| Southampion | District No I Circuit No | 26/11 | |
|---|---|---|---|
| Ministers | Rev John Izzard | ||
| Rev David Plumb | |||
| Rev Frances Watson | |||
| Circuit Stewards | Mr Peter Cooper | ||
| Mrs Dorothy James | |||
| Mr Alan Harvey | |||
| Mr Steve White | |||
| Mrs Margaret Merce | |||
| Circuit Treasurer | Mr Rodney Bette |
| Sta | tement ofFinancial A | cgvttl | es | (SOFA) | for the ye | ar ended 31Augu | st 2022 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Notes to | Circuit Model | Designated | ||||||||
| the | General Fund | Trust | Funds | Total | Total | |||||
| accounts | (Unrestricted) | (Unrestricted) | (Unrestricted) | 2021-22 | 2020-21 | |||||
| 5 | 8 | |||||||||
| Income and Endowments | ||||||||||
| 1 | Doneaons andlegades | 0 | 250 | 250 | ||||||
| 2 | Income from monetary | investmsnts | 483 | 2335 | 2,818 | 883 | ||||
| 3 | Income from investment | properdes | 23,789 | 23,789 | 21375 | |||||
| 4. | Assessments | 230,668 | 230,668 | 234,026 | ||||||
| 5 | Cspiisl Receipts | 226,071 | 226,071 | 528,418 | ||||||
| 6 | Grants received | 11,916 | 11,918 | 6,998 | ||||||
| 7 | Other chantable activities |
37 | 821 | 858 | 300 | |||||
| 8 Total from charitable activities |
243,106 | 228.40S | 24,880 | 496,372 | 792,009 | |||||
| 9 | Other income | 875 | 875 | 17,514 | ||||||
| 10Total Income and endowments | 243,106 | 228,406 | 26,735 | 497,247 | 809,523 | |||||
| Expenditure 11Grants snd donations |
10 | 4,000 | 81,500 | 85,500 | 61,910 | |||||
| 12 | Salaries snd assooated | costs | 11 | 193,527 | 193,527 | 205,129 | ||||
| 13 | Property maintenance | 13 | 44,797 | 44,797 | 36,282 | |||||
| 14 15 |
Telephone &Travel Connexionsl assessment |
12 | 14,441 53,958 |
14,441 53,958 |
9,547 51,815 |
|||||
| 16 | District Assessment | 10,278 | 10.278 | 9,888 | ||||||
| 17 | Depreciation | 0 | 0 | |||||||
| 18 | ConnoxionalLevy | 120,585 | 129,555 | 113890 | ||||||
| 19 | Contribution to District |
Advance | Fund | 12,859 | 12,859 | 7,501 | ||||
| 20 | Loss on Disposalof Property |
0 | 0 | |||||||
| 21 | Oflice expenses | 14 | 2,009 | 2,009 | 4,'l15 | |||||
| 22 | Other outgoings | 15 | 3,189 | 6,341 | 8,780 | 18,318 | 7,974 | |||
| 23 | Total charitable expenditure |
282,303 | 230,285 | 53,586 | 566,174 | 508,060 | ||||
| 24 | Neiincome/(expenditure) | before | ||||||||
| investment gains/(losses) |
-39,197 | -1,879 | -27,851 | %8,927 | 301,463 | |||||
| 25 | Gains/(losses) on monetary |
investments | ||||||||
| 26 27 |
Gains/(losses) on invsstmeiit Net income/(expenditure) |
properties | 110,000 70.803 |
.1dtyg | S7,851 | 110,000 41,073 |
301,463 | |||
| 28 | Transfers between funds |
265,000 | 237,500 | 27,500 | ||||||
| 29 30 |
Other gains/(losses) Net movement la funds |
-194,197 | 235.621 | &St | 41„073 | 301,463 | ||||
| 31 52 |
Total funds brought forward Total funds carried forward |
2,660,803 2Atl6 606 |
288,119 523,740 |
40,440 40,089 |
2,989,302 3,030,485 |
2,687,900 2,989,363 |
| General Fund | Circuit Model | Designated | Totals | 2022 | Totals | 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (Unrestricted) | Trusts | Funds | |||||||||
| (Unrestricted) | (Unrestricted) | ||||||||||
| Notes to th | |||||||||||
| Accounts | f | f | f | ||||||||
| Fixed Assets | |||||||||||
| Circuit Menses | 17 | 1,250,000 | 1,250,000 | 2,190,000 | |||||||
| Closed Churches | 17 | 380,000 | 380,000 | 360,000 | |||||||
| Investments Properties |
750 000 | 750 000 | |||||||||
| Total | fixed | assets | 2,380,000 | 0 | 0 | 2,380,000 | 2,570,000 | ||||
| Current Assets | |||||||||||
| Debtors | 18 | 9,692 | 9,692 | 0,023 | |||||||
| Loan to Churches | 2,000 | 2,000 | 7,500 | ||||||||
| Investments with TMCP |
523,740 | 523,740 | 288,119 | ||||||||
| Central Finance Board Deposits | T8,492 | 40,089 | 118,581 | 117,385 | |||||||
| Cash at Bank and in hend | 15588 | 15568 | 16128 | ||||||||
| Total curmn t | assets | 103,772 | 523,740 | 40,089 | 667,601 | 438,155 | |||||
| Current liabilities |
|||||||||||
| Creditors (dus in under 1 |
year) | 19 | 17,165 | 17,165 | 18,793 | ||||||
| Total current liabilities | 17,165 | 0 | 0 | 17,165 | 18,793 | ||||||
| Net curmnt sssetsillsbilitles | 86,608 | 523,740 | 40,089 | 650,435 | 419,362 | ||||||
| Total assets less current liabilities | |||||||||||
| 2,466,606 | 523,740 | 40,089 | 3,030,4M | 2,989,362 | |||||||
| Long term liabilities (due after more than one year) Grants payable aher 2017-18 Loans to the Circuit Net assets |
,8», | , | 3T, 3k |
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| Funds ofthe Circuit | |||||||||||
| General Fund (Unrestricted) |
2,468,606 | 2,466,606 | 2,660,803 | ||||||||
| Circuit Model Trust Fund | |||||||||||
| (Unrestncted) | |||||||||||
| 523,740 | 523,740 | 288,119 | |||||||||
| Designated Funds (Unrestricted) |
|||||||||||
| Total Unrestricted | Funds | I | |||||||||
| Total Funds | 2,466,606 | 523,740 | 40,089 | 3,030,435 | 2,989,362 | ||||||
| Signed on behalf ofthe Board by | |||||||||||
| Name ofTrustee gp)xf |
I | tT' | gp+~lg |
| The financial statemenls have been prepared in accordance with the charily's governing document, ths Chanties |
Act | |
|---|---|---|
| 2011and "Accounting and Reporting by Charities. Statement of Recommended Practice applicable to chanties |
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| preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repubfic of |
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| Ireland (FRS102)(effective I January 2019)E)he charity ls a Public Benefit Entity as defined by FRS102. |
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| The cha/iiy has taken advantage ofthe provisions irl the SORP for chaGies applying FRS102 Update Bufistin |
1 | |
| not to prepare a Statement of Cash Flows. The functional currency ofIhe charity is sterling. |
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| At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has |
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| adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue |
to | |
| adopt the going concern bess ofaccounting in preparing the financial statements. |
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| 2Funds | ||
| The funds held constitute General Funds held for any purpose of the Circuit which are Unrastncted. The Circuit |
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| Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted |
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| funds which are received fora narrower purpose Details ofeach materiel fund are disclosed in fiie finsi note |
to | |
| these accounts. Any received funds may be represented by more then just cash. |
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| 3Accounting polimes |
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| For the year ended 31August 2622 | ||
| These accounts have been prepared on the beefs of historical cost on ths accruals basis lo show a true and fair |
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| view ofthe Circuit's financial position and activities. |
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| Based on the monetary assets snd human resources available to the Circuit the trustees |
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| believe the Circuit Is a going concern. |
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| Income Recsgnition | ||
| Income is included in the Statement of Financial Acriivtfies (SOFA) when the Circuit becomes entitled to the |
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| resources, it Is probable we wgl receive the resources; and the monetary value can be measured with sufficient |
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| regebility. | ||
| Expenditure | ||
| Expenditure is recognised when a liability is Incurred oraconstructive obligation arises snd the outfiow of |
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| economic benefit is considered more likely than not, committing the Circuit to payout resource. |
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| Grants | ||
| Grants made by Ihe Circuit from its own funds are recognised in full at the time ofagreement or when the Circuit |
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| accepts that there w a legal or operational obligation to make the payment. When the grant is recurrent aver |
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| more than one year the balance payable in future years is treated ssa provision for future commitments in the |
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| Balance Sheet sgatnst the appropriate fund, the provision being released in future yeats as instalmenis are paid |
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| in accordance with the originally agreed terms. |
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| VAT | ||
| Since the Circuit is not VAT registered, afi input VAT is charged with the expenses to which it refers. |
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| Tangible fixed assets for «se by the Circuit | ||
| These are cspltalised if they can be used for more than one year, and individuafiy cost at least 21,000. |
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| The freehold property is shown in Ihe accounts at2016 deemed values, of which the land component is deemed |
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| to be one third. No depreciation is provided an the building because the trustees consider the current residual |
fair | |
| value ofthe manse buildings to be not less then their current market value Any depreciation would not be |
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| material The property has been reviewed for impairment |
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| Pensions | ||
| Most ordained presbyters and deacons are members ofthe Methodist Ministers' Pension Scheme (MMPS). |
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| This is a defined benefit scheme. The Supreme Court held in 2014that Methodist Ministers |
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| are not employees ofthe Church. For simplicity when dealing with National Insurance Contnbutions and pension |
contributions | |
| the terms 'employer' and 'employee' are used as they would be In sn employing body. The Connexion |
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| accounts the MMPS a pension scheme and shows the figures in the annual Methodist Church in Great Britain accounts |
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| On the other hand lay employees are ccntractuegy employees and have the opbon ofjoining a pensions Scheme The Circuit uses NESTscheme for lay employee's Conulbutions 61 each for both employer and employee. |
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| Fixed Asset Investmente | ||
| Fixed asset Investments are measured at transaotion price excluding transaction cost, and are subsequently |
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| measured at fair value at each reporting date. Changes in fair value sre recognised in net income/(expenditure) |
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| for the year. Transaction costs are expensed as incurred. |
| 4.Donations snd legacies | Unrestricted | 7 1 F d Circuit Model Trust und |
7 1 F d Circuit Model Trust und |
7 1 F d Circuit Model Trust und |
Designated | 2022 Total |
2021 Total |
|---|---|---|---|---|---|---|---|
| Donalicns | 250 | 250 | |||||
| Legacies | |||||||
| Total | 250 | 250 | |||||
| 5.Investment income |
Unrestricted | 7 d Circuit Model Trust Fund |
Designated | 2022 Total |
2021 Total |
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| Central Finance Board | 483 | 483 | 75 | ||||
| TMCP | 2335 | 2 335 | 808 | ||||
| Total | 483 | 2,335 | 2,818 | 883 | |||
| 8.Capital Receipts | Unrestricted | 7 1 F d Circuit Idodel Trust und |
Designated | 2022 Total |
2021 Total |
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| Bowcombs | 343,418 | ||||||
| Cowes | 165,000 | ||||||
| Wroxall Chapel | 142108 | 142,108 | |||||
| The Willows | 83963 | 83,963 | |||||
| 226,071 | 226 071 | 528,418 | |||||
| 7.Grants Received | Unrestricted | ~ Circuit Trust |
d II/lodel Fund |
Designated | 2022 Total |
2021 Total |
|
| Lay Worker-grading | 10400 | 10,400 | 4,500 | ||||
| Island Travel Grant | 1516 | 1,518 | 2,498 | ||||
| Total | 11,918 | 11,918 | 6998 | ||||
| 8.Other Charitabl e Income |
Unrestricted | 7 1 Circuit Trust |
F d Model und |
Designated | 2022 Total |
2021 Total |
|
| Other income | 37 | 621 | 858 | 309 | |||
| Total | 37 | 821 | 309 | ||||
| 9.Other Income | Unrestricted | 7 Circuit Trust |
F d Model und |
Designated | 2022 Total |
2021 Total |
|
| Other income | 0 | 11120 | |||||
| Insurance Claim |
425 | 425 | 3044 | ||||
| Rookley Rent | 450 | 450 | 3350 | ||||
| Total | 875 | 875 | 17,514 | ||||
| Unrestricted | Circuit | Model | Designated | 2022 | 2021 | ||
| Trust | Fund | Total | Total | ||||
| 10Grants | |||||||
| Property Ryda |
4000 | 4000 | 2800 | ||||
| Godshill | 0 | 2000 | |||||
| Newport | 8500 | 8500 | 11500 | ||||
| East Cowes | 3000 | 3000 | |||||
| Wroxall Church | 50000 | 50000 | |||||
| Pension Reserve Fund | 16000 | 16000 | |||||
| Lockdown Support |
4000 | 4000 | 40810 | ||||
| Niton Youth Worker | 0 | 5000 | |||||
| 4000 | 81500 | 85500 | 61910 |
| late of | late of | Wight Circuit | Wight Circuit | Wight Circuit | Circuit No 26/11 |
Circuit No 26/11 |
Circuit No 26/11 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Circuit model | Designated | 202R | 2021 | ||||||||||
| Trust Fund | Total | Total | ||||||||||||
| 11Salaries | SAssoclsted | Ccats | ||||||||||||
| Stlpends | 01122 | 81,122 | 105901 | |||||||||||
| Lay Salaries | 72976 | 72,976 | 53777 | |||||||||||
| National Insurance |
13040 | 13,040 | 13,841 | |||||||||||
| P8A8ion costs | 25074 | 25,074 | 30,032 | |||||||||||
| Apprenticeship | Levy | 796 | 790 | 856 | ||||||||||
| Omar Stag Cosh | 520 | 832 | ||||||||||||
| 193527 | 103527 | 205,120 | ||||||||||||
| Average number ofstaff | employed | during | Nte year were: | |||||||||||
| Unreslrlmed | Circuit bladet | Designated | 2022 | 2021 | ||||||||||
| Tnwt Fund | Total | Total | ||||||||||||
| 12.Telephone | 8Travel | |||||||||||||
| Telephone!I | Broadband | 3999 | 3,909 | 5,393 | ||||||||||
| TISVBI | 10442 | 10ASR | 4.154 | |||||||||||
| 14441 | 14,441 | 9,547 | ||||||||||||
| Unrestricted | Circuit Model | Deuignsted | 202R | 2021 | ||||||||||
| 13.Properly | Maintenance | TCUst FUitd | Total | Total | ||||||||||
| CUUAcg Tsx | 9404 | 9404 | 10228 | |||||||||||
| Water Rates | 30DB | 3000 | 198 | |||||||||||
| InsUAiAcs | 9372 | 9372 | 8077 | |||||||||||
| Electnciiy | 2161 | 2104 | 3304 | |||||||||||
| Repairs!L Maintenance | 13444 | 13444 | 9602 | |||||||||||
| Prohssional | Fees | 3018 | 3010 | 2S13 | ||||||||||
| Ouinquennial | Inspemlons | 2370 | 2370 | 0 | ||||||||||
| Rent Circuit | OMce | 2000 | 2000 | 2000 | ||||||||||
| 44797 | ||||||||||||||
| Circuit Idadel | Designated | 2022 | 2021 | |||||||||||
| unrssldeted | Trust Fund | Total | Total | |||||||||||
| 14.Onlce Expenses | ||||||||||||||
| Stationery 5 | 1236 | 1230 | 'I138 | |||||||||||
| Postsgss | 513 | 513 | 840 | |||||||||||
| Equipment | 1161 | 1161 | 2137 | |||||||||||
| 4115 | ||||||||||||||
| unrestrlcfed | Circuit Model | 2022 | 2021 | |||||||||||
| Trust Fund | Total | Total | ||||||||||||
| 15..Other Expenditure | ||||||||||||||
| Books | 170 | 1'70 | 800 | |||||||||||
| Hospitality | 111 | 111 | 0 | |||||||||||
| Preaching and |
Travel | 0 | 0 | |||||||||||
| Sundry Expanses | 662 | 562 | 378 | |||||||||||
| Bank Charges Tml Airig |
0 0 |
93 144 |
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| Resoumiis | 475 | 475 | 450 | |||||||||||
| Websim | 0 | 144 | ||||||||||||
| Professioiwl | f88s | 570 | 3520 | 3209 | 7379 | 5115 | ||||||||
| Loan tochurches | 2000 | 5500 | 7500 | |||||||||||
| Adiiilii f88 | 021 | 821 | 400 | |||||||||||
| Independent Total |
Examiner | 1300 3109 |
6341 | 8789 | 1300 18318 |
45D 7974 |
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| 16.Trusuws | remuneraNon | |||||||||||||
| Several ofthe | Circuit staff | are | trustees ofthe | Circuit and have | received the | fogowlng renumeralion. | ||||||||
| SlipendlSalary | Eiiiploysr | PslislcA Corti. | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||
| RevJIzzard | 28407 | 28086 | 6946 | 6685 | ||||||||||
| Rev D Plumb | 25825 | 25524 | 6946 | 6685 | ||||||||||
| Rev FWahoo | RSSRS | RSS24 | 0940 | 6685 | ||||||||||
| Rsv H Milwsrd | 25825 | 25524 | 6946 | 6686 | ||||||||||
| Mr M Hacklston | 25830 | 25830 | 1550 | 1550 | ||||||||||
| Mrs J Dronlield | 17234 | '16972 | 1034 | 1018 | ||||||||||
| Mm JMoms | tgsss | 10975 | 1162 | |||||||||||
| V Dorning | 10626 | 630 | ||||||||||||
| No one mmives 8salary/stipend | In | excess af5602ND per annum | F.T.E. | |||||||||||
| 2022 | 2021 | |||||||||||||
| Travel Expeiiinis | 10441 | 4154 | ||||||||||||
| Adminislrason | and other expenses | 1210 | 1965 | |||||||||||
| Number ofbustees who were paid expenses | 10 | |||||||||||||
| In Scconiance | wN FRSID2, | the | value | of olunlesr time | h not iecognhed | in the accounts. | Hmsver | 4is | ||||||
| 8 Acvaocgm |
that the corny | I | efits | sunhmnily | fram | as the work | d ne | byas vcbmteers. |