2023-08-31-accounts - Bingham Methodist Church

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Introduction
	The attached accounts present the financial activity of Bingham Methodist Church in an
	accruais format.
Aims and organlsatlon
	We are part ofthe Grantham and Vale of Belvoir Circuit which in turn Is part ofthe Nottingham
	and Derby District of the Methodist Church of Great Britain. With the, 2016 new build we
	continue to provide the mission and outreach in accordance with the Connexlonal, Circuit and
	Church's vision as presented In the Mission Policy documents at all three levels.
	We seek to make our worship stimulating, challenging and relevant to the needs of our
	congregation using a variety ofstyles and a mixture oftraditional and modern hymns and share
	in fellowship through study, fundraising activities and social groups. This has included adapting
	our worship to stream our services to meet the needs of those who cannot attend worship
	through infirmity and Rlness. Our engagement with the community Is through regular activities
	Including Upper Room, Wholeness, Parent and Toddler Group, Brigades, Thursday Market Day
	cafe, Messy Church, Memory Cafe and Community Cinema. In addition our services have been
	adapted to meet the needs of our Hong Kong families who have come to live within Bingham
	and the local area.
Review ofthe year
	This year we have been blessed with many new families who have come to Blngham and joined
	our community. They have varied backgrounds ln their Christian faith and we continue to learn
	how to welcome them to our community and especially in adapting our worship in ways that
	we integrate as God's disciples. We have continued to be an All we Can partner church as well
	as raising funds for Prostate Cancer, Disasters Emergencies and many more Charitable appeals.
	We continue to try new ways of making disdples for Christ and will continue with our Journey.
	Income
	Regular Church income is primarily drawn from the donations ofthe church members, Sunday
	collections and Gift aid tax credit, with lettings income from community users hiring the
	community rooms. There has been an increase In our offertories and in the lettings Income. We
	remain solvent and continue with repayment of our loans at a higher rate than we determined
	at the occupation ofthe new Church. We have invested in "Solar Panels" to reduce our carbon
	footprint and assist in reducing our future energy bills. The multi-purpose building continues to
	be popular with the community and Is a major venue in our town.
	Income from the commercial units is sufficient to service our debts and make the necessary
	capital repayments.
	~Ex endlture
	The major regular Church cost is In relation to the assessment paid to the Grantham and Vale	of
	Belvoir Circuit. This comprises the contribution by the Church to the costs met centrally by the
	Circuit, Including stipends and manse costs for Circuit ministers. Additionally we pay towards
	the cost of a "families worker" who manages our children and families work which continues	to
	be popular, especially with the newer families who have Joined our community this year.

Statement of Financia	l	tivities (	SOFA	) for t		he year en	ded 31	A	ugust 202	3
		Notes to				Designated
		the	General	Fund		Funds	Restricted		Endowment	Total
		accounts	(Unrestricted)		(unrestricted)		Funds		Funds	2022-23
			2			2	2		2
Income
1 Offerings 2 Donations				37,079 3,026						37,079 3,026
3 Gilt aid				8,866						8,866
4 Interest and investment income				574					94	668
5 Income from investment properties 6 Internal organlsations 7 Other charitable income				93,807 658 27,485		4,684				93,807 658 32,169
8Total income			171,495			4,684			94	176,273
Expenditure 9 Circuit assessment or share				45,120						45,120
10Grants and donations						3,166				3,166
11 Property maintenance 12Insurance, utilities etc 13Depreciation 14Office expenses 15Other expenditure 16Internal organisations 17Total charitable expenditure 18Gains/(losses) on monetary 19Gains/(losses) on investment 20 Net Income/(expenditure)	Investments properties			11,870 4,445 2,290 20,302 84,675 86,820		281 3,447 1,237		0 0	0 122 -28	11,870 4,445 2,290 0 20,583 648 88,122 -122 0 88,029
21 Transfers between funds				682		600			82	0
22 Other gains/(losses) 23 Net movement In funds				87,502		637		0	-110	0 88029
24 Total funds brought forward 25Total funds carried forward			1,606,143 1,693,645			4,045 4,682			3,459 3,349	1,613,647 1,701,676

Statement of Financia	l Actin/itles	(SOFA	) for	t	he year en	ded 31	A	ugust	2	022
	Notes to				Designated
	the	General	Fund		Funds	Restricted		Endowment		Total	2021.
	accounts	(Unrestricted)		(unrestricted)		Funds		Funds			22
					2	2
Income
1 Offerings 2 Donations			34,070 693								34,070 693
3 Gifl aid			7,544								7,544
4 Interest and investment income			123						67		190
5 Income from investment properties			89,716								89,716
6 Internal organisations 7 Other charitable income			1,191 23,636		2,678						1,191 26,314
8Total income		156,973			2,678				67		159,718
Expenditure 9 Circuit assessment or share			46,476								46,476
10Grants and donations					1,941						1,941
11 Property maintenance 12 Insurance, utilities etc 13Depreciation 14Office expenses 15Other expenditure 16 Internal organisations 17Total charitable expenditure 18Gains/(losses) on monetary 19Gains/(losses) on investment 20 Net income/(expenditure)	investments properties		17,250 6,153 14,282 1,094 85,255 71,718		1,941 737		0 0		0 193 -126		17,250 6,153 0 0 14,282 1,094 87,196 -193 0 72,329
21 Transfers between funds			566		500				66		0
22 Other gains/(losses) 23 Net movement in funds			72,284		237		0		-192		0 72,329
24Total funds brought forward 25Total funds carried forward		1,533,859 1,606,143			3,808 4,045			3651 3,459			1 541 318 1,613,647

				General Fund	Designated	Restricted		Endowment	Totals 2023	Totals 2023	Totals 2022
				(unrestricted)	Funds	Funds		Funds
			Notes to the	(Unrestricted)
			Accounts		2
Fixed Assets
Church building and other ro Investment r ertles	arty			1,377,737 500,000						1,377,737 500,000	1,334,196 500,000
Investments
Total lixed assets				1,877,737					0	1,877,737	1,834,196
Current Assets
Debtors and r ayments				13,858						13,858	25,215
Loans b the Churches
Investments with TMCP								3,349		3,349	3,459
Central Rnance Board Deposits				36,923							9,837
Cash at Bank and In hand				39,500	4,683						73,172
Total cunent assets				90,281	4,683			3,349		98,313	111,683
Current gebgltles Creditors (due in under I year)			10	50,473						50,473	55,932
Grants ayabls within 2022-23 Total current llsblllf les				60,473						60,473	66,932
Net currerrt sssefslllsbllltlss				39/08	4,683			3,349		47,840	65,751
Total assets less currenl	liabilities			1,sty,S45	4,683		0	3,349		1,925,677	Idi89,947
Long term liabilities
(due after more than one	ear)
Grants payable after 2022-23 Loans lo the Church			12	223,900						223,900	276,300
Nef assets				1,693,645	4,683			3,349		1,701,677	1,613,647
Funds of the Church
General Fund (Unrestdcted) Designated Funds (Unrestdoted) Total unrestricted		Funds	13 13	1,693,645	4,683					1,693,645 4,663 1,698,328	1,606,143 4,045 1,610,188
Restrbted Funds							0			0
EndowmenlFunds			13					3,349		3,349	3,459
Total Funds				1,693,645	4,683		0	3,349		1,701,677	1,613,647

			Church (non	Investment
			investment)	properties
			land and	(land and
			buildings	buildings)	Total
			6	f	6
Cost or valuation
Balance	brought	forward	1,334,196	500,000	1,834,196
Additions			45,831		45,831
Balance	carried	forward	1,380,027	500,000	1,880,027
(Accumulated depreciation
Balance	brought	forward
Depreciation charge for year			2,290		2,290
Balance	carried	forward	2,290		2,290
Net book value
Brought	forward		1,334,196	500,000	1,834,196
Carried	forward		1,377,737	500,000	1,877,737

8.	Investments with TMCP			This year	Last year
				E	f
	CFB Managed Mixed Fund units			2,755	2,878
	Trustees Investment Fund			589	581
				3,344	3,459
9.	Analysis ofdebtors and prepayments			This year	Last year
				6	6
	Prepayments			12,207	12,455
	Other			1,651	12,760
	Total debtors and prepayments			13,858	25,215
10. Analysis ofcreditors and accruals
	Commercial letting income	received	in ac	4,868	4,868
	Accrual for interest payable	on loans	(General)	1,818	1,435
	Expense Accruals			2,449	2,757
	Tenants Service Charges			1,468	1,505
	Tenants Deposit			3,000	3,000
	Current portion of loans (note 12)			31,200	36,200
	VAT Payable			5,670	6,167
	Total Current Liabilities			50,473	55,932

Loans and	creditors due after one year	creditors due after one year
Loans
Source			Amount
			brought	Repayable	In	Balance at
			forward	the year		yearend
			6	6		6
Methodist	Chapel	Aid Limited	265,000	42,400		222,600
Grantham	&Vale	of Belvolr Circuit	42,500	10,000		32,500
Private Loans
			312,5	57,40		255,100
Repayment	due
Due within	12 months (note 10)		36,200
Due after	more than 12 months		276,300			223,900
Total			312,500			255,100

Detaged analysis of In	Detaged analysis of In	dividual fund	movements
Unrestricted Funds
Fund Name			Opening	lrrcome	Expenditure	Transfers	Revaluation	Closing
			Balance				gains/losses	Balance
General fund			1,588,180	149,097	(65,423)	682		1,672,536
Property Fund			16,491	21,7	(18,604)			19,627
Internal organlsatlons		Brigades	1,472	658	(648)			1,482
General Funds			1,606,143	171,495	(84,675)	682		1693645
Friendship fund			1331	922	(167)			2,086
Rainbow fund			552					918
Lively Spirits fund			1,632	1,296	(681)	(600)		1,647
Charity Fund			530	2,100	(2,598)			32
Designated Funds			4,045		(3,446)	(600)		4,683
		Totals	1,610,188	176,179	(88,121)	82		1,698,328
Endowment Funds
Fund Name			Opening	Income	Expenditure	Transfers	Revaluation	Closing
			Balance				gains/losses	Balance
Memory Mrs 5 E	Langstaff		120			(4)		120
H N Fewster Bequest			2,546	68		(68)	(108)	2,438
G H White Bequest			368	10		(10)	(14)	354
F A Sheppenson	Bequest		417	12				429
Bingham
		Tote Is	3,459			(82)	(122)	3,349

This year										(return	(return
Name of related	party		Relationship	Description	of		Income from	Payments	to	Loans	to / (from) /	Amounts	owed
				transaction			related party	related party			of loans	by/(tol
							during the	during the	year	from) related		related	party
							year			party during the		as on 31-Aug-
JMA
Methodist Church	Fund
Mission ln Britain Fund
Fund for Support of
Presb ers &Deacons
Fund for Property
World Mission Fund
Grantham Ik Vale of			Circuit to	Circuit Assessment,					45,120		10,000	(	32,500)
Belvolr Circuit			which the	contribution to
			Church	Community worker
			belongs	and loan to assist
				with the financing
				ofthe building
Various private			Various	Loans to assist		with
Individuals -no loan			individuals	the financing	of the
exceeds E5,000 in	total		assodated	building
			with the
Tote I								45,120			15,000	(	32,500)
Lest year
Name of related		party	Relationship	Description		of	Income from	Payments to		Loans to/ (from) /		Amounts		owed
				tra nsa ctlon			related party	related	party	(return ofloens		by/(to)
							during the	during the year		from) related		related party
							year			party during the		as on 31-Aug-
JMA
Methodist Church		Fund
Mission ln Britain	Fund
Fun orSupporto
Presbyterslk Deacons
Fund for Property
World Mission Fund
Grantham &Vale	of		Grcult to	Circuit Assessment,					46,476		10,000		( 42,5')
Belvolr Circuit			which the	contribution	to
			Church	Community	worker
			belongs	and loan to assist
				with the financing
				ofthe bugdlng
Various private			Various	Loans to assist		with							(	5,000)
individuals - no loan			Individuals	the financing	ofthe
exceeds E5,000 In		total	associated	bugdlng
			with the
Total									46,476		10,00D		( 47,500)