||||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|
##
##