Agenda Volume 2 - Methodist Conference

26. Unified Statement of Connexional Finances
Where the Church has information on the cost or value of a heritage asset then it will
account for it at that cost or valuation. Where this information is not available and
the historical cost information cannot be obtained the assets have been excluded
from the balance sheet.
There are four Methodist Heritage sites under a certain amount of jurisdiction of
the Conference which fit into this definition. These are: The Old Rectory, Epworth,
Lincolnshire; The New Room (John Wesley's Chapel), Bristol; Wesley's Chapel, House
and The Museum of Methodism, London, and Englesea Brook Chapel & Museum of
Primitive Methodism, near Crewe.
m) Investments
Investment properties are revalued by firms of professional valuers triennially, and in
between by the trustees.
The market value of quoted securities is based on the middle market quotation on
the relevant Stock Exchange. Investments, which are held in units in the Central
Finance Board, are stated at the Board’s published valuations. Investments in
William Leech (Investments) Ltd are stated at the underlying value of the net assets
based on the company’s audited Balance Sheet at 31 March 2012, updated by the
value of any share acquisitions (at cost) up to 31 August 2012.
Assets held for sale where the proceeds will not be reinvested in investments are
included in current asset investments.
n) Stocks
Stocks are valued at the lower of cost and net realisable value after making due
allowance for obsolete or slow moving items.
o) Operating Leases
Annual rentals are charged to the Statement of Financial Activities on a straight line
basis over the lease term.
p) Foreign Currencies
Monetary assets and liabilities denominated in foreign currencies are translated
at the rate of exchange ruling at the balance sheet date. Transactions in foreign
currencies are recorded at the rate ruling at the date of the transaction. All
differences are taken to the Statement of Financial Activities.
q) Irrecoverable VAT
Irrecoverable VAT has been charged to the expenditure to which it relates to within
the Statement of Financial Activities.
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Conference Agenda 2013