Charlty registration number 1129441 (England and Wales) WALWORTH METHODIST CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
WALWORTH METHODIST CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs C Ogunsola Mr O Akinyemi Mr C Pratt Mrs A Prall MsZAdu Mry Oduga Mr Y Ogunsola Rev David Markay Ms Sabrina Prempeh Mr Gershon VVard-Anderson Mr Sam Anang Mrs E Fletcher Mr5 ABammeke Joseph Basie Alfred Thorpe Michael Odunlami June Dundas Mr Vidal Sumner Rèv Rachael Wilson Edel Okon Mr L Dada Amorelle Decker Oluyinka Kolawole Martha Laryea Farinu Oyèbimpe {Bimpel Duyilemi Gifty Dravie-Dixon Modupè Taiwo Fakoya (Appointed 1 September 20241 (Appointed 1 September 20241 (Appointed 1 September 20241 (Appointed 1 September 2024 (Appointed 1 September 20241 Charity number 1129441 Prlncipal address 54 C8mb8rw811 Road London SE5 OEW Auditor PJT & Co Limited Accountancy House 90 Vvalworth Road Lonclon SE16SW
WALWORTH METHODIST CHURCH CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent audilorfs report Stslemenl of financial actlvilles 10 statement of fin8ncial position statement of czsh flows 12 Notes lo the fin8nci81 statements 13-24
WALWORTH METHODIST CHURCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Iruslees present their annual report and flnancial slalemenls for the year ended 31 August 2025. The accounts have been prepared in accordan with the accounting policies sel out in note to the accounts and comply with the Charities Act 2011 and 'A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable lo ¢harities preparing theii accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1 Q2). las amended for accounting periods commencing from 1 January 2016) Oblectlves and activltles Summary of the obJe¢ts The advancement of.. the Christian faith in accordance wvilh the doctrinal standards and the discipline c>f the Methodist Church., any charllable purpose for the time being of any ¢onn8xional, district, circuiL local or Dlher organisalion of the Methodist Church., any charitable purpose for the tlme being of any socsety or inslituliDn being a society or in81ilulion subsidiary or ancillary lo the Melhodisl Chur¢h', any purp08e for ihe lime being of any charity boing a charily subsidiary or ancillary lo th8 Melhodisl Church. Summary of the main aetlvltles The trustees have paid due regard lo guidance i88ued by the Charity commbsslon In deciding what aclivilieg the charity should undertake. in particular, the speciflc guidance on charities for the advancement of religion. To this end, the Church offers services of public worship and prayer., programmes and activities for children and adults lo learn about the Christian faith,. groups and PTogrammos lor youth, young adults and the elderly. pastoral care and practical support for individuals within and outside the ¢hurch community and rooms that are available for use by local community organisalions.
WALWORTH METHODIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 AGhlevements and Perfomiance As a congregation within the Melhodisl Church in Britain, Walworth Methodist Church seeks lo Ihje out ils calling lo respond to the gospel of God's love in Christ and lo live out its discipleshlp in worship and mission. As far as we are able, with God's help. we will do this IhTOLSgh tsur worship, learning and caring, service lo others and èvangelism.. Th& congregation is a refleGlion of Melhodisl founder John Vvesley's words. 'The world is my parish,, as its membership represents several Countries mostly from We81 Africa. A¢coTdingly. our seNice, outreach and assistance to these communities, their wider diaspora in the London area, and our local Soulhwark ¢ommunity is all done with intentionality on a broad inler-cullural map. With worship al the centre of ils aclivilies, the congregation observed the cycle of the Christian calendar through weekly worship of God, beginning with Advent, Christmas and Walchnighl aclivilie5 in December,. moving into Lenten Iradilions in February and March; Easlertide celebrations beginning in April.. and the steady work of discipleship through Ordinary Time. The Church Council met quarterly, choosing a hybrtd rhythm of meeting in person in the warmer months, and via Zoom in the autumn and winter seasons. Th8 entire congregation g8lh8red for ils Annual General Meeting on Sunday 20 July 2025. electing ropresenlalives lo the Council members. hearing a report on the finances, and engaging in an open discussion about of the mission of thB church. On behalf of the Church Council, the Finance & Property Committee, alongside Treasurer Mr. Vidal Sumner, continued to manage the property and finanEial mallers of the congregation. Under that Gommillee's leadership several uplifts in the building were completed, and the healing project, begun in October 2022. w8s completed, wrf(h an official ceremony and prayer in the boiler room of the church on Easter Sunday 20 April 2025. In addition, Dn behalf Df the Church Council. the EmploymentlHuman Resources Committee continued to Provide staff support in the church office, welcoming Ms. Brandie Bonnick to the post of Office and Facilities Manager in August 2025, joining Admini51ralion Officer Ms. Jenny Samuels in th8 office. As part of ils ministry with children and young people, the Sursday school mel weekty, the Beauty-in-Divérsity group organized a series of activities from 25 October-2 November 2025. In addition, a sizeable team of youth and adults allended the British Methodist 3Generale Youth Gathering in Birmingham from 4-6 October 2025. Throughout the yeai the congregation provided a pla of Gomfort and faK(h during numerous fun$rals, and a backdrop of joy and celebration during numerous b8plisms and several weddings. On Penlecosl Sunday 8 June 2025, the congTegalion welcomed seven young people through Confirmation and Iwenly-one new members through Iiansfer and profession of faith. In aédilion to special Sundays hosted by the various Fellowship groups, the congregation welcomed London District Chair Rev. Dr. Jonathan Dean on Sunday 1 December 2025. Various networks of paslorgl care and support flouiished through the work of national Fellowship groups and th dedicated team of Class Leaders. On 31 Augusl 2025 Ms. Eunice Fletcher completed her six-year term as Pastoral Secretary, lo be succeeded in the leadership of the pastoral minislry by Ms. Nancy Chidawa. Volunteers provided service of welcome to events and front-clesk hospitality during the week. Many diaspora school organisalions, choirs and der Fellowship groups used the building as a locus for Ihoir gatherings during the ye8r. Undei the auspices of the Church Council and Ihe coordination of the Women's Fellowship, two new outreach ministries have been insligaled." a Health Praclilioner Forum. made up Df medical personnel in the congregation as a way lo provide support and signposting lo members- and a Food Bank lo assist persons in need. Both are expected lo begln active Sery1 in 2025-2026. The Ghurch conlinued lo host groups Irom the community whi¢h assist varsous cross-se¢tions of the BL)rough of Soulhw8rk. In August 2025 the Golden Oldies group moved lo another location in Southwark lo hold ils weekly meetings. Continuing lo seek to provide a safe place for all people, particularly children and vulnerable adults, the church's Safeguarding policy was reviewed, and Safeguarding given lime 818ach Tlleeling of the Church council.
WALWORTH METHODIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Under the leadership of the Safeguarding officers, the congregation completed the London District Annual S81eguarding audit, and continues to pursue DBS compliance for a11 leaders. From 31 March 30 June 2025 Rev. Rachael Wlson look her mandated sabbatical leave. Along with her responsibi5ilies as Superinlendenl of the Soulhwark & Depttord Methodist Circuit, Rev. Wilson ¢onlinued lo share mbnislry responsibtlilies with Rev. Davicl Markay al Walworth ChLErch, as he continued lo serve as the congregation's Chair of Trusteés. As the 2C>24-2025 church year concluded on 31 August 2025, the congregation looked ahead, awaie of the needs within and withDul, and lacing the future w41h hope and delemiinaliDn. Acknowledgement The ItUsle@s wish to thank the administrative staff of the church for thelr support in helping them carry out th@iT responsibilities. Flnanclal review 11 is the policy of the charity Ihal unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent lo between Ihree and six month's expenditure. The trustees consider that resetves 81 this level will ensure that, in the event of a significant diop in funding, they will be able lo continue the charily's Current activities while consideration 15 given lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Iruslees have assessed the major risks lo which the ch81ity is exposed, and are satisfied that systems are in place lo mitigate exposure to the major risks.
WALWORTH METHODIST CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Structures governance and managoment Walworth Methodist Church is part of The MElhodisl Chuich in Great Britain and was historically an excepted charity. Under the provisions of the Charity Act 2006 Walworth methI15t Church was registered on 6 May 2009 under charity number 1129441. The Church is constituted in accordance wlth the Constitutional PraGlice and Discipline ICPD) of Ihe Melhodisl Church. The trustees who served during the year weie.. Mrs C Ogunsola Mr O Akinyemi Mi C Prati MrsAPratt MsZAdu Mr Y Odu9a Mr Y Ogunsola Rev David Markay Ms Sabrina Prempeh Mr Gershon VVard-Andorson Mr SamAnang Mrs E FlelGher MrsA Bammeke Joseph Basie Alfred Thotpe hnichael Odunlami June Dundas Mr Vidal Sumner Rev Rachael Wilson Edel Okon Mr L Dada Amorelle Decker Oluyinka Kolawole Martha Laryea Farinu Oyebimpe (Bimpel Duyil&mi Gifty Dravie-Dixon Modupe Taiwo Fakoya (Appointed 1 September 20241 (Appointed 1 September 20241 (Apwinlèd 1 September 20241 (Appointed I Seplembei 20241 (Appointed 1 September 20241 The procedure for appointing Iruslees is sel out in CPD. The Church Council is made up of office holders who 8re appointed by Ihe Church Council and who serve ex-offic, and additional members appointed by the Annual Church Meeting.
WALWORTH METHODIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The church is managed on a day lo day basis by the ministers of the church (Rev. Rachael Wilsgn and Rev David Markayl with paid and volunteer SLEPPOrt slaff and appointed church officers. The Iruslees, report was approved by the Board of Trustees and signed on their behalf by.. Rev Davld Markay Trustee Dated.. 4 June 2026
WALWORTH METHODIST CHURCH STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025 The Iruslees ale responsible for preparing the Trustees, Report and the Inancial slalemenls in a¢cordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally A¢c8pled Accounting Praclic&l. The law applicable lo charities in England and Wales requires the Iruslees lo prepare financial statements for each rinancial year which give a true and falr view of the slate of affairs of the charity and of th8 incoming resources and appllcation of resources of the charity lor that year. In preparing these financial ststements, the trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent.. slate whtslher applicable accounting standards have been followed, subject to any materlal departures disclosed and explained in the financial 8tatements', and prepare the financial statements on the going Concern basis unless il is inappropriate lo presume that the charity will continue in opeTalion. The trustees are responsible for keeping sufficienl accounling records that disclose with reasonable accuracy al any lime the financial position of the chaiily anof enable them lo ensure that the financial stslements comply with the Charities Acl 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also r8sponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other itregularilies.
WALWORTH METHODIST CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALWORTH METHODIST CHURCH Opinion We have audited Ihe Iinancial slalemenls ot Walworth Melhodisl Church Ilhe 'charily'l for the yea¥ ended 31 August 2025 which comprise the slalemenl of fi'nanci81 activities, the slalement of financial position, the slalemenl of Cash flows and notes to the Iinancial slalemenls, including significant accounting po5icies. The financial ftsporting framework that has been applied in its preparation is applicable law and United Kingdom Accounting S18ndards. including Financial Reporting Standard 102 The Fin8nciBI Reporting Slandard applicable in Ihe UK ancl Republic of Iroland (United Kingdom Generally Accepted Accounting Praclicel. In our opinlon. the financial slalements.. give a true and fair view of the slate of the charity's affairs a8 al 31 AugLtsl 2025 and of its incoming Tesources and application of resources. for the year then ended.. hav& been properly prepared in accord8nce with United Kingdom Generally Accepted Acwunling Practice- and h8ve been prepared in accordance with the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with Intetnalional Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilols responsibilities for the audit of the firpancl &l(Ilvmenls section of our report. We are independent of the charity in ac¢ordance with the ethical requirements that are relevant to Dur audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements, We believe that thè sudil evidence we have obtained is sufficient and approprtat& lo provide a basis for our opinkon. Conclusions relatlng to golng Goncern In auditing the financial slatemenls, we have concluded that tha Iru8tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, w8 have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may ¢asl significant doubl on the charity's ability to continue as a going concern for a period of al least twelve tnonlhs frDm when the finarKial slalemenls are authorised for issue. Our responsibilities and the responsibillties of the Iruslees with respect ID going concem are descrlbed in the relevant sections of this report. other informatlon The other information comprisès the Inform8tlon Induded in the annual repc>rt other than the financial statements 8nd our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls doe5 llot cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other inlDrmalion and, in doing so, consicfer whether the other information is materially inconsislenl with the financial slalemenls or OUT knowledge obtained in the course of the audit, or otherwise appears lo be materially mi3s1aled. If we idenlify such material inconsistencies or apparent material missl8lemenls, we are required to determine whether this gives rise to a material misslalemenl in the financial slalemenls themselves. If. based on the work we have performed, we ¢onclude that there is a material misslatemenl of this other information, we are requlred lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exceptlon We have nothing lo report in respect of the following mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you Sf, in our opinion., the information given in the financtal statements is in¢onsislent in any mat8rial respect with the Iruslees. report., or suffi¢iÈnl accounting records have not been kept., or the financial slalemenls are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
WALWORTH METHODIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WALWORTH METHODIST CHURCH Rasponslbllltles of trusl$os As explained tllore fully in Ihe slalemènl of trustees, responsibilities, the Iruslees are responsible for the preparation of the financial 8lalem8nts and for being satisfied that they give a true and f8ir view, and for such internal control as the trustees determine is necessary to ènablè the preparation of financial slalements that are free from material misslatemenl. whelhor due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charity's ability to continue as a going COnrn. disclosing. as applicable, mallers related lo going concern and using thu going concern basis of accounting unless the Iiustees either intend to cease operations, or have no realistic allernalive but lo do so. Auditor's responslbilities for the audlt of the flnancial ststements We have been appointed as auditor under section 144 01 the Charities Acl 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assuran¢e about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance bul is rK)l a guarantee that an audit conducted in accDrdan¢e with ISAS IUKI will always detect a material misslalemenl when il exists. Miss181omenls can arise from fraud or error and are consideied material if, individually or in the aggregale. they Could reasonably be expected ID influencts the economic decisions of users taken on the basi8 of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities lo delecl material misslalemenls in respe¢t of irregularities, including fraud. The exlent lo which our procedures are capable of detècting irregularities, including fraud, is detailed below. Exlent to which the audlt was eonsldered Capable of detecting Irregularltlés, includlng fraud Our approach lo identifying and assessing the risks of material misslalemenl in respect of irregularities, including fraud and non-compliance with laws and règulations, was as follows.. The engagement p8rtner assessed whether the engagement lttam collecliv8ly had the approprlate competence and capabilitie5 10 identify or recognize non-compliance with laws and reguSalions' The laws and gulationS applicable lo the charity were identified through discussions with Iruslèes an¢J those charged with governance, and from our und&rslanding ol the charity sector,. We identified specific laws and regulations which we considered may have a direct material effect on the financial slalemenls or the operations Df the charity. including the Charities Act 2011, data protection, anti-bribery, and employment legislation. We assessed the ex16nl of compliance with the laws and regulations Identified above Ihrough making enquiries of the trustees those charged with governance and inspecting legal correspondènce,. and the identified laws and regulations were communicated lo the audit team on a regular basis and the team remained alert lo instances of non-compliance throughout the audit We assessed the susceplibllily of iho charity's financjal statements lo material Misslatemenl, including obtaining an nderslanding of how fraud tnlghl occur, by.. making enquirtes of trustees and those charged with governance as to where they considered there was susceplibilily lo fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place lo miligale risks of fraud and non-compliance with laws and regulalions. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpeGled relationships., checked and lesled journal entries lo identify unusual Iransaclions., assessed whether judgements and assumptions made in determining the accounting estlmales were indicative of potential bias,. and investigated the rationale behind significanl or unusual Iransaclions.
WALWORTH METHODIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WALWORTH METHODIST CHURCH In response lo the risk of irregularities and nonvcompliance w¢lh laws and regulations, we designed procedures which included, bul were not limited to.. agreeing financial slalemenl disclosures to underlyÈng supporting documenlalion., enquiring of Iruslees and Ih05e charged with governance as lo actual and polentlal liligalion and dairns., and reviewing coirespondence with relevant regulators. There are inherent limitations in oui audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is Ihal we would become aware of non-compliance. Auditing standards 81so limit the audit procedures required lo identify non-compliance wth laws and regulations 10 enquiry of the Iruslees and Dlher management and the inspection of regulatory and legal correspondence. if any. Material misstalemenls that arise due to fraud can be haider to de18Ct than those that arise from error as they may involve deliberate con¢ealmenl or collusion. A furthtsr description of our responsibilities is available on the Financial Reporting Council's website at.. hltps'.11 w.frc.org.uklaudilorsrespon8ibililies. This description forms part of our audilorfs report. This report is made solely lo the charity's Iruslees. as a body, in accordance with Part 4 of the Charities {Accounls and Fieportsl Rtrgulalions 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest exienl permilled by law, we do not accept or assume responslbilily lo anyone other than the charity and Ihe charity's Iruslees as a body, for our audit work, for Ihis report, or lor the opinions we have formed. For and on be alf of PJT & Co Limitgd, Slalulory Auditor Chartered Certified Accountants Accountancy House 90 Walworth Road London SEI 6SW 4 Jun8 2026
WALWORTH METHODIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrlcted Restricted funds funds Total 202S Total 2024 Note5 Income Donations and legacies other operating activities Investments 156.552 289,246 3,171 80,707 237,259 289,246 10,422 227,006 350.231 7.353 7.251 Totsl Income 448,969 87,958 536,927 584.590 Ex enditure on: Raising funds and Charitable activities 473,991 68.235 542,226 435.090 Nel gains on Investments 11 3,900,000 3,900.000 Net lexpendlturelllncomè for the yearf Net movement in funds 125.0231 3,919,723 3,894,700 149,50Cs Fund balances a11 September 2024 456.297 8,645,444 9,101,741 8.952,241 Fund balances at 31 August 2025 431,274 12,565,187 12,996,441 9,101,741 The statement of financial activities includes all gains and losses recognised in the year. 10-
WALWORTH METHODIST CHURCH STATEMENT OF FINANCIAL POSITION ASAT31 AUGUST2025 2025 2024 Notes Fixed assets Property. plant and truuipmenl Snvestmenl properties 13 14 77,559 12,63C),000 8,73D,000 12.707,559 8,730,000 Current assets Trade and other receivables Cash al bank and in hand 73,969 295,318 102,603 315,926 369.287 180,4041 418,529 146,7881 Current Ilabllltles 16 Nel current assels 288,883 371,741 Total assets less current Ilabilitiès 12,9ge,442 9,101,741 Income funds Restricted funds UnresliiGted funds Designated funds General unrestricted funds 17 12,565,167 8,645,444 18 21,836 409,639 21,636 434,661 431,275 456,297 12,996,442 9,101.741 The 8ccounts were approved by the Trustees on 4 June 2026 Rev avid Mar Trustee dal Sumn&r Treasurer 11
WALWORTH METHODIST CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Notgs Cash flows from operatlng actlvities Cash generated from operations 21 72,381 35.236 Invgstlng actlvlties Acquisition of property. plant and equipment Interest received 1103,4121 10,422 7.353 Net cash lused Inllgenerated from Investlng actlvlll8s 192.9901 7,353 Net cash used in financlng activitles Net Idecreas&Vlncrease in cash and cash equlvalents 120,6091 42,589 Cash and cash equivalents al beginning of year 315,926 273.336 Cash and cash oqulvalents at end of year 295,318 315,926 12-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng poll¢les Charlty Information Walworth Methodist Church is a registered chaiily in the United Kingdom, wth ils prineipal Iregisleredl address al 54 CaJnberwell Road, London SE5 OEW. 1.1 Accountlng conv&ntEon The financial 51atemenls have been prepared in accordance with the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK Republic of Ireland. l FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities: Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. The chaiily is a Public Benefit Er¢lily as defined by FRS 102. The financial slalemenls have departed from the Charities {A¢¢ounls and Reports) Regulations 2008 only lo the exlenl required lo provide a true and fair view. This departure has involved following the Slalement of Recommended PraGlice for charities applying FRS 102 rather than the version of the Slalemenl of Recommended Practice which is referred lo in the Regulations bul which has since been withdrawn. The financial slalements are Pfepared in stofling, which is the funclional currency of thè charity. Monetary amount5 in thes¢ InancIal slalemenls are rounded lo the nearest £. The financial statements have been prepared under the histoiical cost convention, Imodified lo include the revaltjalion of freehold properties and to include investment properties and c8rtain financial instruments at fair valuel. The principal accounting policies adopl8d are sel out below. 1.2 Going concern The church having resumed ils regular Sunday worship services 15 seeing increase in ils membership attendance and donations. The trustees have carefully reviewed the church's tinancial projections and cashflows lo assess ils viability to continuè as a going concern. They have ieasonable expectation that the arily has adequate resources lo continue in operational existence for the loreseeablo future. Therefore, the trustees continue lo adopt the going concgrn basis of accounting in preparing the finan¢i81 stalemenls. 1.3 Charitable funds Unreslricled funds a available for use at the discretion of the trustees in lurtherance of their charitable objectives. Restricted funds are subject lo specific Conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the financial ststemenls. 1.4 Incomlng re50urce5 1ncome1s recognised when the Charity is legally enlilled lo it 8ftar any perfomiance conditions havo b8en mel, Ihg amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, LJnlÈss performance conditions require deferral of the amount. Legacies are recognised on receipt or olhemiso if the charity has been notified tsf an impending dislribulion, the amount is known, and receipt is expected. If the amount is nDt known, the legacy is Irealed as a conlingenl assèt_ 1.5 Resource5 expendeil Li8bililies are recognised as soon as there is a legal or constructive obligation commilling the charity to expenditure All expenditure is accounted for on an accruals basis and has been Classified under headings that aggregate all costs related ID the c81egory 13-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles IContlnued} Costs of generating funds are the costs of trading lor fundraising purposes. Charitable expenditure Comprises those cos16 incurr@d by the charity in the delivery of ils activities and services for 115 benefiGiari85, 11 includes both costs th81 can be allc>catecl directly lo such activities 2nd those costs of an indirect nature necessary lo support them. Governance costs include costs of the preparation and examination of the slalulory accounts. the ¢osls of the trustee meetings and the cost of any legal advice to truslees on governance Dr conslilulional matters. 1.6 Property, plant and equipment Property, plant and equipment are initially measured at cost and subsequently meastjrèd al cost or valuation, n8t of depreciation any impairment losses. Depreciation is charged lor a full financial year on all fixed assets, regardless of the d8t& on which the assets is acquired or b¥oughl into use during the year. Depreciation is recognised so 8$ lo write off the cost or valuation of assets less their residua1 valu?s over their useful lives on the following bases.. Fixtures and fithings Motor vehicles 25°A slraighl line 500A straight lin The gain or loss arising ¢)n the disposal of an asset is dètermined as the difference beeen the sale pro¢eeds and the carrying value of the asset, and is recognised in the slalemenl of financial aclivilies. 1.7 Investment propertles Investment property. which is Property held to earn rentals 8ndlor for capital appreciation. is initially recognised al cost, whlch includes the purchase cost and any directly atlribulablo expenditure. Subsequently il is measured al fair value al the reporting end date. The surplus or deficit on revaluation is recognised in profil or loss. 1.8 Impaimient of non-current assets Al each reporting end dale, the charity ftsviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such iadicalion exists, the recoverable amount of the asset is &slimat8d in Drder lo determine the exlenl of the impairment loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at ¢all with bank5, other short-lerm liquid investments with original maluTilies ol Ihree months or less. and bank overdrafts. Bank overdrafts are shown within bc>rrowings in current liabilities. 14-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng poll¢lgs Icontlnuedl 1.10 Flnancial instruments The charity has elected lo apply the piowsions of Section 11 'Basic Financial Inslrumenls, and SeGlion 12 'other Financial Inslrum&nls Issues, of FRS 102 to all of ils financial inslrumenls. Finan¢ial instruments are re¢ognised in the charity's balance sheet when the charity becomes party lo the eonlraclual provisions of the instwmenl. Financial assets and liabilities are offset, with the nel amounts presented in the financial slalemenls, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo sellle on a net basis or to realise the asset and sèltl8 the liability simultaneously. Basic fiTnanclal assets Basic financial assets, which include trade and other receivables and cash and bank balances, are inliallY measured al transaction price including transaction costs and are subsequently Garried al amortised cost using the effective interest method unles5 the arrangement conslilules a financing transaction, where Ihe transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets Classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including trade and other payables and bank loans a initially recognised at transaction pricè unless Ihe arrangement constitutes a financing Iransaclion, where the debt instrument Is measuTed al the present value of the future payments discounted al a market rate of irrteresl. Financial liabilities classified as payable within One year are not amortised. Debt instruments a subsequently carried at amortised wst. using the eflective interest rate m@thod, Trade payables are obligations lo pay for goods or services that hav6 been 2cquire(S in the ordinary course of operations from Suppliers. Amounls payable are cla55ifiecl as Current liabilities if payment is due within on yèar or less. 11 not, they are presented as non-currenl liabilities, Trade payables a recognised initially al transaction price and 5ub5equenlly measured al amortised cost using tha effectsve interest method. Derecognition of financial liabilities Financial liabilities are derecognised whtrn the charity's conlraclual obligations axpir& or are discharged or canEglled, 1.11 Employee benefits The cost of any unused holiday entrtlemenl Is recognised in the period in which the employee's seNic8s are received. Termination benefits are recognised immediately as an expense when the chartly is demonstrably Commilled lo lerminale the employment of an employee or lo) provide lerminalion beneflts. Crltlcal accountlng estlmates and Judgements In the application of the charity'8 accounting policies, the Iruslees are required lo mako juijgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo b8 relevant. Actual results may differ from these eslimales. The estimates and undeTlying a85umplions are reviewed on an ongoing basis. Revision¥ lo accounting estimates are recognised in the period In which the estimate is revised where the rovision affects only that perlod. or in the period of the revision and fulure periods where the ievision affects both current and fulure periods. 15-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Income from donatlons and legacles Unrestrlcted Restricted fund5 funds 2025 2025 Total Unrestricted R•strlctgd funds funds 2024 2024 Total 2026 2024 Donations and gifts Membership fees 44,596 111,956 80,707 125,303 111,956 35,500 112,108 79,398 114,898 112.108 156.552 80,707 237,259 147.608 79,398 227,006 other trading actlvities 2025 2024 Lelling and licensing arrangements 289,246 350,231 16-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Raising funds and Charltablè activitles Charltable Charltable Expenditure Expendlturo 2025 2024 Staff costs Depreciation 8nd impairment Establishment costs Repairs and rnainlenanee General expenses Printt"ng, posting and slalionery Donations, gifts and subscription Church expenses Travel and subsistence Fund raising and evenl8 Bank charg@S Ministerial expenses Security costs Welfare and Christmas for and children 32.477 25.853 46.621 97,278 99D 7,901 459 17,911 2,533 53,244 402 4,023 38,939 13,140 13,667 57,801 50,628 13,78C> 7,093 13,448 17,394 1,110 72,293 396 3,682 30,301 3.500 341,771 285,093 Share of support costs (see note 71 Share of governance costs (see note 71 106.000 94,455 58,000 91,997 542.226 435,090 Analysls by fund Unreslricled funds Reslricled funds 473,991 68,236 371,646 63.444 542,226 435,090 18
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Support costs Support other costs Governance costs 2025 2024 Basis of allocatlon Circuit assessment 106,000 106,000 58,000 Audit and a¢counlancy Govern8n¢e costs 11,400 83,055 11,400 83,055 9,400 Governance 82,597 Governance 106,0(>0 94.455 200,455 149,997 Analysed between Charitable activities 106,000 94,456 2JO,456 149,998 Governance costs includes payments lo the auditors of £11,40012024- £9.4001 for audit and accounlanGy fees. Net movement In funds 2025 2024 The nel movement in funds is slalod after chargingll¢redilingl'. Fees payable for the audit of the chafily's financial stslemenls Depreciation of owned property, plant and equipment 11,400 25,853 9.400 Trust88s The Iruslees had their lelephDn8 and incidental expenses amounting £4,Q2312024". £3.6821 reimbursed in the year 10 Employees The average monthly number of employees during the year was.. 2025 NLEmb8r 2024 Number Governance Employment costs 2025 2024 Wages and salaries Social security ¢Dsls 31,711 766 13,667 32,477 13,667 There were no employees whose annual remuneration was more than £60,000.
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 11 Galns and losses on Investments Restrlcted fund5 2025 Restricted funds 2024 Gainslllossesl arising on.. Revaluat6on of Investment prDperties 3.900.000 12 Taxation The Charity is èxempt from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 13 Property* plant and equipment Fixture5 and Motor vehlclas fittln95 Total Cost At 1 September 2024 Additions 134,569 103,412 14.120 148,689 103,412 Al 31 August 2025 237.981 14,12D 252,101 Depreclatlon and impaiment Al 1 September 2024 Depreciation charged in the year 134,569 25,853 14,12LI 148,689 25,853 Al 31 August 2025 160.422 14,120 174.542 Carrylng amount Al 31 August 2025 77,559 77,559 14 Investment property 2025 Fair value Al I September 2024 Nel gains or losses through lair value adjustments 8,730,000 3,900,000 At 31 August 2025 12.630,000 Investment property comprises 5444 Cambemell Road. The fair value of the investment propety has been based on a revaluation carried out on 31 March 2026 by Newmark Gerald Eve LLP, Chartered Surveyors. who are independent Df the charily.The valuation was prepared on an open market value basis wllh reference ID comparable market IransBclions. 20-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 Trade and other recelvables 2025 2024 Amounts falllng due withln one year: Trade receivables Prepayments and accrued income 71,163 2,806 99,175 3,428 73.969 102,603 16 Current Ilabllltles 2025 2024 Other taxation and social securty Trade payables Other payables Arua]S and deferred income 83 39,542 29,264 11,515 17,650 19,738 9,400 80,404 46,788 17 Restricted funds The reslricled lunds of the charity comprise the unexpendod balan¢es of donatlons and granls h?Id on trust subject lo specific conditions by donors as lo how they may be used. At1 September 2024 Incomlny resources Resources expended Transfers Galns and At 31 August losses 2025 J B Memorial fun Special Appeals Revaluation Reserve Fellowship Funds 2,985 50,569 60 52,231 3,045 61,541 {41,2591 8.439,948 3,900.000 12.339,948 151,941 60.594 151.9031 160,832 8,645,443 112,885 93,162 3,900,000 12,565,165 21
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 17 Restrlctsd funds (Continued) Prevlous year: At1 September 2023 Incoming r&sourco$ Resources expellded Tfansfers Galns and At 31 August losses 2024 J B Memorial fn Building Reserve Special Appeals Revaluation Reserve Felltswshlp Funds 2,834 151 2,985 48 50.680 1481 130,8321 30,721 50,569 8.439.948 8,439,948 132,761 68,630 {49,4501 151,941 8,626,272 99.502 {80,3301 8,645.443 18 Unrestrlcted funds The trustees have designated the followng amounts for Spec1¢ purposes.. Atl September 2024 Incomlng resourcès Resources At 31 August èxpended 2025 ChurGh Maintenance and Development Reserve General funds 21.836 434,661 21,636 409,639 448,969 1473,9911 456.297 448,969 1473,9911 431,275 Provious year: At1 September 2023 Incoming resourGe5 Reyources At 31 August expendtrd 2024 Church Malnlenance and Development Reserve General funds 21,636 304,333 21.636 434.661 501,974 {371,6461 325,969 501,974 {371,6461 456,297 -22-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 19 Analysis of ngt as$ets betweèn funds UnrestTlcted Designated R¢strlcted funds funds funds 2025 2025 2025 Total Total 2025 2024 Fund balances al 31 August 2025 are represenl6d by.. Property, plant and equipment Investment properties Current asselsllliabililie81 77,559 77,559 12,630,000 12,630,000 164.8331 288,883 8,72CI,000 371,741 332,080 21,636 409,63g 21,636 12,565.167 12,996,442 9,101,741 20 Related party transactions During the yea¥, trustees engaged by the Ghurch to provide organist servlces recelved payments lolalling £8,04512024.' £8.2451. In addition. one Iruslee received remunerab.on of £10,311 during the year for bookkeeping and financial adminislralion setvices provided lo the charity. The Iruslee did not participate in any discussions or decisions relating lo their remunerallon. The Church is part ol the Soulhwark and Deplloré Melhodisl Circuit within the Melhodisl Church. During the year, the Church paid circuit 8$sassments of £106,000 lo the Circuit lo contribute Iow8rds stiponds, manse costs and other minislry-relaled expenses. As certain Iruslees of the Church also serve as Iruslees of the Circuit, these transactions are CDnsidered Telaled party transactions in accordance with FRS 102 and the Charities SORP. The circull assessments ara calculated on a standard basis applied CDnsislenlty across all churches within the Circuit and wer? not inlluenced by the Iruslees concerned. The trustees did not participate in any decisions relating lo the approval or level of these payments. The balance payable to Soulhwatk and Deptford Methodist Clrcull as on 2025 is £26,500.0012024'. 01. 21 Cash gen&rated from operatlons 2025 2024 Surplus for the year 3,894,701 149,500 AdSustments for: Investment income recognised in slalemgnt of financial activities Fair value gains and losses Dn investment Properties Depreciation and impairment of propèrty, plant and equipment 110,4221 13,900,000) 25.853 17,3531 Movements in worklng capltal: Decreasellincreasel in trade and other receivables Increaselldecreasel in trade and other payables 28,634 33,616 1101,9061 15,0051 Cash generated from operations 72,382 35,236 23-
WALWORTH METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 22 Analysls of ohanges In nèt funds The charity had no malarial debt durlng the year. -24-