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|||Pages|
|---|---|---|
|Report ofthe Trustees||1-7|
|Report ofthe Independent|Auditors|8-10|
|Statement of Financial Activities|||
|Year ended 31August|2022|11|
|Year ended 31August|2021|12|
|Balance Sheet||13|
|Cash flow statement||14|
|Notes forming
part ofthe|Financial Statements|15-24|
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|The Balance Sheet show|s the Circuit's assets, liabilities|s the Circuit's assets, liabilities|and reserves.|and reserves.||||
|---|---|---|---|---|---|---|---|
|The net expenditure
for|the year was f62,336 before||investment||gains (2021: net||expenditure
of|
|f69,831).The reduction|in net expenditure|ofF7,495 resulted||from the following:|||f|
|Churches'
assessments
were reduced|||||||40,863|
|Investment
income and bank interest was||higher|||||2,813|
|Rental income from manses was higher with fewer voids|||and|another|property|being let|10,815|
|Less from sale ofproperty access rights|||||||-21,200|
|Staffcosts were lower|||||||28,079|
|Manse maintenance
and|other costs (net|ofcontributions)|were lower||||5,457|
|Less paid out to churches|in grants||||||15,100|
|Administrative
and other|expenses
lower||||||5,083|
|Other variations,
net|||||||2,211
~7495|
##
|in Notes 20to 22 in t|hese fin|anc|ial state|m|en|ts.
These|fun|ds|ma|y be|summarised|as follows
F|:
E|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Endowment
funds||||||||||||||
|The income
from these funds|||is applied||to ministry||within||the|Circuit, The||||
|capital is not available|for use*||||||||||||237,936|
|Restricted funds||||||||||||||
|Available
for financing|capital|schemes||-|Arthur
Newbery|||Trust*||||209,527||
|Available
for funding|revenue|expenditure|||as specified||by|donors||||14474||
||||||||||||||224,001|
|Unrestricted
funds||||||||||||||
|Manse capital fund (equivalent|||to the value|||ofmanse|and|investment|||properties)||6,401,500|
|Circuit
Model
Trust|Fund,|for financing||||churches'|property|||and|mission|||
|schemes through
grants*|||||||||||||115,387|
|Funds available for financing||Circuit occasional expenditure:||||||||||||
|Circuit development|fund,|for|training|and mission projects||||||||43,716||
|Youth work fund||||||||||||2,500||
|Kentwood
fund, for supporting|||churches|||small building||schemes||||9,973||
||||||||||||||56,189|
|Funds for financing
Circuit annual
operating||||||expenditure||||||||
|General funds, for|afi purposes|||||||||||241,937||
|Manse maintenance|fund,|for repairs,|||maintenance||and|refurbishment||||DD767||
||||||||||||||292 7D4|
|Total funds|||||||||||||7327717|
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|9.
Principal ris|9.
Principal ris|ks and uncertainties|ks 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||Comments||
|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 stalfin||||||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||
||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
sufficient
time,
skills|||and|||Circuit may need to become managing||
||expertise
to enable||them
to continue||||trustee for the site.||
||o cretin||||||||
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##
||||Notes|Unrestricted|Unrestricted|Funds|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||General|Designated||Funds|Funds|2022|
|||||Funds||Funds||||
|||||6||8||||
|INCOME AND ENDOWMENTS||||||||||
|Donations
and legacies||||||607|||607|
|Charitable
income||||||||||
|Assessments
on churches||||408,987|||||408,987|
|Other income|||4|||7,607|||7,607|
|Investments||||||||||
|Lettings income||||||104,439|||104,439|
|Investment
income and|interest||3|10,199||607||189|11,149|
|Total income and endowments||||419,186||113,260|154|189|532,789|
|EXPENDITURE||||||||||
|Charitable
expenditure||||||||||
|Stipends, salaries and associated costs|||5|329,093|||||329,093|
|Assessments
and levies|||6|110,284||5,822|||116,106|
|Manse running costs|||7|||68,975|||68,975|
|Grants and donations|||10|(16,100)||31,600|||15,500|
|Administration
and travel|||8|24,835|||||24,835|
|Other outgoings|||9|15,761||21,736|||37,497|
|Raising funds||||||||||
|Investment
management|costs|||858||474|93|1,694|3,119|
|Total expenditure||||464,731||128,607|93|1,694|595,125|
|Net incomel(expenditure)|before|||(45,545)||(15,347)|61|(1,505)|(62,336)|
|investment
gains/losses||||||||||
|Investment
realised
&unrealised||gainsl(losses)||||||||
|Investment
properties||||||318,750|||318,750|
|Other investments|||16||||(11,256)|(15,107)|(26,363)|
|Net income/(expenditure)|before|||(45,545)||303,403|(11,195)|(16,612)|230,051|
|transfers||||||||||
|Transfers between
funds||||43,271||(43,271)||||
|Revaluation
offreehold
property||||||270,000|||270,000|
|Net movement
in funds||||(2,274)||530,132|(11,195)|(16,612)|500,051|
|Total funds brought
forward||||244,211||6,093,711|235,196|254,548|6,827,666|
|Total funds at 31August 2022||||241,937||6,623,843|224,001|237,936|7,327,717|
##
||||Notes|Unrestricted|Unrestricted|funds|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||General|Designated||Funds|Funds|2021|
|||||Funds||Funds||||
|||||6||8|8|||
|INCOME AND ENDOWMENTS||||||||||
|Donations
and legacies||||||||||
|Charitable
income||||||||||
|Assessments
on churches||||449,850|||||449,850|
|Other income|||4|431||30,243|||30,674|
|Investments||||||||||
|Letbngs income||||||93,624|||93,624|
|Investment
income and|interest||3|7,259||832|110|135|8,336|
|Total income and endowments||||457,540||124,699|110|135|582,484|
|EXPENDITURE||||||||||
|Charitable
expenditure||||||||||
|Stipends, salaries and associated costs|||5|357,172|||||357,172|
|Assessments
and levies|||6|105,738||13,839|||119,577|
|Manse running
costs|||7|-||74,432|||74,432|
|Grants and donafions|||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 income/(expenditure)|before|||(40,688)||(27,640)|(55)|(1,448)|(69,831)|
|investment
gains/losses||||||||||
|Investment
realised
&unrealised||gains/(losses)||||||||
|Investment
properbes|||15|||191,250|||191,250|
|Other|||16||||27,789|30,041|57,830|
|Net income/(expenditure)|before|||(40,688)||163,610|27,734|28,593|179,249|
|transfers||||||||||
|Transfers between
funds||||58,610||(58,610)||||
|Revaluafion
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|
##
##
##
|||||2022|||2021||
|---|---|---|---|---|---|---|---|---|
||||Notes|E|||||
|FIXEDASSETS|||||||||
|Freehold properties;||manses|14||2,430,000|||3,195,000|
|Investment|properties||15||3,971,500|||2,617,750|
|Investments|||16||573,640|||652,509|
||||||6,975,140|||6,465,259|
|CURRENT|ASSETS||||||||
|Debtors|||17|33,550||38,564|||
|Central Finance Board deposits||||368,510||383,142|||
|Cash at bank and in||hand||16,985||25,414|||
|||||419,045||447,120|||
|Creditors|||||||||
|Amounts
falling due within one year|||18|66,468||84,713|||
|Net Current|Assets||||352,577|||362,407|
|NET ASSETS|||19||7,327,717|||6,827,666|
|FUNDS|||||||||
|Endowment|funds||20||237,936|||254,548|
|Restricted|funds||21||224,001|||235,196|
|Unrestricted|funds||22||6,865,780|||6,337,922|
||||||7,327,717|||6,827,666|
##
##
|||||2022|2021|
|---|---|---|---|---|---|
||||Notes|8||
|Cash used in operating
activities|||25|(191,155)|(151,938)|
|Cash flows from investing
activities||||||
|Dividends,
interest and rents from investments||||115,588|101,960|
|Proceeds from sale ofproperty||||||
|Expenditure
funded through
investment|porffolio|||52,633|83,782|
|Purchase ofinvestments||||(5,435)|(40,980)|
|Investment
sale proceeds||||5,308|42,748|
|Cash provided
by investing
activities||||168,094|187,510|
|(Reduction)fincrease
in cash and cash equivalents|||in year|(23,061)|35,572|
|Cash and cash equivalents
at the beginning||ofthe|year|408,556|372,984|
|Total cash and cash equivalents
at the end ofyear||||385,495|408,556|
##
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##
##
||||Unrestricted|Funds|||||
|---|---|---|---|---|---|---|---|---|
||||General|Designated|Restricted|Endowment|Total|Total|
||||Funds|Funds|Funds|Funds|2022|2021|
||||6|6|6|6|8|6|
|Insurance
and utilities||||26,825|||26,825|27,972|
|Rent payable||||19,200|||19,200|19,200|
|Repaim and|maintenance|||22,950|||22,950|27,260|
|||||68,975|||68,975|74.432|
|ADMINISTRATION||AND|TRAVEL||||||
||||Unrestricted|Funds|||||
||||General|Designated|Restricted|Endowment|Total|Total|
||||Funds
f|Funds|Funds
6|Funds
6|2022|2021|
|Telephone costs|||5,652||||5,652|8,090|
|Administrative|expenses||3,827||||3,827|2,309|
|Publications|||1,422||||1,422|1,699|
|Circuit office|rent||3,650||||3,650|4,400|
|Travel expenses|||10,284||||10,284|6,766|
||||24,835||||24,835|23,264|
|OTHER OUTGOINGS|||||||||
||||Unrestricted|Funds|||||
||||General|Designated|Restricted|Endowment|Total|Total|
||||Funds
f|Funds
6|Funds
8|Funds
f|2022
6|2021
6|
|Audit fees|||8,100||||8,100|6,720|
|Professional|fees||||||||
|Property management|||576|21,736|||22,312|26,912|
|Sale ofransom||skip||||||7,230|
|Other expenditure|||7,085||||7,085|3,745|
||||15,761|21,736|||37,497|44,607|
##
##
##
|22).Associated su|pport costs are insignificant
and|have not|been disclo|sed separately|||
|---|---|---|---|---|---|---|
||||||Total|Total|
|||||Accrued or|||
||||Paid|(released)|2022|2021|
|General funds (unrestricted)|||6|6||6|
|Reading
University
Wesley Methodist|Chaplaincy
Church accrual released||500
500|~16,eM
~16,600|500
~16.MQ
~16,100|500
500|
|Designated
funds|(unrestricted)||||||
|Model Trust Fund|||||||
|Wesley Methodist
Church for refurbishment||ofpart|||||
|of84Queens Road for other use|||16,600||16,600|30,000|
|Tadley Common
Methodist towards car park||renewal|4,500||4,500||
|Kentwood
Fund|||||||
|Small grants|paid to churches||3,000||3,000||
|Circuit Devepment|Fund||||||
|Small grants|paid to churches||7,500
331,3I||7,500||
|Benevolence fund (restricted)|||||||
|Payments||||||100|
||||32,100|(16,600)|15,500|30,600|
##
##
##
##
##
|n
as a|t 31 Augu|st
2021, both assuming|that the Scheme contin|ues
into the|
|---|---|---|---|---|
||||~202|2021|
||||f'm|gm|
|Target|level ofassets||501.7|498.5|
|Actual value ofassets|||487.5|574.3|
|Surplus/shortfall(-)||in assets|-14.2|75.8|
|Funding|level||97.16%|11519%|
##
|TANGIBLE FIXEDASSETS|TANGIBLE FIXEDASSETS|Land
f|Buildings
f|Total
f|
|---|---|---|---|---|
|Valuation|||||
|At 1 September 2021||1,065,000|2,130,000|3,195,000|
|Revaluation
change||85,000|185,000|270,000|
|Transferred
to investment|properties|(345,000)|(690,000)|(1,035,000)|
|At 31August 2022||805,000|1,625,000|2,430,000|
|Depreciation|||||
|At 1 September 2021|||||
|Provision for the year|||||
|At 31August 2022|||||
|Net BookValue|||||
|At 1 September 2021||1,065,000|2,130,000|3,195,000|
|At 31August 2022||805,000|1,625,000|2,430,000|
##
|not been revalued was f1,870,655(31August 202|not been revalued was f1,870,655(31August 202|1:f2,695,511).|||
|---|---|---|---|---|
|INVESTMENT PROPERTIES||Land
f|Buildings
f|Total
f|
|Valuation|||||
|At 1 September 2021||869,250|1,748,500|2,617,750|
|Revaluation|change|112,050|206,700|318,750|
|Transferred|from fixed assets|345,000|690,000|1,035,000|
|At 31August|2022|1,326,300|2,645,200|3,971,500|
##
##
|16|INVESTMENTS||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||6|6|
||Balance at 1 September 2021||||||390,488|334,426|
||Additions||||||5,435|40,980|
||Disposals
Unrealised
gains/(losses)||||||(5,308)
~26.363|(42,748)
57,830|
||||||||364,252|390,488|
||Cash held||||||209,388|262,021|
||Balance at 31August 2022||||||573,640|652,509|
||Analysis ofinvestments||||||||
||Investments
listed on a recognised||Stock Exchange or held||in common||||
||investment
funds, unit trusts|or other collective investment|||schemes||364,252|390,487|
||Other investments||||||94,002|95,575|
||Circuit Model Trust cash holdings||||||115,386|166,447|
||||||||573,640|652,509|
|'I7|DEBTORS||||||2022|2021|
||||||||6|6|
||Sundry debtors||||||5,305|6,976|
||Stipends
paid in advance||||||17,490|20,118|
||Pre payments||||||10,755|11,470|
||||||||33,550|38,564|
|18|CREDITORS||||||2022|2021|
||||||||6|6|
||Assessments
for September|paid in advance|||||34,488|34,264|
||Other creditors||||||3,861|2,776|
||Grants payable to churches||||||1,500|18,100|
||Accruals||||||26,619|29,573|
||||||||66,468|84,713|
|19|ANALYSIS OF NET ASSETS BETWEEN FUNDS||||||||
||||Fixed|Investment||Other|Current||
||||Assets|Property||Investments|Assets (net)|Total|
||||6||6|6|6||
||Funds, year ended 31August 2022||||||||
||Endowmentfunds|||||237,936||237,936|
||Restricted funds|||||220,318|3,683|224,001|
||Unrestricted
funds||2,430,000|3,971,500||115,386|348,894|6,865,780|
||||2,430,000|3,971,500||573,640|352,577|7,327,717|
||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|
##
|20|ENDOWISENT FUNDS||Opening|Net incomel|Net incomel|Net incomel|Investment|Transfers|Transfers||Closing|Closing|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Movements
in year ended 31August 2022||balances
f|(expenditure)
f|||gains/(losses)
f||f||balances
f||
||Arthur
Newbery Trust 5446 (Trustees Investment|Fund: TIF|359|||3||||||362|
||Arthur
Newbery Trust 4345(TIF)||30,641|||56||||||30,697|
||Arthur
Newbery Trust 4763(Methodist
Managed||||||||||||
||Mixed Funds &TIF)||100,901||||(6,332)|||||94,569|
||Arthur
Newbery Trust 5447 (TIF)||337|||||||||337|
||Arthur
Newbery
Trust 3669(TIF)||9,548|||16||||||9,564|
||AJ Briggs Trust (managed
by Uoyds Bank Private Banking)||112,762|||||||||102,407|
||||254,548||(1,505)||(15,107)|||||237,936|
||Movements
in year ended 31August 2021||||||||||||
||Arthur
Newbery Trust 5446 (Trustees Investment|Fund: TIF|359|||||||||359|
||Arthur
Newbery Trust 4345(TIF)||30,599|||42||||||30,641|
||Arthur Newbery Trust 4763(Methodist Managed||||||||||||
||Mixed Funds &TIF)||85,268||||15,633|||||100,901|
||Arthur Newbery
Trust 5447 (TIF)||337|||||||||337|
||Arthur Newbery
Trust 3669(TIF)
AJ Briggs Trust (managed
by Lloyds Bank Private Banking)||9,535
8.85
225.855|13
~503
~448|||3DDI|||||9,548
112,762
254 548|
|The|invesbnent
income generated
by funds 5446, 4763 and 3669 is used to|||fund|the Circuit's||day to day running||costs.|The|investment||
|income generated
by funds 4345 and 3669 is held in the fund. The|||income generated||by the|AJ Briggs Trust is used|||to fund ministry|||in|
|21|RESTRICTED FUNDS||||||||||||
||Movements
in year ended 31August 2022|||||||||||f|
||Benevolence
fund||3,682|||||||||3,682|
||Edith Baihy Bequest (supporbng
people)||10,772|||20||||||10,792|
||Arthur Newbery Trust (financing
capital schemes||||||||||||
||in the Circuit)||220,742|||41|(11,256)|||||209,527|
||||235,196|||61|(11,256)|||0||224,001|
||Movements
in year ended 31August 2021||||||||||||
||Benevolence
fund||3,782|||(100)||||||3,682|
||Edith Bailey Bequest (supporbng
people)||10,757|||15||||||10,772|
||Arthur Newbery Trust (finandng
capital schemes||||||||||||
||in the Circuit)||192,923|||30|27,789|||||220,742|
||||207,462|||(55)|27,789|||0||235,196|
##
##
||For|the year ended|31August 2|022 (cont'dj||||
|---|---|---|---|---|---|---|---|
|UNRESTRICTED FUNDS|||Opening|Net Income or|Investment|Transfem|Closing|
||||balances|expenditure(-)|GainslLosses||balances|
||||6|6|6|E|6|
|Movements
In year ended 31August 2022||||||||
|General fund (day to day running|costs)||244,211|(45,545)||43,271|241,937|
|Designated
Funds:||||||||
|Manse Maintenance
fund|||48,434|16,333||(14,000)|50,767|
|Menses capital (value ofmenses)|||5,812,750||588,750||6,401,500|
|Youth work fund|||2,500||||2,500|
|Circuit development
fund (training,|oukaach,|small projects',|50,607|(6,891)|||43,716|
|Kentwood
Fund (grants for buildings
projects)|||12,973|(3,000)|||9,973|
|Circuit Model Trust fund|||166,447|(21,789)||(29,271)|115,387|
||||6,337,922|(60,892)|588,750||6,865,780|
|Movements
In year ended 31August 2021||||||||
|General fund (day to day running|costs); restated||226,289|(40,688)||58,610|244,211|
|Designated
Funds:||||||||
|Mense Maintenance
fund|||50,535|(3,101)||1,000|48,434|
|Menses capital (value ofmenses)|- restated||5,371,500||441,250||5,812,750|
|Youth work fund|||2,500||||2,500|
|Circuit development
fund (training,|ouuaech,|small projects',|50,607||||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|
##
|25|RECONCILIATION
OF NET (OUTGOING)/|RECONCILIATION
OF NET (OUTGOING)/|INCOMING|RESOURCES TO NET CASH INFLOWS FROM|RESOURCES TO NET CASH INFLOWS FROM|
|---|---|---|---|---|---|
||OPERATIONS|||||
|||||2022|2021|
|||||8|5|
||Net movement
in funds|||230,051|179,249|
||(Gains)/losses
on investments|||||
||Investment
properties|||(318,750)|(191,250)|
||Otherinvestments|||26,363|(57,830)|
||Investment
income and rent|from investments||(115,588)|(101,960)|
||Proceeds from sale offixed assets|||||
||(Increase)/decrease
in debtors|||5,014|4,279|
||Increase/(decrease)
in creditors|||(18,245)|15,574|
||Net cash used in operating|activities||(191,155)|(151,938)|
||Analysis ofcash and cash|equivalents||||
||CFBdeposits|||368,510|383,142|
||Cash at bank and in hand|||16,985|25,414|
||Net cash used in operating|activities||385,495|408,556|