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2020-08-31-accounts

TABLE OF CONTENTS
PAGE
Charity
Information
Trustees
Report		 2 to 6
Auditor's
Report		 7to 10
Statement
of Financial		 Activities
Balance Sheet 12
Notes to the Financial Statements 13to 24

Note Unrestricted Restricted Endowment Total 2019
INCOMING
RESOURCES		 E E E E E
Charitable
Activities		 3.1 183,881 0 0 183,881 212,314
Investment
income		 3.2 104,617 0 103 104,720 83,494
Other Income 3.3 315 0 0 315 3017
288,813 0 103 288,916 ~298825
RESOURCES EXPENDED
Expenditure
on Raising Funds		 4.1 20,624 0 0 20,624 33,185
Expenditure
on Charitable		 Activities 4.2.3 242,961 0 10 242,971 275,414
Others 4.3 5,859 0 0 5,859 112,306
TOTAL RESOURCES USED 269,444 0 10 269,454 ~420905
Net income before investment gains in the year 19,369 0 93 19,462 -122,080
Gains on Revaluation
of		 Investments 5 0 0 -92 -92 64
NET INCOME 19,369 0 1 19,370 -122,016
Transfer between
Funds:		 6 93 0 -93 0
NET INCOME FOR THE YEAR 19,462 0 92 19p370 122~016
BALANCE BROUGHT FORWARD 3,773,926 2,336 5,214 3,781,476 ~3903492
BAlANCE CARRIED FORWARD 3,793,388 2,336 5,122 3,800,846 ~3782 476

2020 2019
FIXEDASSETS Note 8
unrestricted Restricted Endowment Total
Tangible Assets
Investments		 7.1
7.2		 1,231,588
~2480 527		 0
0		 0
0		 1 231 668
2,480,627		 1 231688
~4527
Total Fixed Assets 3,712,315 0 0 3,712,315 3,712,315
CURRENT ASSETS
Investments
Debtors
Bank and cash balances		 8
10
11		 31
134,243
40 491		 0
0
2,336		 5,122
0
0		 5,246
134,243
42 827		 5,246
110,781
7405
1'74,765 2,336 5,122 182,316 123,433
CREDITORS: Amounts falling
due within one year 12 ~60 993 0. 0 ~60993 54,272
TOTAL NET CURRENT ASSETS ~113772 ~2336 ~5122 ~121230 69,161
TOTAL ASSETSLESSCURRENT
LIABILITIES ~38260 2336 ~5122 ~3833545 3,781,476
CREDITQRS: Amounts felkng
dua after the next 12 months 13 ~32699 0 0 32699 0
FUNDS 3793386 2 336 5122 3800846 3 781476
Endowment
Funds
Restncted
Funds
Unrestricted
Funds		 14.1
14.2
14.3		 f
~3793388		 2,336 f
5,122		 5,122
2,386
~7		 2
5,214
2,336
3,773,926
~793388 2~336 ~5122 ~3800846 3,781,476
The notes on pages 13to24 form an integral part ofttfaae fIDSnoial '
ants,
Approved
by the
.
their behalf by:		 ItttT on ../Q. .- ...„.gf.......................2023 and signed on
B HIENNO

3.INCOMING
RESOURCES		 3.INCOMING
RESOURCES		 3.INCOMING
RESOURCES
3.1 Chantable
Activities income		 2 0 1 9
Unrestncted Restncted Endowment TOTAL Unmstricted Restricted Endowment Total
Funds Funds Funds Fund Fund Fund Fund Fund
2019 2018
6
Circuit assessments 183,881 0 183,881 212,314 0 212,314
32 Investment
income
Central Finance Board Interest 157 0 157 79 0 79
TMCP Interest 0 103 103 15 155 170
Rental Income 104460 0 104.460 83245 0 83,245
'I04I817 103 104,720 83,339 155
3.3 Other income
Collection to pass on D 0 0 2,575 2 575
Others 315 EIS 442 0 0 442
315 315 442 2 575 3017
4 RESOURCES
EXPENDED
4.1 EXPENDITURE ON RAISING FUNDS
Pmperties
Repairs and Maintenance		 1,488 1,488 5,411 5,411
Pmperty
insumnce		 3,523 3,523 2,312 2 312
Management
Charges		 3,224 3,224 15.311 15.311
Audit Fees 1,516 1,518 1,003 1,003
Accountancy
Fees		 868 668 5DI 501
LegaiFees 6,147 6,147 6 707 6,707
Telephone 985 912 912
Post, Pnnt and Stationery 656 656 193 193
Sundry Expenses 2.235 2.235 835 835
20,624 20,624 33,185 33,185
41.2 EXPENDITURE ON CHARITABLE ACTIVITIES
42.1 DIRECT SPENDING
Distnct Assessment 59.484 59.464 56.142 56,142
Stipends,
Pension and		 NIC 113470 113,470 109,302 ID9,302
Satanas and NIC 26,460 28460 26,378 28,376
Training 2,949 2,949 1,434 1,434
Treasurer
Expenses		 4,850
Ministers'
traveBmg expenses		 2 169 2 169 10042 10042
211 382 206532 ~20
4.2.2 SUPPORT FOR CHARITABLE
ACTIVO IES
4.2.2.1 Premises Expenses
Repass to Menses 6,459 6,459 36,551 36,551
Menses Insurance 4,929 4,929 4779 4,779
Menses Counol Tax 6,512 6,512 7,307 7,307
Menses Utilites 2,884 2,884 5.036 5,036
Menses Management costs 0 3502 3502
20784 20 784 57 175 57 175
4.2.2.2 Governance costs
Audit Fees 2,682 0 2,682 2,597 0 0 2 597
Accountancy
Fees		 1,532 0 1,532 I 299 0 0 1,299
Bank Charges 10 D 10 0 0 0 0
TMCP Charges 0 10 10 15 0 10 25
Legal Fees 0 0 t) 3410 E 0 3410
4224 1D 4234 7321 10 7331
4.2.2 3 Others
DAF Contnbution I I I 0 1
Apprenticeship
Levy		 1,037 1,037 1,170 0 1,170
Telephone 1,704 1,704 2,362 0 2 362
Post Pnnt and Stationery 1,159 1,159 500 0 500
Youth Expenses 2670 2 670 I 577 1 577
6571 6 571 5610 5610

N OTES T O THE FINANC IAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2 020 (Continu ed
)
Unrestricted Restricted Endowment TOTAL Unrestncted Restncted Endowment TOTAL
Funds Funds Funds Fund Funds Furds Funds Fund
2019 2019
2 2 6
4 2S SUMMARY OF EXPENDITURE ON CHARITABLE ACTIVITIES
Direct Spending 211382 0 211,382 205,298 205,298
Support for chentble activites
Premises Expenses 20,784 0 20,784 57,175 0 57,175
Governance 4,224 10 4,234 7,321 10 7331
Others 6571 6571 5610 0 5610
242 961 10 242 971 275404 10 275414
43 OTHERS
Sundry Expenses 3,947 3,947 2,162 0 0 2,162
Bad Debts 1,912 1,912 107,569 0 0 107,569
Collection to pass on Q 0 2575 0 2575
Total Other expenditure 5BSB 5859 109731 2 575 0 112306
5 REVALUATION ( DEFICIT) I GAINS
2020 2019
Revaluation of Investments -92
Sir Henry Ho9oway"s Gift
1,082 units@481 9pence per unit 5,122 5,214
1,082 units II -5 214 -5 150
1082 units IG)
-92
6 TRANSFERS BETWEEN FUNDS
2020 2019 2019 7018
From Endowment
Fund to Unrestricted		 Fund
Sir Henry HoRoways trust 93 146 145

BATTERSEA AND WANDLE VALLEY CIRCUIT VALLEY CIRCUIT VALLEY CIRCUIT VALLEY CIRCUIT VALLEY CIRCUIT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31,AUGUST 2020 ( continued )
8.INVESTMENTS
2020 2019
The following funds are held on behalf ofthe Circuit by TMCP E E
Circuit Advance
Fund		 31 32
Sir Henry Holloway
Trust		 5 122 5214
5153 5246
9.INCOME FROM MATERIAL INVESTMENT HOLDINGS
Market income
value for the
at 31/08/20I year
Investment
Properties		 L 480 627
f		 ~104460
Trustees for Methodist
Church Purposes		 5 153 103
10.DEBTORS E E
Circuit Assessment
Debtor		 - Due from Local Churches 101,696 96,287
Insurance
Prepaid		 2,673 4,484
Rent Debtor 17,334 0
Other Debtors 12540 10010
134243 ~110781
Basic financial assets, including other debtors
and prepayments		 are initially recognised at
transaction
price, unless		 the arrangement constitutes a financiang transaction, where the
transaction
is measured		 at the present value of the future receipts discounted at a market
rate of interest. Such assets are subsequently carried at amortised
cost using		 the
effective interest
method,		 less any impairment.
11.BANK AND CASH BALANCES 2020 2019
f E
Lloyds Banl Account 2,554 0
Central
Finance Board- Deposit		 40 273 7406
42 827 7406
Cash and cash equivalent includes cash in hand, deposits held at call with banks, other short-
term liquid investments
with		 original maturities ofthree months or less, and bank overdrafts.
Bank overdrafts
are shown within		 borrowings in current liabilities.
12.CREDITORS: Amounts falling due within one year 2020 2019
E E
Local Churches Assessments received in advance 12,896 15,767
Bank Overdraft 0 1,602
Rent Received
in Advance		 33,967 1,020
Other Creditors
and Accruals		 14130 35883
60993 54272
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 valie of the 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.		 page 20
13.CREDITORS: Amounts falling due after the next twelve months falling due after the next twelve months falling due after the next twelve months
2020 2,019
Rent Deposit ~32699
14.FUNDS
14.1ENDOWMENT
FUND
E 2019
Balance Brought Forward 01/09/2018 5,214 5,151
Incoming
Resources		 103 155
Resourses
Expended		 -10 -10
Net (Deficit) /Gain on Investment Revaluation -92 64
Transfers between
Funds		 -93 -146
Balance Carried Forward 31/08/2020 ~5122 5 214
14.2 RESTRICTED FUNDS
E
Balance Brought Forward 01/09/2019 2,336 2,336
Incoming
Resources		 2,575
Resources Expended -2 575
Balance Carried Forward 31/08/2020 2336 ~2336
14.3 UNRESTRICTED FUNDS
E E
Balance Brought Forward 01/09/2019 3,773,926 3,896,005
Incoming
Resources		 288,813 296,095
Resources Expended -269,444 -418,320
Transfers between
Funds		 93 146
Balance Carried Forward 31/08/2020 3,793,388 3,773,926
page 21

15.TRANSFERS BETW EEN FUNDS
2019 2019
E E
From Sir Henry Holloways to CFB 93 146
16.COLLECTION TO PASS ON 2020 2019
E E
Easter Offering 0 2,233
Grenfell Tower 0 103
0 2 336
These are funds collected by the Circuit to be passed on to the third parties named above.
17DETAILS OF CERTAIN ITEMS OF EXPENDITURE
2020 2019
E E
Audit Fees 4,200 3,600
Accountancy charges 2 400 1800
6600 5400
18PAID EMPLOYEES
E f
Salaries and Wages 26,655 26,426
National Insurance
and Pension Contributions		 1805 1952
28480 28378
Number ofemployees 1 1

TRANSACTION
WITH RELATED		 TRANSACTION
WITH RELATED		 PARTIES
NAME RELATIONSHIP DESCRIPTION Balance at period end
TO THE OF AMOUNTS
CHARITY TRANSACTION
Patrick Kandeh Trustee Stipend E36,688 Nil
Rosamund Hollingsworth Trustee Stipend 40,094 Nil
Chellaian Lawrence Trustee Stipend 36,688 Nil
Japhet Kabilu Trustee Expenses 168
Patrick Kandeh Trustee Expenses 1,613 Nil
Rosamund Hollingsworth Trustee Expenses 292 Nil
Stephen Hienno Trustee Expenses 6,783 Nil
2020 2019
Average
Number of Trustees		 receiving
Stipe nds 3 3
Allowances 4 4