## ## ## ## ## ## ## |||||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|||| ||Charity Commission
in England
and Wales. The registered
office is:-Circuit Office, Ecumenical|||| ||Centre, 6Evesham
Walk, Redditch B974EX.|||| |Accounting
convention||||| ||The ffnancial statements
have been prepared
in accordance
with the Circuit's governing|||| ||document
and "Accounting
and Reporting
by Charities: Statement ofRecommended
Practice|||| ||applicable to charities
preparing
their accounts
in accordance
with the Financial
Reporting|||| ||Standard
applicable
in the UK and Republic of Ireland (FRS102)"(effective 1 January 2019).|||| ||The Circuit is a trust as defined
by FRS102.|||| ||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.|||| ||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.|||| |Going concern||||| ||At the time ofapproving
the financial statements,
the Trustees have a reasonable
expectation|||| ||that the Circuit has adequate
resources to continue
in operational
existence for the|||| ||foreseeable
future. Thus the Trustees continue to adopt the going concern basis ofaccounting|||| ||in preparing
the financial statements.|||| |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|||| ||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|||| ||Endowment
Funds are disclosed
in the final note tothese accounts.
Any funds may be|||| ||represented
by more than just cash.|||| |Income||||| ||Income is included
in the SOFA when the Circuit becomes entiged to it, the Trustees are|||| ||reasonably
certain they will receive it; and the monetary
value can be measured
with sufficient|||| ||reliability.|||| |Expenditure||||| ||Expenditure
is recognised
when a liability is incurred,
ora constructive
obligation arises, which|||| ||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|||| ||constructive
obligation
committing
the Circuit to pay.|||| |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.|||| |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|||| ||lives.|||| ||Freehold
Property,
being Ministers'
residenses
or Manses, is shown
in the accounts at 2015|||| ||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|||| ||residual fair value ofthe buildings
to be not less than their deemed
value. The properties
have|||| ||been reviewed
for impairment.
For details see note 6.|||| |Investment|properties|||| ||The addition to lnvetsment
properties
during the year is the transfer ofthe Trusteeship
of|||| ||Blackwell Church
Hall from Lickey End Church to the Circuit. This property is included at its|||| ||insured
value.|||| ||Other investment
properties
are shown at fair value. No depreciation
Is provided
on investment|||| ||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|||| |---|---|---|---|---| |Debtors|and Prepayments|||| ||This is mainly
in respect of Ministers'
Stipends
paid in advance
plus various other smaller|||| ||piepayments.|||| |Creditors||||| ||Creditors
include sundry expenses accrued, and the 1stquarter of next year's assessment|||| ||received
in advance.|||| |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.|||| ||Financial
instruments
are recognised
in the Circuit's balance sheet when the Circuit becomes|||| ||party to the contractual
provisions
ofthe instrument.|||| ||Financial assets and liabilities are offset, with the net amounts
presented
in the financial|||| ||statements.
when there is a legally enforceable
riight to set offthe recognised
amounts
and|||| ||there is an intention
to settle on a net basis or to realise the asset and settle the liability|||| ||Basic financial assets|||| ||Basic financial assets, which
include debtors and cash and bank balances, are initially|||| ||measured
at transaction
price including
transaction
costs and are subsequently
canied at|||| ||amoitised
cost using the effective interest method
unless the arrangement
constitutes a|||| ||financing
transaction,
where the transaction
is measured
at the present value ofthe future|||| ||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.|||| ||Ifthere is a decrease
in the impairinent
loss arising
from an event occurring
after the|||| ||impairment
was recognised,
the impairment
is reversed. The reversal
is such that the current|||| ||canying
amount does not exceed what the carrying
amount
would have been, had the|||| ||impairment
not previously
been recognised. The impairment
reversal
is recognised
in net|||| ||income/expenditure
for the year.|||| ||Derecognition
offinancial assets|||| ||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.|||| ||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|||| ||instrument
is measured
at the present value ofthe future payments
discounted
at a market|||| ||rate ofinterest. Financial
liabilities classified as payable
within one year are not amoitised.|||| ||Debt instruments
are subsequently
carried at amortised
cost, using the effective interest rate|||| ||method.|||| ||Trade creditors are obligations
to pay for goods or services that have been acquired
in the|||| ||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.|||| ||Derecognition
offinancial
liabilities|||| ||Financial
liabilities are derecognised
when the Circuit's contractual
obligations
expire or are|||| ||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| ## ## ## ## ## ## ##