Registered charity number: 1138647
NETHER GREEN METHODIST CHURCH
REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
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 2021
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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 James Morley Rev Lisa Quarmby (resigned 31 August 2021) Rev Judith Jessop (appointed 1 September 2021) Keith Austin Mark Broadhead (resigned 24 September 2020) Andrew Coomer – Treasurer Rachel Fitton Philip Godfrey Kevin Griffin (appointed 1 September 2021)
Katrin Hackett Lyn Kemp Allyson Merryweather (resigned 31 March 2021) Kath Milner Elaine Needham (resigned 6 October 2020) Steve Pearson Douglas Watts Graham Wilkinson Jackie Wood John Wilkins (resigned 31 August 2021)
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 2021
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The Trustees present their annual report together with the audited financial statements of Nether Green Methodist Church for the year ended 31 August 2021.
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
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 2021
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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:
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to secure and sustain the church’s viability and future mission;
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to give reassurance to the general public that the church, which is a charity, intends to use all of the money coming into its care for the purpose of the charity.
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:
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The provision of regular public acts of worship open to members of the Church and non-members alike.
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The provision of sacred space for prayer and contemplation.
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The teaching of Christianity through sermons and small groups.
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Pastoral work including visiting the sick and bereaved.
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The provision of children’s and youth groups and a range of meetings with a Christian ethos.
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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 2021
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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 operated throughout the year within the national restrictions and connexional guidelines for Covid-19. Zoom was used for services when we could not meet in person.
Fortunately, the privately run nursery continued to function and contribute to our finances. We supported as appropriate in these difficult times. The lease negotiations are nearing completion.
Nether Green membership is 55 (2020 – 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 £102,771 (2020: £103,866). The total resources expended were £78,348 (2020: £98,077). After taking account of a gain on property held at valuation of £117,922 (2020: £52,872), the Church has a net surplus for the year of £142,345 (2020: £58,661).
The financial position of the Church at 31 August 2021 is satisfactory with unrestricted net current assets of £80,839 (2020: £47,512) and unrestricted net assets of £3,776,530 (2020: £3,626,305). Total funds which include restricted and endowment funds amount to £3,785,968 (2020: £3,643,623).
page 4
NETHER GREEN METHODIST CHURCH
TRUSTEES’ REPORT – CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021
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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 £17,130.
Unrestricted reserves not tied up in fixed assets are £80,839 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:
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seeking to build the kingdom of God through mission and worship in the community;
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engaging with the local community through activities and events held at the church; and
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maintaining the property in a well-kept condition so it is an asset for mission in the future.
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, now with a nominated minister, the congregation will be determining where to focus their outreach efforts using their reduced space. We look forward to meeting face to face as and when current Covid-19 restrictions permit.
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 2021
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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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 11 January 2022 and is signed on their behalf by:
Rev Judith Jessop On behalf of the Trustees
page 6
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NETHER GREEN METHODIST CHURCH
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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 20 December 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 2021
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| Unrestricted Note Fund £ Income from: Donations and legacies Offerings and tax recoverable 47,856 Grants 3,028 Special donations - Legacies - Investments 75 Other trading activities Lettings 32,300 Internal organisations - Other income 18,502 Total income 101,761 Expenditure on: Raising funds Internal organisations - Charitable activities General 4 69,543 Exceptional donation 5 - Total expenditure 69,543 Net income/(expenditure) before transfers 32,218 Transfers between funds 12 85 __ Net income/(expenditure) before other recognised gains/(losses) 32,303 Gain/(loss) on property held at valuation 117,922 Net movement in funds 150,225 Total funds at 1 September 20203,626,305 Net movement in funds 150,225 Total funds at 31 August 2021 3,776,530 |
Restricted Funds £ - 785 - - 9 - 163 50 1,007 1,147 2,286 5,370 8,803 (7,796) (84) ___ (7,880) - (7,880)) 16,318 (7,880) 8,438 |
Endowment Funds £ - - - - 3 - - - 3 - 2 - 2 1 (1) ___ - - - 1,000 - 1,000 |
Total 2021 £ 47,856 3,813 - - 87 32,300 163 18,552 102,771 1,147 71,831 5,370 78,348 24,423 - ___ 24,423 117,922 142,345 3,643,623 142,345 3,785,968 |
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 52,872 58,661 3,584,962 58,661 3,643,623 |
|---|---|---|---|---|
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 2021
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| Unrestricted Note Funds £ Fixed assets Tangible fixed assets 8 3,695,691 Investments 9 - Total fixed assets 3,695,691 Current assets Debtors and prepayments 10 14,383 Central Finance Board and Trustees for Methodist Church Purposes deposits etc 23,339 Cash at bank and in hand 46,278 Total current assets 84,000 Creditors due in less than one year 11 3,161 Net current assets 80,839 Net assets 14 3,776,530 Funds of the Church General fund (unrestricted) 12 3,776,530 Designated funds (unrestricted) 12 - Total unrestricted funds 3,776,530 Restricted funds 12 - Endowment funds 12 - Total funds 3,776,530 |
Restricted Funds £ - - - - 5,325 3,113 8,438 - 8,438 8,438 - - - 8,438 - 8,438 |
Endowment Funds £ - 1,000 1,000 - - - - - - 1,000 - - - - 1,000 1,000 |
Total 2021 £ 3,695,691 1,000 3,696,691 14,383 28,664 49,391 92,438 3,161 89,277 3,785,968 3,776,530 - 3,776,530 8,438 1,000 3,785,968 |
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 |
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The financial statements on pages 8 – 19 were approved by the Trustees on 11 January 2022 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 2021
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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:
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General Funds held for any purpose of the charity which are unrestricted;
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Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose;
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Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or funds raised for a specific purpose; and
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Endowment funds which represent gifts, the capital normally being unavailable for spending, and the income from which is either restricted or unrestricted.
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 2021
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 2021
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 2021
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2. Transactions with trustees
| Number of trustees who were paid expenses Total amount paid No trustees received remuneration from the charity in either year. |
2021 No 1 £ 2,270 |
2020 No 6 |
|---|---|---|
| £ 1,093 |
||
3. Collections for and payments to external organisations
| Balance brought forward Collected in the year Passed to external organisations Balance carried forward |
2021 £ - - - - |
2020 £ 891 239 (1,130) - |
|---|---|---|
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 24,000 Grants and donations 300 Repairs and maintenance 31,995 Insurance, utilities etc 10,457 Depreciation 1,024 Church worker costs - Audiovisual systems 932 Worship 134 Printing and stationery - Other expenditure 246 Examiner’s remuneration (Statutory examination) 455 69,543 |
Restricted Funds £ - - - - - 2,286 - - - - - 2,286 |
Endowment Funds £ - - - - - - - - - 2 - 2 |
Total 2021 £ 24,000 300 31,955 10,457 1,024 2,286 932 134 - 248 455 71,831 |
Total 2020 £ 30,000 300 30,756 10,605 1,365 22,232 605 60 - 340 500 96,763 |
|---|---|---|---|---|
5. Charitable activities – exceptional donation
In September 2020 following the end of the Youth Worker’s contract, the restricted fund was shared with Stephen Hill Methodist Church (formerly part of The Beacon) to further their youth work. The amount donated was £5,370.
page 13
NETHER GREEN METHODIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021
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6. SOFA prior year comparatives
| Unrestricted Fund £ Income from: Donations and legacies Offerings and tax recoverable 49,242 Grants 1,603 Special donations 5,000 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 73,357 Exceptional donation - Total expenditure 73,357 Net Income/(expenditure) before transfers 9,314 Transfers between funds 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 2019 3,562,112 Total funds at 31 August 2020 3,626,305 |
Restricted Endowment Funds Funds £ £ 12,306 - 7,802 - - - 67 9 - - 856 - 155 - 21,186 9 1,314 - 23,404 2 - - 24,718 2 (3,532) 7 (2,000) (7) _ _ (5,532) - - - (5,532) - 21,850 1,000 16,318 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 52,872 58,661 3,584,962 3,643,623 |
|---|---|---|
page 14
NETHER GREEN METHODIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021
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| 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 (2020: none). 8. Tangible fixed assets Freehold land & buildings £ Cost At 1 September 2020 3,574,697 Revaluation 117,922 At 31 August 2021 3,692,619 Depreciation At 1 September 2020 - Depreciation charge for year - At 31 August 2021 - Net book value 31 August 2021 3,692,619 31 August 2020 3,574,697 |
2021 £ 13,702 979 559 15,240 No 2 Fixtures fittings and equipment £ 22,681 - 22,681 18,585 1,024 19,609 3,072 4,096 |
2020 £ 29,442 2,064 1,745 33,251 No 3 Total £ 3,597,378 117,922 3,715,300 18,585 1,024 19,609 3,695,691 3,578,793 |
|---|---|---|
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 2021
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9. Fixed asset investments
| Fixed asset investments | |
|---|---|
| Listed investments | |
| /managed funds | |
| £ | |
| Valuation | |
| At 1 September 2020 | 1,000 |
| Income | 3 |
| Expenditure | (2) |
| Transfers | (1) |
| At 31 August 2021 | 1,000 |
Information is not available to quantify the historical cost of the investments.
| 10. Debtors Unrestricted Funds 2021 £ Accrued income - Gift Aid recoverable 3,917 Circuit assessment paid in advance 7,000 Prepayments 3,466 14,383 |
Restricted Funds 2021 £ - - - - |
Total Funds 2021 £ 3,917 7,000 3,466 14,383 |
Total Funds 2020 £ 4,080 6,000 3,356 |
|---|---|---|---|
13,436 |
11. Creditors: amounts falling due within one year
| Unrestricted Funds 2021 £ Sundry creditors - Accruals 3,161 3,161 |
Restricted Funds 2021 £ - - - |
Total Funds 2021 £ - 3,161 3,161 |
Total Funds 2020 £ - 7,684 7,684 |
|---|---|---|---|
page 16
NETHER GREEN METHODIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021
12. Funds – current year
| Brought forward £ Unrestricted funds General funds 3,626,305 Total 3,626,305 Restricted funds Children’s, Family & Youth Worker 12,134 Internal organisations 4,184 Total 16,318 Endowment funds T D Crothers Fund 1,000 Total 1,000 Total funds 3,643,623 |
Income Expenditure £ £ 101,761 (69,543) 101,761 (69,543) 844 (7,656) 163 (1,147) 1,007 (8,803) 3 (2) 3 (2) 102,771 (73,348) |
Transfers £ 85 85 - (84) (84) (1) (1) - |
Gain on Revaluation £ 117,922 117,922 - - - - - 117,922 |
Carried Forward £ 3,776,530 3,776,530 5,322 3,116 8,438 1,000 1,000 3,785,968 |
|---|---|---|---|---|
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 £84 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 £1 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 2021
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13. Funds- prior 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 (98,077) |
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 |
|---|---|---|---|---|
page 18
NETHER GREEN METHODIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021
14. Analysis of net assets between funds
| Unrestricted Designated Current year funds funds £ £ Tangible fixed assets 3,695,691 - Fixed asset investments - - Debtors and prepayments 14,383 - Current asset investments 23,339 - Cash at bank and in hand 46,278 - Creditors due within one year (3,161) - Net assets 3,776,530 - Unrestricted Designated Prior 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 - |
Restricted Endowment funds funds £ £ - - - 1,000 - - 5,325 - 3,113 - - - 8,438 1,000 Restricted Endowment funds funds £ £ - - - 1,000 125 - 6,671 - 11,785 - (2,263) - 16,318 1,000 |
Total £ 3,695,691 1,000 14,383 28,664 46,391 (3,161) 3,785,968 Total £ 3,578,793 1,000 13,436 29,977 28,101 (7,684) 3,643,623 |
|---|---|---|
15. Related party transactions
During the year, Trustees have donated £17,848 (2020: £21,505) to Nether Green Methodist Church. This is included within offerings and tax recoverable income.
page 19