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|Contents||
|---|---|
|For the year Ended|31August 2020|
|Administrative
Information||
|Trustees'
Annual
Report||
|Statement
ofTrustees'|Responsibilities|
|Auditors'
report||
|Statement
of Financial|Activities|
|Statement
of Financial|Position|
|Cash Flow Statement||
|Notes to the financial|statements|
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|Other Trustees (continued):|Other Trustees (continued):|Martin
Cresswell||Margaret|Margaret|Mottram|
|---|---|---|---|---|---|---|
|||3anet Fenney||3im|Howard||
|||Diana Beaumont||Kathryn||Ridge|
|||Emma Verio||Pat|Bedall||
|||Carol Totney||Sue|Readshaw||
|||Iris Gamble|||||
|Registered|Office:|Beckminster
Methodist|Church||||
|||Birches Barn Road|||||
|||Penn Fields|||||
|||Wolverhampton|||||
|||WV3 7BQ|||||
|Charity:||1135146|||||
|Auditors||Muras Baker 3ones Limited|||||
|||Regent House|||||
|||Bath Avenue|||||
|||Wolverhampton|||||
|||West Midlands|||||
|||WV1 4EG|||||
|Bankers:||Lloyd s|||||
|||Queen Square|||||
|||Wolverhampton|||||
|||West Midlands|||||
|||Wvi 1TF|||||
|||Barclays Bank Pic|||||
|||Queen Square|||||
|||Wolverhampton|||||
|||West Midlands|||||
|||HSBC Bank PLc|||||
|||Queen Square|||||
|||Wolverhampton|||||
|||West Midlands|||||
|||Central
Finance Board|ofthe|Methodist|Church||
|||9 Bonhill Street|||||
|||London|||||
|||EC2A 4PE|||||
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|General
Fund
Circuit Model Trust Fund
Designated
Funds
Restricted
Funds|f(24,401)
f(10,028)
f(11,072)
E(6,583)|(2019f(27,939)
(2019:f(17,983)
(2019:f(4,048)
(2019:f(19,730)|Deficit for both years
Deficit for both years
Deficit for both years
Deficit for both years|
|---|---|---|---|
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|The Circuit has a reserves
policy c|The Circuit has a reserves
policy c|overin|g
its un|g
its un|g
its un|restrict|restrict|ed
fund|s which
i|s reviewed
ann|s reviewed
ann|ually|.|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Our policy
is to ensure
that there||are|sufficient|||free||reserves|available|to maintain||and|secure the|
|Circuits viability
and future
whilst ensuring
through
openness
being
used
for its charitable
purposes.
The Trustees
are of|||||||||and transparency
the view that at||that its resources are
31 August
2020 free|||
|reserves
meet these criteria.|The reserves|||held||at the||end of the year were as|||follows:|||
|Unrestri cted funds||||||||||||||
|General
Fund|||||||||||||1,732,274|
|Model Trust Fund|||||||||||||383,013|
|||||||||||||2,115,287||
|Designated
funds
Wednesfield
Methodist
Church|Funds||||||||||||14,102|
||||||||||||||14,102|
|Total unrestri cted funds|||||||||||||2,129,389|
|Surplus
Funds
Endowed
Funds from Wednesfield||Methodist|||Church||||||||22,513
52,586|
|Total restricted
funds|||||||||||||75,099|
|Total funds|||||||||||||2,204,488|
|Less:
Tied up in freehold
property
Restricted
Funds||and|fixtures||||||||||(1,618,158)
(75,099)|
|||||||||||||(11693~257)||
|Total readily available reserves|||||||||||||511,231|
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|||||Circuit|Model|||||
|---|---|---|---|---|---|---|---|---|---|
||||General
Fund|Trust Fund||Designated|Restr icted|Totals|Totals|
|||Note|(Unrestricted)
I|(Unrestricted)I||Funds
6|FundsI|2020|2019
6|
|Income||||||||||
|Donations
and legacies|||12,893||10,626|||23,519|1,720|
|Charitable
activities:||||||||||
|Assessment
or share||6|369,195|||||369,195|390,034|
|Grants||8|14,494|||||14,494|200|
|Other income||10|126,761|||5,612||132,373|114,385|
|Investment
income:||||||||||
|Income from monetary||||||||||
|investments|||875||3,620||1,323|5,818|6,654|
|Total Income|||524,218|14g246||5~612|ig323|545,399|512,993|
|Expenditure
on||||||||||
|Charitable
activities:||||||||||
|Salaries and assooated||||||||||
|costs||12|355,507|||3,043||358,550|355,132|
|District assessment|||92,567|||||92,567|92,118|
|MTF levy|||||19,783|||19,783|21,138|
|Property
Costs||14|54,330|||4,772||59,102|45,821|
|Office Expenses||15|12,055|||||12,055|8,427|
|Depreciation|||27,148|||||27,148|23,868|
|Other outgoings||16, 17|21,740||807||183|22,730|17,598|
|Grants and donations||11|1,098||3,000|||4,098|19,482|
|Total Expenditure|||564,445|23,590||7,815|183|596,033|583,584|
|Net Income/||||||||||
|(expenditure)|||(40,227)||(9,344)|(2,203)|1,140|(50,634)|(70,591)|
|Gains (deficits )on||||||||||
|Transfers
between|Funds|18|15,826||(179)|(8,869)|(6,778)|||
|Investment
assets|||||(505)|—|(945)|(1,450)|891|
|Net movement
in|funds||(24~401)|(10g028)||(11~072)|(6~583)|(52g084)|(69 700)|
|Total funds brought||||||||||
|forward|||1,756,675|393,041||25,174|81,682|2,256,572|2,326,272|
|Total funds carried||||||||||
|forward at end ofyear|||1732I274|383g013||14r102|75~099|2g204I488|2 256 572|
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||
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|---|---|---|---|---|---|---|---|---|---|
|As at 31Aug|ust 2|20|||Circuit Model|Designated||||
||||General|Fund|Trust Fund|Funds|Restricted|Totals|Totals|
||||(Unrestricted)||(Unrestricted)|(Unrestricted)|Funds|2020|2019|
|||Notes||6|6|6|6|6|6|
|Fixed Assets||||||||||
|Tangible
fixed assets||19|1,618,158|||||1,618,158|1,642,673|
|Investments
with|TMCP|20|||29,397||52,5$5|81,982|72,$05|
||||1~618~158||29g397||52,585|1,700,140|1,715,478|
|Current Assets||||||||||
|Debtors||21|49,004|||||49,004|44,$51|
|Investments
with|TMCP|22|||353,616||27,514|381,130|411,91$|
|Central
Finance Board||||||||||
|Deposits||22|14$,539|||||148,539|161,426|
|Cash at Bank and|in|||||||||
|hand||22||||14,102||14,102|24,918|
||||197,543||353,616|14,102|27,514|592,775|643,113|
|Creditors:
Amounts||||||||||
|falling due within|one|||||||||
|year||25|$3,427||||5,000|88,427|97,01$|
|Net current assets|||114'116||353~616|14~102|22g514|504~348|546 095|
|Total assets less||||||||||
|current
liabilities|||1,732,274||383,013|14~102|75g099|2~204~488|2 261 772|
|Grants payable|in over|||||||||
|1year||25|||||||5,000|
|Net assets|||1,732,274||363,013|14,102|75,099|2,204,4$8|2,256,572|
|Funds ofthe circuit||||||||||
|General
Fund||||||||||
|(Unrestricted)||26.1|1,732,274|||||1,732,274|1,756,675|
|Circuit Model Trust||||||||||
|Fund (Unrestricted)||26.1|||379,954|||379,954|389,477|
|Revaluation
Fund||||||||||
|(Unrestricted)||26.I|||3,059|||3,059|3,564|
|Designated
Fund||||||||||
|(Unrestricted)||26.2||||14,102||14,102|25,174|
|Other Funds||||||||||
|(Restricted)||27|||||73,234|73,234|7$,873|
|Revaluation
Fund||||||||||
|(Restricted)||27|||||1,665|1,865|2,$10|
|Total Funds||2$|1~7321274||383~013|14~102|75I099|2g204g488|2 256 572|
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|Wolverhampton
Methodist
Circuit
Cash flow statement|||||
|---|---|---|---|---|
|For the year ended 31August 2020|||2020|2019|
|||Notes||6|
|Cash from operating
activities|||||
|Deficit for the year|||(50,634)|(70,591)|
|Adjustments
for:|||||
|Depreciation|||27,148|23,868|
|Decrease/(increase)
in debtors|||(4,153)|(3,087)|
|Increase/(decrease)
in creditors|||(13,591)|(25,522)|
|Net cash used in operating
activities|||(41i230)|(75t332)|
|Cash flows from investing
activities|||||
|Purchase
of tangible assets|||(2,633)|(14,212)|
|Purchase
of fixed asset investments|||(10,627)||
|Net cash (used in) / from investing|activities||(13I260)(14i212)||
|Change
in cash and cash equivalents|in the period||(54,490)|(89,544)|
|Cash and cash equivalents
at start of period|||598,261|687,805|
|Cash and cash equivalents
at the end ofthe period||22|543i771|598I261|
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||sundry
o|ffice costs.|||
|---|---|---|---|---|
||||2020|2019|
||Number|of trustees
who were paid expenses|||
||Total amount
paid||250|117|
|5.|Fees for examination
or audit ofthe accounts||||
||||2020|2019|
||Included|within 'other expenditure'
are the following:|||
||Auditors'|fee for reporting
on the accounts|3124|3,020|
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|Staff costs|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2020|2019|
||||||||||6|6|
|Staff costs paid during the year were:
Gross wages, salaries
and benefits
in kind
Employer's
National
Insurance
costs|||||||||269,684
19,006|265,991
17,599|
|Pension costs|||||||||48,216|48,482|
|Other non-payroll|costs||||||||21,644|23,060|
|Total staff costs|||||||||358I550|355~132|
|Average
number
year were:||of full-time||equivalent|||employees||in the
16|20|
|No employee
earned||more than||660,000 (2019||||- none)|in the year.||
|The costs can be summarised|||between|||ministry||and lay|worker support as follows:||
||||||||||2020|2019|
||||||||||6||
|Ministry|||||||||260,101|256,396|
|Gross cost of lay|support||||||||98,449|98,736|
||||||||||358I550|355i132|
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|ccounts
Property|of The Met
costs|hodist
Church at www. methodist. o|rg.uk.|||
|---|---|---|---|---|---|
|||||2020|2019|
|Property|Maintenance|||12,530|7,840|
|Rental of|manses|||14,531|13,883|
|Insurance||||9,221|4,729|
|Utilities
(principally||rates, light and heat at Darlington|Street and|||
|water rates)||||22,820|19,369|
|||||59,102|45,821|
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|Office ex|penses|||
|---|---|---|---|
|||2020|2019|
|Printing,|postage and stationery|3,863|1,231|
|Use of office and facilities||4,893|4,000|
|Audit fee||3,124|3,020|
|Training||175|176|
|||12,055|8,427|
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|ampton
Methodist
Circuit
o the accounts
1August 2020
ther outgoings||||
|---|---|---|---|
|||2020|2019|
|||E|E|
|Pulpit supply
Inspections
and legal fees||3,366
16,844|6,197
3,769|
|Sundry
outgoings||258|2,513|
|Mission and outreach||1,273|4,094|
|TMCP charges (charged to MTF and Restricted|Fund)|990|1,025|
|||22t730|17~598|
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|oe
As at|o e accouns
31August 2020|o e accouns
31August 2020|||||
|---|---|---|---|---|---|---|
|19.|Tangible fixed assets||||||
||Cost or valuation||||Fixtures,||
||||||fittings
and||
|||||Manses|Equipment|Tota I|
|||||6|6|6|
||At 31August|2019||1,683,178|68,066|1,751,244|
||Additions||||2,633|2,633|
||At 31August|2020||1,683,178|70699|11753i877|
||Depreciation||||||
||At 31August|2019||61,850|46,721|108,571|
||Charge for year|||16,020|11,128|27,148|
||At 31August|2020||77,870|57,849|135,719|
||Net book value||||||
||At 31August|2019||1,621,328|21,345|1,642,673|
||At 31August|2020||1~605i308|12850|Ii618518|
|20.|Fixed Asset Investments||||||
||||||2020|2019|
||||||6|6|
||Cost brought|forward|||72,805|71,914|
||Additions||||10,627||
||Unrealised
(losses)gains||on revaluation||(1,450)|891|
||Cost carried forward||||81,982|72,805|
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|reditors
—a|mounts
falling due within one year|||
|---|---|---|---|
|||2020
E|2019f|
|Bank Overdrafts||7,458||
|Accruals||25,034|24,086|
|Assessments|in advance|49,770|60,833|
|Grant payable|to Stratton Street|5,000|10,000|
|Other Creditors||1,165|2,099|
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|||||Opening|Incoming|Resources|Gains/|Transfers|Closing|
|---|---|---|---|---|---|---|---|---|---|
|||||balance|resources|Expended|(Losses)||Balance|
|Unrestricted||Fund||E|E|E|||E|
|Name||||||||||
|General
Fund
Circuit
Model Trust
Revaluation
Fund|||Fund|1,756,675
389,477
3,564|524,218
14,246|(564,445)
(23,590)|(505)|15,826
(179)|1,732,274
379,954
3,059|
|Totals||||2,149,716|538,464|(588,035)|(505)|15,647|2,115,287|
|Unrestricted|||funds|—Previous|year|||||
|||||Opening|Incoming|Resources|Gains/|Transfers|Closing|
|||||balance|Resources|Expended|(Losses)||Balance|
|Unrestricted||Fund||E|E|E|E||E|
|Name||||||||||
|General|Fund|||1,784,614|493,345|(535,424)||14,140|1,756,675|
|Circuit|Model|Trust Fund||407,696|3,741|(21,960)|||389,477|
|Revaluation||Fund||3,328|||236||3,564|
|Totals||||2,195,638|497,086|(557,384)|236|14~140|2g149~716|
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||||||Opening|Incoming|Resources|Gains/||Closing|
|---|---|---|---|---|---|---|---|---|---|---|
|Designated|Fund Name||||balancef|resources
f|Expended
f|(Losses)
f|Transfers
f|Balancef|
|Wednesfieid|Designated||||||||||
|Funds|||||25,174|5,612|(7,815)||(8,869)|14,102|
|Totals|||||25~174|Sg612|(7g815)||(8,869)|14,102|
|Designated
funds —Previous year|||||||||||
|||||Opening||Incoming|Resources|Gains||Closing|
|||||balance
E||resources
f|Expended
f|(Losses)
F|Transfers
E|Balance
E|
|Designated|Fund Name||||||||||
|University
Chaplaincy|||||3,714|5,836|(6,066)||(3,484)||
|Wednesfield|Designated||||||||||
|Fund|||||25,508|8,110|(9,931)||1,487|25,174|
|Totals||||29,222||13,946|15,997||(tg997)|25/174|
|Restricted
funds||—Current year|||||||||
|University|Chaplaincy||Fund||(Restricted):
represents
specific|||funding|for the
provision|of a|
|minister
to the University||||of Wolverhampton.|||||||
||||||Opening|Incoming|Resources|Gains/||Closing|
|Restricted|Fund Name||||balance
E|resourcesf|Expendedf|(Losses)f|Transfers
E|Balance
E|
|Surplus
Funds Account
Wednesfield
Endowed||Funds|||28,152
50,719|265
1,059|(76)
(107)||(5,828)
(950)|22,513
50,721|
|Wednesfield|Endowed||||||||||
|Revaluation|Fund||||2,810|||(945)||1,865|
|Totals|||||81,682|1,324|(183)|(945)|(6,778)|75,099|
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|Restricted|funds|—Prev|ious year||||||
|---|---|---|---|---|---|---|---|---|
||||Opening|Incoming|Resources|Gains/||Closing|
||||balance|resources|Expended|(Losses)|Transfers|Balance|
|Restricted|Fund Name||E|E|E||E|E|
|Surplus
Funds Account
Wednesfield
Endowed||Funds|48,538
50,719|368
1,594|(10,097)
(106)||(10,656)
(1,487)|28,153
50,719|
|Wednesfield|Endowed||||||||
|Revaluation|Fund||2,155|||655||2,810|
|Totals|||101g412|1961|(10/203)|655|(12g143)|81~682|
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||||||||Circuit Model|Designated|Restncted||
|---|---|---|---|---|---|---|---|---|---|---|
||||||General|Fund|Trust Fund|Funds|Funds|Totals|
||||||(Unrestricted)||(Unrestricted)|(Unrestricted)|(Restricted)|2020|
|||||||E|5|E|E|E|
|Fixed Assets|||||||||||
|Tangible|fixed assets||||1,618,158|||||1,618,518|
|Fixed asset investments|||||||29,397||52,585|81,982|
|Current|Assets||||||||||
|Debtors|||||49,004|||||49,004|
|TMCP Investments|||||||353,616||27,514|381,130|
|Deposit accounts|||||148,539|||||148,539|
|Cash at|Bank and||in|hand||||14,102||14,102|
|Creditors:
Amounts||||falling|||||||
|due within
one year|||||||||||
|Amounts|falling|due||in over|(83,427)||||(5,000)|(88,427)|
|one year|||||||||||
|Total|||||1,732,274||383,013|14,102|75,099|2,204,488|
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|significant
influenc
considered
related|e
over an
parties.|y of th|em,
no|r they over the Circuit.|They are, the|refore,
not|
|---|---|---|---|---|---|---|
|Transactions
with|connected|parties|during|the year are as follows:|||
|Names of Connected
Organisations|||||Receipts|Payments|
||||||6|6|
|Donor: District Advance
Fund|||||10,200|(92,567)|
|Donor: Churches|within the|Circuit|in respect of assessments||369,195||
|Donee: Grants to|churches|within|the Circuit|||(4,098)|
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