| Notes to | Circuit Model | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| the | General Fund | Trust Fund | Restricted | Endowment | ||||||
| accounts | (Unrestricted) | (Unrestricted) | Funds | Funds | Total | |||||
| E | E | E | E | |||||||
| Income | ||||||||||
| Donations and legacies | ||||||||||
| Income from monetary investments |
50 | 2,504 | 63 | 23 | 2,640 | 3,115 | ||||
| Income from investment | properties | 22,200 | 22,200 | 21,920 | ||||||
| Assessments on churches |
190,518 | 190,518 | 208,840 | |||||||
| Bladnvell Hall transferred |
to Circuit | 424,558 | 424,558 | |||||||
| Grants received | 0 | |||||||||
| Other charitable income | Total | income | 3,031 640,357 |
2,504 | 2.322 2,385 |
23 | 5,353 645,269 |
12,127 245,802 |
||
| Expenditure | ||||||||||
| Grants and donations | 2,807 | 9,000 | 11,807 | 5,614 | ||||||
| Salaries, national insurance |
and pension | 145,179 | 145,179 | 166,884 | ||||||
| Employees travel and expenses |
7,441 | 7,441 | 18,339 | |||||||
| Properly maintenance | 37,190 | 37,190 | 47,489 | |||||||
| District assessment & levy |
40,840 | 16,081 | 56,901 | 61,023 | ||||||
| Depreciation | 0 | 0 | ||||||||
| Circuit oflice expenses | 1,700 | 1,700 | 8,070 | |||||||
| Other outgoings | 4,567 | 662 | 3,452 | 8,683 | 16,252 | |||||
| Total expenditure | 239,724 | 25,723 | 3,452 | 268,901 | 321,671 | |||||
| Gains/(losses) on monetary |
investments | (20) | (19) | |||||||
| Net incomel(expenditure) Transfers between funds |
400,633 48,471 |
(23,219) (48,400) |
(1,066) (50) |
1 (21) |
376,349 0 |
P5,869) 0 |
||||
| Other gains | 0 | 22 | ||||||||
| Net | movement | in funds | 449,104 | (71,619) | (1,116) | (20) | 376I349 | (75,847) | ||
| Total funds brought forward Total funds carried |
forward | 1,358,823 1,807,927 |
433,749 362,130 |
8,745 7,629 |
1,156 1,136 |
1,802,473 2,178,822 |
1,878,320 1,802,473 |
| Notes to | Circuit | Model | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| the | General Fund | Trust Fund | Restricted | Endowment | ||||||
| accounts | (Unrestricted) f |
(Unrestricted) f |
Funds f |
Funds f |
Total f |
2019 f |
||||
| Fixed Assets | ||||||||||
| Manses &equipment | 890,000 | 890,000 | 890,000 | |||||||
| Investment properties |
879,558 | 879,558 | 455,000 | |||||||
| Investments | 147 | 1,131 | 1,278 | 1,298 | ||||||
| Total | fixed | assets | 1,769I558 | 147 | 1,131 | 1,770,836 | 1,346,298 | |||
| Current Assets | ||||||||||
| Debtors and prepayments | 10 | 35,730 | 35,730 | 15,840 | ||||||
| Loans by the Circuit to churches | 10 | 94,537 | 94,537 | 102,938 | ||||||
| Deposits with TMCP | 267,593 | 7,242 | 274,840 | 338,057 | ||||||
| Deposits with CFB | 9,180 | 9,180 | 6,974 | |||||||
| Deposits with HSBC | 9,779 | 240 | 10,019 | 9,444 | ||||||
| Total current | assets | 54,689 | 362,130 | 7,482 | 424,306 | 473,253 | ||||
| Current liabilities |
||||||||||
| Creditors (due in under | 1 year) | 16,319 | 16.319 | 17,078 | ||||||
| Total current liabilities | 16,319 | 0 | 0 | 0 | 16,319 | 17,078 | ||||
| Net current assets | 38,370 | 362,130 | 7,482 | 5 | 407,987 | 456,175 | ||||
| Total assets less current liabilities | ||||||||||
| 1,807,927 | 362,130 | 7,629 | 1,136 | 2,178,822 | 1,802,473 | |||||
| Funds ofthe Circuit | ||||||||||
| General Fund (Unrestricted) | 1,807,927 | 1,807,927 | 1,358,823 | |||||||
| Circuit Model Trust Fund | ||||||||||
| (Unrestricted) | 362,130 | 362,130 | 433,749 | |||||||
| Total Unrestricted | Funds | 2,170,057 | 1,792,572 | |||||||
| Restricted Funds |
7,629 | 7,529 | 8,745 | |||||||
| Endowment Funds |
1,136 | 1,136 | 1,156 | |||||||
| Total | Funds | 1,807,927 | 362,130 | 7,629 | 1,136 | 2,178,822 | 1,802,473 |
| 1Accounting policies |
1Accounting policies |
|||
|---|---|---|---|---|
| Charity Information | ||||
| Bromsgrove & Redditch Circuit ofthe Methodist Church is a trust which is registered with the |
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| Charity Commission in England and Wales. The registered office is:-Circuit Office, Ecumenical |
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| Centre, 6Evesham Walk, Redditch B974EX. |
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| Accounting convention |
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| The ffnancial statements have been prepared in accordance with the Circuit's governing |
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| document and "Accounting and Reporting by Charities: Statement ofRecommended Practice |
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| applicable to charities preparing their accounts in accordance with the Financial Reporting |
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| Standard applicable in the UK and Republic of Ireland (FRS102)"(effective 1 January 2019). |
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| The Circuit is a trust as defined by FRS102. |
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| The Circuit has taken advantage ofthe provisions in the SORP for charities applying FRS |
102 | |||
| Update Bulletin 1 not to prepare a Statement ofCash Flows. |
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| The financial statements are prepared in sterling, which is the functional currency ofthe Circuit. Monetary amounts in these financial statements are rounded to the nearest f. |
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| Going concern | ||||
| At the time ofapproving the financial statements, the Trustees have a reasonable expectation |
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| that the Circuit has adequate resources to continue in operational existence for the |
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| foreseeable future. Thus the Trustees continue to adopt the going concern basis ofaccounting |
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| in preparing the financial statements. |
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| Funds | ||||
| The funds held constitute: 1.General Fund which is unrestricted and is held forany purpose of the Circuit. 2.The Circuit Model Trust Fund has wide purposes defined in Standing Orders and |
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| is categorised as unrestricted. 3.Restricted funds which are held for aspecified purposes. |
4, | |||
| Endowment funds which are also held for specified purposes. Details of Restricted and |
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| Endowment Funds are disclosed in the final note tothese accounts. Any funds may be |
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| represented by more than just cash. |
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| Income | ||||
| Income is included in the SOFA when the Circuit becomes entiged to it, the Trustees are |
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| reasonably certain they will receive it; and the monetary value can be measured with sufficient |
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| reliability. | ||||
| Expenditure | ||||
| Expenditure is recognised when a liability is incurred, ora constructive obligation arises, which |
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| results in the payment ofthe expense being unavoidable. Liabilities are recognised as soon |
as | |||
| an outflow ofeconomic benefit is considered more likely than not under the legal or |
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| constructive obligation committing the Circuit to pay. |
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| Grants | ||||
| Grants made by the Circuit from its own funds are recognised in full at the time ofagreement |
or | |||
| when the Circuit accepts that there is a legal or operational obligation to make the payment. |
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| VAT | ||||
| Since the Circuit is not VAT registered, all input VAT is charged with the expense to which |
it | |||
| refers. | ||||
| Tangible fixed assets for use by the Circuit | ||||
| Tangible fixed assets are capitalised ifthey can be used for more than one year, and cost at least F500,Tangible ffxed assets other than buildings are written offover their useful economic |
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| lives. | ||||
| Freehold Property, being Ministers' residenses or Manses, is shown in the accounts at 2015 |
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| deemed values, ofwhich the land component is deemed to be E205,000. No depreciation |
is | |||
| provided on the buildings on the freehold properties because the trustees consider the current |
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| residual fair value ofthe buildings to be not less than their deemed value. The properties have |
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| been reviewed for impairment. For details see note 6. |
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| Investment | properties | |||
| The addition to lnvetsment properties during the year is the transfer ofthe Trusteeship of |
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| Blackwell Church Hall from Lickey End Church to the Circuit. This property is included at its |
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| insured value. |
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| Other investment properties are shown at fair value. No depreciation Is provided on investment |
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| properbes as the trustees consider the current residual value to be not less than their insured |
||||
| orfair value. Fordetails see note 7. | ||||
| Investments | ||||
| investments are valued in the balance sheet at market value at the year end. Investment |
||||
| income is included in the accounts when receivable and any gains orlosses on revaluation |
at | |||
| the year end are shown in the SOFA. |
| Notes to | the financial statements -continued |
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|---|---|---|---|---|
| Debtors | and Prepayments | |||
| This is mainly in respect of Ministers' Stipends paid in advance plus various other smaller |
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| piepayments. | ||||
| Creditors | ||||
| Creditors include sundry expenses accrued, and the 1stquarter of next year's assessment |
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| received in advance. |
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| Financial | instruments | |||
| The Circuit has elected to apply the provisions ofSection 11'Basic Financial Instruments' |
and | |||
| Section 12'Other Financial Instruments Issues' ofFRS102to all ofits financial instruments. |
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| Financial instruments are recognised in the Circuit's balance sheet when the Circuit becomes |
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| party to the contractual provisions ofthe instrument. |
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| Financial assets and liabilities are offset, with the net amounts presented in the financial |
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| statements. when there is a legally enforceable riight to set offthe recognised amounts and |
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| there is an intention to settle on a net basis or to realise the asset and settle the liability |
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| Basic financial assets | ||||
| Basic financial assets, which include debtors and cash and bank balances, are initially |
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| measured at transaction price including transaction costs and are subsequently canied at |
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| amoitised cost using the effective interest method unless the arrangement constitutes a |
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| financing transaction, where the transaction is measured at the present value ofthe future |
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| receipts discounted at a market rate ofinterest. Financial assets classified as receivable |
within | |||
| one year are not amortised. | ||||
| Impairment offinancial assets |
||||
| Financial assets, other than those held at fair value through income and expenditure, are |
||||
| assessed for indicators ofimpairment ateach reporting date. Financial assets are impaired |
||||
| where there is objective evidence that, as a result ofone or more events that occurred after | the | |||
| initial recognition ofthe financial asset, the estimated future cash flows have been affected. |
||||
| Ifan asset is impaired, the impairment loss is the difference between the carrying amount |
and | |||
| the present value ofthe estimated cash flows discounted at the asset's original effective |
||||
| interest rate. The impairment loss is recognised in net income/expenditure for the year. |
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| Ifthere is a decrease in the impairinent loss arising from an event occurring after the |
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| impairment was recognised, the impairment is reversed. The reversal is such that the current |
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| canying amount does not exceed what the carrying amount would have been, had the |
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| impairment not previously been recognised. The impairment reversal is recognised in net |
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| income/expenditure for the year. |
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| Derecognition offinancial assets |
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| Financial assets are derecognised only when the contractual rights to the cash tlows from |
the | |||
| asset expire or are settled, or when the Circuit transfers the financial asset and substantially |
all | |||
| the risks and rewards ofownership to another entity, or ifsome significant risks and rewards |
of | |||
| ownership are retained but control ofthe asset has transferred to another party that is able |
to | |||
| sell the asset in its entirety to an unrelated third party. |
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| Basicfinancial liabilities |
||||
| Basicfinancial liabilities, including creditors and bank loans are initially recognised at |
||||
| transaction price unless the arrangement constitutes a financing transaction. where the debt |
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| instrument is measured at the present value ofthe future payments discounted at a market |
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| rate ofinterest. Financial liabilities classified as payable within one year are not amoitised. |
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| Debt instruments are subsequently carried at amortised cost, using the effective interest rate |
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| method. | ||||
| Trade creditors are obligations to pay for goods or services that have been acquired in the |
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| ordinary course ofoperations from suppliers. Amounts payable are classified as current |
||||
| liabilities ifpayment is due within one year or less. Ifnot, they are presented as non-current |
||||
| liabilities. T'rade creditors are recognised initially at transaction price and subsequently |
||||
| measured at amortised cost using the effective interest method. |
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| Derecognition offinancial liabilities |
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| Financial liabilities are derecognised when the Circuit's contractual obligations expire or are |
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| discharged or cancelled. |
| 2Payment to Trustees | ||||||||
|---|---|---|---|---|---|---|---|---|
| There were no payments made toTrustees for additional 6below. However there were expenses ofTrustees. |
services | provided | to the Circuit, | excluding stipends | which are Included in note |
|||
| 2020 | 2019 | |||||||
| Number ofTrustees paid expenses | 14 | |||||||
| Total amount paid | E8,144 | E17,456 | ||||||
| Expense payments primarily |
relate to reimbursement | for | telephone, | travel | and computing | costs | ||
| 3Fees for examination ofthe financial statements |
||||||||
| 2020 | 2019 | |||||||
| Independent examiner's fees financial statements |
for reporting | on the | E1,176 | E1,104 | ||||
| Other fees (eg:advice, accountancy services} paid to independent examiner. |
the | NIL | NIL | |||||
| 4Paid employees | ||||||||
| StaffCosts paid during the | year were: | 2MO | 2019 | |||||
| Gross wages, salaries and benefits in kind |
E115,762 | E134,890 | ||||||
| Employer's National Insurance costs |
E8,835 | E9,266 | ||||||
| Pension costs | E20,581 | E22,728 | ||||||
| Total staff costs | E145,178 | E166,384 | ||||||
| Average number offull-time | equivalent | |||||||
| employees in the year were; |
||||||||
| 5Capiial commitments and contingent |
liabilities |
| Fixtures, | ||||
|---|---|---|---|---|
| fittings and | ||||
| Ilanses | equipment | Total | ||
| 8 | ||||
| Cost orvaluation | ||||
| Balance brought | forward | 890,000 | 3,589 | 893,589 |
| Additions | 0 | |||
| Revaluations | 0 | |||
| Disposals | 0 | |||
| Balance carried forward | 890,000 | 3,589 | 893,589 | |
| Accumulated depreciation |
||||
| Balance brought forward | 3,.589 | 3,589 | ||
| Charge for year | 0 | |||
| Revaluations | 0 | |||
| Disposals | 0 | |||
| Balance carried forward | 3,589 | 3,589 | ||
| Net book value | ||||
| Brought forward | 890,000 | 0 | 890,000 | |
| Balance carried forward | 890,000 | 0 | 890,000 |
| ? Investment assets | |||||
|---|---|---|---|---|---|
| Fixtures, | |||||
| Dwellings- | Former | fittings | |||
| previously | Church | and | |||
| Iwanses | Hall | equipment | Total | ||
| F. | 5 | ||||
| Cost or valuation | |||||
| Balance brought forward | 455,000 | 455,000 | |||
| Additions | 424,558 | 424,558 | |||
| Revaluations | 0 | ||||
| Disposals | 0 | ||||
| Balance canied forward | 458,000 | 424,558 | 0 | 8?9,558 | |
| Net book value | |||||
| Brought forward | 455,000 | 0 | 0 | 455,000 | |
| Balance cerned forward | 455,000 | 424,558 | 0 | 879,858 |