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||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||
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|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|||
|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|||
|preparing
their accounts
in accordance
with the Financial
Reporting
Standard
applicable
in the UK and Repubfic of|||
|Ireland (FRS102)(effective I January 2019)E)he charity ls a Public Benefit Entity as defined
by FRS102.|||
|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.|||
|At the time of approving
the financial statements,
the trustees have a reasonable
expectation
that the charity has|||
|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.|||
|2Funds|||
|The funds
held constitute
General Funds held for any purpose of the Circuit which are Unrastncted.
The Circuit|||
|Model Trust Fund has wide purposes
defined
in Standing
Orders and is categorised as unrestricted.
Restricted|||
|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.|||
|3Accounting
polimes|||
|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|||
|view ofthe Circuit's financial
position and activities.|||
|Based on the monetary assets snd human
resources available to the Circuit
the trustees|||
|believe the Circuit
Is a going concern.|||
|Income Recsgnition|||
|Income is included
in the Statement of Financial
Acriivtfies (SOFA) when the Circuit becomes entitled to the|||
|resources,
it Is probable we wgl receive the resources; and
the monetary
value can be measured
with sufficient|||
|regebility.|||
|Expenditure|||
|Expenditure
is recognised
when a liability is Incurred oraconstructive
obligation
arises snd the outfiow of|||
|economic benefit is considered
more likely than not, committing
the Circuit to payout
resource.|||
|Grants|||
|Grants made by Ihe Circuit from its own funds are recognised
in full at the time ofagreement
or when the Circuit|||
|accepts that there
w a legal or operational
obligation to make the payment.
When the grant is recurrent
aver|||
|more than one year the balance payable
in future years is treated ssa provision
for future commitments
in the|||
|Balance Sheet sgatnst the appropriate
fund, the provision
being released
in future yeats as instalmenis
are paid|||
|in accordance with the originally
agreed terms.|||
|VAT|||
|Since the Circuit is not VAT registered,
afi input VAT is charged
with the expenses to which it refers.|||
|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.|||
|The freehold
property
is shown
in Ihe accounts at2016 deemed values, of which the land component
is deemed|||
|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|||
|material
The property has been reviewed
for impairment|||
|Pensions|||
|Most ordained
presbyters
and deacons are members
ofthe Methodist
Ministers'
Pension Scheme (MMPS).|||
|This is a defined benefit scheme. The Supreme
Court held in 2014that Methodist
Ministers|||
|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|||
|accounts the MMPS a pension scheme
and shows the figures
in the annual
Methodist
Church
in Great Britain accounts|||
|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.|||
|Fixed Asset Investmente|||
|Fixed asset Investments
are measured
at transaotion
price excluding transaction
cost, and are subsequently|||
|measured
at fair value at each reporting date. Changes
in fair value sre recognised
in net income/(expenditure)|||
|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|
|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|
|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|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||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|Print||||||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|
|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|
|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.||||
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