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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|
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|Other Trustees|Other Trustees|(continued):|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||||
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|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)|
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|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|restricted
funds
which
is reviewed
a|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|
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|||||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|
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|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|
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|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|
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||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|
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|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|
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|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|
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|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|
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|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|
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|ffice ex|penses||||
|---|---|---|---|---|
||||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|
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|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|
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|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|
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|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|
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|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|
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|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|
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|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|
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|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||||
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