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2021-08-31-accounts

TABLE OF CONTENTS
PAGE
Trustees Report 1to6
Auditor's
Report		 7 to 9
Statement
of Financial		 Activities 10
Balance Sheet
Notes to the Financial Statements 12to 22

INCOMING
RESOURCES		 2021 2020
Note Restricted
E		 Unrestrict.
f		 Total
E		 Totalf
Charitable
Activities		 3 291,863 291,863 304,180
Investment
income		 16 100,760 100,776 116,713
Other Income 2,500,100 2,500,100 1,226
16 2,892,723 2,892,739 422,119
RESOURCES EXPENDED
Raising offunds
Charitable
activities		 9 1,324,568 1,324,577 76,380
Support 277,854 277,854 317,625
Premises cost 41,088 41,088 37,831
Governance
Others		 6,625
26,500		 6,625
26,500		 6,632
151,499
TOTAL RESOURCES USED 9 1,676,636 1,676,645 589,967
NET SURPLUS FOR THE YEAR
before revaluation
adjustments		 7 1,216,087 1,216,094 (167,848)
Gains on revaluation
of
Fixed assets 470,017 470,017
Prior year adjustment 1,447,865 1,447,865
BALANCE BROUGHT FORWARD 7,132 8,039,819 8,046,951 8,214,796
BALANCE CARRIED FORWARD 7,139 11,173,788 11,180,927 8,046,948

Operating Surplus 1,213,319
Add:
Increase in debtors (124,927)
Increase in short term investments
Increase in creditors 6,785
(118,142)
Net cashflow from operating activities 1,095,177
Cashf low Statement
Net cashflow from operating activities 1,095,177
Return on investments 2,775
Changes in net unds 1,097,952
RECONCILIATION
OF NET		 CASHFLOW TO MOVEMENT
IN NET LIQUID FUNDS
Increase in cash 4,849
Increase in TMCP Trust funds- Liquid resources 1,093,103
1,097,952

2021 2020
Restricted Unrestrict. Total Total
Funds Funds Funds Funds
E
3.1 Charitable
Activities income
Circuit assessments 291,863 291,863 304,180
3.2 Investment
income
Central Finance Board Interest 95 95 289
TMCP Interest 16 2,664 2,680 7,568
Rental income 98,001 98,001 108,856
16 100,760 100,776 116,713
3.3Other income
Others 100 100 1,226
Sale of Lambeth Mission 2,500,000 2,500,000
2,500,100 2,500,100 1,226
Total income 16 2,892,723 2,892,739 422,119

2021 2020
Restricted Unrestrict. Total Total
Funds Funds Funds Funds
E E F E
4.RESOURCES EXPENDED
4.1 EXPENDITURE ON RAISING FUNDS
Properties
Repairs and Maintenance		 1,920 1,920 5,671
Rent Collection 6,360 6,360 6,863
TMCP- levy 54,658 54,667 58,737
TMCP - levy on sale of Lambeth Mission 804,916 804,916
Professional fees- Sale of Lambeth Mission 437,705 437,705
Legal Fees- Chestnut
Road		 760 760
Bad debt provision 9,208 9,208
Audit Fees 1,650 1,650 900
Accountancy
Fees		 360
TMCP Charges 558 558 603
Legal Fees- General 133
Other Professional Charges 215
Telephone 1,047 1,047 871
Post, Print and Stationery 985 985 688
Youth Expenses 2,015 2,015 200
Sundry expenses 2,786 2,786 1,139
9 1,324,568 1,324,577 76,380
4.2 EXPENDITURE ON CHARITABLE
ACTIVITIES
4.2.1
SUPPORT COST		 4.2.1
SUPPORT COST
District Assessment 65,248 65,248 65,568
Stipends,
Pension		 and NIC 177,711 177,711 185,501
Salaries and NIC 34,137 34,137 38,331
Grants and Donations 23,546
Ministers'
travelling		 expenses 758 758 4,679
277,854 277,854 317,625

2021 2020
Restricted Unrestrict. Total Total
Funds Funds Funds Funds
E E E E
4.2.2 PREMISES COST
4.2.2.1 Premises Expenses
Repairs to Manses 13,328 13,328 11,177
Manses
Utilites		 19,216 19,216 19,521
Insurance 8,544 8,544 7,133
41,088 41,088 37,831
4.2.2.2 Governance costs
Audit Fees 4,950 4,950 2,700
Accountancy Fees 1,080
TMCP Charges 1,675 1,675 1,808
Legal Fees 399
Other Professional Charges 645
6,625 6,625 6,632
4.2.2.3 Others
Telephone 3,141 3,141 2,614
Post, Print and Stationery 2,956 2,956 2,063
Youth Expenses 6,045 6,045 600
Sundry expenses 8,358 8,358 3,416
Bad debts- Churches 6,000 6,000 142,805
26,500 26,500 151,499

5. SURPLUS/DEFICIT 5. SURPLUS/DEFICIT FOR THE YEAR
2021 2020
E E
The deficit for the year was arrived at after
charging
Auditors Fees 6,600 3,600
Legal fees Other services 1,140 1,440
532
6.GAINS ON REVALUATION
OF FIXEDASSETS
Revaluation offixed assets- Manses 250,000
Revaluation of investment
properties		 220,017
470,017
7.PRIOR YEAR ADJUSTMENTS
Revaluation loss on fixed assets investments (373,034)
Surplus
on		 revaluation
of manses		 1,820,899
1,447,865
8. PAYMENT TO LAY EMPLOYEES
Salaries 30,853 35,146
Employers
National
Pension
contribution		 insurance 1,926
1,358		 1,860
1,325
Average
number
of		 employees 34,137 38,331

2021 2020
E f
Sale of property
-Trust 15175
De-Bourcier Bequest- Trust 8976
Clapham
model trust fund
De-Bourcier Bequest-8976B /8976A
Bernard Searle Bequest- Trust 17694
Circuit Model Trust - Trust 22136		 22,378
3,108
16,249
1,556
1,957,689		 22,348
3,104
19,064
16,249
1,554
845,558
2,000,981 907,878

2021 2020
E E
11.DEBTORS
Circuit Assessments
from churches		 178,045 51,422
Loan to Churches 22,000 11,000
Prepayments 17,260 29,956
217,305 92,378
Basic financial assets, including other debtors and prepayments are
initially recognised
at transaction		 price, unless the arrangement
constitutes
a financing		 transaction, where the the future receipts
discounted
at a martket		 rate of interest. Such assets are
subsequently
carried at amortised		 cost using the effective interest
method,
less any impairment.
12.BANK AND CASH BALANCES
HSBC Current account 53,047 44,356
Central Finance Board ofthe Methodist Church-Deposit 76,214 80,055
129,261 124,411

13.CREDITORS: Amounts falling diw within one year falling diw within one year falling diw within one year
2021 2020
Rents received in advance 4,370 4,370
Other creditors 26,102 44,588
Loans 60,000 60,000
Accruals 46,164 20,893
136,636 129,851
Basic financial liabilities, including trade and other creditors,
loans from third parties and loans from related parties are
initially recognised
at transaction		 price, unless the arrangement
constitutes
a financing
transaction,		 where the debt instrument
is measured
at		 the present value cfthe future payments
discounted
at a market		 rate of interest. Such instruments are
subsequently
carried at		 amortised cost using the effective
interest method, less any impairment.