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2023-08-31-accounts

ST AUSTELL METHODIST CIRCUIT

Registered Charity No. 1141712

Trustees' Annual Report: 1 September 2022 - 31 August 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity name St Austell Methodist Circuit Registered charity number: 1141712

Structure:

The St Austell Circuit is part of the Cornwall District, and is accountable to the Methodist Conference. The Circuit functions in accordance with the Constitution, Practice and Discipline (CPD) of the Methodist Church, known often as the Connexion.

Names of the charity trustees:

The number of trustees fluctuates during the year depending on changes in office holders in the chapels and Circuit. There was an average of 85 trustees listed on the Charity Commission website during this year. They are appointed by local churches and existing trustees; Ministers are automatically trustees. In accordance with the CPD of the Methodist Church, the Chair was Rev Paul Benney, the Superintendent Minister of the Circuit, who came to the Circuit on 1 September 2021.

Names and addresses of advisers:

Legal – Stephens Scown, Osprey House, Malpas Road, Truro TR1 1UT Financial – Phillips Frith, 9 Tregarne Terrace, St Austell PL25 4DD Independent Examiner – Amy Sole FCA of Phillips Frith LLP Investment Bankers – Trustees for Methodist Church Purposes Estate Agents – May Whetter & Grose, Piran House, 11 Fore Street, St Austell PL25 5PX

Description of the charity’s trusts:

Type of governing document: Deed of Union (1932) and Methodist Church Act (1976)

Management:

Circuit trustees meet four times each year (the Circuit Meeting), and a Circuit Leadership Team (CLT) consisting of the Circuit stewards and staff meets between the trustee meetings. There is also a Property Committee, which oversees the management of property in the Circuit, and is responsible to the CLT and Circuit Meeting. The day to day management of the Circuit is undertaken by the CLT.

Circuit Administrator:

Debbie Eade, 7 Eastbourne Road, St Austell PL25 4SZ

Induction/Training:

A range of guidance is produced by Methodist Connexion and provided as required. The leaflet ‘The Role of a Trustee in The Methodist Church’ has been given to each trustee. All trustees who are required have undertaken Creating Safer Space Foundation Module training, and many have done the Leadership module. This training is ongoing. Many trustees have also undergone DBS checks for work they do within the churches of the Circuit.

1

Risks:

A formal risk assessment for the Circuit has not been undertaken, as the Circuit operates as part of the legal structure of the Methodist Church of Great Britain. Any specific risks are considered by the CLT, who take professional advice as required.

Safeguarding:

Every person has a value and dignity which comes directly from the creation of male and female in God’s own image and likeness. Christians see this potential as fulfilled by God’s re-creation of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore to protect them from harm.

“Methodist Connexional practice outlines commitment to the following principles:

The St Austell Methodist Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the Circuit and in the churches.

The St Austell Methodist Circuit commits itself to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable.

OBJECTIVES AND ACTIVITIES

Summary of the objects of the charity set out in its governing document:

The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of:

a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church; b) Any charitable purpose for the time being of any Connexional, District, Circuit, local or other organisation of The Methodist Church;

2

c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church;

d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to The Methodist Church.

Summary of the main activities undertaken for the public benefit in relation to these objects :

ACHIEVEMENTS AND PERFORMANCE

Section E Financial Review

FINANCIAL REVIEW

See “Annual Accounts and Reserves Policy 2022-23” on following pages.

The Circuit Leadership Team has drawn up a set of recommendations, which have been accepted by the Circuit Meeting, to ensure grants made from the Circuit Model Trust Fund are used effectively for mission and capital works. Grants and loans amounting to approximately £100,000 (£100,000 last year) were approved for supporting the staff and churches in the Circuit with property schemes. Also £50,822 was paid to the District and Connexion in the form of assessments and levy (£52,280 last year). The churches of the Circuit hold other trust funds.

3

Brief statement of the charity’s policy on reserves:

The Reserves Policy for the St Austell Circuit is to hold a sum equivalent to 6 months’ average expenditure. This should be sufficient to meet any unforeseen item of major expenditure on manses and/or to be able to continue, in the short term, funding planned activities in the event of the closure of a large church or an inability to raise the full Circuit Assessment from churches. As part of our forward planning, expenditure forecasts are prepared looking 2 years ahead. It is necessary to hold sufficient working capital to enable the quarterly payment of stipends and business expenses for 2 ministers and various lay staff, and our contribution to the District. For further details see the following Annual Report and Reserves Policy.

Details of any funds materially in deficit: There are none.

4

ANNUAL ACCOUNTS AND RESERVES POLICY 2022-23

This document includes all funds held by the Circuit Meeting as trustees of the St Austell Methodist Circuit charity, charity number 1141712.

1. Aims

The aim of the Circuit is twofold:

  1. To secure the Circuit’s viability and future work

  2. To give reassurance to the general public that the Circuit intends to use all of its resources for the purpose of the Charity

2. Mission Policy

The Circuit’s Mission Statement is set out in a document accepted by the Circuit Meeting in March 2019, accompanied by a Circuit Mission Strategy, currently under review. Essentially it provides for:

a] Ministerial oversight and pastoral care of the 20 churches in the Circuit

b] the support of a Ministry team of 2 presbyter Ministers and 5 part-time lay workers

c] the maintenance of 5 Circuit manses

This policy has been modified due to the impact of Covid 19 and change of staff.

3. Financial Review

a) Unrestricted income

The Circuit assessment is reviewed annually and is intended to cover the cost of the policy above; the assessment is based on proportionate church membership and attendance. Total general fund unrestricted incoming resources totalled £211,711 (£206,323 : 2022) and outgoings totalling £231,448 (£245,910 : 2022), with a deficit over the year of £19,737 (£39,587 : 2022).

We normally make provision for our property maintenance programme by designating up to £20,000 per annum.

The Circuit funds (unrestricted general funds) balance at 31 August 2023 was £1,187,247 (£1,181,984 : 2022). Almost all of the balance is the value of the manses.

Under Standing Orders, the Circuit must meet its financial obligations in relation to the support of its Ministers and the maintenance of its manses, the total cost of these obligations last year was £93,904 (£104,353 : 2022).

The independently examined Standard Form of Accounts, the statement of account for the Circuit and the Children’s Work account are available for inspection at the Circuit Meetings and at any other time by appointment.

5

b) The Circuit Trust Fund

The Circuit Trust Fund (CTF - formerly known as the Advance Fund) No. 9941 is the main fund with a balance at the year end of £201,452 (£279,200 : 2022). The reserve fund (9941A) held £36,792 (£35,746 : 2022).

This fund derives from the sale of chapels and manses and is restricted by Conference. This restriction is an internal regulation although the fund can be used for a variety of purposes.

The Circuit also holds other trust funds which amounted to £102,021 at the year end (£100,292 : 2022). The total of all the trust funds was £340,265 (£415,239 : 2022).

The Charity Commission has agreed that it is appropriate for the Trustees to set a policy for the management of the CTF, and this is set as follows: Money held in the Circuit Trust Fund has been ear marked by the Trustees for the following purposes:

Total £130,000, with any remaining balance in hand to be held as a general contingency reserve.

The reports and reserves policy was agreed by the St Austell Methodist Circuit Trustees meeting on 14 March 2024

Signed: ……………………………………………………….

Rev Paul Benney, Chair

On behalf of the St Austell Methodist Circuit

6

St Austell Methodist Circuit Circuit No. 1141712

Statement of Financial Activities (SOFA) for the year ended 31 August 2023

General Circuit Model
Fund Trust Restricted Total
Notes (unrestricted) (unrestricted) Funds 2022-23
£ £ £ £
Income
Donations and legacies - - 1,819 1,819
Income from monetary investments 566 11,268 - 11,834
Assessments on Churches 167,405 - - 167,405
Grants received 1,000 - - 1,000
Other charitable income 4 42,740 - - 42,740
Total income 211,711 11,268 1,819
 224,798
Expenditure
Grants and donations 5 5,350 - 708 6,058
Salaries and associated stipend costs 6 120,584 - - 120,584
Property maintenance and rental 11,530 - - 11,530
expenses
Connexional assessment and model 39,292 12,190 - 51,482
trust levy
District assessment and levy 10,908 - - 10,908
Depreciation 76 - - 76
Office expenses 4,029 - - 4,029
Redundant chapel costs 13,209 - - 13,209
Other outgoings 9 26,470 1,087 1,116 28,673
Total charitable expenditure 231,448 13,277 1,824 246,549
Net income/(expenditure) before (19,737) (2,009) (5) (21,751)
investment gains/losses
Gains/(losses) on monetary investments - (198) - (198)
Net income/(expenditure) (19,737) (2,207) (5) (21,949)
Reclassification of funds 25,000 (25,000) - -
Net movement in funds 5,263 (27,207) (5) (21,949)
Total funds brought forward 1,181,984 422,753 1,921 1,606,658
Total funds carried forward 1,187,247 395,546 1,916 1,584,709

St Austell Methodist Circuit Circuit No. 1141712

Statement of Financial Activities (SOFA) for the year ended 31 August 2022

General Circuit Model
Fund Trust Restricted Total
Notes (unrestricted) (unrestricted) Funds 2021-22
£ £ £ £
Income
Donations and legacies 800 - 86 886
Income from monetary investments 78 1,991 - 2,069
Assessments on Churches 180,000 - - 180,000
Grants received - - 300 300
Other charitable income 4 25,445 - - 25,445
Total income 206,323 1,991 386 208,700
Expenditure
Grants and donations 5 1,950 - - 1,950
Salaries and associated stipend costs 6 121,488 - - 121,488
Property maintenance and rental
expenses 21,718 - - 21,718
Connexional assessment and model
trust levy 41,276 18,746 - 60,022
District assessment and levy 11,004 - - 11,004
Depreciation 100 - - 100
Office expenses 6,864 - - 6,864
Redundant chapel costs 9,268 - - 9,268
Other outgoings 9 34,431 1,336 973 34,551
Total charitable expenditure 245,910 20,082 973 266,965
Net income/(expenditure) before
investment gains/losses (39,587) (18,091) (587) (58,265)
Gains/(losses) on monetary investments - (313) - (313)
Net gain on property disposal - - - -
Net income/(expenditure) (39,587) (18,404) (587) (58,578
Reclassification of funds 35,000 (35,000) - -
Net movement in funds (4,587) (53,404) (587) (58,578)
Total funds brought forward 1,186,571 476,157 2,508 1,665,236
Total funds carried forward 1,181,984 422,753 1,921 1,606,658

St Austell Methodist Circuit Circuit No. 1141712

Balance Sheet as at 31 August 2023

Notes
Fixed Assets
Circuit manses and equipment
11
Investments properties
11
Investment
12/13
Total fixed assets
Current Assets
Debtors
14
Investments with TMCP
12/13
Central Finance Board Deposits
Cash at bank and in hand
Total current assets
Current liabilities
Creditors (due in under 1 year)
15
Total current liabilities
Net current assets
Net assets
Funds of the Circuit
General Fund (unrestricted)
16
Circuit Model Trust Fund
(unrestricted)
16
Total Unrestricted Funds
Restricted Funds
17
Total Funds		 General Funds
(unrestricted)
Circuit Model
Trusts
(unrestricted)
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
£
1,085,684
65,266
-
1,150,950
1,103,260
80,000
-
-
80,000
80,000
-
38,475
-
38,475
38,623
1,165,684
103,741
-
1,269,425
1,221,883
12,576
-
-
12,576
11,839
-
301,790
-
301,790
376,615
4,918
-
-
4,918
9,169
47,331
-
1,916
49,247
38,679
64,825
301,790
1,916
368,531
436,302
43,262
9,985
-
53,247
51,527
43,262
9,985
-
53,247
51.527
21,563
291,805
1,916
315,284
384,775
1,187,247
395,546
1,916
1,584,709
1,606,658
1,187,247
-
-
1,187,247
1,181,984
-
395,546
-
395,546
422,753
1,187,247
395,546
-
1,582,793
1,604,737
-
-
1,916
1,916
1,921
1,187,247
395,546
1,916
1,584,709
1,606,658

Approved by the board of trustees on……………………………… signed and authorised for issue on the: ………………………..

………………………………………………………………..

Rev Paul Benney

St Austell Methodist Circuit Circuit No. 1141712

Notes to the Accounts

1 Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with 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 (FRS102) (as amended for accounting periods commencing from 1 January 2016) – the Charities SORP (FRS102) and taking note of the Update Bulletin 1 issued in 2016.

The financial statements 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 Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The Circuit meets the definition of a public benefit entity under FRS 102.

The Circuit has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flow.

Based on the monetary assets and human resources available at the year end, the trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. Whilst Covid 19 has continued to have a social impact the Charity remains operational, generating increased income and retaining sufficient funds.

The Circuit has denominational regulatory oversight in respect of the work of the churches within the Circuit but has no legal or operational control of those churches and their governing bodies. For this reason, the financial statements of churches within the Circuit are not consolidated into these statements.

2 Funds

The funds held constitute:

There are no Endowment funds. Details of each material fund are disclosed in notes 17 and 18 to these accounts. Any funds may be represented by more than just cash.

3 Accounting policies

Basis

These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year. The accruals basis has been used and the trustees present accounts that show a true and fair view of the Circuit’s financial position and activities.

The accounts are expressed in £ Sterling, rounded to the nearest pound.

Incoming Resources

Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the trustees are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient reliability.

In accordance with the Charities SORP (FRS 102), the time of volunteers is not recognised. If goods are donated, a value will be shown in the SOFA or notes where the value is considered material.

Resources Expended

This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources.

St Austell Methodist Circuit Circuit No. 1141712

Grants

Grants made by the Circuit from its own funds are recognised in full at the time of agreement to make a grant without performance conditions or as and when the Circuit accepts that there is a legal or operational obligation to make the payment.

VAT

Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.

Tangible fixed assets for use by the Circuit

Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £1,000.

The freehold property is shown in the accounts at deemed historical cost representing each property’s gross carrying value at 1 September 2015. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The property has been reviewed for impairment.

Methodist property improvements represent significant improvements to church properties funded by, but not yet vested to, the Circuit as Managing Trustees. No depreciation is provided on the improvements as the project is not complete at the year end.

Depreciation is provided on fixtures, fittings and equipment at a rate of 25% on the reducing balance method, calculated to write off the cost over their expected economic life.

Investment Properties

From time to time the Circuit may be required to assume responsibility for church premises following closure and cessation of worship. This results in the Circuit becoming Managing Trustees for the property. At that time the property is recognised as an asset at its anticipated net sale price as determined by a professional valuation and after taking into consideration the levy to be charged by the Connexion. Any expenditure on such assets, if held for reinvestment of the proceeds, as the trustees determine, that is likely to enhance sale value is capitalised at the time the expenditure is incurred. There is only one property currently deemed to not be held for the long term purposes of the charity.

Investments

The Circuit’s investments are in monetary assets classified as basic financial instruments under FRS 102. Investments are valued in the balance sheet at market value at the year end, which are provided by TMCP. 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. All cash balances are shown in cash and short term deposits.

Debtors and Prepayments

Debtors are stated at the amounts owed to the Circuit or prepaid. They mainly include prepaid stipends.

Financial Instruments

The Circuit 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.

Creditors

Creditors are initially recognised at settlement amount after any trade discounts. Creditors include both sundry expenses and specifically the 1st quarter assessment received in August for the following financial year.

Pensions

The Circuit operates a defined contribution scheme for the benefit of its employees. Contributions are charged to the Statement of Financial Activities in the period they are payable.

St Austell Methodist Circuit Circuit No. 1141712

4 Other charitable income

General
£
Letting income
41,170
Liturgical fees
1,560
Photocopying
-
Other income
10
Total
42,740
5 Analysis of grant expenditure
General
£
Local Methodist churches
2,400
Local support groups
1,200
Church Mission Society
750
Donations
1,000
Total
5,350		 CMTF
£
-
-
-
-
-
CMTF
£
-
-
-
-
-		 Restricted
£
-
-
-
5
5
Restricted
£
-
-
-
708
708		 Total
2022/23
£
41,170
1,560
-
15
42,745
Total
2022/23
£
2,400
1,200
750
1,708
6,058		 Total
2021/22
£
19,210
6,225
-
10
25,445
Total
2021/22
£
-
1,200
750
-
1,950

Grants were made to local Methodist churches to help fund the cost of repairs, equipment and training.

6 Stipends and salary costs

Staff Costs paid during the year were:
Gross wages, salaries and benefits in kind
Pension costs
Other staff costs
Total staff costs
Average number of employees in the year were:
No employees received employee benefits of more than £60,000.
Stipends were paid to 2 (2021/22: 2) Presbyters and amounted to:
Total stipends and salaries		 2022/23
£
42,026
1,301
403
43,730
6
76,854
120,584		 2021/22
£
30,310
1,140
16,351
47,805
4
73,683
121,488

St Austell Methodist Circuit Circuit No. 1141712

7 Payment to Trustees

In 2022 payments were made to one trustee for additional services provided to the Circuit (manse and property steward, equipment hire, layworker and consultant) by agreement with the Circuit Meeting. A summary of these payments has been included in note 23.

There were no such payments in 2023.

2022/23 2021/22
Total amount paid - £15,760
Trustee expenses
2022/23 2021/22
Number of Trustees 6 4
Total amount £4,931 £5,127

Expense payments primarily relate to reimbursement for travel, subsistence, postage, stationery and steward’s expenses.

The ministers (who are trustees) are paid stipends and travel expenses at rates agreed annually by the Methodist Conference. Stipends were paid to two ministers amounting to £76,854 in the year (2022: £73,683 for two ministers). Travel costs paid to the ministers amounted to £7,579 (2022: £2,638). These are also included in the amounts paid to Trustees for expenses above. The Manses are provided by the Circuit and the Circuit maintains the property. With the exception of the let manses, the Circuit is responsible for payment of council tax, utilities, water charges and insurance (included in note 10).

Six (2022: Four) trustees were paid remuneration or have received other benefits from an employment with the charity. These payments have been made under authority of the Charity Commission and can be summarised as follows:

Trustee
Reason for payment
Mrs C Thornton
Layworker
Mrs D Eade
Layworker
Mrs K Reynolds
Layworker
Mrs J Petzing
Layworker
Mrs L Mitchell
Children’s worker
Mrs C Baines
Layworker		 2022/23
Amount
paid
Pension
costs
£
£
5,625
-
14,061
837
7,312
436
3,778
28
5,625
-
5,625
-
42,026
1,301		 2021/22
Amount
paid
Pension
costs
£
£
5,078
-
12,697
745
6,602
395
-
-
-
-
5,079
-
30,314
1,140

The members do not take part in any discussion on the terms and conditions of their employment. The members of the CLT, who consists of the ministers, the layworkers, Circuit administrator and the unpaid Circuit stewards are considered as Key Management Personnel. The remuneration paid to them has been disclosed in note 8 above.

St Austell Methodist Circuit Circuit No. 1141712

8 Fees for examination or audit of the accounts

s for examination or audit of the accounts
Independent examiner’s or auditors' fees for reporting on the accounts
Other fees (eg: advice, accountancy services) paid to the independent
examiner		 2022/23
£
950
3,490		 2021/22
£
950 900
3,490 3,300

9 Other outgoings

Travel expenses
Manse insurance and utilities
Quinquennial inspections
Resource Centre
Professional fees
Investment administration
charge
Other expenses
Total		 General
£
9,973
5,559
1,882
2,122
4,591
-
2,343
26,470		 CMTF
£
-
-
-
-
-
1,087
-
1,087		 Restricted
£
-
-
-
-
-
-
1,116
1,116		 Total
2022/23
£
9,973
5,559
1,882
2,122
4,591
1,087
3,459
28,673		 Total
2021/22
£
4,571
10,587
3,175
1,905
5,786
1,336
7,191
34,551

10 Reclassification of funds

Circuit property is always carried in the General Fund but upon sale the net proceeds are processed through the Circuit Model Trust Fund. This requires an adjustment and any such sales during the year are reflected at the gross sale price (less selling costs). There were no manses sold in the year end 31[st] August 2023.

St Austell Methodist Circuit Circuit No. 1141712

11 Tangible Fixed Assets Cost or valuation

Freehold
Manses		 Methodist
Property
Improvements		 Fixtures,
fittings and
equipment		 Total Investment
properties
£ £ £ £ £
Balance brought forward at 1st
September 2022		 1,102,958 - 28,793 1,131,751 80,000
Additions - 47,766 - 47,766 -
Disposals - - - -
Balance carried forward at 31st
August2023		 1,102,958 47,766 28,793 1,179,517 80,000

Accumulated depreciation

Balance brought forward at 1st
September 2022		 - - 28,491
28,491		 -
Depreciation charge for year - - 76
76		 -
Balance carried forward at 31stAugust
2023		 - - 28,567
28,567		 -

Net book value

Net book value
Brought forward at 31stAugust 2022 1,102,958 - 302 1,103,260 80,000
Carriedforward at 31stAugust2023 1,102,958 47,766 226 1,150,950 80,000

The comparable carrying amount of the freehold manses on an historical cost basis would be £709,363 at the year-end (2022: £709,363).

12 Investment assets

Investment properties, shown in Note 1, are recognised at their anticipated net sale price as determined by a professional valuation and after taking into consideration the levy to be charged by the connexion.

The funds that support the Circuit Model Trust Fund and the Manses Fund are held by TMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded as medium and long term investments.

TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property. TMCP ensure that, though providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and policy as determined by the Methodist Conference.

Analysis of investments
CFB Managed Mixed Fund at 31stAugust 2023
Trustees Interest Fund at 31stAugust 2023		 2022/23
£
2021/22
£
38,475
38,623
301,790
376,615

St Austell Methodist Circuit Circuit No. 1141712

13 Financial instruments

Carrying amount of financial assets
Instruments measured at fair value through the SOFA
Carrying amount of financial liabilities
Measured at amortised cost
14 Debtors
Other debtors
Stipends
Total
15 Creditors
Trade creditors
Accruals
Deferred income
Money due to Carne Hill (CMT)
Total
Deferred income
Balance at 1stSeptember 2022
Deferred in the year
Released in the year
Balance at 31stAugust 2023		 2022/23
£
339,030
808
2022/23
£
259
12,317
12,576
2022/23
£
808
4,440
38,014
9,985
53,247
£
35,436
38,014
(35,436)
38,014		 2021/22
£
415,136
1,906
2021/22
£
-
11,839
11,839
2021/22
£
1,906
4,200
35,436
9,985
51,527

Deferred income comprises of the 1[st] quarter assessment received in August, which related to the year ended 31[st] August 2023

St Austell Methodist Circuit Circuit No. 1141712

16 Analysis of unrestricted funds at 31[st] August 2023

Unrestricted
Fund Name		 Opening
Balance		 Incoming
Resources		 Resources
Expended		 Transfers Gains
(Losses)		 Closing
Balance		 Purpose of the
fund
General Fund 1,181,984 211,711 (231,448) 25,000 - 1,187,247 For use in the
furtherance of the
general objectives
of the Circuit
Circuit Model
Trust Fund		 422,753 11,268 (13,277) (25,000) (198) 395,546 As above
Totals
1,604,737 222,979 (244,725) - (198) 1,582,793

Comparative analysis of unrestricted funds at 31[st] August 2022

Unrestricted
Fund Name		 Opening
Balance		 Incoming
Resources		 Resources
Expended		 Transfers Gains
(Losses)		 Closing
Balance		 Purpose of the
fund
General Fund 1,186,571 206,323 (245,910) 35,000 - 1,181,984 For use in the
furtherance of the
general objectives
of the Circuit
Circuit Model
Trust Fund		 476,157 1,991 (20,082) (35,000) (313) 422,753 As above
Totals 1,662,728
208,314
(265,992)
-
(313)
1,604,737
1,662,728 208,314 (265,992) - (313) 1,604,737

St Austell Methodist Circuit Circuit No. 1141712

17 Analysis of restricted funds at 31[st] August 2023

Restricted
Fund Name		 Opening
Balance		 Incoming
Resources
Resources
Expended		 Transfers Closing
Balance
Purpose of the
fund
Youth Fund 1,139 - - - 1,139 Development and
implementation of
work with young
people in the St
Austell Circuit
Childrens
Work Fund		 775 1,111 1,116 - 770 Development and
implementation of
work with children
in the St Austell
Circuit
LP 3 - - - 3 Development and
training of local
preachers and
worship leaders in
the St Austell
Circuit
Easter Musical
Account		 4 - - - 4 Donations
collected to pay for
the Easter musical
and proceeds
donated to
Christian Aid
Tearfund
Earthquake
Appeal		 - 708 708 - - Donations
collected to
provide aid to
people affected by
the Turkey-Syria
earthquakes.
Totals 1,921 1,819 1,824 - 1,916

St Austell Methodist Circuit Circuit No. 1141712

Comparative analysis of restricted funds at 31[st] August 2022

Restricted
Fund Name		 Opening
Balance		 Incoming
Resources
Resources
Expended		 Transfers Closing
Balance
Purpose of the
fund
Youth Fund 1,139 - - - 1,139 Development and
implementation of
work with young
people in the St
Austell Circuit
Childrens
Work Fund		 1,362 386 973 - 775 Development and
implementation of
work with children
in the St Austell
Circuit
LP 3 - - - 3 Development and
training of local
preachers and
worship leaders in
the St Austell
Circuit
Easter Musical
Account		 4 - - - 4 Donations
collected to pay for
the Easter musical
and proceeds
donated to
Christian Aid
Totals 2,508 386 973 - 1,921

18 Capital commitments and contingent liabilities

At 31[st] August 2023 there were no capital commitments or contingent liabilities.

19 Financial commitments

At 31[st] August 2019, the Circuit had agreed to assist in funding a project at a church within the Circuit, which could amount to £50,000 and a further £47,766 paid during the year ended 31[st] August 2023. During the year ended 31 August 2021, the circuit agreed to increase the funding for the project to £100,000. £17,500 was paid during the year ended 31[st] August 2020. This project is due for completion during the year ended 31[st] August 2024.

20 Operating lease commitments

At 31[st] August 2023, the Circuit had outstanding commitments for future minimum lease payments under noncancellable operating leases amounting to £4,554 until June 2028 (2022: £1,438).

The total lease payments included in the expenses were £923 (2022: £720).

St Austell Methodist Circuit Circuit No. 1141712

21 Voluntary contributions

The Circuit is heavily reliant on volunteers who contribute their skills and time in the furtherance of the work of the Circuit. The principal contribution is by serving on committees of the Circuit that deal with mission, manses, finance, grants and safeguarding. We are grateful to all of them for their help and commitment. No attempt has been made by this Circuit to value the non-monetary contributions to the Circuit in monetary terms.

22 Related party transactions

There were no related party transactions in 2022/23.

Comparative – 2021/22

Name of related party
Relationship
Description of
transaction
Mr W J Keast
Trustee
Layworker &
consultancy		 Payments to
related party
during the year
Amounts owed
to related
party as on 31
August 2022
£
£

15,760
-