| Contents | Page | ||
|---|---|---|---|
| Report of | the Trustees | 3-13 | |
| Report of | the Auditors | 14-17 | |
| Methodist | Standard Form ofAccounts |
18 | |
| Statement | of Financial | Activities | 19 |
| Statement | of Financial | Position | 20 |
| Cash Flow | Statement | 21 | |
| Notes to the accounts | 22-27 | ||
| Statement | of Financial | Activities 2017-18 | 28 |
| Notes to | General Fund | Circuit Model | Cloisters | Hall | Total | Total | |||
|---|---|---|---|---|---|---|---|---|---|
| the | (Unrestricted) | Trust | (Unrestricted) | 2020-21 | 2019-20 | ||||
| accounts | (Unrestricted) | ||||||||
| Income and Endowments | from: | ||||||||
| 1 Donations and legacies |
|||||||||
| 2 Income from monetary |
investments | 268 | 1,329 | 1,599 | 4,154 | ||||
| 3 Income from investment |
properties | ||||||||
| 4 Assessments on Churches |
477,959 | 477,959 | 465,092 | ||||||
| 5 Capital Receipts |
|||||||||
| 6 Grants received |
17,000 | 17,000 | 17,000 | ||||||
| 7 Rents receivable |
18,387 | 5,379 | 23,766 | 17,828 | |||||
| 8Total income | 513,614 | 1,329 | 5,381 | 520,325 | 504,074 | ||||
| Expenditure on: |
|||||||||
| 9 Grants and donations |
4,110 | 4,110 | 25,133 | ||||||
| 10Salaries and associated | costs | 329,073 | 329,073 | 300,351 | |||||
| 11Property maintenance |
57,620 | 138 | 57,758 | 70,123 | |||||
| 12Connexional assessment |
&model trust levy | ||||||||
| 13District Assessment & Levy |
103,220 | 8,480 | 111,700 | 117,568 | |||||
| 14Depreciation | |||||||||
| 15Office expenses | 3,595 | 3,595 | 4,547 | ||||||
| 16Other outgoings | 47,425 | 498 | 4,822 | 52,745 | 57,730 | ||||
| 16b Sale of land | |||||||||
| 17Total charitable expenditure | 545,044 | 8,977 | 4,960 | 558,981 | 575,452 | ||||
| 18Gains/(losses) on monetary |
investments | 4,952 | 4,952 | -318 | |||||
| 19Gains/(losses) on investment |
properties | ||||||||
| 20 Net income/(expenditure) | -31(430 | -2/696 | 421 | -33,704 | -71I696 | ||||
| 21Transfers between funds |
-2,694 | -482 | 3,176 | ||||||
| 22 Other gains/(losses) | 458,500 | 922,387 | 1,380,887 | -289,000 | |||||
| 23 Net movement in funds |
424,376 | -3,177 | 925i984 | ii347i182 | -360,696 | ||||
| 24 Total funds brought forward |
6,284,666 | 248,888 | 6,553,554 | 6,894,250 | |||||
| 25Total funds carried forward | 6,709,043 | 245,711 | 925,984 | 7,880,737 | 6,533,554 |
| ment of Financial | Position | as at 3 | 1August 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| 6eneral Fund | Circuit Model | Cloisters Hall | Totals | Totals | ||||
| (Unrestricted) | Trust Fund | (Unrestricted) | 2021 | 2020 | ||||
| (Unrestricted) | ||||||||
| Fixed Assets | ||||||||
| Qrcuit Manses &E ui ment | 6,531500 | 653i500 | 6,073,000 | |||||
| Investment ro erties |
882353 | 882 53 | ||||||
| Investments | 56746 | 56746 | Si794 | |||||
| TotalFuedassets | 6,531500 | 56g746 | 882I3S3 | 7,470,599 | 6,124,794 | |||
| Current Assets | ||||||||
| Debtors and Pr ments |
24682 | 24682 | ||||||
| Investments with TMCP |
188965 | i88965 | i97094 | |||||
| Central Finance Board De | osits | i91460 | 37494 | 228954 | 217657 | |||
| Cash at Bank and in hand | i5570 | 6 137 | 2i706 | 2i 680 | ||||
| Total current assets | 231712 | 188965 | 43,631 | 464,307 | 476740 | |||
| Current | liabilities | |||||||
| Creditors dueinunderi |
ear | 10 | 54169 | 54i69 | 67980 | |||
| Grants a able within 2018-19 |
||||||||
| Total cuIrent liabilities | 54169 | 54169 | 67980 | |||||
| Net current assetsiiiabilities | 177543 | 188965 | 43631 | 410,138 | 408,760 | |||
| Totalassets bun current | liabilities | 6709,043 | 245 711 | 925s984 | 7i$80737 | 6i533i554 | ||
| Loans and creditors due afteriyear | 11 | |||||||
| Netassets | 6,709,043 | 245,711 | 925,984 | 7,$80,737 | 6,533554 | |||
| Funds of | the Circuit | |||||||
| General Fund Unrestricted |
4234676 | 4234676 | 4268799 | |||||
| Qrcuit Model Trust Fund | Unrestri | 2457ii | 2457ii | 248888 | ||||
| Revaluation Reserve Unrestricted |
2474367 | 2,474367 | 2015867 | |||||
| Qoisters Hall Unrestrict |
925 984 | 925984 | ||||||
| TotalUnnstrictedFunds | 6,709,043 | 245,711 | 925,984 | 7,$80,737 | 6S33554 | |||
| Circuit Model Trust Fund | (Unrestricted | |||||||
| Desi nated | ||||||||
| Endowment Funds |
||||||||
| Total Funds | 6,709,043 | 245 711 | 925I984 | 7g8$01737 | 6,533,554 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | ||||||||
| Cash from operating activities |
||||||||
| Net cash used in operating activities |
(62~205) | (110~988) | ||||||
| Cash flows from investing activities |
||||||||
| Dividends, interest and rents from investments |
25,365 | 21,982 | ||||||
| Proceeds from the sale of property, plant and equipment |
||||||||
| Purchase of property, plant and equipment |
||||||||
| Purchase of intangible assets |
||||||||
| Proceeds from the sale of investments | ||||||||
| Purchase of investments | ||||||||
| Other | ||||||||
| Net cash provided by investing activities |
25,365 | 21,982 | ||||||
| Cash flows from financing activities |
||||||||
| New borrowing - loan made to North Watford |
||||||||
| Repayments of borrowing |
||||||||
| Net cash used in financing activities |
||||||||
| Other Cash Flows | ||||||||
| Cash and Cash Equivalents —Cloisters Hall |
transferred | to the | Circuit | on 1 April 2021 | 40,034 | |||
| Change in cash and cash equivalents | in the reporting | period | 3,194 | (89,006) | ||||
| Cash and cash equivalents at the beginning |
ofthe reporting | period | 436,431 | 525,437 | ||||
| Cash and cash equivalents at the end |
ofthe reporting | period | 439,625 | 436,431 | ||||
| Reconciliation ofnet income to net cash flow from o | eratin | activities | ||||||
| Net income for the reporting period (as per statement |
of financial | activities) | (33,704) | (71,696) | ||||
| Adjustments for: |
||||||||
| Depreciation and amortisation charges |
||||||||
| Profit on the sale of fixed assets | ||||||||
| Loss on the sale offixed assets | ||||||||
| (Gains)/Losses on investments |
(4,952) | 318 | ||||||
| Dividends, interest and rents from investments |
(25,365) | (21,982) | ||||||
| Decrease/(increase) in stocks |
||||||||
| (increase)/decrease in debtors |
15,627 | 4,174 | ||||||
| increase/(decrease) in creditors |
(13,811) | (21,802) | ||||||
| Net cash used in operating activities |
(62,205) | (110,988) | ||||||
| Anal sis ofcash and cash e uivalent | ||||||||
| Cash in hand | 21,706 | 21,680 | ||||||
| Short term deposit (less than 3 months) | 417,919 | 414,751 | ||||||
| Total cash and cash equivalents | 439,625 | 436,431 |
| 4 Payments to | Trustees | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Payments made |
to Trustees for additional services provided |
Nil | Nil | |||
| to the Circuit | ||||||
| Number ofTrustees who were paid expenses | ||||||
| These expenses | include travel costs, preaching | fees paid to | ||||
| Supernumerary | Ministers, and reimbursement |
of payments | ||||
| made on behalf | ofthe Circuit | |||||
| Total amount paid |
E | 4,931 | E | 5,161 |
| 5 Fees for examination or audit ofthe accounts |
5 Fees for examination or audit ofthe accounts |
2021 | 2020 | ||
|---|---|---|---|---|---|
| Auditor's fees for reporting on the accounts |
E3,800 | E3,480 | |||
| Other fees (e.g. advice, accountancy services) |
paid to the auditor | Nil | Nil | ||
| 6 Paid employees | 2021 | 2020 | |||
| Staff costs paid during the year were: | |||||
| Gross wages, salaries and benefits in kind |
E249,655 | E230,275 | |||
| Employer's National Insurance costs |
E | 20,704 | E | 18,617 | |
| Pension costs | E | 57,795 | E | 49,863 | |
| Payroll Bureau Fee | 480 | E | 480 | ||
| Apprenticeship Levy |
E | 1,416 | E | 1,116 | |
| Total staff costs | E330,050 | E300,351 | |||
| Average number ofstaff in the year: | 12 | 12 | |||
| (comprising seven full time and five part-time |
staff) |
| Manses | Equipment | Investment | Total | ||
|---|---|---|---|---|---|
| Property- Cloisters |
(Restated) | ||||
| Hall | |||||
| Balance brought | forward | 6,073,000 | 2,919 | 6,075,919 | |
| Additions | 882,353 | ||||
| Revaluations | 458,500 | 458,500 | |||
| Disposals | |||||
| Transfers | |||||
| Balance carried | forward | 6,531,500 | 2,919 | 882,353 | 6,534,419 |
| 8Investment assets |
||||||||
|---|---|---|---|---|---|---|---|---|
| Analysis ofinvestments | Bid Price | |||||||
| at year end f |
||||||||
| Investments listed on a recognised |
Stock Exchange or held | in | Nil | |||||
| common investment funds, open ended |
investment | companies, | ||||||
| unit trusts or other collective investment | schemes | |||||||
| Securities not listed on a recognised | Stock Exchange | Nil | ||||||
| Cash held as part ofthe investment | portfolio | Nil | ||||||
| Other investments | 56,746 | |||||||
| Total | 56,746 | |||||||
| Change in investment values |
||||||||
| Carrying (market) value at the |
beginning | ofthe year | 51,794 | |||||
| Add: additions to investments | at cost | Nil | ||||||
| Less: disposals at carrying value |
Nil | |||||||
| Add/(deduct): net gain/(loss) |
on revaluation | 4,952 | ||||||
| Carrying (market) value at the |
end | ofthe year | 56,746 | |||||
| 9Debtors | ||||||||
| 2021 | 2020 | |||||||
| Sundry debtors fk prepayments |
24,682 | 40,309 | ||||||
| Principally reflecting ministerial |
stipends | paid in advance, | and advance | payment ofthe expenses for | ||||
| the manses. |
| Statement ofFinancial | Activ | ities (SOFA)for the | year ended 31A | ugust 202 | 0 | ||
|---|---|---|---|---|---|---|---|
| Notes to | Circuit Model | ||||||
| the | General | Fund | Trust | Total | |||
| accounts | (Unrestricted) | (Unrestricted) | 2019-20 | ||||
| Income | |||||||
| 1 Donations and legacies |
|||||||
| 2 Income from monetary |
investments | 1,409 | 2,744 | 4,154 | |||
| 3 Income from investment |
properties | ||||||
| 4 Assessments on Churches |
465,092 | 465,092 | |||||
| 5 Capital Receipts |
|||||||
| 6 Grants received |
17,000 | 17/000 | |||||
| 7 Rents receivable |
17,828 | 17/828 | |||||
| 8Total income | 501329 | 2,744 | 504,074 | ||||
| Expenditure | |||||||
| 9 Grants and donations |
25,133 | 25,133 | |||||
| 10Salaries and associated | costs | 300,351 | 300,351 | ||||
| 11Property maintenance |
70,123 | 70,123 | |||||
| 12Connexional assessment |
h model trust levy | ||||||
| 13District Assessment &.Levy |
104,952 | 12,616 | 117/568 | ||||
| 14Sale of Land | |||||||
| 15Office expenses | 4,547 | 4,547 | |||||
| 16Other outgoings | 57,100 | 629 | 57,730 | ||||
| 17Total charitable expenditure |
562 206 | 13245 | 575452 | ||||
| 18Gains/(losses) on monetary |
investments | -318 | -318 | ||||
| 19Gains/(losses) on investment |
properties | ||||||
| 20 Net income/(expenditure) | -60/877 | -10/819 | -71/696 | ||||
| 21Transfers between funds |
66,795 | -66,795 | |||||
| 22 Other gains/(losses) | -289.000 | -289,000 | |||||
| 23 Net movement in funds |
-283082 | -77614 | -360696 | ||||
| 24 Total funds brought forward |
6,567,748 | 326,502 | 6,894,250 | ||||
| 25Total funds carried forward | 6 | 284666 | 248,888 | 6,533,554 |