 2021|||||||||
||General fund (day lo day running
Designated
Funds:|costs)|||226,289|(40,688)||58,610|244,211|
||Manse Maintenance
fund
Menses capital (value ofmenses)
Youth work fund
Circuit developmeni
fund (training,||outreach,|small projects|50,535
5,371,500
2,500
50,607|(3,101)|441,250|1,000|48,434
5,812,750
2,500
50.607|
||Kentwood
Fund (grants for buildings||projects)||12,973||||12,973|
||Circuit Model Trust fund||||250.596|(24,539)||(59,610)|166,447|
||||||5,965,000|(68,328)|441,250||6,337,922|
||Movements
In year ended 31August 2020|||||||||
||General fund (day lo day running
Designated
Funds:|costs); restated|||212,890|(259)||13,658|226,289|
||Manse Maintenance
fund
Menses capital (value ofmenses)|-|restated||58,742
5,371,500|(50,707)||42,500|50,535
5,371,500|
||Youth work fund||||2,500||||2,500|
||Circuit development
fund (training,|outreach,||small projects|37,625|12,982|||50,607|
||Kentwood
Fund (grants for buildings||projects)||15,971|(2,998)|||12,973|
||Circuit Model Trust fund||||321,947|(17,387)||(53,964)|250,596|
||||||6,021,175|(58,369)||2,194|5,965,000|
|were for re|lated pa|hie|s|as defined
in Nole 1 and|do not appear elsewhere
in|these accounts.||
|---|---|---|---|---|---|---|---|
||||||~Recei ts|~Pa ments||
||||||E|E||
|M Ihodist|Conn
xi|n|I|Funds||||
|Methodist|Church
Fund||||3.880|2,880|1,000|
|Funds for.|Properly||||3,522|3,522||
||Mission|in|Britain||1.467|1,467||
||World Missions||||293|293||
|Methodist|Homes||||150||150|
|Aa We Can|||||50|50||
|Preachers|and Leaders|||of Worship|100|||
|Methodisl|Ministers'|Housing Society|||1,989|1,989||
|Support for Presbyters||||and Deacons|100|100||
||||||11.551|10,301|1,250|
##
##
|25|RECONCILIATION|OF NET (OUTGOING)/|OF NET (OUTGOING)/|INCOMING|RESOURCES TO NET CASH INFLOWS|RESOURCES TO NET CASH INFLOWS|FROM|
|---|---|---|---|---|---|---|---|
||OPERATIONS|||||||
||||||2021||2020|
||||||6||6|
||Net movement
in funds||||179,249||(67,960)|
||(Gains)/losses
on investments|||||||
||Investment
properties||||(191,250)|||
||Other investments||||(57,830)||8,250|
||Investment
income|and rent|from investments||(101,960)|(98,322)||
||Proceeds from sale|offixed assets||||||
||(Increase)/decrease|in debtors|||4,279|(11,898)||
||Increase/(decrease)|in creditors|||15,574|(28,650)||
||Net cash used
in operating||activities||(151,938)|(198,580)||
||Analysis ofcash and cash||equivalents|||||
||CFBdeposits||||383,142|347,969||
||Cash at bank and in|hand|||25,414||25,015|
||Net cash used
in operating||activities||408,556|372,984||