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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|
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|Registered|Office:|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||||||
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|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|||
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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
annually.|restricted
funds which
is reviewed
annually.|restricted
funds which
is reviewed
annually.|restricted
funds which
is reviewed
annually.|restricted
funds which
is reviewed
annually.|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|
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||||||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|
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|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|
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|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|
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|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|
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|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|
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|Office ex|penses||||
|---|---|---|---|---|
||||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|
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|||||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|
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|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|
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|||||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|
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|||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|
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||||||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|
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