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2020-08-31-accounts

Registered charity number: 1138647

NETHER GREEN METHODIST CHURCH

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

NETHER GREEN METHODIST CHURCH

CONTENTS

Page
Reference and administrative details 1
Trustees’ report 2 - 6
Independent auditor’s report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 19

NETHER GREEN METHODIST CHURCH

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2020

_______________

Principal address

Nether Green Methodist Church Nethergreen Road Sheffield S11 8EH

Trustees

The managing trustees are the members of the Church Council of Nether Green Methodist Church.

The members of the Church Council are:

Rev Sally Coleman Rev Timothy Crome (resigned 31 August 2020) Rev James Morley Rev Lisa Quarmby (appointed 1 September 2020) Margaret Allsop (resigned 26 April 2020) Keith Austin Mark Broadhead (resigned 24 September 2020) Andrew Coomer – Treasurer Rachel Fitton Philip Godfrey

Katrin Hackett Lyn Kemp Allyson Merryweather Kath Milner Elaine Needham (resigned 6 October 2020) Steve Pearson Douglas Watts Graham Wilkinson Jackie Wood John Wilkins

Custodian trustee

The Trustees for Methodist Church Purposes

Independent Examiner

R.S.Freeman 5 Hillcote Close Sheffield S10 3PT

Bankers

CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ

page 1

NETHER GREEN METHODIST CHURCH

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2020

_______________

The Trustees present their annual report together with the audited financial statements of Nether Green Methodist Church for the year ended 31 August 2020.

The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ (FRS102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charities Act 2011, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016).

Structure governance and management

Governing document

Under the Charities Act 2006, the church is registered with the Charity Commission, number 1138647. Nether Green Methodist Church is governed by the Standing Orders of the Methodist Church and uses an approved governing document issued by the Methodist Conference.

Trustees

The managing trustees are the members of the Church Council of Nether Green Methodist Church. The lay members are appointed annually by the congregation.

The trustees receive no remuneration in their roles as members of the Church Council and any expenses paid to them are shown in note 2 to the accounts.

Organisation

On 31 August 2019 the Beacon Church, which was formed in September 2010 by the merger of four Methodist Churches, split. The congregation at Broomhill ceased to meet and the members worshipping there moved elsewhere. Stephen Hill congregation reformed as a Methodist church so as to further the conversations with the nearby St Columba’s Anglican church. The Beacon now consists of the congregation at Nether Green and has been renamed Nether Green Methodist Church, from 1 September 2019. The church is a member of the Sheffield Methodist Circuit.

A Church Council meeting is usually held in October, January, April and July. In addition, the local leadership team meets regularly and there are congregational meetings.

Risk management

The trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church and are satisfied that systems are in place to mitigate our exposure to major risks.

page 2

NETHER GREEN METHODIST CHURCH

TRUSTEES’ REPORT – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

Objectives and activities

Objectives

The objectives of Nether Green Methodist Church are those set out in the approved Governing document which has not been changed.

The Church’s Mission Statement includes:

As part of the Body of Christ in west Sheffield, we are called to live out God's purpose in sharing the love of Jesus Christ.

To fulfil this we are all...

called to worship & prayer inspired to grow & develop enabled to serve & transform strengthened to uphold justice & seek peace challenged to value & protect God's creation

Aims

Our aim is twofold:

Public Benefit

When planning their activities for the year, the managing trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.

The public activities of the Church are:

  1. The provision of regular public acts of worship open to members of the Church and non-members alike.

  2. The provision of sacred space for prayer and contemplation.

  3. The teaching of Christianity through sermons and small groups.

  4. Pastoral work including visiting the sick and bereaved.

  5. The provision of children’s and youth groups and a range of meetings with a Christian ethos.

  6. Promoting the whole mission of the Church (and aiding social cohesion) through activities for older people, parents and toddlers.

page 3

NETHER GREEN METHODIST CHURCH

TRUSTEES’ REPORT – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

Objectives and activities - continued

Policies

The policies of Nether Green Methodist Church are:

Developing a Church culture and profile, sharing resources and support and working within the Connexional purposes of church life, church and society, inter-church and other relationships and supporting the Connexion. In seeking to deepen active faith, we try to equip and provide worship leaders, encourage people in the use of their gifts and offer appropriate lay-training. In seeking to develop practical belief we encourage responsible giving, an engagement with the World Church and with issues of justice, peace and the environment, and support local church initiatives in evangelism.

Contribution of volunteers

The trustees of Nether Green Methodist Church are the members of the Church Council (listed elsewhere). The trustees are appreciative of all the work that is conducted by the large number of volunteers within the Church.

Achievements and performance

Review of the year

The church commenced the year well, though without a named minister. We held the usual two services on a Sunday morning and social events including our Autumn fayre, harvest supper and new year dinner, which were all well supported.

All the church activities stopped when the Corvid-19 restrictions took hold. Fortunately, the privately run nursery continued to function and contribute to our finances. The lease negotiations were suspended for a period.

Nether Green membership is 54 (2019 – 54).

Financial review

Going concern

After making appropriate enquiries, the Church Council have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Review of results

Incoming resources for the year amounted to £103,866 (2019: £266,296). The total resources expended were £98,077 (2019: £4,634,467 including a £4,329,467 exceptional donation). After taking account of a gain on investment assets of £nil (2019: £299) and a gain on property held at valuation of £52,872 (2019: £274,805), the Church has a net surplus for the year of £58,661 (2019: loss of £4,093,067).

The financial position of the Church at 31 August 2020 is satisfactory with unrestricted net current assets of £47,512 (2019: £34,826) and unrestricted net assets of £3,626,305 (2019: £3,562,112). Total funds which include restricted and endowment funds amount to £3,643,623 (2019: £3,584,962).

page 4

NETHER GREEN METHODIST CHURCH

TRUSTEES’ REPORT – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

Financial review – continued

Reserves policy

( a) Unrestricted general funds

Under Standing Orders, the Church must meet its financial obligations in relation to the circuit assessment and the maintenance of the churches.

Our reserves policy is to hold at least three months of general expenditure in hand. In the current year this is a minimum of £17,998.

Unrestricted reserves not tied up in fixed assets are £47,512 at the year end.

b) Restricted funds

The restricted funds consist of legacies, funds raised for specific purposes including youth work in the church and internal organisations.

Plans for the future

Nether Green operates as a church within the Methodist Connexion. The congregation is responding to the challenge in three main ways:

The Church Council is negotiating a lease with the nursery that currently occupies part of the premises, in order to give each party a more secure future. Over the coming year, without a nominated minister, the congregation will be determining where to focus their outreach efforts using their reduced space.

The Youth Person worker left at the end of his three-year contract. In view of the current restrictions a decision has been taken not to seek a replacement in the immediate future.

Fundraising Standards Information

Nether Green Methodist Church does not actively engage in fundraising practices nor contract with a third party to fundraise on the Church's behalf.

page 5

NETHER GREEN METHODIST CHURCH

TRUSTEES’ REPORT – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

Trustees’ responsibilities statement

The Trustees are required by the Methodist Church Act 1976 and Standing Order 913 to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Circuit and of the surplus or deficit of the Circuit for that period.

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

The law applicable to charities in England & Wales 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:

The trustees are responsible for keeping 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 Charity (Accounts Reports) Regulations 2008 and the provisions of the trust deed. They 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.

The annual report was approved by the Trustees on 20 January 2021 and is signed on their behalf by:

John Wilkins On behalf of the Trustees

page 6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NETHER GREEN METHODIST CHURCH

_______________

In accordance with the engagement agreement and in order to assist the Trustees to fulfil their duties I have reviewed the financial statements presented by the Church Treasurer on behalf of the Trustees. I recognise that the Church is not required to present them to any external body but has prepared these in accordance with the provisions of the Charities Act 2011, the requirements of its governing document and the Statement of Recommended Practice (SORP) applicable to charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland as amended on 2[nd] February 2016.

Whilst an audit on the Church records and transactions has not been carried out I am satisfied that the accounts represent an accurate reflection of those transactions.

R.S.Freeman FCCA 11 January 2021 Independent Reporting Accountant

page 7

NETHER GREEN METHODIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

_______________

Unrestricted
Note
Fund
£
Income from:
Donations and legacies
Offerings and tax recoverable
49,242
Grants
1,603
Special donations
5,000
Legacies
-
Investments
233
Other trading activities
Lettings
23,945
Internal organisations
-
Other income
2,648
Total income
82,671
Expenditure on:
Raising funds
Internal organisations
-
Charitable activities
General
4
73,357
Exceptional donation
5
-
Total expenditure
73,357
Net operating income/(expenditure)
9,314
Gain on investment assets
-
_
Net income/(expenditure) before
transfers
9,314
Transfers between funds
12
2,007
_
Net income/(expenditure)
before other recognised gains/(losses)
11,321
Gain/(loss) on property held at valuation
52,872
Net movement in funds
64,193
Total funds at 1 September 20193,562,112
Net movement in funds
64,193
Total funds at 31 August 2020
3,626,305		 Restricted
Funds
£
12,306
7,802
-
-
67
-
856
155
21,186
1,314
23,404
-
24,718
(3,532)
-
_
(3,532)
(2,000)
_
(5,532)
-
(5,532)
21,850
(5,532)
16,318		 Endowment
Funds
£
-
-
-
-
9
-
-
-
9
-
2
-
2
7
-
_
7
(7)
_
-
-
-
1,000
-
1,000
Total
2020
£
61,548
9,405
5,000
-
309
23,945
856
2,803
103,866
1,314
96,763
-
98,077
5,789
-
_
5,789
-
_
5,789
52,872
58,661
3,584,962
58,661
3,643,623		 Total
2019
£
138,082
1,500
-
25,116
1,948
75,642
12,081
11,927
266,296
7,047
297,885
4,329,535
4,634,467
(4,367,171)
299
_
(4,367,872)
-
_
(4,367,872)
274,805
(4,093,067)
7,678,029
(4,093,067)
3,584,962

The Statement of Financial Activities includes all gains and losses recognised in the year.

page 8

NETHER GREEN METHODIST CHURCH

BALANCE SHEET AS AT 31 AUGUST 2020

_______________

Unrestricted
Note
Funds
£
Fixed assets
Tangible fixed assets
8
3,578,793
Investments
9
-
Total fixed assets
3,578,793
Current assets
Debtors and prepayments
10
13,311
Central Finance Board and
Trustees for Methodist Church
Purposes deposits etc
23,306
Cash at bank and in hand
16,316
Total current assets
52,933
Creditors due in
less than one year
11
5,421
Net current assets
47,512
Net assets
14
3,626,305
Funds of the Church
General fund (unrestricted)
12
3,626,305
Designated funds (unrestricted)
12
-
Total unrestricted funds
3,626,305
Restricted funds
12
-
Endowment funds
12
-
Total funds
3,626,305		 Restricted
Funds
£
-
-
-
125
6,671
11,785
18,581
2,263
16,318
16,318
-
-
-
16,318
-
16,318		 Endowment
Funds
£
-
1,000
1,000
-
-
-
-
-
-
1,000
-
-
-
-
1,000
1,000
Total
2020
£
3,578,793
1,000
3,579,793
13,436
29,977
28,101
71,514
7,684
63,830
3,643,623
3,626,305
-
3,626,305
16,318
1,000
3,643,623		 Total
2019
£
3,527,286
1,000

3,528,286

15,034
33,211
12,491
60,736
4,060

56,676
3,584,962

3,562,112
-

3,562,112
21,850
1,000

3,584,962

The financial statements on pages 8 – 19 were approved by the Trustees on 20 January 2021 and are signed on their behalf by:

On behalf of the Trustees

page 9

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

_______________

1. Accounting policies

1.1 General information and basis of preparation of financial statements

Nether Green Methodist Church is a charity registered in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are those of a Methodist Church.

These accounts have been prepared on a going concern basis under the historical cost convention, with the exception of investments and properties, which are included at market value and insurance value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in £ sterling, which is the functional currency of the charity, and rounded to the nearest £1.

1.2 Fund accounting

The funds held constitute:

Details of each material fund are disclosed in the notes to these accounts. Any fund may be represented in other ways than in cash.

page 10

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

1. Accounting policies - continued

1.3 Income

Income is included in the Statement of Financial Activities (SOFA) when the Church becomes entitled to the resources, it is probable they will receive the income and the monetary value can be measured with sufficient reliability.

Grants receivable are recognised in the SOFA when the conditions for receipt have been complied with. Grants are deferred only when the Church has to fulfil conditions before becoming entitled to them, or where the donor has specified that the income is to be expended in a future period.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution.

1.4 Expenditure

Expenditure is recognised when a liability is incurred, or a constructive obligation arises that results in the payment being unavoidable. Resources expended include attributable VAT which cannot be recovered.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

1.5 Tangible fixed assets for use by the church

Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £1,000. They are valued at cost or a reasonable value on receipt. Where cost is not available, the Church Council may provide a reasonable estimate of cost or of the fixed asset’s current value to the church.

Freehold land and buildings are held at their current insurance valuation.

Depreciation of fixed assets is provided at rates estimated to write off each asset less its residual value over the term of its useful life.

The annual rates used are:-

Fixtures and fittings - 10% straight line and 25% reducing balance

Depreciation is not provided on freehold properties as it is the Church's policy to maintain the property in good repair. Consequently, the trustees consider the life of the properties to be so long that there is no significant annual depreciation.

page 11

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

1. Accounting policies – continued

1.6 Investments

Investments are valued in the balance sheet at fair value at the year end.

Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are shown in the SOFA.

1.7 Taxation

As a charity, Nether Green Methodist Church is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

1.8 Donated assets

Donated assets are included in the accounts when receivable at the Church’s estimate of fair value.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered . Prepayments are valued at the amount repaid net of any trade discounts due.

1.10 Creditors and provisions

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.12 Critical accounting estimates and areas of judgement

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

page 12

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

2. Transactions with trustees

Number of trustees who were paid expenses
Total amount paid		 2020
No
6
£
1,093		 2019
No
5
£
2,750

No trustees received remuneration from the charity in either year.

3. Collections for and payments to external organisations

Balance brought forward
Collected in the year
Passed to external organisations
Transferred out to Broomhill and Stephen Hill
Balance carried forward		 2020
£
891
239
(1,130)
-
-		 2019
£
2,437
6,082
(4,734)
(2,894)
891

Collections are made on behalf of external organisations. These are excluded from the income and expenditure of the charity. Funds which are yet to be paid over at the year- end are included within creditors.

4. Charitable activities

Unrestricted
Fund
£
Circuit assessment
30,000
Grants and donations
300
Repairs and maintenance
29,584
Insurance, utilities etc
10,605
Depreciation
1,365
Church worker costs
-
Audiovisual systems
605
Worship
60
Printing and stationery
-
Other expenditure
338
Auditors remuneration
(Statutory audit)
500
73,357		 Restricted
Funds
£
-
-
1,172
-
-
22,232
-
-
-
-
-
23,404		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
2
-
2
Total
2020
£
30,000
300
30,756
10,605
1,365
22,232
605
60
-
340
500
96,763		 Total
2019
£
91,000
1,875
141,298
29,931
2,416
20,623
1,559
375
648
3,504
4,656
297,885

5. Charitable activities – exceptional donation

On 31 August 2019 the Beacon Methodist Church split. The Beacon Methodist Church then was Nether Green Methodist Church. All the amounts relating to the other two churches were donated back to them at a cost of £4,264,245 unrestricted expenditure and £46,954 restricted expenditure.

page 13

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

6. SOFA prior year comparatives

Unrestricted
Fund
£
Income from:
Donations and legacies
Offerings and tax recoverable
115,254
Grants
-
Special donations
-
Legacies
-
Investments
1,316
Other trading activities
Lettings
75,642
Internal organisations
-
Other income
11,927
Total income
204,139
Expenditure on:
Raising funds
Internal organisations
-
Charitable activities
General
248,401
Exceptional donation
4,264,245
Total expenditure
4,512,646
Net operating income/(expenditure)
(4,308,507)
Gain/(loss) on investment assets
74
_
Net Income/(expenditure) before
transfers
(4,308,433)
Transfers between funds
1,889
_
Net Income/(expenditure)
before other recognised gains/(losses)
(4,306,544)
Gain/(loss) on property held at valuation
274,805
Net movement in funds
(4,031,739)
Total funds at 1 September 2018
7,593,851
Total funds at 31 August 2019
3,562,112		 Restricted Endowment
Funds
Funds
£
£
22,828
-
1,500
-
-
-
25,116
-
78
554
-
-
12,081
-
-
-
61,603
554
7,047
-
49,446
38
46,954
18,336
103,447
18,374
(41,844)
(17,820)
-
225
_
_
(41,488)
(17,595)
(586)
(1,303)
_
_
(42,430)
(18,898)
-
-
(42,430)
(18,898)
64,280
19,898
21,850
1,000		 Total
2019
£
138,082
1,500
-
25,116
1,948
75,642
12,081
11,927

266,296
7,047
297,885
4,329,535

4,634,467

(4,367,872)
299
_
(4,367,872)
-
_
(4,367,872)
274,805

(4,093,067)
7,678,029

3,584,962

page 14

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

7.
Wages and salaries
Gross salary
Employer’s NI
Employer’s pension contributions
Average number of employees
No employees received emoluments in excess of £60,000 (2019: none).
8.
Tangible fixed assets
Freehold
land &
buildings
£
Cost
At 1 September 2019
3,521,825
Revaluation
52,872
At 31 August 2020
3,574,697
Depreciation
At 1 September 2019
-
Depreciation charge for year
-
At 31 August 2020
-
Net book value
31 August 2020
3,574,697
31 August 2019
3,521,825		 2020
£
29,442
2,064
1,745
33,251
No
3
Fixtures
fittings and
equipment
£
22,681
-
22,681
17,220
1,365
18,585
4,096
5,461		 2019
£
49,742
3,342
3,449
56,533
No
3
Total
£
3,544,506
52,872
3,597,378
17,220
1,365
18,585
3,578,793
3,527,286

Freehold land and buildings have been revalued at the year end with reference to their insured value.

Information is not available to quantify the historical cost of the buildings.

page 15

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

9. Fixed asset investments

Fixed asset investments
Listed investments
/managed funds
£
Valuation
At 1 September 2019 1,000
Income 9
Expenditure (2)
Transfers (7)
At 31 August 2020
1,000

Information is not available to quantify the historical cost of the investments.

10.
Debtors
Unrestricted
Funds
2020
£
Accrued income
- Gift Aid recoverable
3,955
Circuit assessment paid in advance
6,000
Other debtors
-
Prepayments
3,356
13,311		 Restricted
Funds
2020
£
125
-
-
-
125		 Total
Funds
2020
£
4,080
6,000
-
3,356
13,436		 Total
Funds
2019
£
5,145
7,500
431
1,958

15,034

11. Creditors: amounts falling due within one year

Unrestricted
Funds
2020
£
Sundry creditors
-
Accruals
5,421
5,421		 Restricted
Funds
2020
£
-
2,263
2,236		 Total
Funds
2020
£
-
7,684
7,684		 Total
Funds
2019
£
891
3,169
4,060

page 16

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

12. Funds – current year

Brought
forward
£
Unrestricted funds
General funds
3,562,112
Total
3,562,112
Restricted funds
Children’s, Family
& Youth Worker
15,208
Internal organisations
6,642
Total
21,850
Endowment funds
T D Crothers Fund
1,000
Total
1,000
Total funds
3,584,962		 Income Expenditure
£
£
82,671
(73,357)
82,671
(73,357)
20,330
(23,404)
856
(1,314)
21,186
(24,718)
9
(2)
9
2)
103,866
(98,377)		 Transfers
£
2,007
2,007
-
(2,000)
(2,000)
(7)
(7)
-		 Gain on
Revaluation
£
52,872
52,872
-

-

-

-

-
52,872		 Carried
Forward
£
3,626,305
3,626,305
12,134
4,184
16,318
1,000
1,000
3,643,623

Purposes of funds

Restricted funds

Children’s and Family and Youth Worker’s fund – to provide a worker to work directly with children and young people in their faith development and education through leadership and co-ordination of groups, and support the congregation’s vision for children’s participation in the life of the church community

Internal Organisations include the following:

Lunch club fund – to provide a weekly meal and fellowship for older people who are lonely, or living by themselves or unable to provide for themselves.

Endowment funds

The income from the endowment funds is expendable. The net income after expenditure is transferred to unrestricted funds. The capital of very small endowment funds may be expended with Connexional approval.

Transfers between funds

A total of £2,000 has been transferred from other internal organisations funds to unrestricted funds. These are donations from the relevant groups to the church as a whole.

Net income after expenditure of £7 has been transferred from endowment funds to unrestricted funds as the income is expendable.

page 17

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

_______________

13. Funds- prior year

Brought
forward
£
Unrestricted funds
General funds
7,581,779
Broomhill
property reserve
2,072
Youth development
worker
10,000
12,072
Total
7,593,851
Restricted funds
Children’s, Family
& Youth Worker
13,394
Church Development
Fund Stephen Hill
15,000
Legacies
500
Benevolence Fund
1,204
Stephen Hill
Congregation
25,650
Internal organisations
8,532
Total
64,280
Endowment funds
Sir Samuel Osborn
Fund (BH)
18,891
T D Crothers
Fund (NG)
1,007
Total
19,898
Total funds
7,678,029		 Income Expenditure
£
£
204,139 (4,510,574)
-
(2,072)
-
-
-
(2,072)
204,139 (4,512,646)
24,406
(22,592)
25,116
(40,116)
-
(500)
-
(1,204)
-
(25,650)
12,081
(13,385)
61,603
(103,447)
546
(18,372)
8
(2)
554
(18,374)
266,296 (4,634,467)		 Transfers
£
11,889
-
(10,000)
(10,000)
1,889
-
-
-
-
-
(586)
(586)
(1,290)
(13)
(1,303)
-		 Gain on
Revaluation
£
274,879
-

-

-
274,879
-
-
-
-
-

-

-

225

-

225
275,104		 Carried
Forward
£
3,562,112
-
-
-
3,562,112
15,208
-
-
-
-
6,642
21,850
-
1,000
1,000
3,584,962

page 18

NETHER GREEN METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020

14. Analysis of net assets between funds

Unrestricted Designated
Current year
funds
funds
£
£
Tangible fixed assets
3,578,793
-
Fixed asset investments
-
-
Debtors and prepayments
13,311
-
Current asset investments
23,306
-
Cash at bank and in hand
16,316
-
Creditors due within one year
(5,421)
-
Net assets
3,626,305
-
Unrestricted Designated
Prior year
funds
funds
£
£
Tangible fixed assets
3,527,286
-
Fixed asset investments
-
-
Debtors and prepayments
13,609
-
Current asset investments
20,247
-
Cash at bank and in hand
4,139
-
Creditors due within one year
(3,169)
-
Net assets
3,562,112
-		 Restricted
Endowment
funds
funds
£
£
-
-
-
1,000
125
-
6,671
-
11,785
-
(2,263)
-
16,318
1,000
Restricted
Endowment
funds
funds
£
£
-
-
-
1,000
1,425
-
12,964
-
8,352
-
(891)
-
21,850
1,000		 Total
£
3,578,793
1,000
13,436
29,977
28,101
(7,684)
3,643,623
Total
£
3,527,286
1,000
15,034
33,211
12,491
(4,060)
3,584,962

15. Related party transactions

During the year, Trustees have donated £21,505 (2019: £36,408) to Nether Green Methodist Church. This is included within offerings and tax recoverable income.

page 19