2023-08-31-accounts

Charity registration number: 1137980

Methodist Central Hall, Manchester

known as

Methodist Central Buildings Management Committee (MCBMC)

Annual Report and Financial Statements

for the Year Ended 31 August 2023

Methodist Central Hall, Manchester

Contents

Reference and Administrative Details	1 to 2
Trustees' Report	3 to 7
Statement of Trustees' Responsibilities	8
Independent Examiner's Report	9
Statement of Financial Activities	10
Balance Sheet	11
Cash Flow Statement	12
Notes to the Financial Statements	13 to 23

Methodist Central Hall, Manchester

Reference and Administrative Details

Trustees	Laura Carnall
	Malcolm Pearson
	David Pickles
	Ian Rutherford
	Roy Swanston (resigned 17 October 2022)
	Caroline Wickens
	Louise Wilkins
	Alethea Siow (appointed 22 February 2023)
	Raj Patta (appointed 22 February 2023)
Senior Management Team	Tim Willis, Building Manager
Principal Office	Central Buildings
	Oldham Street
	Manchester
	M1 1JQ
Charity Registration Number	1137980
Solicitors	BLM Law
	King's House
	42 King Street West
	Manchester
	M3 2NU
Bankers	HSBC Bank plc
	2-4 St Ann's Square
	Manchester
	M2 7HD
	Unity Trust Bank Plc
	PO Box 7193
	Planetary Road
	Willenhall
	WV1 9DG
Investment Managers	Central Finance Board of the Methodist Church
	9 Bonhill Street
	London
	EC2A 4PE
Independent Examiner	Helen Binns FCA
	Beever and Struthers
	One Express
	1 George Leigh Street
	Manchester
	M4 5DL

Page 1

Methodist Central Hall, Manchester

Reference and Administrative Details

Property Services Longden and Cook Commercial Victoria Buildings 9-13 Silver Street Bury Manchester BL9 0EU

Page 2

Methodist Central Hall, Manchester

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2023.

Charitable objectives and activities

Public benefit

Methodist Central Hall, Manchester (“MCHM”) seeks to promote, facilitate and assist with the work and purposes of the Methodist Church for the advancement of the Christian faith. In order to achieve these objectives, MCHM aims to maintain sound finances and good property management. The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance. The Trustees believe that by promoting and supporting the work of the Methodist Church at Central Buildings, MCHM helps to promote the whole mission of the Church more effectively, at local, Circuit and Connexional level, and that in doing so it provides a benefit to the public by (1) providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; and (2) promoting Christian values and service by members of the Church to the benefit of individuals and society as a whole.

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Purposes and principal activities

The purposes for which the building is held include the local purposes of the local Church, the Circuit purposes of the Circuit and the Connexional purposes of the Connexional Trustees. The buildings are occupied by each of these Church Bodies and by the Trustees for Methodist Church Purposes (“TMCP”). In addition, certain retail, office and meeting hall space within the buildings is let to third parties. These accounts deal with this rental income, the salaries and wages of staff employed in managing and running the buildings, and the premises and other costs not related to the space occupied by the Church Bodies.

Structure, governance and management

In order to clarify and simplify the Management structure, a new arrangement was brought in from 1st September 2019. The purpose of this change was to:

a) eliminate the need for 2 trustee bodies to be involved in the management of the property and its direction. This was done by making this charity Managing Trustees of the property in accordance with Methodist requirements and be responsible for its future development. The name of this charity was changed to "Methodist Central Hall, Manchester" to better represent its wider responsibility.

b) clarify the extended role of the Trustees and accordingly, new terms of reference were established, and the role of the Trustees more clearly defined. One of the main items of the terms of reference was that the Trustees should establish a 10-year plan for the development of the building in accordance with its specified mission and ministry.

Page 3

Methodist Central Hall, Manchester

Trustees' Report

Most of the Trustees who had been responsible for the oversight and guidance of this charity for several years, retired from their role, with appropriate replacements being found with the correct knowledge and experience where a Trustee had carried out a particular role to the board. For the 2022/2023 year, the Board of Trustees was as follows, with those in italic being a change from the previous year:

MCHM are Managing Trustees of the property and legal title to Central Buildings is vested in TMCP as custodian trustees. The custodian trustees, who hold title to Central Buildings in trust for MCHM, do not get involved in the day-to-day management of the property; this is the responsibility of MCHM. MCHM is required, by the terms of the model trusts, to seek TMCP's consent before granting or renewing leases and, accordingly, TMCP's Legal team review all proposed commercial lettings within Central Buildings, to ensure that these are consistent with all relevant laws (including Charity law) and with the Constitutional Practice and Discipline ("CPD") of the Methodist Church, and to ensure that the Managing Trustees would not be in breach of trust. As managing Trustees of Central Buildings, MCHM operates within the Methodist Church Connexion and as such their governing document is CPD. The document is available for inspection at Central Hall, Oldham Street, Manchester M1 1JQ.

MCHM board consists of individuals informally nominated by Church Bodies, acting as individuals, and co-opted professionals who collectively are the Trustees of the charity. When a vacancy in the charity trustee board is identified, a skills gap analysis is undertaken to ascertain identify suitable candidates from within the Methodist Church who might be considered for co-option. The Trustees will consider the skills and attribute of the candidate(s) so identified and have authority to make appointments as appropriate. This appointment process minimises the need for formal induction procedures. Trustees serve MCHM as volunteers and receive no payment for their service. A sub-Committee of Trustees, who are situated within the locality of the Charity, commonly referred to as the Operational Management Group (OMG), was appointed in 2020 to deal with day to day oversight and management within agreed limits of authority. The Board reviews on a regular basis all decisions made by the OMG.

Meetings of the Trustees are attended by Tim Willis (Building Manager), Karen Attaway (Stakeholder & Communications Manager) and Stephen Hetherington (Director of Property Support Methodist Connexion).

Page 4

Methodist Central Hall, Manchester

Trustees' Report

Achievements and performance

Use of the main meeting rooms and office spaces in the building is now almost at capacity, with meeting space often running at 95%. In addition, Mosaic continues to be used by a wide number of community-based groups for regular group sessions. A number of meetings are now being held in the space by groups running under a ‘Greater Manchester’ banner (e.g. GM Food Security Action Network, GM Homelessness Action Network). In addition, Mosaic is starting to be booked for more ‘one-off’ events.

The majority of the retail units are not in rent arrears and the relationships are being well handled with the Letting Agents. Routine repairs and maintenance continue to be carried out in a timely manner, though some of the schedule has been delayed due to the plans for future development.

The Trustees continue to receive regular reports from the City Centre Minister on the mission and ministry work which emanates from and within Central Buildings. This includes a number of worshipping congregations, city centre working, befriending, involvement with the local authority, business sector and VCSE partners, homelessness, food security and migrant support and other areas involving social justice. An overall positive result was achieved, and the Trustees were able to continue to build its designated funds as planned.

Financial review

Risk Management

The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

The charity’s activities expose it primarily to the financial risks of changes in exchange rates. Interest bearing assets and liabilities are held at fixed rate, subject to the Bank of England exchange rate fluctuations, to ensure certainty of cash flows.

The charity’s principal financial assets are bank balances and cash, trade and other receivables and investments. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Principal funding sources

The bulk of the charity's income derives from the letting of space within the building, both contractual and 'casual'.

Income for the year amounted to £529k compared with £490k the previous year, an increase of 8%. There was no amount received from the Coronavirus Job Retention Scheme during the year as this was more than offset by the increase of £28k in letting income as we were able to open up the building again after the Coronavirus epedemic.

Page 5

Methodist Central Hall, Manchester

Trustees' Report

Reserves

The major costs facing the Charity are in respect of the maintenance and upkeep of the property in order to fulfil the charitable objectives. MCHM has therefore established a designated property reserve, as detailed below, in order to meet the costs of future major repairs. In addition, MCHM considers it appropriate to hold sufficient free reserves (unrestricted funds not invested in fixed assets or otherwise designated) equal to six months operating costs (excluding scheduled repairs) in order to meet any shortfalls caused by tenancy voids or other unforeseen circumstances.

At 31st August 2023, the unrestricted funds totalled £2,865k (2022: £2,907k). Deducting fixed assets (Net book value £271k) and investment property (£1,912k) leaves free reserves of £682k (2022: £594k).

Designated Property Fund

In view of the inherent uncertainty in predicting the extent and timing of significant repair expenditure, the Trustees resolved to designate up to £250,000 of unrestricted fund reserves so as to provide the financial means to respond in a timely manner when major repair expenditure is desirable. The Trustees review annual repair expenditure and if major individual cost elements are incurred (usually more than £20,000) consider whether these costs should be met from the designated fund balance rather than from undesignated reserves. The Fund balance has been maintained at £250,000 pending a review of the state of repair of the building. Payments for dilapidations are taken as income directly to the Designated Property Fund and the related costs associated with the repairs are then charged against the Fund.

Designated Appointments Fund

Recognising the positive impact of the appoitment of Rev Ian Rutherford as a full time minister based at Central Buildings thge trustees have resolved to designate funds to allow continuation of the existing grant support till August 2026. In addition they have designated funds to provide a grant towards the costs of the Diaconal Appointment based at Central Buildings again till August 2026. The funds currently designated amount to £200k.

Current Needs and Future Plans

MCHM continues to pursue its twin aims of maintaining sound finances and good property management. Sufficient funding is available to meet routine maintenance costs, and the current and future needs of the Church Bodies are always under review. The need to maintain good levels of income from commercial and short-term lettings is a constant focus, and there is a clear understanding of the relationship between the condition and quality of the space being offered to third parties and the demand for that space. These aspects will be taken into account when the new 10-year plan is developed.

Collaboration with other charities

In addition to providing office and worship space for TMCP and The Centre congregation respectively, MCHM also provides the base for a number of other organisations with a ‘vent’ for Social Justice. Four of the key charities are Greater Manchester Community Chaplaincy. Women Asylum Seekers Together, Migrant Support and Lifeshare. These organisations continue to develop their provision from MCHM and are looking to extend their provision to make a greater impact in their respective areas of Social Justice.

Page 6

Methodist Central Hall, Manchester

Trustees' Report

Financial Report

The year under review saw a fall in fund balances from £2.91m to £2.86m, allowing the Trustees to agree to the maintenance of level of funding of the Property Reserve and also an addition to the Appointments Reserve as noted above.

With the ongoing increase in the amount received from lettings and continued careful control of the expenditure the total income for the year did not exceed total expenditure by £17k compared to a surplus of £86k in the previous year.

In the current year we had to recognise losses on our investment assets of £19k compared to £30k in the previous year. This meant the final outcomne for the year was a defecit of £42k compared to a surplus of £56k in the previous year.

The Trustees continue to seek to improve income levels of both commercial and interior space and to control rent arrears, whilst keeping repair and maintenance work up to date and controlling expenditure wherever possible. Our thanks and gratitude are expressed to Tim Willis and his staff, who continue to display diligence alongside their hard work; their contribution to the results shown in these accounts is greatly appreciated.

The annual report was approved by the trustees of the charity on 28 June 2024 and signed on its behalf by:

......................................... Malcolm Pearson Trustee

Page 7

Methodist Central Hall, Manchester

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 28 June 2024 and signed on its behalf by:

......................................... Malcolm Pearson Trustee

Page 8

Methodist Central Hall, Manchester

Independent Examiner's Report to the trustees of Methodist Central Hall, Manchester

I report on the accounts of the charity for the year ended 31 August 2023 which are set out on pages 10 to 23.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales. It is my responsibility to:

• examine the accounts under section 145 of the 2011 Act;

• to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

• (1) which gives me reasonable cause to believe that in any material respect the requirements:

• to keep accounting records in accordance with section 130 of the Charities Act 2011; and

• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

• (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

...................................... Helen Binns FCA Beever and Struthers The Institute of Chartered Accountants in England and Wales

One Express 1 George Leigh Street Manchester M4 5DL

28 June 2024

Page 9

Methodist Central Hall, Manchester

Statement of Financial Activities for the Year Ended 31 August 2023

		Unrestricted		Total		Total
		funds		2023		2022
	Note	£		£		£
Income and Endowments from:
Donations and legacies	2	-		-		17,463
Charitable activities	3	62,218		62,218		62,218
Other trading activities	4	208,515		208,515		180,438
Investment income	5	258,229		258,229		229,803
Total Income		528,962		528,962		489,922
Expenditure on:
Charitable activities	6	(551,871)		(551,871)		(403,957)
Total Expenditure		(551,871)		(551,871)		(403,957)
Gains/(losses) on investment assets		(19,049)		(19,049)		(30,068)
Net movement in funds		(41,958)		(41,958)		55,897
Reconciliation of funds
Total funds brought forward		2,906,609		2,906,609		2,850,712
Total funds carried forward	16	2,864,651		2,864,651		2,906,609

Page 10

Methodist Central Hall, Manchester

(Registration number: 1137980) Balance Sheet as at 31 August 2023

		2023		2022
	Note	£		£
Fixed assets
Tangible assets	11	271,299		276,368
Investments	12	2,656,352		2,505,026
		2,927,651		2,781,394
Current assets
Debtors	13	28,114		27,873
Cash at bank and in hand		69,023		224,038
		97,137		251,911
Creditors: Amounts falling due within one year	14	(113,887)		(80,446)
Net current (liabilities)/assets		(16,750)		171,465
Total assets less current liabilities		2,910,901		2,952,859
Creditors: Amounts falling due after more than one year	15	(46,250)		(46,250)
Net assets		2,864,651		2,906,609
Funds of the charity:
Unrestricted income funds
Unrestricted funds		2,864,651		2,906,609
Total funds	16	2,864,651		2,906,609

The financial statements on pages 10 to 23 were approved by the trustees, and authorised for issue on 28 June 2024 and signed on their behalf by:

......................................... Malcolm Pearson Trustee

Page 11

Methodist Central Hall, Manchester

Cash Flow Statement for the Year Ended 31 August 2023

		2023		2022
	Note	£		£
Cash flows from operating activities
Net cash (expenditure)/income		(41,958)		55,897
Adjustments to cash flows from non-cash items
Depreciation		5,069		8,117
Investment income	5	(22,064)		(12,269)
Revaluation of investments		19,048		30,068
		(39,905)		81,813
Working capital adjustments
Increase in debtors	13	(241)		(7,482)
Increase in creditors	14	33,441		2,802
Net cash flows from operating activities		(6,705)		77,133
Cash flows from investing activities
Interest receivable and similar income	5	8,833		652
Purchase of tangible fixed assets	11	-		(2,890)
Purchase of investments	12	(170,375)		(10,523)
Income from dividends	5	13,232		11,617
Net cash flows from investing activities		(148,310)		(1,144)
Net (decrease)/increase in cash and cash equivalents		(155,015)		75,989
Cash and cash equivalents at 1 September		224,038		148,049
Cash and cash equivalents at 31 August		69,023		224,038

All of the cash flows are derived from continuing operations during the above two periods.

Page 12

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Methodist Central Hall, Manchester meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern and impact of Covid-19

The Trustees have reviewed the circumstances of MCHM and are satisfied there are adequate resources available to fund its activities for the foreseeable future. Having carefully considered all pertinent matters they have concluded that the charity has adequate free reserves and can be viewed as a going concern.

Income and endowments

Income is included when it becomes receivable, except where they relate to future accounting periods. In these cases, the income is deferred until the future period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Investment income

Fixed asset investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SoFA includes the net gains and losses arising on revaluation and on disposals throughout the year. Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sale proceeds (net of transaction costs) and the opening carrying value or cost, if acquired during the year. Unrealised gains and losses are calculated on the difference between opening and closing fair values.

Expenditure

In the first instance, costs are directly allocated where possible to costs of generating funds or governance. Remaining costs are then apportioned according to relevant floor areas within the building, between costs for generating income through rental of units, and costs of providing charitable accommodation.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Page 13

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Tangible assets consist of capitalised plant and machinery which is depreciated over 10 years from date of commission. Furniture and equipment is depreciated over 4 years from first full year of ownership on a straight-line basis with a residual value of 10%.

The land and buildings are considered to be an investment and are included at valuation by property consultants Roger Hannah & Co, Chartered Surveyors, as at 31 August 2015.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Land & Buildings 100 years sttraight line Plant & Machinery 10 years straight line Furniture & Equipment 4 years straight line + 10% residual value

Page 14

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

The Managing Trustees are responsible for the management of Central Buildings, Oldham Street, Manchester. All funds are for use by the Managing Trustees in that activity. They have designated certain funds as property funds for repair of the buildings.

Designated funds

Normally, a transfer is made annually from the general fund to a designated property reserve fund, in order to fund major repairs, except in years where major repairs are carried out and transfers are then made to general funds in respect of the expenditure incurred.

Pensions and other post retirement obligations

The charity provides a group personal pension plan under the automatic enrolment regulations.

Financial instruments

The charity has only basic financial instruments which are initially recorded at cost, and with the exception of investments (as set out above) subsequently measured at their settlement value.

2 Income from donations and legacies

				Total	Total
				2023	2022
				£	£
Grants;
Coronavirus	Job	Retention	Scheme	-	17,463
				-	17,463

Page 15

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

3 Income from charitable activities

		Unrestricted
		funds
				Total		Total
		General		2023		2022
		£		£		£
	TMCP contribution towards staffing, accommodation
	and related expenses	62,218		62,218		62,218
4	Income from other trading activities
		Unrestricted
		funds
				Total		Total
		General		2023		2022
		£		£		£
Room hire		208,515		208,515		180,438
		208,515		208,515		180,438
5	Investment income
		Unrestricted
		funds
				Total		Total
		General		2023		2022
		£		£		£
Dividends		13,232		13,232		11,617
Interest		8,833		8,833		652
Rental income		236,164		236,164		217,534
		258,229		258,229		229,803

4 Income from other trading activities

5 Investment income

6 Expenditure on charitable activities

	Unrestricted
	funds
			Total		Total
	General		2023		2022
	£		£		£
Property costs	138,100		138,100		116,776
Staff costs	193,468		193,468		183,906
Depreciation	5,069		5,069		8,117
Governance costs	4,610		4,610		5,410
Support Costs	210,624		210,624		89,748
	551,871		551,871		403,957

See note 7 for split of support costs and governance costs

Page 16

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

7 Analysis of support costs

Charitable activities expenditure

Unrestricted funds

	Unrestricted funds
			Total		Total
	General		2023		2022
	£		£		£
Office costs	9,459		9,459		7,228
Telephone	11,937		11,937		11,281
Bank charges	1,137		1,137		1,309
Travel	3,565		3,565		2,914
Legal and professional costs	139,890		139,890		27,900
	165,988		165,988		50,632
Governance costs
	Unrestricted
	funds
			Total		Total
	General		2023		2022
	£		£		£
Independent examiner fees
Examination of the financial statements	1,300		1,300		1,300
Other fees paid to examiners	3,310		3,310		4,110
	4,610		4,610		5,410
8 Net incoming/outgoing resources
Net incoming/outgoing resources for the year include:
			2023		2022
			£		£
Independent examiner's fees			1,300		1,300
Depreciation of fixed assets			5,069		8,117

Page 17

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

9 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
	2023		2022
	£		£
Staff costs during the year were:
Wages and salaries	176,003		167,218
Social security costs	11,212		11,003
Pension costs	6,253		5,683
	193,468		183,904

No employee received emoluments of more than £60,000 during the year

Key management personnel

The key management personnel of the charity comprise the trustees and those persons listed on page 1.

The trustees do not receive any remuneration for their services, the total remuneration benefits of the other members of staff are listed below.

The total remuneration benefits of the key management personnel of the charity were salary costs of £46,097 (2022 - £49,423).

The average number of staff was as follows:

The average number of staff was as follows:
	2023		2022
	Average		Average
	number		number
Staff	6		7
10 Independent examiner's remuneration
	2023		2022
	£		£
Examination of the financial statements	1,300		1,300
Other fees to examiners
All other services	3,310		4,110

Page 18

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

11 Tangible fixed assets
	Land and		Furniture and			Plant &
	buildings		equipment			machinery					Total
	£		£				£				£
Cost
At 1 September 2022	253,000		152,512				658,668				1,064,180
At 31 August 2023	253,000		152,512				658,668				1,064,180
Depreciation
At 1 September 2022	13,488		133,382				640,942				787,812
Charge for the year	1,686		1,437				1,946				5,069
At 31 August 2023	15,174		134,819				642,888				792,881
Net book value
At 31 August 2023	237,826		17,693				15,780				271,299
At 31 August 2022	239,512		19,130				17,726				276,368
12 Fixed asset investments
						2023					2022
						£					£
Investment properties						1,912,000					1,912,000
Other investments						744,352					593,026
						2,656,352					2,505,026

Page 19

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

Investment properties
			Investment
			properties
			£
Cost or Valuation
At 1 September 2022			1,912,000
Provision
At 31 August 2023			-
Net book value
At 31 August 2023			1,912,000
At 31 August 2022			1,912,000
Other investments
			Other
			investments
			£
Cost or Valuation
At 1 September 2022			593,026
Revaluation			(19,049)
Additions			170,375
At 31 August 2023			744,352
Net book value
At 31 August 2023			744,352
At 31 August 2022			593,026
13 Debtors
	2023		2022
	£		£
Prepayments	3,777		2,836
Accrued income	23,809		23,603
Other debtors	528		1,434
	28,114		27,873

Page 20

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
	2023		2022
	£		£
Grants payable	36,000		30,000
Creditors & accruals	77,887		50,446
	113,887		80,446

15 Creditors: amounts falling due after one year

									2023	2023	2023			2022
									£					£
Grants payable									46,250					46,250
16 Funds
	Balance													Balance
	at 1										Other			at 31
	September		Incoming		Resources						recognised			August
	2022		resources		expended			Transfers		gains/(losses)				2023
	£		£		£				£		£			£
General	2,426,609		528,962		(551,871)				30,000		(19,049)			2,414,651
Designated
Appointments fund	230,000		-			-		(30,000)				-		200,000
Property fund	250,000		-			-			-			-		250,000
	480,000		-			-		(30,000)				-		450,000
Total funds	2,906,609		528,962		(551,871)				-		(19,049)			2,864,651
	Balance													Balance
	at 1										Other			at 31
	September		Incoming		Resources						recognised			August
	2021		resources		expended			Transfers		gains/(losses)				2022
	£		£		£				£		£			£
General	2,495,712		489,922		(403,957)			(125,000)			(30,068)			2,426,609
Designated
Appointments fund	105,000		-			-		125,000				-		230,000
Property fund	250,000		-			-			-			-		250,000
	355,000		-			-		125,000				-		480,000
Total funds	2,850,712		489,922		(403,957)				-		(30,068)			2,906,609

Page 21

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

The Property Fund has been set up with a target of £250k to ensure that adequate funds are available to meet major property repairs which fall outside the scope of routine maintenance.

The Appointments Fund has been set up to enable the committee to consider the continuation of grant support for presbyteral and diaconal staff associated with Central Buildings This year additional support is proposed for the diaconal staff meaning two posts are being supported with both occupants invited to serve till 31st August 2026.

17 Analysis of net assets between funds

17 Analysis of net assets between funds
	Unrestricted
	funds
	General		Total funds
	£		£
Tangible fixed assets	271,299		271,299
Fixed asset investments	2,656,352		2,656,352
Current assets	97,137		97,137
Current liabilities	(113,887)		(113,887)
Creditors over 1 year	(46,250)		(46,250)
Total net assets	2,864,651		2,864,651

18 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

19 Related party transactions

There were no related party transactions in the year.

Page 22

Methodist Central Hall, Manchester

Notes to the Financial Statements for the Year Ended 31 August 2023

20 Comparative Statement of Financial Activities

20 Comparative Statement of Financial Activities
	Unrestricted		Total
	funds		2022
	£		£
Income and Endowments from:
Donations and legacies	17,463		17,463
Charitable activities	62,218		62,218
Other trading activities	180,438		180,438
Investment income	229,803		229,803
Total Income	489,922		489,922
Expenditure on:
Charitable activities	(403,957)		(403,957)
Total Expenditure	(403,957)		(403,957)
Gains/losses on investment assets	(30,068)		(30,068)
Net movement in funds	55,897		55,897
Reconciliation of funds
Total funds brought forward	2,850,712		2,850,712
Total funds carried forward	2,906,609		2,906,609

Page 23