Charity registration number 1128118 BRUNSWICK METHODIST CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 BRUNSWICK METHODIST CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev PD Cleever-Thorpe J Kelsall S Wllis S Fuller J Mawer R Coldough J Atherton R Wylie DA Stabler S Crodden K GI￿lIan H Mookerii J Bombuwalage H Chapman ET Timpedèy S Hutchinson {Appoinled 28 April 2024} {Appointèd 28 April 20241 {Appointed 1 September 20231 {Appointed 1 September 20241 (Appointed I September 20241 Deacon G Morgan RevAIMlkinson Charity number 1128118 Prlnclpal addrèss Brunwd( Methodist Chu BrUns￿r￿[ Plai New(2slJe upon Tyne Tyne and Wear EngLind NE1 7BJ Independent examiner Robson Laid1erAc￿￿ntants Limtted Femwood House Femwood Road Jesmond Newcasue upon Tyne Tyne and England NE2 1TJ BRUNSWICK METHODIST CHURCH CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balan¢e sheet 10 Notes to the financial ststements BRUNSWICK METHODIST CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their annual report and financaal statements for Ihe year ended 31 August 2024. The financial statements have been prepa￿d in accordance with the accounting policies sèt out in note 1 to thè financial statements and comply wrth the charrty's Deed of Union, the Charib"Ès Aet 2011 and 'Accounting and Reporting by Charrtses." Statement of Recommended Pradice appli(xble to charities preparing their accounts in accordance with the Finanual Reptsrtlllg Standard applicable in the UK and Republic of Ireland IFRS 102}" leffecbve l January 2019). Obje¢tives and activities The trustee5 have pa￿ due regaTd to guidance issued by the Chaiity Commission in de￿dIng what activities the charity should undertake. Achievements and perfom)ance Brunswick Methodist Church now plays host to Iwo ￿ngregationS, the secorHI of whith Is a ChineseNong Konger ongregation which has welcomed, over the past ihree years, over hyo hundred new people. the majority of whom have moved from Hong Kong under the govemment's BNO+1 programme. This has meant a far greater usage of our building. as we now work cross-c#Jttura1￿ in areas like baptssms. weddings and church membership. Both Cantones6 and MarHJarin languages are use(1 wrthiTI our Chinese congregalion. but many are wishing to use nd lo leam English more as they seek to integrate into UK so￿ety. One significant athievement over this pertod has been the relurbishmenl of a suite of rooms which were no longer in usè and whith we intend to rep￿rpOSe in an excJb"ng way to h051 a new expression of church called 'Recovery Church.. This is 8 community of people. many wrth a norFchurth background. who are being supported a5 they seek lo recover from an addiction. 'Recovery Church. aims not onty to provide consistent support but also to see people in a holistic way and so offer a spintual 'step programme. which allows them an opportunity to explore the Christian farth in a caring community. Our Coffee Shop continues lo thrive on four days each week and to offer volunteering opportunities to a wide range of people, including those with speaal needs. The ¢hallenge for a welpused iity centre thurch buihjing akvays revolves arourbd how rt is maintained to a high standard. We currently are budgeting for major anliupated works focJJsing upon the ￿placement of our boilers. This will require not only a fvnding strategy to be put in place for the nexi church year, bul also a longer-temi vision which can be embraced by both congregations mentioned above. We contsnue lo play a significant part in the lrfe of our aty and work hard in bLsilding relationships with partners like charibes." 'Action for Childrèn,, 'Junction 42, and 'Changing Lives,. The 'simple' income and expenditure resutted in the following-. Income £205,565 Expenditure £222.875 = a Deficrt of £17.310 and this is expressed in the folk)wing pie ¢harts". BRUNSWICK METHODIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 INCOME £205.565 GTantsfor LP r90rn5. £13.0 VAT listed bui IdinErefund. El.986 Coffee Shop & caterin& £11.072 Other. £1.345 Ilect¢ons. £22.948 MRC gift aid. £6.387 Methts(tist Erants fctr worker. £6.939 Interest £8.179 Rc*om hires. £59.387 Rents, £74,321 EXPENDITURE £222.875 BuTlding rnaintenance. Other. £17.645 E15.902 Gift5 Out, £954 Assessrnents. £40.1)XS Contract & cle6n4ng m6teri615, £21.098 Salaries. £92.664 utilitie5& insurance. £34.611 Note '. The above graphs represent income and expendilure on a lash basis. BRUNSWICK METHODIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The proceeds of salè a￿ invested wrth the Central Finance Board rf the Methodist Church See http5.'11 www.cft)fflelhod5slchurch.org.uklmanagedfundsl. The decision of the Trustees tr) use the CFB was based on the following ctsnsiderations". 1. The Church Counul's responsibilty, as far as is possible. to piotect. tnan8ge and con5etve the caprtal for fvture mission and ministry. 2. The Charttiès Commission has provided guidance lo Charities. seeking lo invest cash fijnds. See https."Il www.gov.uklgovernmenupublicationslcharities-and-investment- m8tters-a-guide-for-Iruslees)nsequence of the Ctsw&19 pandemic the Trustees de-restricted the pioperty fund. in JU￿ 2020. which is now In￿l￿ert in general fvnd5. Poli Terms relalin to Endowment Funds held These funds are held as per model trust directors issued by the ConnexK)nal Property Secretary. The interest from thèse funds is used for the benevolent fund which is dispersed at the dtscretion tsf thè ministers. Notes.. The reserves of Brunswick Methodist Church are held wrth the Truslees for Methodist Church Purposes and the Central Finance 8oard of the Methodist Churth and Lloyds Bank They do not cover all eventualities which the trustees can envisage with their woik to fuffil ¢ity (*ntre mission. Going concern The financial statements have been prepared on a going concem basis. In making the¢r assessrnent the trustees have reviewed and considered relevant inforniation, induding Iheir annual budget and future cash flows. In response to the Covid-19 pandemic. the Trustees have revised their foiecasts to take into account measures that they can lakè with the eurtenl resources available to rn￿"gate the impacl of the current adverse wndilions. The trustees are of the view that the immediate fvlure of the charity for the next 12 months 15 secure and on that basis the charity is a going concem. BRUNSWICK METHODIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 stru¢tUfe, governance and managemènt The Charitys Managing Trustees listed below all are lay people excepling thè two Ministerial staff and three Lay workers all of whorn are employed by The Methodist Churth. Thè Managing TtU5tees meet iegularly as the Ghurch Counryl and delegate some of its work to a leadership team, 311 of who are trustees. The Cir￿lt is one of 12 of the Newcaslje upon Tyne Distrid and has 15 Churthes and one preac*ing place, of wh￿h Brunswick is one. The governing body of the CiTcuit is the annual conference of The Methodist Church. The Methodist Church Act 1976 gives authority under The MethLxlist Church acts. The o)nstitution practice and discipline of The Methodist Church together wrth The Deed of Union (Act of 1929 adopted 1932) govem the activthes of the circuit. In géneral The Methodist Church is expected from the need to register as a charrty by the combines effects of Section 4614IIAI of The Charities Act 1993 and Paragraph 412}ICI of the Charrties {exception from registration) Regulations 1996 as amended by Statutory Instrument 2014 No 242. Brunswick Church. however, is a separate Registered Charity, number 1128118. in England and Wales. The Trustees who have served durtng the year and ￿nce the year end are set OLrt on page 1. The trustees ar8 appointed annually by the Church general meeting. The principle addres5 of Ihe Cirujrfs auditors, bankers. soli¢itors and other athsots are g￿en on page 1. Fund5 are transferred to the Cirt>Jit on a quartèrty basis to meet the ¢xJmmttments to the District and the upkeep of the Circuit. The trustees who 5erveil during the year and up to Ihe date of signaiure of the finanual statèmènts wére.. Rev PD Cleever-Thorpe KN Hawdon J Kelsall Rèv G Humè S Wllis S Fuller J Mawer R Coldough J Atherton R Wlie DA Stabler S Crodden K Gilfillan O Bastos H Mookeiji J Bombuwalage J Hawdon H Chaptnan ET Timpèrlèy S Hutchinson Deacon G Morgan RevA Wlkinson {Reb"ied 31 August 20241 IRetired 31 August 2024) (Retired 28April 20241 {Reh"red 31 August 20241 IAppointed 28 April 2024} IAppointed 28 April 20241 IAppointed 1 September 2023) (Appointed 1 Septembet 2024) (Appointed 1 September 2024) Method ofAppointment of Election of Truste•s The Tru51ees who have seNed during the year since the year-end are appointed annually by the Churth by the general meeting or by being ex offiTho (Ministers in good stsndingl. BRUNSWICK METHODIST CHURCH TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 The trustees, report was ap roved by the Board of Trustees. DA Stabler Trustee Date.. . hig,. BRUNSWICK METHODIST CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRUNSWICK METHODIST CHURCH I report to the trustees on my examination of the finanryal statements of Brunswick Methodist Church (the charity) for the year ended 31 August 2024. Re$ponsibilities and basis of report As the trustees of the charity you are responsible for the preparation of Ihe finanryal statements in accordance with thè requiremènts of the Charrtie5 Act 2011 (the 2011 Acti. I report in respect of my examination of the Chari￿s finanual statements carried out under section 14S of the 2011 Act. In carrying out my examination I have followed all the applicable Direcb"ons given by the Charty Comtni55ion nder section 14515llbl of the 2011 Acl. Indèpendent examinee¥ ¥tatsment I have completed my examination. I confirm that no tnatteis have ¢y)me to my attention in ￿nnectIOn wf(h the examination giving me cause to believe Ihal in any rnalerial respect.. accounting records were not kept in respect of the tharity as required by seciion 130 of the 2011 Act., or the financial slalements do nol accord with those records,. or the financial stalernen15 do not comply with the applicable requirements con￿mIng the forni and content of accoun15 sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is nol a matter considered as part of an independent Èxamination. I have no concems and have come across no other mattèrs in ¢onnedion wrth the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Nicholas Cunningham FCCA Robson LaidlerAccountants Limttèd Fernwood House Fernwood Road Jesmond Newcaslle upon Tynè Tyne and Wear NE2 1TJ England Dated. ..It.-.&-.t.w£... BRUNSWICK METHODIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Current financlal yèar Unrestricted Restrlcted funds funds 2024 2024 Total Total 2024 2023 Notes Ineome and endowments from: Donations and le9aryes Other trading activthes Investments OlheT income 39.367 156,817 4,125 4.241 13.1x￿* 52,367 156.817 8,838 6,059 80,757 168,126 6.912 4,735 4.713 1,818 Totsl income 204.550 19.531 224,081 240,530 Ex endi Raising funds Charitable activities 488 1.805 488 226.604 1,008 240,488 224,799 Total èxpenditurg 224.799 2.293 227,092 241,496 Net 98insll1055es1 on investments 12,044 12,044 16,6121 Net loutgoin91fincoming rgsouYe•s tran¥fe (20.249) 29,282 9,033 17.5781 Gross transfers between funds 4,054 14.054) Nèt movement in funds 116.1951 25.228 9,033 (7,S78) Fund balances at 1 SeptÈmber 2023 178,037 158.8 336,933 344,511 Fund balances at 31 August 2024 161.842 184,124 345, 336.933 The statement of financt31 activ￿e$ inthdes all gains and losses recognised in thè year. The statement of financial activllies ind(wJes all gains and k)sses recognised in the year. All income and expenditure derive from continuing acbviljes. BRUNSWICK METHODIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Prjor finanelal year Unfestricted Restricted fvnds funds 2023 2023 Total 2023 Notes Income and 8ndowmonts from: Donations and legacies Other trading a￿v￿"e5 Investments Other income 60.757 168,126 2,125 451 60.757 168.126 8,912 4,735 4,787 4,284 Total ineom• 231.459 9,071 240.530 Ex nditure on: Raising fund5 Charita￿8 actimtiès 1,008 3,174 1.008 240,488 237,314 Total expenditure 237.314 4,182 241,496 Nel gainslllossesl on investsnents {6.6121 {6,6121 Nat {outgtslnglllneoming resources before transfers 15,8551 {1.723) 17,578) Gross Iransfefs btheen fvnds 1.623 {1.623) Nat mov•mtrtt lrt fvnd$ {4.232} 13,3461 17,578> Fund balances at 1 September 2022 182,269 162,242 344,511 Fund balanc￿ at 31 August 2023 178,037 158,896 336.933 BRUNSWICK METHODIST CHURCH BALANCE SHEET AS AT 31 AUGUST2024 2024 2023 Notes Flxed assets Tangible assets Inveslrnents 12 13 66.791 168.031 70,968 155.814 234.822 226,782 Current assets Dèbtors Cash at bank and in hand 14 24.194 91.304 6.473 108,600 115,498 115,073 Cradltors: amounts falllng du¢ wlthln one year 15 I4.(￿8) {3.978} Net current assets 111,430 111,095 Totsl a$￿ts le￿ current liabilities 346,252 337.877 Defined benefft pension liability 17 12861 (9441 Nat assèts 345.966 336,933 The funds ofthe charity Restrided income funds Unrestricied funds 16 18 184,124 161,842 158,89S 178,037 345. 336,933 The finan￿al statements were approved by the trustees on ................... DA Stabler Trustee 10- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUn￿n9 polle1¢$ Charity infonnation Brunswick Mèthodist Churth is an unincorporated charity IcharTty number 1121181. 1.1 Accounting convention The financial statements have been prepared in acwrdance with the Chari￿$ goveming document, the Charitiès Act 2011. FRS 102 'The Finanryal Reporting Standard applicable in the UK and Republic of Ireland" fFRS 102.1 and the Charities SORP 'Ac£ountsng and Reporting by Charibes". Statement ol Recommended Practice applicable to tharities preparing their accounts in accordancè with thè Finanual Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. The ¢harity is a Public Benefrt Entsty as defined by FRS 102. The charity has takèn advantsge of the pro￿510n5 in the SORP for charibes not to prepare a Statement of Cash Flows. The financial statements are prepared in steding. which is the ￿nctional ojrterhcy of th8 chanty. Monetary amounts in ¢hese financ¢al stalemenis are rounded to thè nearest £. The financial statetllenls have been prepared under the historical o)st convention. The prinapal acwunting policies adopted are sel otrt below. 1.2 Going concern At the lime of approwng the finan¢ial statements. Ihe trustees have a reasonabk axpèctation that the charity h85 adequate resources to continue in operational existence for the foreseeable futurè. Thus thè trustèes continue to adopt the going concern basis of accounting in preparing the fiftan¢iaJ statements. 1.3 Charitable funds Unrestn"¢ted funds are available for use at the discretion of the trustees in furtherance of their charitable objective5. Restricted funds are subject to specific Condi￿nS by donors or grantors as to how Ihey may bè used. The purposes and uses of the restricted funds arè sèt out in the rK>tes to the finan¢y81 stslemenls. EndowTnent tunds are subject to spectfic cymdth.ons by donots that the caprtal must be maintsined by the charity. 1A Income Income is recognised when the charity is legal￿ entttted to it aftèr any pèrformance wndrtions have been mel. the amounts can be measured reliably. and tt 1$ probable that income will be received. Cash donaknons are recognised on receipt. Olhèr donab"on5 are re￿nised once the charity has been nolffjed of the donation, unless perforrnarhce conditions require deferral of the amount. Income tax recoverable in relation to donations recewed under GiftAid or deeds of covenant is reo)gnised at the time of the donation. Legarjes are recognised on receipt or otherwise rf thè charity has beèn nobfièd ol an impènding distribution, the amount 15 known. and receipt is expect￿. If thè amount is not kn(Mn. the legacy is tre*ed 8$ 8 contingent asset 11 BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 AccountSng poll¢l•s IContlnu•dl 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfèr ￿nOMiC benefit to a third party, it is probable that a transfer of econom￿ beneffts will be requir8d in seluemènt, and the amount of the obligation can be measurèd reliably. Expènditure is classffied by ath"wty. The costs of eath a(*vty aTe matje up of the tt)tsl of direct costs and $hared costs. induding support Costs invofved in undertaking each activtty. Direct costs attributable lo a single tivity are alloc*ed directty lo that actiwty. Shared costs which cxjntribute to more than one activity and support C0515 which are nol aitributable to a single activity are apportioned befv4een ihose activities on a ba51S consi51ent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreiaation charges are allocated on the portion of Ihe asset's use. 1.6 Tangible fixed assets Tangible fixed assets are inrtialty measured al cost ar￿ subsequentty rneasured al cost or valuation. n81 of deprwab"¢)n and any impairment losses. Dèpreciation is recogrhi5ed so as to wnte off the cost or valuation of assets less their residual values over their useful INes on the followng ba5es.' Frèèhold piopÈrty Property improvements Plant and machinery Office and other equipment Not depreaated 10% 10 20°h straight line basis 3.33% straight line basis 4% to 20% straight line basis Church building is not deprecaated because it has retained its value. The lfft held under plant and machinery is depreoated over 30 years because it is guaranteed for 25 years fdluwing the cessation of the manufacturing guarantee. The charity has a policy whereby indmdual assets costing £250 or more are capttalised at cosL 1.7 Fixed asset investments Fixe(l asset investments are initially measured at transaction price exduding transaction costs, and are 5ubsequenlty measured at fair value at each feporting dale. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expènsed as incJJrrgd. 1.8 Impairnient of fix•d ass•ts At each reporting end date, the chanty reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have SUffe￿d an impaimient loss. If any such indication exists, the recoverablè amount of the asset is estmated in order lo detemiinè thè èxtènt of the smpaimient loss Irf any). 1.9 Cash and tash equivalents Cash and cash equivalents indude t>sh ￿ hand. dep05ts held at (all with banks. other $hort-temi liquld investments with original malurilies of three month5 or less. and bank overdrafts. Bank overdraft5 are sh¢)wn within borrowings in current liabilities. 12- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policl•s IContlnu•dl 1.10 R8tlrament b•n8ffts Payments to defined contributKsn retiiement benefft sthemes are tharged as an expense as they fall due. The cost of providing beneffts under dèfined benèfft plans is delemiined separataty for plan using the projected unit credtt mèthod. and is based on aduarial ad￿￿e. The change in the net defined benefft liabilty arising from employee 5eJvice during the year is recognised as an employee cost. The o)51 of plan intrc*Juctions, benefit changes, sellemenls and curtailments are recognised as incurred. The net interest elèment is detèminèd by muhiplying thè net defined bènèfft liability by the discount rate. taking into account any thanges in the net defined benefit liability during the period as a rèsuk of contribution and benefit payments. The nel interest 15 TeLwnised in incomel{expenditure) for the year. Remeasuremenl changes comprise acluarial gains and tosses, the effect of the asset ceiling and the return on the net defined benefit liability exduding amounts induded in nel interesL These a￿ recognised immediately in olher recognised gains and losses in the period in which they occur and are not redassified to incomel {expenditurel in subsequenl periods. The nel defineil benefit pension 8ssel or liabilty in the balance sheet comprises the total for eath plan of the present value of the defined benefit obligation (using a discx)unt rate based on high quality corporate bonds). less the fair value of plan assets out of which the obligations are to be setded directly. Fair value is based on market price information, and in the case of quoted secJJrities is the published bid price. The value of a net pension benefrt asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from thè scheme. In¢ome from donations and legacies Unrnstrlctsd R•strictod funds funds 2024 2024 Total Unrèstrictèd Restrlcted funds funds 2023 2023 Total 2024 2023 Donations and gffts Grants 30.442 8,925 30,442 21.925 48,228 12,529 48,228 12,529 13.OCK] 39.367 13.0(K) 52.367 60.757 60,757 Income from other trading activities UnrestriGted Unr•strict•d funds funds 2024 2023 Catèring income Property letting 11,072 14S.745 7,635 160,491 other trading activities 156,817 168,126 13- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Inveslments Unrestricted Rastricted fvnds fijnds Total Unrnstrictsd R•strict•d funds funds Total 2024 2024 2024 2023 2023 2023 Income from listed investments Interest receivable 4.703 io 4,703 4.135 4,759 28 4,759 2,153 4.125 2.125 4.125 4.713 8.838 2.125 4.787 6.912 Expenditure on raising lunds R•strlct8d funds 2024 Restrlctad funds 2023 Investrnent management 1,008 14- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on charitsble activities Charftable activltles 2024 Charitable activities 2023 Dirèct costs Staff costs Training costs Assesstnenl Connexional fund Repairs and renewals Insurance Heal. light and water Sundries Gifts and donations Telephone, printing. postage and stationery Brunswick mens dub 48,642 879 40.000 955 31,446 9.820 25.239 5,967 71 4.413 1,805 45,334 450 46,000 1,083 32,164 9,566 19,629 4,078 103 4,133 3,174 169.237 165,714 Sharè of support and govemancè costs Is•• not• 71 Support Governan 53.581 3.786 72,494 2,280 226.604 240,488 Analysis by fund Unrestricted funds Restricted funds 224.799 1,805 237.314 3,174 226.604 240,488 Support ¢osts allo¢ated to •¢ti¥iti¢s 2024 2023 Stsff wsts Minister, Deconess and wstting prèather Bank charges and payroll costs Depreualion of tangible fixed assets Governance costs 46.n9 202 108 6,492 3,786 42,827 215 124 29,328 2,280 57.367 74.774 Analysèd b•twe•n: Charitable activrbes 57,367 74,774 15- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support ¢o$ts allocated to activilieg Icontinuedl 2024 2023 Gov•rnane• eosts comprise: Legal and professional Indpendent examiners fees 1.392 2,394 2,280 3,786 2,280 Net movement in funds 2024 2023 Th& nel movement in fund$ is sl*ed after thaigingl{(xediling): Depreciation of ovmed tangible fixed assets 6.492 29,328 Trustees None of thè trustees lor any persons Ix)nneded wtth Iheml reeÈived any r8munérab.on or b8nèffts from thè tharity during the year. 10 Employees The average monthty number of emph)ye¢s duriThJ the yèarwas." 2024 Number 2023 Number Charitable activFbes Employment costs 2024 2023 Wages and salaries Social security costs Other pènsion costs 84,611 5,878 4,932 78,552 4.604 5,005 95,421 88,161 The key rnanagement of the charity. comprise the trustees and the (Enlre manager. The total employee benefits of the key management personnel of the charity were £31,177 (2023.. £28.4661. Thèr8 wèrè no employeès whose annual remuneratKJn was morè than £60,0(X). 11 Taxation The charty is exempt from taxation on rt5 actiwb.es because all its in￿rne is applied for chartsble purposes. 16- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Tangible fixed assets Fwhokl Pror*rty propoty Imwovemonts Plant and machln8ry Offico and other èqulpmeTrt Total Cost Al 1 September 2023 Addibons 6.150 293.507 61,170 88,781 2,315 449,608 2,315 At 31 August 2024 8.150 293.￿)7 61,170 91,096 451,923 Depreciation and impairnwnt Al 1 September 2023 Depreaath)n charged in the year 285.541 2.685 26.507 2.039 66,592 1.768 378.640 6.492 At 31 Augus12024 288.226 28.546 68,360 385,132 Carying amount At 31 August 2024 6.150 5,281 32,624 22,736 66.791 At 31 August 2023 6.150 34.663 22.189 70.968 13 Fixèd assèt investments Listed investments Cost or valuation At 1 Septernber 2023 Valuation changes 155,814 12,215 At 31 August 2024 168,029 Carying amount At 31 Avgus12024 168,029 At 31 August 2023 155.814 14 Debtors 2024 2023 Amounts lalllng due within one year. Prepayments and a￿rUed ino)me 24.194 6,473 17- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Crèditors: amounts fvlling due within one year 2024 2023 Other c￿dItorS Accruals and deferred ino)me 4,068 3,594 4.068 3.978 16 Restrt¢ted fvnd$ The reslricled funds of the charity comwise Ihe unexpended balances of donations and grants held on trust subject lo specAfic conditions by donors as to how Ihey may be used. Movement in funds Balance at Incomlng Resource5 Tran5fws 1 Sèpt•mbgr re50ur¢8s 8X￿rIde0 2023 Galns and 105585 Balance at 31 August 2024 Beque51 and benevolent fund Mission fund Sale of pioperty Brunswick dub for retired mèn 8.951 276 169) 136) 18) 14.010} 682 23 11.339 9,804 327 157.897 146.558 4.428 (418} 3.083 1.818 13.(%JO (1.805} 3.0 13,000 Listening looms fund 158.896 19.531 (2,2931 {4.0541 12.044 184,124 Pu ose of restricted funds B•quest and benovolent fund- Money recei￿1 from e5ts1e$ hlission Fund- Used a5 a separate bank ac£ount Sal• of property- Proceeds from thè Sa￿ of property sèt aside for s￿￿fiC purposes Brunswiek ¢lub ftsr retired men refre5hmen15 Funds Sel aside for a group that prowde5 fellowship. Speakers and LlstfrnSng rooms fund- Funds re￿Ived toWa￿S the refurbishment of the Listgning rooms 17 Retirement benefit schemes DefIn￿ contrlbutlon schèmos The charity operates a defined contribubon pension scheme for all qualifying employèès. Thè assèts of thè scheme are held sÈparatÈly from those of Ihe charity in an independently administered fvnd. The cknarge lo profil or loss in respect of defined contribulion schemes was £4,93212023- £5,005}. 1B- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 R•tlr•m•nt b•nèfit seheme¥ (Continued} Dèflnèd bènèfft $themes The company partiupates in thè stheme. a tnulb-employw scherne whith provides beneffts lo some 638 non- assoaat8d partiupating èmployer5. The ￿erne 15 a defined benefit scheme in the UK. It 15 not possible for the company to Obtain sufficient information to enable it to accounl for the scheme a5 a defined benefit scheme. The￿fOre (( accourts for the scheme as a defined o)ntribution scheme. The sthètne is subiert lo the funding legislation ouuined in the Pensions Act 2004 which came into force on 30 Deoember 2005. This. together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Finanaal Reporting Council. set out the framework lor funding defined benefit occupational pension sthemes in the UK. The scheme is da5sffied as a'last-man standing arrangemenf. Therefore the company is potentially liable foi other participating employers. obligatlons il those employers arè unable to meet their share of the ￿herne deficit following withdrawal frtsm the scheme. Partiripab"ng efflployers are legally required lo meet their share ofthe scheme defictt on an annuty purthase basis on withdrawal from ihe scheme. A full actuarial valuation ft>r the scheme wa5 carried out * 30 September 2020. This valuation showed assets of £800.3m. liab￿litIeS of £831.9m and a deficit of £31.6m. To eliminate this fvnding shorifall, the Trustee has asked the partiripating employer5 to pay additional o)ntritroJlions to the scheme as follows: Deficit contributions From 1 April 2022 to 31 January 2025.. £3.312,000 pèr annum (payablè monthl I Unless a concession has been agreed wrth the TfUStÈe the tetrn to 31 JanuHry 2025 applies. Note that the scheme's previous valuation was (2rried out with an effecb.ve dale of 30 September 2017. Thi5 valuation showed assets 01 £794.9m. liabiltb.es of £926_4m a deficit of £131.5m. To eliminate this funding shortfall. the Trustee asktrd the parti￿Pating employers lo pay additional contributions to the scheme as follow5." Deficit ¢ontributions From 1 April 2019 to 30 September 2025.. £11,243.0(XJ per annum (payablè monthty and increasin b 3%eath on 1slA riti The recovery plan contributions are anocaled to eath patb"upaling employer in line with their e51irnated shafe of the Sèries 1 and Series 2 scheme liabil￿e$. ere the s¢herne is in defial and where the cofflpany has agreed to a defiat funding arrangement the company recogni5es a liability for ihis obligation. The amount recognised is the net present value of the defiiit reduction contributs'ons payable under the agreement that rÈlatè5 to the deficit. The present value 1$ calculated using the discount rate dètailed in these disd05ure5. The unwinding of the discount rate is recogniseil as a finance (xjst PRESENTVALUES OF PROVISION 31 August 2024 {£sl 31 August 2023 {£sl Present walue of row5ion Key assumplions 2024 2023 Rate of discount 5.13 19- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 R&tlrnm•nt ￿n•fft schem Icontsnuedl The discount rates shown above are the equwalent single di5COUnt rates whith. when used to discount th8 future ieeovery plan ￿￿tributionS due. would give the same resutt5 as Using a full AA corporate bond yield curve lo dis¢ounl the 5arne recovery plan contn"bub"on5. The amounts induded in the balance sheet arising from the charivs obligab'ons in respect of defined benefrt plans are as follows." 2024 2023 Present value of defined benefft obligations 944 Dèficit in schèmè 944 Movernen15 in the present value of defir￿1 beneffl obligations.. 2024 Liabilities at 1 September 2023 Defiul contribution paid 978 16921 18 Unrestrlct•d funds Thè unr8skn.cted fijnds of the charty comprise the unexpende(I balances of donations and grants whi(* 818 not subject lo specthc condrtions by donor5 and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted *Jnds by the trustees fol specific purposes. Atl September 2023 Ineominy re$ources Resourees expended Transfèrs At 31 August 2024 General funds 178.037 1224.7991 4,054 161,842 Prevlous year: Atl September 2022 Incoming resou￿¢8 Rèsourtès expended Trnnsf•rs At 31 August 2023 General funds 182.269 231,459 {237,314) 1.623 178,037 20- BRUNSWICK METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Analysis of n•t assèts belwe•n lunds Unrestrlctsd funds 2024 Restsletèd funds 2024 Total 2024 At 31 Augu¥t 2024: Tangible assets Investments Current assetsllliabilitiÈ$l Prowsions and pensions 66.791 66,791 168.031 111,430 1286 168.031 16,093 95,337 12861 161.842 184,124 345.966 Unrestricted funds 2023 Restrict•d Jnds 2023 Total 2023 At 31 August 2023". Tangible assets Investments Current asselsl{liabilitiÈs) Prowsions and pensions 70.968 70,968 155,814 111,095 1944} 155.814 3.082 108,013 19441 178,037 158,896 336.933 20 Related party transaetlons There were no disdosable related party transa(aK)ns during the year (2023- none). 21