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2023-08-31-accounts

Page
Reference and Administrative
Details
Trustees' Report 2 to 4
Statement ofTrustees' Responsibilides
Report ofthe Independent
Auditors		 6 to 8
Statement of Financial Activities
Statement of Financial Position 10
Statement of Cash Flows
Notes to the Statement ofCash Flows 12
Notes to the Financial Statements 13 to 24

CUSTODIAN
TRUSTEES Trustees for Methodist Church Purposes
DIRECTORS
OF TRUSTEE
COMPANY Revd Canon Sir R Wailer (Chairman)
Mrs A Bolton
Professor B J Clack - Resigned 25 July 2023
Ms A J Gowman
Revd Dr J R Hustler
Mrs C M Lines
Professor
D		 R Matthews
Dr C Norris
Revd Canon Dr M Wellings - Resigned 22 August 2023
PRINCIPAL ADDRESS c/o 20 Havelock Road
Hastings
East Sussex
TN34 1BP
REGISTERED CHARITY NUMBER 309672
AUDITORS Ashdown
Hurrey		 Auditors Umited
Statutory
Auditor
20 Havefock Road
Hastings
East Sussex
TN34 1BP

INCOME AND ENDOWMENTS INCOME AND ENDOWMENTS Notes Unrestricted
fund
I		 Restncted
fundsI		 Endowment
fundI		 31.8.23
Total
fundsI		 31.8.22
Total
fundsI
FROM
Donations
and legacies
1,000,000
Investment
and rental income		 637,309 9,362 646,671 567,000
Total 637,309 9,362 646,671 1,567,000
EXPENDITURE ON
Raising funds
Investment
management		 costs 12,678 869 13,547 12,318
12,678 869 13,547 12,318
Charitable
activities
Grants to individuals
Grants to institutions		 2,000
632,093		 2,113 4,113
632,093		 4,070
25,041
Other
Total		 10,834
657,605		 1,474
4,456		 12,308
662,061		 16,568
57,997
Net gains/(losses)
on investments		 (119,482) (119,482) 17,608
NET INCOME/(EXPENDITURE)
Other recognised		 (139,778) 4,906 (134,872) 1,526,611
gains/(losses)
Gains/(losses)
on revaluation		 of
fixed assets
Net movement
in funds		 (82,470)
(222,248)		 954
5,860		 5,534
5,534		 (75,982)
(210,854)		 (345,530)
1,181,081
RECONCILIATION
OF FUNDS
Total funds brought
forward		 12,598,700 61,885 251,433 12,912,018 11,730,937
TOTAL FUNDS CARRIED
FORWARD 12,376,452 67,745 256,967 12,701,164 12,912,018

STATEMENT OF FI
31AUGUST 2023		 NANC IAL POSITION
31.8.23 31.8.22
Unrestricted Restricted Endowment Total Total
Notes fund
E		 funds
E		 fund
I		 funds
I		 funds
E
FIXEDASSETS
Tangible assets		 12 51,300
Investments
Investments
Investment
property		 13
14		 4,184,171
11,750,000		 44,271 256,967 4,485,409
11,750,000		 4,523,572
11,750,000
15,934,171 44,271 256,967 16,235,409 16,324,872
CURRENT ASSETS
Debtors
Cash at bank		 15 36,822
356,775		 (29,928)
53,402		 6,894
410,177		 327,285
254,201
393,597 23,474 417,071 581,486
CREDITORS
Amounts
falling due
year		 within one 16 (469,626) (469,626) (432,771)
NET CURRENT ASSETS (76,029) 23,474 (52,555) 148,715
TOTAL ASSETSLESS
CURRENT LIABILITIES		 15,858,142 67,745 256,967 16,182,854 16,473,587
ACCRUALS AND DEFERRED
INCOME		 17 (3~481690) (3,481,690) (3,561,569)
NET ASSETS 12,376,452 67,745 256,967 12,701,164 12,912,018
FUNDS
Unrestricted
funds		 18 12,376,452 12,598,700
Restricted funds:
Dobson Theology
Fund
Speight Undergraduate
Fund
Postgraduate
Bursary Fund		 680
29,804
37,261		 2,455
26,292
33,138
67,745 61,885
Endowment
funds		 256,967 251,433
TOTAL FUNDS 12,701,164 12,912,018
d btheBoardof Trustees
and authorised		 for issue on .....7ff..2/. rX$... ....
Cash flows from operating
activities
Cash generated
from operations		 Cash flows from operating
activities
Cash generated
from operations		 Notes 31.8.23
I		 31.8.22
Net cash used in operating
activities		 (393,743) (156,465)
Cash flows from investing
activities
Purchase of fixed asset investments
Sale offixed asset investments
Rents received
Interest received
Dividends
received		 (393,743)
(4,770,498)
4,664,497
533,097
8,557		 (156,465)
(596,999)
230,821
464,147
Net cash provided
by investing
activities		 114,066 783
102,070
549,719
200,822
Change in cash and cash equivalents
the reporting
period
Cash and cash equivalents
atthe
beginning
ofthe reporting
period		 in 155,976 44,357
Cash and cash equivalents
at the end
the reporting
period		 of 254,201 209,844
410,177
254,201

NOTES TO THE STATEMENT OF CASH FLOWS
FORTHE YEAR ENDED 31AUGUST 2023
RECONCILIATION
OF NET (EXPENDITURE)/INCOME
ACfIVITIES		 NOTES TO THE STATEMENT OF CASH FLOWS
FORTHE YEAR ENDED 31AUGUST 2023
RECONCILIATION
OF NET (EXPENDITURE)/INCOME
ACfIVITIES		 NOTES TO THE STATEMENT OF CASH FLOWS
FORTHE YEAR ENDED 31AUGUST 2023
RECONCILIATION
OF NET (EXPENDITURE)/INCOME
ACfIVITIES		 TO NET CASH FLOW FROM OPERATING
31.8.23
E		 31.8.22
E
Net (expenditure)/income
for the reporting
Statement of Financial Activities)
Adjustments
for:
Losses/(gain)
on investments
Interest received
Dividends
received
Rents received
Decrease/(increase)
in debtors		 period (as per the (134,872)
119,482
(8,557)
(114,066)
(533,097)
320,391
(43,024)		 1,526,611
(17,608)
(783)
(102,070)
(464,147)
(226,407)
(872,061)
Decrease in creditors (393i743) (156,465)
Net cash used in operations
2. ANALYSIS OF CHANGES IN NET FUNDS At 1.9.22
E		 Cash flow
E		 At 31.8.23
E
Net cash 254,201 155,976 410,177
Cash at bank 254,201 155,976 410,177
254,201 155,976 410,177
Total

31.8.23 31.8.22
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
E E E E E
1,000,000

31.8.23 31.8.22
Unrestricted Restncted Endowment Total Total
funds funds funds funds funds
E E E E f
Rents received 524,048 524,048 464,147
Income receivable from
investments in managed
funds 106,403 7,663 114,066 102,070
Deposit account interest 6,858 1,699 8,557 783
637,309 9,362 646,671 567,000
INVESTMENT MANAGEMENT COSTS
31.8.23 31.8.22
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
E f f f
Support costs 12,678 869 13,547 12,318
CHARITABLE ACTIVITIES COSTS
Grant
funding
of
activities
(see note
7jf
Grants to individuals
Grants to institutions		 4,113
632,093
636,206

GRAN TS PAYABLE
31.8.23 31.8.22
f f
Grants
Grants		 to
to		 individuals
institutions		 4,113
632,093		 4,070
25,041
636,206 29,111

Governance
Finance Other costs Totals
E I I E
Investment
management		 costs 13,547 13,547
Other resources expended 820 11,488 12,308
13,547 820 11,488 25,855
The sole Trustee
of the		 charity, Westminster College Oxford Trust Limited, invoiced a management charge to
chanty ofE1,474 (2022: E1,474) in respect of expenses incurred in administering the chanty.
Support costs, included in the above, are as follows:
31.8.23 31.8.22
Investment Other
management resources Total Total
costs
E		 expended
E		 activities
E		 activities
I
Bank charges 13,547 13,547 12,318
Trustees'
remuneration		 etc 820 820 334
Auditors'
remuneration		 8,214 8,214 6,300
Auditors'
remuneration		 for non audit work 1,800 1,800 2,040
Management
fees		 1,474 1,474 1,474
Legal and professional fees 6,420
13,547 12,308 25,855 28,886
AUDITORS' REMUNERATION
31.8.23 31.8.22
E E
Fees payable to the charity's auditors for the audit of the charity's financial
statements 8,214 6,300
Auditors'
remuneration		 for non audit work 1,800 2,040

11.
COMPARATIVES
FOR		 11.
COMPARATIVES
FOR		 THE STATEMENT THE STATEMENT OF FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES
INCOME AND
Donations
and		 ENDOWMENTS
legacies		 FROM Unrestricted
fund
E
1,000,000		 Restricted
funds
E		 Endowment
fundI		 Total
funds
E
Investment
and		 rental income 1,000,000
Total 559,389 7,611 567,000
1,559,389 7,611 1,567,000
EXPENDITURE ON
Raising funds
Investment
management		 costs
12,329 (1I) - 12,318
Charitable
activities		 12,329 (11) 12,318
Grants to individuals
Grants to institutions 25,041 4,070 4,070
Other 25,041
Total 15,094 1,474 16,568
52,464 5,533 57,997
Net gains on investments
17,608
17,608
NET INCOME
Other recognised gains/(losses)
Gains/(losses)
on revaluation
of fixed
Net movement
in funds		 assets 1,524,533
(310,136)		 2,078
(5,202)		 (30,192) 1,526,611
(345,530)
RECONCILIATION
Total funds brought		 OF FUNDS
forward		 1,214,397
11,384,303		 (3,124)
65,009		 (30,192)
281,625		 1,181,081
11,730,937
TOTAL FUNDS CARRIED FORWARD
TANGIBLE FIXEDASSETS		 12,598,700 61,885 251,433 12,912,018
Works of
COST OR VALUATION Art
At 1 September
2022		 E
Revaluations
51,300
At 31August 2023 (51,300)
NET BOOK VALUE
At 31August 2023
At 31August 2022
51,300
Cost or valuation
at 31		 August 2023 is represented by:

Analysis of fixed assets inve stment s
are as follows:-
UNRESTRICTED FUNDS Total
E
VALUATION
At 1September
2022
Additions
in year
Disposals
in year		 4,228,822
4,208,937
(4,617,497)
Net gain/loss
on
revaluation
or disposal		 363,908
At 31August 2023 4,184,170
Valuation
at
UNRESTRICTED FUNDS 31.8.2023
E
Epworth
Climate Stwdshp
Inc
Epworth
Global Equity
Epworth
UK Equity Fund
FP Foresight
Global Real Infra
LsrG UK Property Feeder
Royal London Short Term
Rathbone
Ethical Bond Fund
Threadneedle
UK Social Bond
Vanguard
UK Gov Bond
Vanguard
US Gov Bond		 658,274
1,628,612
663,319
490,830
84.209
64.556
150.179
64,577
85,413
294,202
Total 4,184,170
ENDOWMENT
FUNDS
Investment
- Equity Funds		 Speight
Undergraduate
Fund
I		 Postgraduate
BursaryFund
I		 DobsonTheol
ogyFund
E		 Total
E
VALUATION
At 1 September
2022		 121~237 100~086 30110 251,433
Additions
in year
Disposals
in year
Net gain/loss
on revaluation
or disposal
At 31 August 2023		 2,667
123,904		 2,202
102,288		 663
30,773		 5,532
256,965

Speight
UndergraduateF PostgraduateBu DobsonTheol
RESTRICTED FUNDS und rsaryFund ogy Fund Total
Investment
—Equity Funds		 E E E E
VALUATION
At I September
2022		 15,946 24,439 2,932 43,317
Additions
in year
Disposals
in year
Net gain/loss
on revaluation
or disposal 351 538 953
At 31August 2023 16,297 24,977 2,996 44,270
Cash less current liabilities
At 31August 2023 11,507 12,284 (2,316) 21,475
Total Restricted
Funds		 27,804 37,261 680 65,745
INVESTMENT PROPERTY
FAIR VALUE
At I September
2022
and 31August 2023 11,750,000
NET BOOK VALUE
At 31August 2023 11,750,000
At 31August 2022 11,750,000

FOR THE YEAR ENDED 31AU THE YEAR ENDED 31AU THE YEAR ENDED 31AU THE YEAR ENDED 31AU THE YEAR ENDED 31AU GUST 2023 GUST 2023 GUST 2023 GUST 2023
15. DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
E E
Trade debtors 6,268 6,268
Amount owed from connected body corporate 321,017
Other debtors 626
6,894 327,285
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
E E
Trade creditors 298,373 36,380
Amounts owed to connected body corporate 1,379
Deferred income 79,147 70,098
Accrued expenses 90,727 326,293
469,626 432,771
17. ACCRUALS AND DEFERRED INCOME
31.8.23 31.8.22
E E
Deferred income relating to lease premium; 2-5 years 151,515 151,515
Accrued expenses: 2-5 years 42,000
151,515 193,515
Deferred income relating to the lease premium: more than 5 years 3,330,177 3,368,054
3,481,692 3,561,569
18. MOVEMENT IN FUNDS
Net
movement At
At 1.9.22 in funds 31.8.23
E E
Unrestricted
funds
Unrestricted
Funds		 12,598,700 (222,248) 12,376,452
Restricted funds
Dobson Theology Fund 2,455 (1,775) 680
Speight Undergraduate Fund 26,292 3,512 29,804
Postgraduate
Bursary		 Fund 33,138 4,123 37,261
61,885 5,860 67,745
Endowment
funds
Endowment
funds		 251,433 5,534 256,967
TOTAL FUNDS 12,912,018 (210,854) 12,701,164

MOVEMENT IN FUND S - conti nued
Net movement
in		 funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources
E		 expended
I		 losses
I		 in funds
I
Unrestricted
funds
Unrestricted
Funds		 637,309 (657,605) (201,952) (222,248)
Restricted funds
Dobson Theology Fund 1,105 (2,945) 65 (1,775)
Speight Undergraduate Fund 4,307 (1,146) 351 3,512
Postgraduate
Bursary Fund		 3,950 (365) 538 4,t23
9,362 (4,456) 954 5,860
Endowment
funds
Endowment
funds		 5,534 5,534
TOTAL FUNDS 646,671 (662,061) (195,464) (210,854)
Comparatives
for movement		 in funds
Net
movement At
At' 1.9.21 in funds 31.8.22
I I I
Unrestricted
funds
Unrestricted
Funds		 11,384,303 1,214,397 12,598,700
Restricted funds
Dobson Theology Fund 4,750 (2,295) 2,455
Speight Undergraduate Fund 27,407 (1,115) 26,292
Postgraduate
Bursary Fund		 32,852 286 33,138
65,009 (3,124) 61,885
Endowment
funds
Endowment
funds		 281,625 (30,192) 251,433
TOTAL FUNDS 11,730,937 1,181,081 12,912,018

Comparative net movem en t
in funds,
included
in th		 e above are as foll e above are as foll ows:
Incoming Resources Gains and Movement
resources
I		 expended
I		 losses in funds
I
Unrestricted funds
Unrestricted Funds 1,559,389 (52,464) (292,528) 1,2 14,397
Restricted funds
Dobson Theology Fund 853 (2,796) (352) (2,295)
Speight Undergraduate Fund 3,520 (2,720) (1,915) (1,115)
Postgraduate Bursary Fund 3,238 (17) (2,935) 286
7,611 (5533) (5,202) (3,124)
Endowment funds
Endowment funds (30,192) (30,192)
TOTAL FUNDS 1,567,000 (57,997) (327,922) 1,181,081
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement At
At 1.9.21 in funds 31.8.23
I I I
Unrestricted funds
Unrestricted Funds 11,384,303 992,149 12~376~452
Restricted funds
Dobson Theology Fund 4,750 (4,070) 680
Speight Undergraduate Fund 27,407 2,397 29,804
Postgraduate Bursary Fund 32,852 4,409 37,261
65,009 2,736 67,745
Endowment funds
Endowment funds 281,625 (24,658) 256,967
TOTAL FUNDS 11,730,937 970,227 12,701,164

Incoming Resources Gains and Movement
resources
E		 expended
I		 losses
I		 in funds
I
Unrestricted funds
Unrestricted Funds 2,196,698 (710,069) (494,480) 992,149
Restricted funds
Dobson Theology Fund 1,958 (5,741) (287) (4,070)
Speight Undergraduate Fund 7,827 (3,866) (1,564) 2,397
Postgraduate Bursary Fund 7,188 (382) (2,397) 4,409
16,973 (9,989) (4,248) 2,736
Endowment funds
Endowment funds (24,658) (24,658)
TOTAL FUNDS 2,213,671 (720,058) (523,386) 970,227

The following
grants were		 The following
grants were		 paid to individuals
during the year:-		 paid to individuals
during the year:-		 paid to individuals
during the year:-		 paid to individuals
during the year:-		 paid to individuals
during the year:-
RESTRICTED FUNDS 31.8.23 31.8.22
I E
Speight Undergraduate Fund 2,000 2,000
Dobson Theology
Fund		 2,113 2,070
4,113 4,070
The following
grants were		 issued to institutions during the year:—
UNRESTRICTED FUNDS 31.8.23 31.8.22
I
Oxford Brookes University - Oxford Centre for Methodism and Church I-listory 19,343 41
Epworth
Old Rectory		 60,000
Wesley Memorial
Methodist		 Church Oxford 127,750
Wesley House Cambridge 100.000
Chff College 50,000
The Queens
Foundation		 50,000
MAST grant 100,000
Kalisher Trust 100,000
Methodist
Chaplaincy
at		 Oxford
Brookes University		 25,000 25,000
632,093 25,041
RESTRICTED FUNDS
Postgraduate
Bursary Fund: Oxford		 Brookes University - Academic Staff Sabbaticals
737,280 25,041