| Page | |
|---|---|
| Administrative information |
1 —2 |
| Trustees' Report |
|
| Independent Examiner's Report |
|
| Statement of Financial Activities |
|
| Balance Sheet | |
| Statement ofcash flows | 10 |
| Notes to the Financial Statements | 11 —20 |
| The following are ex officio members of the |
The following are ex officio members of the |
The following are ex officio members of the |
Circuit Meeting: | |
|---|---|---|---|---|
| Circuit Stewards | appointed | by the Circuit Meeting | ||
| Circuit Meeting | Secretary | appointed | by the Circuit Meeting | |
| Representatives | to District Synod | appointed | by the Circuit Meeting | |
| Local Preachers | Secretary | appointed | by the Local Preachers' | Meeting |
| Notes | Unrestricted | Restricted | Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | |||||
| Incoming resources from generated |
funds: | ||||||||
| Donations | 2 | 107,873 | 107,873 | 116,383 | |||||
| Rental income | 27,700 | 27,700 | 18,100 | ||||||
| Investment income - bank interest |
4,315 | 195 | 4,510 | 612 | |||||
| Other income (funds transferred | in) | 6,733 | 10,955 | 17,688 | 149,000 | ||||
| TOTAL INCOME | 146,621 | «, | 150 | 157,771 | 284,095 | ||||
| EXPENDITURE | |||||||||
| Costs ofgenerating funds |
2,716 | 2,716 | 2,716 | ||||||
| Expenditure on charitable activities |
153,405 | «, | 182 | 164,587 | 201,023 | ||||
| TOTAL EXPENDITURE | 156,121 | «, | 182 | 167,303 | 203,739 | ||||
| NET INCOME/(EXPENDITURE) | |||||||||
| BEFORETRANSFERS | (9,500) | (32) | (9,532) | 80,356 | |||||
| OTHER RECOGNISED GAINS &(LOSSES) | |||||||||
| Realised gain on sale ofasset | |||||||||
| Gains/(losses) on revaluation |
of | ||||||||
| current investment assets |
13 | (202,500) | (202,500) | 117,900 | |||||
| NET MOVEMENT IN FUNDS |
14 | (212,000) | (32) | (212,032) | 198,256 | ||||
| TOTAL FUNDS BROUGHT | |||||||||
| FORWARD | 14 | 1,272,664 | 2,909 | 662 | 1,276,235 | 1,077,979 | |||
| TOTAL FUNDS CARRIED | |||||||||
| FORWARD | 14 | 1,060,664 | 2,877 | 662 | 1,064,203 | 1,276,235 |
| Notes | 2023 | 2023 | 2022 | 2022 | |||
|---|---|---|---|---|---|---|---|
| FIXEDASSETS | |||||||
| Tangible fixed assets | 630,035 | 636,225 | |||||
| Investments | 662 | 662 | |||||
| 630,697 | 636,887 | ||||||
| DEBTORS due in more than one year | 12 | ||||||
| CURRENT ASSETS | |||||||
| Debtors | 12 | 16,867 | 20,338 | ||||
| Investments | 13 | 276,400 | 478,900 | ||||
| Cash at Bank and | in Hand | 18'I,616 | 177,350 | ||||
| 474,883 | 676,588 | ||||||
| CREDITORS | |||||||
| Amounts falling due in one year |
14 | 41,377 | 37,241 | ||||
| NET CURRENT ASSETS I(LIABILITIES) | 433,506 | 639,348 | |||||
| NET ASSETS | 1,064,203 | 1,276,235 | |||||
| FUNDS | |||||||
| Unrestricted | 15 | 1,060,664 | 1,272, | 664 | |||
| Restricted | 15 | 2,877 | 2,909 | ||||
| Endowment | 15 | 662 | 662 | ||||
| TOTALFUNDS | 1,064,203 | 1,276,235 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | |||||||
| Cash used in operating | activities | 20 | (244) | (58, | 774) | ||
| Cashflowe frominvesting | activities | ||||||
| Interest and dividends | 4,510 | 612 | |||||
| Proceeds ofsale of investments | |||||||
| Purchase of investments |
30 | ||||||
| Cash provided by/(used |
in) investing | activities | 4,510 | 642 | |||
| Cashflowe fromfinancing | activities | ||||||
| Repayment ofborrowing |
|||||||
| Cash used in financing | activities | ||||||
| Increase/(decrease) in cash &cash |
equivalents | in the year | 4,266 | (58, | 132) | ||
| Cash and cash equivalents | brought | forward | 177,350 | 235,482 | |||
| Cash and cash equivalents | carried forward | 181,616 | 177,350 | ||||
| Cash and cash equivalents | consist of: | ||||||
| Cash at bank and in hand | 181,616 | 177,350 | |||||
| 181,616 | 177,350 |
| 2023 | 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||||
| 2 | DONATIONS | |||||||||
| Church assessments | 107,873 | 107,873 | 116,383 | 116,383 | ||||||
| Donations | ||||||||||
| 107,873 | 107,873 | 116,383 | 116,383 | |||||||
| 3 | OTHER TRADING | INCOME | ||||||||
| Rental income | 27,700 | 27,700 | 18,100 | 18,100 | ||||||
| 27,700 | 27,700 | 18,100 | 18,100 | |||||||
| 4 | INVESTMENT INCOME | |||||||||
| Income from lixed asset | investments | 2,772 | 195 | 2,967 | 506 | 506 | ||||
| Bank interest | 1,543 | 1,543 | 106 | 106 | ||||||
| 4,315 | 195 | 4,510 | 612 | 612 | ||||||
| 5 | FUNDS TRANSFERRED | IN | ||||||||
| From closure ofPatricroft | 6,733 | 10,955 | 17,688 | 149,000 | 149,000 | |||||
| From closure of Boundary | Road | |||||||||
| 6,733 | 10,955 | 17,688 | 149,000 | 149,000 | ||||||
| 6 | COSTS OF GENERATING | FUNDS | ||||||||
| Agents fees re rental | income | 2,716 | 2,716 | 2,716 | 2,716 | |||||
| 2,716 | 2,716 | 2,716 | 2,716 |
| 2023 | 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Tota I | Unrestricted | Restricted | Total | ||||||
| 7 | CHARITABLE EXPENDITURE | ||||||||||
| Direct costs | |||||||||||
| Stipends, salaries & expenses |
59,353 | 59,353 | 72,920 | 72,920 | |||||||
| Grants to Circuit Churches | 24,850 | 11,150 | 36,000 | ||||||||
| Grants to others bodies | 54,035 | 54,075 | |||||||||
| Manse costs (including depreciation) |
16,284 | 16,284 | 20,694 | 20,694 | |||||||
| District 8 Connexional assessments |
26,651 | 26,651 | 27,927 | 27,927 | |||||||
| District Advance Fund levy |
2,630 | 2,630 | 5,597 | 5,597 | |||||||
| Benevolent fund payments |
32 | 32 | |||||||||
| Support costs & governance | |||||||||||
| Office, communications & |
other | costs | 13,790 | 13,790 | 10,935 | 10,935 | |||||
| interest and charges |
432 | 432 | 535 | 535 | |||||||
| Accountancy & legal fees |
9,415 | 9,415 | 8,341 | 8,341 | |||||||
| 153,405 | 11,182 | 164,587 | 200,983 | 40 | 201,023 | ||||||
| Grants to other bodies are analysed | as: | ||||||||||
| Methodist Church Pension |
Resene Fund | 53,785 | |||||||||
| All Churches in Salford Circuit - towards |
energy costs | 12,000 | |||||||||
| Wesley Methodist Church |
- refurbishment | 10,000 | |||||||||
| Monton Methodist Church |
- hall refurbishment | 8,000 | |||||||||
| Monton Methodist Church |
—warm | spaces | 2,000 | ||||||||
| The Height Methodist Church - towards |
media | projector | 2,000 | ||||||||
| Emmanuel Church LEP - towards |
craft and chat group | 2,000 | |||||||||
| Other | 290 | ||||||||||
| 36,000 | 54,075 |
| 8 | NET INCOMING RESOURCES |
AFTER | TRANSFERS | TRANSFERS | 2023 | 2022 | |||
|---|---|---|---|---|---|---|---|---|---|
| This is stated after charging/(crediting): | E | f. | |||||||
| Accountant/Independent examiner's fees |
|||||||||
| Report | 700 | 704 | |||||||
| Depreciation | 6,190 | 6, | 190 | ||||||
| 9 | STAFF INFORMATION | 2023 | 2022 | ||||||
| a | Staff costs | ||||||||
| Stipends and salaries |
42,586 | 57,099 | |||||||
| Employer's Pension contributions |
7322 | 6,947 | |||||||
| Employer's Nl contributions |
3,389 | 3,621 | |||||||
| 53,297 | 67,667 | ||||||||
| No staff member was paid more than 260,000p.a. in either | year. | ||||||||
| b | Key management personnel |
||||||||
| The key management ofthe charity comprise the trustees, |
which includes | the ordained | members ofstaff who are |
||||||
| ex officio members ofthe Circuit Meeting |
but do not receive | any payment | specifically for | acting as trustees. | |||||
| The other trustees do not receive |
any remuneration | for their | services. | ||||||
| The total remuneration benefits ofthe key |
management | ||||||||
| Stipends | 39,963 | 42,300 | |||||||
| c | Average staff numbers | ||||||||
| The average number of members |
ofstaff | was as follows:- | |||||||
| 2023 | 2022 | ||||||||
| Average | Average | ||||||||
| number | number | ||||||||
| Ordained staff (office holders not |
employees) | ||||||||
| Lay employees |
| 10 | TANGIBLE FIXED ASSETS | Long | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Freehold land |
leasehold | ||||||||
| &buildings | Properties | Total | |||||||
| Cost | |||||||||
| As at September 1 2022 |
200,000 | 485,745 | 685,745 | ||||||
| As at August 312023 | 200,000 | 485,745 | 685,745 | ||||||
| Depreciation | |||||||||
| As at September 1 2022 |
10,664 | 38,856 | 49,520 | ||||||
| Charge for the year | 1,333 | 4,857 | 6,190 | ||||||
| As at August 312023 | 11,997 | 43,713 | 55,710 | ||||||
| Net book value | |||||||||
| As at August 31 2023 | 188,003 | 442,032 | 630,035 | ||||||
| As at Augus t312022 | 189,336 | 446,889 | 636,225 | ||||||
| 11 | FIXEDASSET INVESTMENTS | 2023 | 2022 | ||||||
| E | |||||||||
| Market value brought forward |
662 | 692 | |||||||
| Income distributed | (30) | ||||||||
| Market value carried forward | 662 | 662 | |||||||
| Investments at fair value comprise: |
|||||||||
| Cash held within investment |
portfolio | 662 | 662 | ||||||
| 662 | 662 | ||||||||
| Unrestricted | funds | Restricted funds | Endowment | funds | |||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||
| Market value brought forward | 662 | 692 | |||||||
| Income distributed | (3o) | ||||||||
| Market value carried forward | 662 | 662 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| 12 | DEBTORS | ||||
| Income receivable | 1,716 | 200 | |||
| Prepayments 8 other debtors |
15,151 | 20,138 | |||
| 16,867 | 20,338 | ||||
| 2023 | 2022 | ||||
| 13 | CURRENT ASSET | INVESTMENTS | f | f | |
| Property transferred | from other Managing | Trustees | 478,900 | 361,000 | |
| Unrealised gain on revaluation |
(202,500) | 117,900 | |||
| Property held for resale |
276,400 | 478,900 | |||
| 2023 | 2022 | ||||
| 14 | CREDITORS falling | due within one year | |||
| Assessments in advance |
20,622 | 22,651 | |||
| Rental payments in advance |
7,500 | ||||
| Other creditors | 17„705 | 5,000 | |||
| Creditors 8 accruals |
3,050 | 2,090 | |||
| 41,377 | 37,241 |
| Funds in tru |
st are monies collect | ed by Circuit Churches |
for Methodist fun |
ds and not remit |
ted at the year |
end. They | |
|---|---|---|---|---|---|---|---|
| are analysed | as follows: | World | Total | World | Total | ||
| Mission | other | 2023 | Mission | other | 2022 | ||
| Brought forward | |||||||
| Received in |
the year | 381 | 791 | 1,173 | 57'l | 918 | 1,489 |
| Paid over | (381) | (791) | (1,173) | (571) | (918) | (1,489) | |
| Carried forward |
| 16 | ANALYSIS OF NET ASSETS | BETWEEN FUNDS | BETWEEN FUNDS | BETWEEN FUNDS | BETWEEN FUNDS | BETWEEN FUNDS | BETWEEN FUNDS | BETWEEN FUNDS | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund balances at August 31 | 2023are represented | by:- | Unrestricted | Restricted | Endowment, | |||||||||||
| Funds | Funds | Funds | Total | |||||||||||||
| Tangible fixed assets | 630,035 | 630,035 | ||||||||||||||
| Fixed asset investments | 662 | 662 | ||||||||||||||
| Net current assets | 430,629 | 2,877 | 433,506 | |||||||||||||
| 1,060,664 | 2,877 | 662 | 1,064,203 | |||||||||||||
| Fund balances at August 31 | 2022 are represented | by:- | ||||||||||||||
| Tangible fixed assets |
636,225 | 636,225 | ||||||||||||||
| Fixed asset investments | 0 | 662 | 662 | |||||||||||||
| Net current assets | 636,439 | 2,909 | 639,348 | |||||||||||||
| 1,272,664 | 2,909 | 662 | 1,276,235 | |||||||||||||
| 17 | FINANCIAL INSTRUMENTS | |||||||||||||||
| The carrying amounts for each |
category | of | financial | instrument | ||||||||||||
| is as follows: | 2023 | 2022 | ||||||||||||||
| E | ||||||||||||||||
| Financial assets | ||||||||||||||||
| that are investments measured |
at | fair value | 662 | 662 | ||||||||||||
| that are debt instruments measured at amortised cost |
198,463 | 197,688 | ||||||||||||||
| Financial liabilities |
||||||||||||||||
| measured at amortised cost |
(41,3/7) | (37,241) | ||||||||||||||
| Financial assets measured at amortised |
cost comprise; cash at bank and | in hand; income receivable | and other debtors; | and | ||||||||||||
| prepayments. | ||||||||||||||||
| Financial liabilities measured at |
amortised | cost | comprise: trade creditors; | other | taxes | and social security; accruals; and | deferred | |||||||||
| income. | ||||||||||||||||
| 18 | TAXATION | |||||||||||||||
| The Circuit is a registered charity and is entitled |
to claim annual | exemption | from | UK corporation | tax. | |||||||||||
| 19 | CAPITAL COMMITMENTS | |||||||||||||||
| There were no capital commitments | authorised | and contacted | for at the end of | the year (2022 | ENil). | |||||||||||
| 20 | RECONCILIATION OF NET MOVEMENT |
IN FUNDS | TO NET CASHFLOW | FROIVI OPERATING ACTIVITIES | ||||||||||||
| 2023 | 2022 | |||||||||||||||
| Net income/(expenditure) before |
transfers | (212,032) | 198,256 | |||||||||||||
| Deduct/(add) gains/(losses) on |
investments | 202,500 | (117,900) | |||||||||||||
| Add back depreciation on fixed |
assets | 6,190 | 6,190 | |||||||||||||
| Deduct transfer in of non cash |
asset (property) | (149,000) | ||||||||||||||
| Deduct interest income shown | in investing | activities | (4,510) | (612) | ||||||||||||
| Decrease/(increase) in debtors |
3,471 | (1,252) | ||||||||||||||
| Increase/(decrease) in creditors |
4,137 | 5,544 | ||||||||||||||
| Net cash generated from/(used |
in) operating | activities | (244) | (58,774) |