Charity registration number 1129441 (England and Wales) WALWORTH METHODIST CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 WALWORTH METHODIST CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs C Ogunsola Mr O Akinyemi Mr C Prall Mrs A Pr811 MsZAdu Ms E Redwood-sawyerr Mrs O Duyilemi Mry Oduga Mr Y Ogunsola Rev David Markay Ms Sabrina Prempeh Mr Gershon Ward-Anderson Ms Dolly Gignl Mr Sam Anang Mr5 E Fletcher MrsA Bammeke Joseph Basie Oladapo Batnmeke Alfied Thorpe Evelyn King Michael Odunlami June Dundas Mr Vidal Sumner Rev Rachael Wilson Edel Okon Jarne5 Makiu Mr Patrick John Mr L Dada Charlty number 1129441 Principal address 54 Camberwell Road London SE5 OEN Audltor PJT & Co Limited Accountancy House 90 Ivalworth Roaol London SE16SW WALWORTH METHODIST CHURCH CONTENTS Page Trustees. report Statement of Iiusl8es' responsibilities Indepelldenl audilorfs report Statement of financlal aclwilies 10 Slal8mént of financial position Slalemenl ol cash flows 12 Notes to the financial slalem8nls 13-23 WALWORTH METHODIST CHURCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 A UGUST 2024 Th6 IrustèÉs prèsent their annual report and financial slalemenls for the year ended 31 August 2024. The accounts have been prepared in aecordance with the aGGounling policies set out in note lo the accounts and comply witli the Charities Act 2011 and Accounting and Reporting by Charilies.. Statement of Re¢ommended Pra¢li¢e applicable to charilies preparing their accounts in accordai)¢e with the Finafjcial Reporting Standard applicable in the UK and Republi¢ ol IreSand (FR8 1021" las amended lor accounting periods commencing from 1 January 20161 Objectives and activities Suminary ofthe objeGts The adwancemenl ol.. he Christian faith in 8¢coidance with the doctrinal standard5 and the discipline of thè Methodist Church- any charitable purpose foi Ihe lirlle being of any connexional. district. Girouit, local or othèr organisation ol the Methodist Church., any charitable Pltrpose for the lime being ol any society or instilulion being a society or inslilution subsldiary or 8ncillary to the Mpthodi81 C.hurch', any purpose for the lime being of any charity being a Charity subsidiary or anallary lo the M21hodisl Church. Summary of Ihe maln actlvltles The trustees have paid due ￿gard lo gLildan¢e issued by the Charity commission in deciding what aclivilies the char¢ty should undertake. in particular, the 5peciliG guidance on charities lor the advancement ol religion. To this end, the Church offers servicBS ol public WDrship znd prayer.. piograrnmes and actiwlies for children and adults lo learn about the Christian faith," groups and programnie5 for youlh. young adults and the elderly,. pastoral care and practical support foi Individuals within and outside the church commuiiily and rooms Ihdt uthwark Carers group, which uses the Walworth Church building, conliriued it8 vital miiiislry ol moral and prsclittal assistanee, with some cooperation with chuTch mernbeTS. Continuing to seek lo provide a safe place for all people, particularly Lhildren and vuln813b18 adults, the church's Safeguarding policy was reviewed, and Safeguarding given time al eacli tlleeting ol the Church council. Under th leadership of the Safeguarding officers. the congregation completed the London District Annual Safeguarding audit, and continues lo pursue OBS compliance for all leaders. With the retlrement of Rev. David Gillman as Superinlendenl Minlsler of the Soulhwark & Deptford CirGuII, Rev. Rachael Wilson was induGted a5 SupErinlendenl Minister on Sunday 8 Seplernbef. Rev. Wi150n continued lo shale ministry responsibilities with Rev. Dawid Markay al wa￿0[1h Church, as he continued to serve as the congregation's Chair ol Trustees. As IhÈ 2023-2024 church year concluded on 31 August 2C>24, the congregation looked ahead. cognizant of thè need5 within and without, and lacing the fulure with hop& 3nd delermin8lion. AGknowledgement The trustees wish lo thank the adrninislrative staff of the church for their support in helping them carry out their rèsponsibilili6s Flnancial rèvièw It is the policy ol the charity that unreslricled funds which have not been designated lor a specific use should be maintained at a level equivalent lo belween Ihree and six month's expeiidilure. The Iruslees consider tlial reserves al this level wlll ensure Ihal, in the event of a significant drop in funding, they will be able to continue the charily's current aGlivilies while consideration is given lo ways in which additional funds may be raised. This levEI ol reserves has been maintained throughout the year. The Irustees have assessed the major risks lo which the charily is exposed, and are satisfied Ihal systems are In placè to mitigale exposLtre to the major risks. WALWORTH METHODIST CHURCH TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and managem&nt Walworlh Methodisl Church is part of The Melhodlsl Church in Great Britain and was historlcally an excepted charity. Under the provisions of the Charity Act 2006 Walworth Melhodisl Church was registered on 6 May 2009 under charily number 1129441. The Church is constituled in accordance with the Conslilulion31 Practice and Disclpline IGPDI of the Methodist Church. The Iiuslees who served during the year were.. Mrs C Ogunsola Mr O Akinyemi Mr C Prati Mrs A Prall Ms E Adenuga MsZAdu Ms E Rodwood-sawyerr Mrs O Duyilemi Mry Oduga Mr Y Ogunsola Rev David Markay Ms Sabnna Premp@h Mr Geishon Waid-Ander50n Ms Dolly Grant Mr SamAnang Mrs E Fletcher Mrs A Bammeke Mrs M CJnbbah Joseph Basie 018d3po Bammeke Alf￿d Thorpe Evelyn King Michael Odunlami Abayomi Oduua June Dundas Mr Vidal Sumner Rev RaGhael Vlfilson Edet Okon James Makiu Doris Mensah Nii Telleh Lourelt8 Thomas Mr Patriek John Mr L Dada Emma Parker (Resigned 31 August 20241 (Resigned 31 August 20241 (Resigned 31 August 20241 IRe5igned 31 August 20241 (Resigned 31 August 20241 (Resigned 31 August 20241 (Reslgned 31 August 20241 The procedure for appoinling Iruslees is set out in CPD. The Church Council is Tnade up of Offi￿ hol(lers who are appointed by the Church Council and whci serve ex-oNicio, and additional membeis appointed by the Annual Church Meeting. WALWORTH METHODIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The GhurGh is managed on a day lo day basis by the ministers of the church (Rev. Rachael Wilson and Rev David Markayl with paid and volunteer sUPPOrt staff and appointed church officers. The Irusl$es' report was approved by the Board of Truslees and signed on their behall by-. Rèv David Markay Trustee Dated.. 27 J￿ne 20 WALWORTH METHODIST CHURCH STATEMENT OF FINANCIAL POSITION AS AT31 AUGUST 2024 2024 2023 Notes Fixed assets Inveslmenl properties Current asset5 Trade and other receivab18S Cash al bank and in hand 12 8,730.000 8.730,000 13 102,6Q3 315,926 697 273,336 418,529 146,7881 274,033 151,7931 Current liabilities 14 Net current assèts 371.741 222,240 Total assètslgss current liabilities 9,1Q1,741 8,952,240 Income funds Resli-lcted funds 15 8,645.444 8,626,271 Dèsignated funds General unrèslricled lunds 16 21,636 434,661 21,636 304.333 456,297 325,969 9,101,741 8,952,240 The aecounls weie approved by the TtuslEes on 27 June 2025 Rev David Markay Trustee Vidal Sumner Treasurer WALWORTH METHODIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted funds funds Total 2024 Totsl 2023 Notos Donations and legaaes Other operating activities Investments 147.e08 350.231 4,135 79,398 227.006 350.231 7.353 212,106 279,238 1,967 3,218 Total income 501,974 82,616 584,590 493,311 Ex enditure on: Raising funds and Charitable activities 371.e46 63,444 435,090 481,259 Net income for the yearl Net movement in funds 130.327 19,172 149,499 12,052 Fund balances at 1 September 2023 325,969 8.e26,272 8,952,241 8.940,188 Fund balances at 31 August 2024 456.296 8,645,444 9,101,740 8.952,240 The statement of financial actiwties includes all gains and losses recognised in the year. The slalemenl of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. 10- WALWORTH METHODIST CHURCH INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE TRUSTEES OF WALWORTH METHODIST CHURCH We assessed the susceptibility of the charity's financial slalemenls lo material misslalemenl. iiioluding ob13ining an nd8rslanding of how fraud might occur, by.. making enquiries of managetllenl team as to where they considered there was susceptibility Its fraud, their know18dg8 of actual, SL5specled and alleged fraud,. and Considering the internal controls in place lo miligale iisks ol fiaud and non-compliance with laws and regulations. To address the risk of fraud through nianatseinenl bias and override of controls, we: performed analylical prO￿dureS to identify any unusual or unexpected relats'onships., hecked and lesled journal enlries lo identify unusual Iransactions,. assessed wholher judgernents and assumptions made in determining Ihe accounlino eslimales were iThlicalive ol potenlidl bias,. and invesliyaled the rationale behind significant or unusual transactions. In response lo¥ the risk ol irregularits'es and non-compliancE with laws and regulations, we designed procedures which included, bul were not liffliled lo.. agreeing finsneial stalement disclosures lo underlying support1ng documentation., enquirillg ol rnan8gemenl as lo actual and potential liligalion and claims., and reviewing correspondence with relevant regulator5, There are inherent limitations in OÉJT audil procedures described above. The more iemoved that laws and regulalioiis ale frotn financial transactions, the less likely il is Ihal we would becorne awaie ol non-conipliance. Auditing standards also limit the audil PrO￿dUreS required lo identify non-compliance with laws and règulations to Enquiry of Ihe directors and othèr management and the inspection ol regulatory and legal correspondenGe. il any. Material misslalements that arise due lo fraud can be harder to dele¢l than those that arise from error as they may involve deliberaté eoneealment or collusion. A further description of our responsibilitie5 is available on the Financial Reporting Counul's website al.. hllps".11 www.frc.org.uklaudilorsresponsibililies. This desGriplion lorms part of our auditor's report, This report is made solely to the charity's trustees, as a body, in accordance with Part 4 01 the Charllies (Accounls and Reports) Regulation5 2008. Our audit work has been undertakèn so Ihal we might slate lo the Ghaiity'5 Irustees thosè matters we are required lo slate ID Ihem in an audilor's repoit and lor no other purpose. To the fullest Extent perrnilled by law, we do not accept or assume responsibility to anyone other than the charity and tho charity's trustees as a body, lor our audit work, foi this report, or lor the opinions we have formed. Piyush Chandulal Jasani (Senior Ststiitory Auditor) For and on behalf of PJT & Co Limited, Stalulory Auditor Chartereied Certified Accounlanls Accountancy House 90 Walworth Road London SE18SIN 27 June 2025 WALWORTH METHODIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WALWORTH METHODIST CHURCH Matters on which we are required to report by exception We have nothing lo report in respecl ol the following matters in relalion lo which the Charities IAc¢ounts and Report51 Reguliilions 2008 iequires us lo rBPOrt lo you il. in our opinion., the inforrnalion given in the financial statemènts is inconsistsnl in any malarial iespecl with the Iruslees. report., or 5ufficiBnt accountillg recoids have not been kept,. or the financi31 slalements are not in agreement with the accounting records., or we have not received all the informalion and explanalions we require foi our audit. Responsibilities of tru5tcos As explained more fully in the slalemenl of Ir(Jslees' responsibilities, the Iruslees are responsible lor the preparation of the financial slalprnenls and lor bping satisfied that they give a true and fair view, and lor such internal control 85 the Iiuslees determine is necessary lo enable the preparation of finanual statements that are free from material misslalemenl. whether due to fraud or error. In preparing the financial stslements, the trustees are responsible lor assessing the chai'ily's ability lo continue as a goinq conGerri, disclosillg. as applicable, matters related lo going Concern and using the going concein basis of aocounling unless the Iruslees either intend to eease operations, or have no realistic allernalive bul lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordanoe witl) the Act and relevant regulatlOll5 made or hrjving effect Ihereunder, Our obje¢tives are lo obtain reasonable assurance about whether the financial slalernenls as a whole are free from material misslatemenl, whether due to fraud or error, and to ￿$S￿e an auditorfs report that includes our opinion. Reasonable assurance is 2 high level of assurante bul is not a guarantee that an audit conducted in a¢¢ord8n with ISAS IUKI will always detect 3 material rnissl8lefflenl when it exists. Misstatements can aiise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of useis taken on the basis of these financial stat6mènts. Irregularities, including fiaud, are instances of non-compliance with laws and règulations. We design procedures in line with our respoiisibililies lo detect material misstalemenls in respèct of irregularities, including Iiaud. The exlenl lo which our proCedU￿S are capable ol dele¢llng irregulafilies, including fraud, is detailed below. Extent to which the audit was considered capable of detecting irregularitiès, including fraud Our approach to idenlilying and assessing the risks ol material misslalemenl in respect ol irregularities. including fraud and non-compliance with laws and regulations, was as follows_. The engagernenl partner assessed whether the engagement team collectively had the appropriate competence and capabilities lo identify or ie¢ognize non-cotmpliance with laws and regulalions.- The laws and regulation5 applicable lo the charity were identified through discussions with IrusleES and Iieasuwi, and from our understanding ol charity sector., We identified on specific laws and iegulalions which we considered may have a dir8el tnaleiial effect on the financial sl8lemeTrls 01 the operations ot the charity, including the Charities Ael 2011, data protection. anli-bribery, and employment legislation., e assessed the extent of complianTr with the laws and regulations identified abLive through making enQ￿l[leS ol management team 2nd ￿nspeCting legal correspondence., and idonlified laws and regulations were eommuThcated within thè aLJdil team régulaily and thè learn Temained alert to instances ol non-GoinplianGe throughout the audit WALWORTH METHODIST CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALWORTH METHODIST CHURCH Opinion We have audited the financial statements of Walworih Melhodisl Churoh Ilhe'charily'l fDr (he year ended 31 Auguql 2024 which comprise the sl•lem¢nl ol financial act4vilies, the slatemenl ol financial position. thè statement ol cash flows and notes lo the financial slalemenls, including significant accounling policies. The financial reporting framèwork that has been applied in Iheir PTeparalioll Is applicable law and United Kingdom Accounting Standards, indudlng Financial Reportino Standard 102 Thg Financial R&porting Sl8ndéftrl applicable in th8 UK aiid Ropublic ol Ire¥lai?d (United Kingdotn Generally At￿p(ed Accounting Praclicel. In our opinion. the financi81 slalemenls.- give a true and fair view ol the slate of the charity's affairs as at 31 August 2024 and tsf ils incoming resources and application of resoui'ces, lor tlie year then ended-. have been properly plepared in aceordsnce with Uniled Kingdom Generally Accepted AccDunling PraCtI￿- and have been prepared in accordance wilh the Ch3Tilie5 Aci 2011. Basis for opinio We conducted our audit in accordance with Inleinalional Slandaids on Auditing IUKI IISAS IUKII and applicable law. Our responsibililies under those standards are further desciibod in Ihe Audfflorfs r8spoi?sibililies for the audit the financial slalemei?Is section of our repoil. We Lire iridependenl of the charity in accordance with Ihe ethical réquirements that are relevant lo our audit of the financial statements in thp UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical rosponsibilities in accordan￿ with these iequiremen15. We believe that the audit evidence we have obtained is sufficient and appropiialè to provicle a basis lor our opinion. Emphasls of matter Vve draw your atlenlion to the reslricled lund nole17 01 the financial slalernenls. This is in regard lo the breach that had taken p12cÉ in the previous years when reslrioled fund ￿$h had been used for general aclivilies ol the church. The breach had been reported to the charities commission and the board has commilled lo restoring these balances as soon as general funds are available. Our opinion is not modifièd in respect of this maller. Conclusions relating to going concem In auditing the linaneial slalemenls, we have concluded that the trustees. use of Ihé going COn￿M basis of accounting in the preparation of the finanoial statements is appropriale. Based on the work we have performed, we have not identified any material uncertainties relating lo events or ¢Dnditions that, individually or collectively, may casl sigt)ificanl doubl on the eharily's ability to ¢onlinue as a going cOn￿rn lor a perttsd of al least IweSve months from when the financial slalemenls are authorised for issué. Our responsibililios and th8 responsibilities ol Ihe Iiuslees with respect to going concèrn arè described in the relevant secliuns ol this report Other Information The other infomjalion comprises the information included in the annual repoTI other than the finanrjal statements and our audilorfs report Ihereon. The trustees ale responsible for the other inloi"malion contained within the annu21 report. Our opinion on the financial statements does not ¢over the olher information gnd we do not express any form of assurance conclusion thereon. Our responsibility Is lo read thE Other information 8nd, in doing so, consider whether the other information Is rnaleiially inconsislenl with the f5nancial slalements or our knowledge obtained in the Course ol the audit, or olhetwise appear5 tu be malerially rnisstaled. If we identify such maleiial illconsistencies or apparent Material misstalemenls, we ale required lo determine whether this gives rise to a malcrkryl misslalement in the finanual stslÉmenls themselves. If, based on the work we have perfotmed, we conclude that there is a material Inisslalemenl ol Ihts other inforination, we are required to report that faol. We have nolhlng to report in this reggrd. WALWORTH METHODIST CHURCH STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The trustees are responsible for pieparing the Trustees, Report and the financig151alemenls in aceordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdorn Generally Accepted Aocounling Praclicel. The law applicable to charities in England and Wales requires the Iruslees lo prepare financial slalemenls lor each financial year whieh give a true and lair view of the slate of affairs of the charity and of the incoming reSoUr￿S and application of 18sourc85 of the ch8rily for that year. In preparing these financial slalemenls, the trustees are required lo.. select suitable accounting policies and then apply Ihem consistently.. observe the methods and principles in the Charities SORP., make judgements and eslimales Ih3t are reasonable and prudent", slate whether applicable accounting slandaids have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial slatemenls on the going concern basis unless il is inappropriate lo presume that the charity will eontinLJe in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any time the financial position of the charily and enable them lo ensure that the financial statements comply with the Charitie5 Act 2011, the Charity (Aeeounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets ol thè tharily and hence for taking reasonable steps foi the prevention and detection of fraud and other iiregularilies. WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Cash generated from operatlons 2024 2023 Surplus for the year 149.500 12,052 Adjustments for: Investment income recognised in slalemenl of Iinancial activities 17,3531 11,9671 Movements in wothing capitsl- Ilnciea5elldecrease in trade and other receivables (Decrease) in trade and other payables 1101,9061 15,0051 66.280 19801 Cash generated fTom operations 35,236 75,385 20 Analysis of change5 in net funds The charily had no material debt during the year. 22- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2024 16 Unyeslylcted funds The trustees have designated the following amounts lor specific purposes.. At1 September 2023 Incoming resources Resources At 31 August expended 2024 Church Maintenance and Developrnent Reserve General funds 21,636 304,333 21.636 434.661 501.974 1371,6461 325,969 501,974 1371,6461 456,297 Previous year: Atl September 2022 Incoming resources Resources At 31 August exponded 2023 Church Maintenance and Development Reserve Genetal funds 21.636 293,680 21,636 304,333 400,520 {389,8671 315,316 400,520 (389,8671 325,￿9 17 Analysis of net ass8ts betW08n fund5 Un￿StrICted Designated Restricted funds funds funds 2024 2024 2024 Total Total 2024 2023 Fund balances al 31 August 2024 ale represented by.. Investment pioperlies Current asselsllliablllllesl 290,052 144,609 8.439,948 205.496 8,730,000 371,741 8,730,000 222,240 21,63 434,661 21,636 8,645.444 g,101.741 8,952,240 18 Related party transactions In th& y8ar und8r review, the following payments were made lo Iruslees by the church.. Trustees engaged by the church for organist services in the year were paid £8,2451£7,260- 20231. 22- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 Re8trÉct8d funds The restricted funds ol the chaTrty comprise the unexpended balancès ol donations and grants held on Irusl subject to specrfic conditions by donors as to how they may be used. At1 September 2023 Incoming resources Resources expended Transfers Gains and At 31 August losses 2024 J B Memorial fund Building Reserve Special Appeals Revaluation Reserve Fellowship Funds 2,834 151 2,985 48 50,680 1481 130,8321 30,721 50,569 8,439.948 8,439,948 132,761 88,630 149,4501 151,941 8,626,271 99,502 80,330 8,645,443 Previous year: At1 September 2022 Incoming rèsources Resources expended Transfers Gains and At 31 August losses 2023 J B Memorial fund Building Reserve Special Appeals Revaluxtion Reserve Fellowship Funds Boiler and cenlral Healing 2,7S7 67 2.834 48 71.607 48 5D.680 6.626 127.5531 8.439,948 8,439.948 110.502 33,769 111,5101 132,761 52.373 152.3731 8,624,872 92,835 91.436 8,626,271 21 WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 12 Investment property 2024 Fair valLtÈ Al 1 September 2023 and 31 August 2024 8.730.000 Investment properly comprises 54-64 Camberwell Road. The fair value of the investment properly has been arrived al on the basis ol <1 Viilualion carried out at 28 September 2020 by Bunch a Duke, Chartered Surv?yors, who are not connected with the charity. The valuation was mme 1.627 24.336 17,142 8,688 17,650 19,738 9.400 46,788 51,793 -20- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Support costs Support Governanco ¢ost5 Costs 2024 2023 Basis of allocation Circurt assessment 58,000 58,000 58.000 Audit 2nd accountancy Governance costs 9,400 82,597 9.400 82.597 8,688 Governance 65,310 Governance 58,000 91,997 149,997 131,998 Analysed between Chsritable aGlivilies 58,QX)O 91,998 149,998 131,999 Governance costs includes payments lo the auditors of £9,40012023- £8.6881 for audit aiid accounlancy fees. Net movement in funds 2024 2023 The nel movement in funds ss slated aftér chargingllcredilingl.. Fee5 payable lor the audit of th8 ch21ity's financi31 statements 9,400 8,688 Trustsps In the year under review, no ieimbursemellls for Iravel and phone expenses were made lo trustees. 10 Employees The average monthly number of employees during Ihe year was.. 2024 Nuinber 2023 Number Governance Employment costs 2024 2023 Wages and salaries 13,667 28,817 There were no employees whose annual ￿MUneratIon was more than £60,NO. 11 Taxation The charily is exempl from lax on income and gains falling within seclion 505 of the Taxes Aet 1988 or section 252 of the Taxation Of Chargeable Gains Act 1992 to the exlenl that these are applied to ils charitable objects. 19- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Raising funds and Charitable activities Charitable Charitable Expenditure Expenditure 2024 2023 Staff costs Eslablishmenl costs Repairs and maintenan General expenses Printing, posting and slalionery Donations, gills and subscription Church expenses Travel 8nd 5ubslStence Fund raising and events Bank charges Ministerial expenses Security costs Welfare and Christmas for glderly and children 13,667 57,801 50.628 13,780 7,093 13,448 17,394 1,110 72.293 396 3,682 30,301 3,500 28,817 62,031 166,256 2,067 12,811 5,385 18.496 3,000 6,900 419 1,642 31,144 10,293 285,093 349,261 Share ol support costs Isee note 71 Share of governance eosls (see note 71 58.000 91.997 58,000 73,998 435,090 481,259 Analysls by fund Unrestricted funds Restricted funds 371,646 63,444 389,867 91.392 435.090 481,259 18- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Other tradlng activitie5 2024 2023 Lelling and licensing arrangements 350,231 279,238 16- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policie5 (Continuedl Basic financial liabilities Basic financial liabilities. including Irade and other payables and bank loans are initially recognised at transaction price unless the arrangement conslilul8s a financing Iransaclion. where Ihe debt Instrument is measured at the present valLlè ol the future payments discounted at a markel iale of interest. Financial Irabililies classified as payable within one year are not amortised. Debt instruments are subsequently Garried al amoriised cost, using the effective in18rest rale melhod. Trade payables ai8 obligations lo pay foi goods or services that have been acquired in IhB ordinary course of operations Irorn suppliers. Amounts payable are classified as current lidbililies il payment is dup within one year or k5s. If not, they are presented as nofj-current liabilities. Trade pay2bles are recognised initially al transaction priee and subsequently measured al amorlised ¢osl using thè 6ffeclive inleresl method. Derecognifion of financlal liabilitiés Financial liabilities are derecognised when the chaiily'5 ￿ntraCtUal obligations expir¢ or are discharged or call￿]1&(1. 1.10 Employee boncftts The cosl ol any unused holiday enlillement is retognised in the period In which the employee's services are receivèd. Termination benefits are recognised immediately as an expense when the charity is dEinonslrably Gommitled lo terminate the employmenl ol an employee or lo provide termination benefits. Critical accounting èstimates and judgements In the application ol the ch8rily's accounting policies, Ihe trustees are Tequired lo rncike judqements. esfimales and as6umplions about the carrying amtsunt ol assets and liabilities Ihal are not readily apparent from other sources. The estimates and assooiated a55UmPtions are based on historical experienc8 2nd other factors thal are consider8d to bp ielevant. Aclu31 results may differ from these estimates. The estimates and undedying a5SUmPtions are reviewed on an ongoing basis. Revisions lo accounting eslimatés are recognised in the period in which the estimate is revised where the revision affects only Ihal period, or in the peiiod of Ihe revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds Total 2024 Ttslal 2023 Donations and gifts Church collections Other 35.500 112,108 79,398 114,898 112,108 41,739 118.039 52,328 For the year ended 31 August 2023 119.994 92,112 212,106 15- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Continued) Governance costs include costs of the prepai'alion and examination of the slaluloiy accounls, the costs of the Iruslee meelings and the cost of any legal advice lo Iiuslees on govemtnce or constitutional mallers. 1.6 Propertyi plant and equipment Property, plant and equipimenl are initially measured at cost and subsequently measured al ¢trsl or valuation, nel of depreciation and any irnpaiimenl Ioss&5. Depreciation is recognised 80 as lo write c>ff the cost or valuation of assets less their residual values ov8r their useful lives on the follo￿l￿g bases.. Fixtures and fillings Motor vehicles 25Vh slraighl line 50% straight line The gain or loss arising on the disposal of an ags81 is deterinined as the difference between the sale proceeds and the Carrying valué ol the asset. and is recognised in the statemelll of financial activities. 1.7 Investment properties Investment property, which is property held lo earn rentals ancflor for capi181 appreciation, is initially recognised at eosl, which includes the purchase cost and any diEeclly allribulable expeiTrdilur8. Subsequently il Is measured al fair value al the reporting end dale. Th¥ suiplus or deficit on revalugtion is recogni5ed i profil or loss. 1.8 Cash and cash equivalents Ca8h and cash equivalents include cash in hand, deposits held al call with banks, other short-lem lÈquid investments with original malurilies of th￿e rnonlhs or less, and bank overdrafts. Bank overdratts are 8hown within boirowings iii curienl liabili116S. 1.9 Financial instruments The ch2rlly has elected lo apply the provisions of Section 11 '83sic Financial Insliumenls, and Section 12 'Olher Financial Instruments Issues, (>f FRS 1 C)2 to all of ils financial instruments. Financial instruments are reeognised in the charlty's balancg sheel when Ihe charity becomes party lo the ontractual provisions of th8 instrument. Finanaal assets and liabilities are offset, with the nel amounts presented in the financial slalemenls. whèn there is a legally enforceable right to sel off the rewgnised amounts and there is an intention lo settle on a nel basis or lo realise the asset and sellle the liability simultaneously. Baslc flftTancial assets Basic financial assets, which in¢lude trad2 and other receivables and cash and bank balances, are initially measured al transaction price including Iransaclion Costs and are subsequently carried al amortised eosl using the effective inleiest method unless the arrangement conslilutes a financing tra￿SaCtIOn. where the tianssclion is measured al the presgnl value of the future rèceipts discounted at a m8rkel rale of interest. Fiiiancial assels classified as receivable within one year are nol amortised. 14- WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR CNDED 31 AUGUST 2024 Accounting poli¢ies 1.1 Accounting convention The financial slalements have ljeen prepared in accordan￿ wilh the Charities AGI 2011, FRS 102 The Financial Reporting Standard applicabl8 in the UK and Republic ol Ireland I'FRS 1021 and the Chaiities SORP "Accountiri9 and Reporting by Charilies.. Statement ol Recoinmended Practice applicable lo charities preparing their accDunls In accoidance with the FinaneAal Reporting Standard applicable in the UK and RepubSi¢ ol Ireland IFRS 1021 leffeclive 1 January 20191. The charily is a Public Benefit Enlily as defined by FRS 102, The financial statemènts have depart8d from the Ch31illes (Accounls and Reports) Regulations 2008 only lo the èxlenl required lo provide a true and fair view. This depiirlure has involved 1011owing Ihc Stalemenl of Recomrneiided Pracll¢e for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is rèferred lo in the Regulations but which has sincè been withdrawn, The financial statements are prepared in sterling, which is the functional currency ol Ihe charity. Monetary amounts in these financaal slalemenls are roiinded lo Ihe nearest £. The financial statements have been prepar&d ijnder 11)e historical cost convention, Imodified lo include the revaluation ol freehold proporties and lo include investmént properties and Certain financial instruments at laii valuel. The principal aGGounting PDlicies adopted are set out below. 1.2 Going concem The church having resumed its regular Sunday WOT5I)ip services is seeing Increase in ils membership atténdance and donallons. Th8 Iruslees have have carefully revi¢wed the ehurch's financial projections and cashflows lo assess ils viability to cc>nlinue as a going COn￿rn. They have reasonable expectation that the charily has adequ21e reSoUr￿S lo conlinu8 in opeialional existence fo¥ the loreseeab5e future. Therefore, the trustees continue lo ddopt the going concern basis of aecounling in preparing the financial slalements. .3 Charitable funds Uni"eslricted funds are available for use at th8 discretion of the trustees in furtheran￿ DI Iheir Gharitable objectives. Reslricled funds are subject to sp8ufic conditions by donc>TS or grantors as to how they may be used. The purposes and uses of the reslricled funds ale set out In the nolÉs to the linanoal statements. 1.4 Incoming resources Income is recognised when the charily is legally entitled lo il after any pcrformance conditions havE been met, the amounts con be measured ieliably, and it is probable Ihal incotne will be re￿I￿ed. Cash donations are recognised on receipt. Other donations are recognised once the chaTlty has been nolifled ol the donation, unless performance conditions require def8rral ol the amotjnl. Legacies are reoognisecl on receipt or otherwise il the charity has been notified ol an impending dtstribulion, the arnounl is known, and reTripl is expected. 11 the amount is not known, the lega¢y is treated as a contingenl asset. 1.5 Resources expended Liabilities are recognised as soon as there is a legal or conslttjctivg obligation cotrtnitlir)q the chaiity lo expenditure. All expenditure is 3GGDunled for on 31) accruals basis and has beèn classified under hcJlings Ihal aggregate all c05ts re13ted lo the category Costs of generaiing funds ar8 the cosls of trading lor fundraising purposes. Charitable expenditure cotnprises Ihtsse costs incurred by the charity in the delivery ol ils adivities and services for ￿15 beneli¢iaries. It includes both cosls that can be allocated diiectly to such aclivrties and those costs ol an indirect nature necessary lo support them. fj3- WALWORTH METHODIST CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 A UGUST 2024 2024 2023 Notes Cash flows from operating activitie5 Cash generated f¥om operations 19 35,235 7S,385 Investing activitiès Inleresl ￿ceiVed 7,353 Net cash genèrated from investing activities 7,353 1,967 Net cash us&d in financlng activlties Net Increase in cash and cash equivalents 42,588 77,352 Cash and cash equNalenls al beginning of year 273,336 195,984 Cash and Cash equivalents at end of year 315,926 273,336 12