Charity registration number: 1128388 

## Mint Methodist Church 

known as 

The Mint 

Annual Report and Financial Statements 

for the Year Ended 31 August 2023 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Contents (continued)** 

|Reference and Administrative Details|2|
|---|---|
|Trustees' Report|3 to 16|
|Independent Examiner's Report|17|
|Statement of Financial Activities|18 to 19|
|Balance Sheet|20|
|Notes to the Financial Statements|21 to 37|





Mint Methodist Church
known as The Mint
Reference and Administrative Details
Mint Church Councilmembers: 21n2_23
linister.
Korean Pastor.
Rei. Stei"e Santry,}R￿. Brian Hadf*ld
Rei" Sungl Han
Chwch SteiN'ard
Chwch SteiN'ard
Chweb SteTh'ard
Church SteTh'ard
Church SteTh'ard
Sae Yeon Roh
N￿k Th'"afe
Paul Grimes
Sue Finch
Jan￿e He*h
(20 17)
(20 18)
(2019)
(2022)
(2022)
Chwch Treasurer
Chwch Council Sec
Circuit Ste￿"ard
Peter Cordery
Liz Gaiton
Paul I.￿let
(2019)
(2018)
Q022)
Elected rep I
Elected rep 2
Elected rep 3
Elected rep 4
Elected rep 5
Elected rep 6
Elected rep 7
Chtffch Cowicil appoinled..
Jean U51*r
Gecrge Hts)d
Stepl)en Laii'so
Bud 11-, etmloiir
Peter Coknall
Roger Da)
Chns Ware
(2017. 202
(2017. 2020)
(2021)
(2021)
(2003, 2021)
(2022)
(2022)
Social & Funthai%illg
,￿$510￿} and Outreach
Eco Chwch
Cotnmuniin SteTh"ards
ITOrSh￿ Cotwllati
Safeguardthg
,laureen Coleman (Chair)
Sue Cordeo" (Chair)
Sue CordeTh" (Ch￿)
.&h'son Franklin
Stephen Lea (Chair)
Kathenne Kirkman (Clw"r)
BronThEtt Lea
Stel'e Sanw (Chair)
Ian Black (Chair)
Ithe Pillxlge (Sec)
(2010)
(2019)
(2020)
(2021)
(2018)
(2021)
(2018)
Fitiatxe
ProFtrty
(2004)
(200,,
Other."
Jmmediate past set11c￿ SteTh"ard
]Mmed￿te past Circuit stet4.ard
Imtlled￿te past Church Treasurer
Step￿ll Hathlad
Barbara Pillxlge
Martth NI}"IMll
(20:
(20?0)
{2019)
Page I

## **Mint Methodist Church** 

## **known as The Mint** 

## **Reference and Administrative Details** 

**Charity Registration Number** 1128388 **Principal Office** Mint Methodist Church Fore Street Exeter Devon EX4 3AT **Bankers** HSBC 250 High Street Exeter Devon EX4 3PZ Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A 4PE **Independent Examiner** Wortham Jaques Limited Chartered Accountants and Charity Advisers 130a High Street Crediton Devon EX17 3LQ 

Page 2 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report** 

The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2023. 

## **Trustee’s Annual Report on Finance and Governance** 

## **Basis of preparation and legal framework** 

The Charity’s annual report and accounts for the year ended 31 August 2023 have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

Full Name of Charity / Church: Mint Methodist Church 

Registration Charity Number (if a Registered Charity): 1128388 

Date of registration (if registered as a Charity) : 4 March 2009: Previously exempted registration 

Main communication address: Mint Methodist Church, Fore St, Exeter EX4 3AT 

The members of the Mint Methodist Church Council are the Charity Trustees, membership being made up of church office holders, Minister and representatives appointed by the church at the Annual general Meeting. 

Full list of Church Council members and key lay employees are shown on page 1 of this report. 

Treasurer: Mr Peter Cordery 

Name of treasurer acted as the principal officer overseeing the day to day financial management and accounting for the church during the year. 

Independent examiner: Charlotte Chapman Gibbs BFP ACA 

Investment Bankers: Central Finance Board of the Methodist Church Trustees for Methodist Church purposes 

## **Mission Statement** 

The Charity objectives are contained within the Mission Statement: 

_Methodists believe that our church was raised up by God to spread Scriptural Holiness throughout the world. Accordingly, the Mint Methodist Church is committed to serving Christ, spreading the Gospel, and living out Kingdom values, in the centre of Exeter, throughout the Exeter, Coast and Country Methodist Circuit, and in the world at large._ 

## **Aims and organisation** 

The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of: 

a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church; 

b) Any charitable purpose for the time being of any Connexional, District, Circuit, local or other organisation of The Methodist Church; 

Page 3 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church; 

d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to The Methodist Church 

The Mint Methodist church is committed to serving Christ, spreading the Gospel and living out Kingdom values in the centre of Exeter, throughout the Exeter, Coast and Country Methodist Circuit and in the world at large. It strives to be a place of welcome and discipleship for all and to be Alive with Christ in the Community 

The main aims and objectives of the church are: 

## • **Worship** 

Worshiping God throughout the week through acts of worship and prayer which are open to members and no members alike. 

## • **Learning and caring** 

The teaching of Christianity through sermons, courses and small groups. 

Provision of pastoral work through building up relationships, visiting and supporting those who are sick or bereaved. 

## • **Service** 

Hosting and supporting local and international charities in the promotion of wellbeing for all. 

## • **Evangelism** 

Promotion of Christianity through the staging of events and services and coming alongside people. 

## **Public Benefit** 

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

## **Structure, Governance and Management** 

The governing document for the church is the Deed of Union (1932) and Methodist Church Act (1976) 

Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD). 

Day to day management of the church is undertaken by the Church Council and the Minister. The Church Council are the Charity Trustees and its membership comprises church office holders, the Minister and representatives appointed by the church at the Annual General Meeting. 

## **Trustee Training** 

A range of guidance produced by Methodist Connexion to support the effective running of the church and the role of Trustees is given to the Church Trustees at various meetings and / or training sessions. 

Page 4 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

## **Related Parties** 

The Church is part of the Exeter Coast and Country Circuit which is part of the Plymouth and Exeter District and is also accountable to the Methodist Conference. 

The internal organisations linked to this church are MiniMints, Flower Fund, Tuesday Fellowship and Interfaith Group. 

## **Risk Management** 

The Mint is generally risk averse. The major risks have been identified and recorded by the Trustees with professional advice taken as required. There is a regular annual review process undertaken and recorded. In addition, a risk assessment is carried out for any new ventures. 

Income and Expenditure is being monitored in total and is compared with the anticipated annual budget on a half yearly basis to detect trends as part of the risk management process to avoid unforeseen calls on reserves. 

## **Safeguarding** 

Every person has a value and dignity which comes directly from the creation of male and female in God’s own image and likeness. Christians see this potential as fulfilled by God’s re-creation of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore to protect them from harm. 

Methodist Connexional practice outlines commitment to the following principles: 

• the care and nurture of, and respectful pastoral ministry with, all children, young people and adults 

• the safeguarding and protection of all children, young people and adults when they are vulnerable 

• the establishing of safe, caring communities which provide a loving environment where there is informed vigilance as to the dangers of abuse. 

• We will carefully select and train all those with any responsibility within the Church, in line with Safer Recruitment principles, including the use of criminal records disclosures and registration with the relevant vetting and barring schemes. 

• We will respond without delay to every complaint made which suggests that an adult, child or young person may have been harmed, cooperating with the police and local authority in any investigation. 

• We will seek to work with anyone who has suffered abuse, developing with them an appropriate ministry of informed pastoral care. 

• We will seek to challenge any abuse of power, especially by anyone in a position of trust. 

• We will seek to offer pastoral care and support, including supervision and referral to the proper authorities, to any member of our church community known to have offended against a child, young person or vulnerable adult. 

• In all these principles we will follow legislation, guidance and recognised good practice 

The Mint Methodist Church commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the circuit and in the churches. 

Page 5 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

The Mint Methodist Church commits itself to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable. 

## **Reserves Policy** 

The Reserves Policy for the Church is to aim to hold a minimum sum equivalent to six months’ average expenditure. This should be sufficient to meet any unforeseen item of major expenditure on the church building and / or to be able to continue, in the short term, funding planned activities in the event of any inability to raise the full expenses including the assessment payable to the Circuit. 

## **Review of the year** 

The Annual Report presented to the Annual Church Meeting (November 2023) is appended. 

## **Income trends** 

Church income is primarily drawn from the Sunday collections, Gift aid tax credit, lettings income paid by external users of the building and donations made to the Church during the year and on the Annual Gift Day. 

The rental income relates to the hire of the church rooms to various groups in the community. 

## **Expenditure trends** 

The major cost is in relation to the assessment share offer paid to the Exeter Coast and Country Circuit. This amounts to 35 % of our total cost. The agreed contribution to the Circuit assessment for 2022-23 was £75,000. 

A significant amount of the Circuit assessment is used to pay the District Assessment, stipends and related costs to Ministers. 

The other significant expenditure includes salaries for reception staff and related costs of opening, property maintenance, utility charges etc. 

## **Fund balances** 

As at 31 August 2023 the net current assets of the Church were £104,519, which included a grant of £54,300 for agreed imminent boiler replacement. So the balance gives just short of six months' cover for unrestricted expenditure. 

## **Plans for 2023-24** 

Church financial plans for the coming year had been prepared on the basis that the Mint would aim to maintain funds as far as possible in this difficult financial period of vastly increased fuel bills and high level of inflation. This will be complemented by a targeted Gift Day. The Mint will seek to continue giving to external causes over the next few years, reflected both in fundraising and through free or subsidised lettings. 

Page 6 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

## **Annual Report November 2023 Connexional Year 2022-23** 

The Mint Methodist Church, based in Exeter and known as The Mint, is a community that strives to deepen our faith by praying and worshipping together whilst caring for those around us. We strive to practise hospitality and generosity whilst reaching out to others in our community and beyond. 

This report from the Trustees of The Mint to the Charity Commission hopes to provide a glimpse of how we are working towards our goals in a faith-based, fiscally prudent way. 

## **SECTION 1** 

## **Worship at The Mint** 

Worship is the core of the life of any church. As members of the Mint congregation, we worship throughout the week, in prayer groups, fellowship groups, study groups and as individuals: but on Sundays at 10.30am we come together to worship. We are home to both an English-speaking and a Korean-speaking Sunday morning congregation, worshipping in our separate languages on some Sundays, and together on others – especially for our morning Communion services. We also welcome worshippers who join us virtually, through the streaming systems we set up during the lockdowns of 2020-21; and once a month we have a quieter, more reflective, Communion service at 6.30 in the evening. The lockdowns forced us to change the way we share Communion, and that has revealed deeply held and widely varying views within the congregation about how Communion should be conducted; we are still working to find a pattern that is comfortable for everyone. During the summer of 2023, improvements were made to the physical layout and the lighting at the front of the main worship area, and these should facilitate gathering at the front of the church for Communion when we wish to do that. 

The past Connexional year saw a change of pastoral charge at the Mint, with Rev Steve Santry moving to Sidmouth and Rev Brian Hadfield joining us. We have been glad to welcome Brian and are grateful for all he does for us, but unlike any previous Mint minister, he has three other churches in his charge. So we have been seeking to strengthen continuity in the leading of worship by asking supernumerary ministers and local preachers who are members of our own congregation to take more services at the Mint than usual. In addition, we have continued with the system of worship co-ordinators that developed during lockdown, so that at least part of every morning service is led by one of our own members. We have also welcomed Nancy Day as a recognised Worship Leader. Visiting preachers during the year included Rev Rob Blackhall, once a student member at the Mint; Rev Dr Christine Dutton, from Queen’s College Birmingham; Professor Simon Keyes, from the University of Winchester and Rev Martin Poolman from St James’s church for the Pulpit Exchange in the Week of Prayer for Christian Unity. We were pleased to welcome a group from a Korean church in Kaiserslautern, Germany, in April, and also, though neither is exactly a visitor, our Chair of District, Rev Dan Haylett, to preach during May, and Stephen Lawson to lead our Church Anniversary service. Rev Simon Taylor, the joint free church chaplain to the University of Exeter, continues to preach at the Mint once a term. Preaching themes this year included a mini-series covering Prisons and Freedom Sundays in the autumn, and a longer series on aspects of Worship in the Sundays leading up to Lent – both of which were well received. For the first time for many years, we celebrated Sea Sunday in July, with a service led by Brian and featuring an introduction to the Queen Victoria’s Seamen’s Rest, which has become our charity of the year for 2024. 

Page 7 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

We are grateful for all who make Sunday worship at the Mint possible: our Church, Communion and Door Stewards, our preachers and co-ordinators, our musicians, our audio-visual and streaming team, the flower team, those who provide drinks in the Welcome area and convene the Zoom coffee session after the morning service; and many others, including especially those who simply turn up and create the worshipping congregation. New volunteers are always needed for all those roles, with a special need at the moment for more Communion stewards and people willing to help serve at Communion services. Much of this activity is organised through the Worship Consultation Group, chaired by Stephen Lea with Bronwen Lea as secretary. They are always happy to receive any suggestions or concerns about the Mint’s worship, and to ensure that they are carefully considered. After each of its meetings, the group reports formally to the Church Council, and to the whole congregation through Forward. 

The Mint Young Church covers a wide range of ages, from 4-16. Young Church meet primarily on Sunday mornings during the regular Mint services, leaving for their own sessions part way through, where they play games, discuss bible stories and do crafts. In addition, they also have a number of events throughout the year including a 3generate sleepover, picnics, forest church, advent & easter craft afternoons and involvement in the Fore Street Flea Markets and Craft Events. The Young Church also plays a prominent role in the annual Mint Camp. 

Over the past year, the Mint Teen Group has formed. The group meets on the second Sunday of each month during the service (at the same time as Young Church) to discuss topical issues of relevance to young people today from a Christian perspective. In addition to Sunday meetings, they also get together on one Saturday each month for a social meetup. Activities have included iBounce trampoline park, an escape room, pizza making, films and crazy golf. Teens are welcome to bring a friend along and we welcome teens from other circuit and city centre churches. 

Our vision is that the Mint will continue to offer worship that varies in style but is always vibrant; that relishes our traditions but is open to experiment; that is inspirationally led but allows everyone to be involved; that expresses our openness and welcome to everyone and enables them to encounter God through Jesus; and that above all seeks to bring our best to God. 

Page 8 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

## **SECTION 2** 

## **Management at The Mint** 

The management of the Mint can be divided into a few areas: leadership bodies, day to day management activities, community care and finance. 

The key decision making body in the Methodist Church is the Church Council, the members of whom are the managing trustees of the charity. The Church Council meets 4 times a year with focus alternating between the core mission of life of the church and community outreach, and the vital finance and property activities that enable and support this mission. Except for a very limited amount of restricted business, members of the congregation may attend Church Council meetings as observers, but twice a year we have meetings intended for the whole congregation, to update the broader church community and hold discussions and consultation as appropriate. For example, in the past year one such meeting discussed the church's use of energy and investment to reduce environmental impact, with discussion focusing on finding the balance between mission activities as a community, environmental responsibility and financial sustainability. 

The Church Council is a large body, and so a smaller group, the Mint Leadership team, supports its work in directing discussion and resolutions, reviewing current trajectory towards our goals and future strategy. Key focus areas, arising out of a wide ranging consultation exercise, known as Five Years Forward, include growing discipleship, understanding and meeting the needs of our community and improving internal and external communication. One challenging area of leadership over the past year has been a sooner than expected transition between ministers, with the necessity for another circuit minister to take pastoral charge of the Mint for a short period as a longer term appointment (typically 5-10 years in the Methodist church) was not immediately possible due to the general shortage of ordained Methodist Ministers. 

Management of the day to day functions of the church and leadership of specific areas is generally delegated to committees, such as finance, property, worship consultation etc, as well as paid staff. We are fortunate at the Mint to be able to draw on a deep pool of expertise and knowledge which keeps the organisation running smoothly. The property team in particular has been leading a substantial amount of work addressing maintenance issues in our ageing and complicated group of buildings. One group, the eco-church, is more cross cutting, aiming to raise the profile of environmental issues in all areas of church life, with a particular focus on working with the property committee to reduce the environmental impact of day to day activities. An example of this is exploring greener ways to heat and provide power through heat pumps and solar panels, which due to the high cost is a long term project. The property committee have also been updating general ongoing maintenance procedures to reduce the burden on a smaller group of volunteers. 

The Mint has several paid staff who primarily support the functioning and missional goals of our status as a city centre community hub for which room booking by a variety of groups are an important component for both mission and church finances. Staff include a Church Centre Facilitator and a Bookings Manager. They provide welcome and support, and build deeper connections with those who use our building than a typical renter relationship towards building a true community. Our paid staff are managed through the employment committee who handle line management and other employment issues. 

Page 9 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

The third area of management is the groups that look after the well being of members and the broader Mint Community. In smaller churches, the minister is typically responsible for the majority of pastoral ministry, but in a large church like the Mint, this is not possible. The Mint has a highly effective system of pastoral coordinators and visitors who keep aware of the pastoral needs of all members, providing support with the Minister in times of special need or difficulty, such as bereavement or illness. Additionally the health and safety group ensures the safety of all those using our premises. Protecting young people and vulnerable people is especially important to the church and the safeguarding group promotes and ensures laws are complied with, and good practices set out by the Methodist church in keeping with our Christian values are followed across all groups and activities. 

Careful and considered management of Mint finances is of prime importance for the management of Mint activities. Please note that the following report from the Mint’s Treasurer is based on pre-audited accounts. Audited accounts can be found later in this report. 

Mint cash balances at 31 August 2023 are £105282.41 compared with £66814.50 at 31 August 2022 but this includes a grant of £54,300 from the circuit for the replacement of the Mint’s boilers in autumn 2023. 

2022-23 has been a demanding year due to the economic climate causing vastly increased energy bills and other inflationary expenses including staffing costs. As well as this, we started contracting out most of our building maintenance work from January. The Mint’s circuit share increased by £9000 for 2022-23 but this will reduce by about 10% in this coming year. Our balances (excluding the circuit grant) are over £15,000 lower than 12 months ago (back to the level in 2019) meaning that we only have three months of reserves compared to the recommended 6 months. This situation is closely monitored. 

2023-24 will continue to be demanding in the current economic situation and there are planned major property expenses coming up. However, our lettings income is strong and giving has increased substantially. 

The summary balance sheet below includes the previous financial year for comparison. It needs to be borne in mind that 2021-22 was still somewhat affected by the covid pandemic. 

Page 10 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 


The year-end cash balance is £105,012.18 in the HSBC general account and £270.23 in the CFB account. 

Below is some extra detail of income and expenditure. Five-year comparisons have been included as the middle three years were all affected by the lockdowns and return to normality. 

Page 11 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

## **Income** 

## **Income from collections and donations.** 

It is very encouraging to see the increase in giving especially at this demanding time for all. 


## **Gift Day** 

The Gift-Day appeal 2022-23 was for energy improvement measures. Thank you to everyone who has contributed to the Gift Day total which, although about 10% lower than 2022, is still a good total. It is important to consider this alongside general giving as individual decision between regular and special giving varies. All the figures above are exclusive of gift aid. This year’s figure will be boosted by more than £4,000. 


## **Room lettings income** 

Lettings in recent years were heavily affected by covid (as the table below shows) but it is worth noting that this year’s total is more than 30% more than pre-covid year (2018-19) and, even adjusting for inflation, is still substantial increase. These excellent figures are in no small part down to the Mint’s hard working and supportive staff. 


## **Utilities** 

Even ignoring the covid years, it is clear that utilities expenses have risen substantially (our gas tariff increased three and half times in the summer of 2022). The Mint’s current electricity contract is due for renewal in March 2024 


Page 12 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

## **Repairs and Maintenance** 

The figures below are for repairs and maintenance so do not include the replacement of kitchen equipment and the front of church improvements - both part of our gift day appeal 2022. The work undertaken by AJ Property Services (our new maintenance contractor) came to £4,788.00. This included re-decoration of three rooms. 


## **Salaries** 

Salary costs include pension and national insurance payments, but the table below only covers those on our payroll and does not include self-employed and contract work such as our other cleaner, IT support and organists. 


## **Agreed payments 2022-23** 

Church Council has agreed the following payments: 

- Exeter City Centre Chaplaincy £500 

- St Petrock’s £500 

## **External fundraising** 

The Mint congregation has continued its pattern of incredibly generous giving to external causes. Our Charity of the Year for 2022 was Westbank and now Medecins Sans Frontieres for 2023. The table below shows the amount given mostly through our accounts. There have been additional contributions directly to charities including donations to the local Afghan group. The figures in the following table include gift aid claimed in April (so more gift aid to come in the October claim). 

Page 13 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 


It is also worth noting that the church substantially supports several groups who use our premises with reduced or waived rent. 

## **SECTION 3** 

## **Fellowship at The Mint** 

Opportunities at the Mint to build fellowship are numerous and include _inter alia_ : 

- House Groups 

- Prayer groups 

- Choir 

- Orchestra 

- Bible Study groups 

- Quizzes 

- Tuesday Fellowship 

- Walking Groups 

- Annual Pantomime 

Page 14 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

## **SECTION 4** 

## **Outreach at The Mint** 

Inevitably it’s not always easy to determine when and if activities promoting fellowship are distinct from those that might be termed ‘outreach’. In addition to those groups previously mentioned the Mint offers other opportunities to those who are not necessarily regular church members. Mint members strive to see the work of the church not just provided on a Sunday but throughout the week. We seek to be a welcoming environment living up to our mission of being ‘Alive with Christ in the Community’. Church members work alongside facilitators and administrators to run groups of interest to a cross-section of people. These include Family Café, Handcrafts, ALaN Club, IT Drop-in, Church Mice, Mini-Mints as well as providing space for Brownies, Exeter U3A and Exeter Forum to meet. Conversation and time given so generously by all those involved means that such groups offer valuable and valued opportunities for community and pastoral work. We hope that in the future we can continue to witness Christ’s love and care and look at more ways of resonating with people. 

We have also begun to keep closer contact with some of the charities that meet on our premises but are not run by us (Foodbank and FoodCycle) as well as supporting St Petrocks, Gabriel House and ECCC and also have links with Exeter Prison. We maintain prayer links too. 

During 2022-23 several Mint members provided support for a group of Afghan refugees offering them the chance to socialise and improve their English. Many participants have now been offered more permanent accommodation and helped in this transition with donated household items. 

We have continued to ensure that there is information about the various causes we support such as Action for Children, MHA, Christian Aid and our Charity of the Year. During 2022 we supported Westbank at Exminster, throughout 2023 we are supporting MSF and in 2024 we will support the Queen Victoria Seaman’s Rest. 

Close links with CTAX (Christians together across Exeter) means that the Mint is involved in ecumenical events and services across the city. 

The Mint supports and works closely with a Korean pastor charged with the responsibility of leading worship and pastoral support of a Korean community in Exeter. During 2022-23 this group comprised between 35 and 40 adults and children. We worship as one community and the Korean group also meet for their own worship, discussions and sharing of their faith. 

Page 15 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Trustees' Report (continued)** 

## **Statement of Trustees' Responsibilities** 

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

The annual report was approved by the trustees of the charity on 20 March 2024 and signed on its behalf by: 

......................................... Peter Cordery Trustee 

Page 16 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Independent Examiner's Report to the trustees of Mint Methodist Church** 

I report to the trustees on my examination of the accounts of Mint Methodist Church for the year ended 31 August 2023. 

## **Responsibilities and basis of report** 

As the charity trustees of Mint Methodist Church you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the Mint Methodist Church's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner’s statement** 

Since Mint Methodist Church's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chatered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of Mint Methodist Church as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

...................................... Charlotte Chapman Gibbs BFP FCA Wortham Jaques Limited Chartered Accountants and Charity Advisers 

130a High Street Crediton Devon EX17 3LQ 

21 March 2024 

Page 17 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Statement of Financial Activities for the Year Ended 31 August 2023** 

|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Other trading activities<br>3<br>Investment income<br>4<br>Total income<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>6<br>Total expenditure<br>Gains/losses on investment<br>assets<br>Net (expenditure)/income<br>Gross transfers between funds<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>21|**Unrestricted**<br>**funds**<br>**£**<br>116,020<br>76,479<br>284<br>192,783<br>(956)<br>(210,732)<br>(211,688)<br>-<br>(18,905)<br>(14,139)<br>(33,044)<br>1,510,927<br>1,477,883|**Restricted**<br>**funds**<br>**£**<br>91,075<br>-<br>-<br>91,075<br>-<br>(37,982)<br>(37,982)<br>-<br>53,093<br>14,139<br>67,232<br>22,641<br>89,873|**Endowment**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>(8)<br>-<br>(8)<br>61<br>53<br>-<br>53<br>2,772<br>2,825|**Total**<br>**2023**<br>**£**<br>207,095<br>76,479<br>284|
|---|---|---|---|---|
|||||283,858|
|||||(964)<br>(248,714)|
|||||(249,678)<br>61|
|||||34,241<br>-|
|||||34,241<br>1,536,340|
|||||1,570,581|



The notes on pages 21 to 37 form an integral part of these financial statements. Page 18 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Statement of Financial Activities for the Year Ended 31 August 2023 (continued)** 

|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Other trading activities<br>3<br>Investment income<br>4<br>Total income<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>6<br>Total expenditure<br>5<br>Gains/losses on investment<br>assets<br>Net (expenditure)/income<br>Gross transfers between funds<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>21|**Unrestricted**<br>**funds**<br>**£**<br>110,458<br>58,269<br>107<br>168,834<br>(1,672)<br>(186,934)<br>(188,606)<br>-<br>(19,772)<br>(11,621)<br>(31,393)<br>1,542,321<br>1,510,928|**Restricted**<br>**funds**<br>**£**<br>32,656<br>-<br>-<br>32,656<br>-<br>(28,110)<br>(28,110)<br>-<br>4,546<br>11,621<br>16,167<br>6,473<br>22,640|**Endowment**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>(9)<br>-<br>(9)<br>(336)<br>(345)<br>-<br>(345)<br>3,117<br>2,772|**Total**<br>**2022**<br>**£**<br>143,114<br>58,269<br>107|
|---|---|---|---|---|
|||||201,490|
|||||(1,681)<br>(215,044)|
|||||(216,725)<br>(336)|
|||||(15,571)<br>-|
|||||(15,571)<br>1,551,911|
|||||1,536,340|



All of the charity's activities derive from continuing operations during the above two periods. 

The notes on pages 21 to 37 form an integral part of these financial statements. Page 19 



## **Mint Methodist Church** 

## **known as The Mint** 

## **(Registration number: 1128388) Balance Sheet as at 31 August 2023** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>15<br>Investments<br>16<br>**Current assets**<br>Stocks<br>17<br>Cash at bank and in hand<br>18<br>**Creditors: Amounts falling due within one year**<br>19<br>**Net current assets**<br>**Net assets**<br>**Funds of the charity:**<br>**Endowment funds**<br>**Restricted income funds**<br>Restricted funds<br>**Unrestricted income funds**<br>Unrestricted funds<br>Revaluation reserve<br>Total unrestricted funds<br>**Total funds**<br>21|**2023**<br>**£**<br>1,464,463<br>2,856<br>1,467,319<br>564<br>106,109<br>106,673<br>(3,411)<br>103,262<br>1,570,581<br>2,825<br>89,873<br>1,374,952<br>102,931<br>1,477,883<br>1,570,581|**2022**<br>**£**<br>1,468,545<br>2,795|
|---|---|---|
|||1,471,340|
|||558<br>66,537|
|||67,095<br>(2,095)|
|||65,000|
|||1,536,340|
|||2,772|
|||22,640<br>1,406,144<br>104,784|
|||1,510,928|
|||1,536,340|



The financial statements on pages 18 to 37 were approved by the trustees, and authorised for issue on 20 March 2024 and signed on their behalf by: 

......................................... Peter Cordery Trustee 

The notes on pages 21 to 37 form an integral part of these financial statements. Page 20 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **1 Accounting policies** 

## **Statement of compliance** 

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

## **Basis of preparation** 

Mint Methodist Church meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. 

## **Income and endowments** 

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. 

## _**Donations and legacies**_ 

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. 

## _**Grants receivable**_ 

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. 

## _**Investment income**_ 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. 

Page 21 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## _**Raising funds**_ 

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. 

## _**Charitable activities**_ 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

## _**Grant provisions**_ 

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. 

## **Governance costs** 

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. 

## **Government grants** 

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. 

## **Taxation** 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **Tangible fixed assets** 

Individual fixed assets costing £250.00 or more are initially recorded at cost. 

## **Depreciation and amortisation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

Page 22 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **Fixed asset investments** 

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. 

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. 

## **Stock** 

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. 

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 

## **Pensions and other post retirement obligations** 

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. 

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. 

## **Financial instruments** 

## _**Classification**_ 

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. 

Page 23 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## _**Recognition and measurement**_ 

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. 

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 

## _**Investments**_ 

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. 

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 

## _**Fair value measurement**_ 

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 

Page 24 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **2 Income from donations and legacies** 

|Donations and legacies;<br>Donations from individuals<br>Gift aid reclaimed<br>Grants, including capital grants;<br>Grants from other charities<br>**Total for 2023**<br>**Total for 2022**|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>95,465<br>20,555<br>-<br>116,020<br>110,458|**Restricted**<br>**funds**<br>**£**<br>31,775<br>5,000<br>54,300<br>91,075<br>32,656|**Total**<br>**funds**<br>**£**<br>127,240<br>25,555<br>54,300|
|---|---|---|---|
||||207,095|
||||143,114|



## **3 Income from other trading activities** 

|Trading income;<br>Sales of goods and services<br>Property rental income<br>**Total for 2023**<br>**Total for 2022**<br>**4**<br>**Investment income**<br>Income from dividends;<br>Dividends receivable from other listed investments<br>Interest receivable and similar income;<br>Interest receivable on bank deposits<br>**Total for 2023**<br>**Total for 2022**|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>1,289<br>75,190<br>76,479<br>58,269<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>73<br>211<br>284<br>107|**Total**<br>**funds**<br>**£**<br>1,289<br>75,190|
|---|---|---|
|||76,479|
|||58,269|
|||**Total**<br>**funds**<br>**£**<br>73<br>211|
|||284|
|||107|



Page 25 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **5 Expenditure on raising funds** 

## **a) Costs of trading activities** 

|**Note**<br>Fundraising trading costs;<br>Fundraising<br>**Total for 2023**<br>**Total for 2022**<br>**b) Investment management costs**<br>**Note**<br>Other investment management costs;<br>Amounts payable to investment managers<br>**Total for 2023**<br>**Total for 2022**<br>Costs of trading activities<br>Investment management costs<br>**Total for 2023**<br>**Total for 2022**|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>956<br>956<br>1,672<br>**Endowment**<br>**funds**<br>**Permanent**<br>**£**<br>8<br>8<br>9<br>**Direct costs**<br>**£**<br>956<br>8<br>964<br>1,681|**Total**<br>**funds**<br>**£**<br>956|
|---|---|---|
|||956|
|||1,672|
|||**Total**<br>**funds**<br>**£**<br>8|
|||8|
|||9|
|||**Total**<br>**costs**<br>**£**<br>956<br>8|
|||964|
|||1,681|



Page 26 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **6 Expenditure on charitable activities** 

|**Note**<br>Ministry<br>Depreciation, amortisation and other<br>similar costs<br>Grant funding of activities<br>9<br>Staff costs<br>12<br>Governance costs<br>7<br>**Total for 2023**<br>**Total for 2022**<br>Ministry<br>Grant funding of activities<br>**Total for 2023**<br>**Total for 2022**|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>146,171<br>4,082<br>1,141<br>57,184<br>2,154<br>210,732<br>186,934<br>**Activity**<br>**undertaken**<br>**directly**<br>**£**<br>235,723<br>-<br>235,723<br>206,620|**Restricted**<br>**funds**<br>**£**<br>37,982<br>-<br>-<br>-<br>-<br>37,982<br>28,110<br>**Grant funding**<br>**of activity**<br>**£**<br>-<br>10,837<br>10,837<br>8,424|**Total**<br>**funds**<br>**£**<br>184,153<br>4,082<br>1,141<br>57,184<br>2,154|
|---|---|---|---|
||||248,714|
||||215,044|
||||**Total**<br>**expenditure**<br>**£**<br>235,723<br>10,837|
||||246,560|
||||215,044|



## **7 Analysis of governance and support costs** 

## **Governance costs** 

|Independent examiner fees<br>Examination of the financial statements<br>**Total for 2023**<br>**Total for 2022**|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>2,154<br>2,154<br>2,091|**Total**<br>**funds**<br>**£**<br>2,154|
|---|---|---|
|||2,154|
|||2,091|



Page 27 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **8 Government grants** 

Coronavirus Job Retention Scheme 

The amount of grants recognised in the financial statements was £- (2022 - £1,791). 

## **9 Grant-making** 

## **Analysis of grants** 

The support costs associated with grant-making are £Nil (31 August 2022 - £Nil). 

Below are details of material grants made to institutions. 

|**Name of institution**<br>**Activity**<br>St Petrock's (Exeter)<br>Grant funding of activities<br>Hospiscare<br>Grant funding of activities<br>Eco Church<br>Grant funding of activities<br>Collections paid over<br>Grant funding of activities<br>Cliff College<br>Grant funding of activities<br>Exeter City Chaplains<br>Grant funding of activities|**2023**<br>**£**<br>500<br>-<br>-<br>9,837<br>-<br>500<br>10,837|**2022**<br>**£**<br>500<br>300<br>114<br>6,860<br>150<br>500|
|---|---|---|
|||8,424|



## **10 Net incoming/outgoing resources** 

Net incoming/(outgoing) resources for the year include: 

|Other non-audit services<br>Depreciation of fixed assets|**2023**<br>**£**<br>2,154<br>4,082|**2022**<br>**£**<br>2,091<br>4,096|
|---|---|---|



## **11 Trustees remuneration and expenses** 

During the year the charity made the following transactions with trustees: 

## **Christine Ware** 

Christine Ware received remuneration of £12,830 (2022: £Nil) during the year. 

Renumeration relates to employment not related to duties as a trustee. 

As allowed by the charity's governing document. 

No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 

Page 28 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **12 Staff costs** 

The aggregate payroll costs were as follows: 

|The aggregate payroll costs were as follows:|||
|---|---|---|
|**Staff costs during the year were:**<br>Wages and salaries<br>Social security costs<br>Pension costs<br>Other staff costs|**2023**<br>**£**<br>52,620<br>2,602<br>1,365<br>597<br>57,184|**2022**<br>**£**<br>49,850<br>1,986<br>1,308<br>-|
|||53,144|



The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 

|Charitable activities<br>No employee received emoluments of more than £60,000 during the year<br>**13 Independent examiner's remuneration**<br>Examination of the financial statements|**2023**<br>**No**<br>3<br>**2023**<br>**£**<br>2,154|**2022**<br>**No**<br>3|
|---|---|---|
|||**2022**<br>**£**<br>2,091|



Page 29 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **14 Taxation** 

The charity is a registered charity and is therefore exempt from taxation. 

## **15 Tangible fixed assets** 

|**Cost**<br>At 1 September 2022<br>At 31 August 2023<br>**Depreciation**<br>At 1 September 2022<br>Charge for the year<br>At 31 August 2023<br>**Net book value**<br>At 31 August 2023<br>At 31 August 2022<br>**16 Fixed asset investments**<br>Other investments|**Land and**<br>**buildings**<br>**£**<br>1,500,000||**Furniture and**<br>**equipment**<br>**£**<br>4,500<br>4,500<br>3,955<br>82<br>4,037<br>463<br>545<br>**2023**<br>**£**<br>2,856|**Total**<br>**£**<br>1,504,500<br>1,504,500<br>35,955<br>4,082<br>40,037<br>1,464,463<br>1,468,545<br>**2022**<br>**£**<br>2,795|
|---|---|---|---|---|
||1,500,000||4,500||
||32,000<br>4,000||3,955<br>82||
||36,000||4,037||
||1,464,000||463||
||1,468,000||545||
||||**2023**<br>**£**<br>2,856||



Page 30 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **Other investments** 

|**Cost or Valuation**<br>At 1 September 2022<br>Revaluation<br>At 31 August 2023<br>**Net book value**<br>At 31 August 2023<br>At 31 August 2022<br>**17 Stock**<br>Stocks<br>**18 Cash and cash equivalents**<br>Cash on hand<br>Cash at bank<br>**19 Creditors: amounts falling due within one year**<br>Other taxation and social security<br>Other creditors<br>Accruals||**Listed**<br>**investments**<br>**£**<br>2,795<br>61||**Total**<br>**£**<br>2,795<br>61<br>2,856<br>2,856<br>2,795<br>**2022**<br>**£**<br>558|
|---|---|---|---|---|
|||2,856|||
|||2,856|||
|||2,795|||
|||**2023**<br>**£**<br>564<br>**2023**<br>**£**<br>16<br>106,093<br>106,109<br>**2023**<br>**£**<br>1,040<br>217<br>2,154<br>3,411|||
|||||**2022**<br>**£**<br>16<br>66,521|
|||||66,537|
|||||**2022**<br>**£**<br>-<br>-<br>2,095|
|||||2,095|



## **20 Pension and other schemes Defined contribution pension scheme** 

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £1,365 (2022 - £1,308). 

Page 31 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

## **21 Funds** 

|**Unrestricted funds**<br>**_General_**<br>General Funds<br>**_Designated_**<br>Fixed asset reserve<br>**Total unrestricted funds**<br>**Restricted funds**<br>Belevolence Fund<br>Property Development Fund<br>Exeter Interfaith Group<br>Midnight Mint<br>Internal Organisations<br>Replacement boiler<br>External Organisations<br>Korean Minstry<br>Small grants under £5,000|**Balance at 1**<br>**September**<br>**2022**<br>**£**<br>1,042,382<br>468,545<br>1,510,927<br>1,702<br>15,358<br>84<br>66<br>485<br>-<br>545<br>-<br>4,401<br>22,641|**Incoming**<br>**resources**<br>**£**<br>192,783<br>-<br>192,783<br>-<br>23,250<br>-<br>-<br>-<br>54,300<br>10,945<br>1,994<br>586<br>91,075<br>Page 32|**Resources**<br>**expended**<br>**£**<br>(211,688)<br>-<br>(211,688)<br>-<br>(12,153)<br>-<br>-<br>-<br>-<br>(9,696)<br>(16,133)<br>-<br>(37,982)|**Transfers**<br>**£**<br>(10,057)<br>(4,082)<br>(14,139)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>14,139<br>-<br>14,139|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Balance at 31**<br>**August 2023**<br>**£**<br>1,013,420<br>464,463|
|---|---|---|---|---|---|---|
|||||||1,477,883|
|||||||1,702<br>26,455<br>84<br>66<br>485<br>54,300<br>1,794<br>-<br>4,987|
|||||||89,873|





## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

|**Endowment funds**<br>**_Permanent_**<br>Permanent endowment<br>**Total funds**|**Balance at 1**<br>**September**<br>**2022**<br>**£**<br>2,772<br>1,536,340|**Incoming**<br>**resources**<br>**£**<br>-<br>283,858|**Resources**<br>**expended**<br>**£**<br>(8)<br>(249,678)|**Transfers**<br>**£**<br>-<br>-|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>61<br>61|**Balance at 31**<br>**August 2023**<br>**£**<br>2,825|
|---|---|---|---|---|---|---|
|||||||1,570,581|



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## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

|**Unrestricted funds**<br>**_General_**<br>General Funds<br>**_Designated_**<br>Fixed asset reserve<br>**Total unrestricted funds**<br>**Restricted funds**<br>Belevolence Fund<br>Property Development Fund<br>Exeter Interfaith Group<br>Midnight Mint<br>Internal Organisations<br>External Organisations<br>Korean Minstry<br>Small grants under £5,000|**Balance at 1**<br>**September**<br>**2021**<br>**£**<br>1,069,681<br>472,640<br>1,542,321<br>1,702<br>-<br>84<br>66<br>485<br>119<br>-<br>4,017<br>6,473|**Incoming**<br>**resources**<br>**£**<br>168,834<br>-<br>168,834<br>-<br>20,100<br>-<br>-<br>-<br>7,286<br>4,887<br>383<br>32,656|**Resources**<br>**expended**<br>**£**<br>(188,606)<br>-<br>(188,606)<br>-<br>(4,742)<br>-<br>-<br>-<br>(6,860)<br>(16,508)<br>-<br>(28,110)|**Transfers**<br>**£**<br>(7,526)<br>(4,095)<br>(11,621)<br>-<br>-<br>-<br>-<br>-<br>-<br>11,621<br>-<br>11,621|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Balance at 31**<br>**August 2022**<br>**£**<br>1,042,383<br>468,545|
|---|---|---|---|---|---|---|
|||||||1,510,928|
|||||||1,702<br>15,358<br>84<br>66<br>485<br>545<br>-<br>4,400|
|||||||22,640|



**Endowment funds** 

Page 34 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

|**_Permanent_**<br>Permanent endowment<br>**Total funds**|**Balance at 1**<br>**September**<br>**2021**<br>**£**<br>3,117<br>1,551,911|**Incoming**<br>**resources**<br>**£**<br>-<br>201,490|**Resources**<br>**expended**<br>**£**<br>(9)<br>(216,725)|**Transfers**<br>**£**<br>-<br>-|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>(336)<br>(336)|**Balance at 31**<br>**August 2022**<br>**£**<br>2,772|
|---|---|---|---|---|---|---|
|||||||1,536,340|



Page 35 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

The specific purposes for which the funds are to be applied are as follows: 

Designated funds 

The fixed asset fund is not part of the charity's free reserves and was set up to absorb future depreciation on freehold property and other assets. 

Restricted funds 

Property development fund: Funds raised to help cover the costs of continuing maintenance and development of the church property. 

Benevolence fund: To help alleviate hardship in the community and congregation. This fund is spent at the discretion of the Minister. 

Exeter Interfaith Group: Funds reaised to help meet the costs associated with meetings of this group. 

Midnight Mint: Funds raised to help meet the costs of opening the Church as a safe place for young people out in Exeter late on Friday nights. 

Internal organisations: Funds raised by various groups within the church for specific purposes incuding the provision of flowers, the Women's Fellowship, World Mission, the Young Church, the Lunch Club and so on. 

External organisations: the balance on this fund represents amounts collected for other organisations but not remitted to those organisations by the end of the year. 

Korean ministry: this was a grant received to help pay for a Korean pastor to work with local Korean worshippers. 

Replacement boiler: A grant received from TMPC for the replacement of the boiler, which will be carried out in the following year. 

Small grants under £5,000: Directed donations received under £5k in value. 

## **22 Analysis of net assets between funds** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Current liabilities<br>Total net assets|**Unrestricted funds**<br>**General**<br>**£**<br>**Designated**<br>**£**<br>1,000,000<br>464,463<br>-<br>-<br>16,800<br>-<br>(3,411)<br>-<br>1,013,389<br>464,463|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>89,873<br>-<br>89,873|**Endowment**<br>**funds**<br>**Permanent**<br>**£**<br>-<br>2,856<br>-<br>-<br>2,856|**Total funds**<br>**at 31**<br>**August**<br>**2023**<br>**£**<br>1,464,463<br>2,856<br>106,673<br>(3,411)|
|---|---|---|---|---|
|||||1,570,581|



Page 36 



## **Mint Methodist Church** 

## **known as The Mint** 

## **Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Current liabilities<br>Total net assets|**Unrestricted funds**<br>**General**<br>**£**<br>**Designated**<br>**£**<br>1,000,000<br>468,545<br>-<br>-<br>59,813<br>-<br>(2,095)<br>-<br>1,057,718<br>468,545|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>7,282<br>-<br>7,282|**Endowment**<br>**funds**<br>**Permanent**<br>**£**<br>-<br>2,795<br>-<br>-<br>2,795|**Total funds**<br>**at 31**<br>**August**<br>**2022**<br>**£**<br>1,468,545<br>2,795<br>67,095<br>(2,095)|
|---|---|---|---|---|
|||||1,536,340|



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