2021-08-31-accounts - Wolverhampton Methodist Circuit

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Contents	Contents
For the year Ended		31August 2021
Administrative Information
Trustees'	Annual Report
Statement	ofTrustees'	Responsibilities	13
Auditors'	report		14
Statement	of Financial	Activities	18
Statement	of Financial	Position	19
Cash Flow	Statement		20
Notes to the financial		statements	21

Other Trustees	Other Trustees	Martin Cresswell	Margaret	Margaret	Mottram
		janet Fenney	jim	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
		West Midlands
		WV3 7BQ
Charity:		1135146
Auditors		Muras Baker jones Limited
		Regent House
		Bath Avenue
		Wolverhampton
		West Midlands
		WV1 4EG
Bankers:		Lloyd s
		Queen Square
		Wolverhampton
		West Midlands
		WV1 1TF
		Barclays Bank Pic
		Queen Square
		Wolverhampton
		West Midlands
		HSBC Bank Pic
		Queen Square
		Wolverhampton
		West Midlands
		Central Finance Board	ofthe Methodist	Church
		9 Bonhill Street
		London
		EC2A 4PE

The result for the year shows an o funds as follows:	verall deficit ofE130,6	00 (2020 —f52,084).	The result	is split across
General Fund	E (62,615)	(2020 - E(24,401)	Deficit	for both years
Circuit Model Trust Fund	E (65,304)	(2020 - E(10,028)	Deficit	for both years
Designated Funds Restricted Funds	E (7,216) f4,534	(2020 - E(11,072) (2020 -E (6,583)	Deficit Surplus	for both years / (deficit)

The Circuit has a reserves policy covering its un	The Circuit has a reserves policy covering its un	The Circuit has a reserves policy covering its un	The Circuit has a reserves policy covering its un	The Circuit has a reserves policy covering its un	The Circuit has a reserves policy covering its un	restricted funds which is reviewed a	restricted funds which is reviewed a	nnually.
Our policy is to ensure that there are sufficient viability and future ofthe Circuit whilst ensuring are being used for its charitable purposes. The						free reserves available to maintain through openness and transparency Trustees are of the view that at 31		and secure the that its resources August 2021 free
reserves meet these criteria. The		reserves		held		at the end of the	year were as follows:
Unrestricted funds
General Fund								1,669,659
Model Trust Fund								317,709
								1,987,368
Designated funds Wednesfield Methodist Church Funds								6,886
								6,886
Total unrestricted funds								1,994,254
Surplus Funds Endowed Funds from Wednesfield			Methodist		Church			16,531 63,103
Total restricted funds								79,634
Total funds								2,073,888
Less: Tied up in freehold Restricted Funds	property		and fixtures					(1,602,614) (79,634)
								(1,682,248)
Total readily available	reserves							391,640

				Circuit	Model
			General Fund	Trust Fund		Designated	Restricted	Totals	Tata Is
			(Unrestricted)	(Unrestncted)		Funds	Funds	2021	2020
		Note	I		E	I	I	I	I
Income
Donations and legacies			2,003					2,003	23,519
Charitable activities:
Assessment or share		6	360,825					360,825	369,195
Grants		8	8,651					8,651	14,494
Other income		10	96,438			4.642		101,080	132,373
Investment income:
Income from monetary
investments			1,048		1,519		1,043	3,610	5,818
Total Income			468,965		1519	4r642	1r043	476,169	545,399
Expenditure on
Chantable activities:
Salaries and associated
costs		12	351,544			3,043		354,587	358,550
Distnct assessment			87,714					87,714	92,567
MTF levy					18,240			18,240	19,783
Property Costs		14	77,151			5,957		83,108	59,102
Office Expenses		15	8,776					8,776	12,055
Depreciation			27,130					27,130	27,148
Other outgoings		16,17	41,871		32		181	42,084	22,730
Grants and donations		11							4,098
Total Expenditure			594,186	18r272		9r000	181	621,639	596,033
Net Income/
(expenditure)			(125221)	(16r753)		(4r358)	862	(145r470)	(50 634)
Gains /(deficits) on					5,217		9,653	14,870	(1,450)
investments
Transfers between	Funds	18	62,606	(53,768)		(2,858)	(5,980)
Net movement in	funds		(62,615)	(65,304)		(7,216)	4,535	(130,600)	(52,084)
Total funds brought
forward			1,732,274	383,013		14,102	75,099	2,204,488	2,256,572
Total funds carried
forward at end ofyear			1,669,659	317,709		6,886	79,634	2r073rsss	2 204 488

aemen o	n	nca po	ton
As at 31Aug	ust	2021			Circuit	Model	Designated
			General	Fund	Trust Fund		Funds	Restricted	Totals	Totals
			(Unrestricted)		(Unrestricted)		(Unrestricted)	Funds	2021	2020
		Notes		E		I	f	1	6	I
Fixed Assets
Tangible Fixed assets		19	1,602,614						1,602,614	1,618,158
Investments with	TMCP	20				34,598		63,103	97,701	81,982
			1,602,614			34,598		63,103	1,700,315
										1,700,140
Current Assets
Debtors		21	38,353						38,353	49,004
Investments with	TMCP	22			283,111			16,531	299,642	381,130
Central Finance Board
Deposits		22	80,690						80,690	148,539
Cash at Bank and	in
hand		22	11,960				6,886		18,846	14,102
			131,003		283,111		6,886	16,531	437,531	592,775
Creditors: Amounts
falling due within	one
year		25	63,958						63,958	88,427
Net current assets			67,045		283,111		6,886	16,531	373,573	504,348
Total assets less			1,669,659		317,709		6,886	79,634	2073,888
current liabilities										2,204,488
Net assets			1,669,659		317,709		6886	79634	2073r888	2 204 488
Funds ofthe circuit
General Fund
(Unrestricted)		26.1	1,669,659						1r669r659	I 732 274
Circuit Model Trust
Fund (Unrestricted)		26.I			309,433				309,433	379,954
Revaluation Fund
(Unrestricted)		26.I				8,276			8,276	3,059
Designated Fund
(Unrestricted)		26.2					6,886		6,886	14,102
Other Funds
(Restricted)		27						68,116	68,116	73,234
Revaluation Fund
(Restricted)		27						11,518	11,518	1,865
Total Funds		28	1,669,659		317,709		6886	79r634	2r073888	2 204 488

Cash flow statement	Cash flow statement
For the year ended 31August 2021				2021	2020
			Notes	E	6
Cash from operating activities
Deficit for the year				(145,470)	(50,634)
Adjustments for:
Depreciation				27/130	27,148
Decrease/(increase) in debtors				10,651	(4,153)
Increase/(decrease) in creditors				(24,469)	(13,591)
Net cash used in operating activities				(132,158)	(41,230)
Cash flows from investing activities
Purchase of tangible assets				(11,586)	(2,633)
Purchase of fixed asset investments				(849)	(10,627)
Net cash (used in)/from investing	activities			(12,435)	(13,260)
Change in cash and cash equivalents in the period Cash and cash equivalents at start of period				(144,593) 543,771	(54,490) 598,261
Cash and cash equivalents at the end		ofthe period	22	399,178	543,771

	sundry o	ffice costs.
			2021	2020
	Number	oftrustees who were paid expenses	1	1
	Total amount paid		95	250
5.	Fees for examination or audit ofthe accounts
			2021	2020
				6
	Included Auditors'	within 'other expenditure' are the following: fee for reporting on the accounts	3,140	3,124

he Cir	cuit was in	receipt	of the follo	wing other in	come:
						2021	2020
				General	Designated	Total	Total
				6	6	6
Church lay contributions Rent from empty manses				47,239 24,008		47,239 24,008	60,635 23,350
Use of	Wednesfield	Church
premises Use of Darlington		Street	Premises	2,011	4,642	4,642 2,011	5,612 16,183
Shared	Costs of Minister		shared
with Queens College				23,012		23,012	23,012
Sundry	Income			168		168	3,581
				96,438	4,642	101,080	132,373

uring the year the Circuit made grants to	Churches and others as follows:
	2021	2020
	Total	Total
		6
Trinity Codsall		98
Springdale		1,000
Other		3,000
		4,098

Staff costs
										2021	2020
Staff costs paid during the year Gross wages, salaries and benefits					were: in kind				265,661		269,684
Employer's National		Insurance		costs						19,481	19,006
Pension costs									49,230		48,216
Other non-payroll	costs									20,215	21,644
Total staff costs									354~587		358g550
Average number year were:		offull-time		equivalent			employees		in the	16	16
No employee earned		more than		660,000 (2020				- none)	in the year.
The costs can be summarised			between			ministry		and lay	worker support	as follows:
										2021	2020
										6	6
Ministry										266,213	260,101
Gross cost of lay	support									88,374	98,449
									354,587		358,550

roperty	costs
				2021	2020
Property	Maintenance			13,520	12,530
Rental of	manses			14,241	14,531
Insurance				35,875	9,221
Utilities (principally		rates, light and heat at Darlington	Street and
water rates)				19,472	22,820
				83,108	59,102

ffice ex
		2021	2020
			6
Printing, postage Use of office and	and stationery facilities	862 4,799	3,863 4,893
Audit fee		3,140	3,124
Training		(25)	175
		8I776	12~055

ampton Methodist Circuit o the accounts 1August 2021 Other outgoings
		2021	2020
		E	E
Pulpit supply			3,366
Inspections and legal fees		38,658	16,844
Sundry outgoings		291	258
Mission and outreach		2,195	1,273
TMCP charges (charged to MTF and Restricted	Fund)	940	990
		42,084	22,730

oe As at 19.	o e accouns 31August 2021 Tangible fixed assets
	Cost or valuation			Fixtures,
				fittings and
			Manses E	EquipmentI	TotalI
	At 31August 2020		1,683,178	70,699	1,753,877
	Additions			11,586	11,586
	At 31August 2021		1,683,178	82~285	iI765I463
	Depreciation
	At 31August 2020		77,870	57,849	135,719
	Charge for year		16,020	11,110	27,130
	At 31August 2021		93,890	68,959	162,849
	Net book value
	At 31August 2020		1,605,308	12,850	1,618,518
	At 31August 2021		1~589288	13~326	1~602~614
20.	Fixed Asset Investments
				2021	2020
				8	8
	Cost brought forward			81,982	72,805
	Additions			849	10,627
	Unrealised (losses)gains	on revaluation		14,870	(1,450)
	Cost carried forward			97~701	81~982

Funds	Funds
Unrestricted		funds	—Current	year
			Opening	Incoming	Resources	Gains/	Transfers	Closing
			balance	resources	Expended	(Losses)		Balance
unrestricted	Fund		E	E	E	E		E
Name
General Fund Circuit Model	Trust	Fund	1,732,274 379,954	468,965 1,519	(594,186) (18,272)		62,606 (53,768)	1,669,659 309,433
Revaluation	Fund		3,059			5,217		8,276
Totals			2,115,287	470,484	(612,458)	5,217	8838	1~9871368
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 Circuit Model Trust Fund Revaluation 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

Designate	d	funds	—C	urrent year
				Opening	Incoming	Resources		Gains/		Closing
				balance	resources	Expended		(Losses)	Transfers	Balance
Designated		Fund Name		E	E			E	E	E
Wednesfield	Designated			14,102	4,642	(9000)			(2,858)	6,886
Funds
Tota Is				14,102	4,642	(9,000)			(2,858)	6,886
Designated		funds —Previous year
				Opening	Incoming	Resources		Gains		Closing
				balance	resources	Expended		(Losses)	Transfers	Balance
				E	E	E		E	E	E
Designated	Fund Name
Wednesfield	Designated
Fund				25,174	5,612	(7,815)			(8,869)	14,102
Tota Is				25,174	5I612	(7,815)			(8,869)	14,102
Restricted		funds	—Current year
				Opening	Incoming	Resources		Gains/		Closing
				balance	resources	Expended		(Losses)	Transfers	Balance
Restricted	Fund Name			E	E		E	E	E	E
Surplus Funds Account Wednesfield Endowed Wednesfield Endowed			Funds	22,513 50,721 1,865	73 970	(75) (106)		9,653	(5,980)	16,531 51,585 11,518
Revaluation	Fund
Totals				75r099	ir043	(181)		9653	(sr980)	79r634

Restricte	d funds	—Prev	ious year
			Opening	Incoming	Resources	Gains/		Closing
			balance	resources	Expended	(Losses)	Transfers	Balance
Restricted	Fund Name		E	E	E	E	E	E
Surplus Funds Account			28,152	265	(76)		(5,828)	22,513
Wednesfield	Endowed	Funds	50,719	1,059	(107)		(950)	50,721
Wednesfield	Endowed
Revaluation	Fund		2,810			(945)		1,865
Tota Is			81,681	1,324	(183)	(945)	(6,778)	75,099

nalysis of ne	t	assets b	etween funds
				Circuit Model	Designated	Restricted
			General Fund	Trust Fund	Funds	Funds	Tota Is
			(Unrestricted)	(Unrestricted)	(Unrestricted)	(Restricted)	2021
			E	E	E	E	E
Fixed Assets
Tangible fixed assets			1,602,614				1,602,614
Fixed asset Investments				34,598		63,103	97,701
Current Assets
Debtors			38,353				38,353
TMCP Investments				283,111		16,531	299,642
Deposit accounts			80,690				80,690
Cash at Bank and	in	hand	11,960		6,886		11,960
Creditors: Amounts		falling	(63,958)				(63,958)
due within one year
Total			1,669,659	317,709	6,886	79,634	2,073,888

significant influence over any of th considered related parties.	em, nor they over the Circuit.	They are, the	refore, no	t
Transactions with connected parties	during the year are as follows:
Names of Connected Organisations		Receipts f	Payments	f
Donee: District Advance Fund			87,714
Donor: Churches within the Circuit	in respect of assessments	360,825
Donee: Grants to churches within	the Circuit