2023-08-31-accounts - Wolverhampton Methodist Circuit

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Administrative Information	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

Registered	Office:	Beckminster Methodist	Beckminster Methodist	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:		Lloyds Bank Pic
		Queen Square
		Wolverhampton
		West Midlands
		Wvi 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
Investment	advisors:	Trustees for Methodist			Church	Purposes(TMCP)
		Central Buildings
		Oldham Street
		Manchester
		M1 1jQ
Solicitors:		Anthony Collins		LLP
		134 Edmund	Street
		Birmingham
		B3 2ES

Trustees Report For the year ended 31August 2023 Financial Report	Trustees Report For the year ended 31August 2023 Financial Report
The result for the year shows an overall surplus		of E571,207 (2022 deficit —E93,856).The		result	is
split across funds as follows:
General fund	E 16,258	(2022 - E106,651)	Surplus	(deficit)
Circuit Model Trust Fund	E565,249	(2022 - E26,969)	Surplus	(deficit)
Designated Funds	E(1,635)	(2022 - E3,227)	Deficit for both years
Restricted Funds	E(8,667)	(2022 - E10,947)	Deficit for both years

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 annually.	restricted funds which is reviewed annually.
Our policy is to ensure that there are sufficient viability and future ofthe Circuit whilst ensuring are being used for its charitable purposes. The reserves meet these criteria. The reserves held				free reserves available to maintain and secure the through openness and transparency that its resources Trustees are of the view that at 31August 2023 free at the end of the year were as follows:
Unrestricted funds
General Fund					1,579,267
Model Trust Fund					909,928
					2,489,195
Designated funds Wednesfield Methodist Church	Funds				2,024
					2,023
Total unrestri cted funds					2,491,219
Surplus Funds Endowed Funds from Wednesfield		Methodist	Church		4,168 55,851
Total restricted funds					60,019
Totalfunds					2,551,238
Less: Tied up in freehold property Restricted Funds		and fixtures			(1,450,771) (60,019)
					(1I510~790)
Total readily available reserves					1g040I448

					Circuit Model
				General Fund	Trust Fund	Designated	Restricted	Totals	Totals
				(Unrestncted)	(Unrestricted)	Funds	Funds	2023	2022
			Note	6	I		I		6
Income
Donations and legaaes									1,000.00
Chantable activities:
Assessment or	share		6	362,707				362,707	360,378
Grants			8		305,030			305,030	1,133
Other income			10	157,359		249		157,608	109,607
Investment income:
Income from monetary
investments				3,187	24,879		1,926	29,992	4,514
Property disposal					507,991			507,991	120,943
TotalIncome				523i253	837/900	249	1I926	1i363g328	597 575
Expenditure on
Charitable activities:
Salanes and associated
costs			12	382,425				382,425	362,488
District assessment				90,737				90,737	90,524
MTF levy					16,294			16,294	13,212
Property Costs			14	50,657		11,266		61,923	69,074
Office Expenses			15	11,763				11,763	12,381
Depreciation				27,200				27,200	19,080
Other outgoings			16, 17	17,551	179,199		166	196,916	116,686
Grants and donations				1,000				1,000	1,000
Total Expenditure				581,333	195,493	11,266	166	788,258	684,445
Net Income/
(expenditure)				(58,080)	642,407	(11,017)	1,760	575,070	(86,870)
Gains/(deficits) on
investments					(1,388)		(2,477)	(3,865)	(6,986)
Transfers between		funds	18	74,338	(75,770)	9,382	(7,950)
Net movement	in	funds		16,258	565,249	(1~635)	(si667)	571i205	(93856)
Total funds brought				1,563,009	344,679	3,659	68,686	1,980,033
forward									2,073,888
Total funds carried
forward at end	ofyear			1,579,267	909,928	2~024	60~019	2~5511238	I 980032

s at 31Augu	st 202	3
						Circuit Model	Designated
			General		Fund	Trust Fund	Funds	Restricted	Totals	Totals
			(Unrestricted)			(Unrestricted)	(Unrestricted)	Funds	2023	2022
		Note			6	6	6	6	E	6
Fixed Assets
Tangible fixed assets		19		1,450,771					1,450,771	1,477,226
Investments with	TMCP	20				31,402		55,851	87,253	90,882
Current Assets		21		65,065					65,06S	31,517
Debtors		22				878,526		4,168	882,694	322,482
Investments with	TMCP
Central Finance Board		22		111,454					111,454	98,017
Deposits
Cash at Bank and	in	22			5,421		2,024		7,44S	17,595
hand
				181,941		878,526	2,024	4I168	1~066g658	469,611
Creditors: Amounts
falling due within	one
year		25			53,444				53,444	57,687
Net current assets				128,496		878,526	2 024	4 166	1~0131214	411924
Total assets less
current liabilities				1 579 267		909928	2 024	60 019	2~551g247	1980 032
Net assets				1,579,267		909,928	2,024	60,019	2,551~238	1980032
Funds ofthe circuit
General Fund
(Unrestricted)		26.1		1,579,267					1,579,267	1,563,008
Circuit Model Trust
Fund (Unrestricted)		26.2				905,251			905,251	338,613
Revaluation Fund
(Unrestricted)		26.2				4,677			4r677	6,065
Designated Fund
(Unrestricted)		26.2					2,024		2,024	3,659
Other Funds
(Restricted)		27						55,751	55,751	61,943
Revaluation Fund
(Restricted)		27						4,268	4r268	6,743
TotaIFunds		28		11579~267		909g928	2I024	60~019	2~551I238	1980032

For the year ended 31August	2023
					Notes	2023f	2022
Cash from operating activities
Surplus(Deficit) for the year						575,070	(86,870)
Adjustments for:
Depreciation						27,200	19,080
Decrease/(increase) in debtors						(33,548)	6,836
Increase/(decrease) in creditors						(4,243)	(6,271)
Surplus on Fixed Asset disposal						(507,991)	(120,943)
						(518i581)	(101i298)
Net cash generated by (used	in )operating			activities		56i489	(188168)
Cash flows from investing activities
Purchase of tangible assets						(745)	(60,050)
Purchase of fixed asset investments						(236)	(167)
Proceeds from Fixed Asset disposal						507,991	287,301
Net cash (used in)/from investing		activities				507,010	227,084
Change in cash and cash equivalents			in the	period		563,499	38,916
Cash and cash equivalents at start of period						438,094	399,178
Cash and cash equivalents at	the end		ofthe	period	22	100li593	438I094

Other Charitable income	Other Charitable income
The Circuit was in receipt ofthe following		other income:		2023	2022
	Generalf		Designatedf	Totalf	Totalf
Church lay contributions Rent from empty manses		66,725 12,650		66,725 12,650	48,123 14,736
Use of Wednesfield Church
premises					3,707
Shared Costs of Minister shared
with Queens College		25,024		25,024	23,942
Sundry Income including donations to the work ofthe city		52,960	249	53,209	19,099
centre mission of f44,673
		157,359	249	157,608	109,607

roperty	costs
			2023	2022
Property	Maintenance		8,137	11,085
Rental of	manses		16,581	16,978
Insurance			13,252	17,038
Utilities (principally rates, Stowlawn and Fordhouses		light and heat at Wednesfield, and water rates)	23,953	23,973
			61I923	69I074

Office ex
		2023	2022
		6	f.
Printing, postage Use of office and	and stationery facilities	1,601 6,296	561 4,913
Audit fee		3,460	3,050
Training		400	3,857
		11,763	12,381

				2023	2022
				6	6
Pulpit supply				5,185	5,618
Inspections	and legal	fees		11,716	15,996
Sundry outgoings				156	178
Mission and	outreach			495	2,884
TMCP levies	(charged	to MTF and Restricted	Fund)	179,364	92,010
				196,916	116,686

As at	31August 2023
19.	Tangible fixed assets
	Cost or valuation			Fixtures,
				fittings and
			Manses	Equipment	Total
			E	E	E
	At 31August 2022 Additions		1,562,660	86,665 745	1,649,325 745
	Disposals
	At 31August 2023		1,562,660	87i410	lg650g070
	Depreciation
	At 31August 2022 Charge for year		98,659 23,062	73,440 4,138	172,098 27,200
	DisposaIs
	At 31August 2023		121,721	77/578	199g299
	Net book value
	At 31August 2022		1,464,001	13 225	1~477 226
	At 31August 2023		1,440,939	9,832	1,450,771
20.	Fixed Asset Investments
				2023	2022
				6
	Cost brought forward			90,882	97,701
	Additions			236	167
	Unrealised (losses)/gains	on revaluation		(3,865)	(6i986)
	Cost carried forward			87~253	90r882

				Opening	Incoming	Resources	Gains/	Transfers	Closing
				balance	resources	Expended	(Losses)		Balance
Unrestricted		Fund		E	E	6	6		6
Name
General	Fund			1,563,009	523,253	(581,333)		74,338	1,579,267
Circuit	Model	Trust Fund		338,614	837,900	(195,493)		(75,770)	905,251
Revaluation		Fund		6,065			(1,388)		4,677
Totals				tg9071688	11361~153	(776,826)	(1,388)	(1,432)	2,489,195
Unrestricted			funds	—Previous	year
				Opening	Incoming	Resources	Gains/	Transfers	Closing
				balance	Resources	Expended	(Losses)		Balance
Unrestricted		Fund		6	E	6	E		6
Name
General Circuit	Fund Model Trust Fund			1,669,659 309,433	589,696 2,607	(664,085) (14,125)		(32,262) 40,699	1,563,009 338,614
Revaluation		Fund		8,276			(2,211)		6,065
Tota Is				1g987g368	592~303	(678,210)	(2,211)	8~437	1~907~688

		Opening	Incoming	Resources	Gains/		Closing
		balance	resources	Expended	(Losses)	Transfers	Balance
Designated	Fund Name E		E	E	E	E	E
Wednesfield Funds	Designated	3,659	249	(11,266)		9,382	2,024
		3,659	249	(11,266)		9,382	2,024
Designated funds		—Previous year
		Opening balance	Incoming resources	Resources Expended	Gains (Losses)	Transfers	Closing Balance
		E	E	E	E	E	E
Designated Wednesfield	Fund Name Designated 6,886		3,707	(6,058)		(876)	3,659
Fund
		6,886	3,707	(6,058)		(876)	3,659
Restricted funds		—Current year
		Opening balance	Incoming resources	Resources Expended	Gains/ (Losses)	Transfers	Closing Balance
Restricted	Fund Name E		E	E	E	E	E
Surplus Funds Account Wednesfleld Endowed		Funds 10,358 51,585	1,926	(166)		(6,190) (1,760)	4,168 51,585
Wednesfield	Endowed
Revaluation	Fund	6,743			(2,477)		4,266
Totals		68,686	1,926	(166)	(2,477)	(7,950)	60,019
Restricted funds		—Previous 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		Funds 16,531 51,585	8 1,557	(177)		(6,181) (1,380)	10,358 51,585
Wednesfield	Endowed
Revaluation	Fund	11,518			(4,775)		6,743
Totals		79,634	1,565	(177)	(4,775)	(7,561)	68,686

					Circuit Model	Designated	Restncted
				General Fund	Trust Fund	Funds	Funds	Tota Is
				(Unrestricted)	(Unrestricted)	(Unrestricted)	(Restncted)	2023
				6	6	6	6	6
Fixed Assets
Tangible	fixed assets			1,450,771				1,450,772
Fixed asset investments					31,402		55,851	87,253
Current	Assets
Debtors				65,065				65,065
TMCP Investments					878,526		4,168	882,694
Deposit	accounts			111,454				111,454
Cash at	Bank and	in	hand	5,421		2,024		7,444
Creditors: Amounts			falhng
due within one year				(53,444)				(53,444)
Total				1,579,267	909,928	2,023	60,019	2,551,238