ISIINGTON & CAMDEN MISSION CIRCLJIT Charlty re8lstratlon number- 1129475 REPORT AD ACCOUNTS 31 AUGUST 2023
15LINGTON & CAMDEN MISSION CIRCUIT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31. AUGUST 2023 CHARITY INFORMATION Charity Registration number- 1129475 PI'iDcip81 #ddi NavigRloi' Squ&re Loiidon N193TD Bankeis- HSBC Bank PIC BelaVi& Brandi The Pe9k 333 Vauxhall Bridge Road Ltsndon SWIV IEJ CcIiiral Finance BO¥1 London. EC2A 4PE Jnd¢peDdEnt Examlner Kojo Amogh-Arko Kojo & Co Lid Charlered C¢ilifid Aewiinl8ni$ 118-120 London Rtsttd Mitcham Surr¥ CR4 3LB TABLE OF CONTENTS PAGE Truslees Report 1106 Independent Examinerfs Report Slal8m&nt of Flnanclal Activities Balanee Sheel Notes to the Finanual Stglemenl 10t017
ISLINCJTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 2023 The'fiustee8 present their repori logelher with the Inclependently examined financial statements for the year ended 31, AugLisI 2023 BASIS OF ACCOUNTS PREPARATION The flnènclal stalemonls have been Prepared In 3ccordance wlth'Accountlng and Reportlng by Charities.. Statement ol Recommended Proctice appllcable to ch3ritle5 preparSn8 their accounts in accord3ncp wth the Financial Reporting Standard Hpp5irable In the UK and Republic of Ireland l FF¢S ID? I (Second Edition)" and the Financial ReportlnE Standard 3pplicable In the United Kingdorn and Republic of Ireland l FRS 1021 and the C[[10S Act 20114nd UK GenerallyAc¢epted Practlce a5 It 3pplles from l J3nvary 2015 The financial 5latements have been prepared to gave a"truÈ and lalr. viow and have departed from the Charities l Accounts and Report51 Regulation5 2008 only to the extent requlred to provlde a'true and fall vipw. Thi5 depariure has Involved followlng 'AccountlTrg and Reportlng by CharltlÈs'. StatÈment ol Recommended Pracllce ppllcable to ch8rlties preparlng thelr accounts In acctsrdance vdth the Flnanclal ReportlnE StHndaTd appllcèble In the UK and Republlc of Irelanrl l FRS 1021 I Second rather than the Accountlne and Reportin8 by Charltle5 , statement of Recommetsdpd Prattice èffectlve from l. Aprll 2005 whlch has slnce been withdrawn. The flnanclal statements have been prepared In Bccord3nce wlth the accountlng pollcles set out In Note 2 to these accounts, and In accordance wlth the governlng dotument of the Clrcult. GOVERNING DOCUMENfAND OBJEcfivE The governing document forthe clrcuSt Is the Deed of Unlon119321 and the Methodlst Church Act119761. The Pu[Se of the Methodlst Church are ènd shall be deetned to have been slnce the date of the union, the 3dvancÈment of.. (HI the Chrlstlan falth In accordance wlth the doctrlnal stand3rds and dlsclpllne of the Mcthod15t Church,. Ibl any chDrltable purpose5 for the tlme belThÉ of èny Connexional, Distrlct, CirculL local or Dther organlsttlon of The Methodlst Chur£h.. Icl any charltable purp05p for the tlme belng ol any soclety or Instltutk>n subsldiary or ancillary tu The Melhodlst church,. Idl any purpose forthe tlme belnE of any chBrlty subsldlary or3nclllary to The Methodlst Chvrch. In strlvlng to achleve Its objectives, the Trustee5 give carelvl con51deration to the c.hatY Comm1551on's Eeneral guidancp on publlc beneflt. We confirtn th3t the Circuit Is a publlc benefit entliy as defined by r.RS 102.
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 2D231 Contlnued I TRUSTEES 'rho Trusleos ol the Cirouil are Selected from given office holders of the Melhodisl Church REFERENCE ANDADMINISTRATIVE DETAILS The Clrcuil is rnanag&d on day lo dsy b8sls by the Superinlendenl mlnlsler. the mlni51ers In the Clreull and the Clr¢ull Stewards. The Circuit Meeting Members who are also trustees are Dlstrlct Chalr Revd Dr Jonglkaya ahle Superintendent Mlnlster Revd Timothy J Bradshaw Co Superintendent Mlnlster Revd Anne Mary Lawrence Clrcult stewards Mrs Abimbola Keyede Mi Laurence Evans Mary t)onkor Nana D8rko-Obiri Clrcult Treasurer Godlried Gy8$1-Addo Circuit Meeting Secretary Miss Iris Cha15is Local Preachers, Secretary 15hared with West London Mi5slon Circuit) Miss A Roberts Mis E Da Costs Miss D Coates Safeguarding Co.Ordlnator Miss Iris Challis Loeal Church Representatlves.. Archway Methodlst Miss V Meredith Mrs Felicily Renwck Mr B Aryee Mr P Brown M15s V Mltcho11 Mrs Be8trl¢e Omari Mrs T Boaleng Mrs E Obeng Caledonlan Road Carnden Town Mlsslon Isllngton Cenlral Methodist Women In Brltaln
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 2023 The Trustees The Iiuslees who ai8 reglslered wllh the Charily Commission are Rev Anne Mary Lewrence Aku Williams Godfried Gyas1-Addo Nana Daiko-obiii Mary Donkor Tinolgsa Williams Beatrice Omari R8v Timothy Brgsdshaw Tlmothy James 8radshaw Eva Da Costa Ellen Prudence Olosu-Amaah Ann Roberts Lauren¢e Norman Evans Eva Esi Obeng-Reid AbSmbo>la Keyede Margaret Rose Dofoo Ernesline Boaleng Ivy Dougan Veronica M81edilh Viwenne Carol Milehell
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 2D23 STRUCTURE, GOVERNANCE AND MANAGEMENT The Circuit 18 managed by a lead815hip leaw mat18 up of the fflinisleis, the Circuit stewards and local chL)roh repiesenlatives. The CiicuS1 ensures th31 incotning slowaids a19 w&ll equipped by air8nging for thom lo allend 118inlng and $8minar8 organised by the District 8nd Iho CijicuII lor that puiposes. The Circuit Leadetship tearn tneet5 periodlcally to discus5 finance. pioperty and olher tnallers pertainlng to the Ilfe ol the Circuit and to rnake recotnmendalioiis to Ihe Ciicull Meeting. The Clrcull Meellng also meets at least t a year to conslder recommendations and reG8ive reports from and lo Ihe Methodist Conference, London District Synod, the Circuit Le8detship Team and the Circuit Steward5, and conducts other business as appropriate. FLINCTIONS OF THE CIRCUIT Mlsslon statement The Circuit's mission statement is 'to be open to God, open to Life and open lo the wortd The rnain function of the Circuit is lo provide the support mechanism lo the local churches wlhin the Circuit. Car8lul consid8ialion ol the Charity Comtnission's geneial guidance on public benefit has been borne In rnnd reviewing Ihfj functions ol the Clrcull and In planning ils aolivilios, Tho tru8lee$ ¢onslder the cuirenl ¥¢lwilie$ 8$ detailed in this report delivei publlo benefit, Th8 Circuil is Fesponsible for the following., To prOe mlnlsleflal oversight and pastoral eare for the 9 local churche5 In the Cireull To Support the mlnlslerial team ol the presbyleral minlsters. To maintain the manses and to manage the investment properties. To support1ocal churches in providing place lor worship MAIN GOALS FOR THE YEAR The main goals lorthe yearwere.. To identify priorities lor further use and application ol funds at the disposal of the Circuil lo use ils resources ellecliv81y lo lurther ils Tllission lo develop ils work afflon9 tho young pooplo lo Investigate ways ofworking log8lhor lo achleve the objoctlVQ8 of the circull The Tru5tee5 weie 8ble lo aehieve the goals as set at the beginning ol the year
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THEYEAR ENDED 31, AUGUST 2023 Rlsk Analysls The Trustees have examined the pilncipal aieas of their operalion5 3nd consldered what major risks oould aiise in 8ach of those areas. In the opinion ol the Trustee5, resources and review system5 havg be@ri established which, in the normal conditlons, should allow the risks identllied by them lo be Itig818d lo an acceptable level in Ihelr day to day operations. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees ar6 responslble lor preparing the Trustees, Report and the financial slalemenls in aecord8nee wllli appliLable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Acceptable Accountino Praclicel The law applicable lo charities in England & Wale8 requires the Trustees lo prepare lin8nci81 statemenis lor each financial year which give a 'lrue and fair viewk, ol the stale ol affairs of Ihe charity and of the incoming resources and applicalion of resources of the charity for Ihal yeai. In preparing these financial statements the Trustees ale requlred lo..
select suitable accour)ling policies and then apply Ihern con51slenUy observe the methods and principles in the Ch8rilies SORP make judg8ffl8nls and estimates that are reasonable and prudent slate whether applicable aecounling standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls prepare tha linancial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue to operate. The liustees are responsible lor keeping sullicienl accounting records that disclose wi reasonable 3ccuiacy al any lime the Financial posilion ol the Circult and enable them lo ensure that the accounts comply M4th the Charities Act 012011, the appropriate Charity IAceount5 and Reports) Regulations and Ihp provisions ol the trust deed. They are also responsible lor safeguarding Ilie assets ol the Circuil and hence lor laking reasonable slep8 lor the prevention and deleclion of Iraucl and other iriegulaiilies. In so far as the trustees are aware., There is no relevant audit information ol whlch the Clrcuil's 3udiloi1s unaw&re', and Ihe Iiustees have laken all steps that they oughl to have to make Ihefflselves aware ol any relevanl audil infortnalj'on and to establish that the auditor is aware ol Ihal information. APPROVAL Thls Report was approved by the Cireuil Truslee5 on 22nd November 2024. and signed on the behalf by.. Circuil Meeting Secreta
INDEPENDENT EXAMINER'S REPORT YO THE TRUSYEES OF ISLINGTON & CAMDEN MISSION CIRcuir I report ty) the account8 of Ihè Chortly lor lh8 yèarendecl 31 Avgus12023 whkh 9T9 sel out on page8 8 to 17. RespectSvo ¥eBponglbllttle$ of trusteè8 gnd examlner Thts ¢h8rfty'8 Iru8109$ aro responBlblo for the preparaibn ofth8 aCCOVllt The chailty3 InJule8s ¢on8ldor that gn audS118 not roqulred lor Ihls y88r under secllon 14412) ol Ihe Charflle Act 2011 Ith8 2011 Acti 8nd Ihal an Independent examlnalion Is needed. Ills myre$pon8ibility lo.. èxamhe th8 &ccounl$ under eIn 145 of the 2011 Act, to follow tho pTo¢èdure$ la In the genargl Dlrecllons glven by the Chailty Gommlsslon under secIn 14515llbl of Ih- 2011 AGI," and lo stsle whetherp8rtlcular malleis 9V6 come to my alIenon Bas18 of independènt 9xamlnè$ rèport My examlnalion wa$ carrfod oui in atrdance wlth the general Dlr8cIw8 glven by the Gh8rily Commlsslon. An examinallon In¢lude8 a rev1 olthe accounting rewrds kepl by the chorily ar.d a comparison ol the aoUnt$ represented wllh those records. It alsts Includ08 consldei8llon ol any unu$v81 Stems or dlsdosure3 In the accounts, and 89gklng explanatk)n6 from a¥ Irusle85 ¢On¢8rnng 8ny 8uch maller$. The procedure8 undertgken do not Fyovide 811 Ihe evlden¢e Ih¢lwould bo requlTrd In an audll and ¢ons8quenlly no oplnlon Is glven as lowh81h8r Ihg accfjunls pro$ei)l a Iruts and lalrvl6w and lh8 r8PQrt15 Ilmlted lo Ihose m8tters sel out In the stslemènl below. Indep8ndgnl tsxamlnoVB slatemtnt lft ¢onnt&ction wlh my exambialion, no mailorhas como to my attenllon.. Illwhid) gfves me re9s0nable CL4USO to belleve that In any materfBI res¢1 Ihe requlremenl3.' lo keep uceountlng records (n awordqnc8 wllh $8¢Uon 130 ofthe 201.1 A¢1, aiKI lo prtrparn accounts whl¢h a¢cord %th tha accountlng reeords and comply wilh tho Ihg r8qulrements oltlie 2011 Acl have not been met, or 121 towhlch, In my opinSon. allenllon 8hou1d be drawn In order lo enablo a propèr understsnding ol the a¢counts lo be reHthed. o Amo8hko FCCA Kqo & Co Ltd As50¢18lion of Chartered c9ed Accounlants 118-120 London Road Mltham Sun'ey CR4 3LB 2ts1,,/. Dated
SSLINGTON & GAMDEN MISSION CIRGUIT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 20Z3 INCOMING RESOURCES 2023 2022 Unresl¥lCtod Unre5trlctod Total Total Note Chirltable Atbvltles 85,296 77,614 Investment In£otne 8,805 1.540 OthÈr Income 25,106 3,540 119,208 82,694 RESOURCES EXPENDED Expenditure on charitable activitle5 Governance 194.950 1.770 147.216 1.572 TOTAL RESOURCES USED 196,721 148.788 NET IDEFICITI FOR THE YEAR 177,5131 166.0941 BALANCE BROUGHT FORWARD 1,177.039 1,243.133 1.099,526 1,177,039
ISLINGTON & CAThllDEN MISSION CIRCUIT BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note TANGIBLE FIXED ASSETS 840.651 840.851 CURRENT ASSETS Inveslmenls Bank and cash balances 248,272 38,004 293,952 44,236 286,275 338.188 CREDITORS.. Arnounts falllng due wlthln one year 27,400 1,800 258,875 336,388 1,099,526 1.177,039 FUNDS Unreslricled Funds 1,099,526 1,177,039 The notes oh pages 10 10 17 lomi an intÉgral part ol these financial slalemenls. Approved by the Circuit Meoting on 22 November 2024 and slgned on ils behalf Supeiint8ndent Circuit Treasurer
io ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THf. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2D23 . BASIS OF ACCOUNTING 1.1 The linanilal siatÈmÈnts have been prÈparèd In accordance wilh Accouniin8 and Reportln8 by Charlles.. StatomÈnt of Recommonded Practice appllcable to charllles preparln# thelr Èccounts In accordanco wlth the Flnancl31 Rtportlng Standard appllcable in the UK and Republlc of Ireland l FRS 10211Second Edltitrnl. and the r.inancial RÉportlng Standard applltable In the lJnSted Kingdom and Republic of Ireland l FRS 1021 and the CharStles Act 2011 and UK Generally Accp.pt¢sd Pr3ClI as il applie5 from l JanuaTy 2015 The flnanclal statements have been prepared to g1ve a 'true and fall. view have departed from the Charitles l Account5 and Reports l Regulations 2008 only to the extent required to provide a 'true and fairwew" This departure has involved lollowlng 'AccountlnE and Reporting by CJ)arities'. Statement ol Recommended Practice ppllcable to charltle5 preparlnE Ihelr ?ccounls In 3ccordance with the Financial Reportlng Standard appllcable In the UK and Republic af Irelatid l FRS 1021 I Second Edltlon I" rather than the Accountlng and Reporting by Charltle5.' Statetnentof Recommended PrHctlce effective from I, April 2005 whlch has slnce beEn wlthdrawn" The financial statement5 have been prepared in accordance with the accounting pollcle5 set out in Nole 2 to thesè accounts, and in accordatice with the gove¥nln8 dorument of the Clrcult. 1.2 The Clrcult tonstitutes a publlc beneflt entlty as deflned by FRS 102 1.3 Mo chan8es to account1ng estlmates have occurred In the reporting period. 1.4 No materlal prloryear errors have been Identllled In the ieportiDg period. 2. ACCOUNTING POLICIES. INCOMIN6 RESOURCES 2,1 Recognltlon ol Income Income are recogDi5ed and included in thp Statemontof Flnanclal Attivltles150FA I when..
The Circuit becotne5 entitled to the resource5,' It is tnore likely than nut that the tru5tee5 will recelve ihe rp50urce.' Bnd The rnonetary v31ue can be measured wlth sufficleni rellablllly. 2.2 Offsetmng Th@re has been no offsettlno of assets ènd Ilablllties, or Income and eKpen5e5, unless requlred or permltted by the FRS 102 or SORP.
ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2023 2.3 Grants and Donatlons Giants and Donation5 arÈ only included in the Sofa when ihe general Income Tecognltion crfterla a5 stated above are met. 2.4 Volunteer Help The value of any voluntary help retelved Is not Included in the accounts. 2.5 Income from Interest, RoyaltlÈs and Dlvldonds Thls Is included In the 8ccounts when recelpt Is piobable and the amount receivablo be measured reliably. APPLICATION OF AESOURCES. 2.6 Uèblllty Recognltlon Liabllltle5 are recognlsed where it 15 more Ilkelyihan notthat thEre Is a lÉgal or constrijclive obligation committing the Circuit to Pay Dut resource5 tnd the arnount of the obligation can be rnea5ured th reasonable certalnty, 2.7 Costs directly related to thB work of the clrcult. The district a55essMent and mini5tErial stipends are accounted lor when due. FIXED ASSETS. 2.8 Freehold land and bulldln8S Freehold land and buildlnES tre accounted for at original Cost or valuation ba515. The freehold land and bulldings mpntioned above are shown in thesp accounts at deemÈd valuatlons. belng that property's Insurance rein5t?tement value, as Dotified by Methodist Insurance Company Plc. Changes In the values of the properll2s 35 notilled by tliÈ Methodist Insurance Company PIC are ieflected In these account5 On five-year basls 2.9 DEPRECIATION. Depreclable tanglble freehold bulldlng values arÈ dÈpretlatÈd at a rète calculated to wrlte off the cost, less re51dual v31ue over thelr expected useful IlvÈs. No DppreciatlDn15 provided on land values. No depreciation is provided on tanElble freehold bulldinES a5 the trustees believe that the market value exceeds the book value.
12 ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31, AUGUST 2023 OTHER ACCOUNTING POLICIES 2.10 Funds 2.10.1 Unrestrlcted funds represent fund5 which are expendable at the discretion of the CITcuIt In the furtherante of Its objects and whlch have not been deslEnated forother purp05es. 2.10.2 Restricted funds can only be used lor specified purposes. The purpose of Bny rp5rrlcted fund Is noted In the flndncial statement5. 2.11 Consolldatlon The Circuit oversee5 the work ol mini5teT5 and layworkers In churches wlthln the Circult but does not have c.ontrol over those churches, ministers, OT thE lay worker5. For thi5 reason, the financl81 statements of the churches within the Circuit are not CQn501idated into these finantl81 statements. 2.IZ Golng Concern At the time of epprovlngthe Iln#nuBI statemÈnts, the trustees have a reasonable expectatlon that the Circuit ha5 adequate re50urce5 to tontlnue In operatlonèl e%lstence for the foreseeable future. Thus the trustee5 have therefore contlnued to adopt the EoillE concern basis In preparing the Circuit's financial stBtetnÈnts. 2.13 Taxatlon In thÈ oplnlon of the trustees. the Circult 15 exempt from the United KIDgdotn T3xatlon on Its Incomlng resources for the year. 2.14 AccountlnE estlmates and judgements In the appllcatlon of the arcult's 3ccountlng pollcips. the tru51pÈs are rÉqulred to make judgement5, estimates. and B55umption5 3bout carrylno Bmtrunt trf assets and Ilablllties that are ntrt readily apparent from otheT resource5. The EstlmatÈs and assoclated as5umptlons are based on hlslorlc experience and other factors that 3re considered to be relEvant. Actual results may dlffer from these e5tirnites. The estlmates and underlylng a5SUtDptlons are reeWed on an ongolng basls. Revlslon5 to accountlng estlmate5 are re¢ognlsed In the porlod In whlch the eslSmate Is revlsed where the revision affects onlythat pÉrlod, Dr in the perlod of the revlslon and future perlods where the revision affects both current and future periods. The Tnain BSSUtnption concerning the future of the Clrcvlt is that the assessment income will oDtinue to be sufllcienl to meet the cosis of stlpends, salarlps and manse mainten3nce. The annual budEet, a5 approved by the arcult meetlng, Includes surns necessary for coverlng these cost5. This 15 then allotatd èmong each church In the QrcuiL he the Income15 dependent upon the Churches, abillty to meet the assessments. 2.15 Flnancl?I In5t¥ument5 The Clrcult only has fiDanclal èssets and Ilabllltles of è klnd that qvalSfy as baslc flnanclal Instruments. EHsir Ilnanclal Instruments are Inltlally recognlsed at tran5actlon value subseouently me8sured at thelr settlement value.
13 ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2023 3 INCOMING RESOURCES 2023 2022 Total Unrostrlct. Funds Total Unre5trict. FLtnds 3.1 Charltable Activities income Clrcull assessments 85,296 77.614 3.2 Investment income Central Finance Board Interest TMCP Interest 352 8.454 181 1,379 8.805 1,540 3.3 other Income 5vndry income Camden donatlDn- bvjanse repalrs 106 25,(K)O 3,540 25,106 3,540 Tatal incoTne 119,208 82.694 4. RESOURCES EXPENDED Expendlture on Charltable acllvltles District A58e8sment Slipends, Penslon bnd NIC TMCP levy Manse expenses Minlslers, Iravelling expenses Telephone, postage and admln Sundrios Manse repaiis 21.108 76.844 13,296 10,886 4,955 5,221 532 62,107 17,101 74,244 14,334 11,412 4.231 4,951 518 20,425 194,950 147.218
14 ISLINGTON & CAMDEN MISSION CIRCUIT NOTE5 TO THE FINANCIAL 5TATEMENT5 FOR THE YFAR ENDEO 31, AUGUST 2D23 2023 Total Unrpslrlct. Funds 2022 Totsl Unrestricl. Funds 4. RESOURCES EXPENDI.D Icontdl Governance G05t5 Independenl examiners charges TMCP Charges Bank charges 600 838 333 600 877 95 1,770 1,572 5. TANGIBLE FIXED ASSETS Freehold tand & COST OR VALUATION As al 1 September 2022 & 31 August 2023 840,651 DEPRECIATION As at 1 September 2022 and 31 Augusl 2023 NET BOOK VALUE As al 31 August 2023 840.651 As al 31 August 2022 840.851 6. INVESTMENT5 2023 2022 Model Trusl Fund 248.272 293,952
15 ISLINGTON & CAMDEN MISSION CIRCUIT OTES TO THE FINANCJAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2023 7. BANK AND CASH BAIANCES 2023 2022 HSBC Current accour)I Cenlral Finance Board 15.152 22.852 25,097 19,139 38.004 Cash and cash equwalent includes Cash In hand, dEp951t5 held at call wlth b?nk5, oiher shDrt term Ilquld InvE5trnentS Wlth tsrlglnal maturltles of three month5 or less, and bank ov@rdrafts. Bank overdrèft5 are shown wlthln borrowings In current IlabllitlÈs. 8. CREDITORS.. Amounts lallTrng due wlthln one year Loans Aeeruals 25,000 2,400 1.800 27,400 1.800 9. FUNDS 01-Sep-22 Reeelpts Payments Transfers 31-Aug-23 UNRESTRicfED FUNDS General funds 1,1n.039 119.208 196.721 1,099,528 General funds &re money raised for the general running ol the Circuit
16 ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2023 10. ANALYSIS OF FUND BALANCES BETWEEN THE NET ASSETS Total Unrestricl. Tan9ible IixEd assets Investments Bank and cash balanees 640,651 248,272 38,004 127,4001 1,099,527 11. RELATED PARTY TRANSACTIONS TRUSTEE5 REMUNERATIONS ANT) BENEFIT5 All the Ministers setving in the Circuit are members ol the Circuit Meeling 12. TRANSACTION WITH RELATED PARTIES Allhough the Circuit pays the rnini5teiisl slipends. the Ministers are not employed by the Circuit. Ministers are employed by Conference. bul ills tho responsibility ol the Circuit lo pay them. There were no other related partles Ir8nsaclions lor the ye8r ended 31, August 2023 Connected organisalions indude the Methodist Connexion, Churches wilhin the Circuit, other Melhodisl Dislricls in Great Britain, CFB, and TMCP. All Iliese entities have Ihelr own Iruslees and autonomous admir)isliation such that Ilie Clrcull has no mal8ri81 Influencè over them. They are, Iherelore not considered related parties.
17 ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TOTHE FINANCIAISTATEMENTS FOR THE YI.AF¢ ENDED 31, AUGUST 2023 18. POST BALANCE SHEET EVENTS There has been no posl balanee sheet event which could materially allect these financlal slalemenls However. as a result ol the Covid-19 pandern, the churches attendance has gone down and the activilie5 01 the Lhurches tenants have also been draslicalty reduced. Hence the churches, ability lo pay their respective lulure circuit assessments. and the lenanls, abilily to meet their future rent payment obligalions are in doubl. 14owever the 'going concern ol the circuit is not Ihrealened, as the circuit has set up sn Interim Finance committee lo monitor the finances of the individu&l chuiches lo ensure that wherever possible, there is a sharing of resOurS amongst the chLirches. In the short18rm, the circuit intends lo rely on ils reserves with the TMCP lo m881 ils Imrnediale financial obligations. Id. Volunteer Contribution Every wng of the Melhodisl Church (Local Churches, Circuits, Distiicls, Connexionl In the Unlled Kingdom is heavily rellanl on volunteers who conlribule thelr Skills, time. rnoney and Ihelr resources in the furtherance ol ihe work ol the church. Principalty, this contribution is by serving on commillees ol the Circuit that deal Mqth mls8ion, manses, finance. policy. grants, training developments. elc elc. The colltribulion ol volunteers is nol included within the income ol the Circuit. We are grateful lo all ol them lor their help and commilmenls 25. Mln15ters' manse £0sts The Circuit is required lo provide accommodation lor each Minister atKI hlslher lamlly. The Circuit bears the costs ol repaiis, Tnainlenance, building insurance, Council Tax and water charges on the properties. Th05e oosls are nol shown separalèly a5 benelll-ln-kind lor the Ministers as HMRC oso8s not seek lo lax these receipts in the hands ol the Ministers. Similarly. these costs are not dlsdospd as related partles, IransaclSons in these accounts.