ISLINGTON & CAMDEN MISSION CIRCUIT Charity registration number- 1129475 REPORT AND ACCOUNT5 31 AUGUST 2024
ISLINGTON & CAMDEN MISSION CIRCUIT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31. AUGUST 2024 CHARITY INFORMATION Charity Registration number- 1129475 Principal address Airliil'ay Meiliodist Church Navigator Square London N193TD Bankets- HSBC Bank PIC Belgravia Bla¢h Th¢ Peak 333 Vauxhall Bridge Road IA)ndon SW IV I FJ Cciitral financc Board 9, Bonhill Streel, London. E("2A 4PE Independent Exaininer Kojo Amoah-Aiko Kojo & Co Ltd Chartered Certified A¢¢ountants 118-120 London Road Miteham Surrey CR4 3LB TABLE OF CONTENTS PAGE Trustees Report 1106 Independent Examinerfs Report Slalement of Financial A¢livilies Balance Sheet Notes lo the Financial Statements 101017
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31. AUGUST 2024 The Tiuslees present their report logethttr with the Independently exarnined financial slalemenls for the year ended 31, August 2024 BASIS OF ACCOUNTS PREPARATION The financial slalemenls have been prepared in accordance with 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan¢e with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland l FRS 1021 Isecolld Edition) and the Finallcial Reporting Standard applicable in the United Kingdom and Republic of Ireland l FRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2015 The financial slalemenls have been prepared lo give 8 'Yrue and fail" view and have departed from the Charities l Accounts and Reports l Regulations 2008 only lo the exlenl required lo provide a "Ir(Je and fair view" This departure has involved following Accounting and Reporting by Charities '. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland l FRS 1021 I Second Edition I" rather than the Accounting and Reporting by Charities Slalemenl of Recommended Pradi¢e effective from 1, April 2005 which has since been withdrawn" The financial slalemenls have been prepared in accordance with the accounting policies set out in Note 2 to these accounts, and in accordance with the governing document of the Circuit. GOVERNING DOCUMENT AND OBJECTIVE The governing document for th& Circuit is the Deed of Union11932) and the Melhodisl Church Acl119761- The Purpose of the Melhodisl Church are and shall be deemed lo have been since the dale of the union, the advancement of.. (al the Christian faith in accordan with the docliinal standards and discipline of the Melhodisl Church., Ibl any charitable purposes for the lime being of any Connexional, District, Circuit, local or other organisalion of The Melhodisl Church., Icl any charitable purpose for the lime being of any society or inslilulion subsidiary or ancillary lo The Melhodisl Church., Idl any purposo for the lime being of any charity subsidiary or ancillary lo The Melhodisl Church. In striving lo achieve ils objectives, the Trustees give careful consideration lo the Charity Comrnission's general guidance on public benefit. We confirm that the Circuit is a public benefit entity as defined by FRS 102.
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 20241 Continued I TRUSTEES The Trustees of the Circuit are selected from given office holders of the Methodist Church REFERENCE AND ADMINISTRATIVE DETAILS The Circuit is managed on day lo day basis by the Superinlendenl rninister, the ministers in the Circuit and the Circuit Stewards. The CiTcuII Meeting Members who are also Iruslees are District Chair Revd Dr Jongikaya Zihle Superlntendent Mlnlster Revd Alana Lawrence circuit Ministers Deacon Sally Wheadon Circuit stewards Mrs Abimbola Keyede Mr Laurence Evans Mary Donkor Nana Darko-obiri Clrcult Treasurer Godfried Gyasi-Addo Clrcult Meetlng Secretary Ms Aderemi Olamide Bankole Local Preachers. Secretary (shared with Wesl London Mission Circuill Miss A Roberts Mrs E Da Cosla Safeguarding Co-ordinator Miss Iris Challis Local Church Represerbtatlves.. Archway Methodist Miss V Meredith Mrs Jeanelle Bradshaw Mrs Margaret Rose Dofoo Miss Iris Challis Miss V hhilchell Mrs Beatrice Omari Ms Aku Williams Mrs Ellen Prudence Ofosu-Amaah Miss Lorraine Omari-Asor Ms Kathy Monloule Ms Denise Tuille Mrs E Obeng Caledonian Road Camden Town Mission Islington Central Methodist Women in Britaln
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 2024 The Trustees The Iruslees who are registered with the Charity Commission are Rev Anne Mary Lawrence Deacon Sally Wheadon Aku Williams Godfried Gyasi-Addo Nana Darko-obiri Mary Donkor Tinalasa Williams Beatrice Omari Jeanelle Bradshaw Eva Da Cosla Ellen pruden Ofosu-Amaah Ann Roberts Laurence Norman Evans Eva Esi Obeng-Reid Abimbola Keyede Margar21 Rose Dofoo Ivy Dougan Veronica Meredith Vivienne Carol Mitchell
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The CiTcuII is managed by 8 leadership team made up of the ministers, the Circuit stewards and local chur¢h represenlalives. The Circuit ensures that incoming slewaids are well equipped by arranging for them lo allend training and seminars organised by the District and the Circuil for that purposes. The Circuit Leadership team meets periodically lo discuss finance, pioperty and other matters peilaining lo the life ol the Circuit and lo make recommendations to the Cir¢uil Meeting. The C1Ul1 Meeting also meets al least twice a year lo consider recommendations and receive reports from and lo the Melhodisl Conferen¢e, London District Synod, the Circuit Leadership Team and the Circuit Stewards, and conducts other business as appropriate. FUNCTIONS OF THE CIRCUIT Mission statement The Circuit's mission statement is'lo be open lo God, open to Life and open to the world" The main lunclion of the Circuit is lo provide the support mechanism lo the local churches within the Circuit. Careful consideration of the Charity Commission's general guidance on public benefit has been borne in mind in reviewing the functions of the Circuit and in planning its aclivilies. The Iruslees consider the current activities as detailed in this report deliver public benefit. The Circuit is responsible for the following.. To provide ministerial oversight and pastoral care for the 4 local churches in the Circuit To Support the ministerial team of the presbyleral ministers. To maintain the manses and lo manage the investment properties. To support local churches in providing place for worship. MAIN GOALS FOR THE YEAR The main goals for the year were.. To identify priorities for furthèr use and applicaliDn ol funds al the disposal of the Circuit To use ils resources effectively lo further ils mission To develop ils work among the young people To investigate ways of working together lo achieve the objectives of the circuit The Trustees were able lo achieve the goals as sel al the beginning of the year
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31, AUGUST 2024 ACHIEVEMENTS AND PERFORMANCE FINANCIAL REVIEW The Circuit church finances continue lo face a number of difficulties, two of the churches have yet to find ways to increase their income lo cover their circuil assessment and ongoing mainlen8n¢e costs. However, they both have sullicignl rfyserves lo give Ihem 1Sme lo work on development plans. The other ehurch is now within a Connexional projecl and whilst il has no running costs. they are looking for ways lo increase their income lo secure their long-lerrn lulure. This church also has healthy reserve lo draw upon whilst these discussions lake place. The financial position of the largest ohurch in the circuit has returned lo pre Covid levels and provides the Circuit with over half its assessments. The Circuit assessmenl still does not cover the Circuit running costs at this time, and conversations are continuing within the CiTcuiI lo raise each church's assessrnenl. Meanwhile the Circuit continues lo draw down from ils TMCP fund Bach year to covèr costs. ReseThes The balan¢e of Ihg unr¢slri¢led funds at 31 August 2024 was £1,053,209 12023- £1,099,526) This includes the value ol the Fixed Assets of £840,651 thereby leaving a nel liquid balance of £212,558 for the general running ol the Circuit. PLANS FOR THE FUTURE There ale conversations taking place wlhin the Circuit lo increase the Gircuil assessment from each church as we move forward. However, there are a number ol development decisions that need to be lak8n within two of Ihe churches which will also aflecl this conversation going forward. Al the largest church there are major works anlicipaled lo renovate the building lo address 8 number of ongoing structural r8pair issu8s. This will require fund raising as il will be beyond tha financial capacity of the Church or Ihe Circuit. It is however not envisaged thal Circuit finances will be irnpacted by the projecl. The Circuit Trustees again anlicipale drawing down from the Circuit TMCP Trust fund to cov81 costs lor the ytsai 8he8d. ReseNe Policy The Tmstees endeavour to maintain sufliaent ReseNes to ensure that the Circuit is on a "going concern basis al all times. The Ciicuil GeneTal Fund Iunieslricted fund) balance al the end of the year was £1.053.209 Our reserves policy is to hold at least 6 month's expenditure. With Ihe current level ol annual expenditure { £147,385) the expected level of Reserves should be £73,692, compaTed lo the actual readily available re5etves Icircuil General Fund balance less properties values) of £212,558. The current reserves are lar in excess of the required level and Ihe Trustees intend lo take the appropriate measures to bring the actual reserves in line with the expected level.
ISLINGTON & CAMDEN MISSION CIRCUIT TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31. AUGUST 2024 Risk Analysis The Trustees have examined the principal areas of their operations and Considered what major risks could arise in each of these areas. In the opinion ol the Trustees, resources and review system5 have been established which, in the normal condbtions, should allow the risks identified by them lo be miligaled lo an a¢¢eptable level in their day lo day operations. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Tiuslees. Report and the financial slalemenls in accordance with appli¢abl& law and United Kingdom Accounting Standards (United Kingdom Generally Acceptable Accounting Pra¢licel The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view" of the slate of affairs of the charity and of the incoming resources and application of resc>ur¢es of the charity for that year. In pieparing these finan¢ial slalemenls the Trustees are required lo..
select suitable accounting poliGies and then apply them Consistently observe the methods and principles in the Charities SORP make judgements and eslimales that are reasonable and prudent stale whether applicable accounlino standards have been followed, subject lo any material d8partures dis¢losod and explained in the financial slalemenls prepare the financial slalemenls on the going concein basis unless il is inappiopriale lo presume that tho ¢harrty will Continue lo operate. The Iruslees are responsible for keeping sufficient accounting Tecords that disclose with reasonable accuracy al any lime the Financial position of the Circurt and enable them lo ensure Ihal the accounts comply with the Charities Act of 2011, the appropriate Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Circuit and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware., There is no relevant audit information of which the Circuit's auditor is unaware.. and the Iruslees have taken all slep5 that they ought to have to m8ke themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. APPROVAL This Report was approved by the Circuit Trustees on their behalf by.. A. kJlrflltJ& PJAhSKC*£ 2025, and signed on Circuit Meeting Secretary
INDEPENDENT EXAMINER'S REPORT TO yE TRUSTkkS OF ISLINGTON K CAMDEN MISSION CIRCUIT I repoil on Ihe iJCI.'oiinls Ilie f.liaiily for tho yogr 31 Aiigusl 2024 whicli aro soi oul 011 Pr?ycs 8 10 17 Rcsp¢¢livo rcsponsibllltlo.¥ of trustQQ5 and cxoiiiiticr IriJqloeB Cunliider Ihal Triidil ig not [lI1r for1h. yoor undor %OBIK)n 144121 ol Ihc charl09 Acl 2011 Ilhp 2011 Acii and Ihal an indppènd8nl 9.[1na1lOn is nceded. examliio Ikie acthiinls Iiiider $8clroii 145 01 the 2011 A¢.1, lo lolFI)w Eh# piuceduie¥ Idid (bwn in Ihe Deneral l)Itedions giv¢n by Charity LomTni55ion under sccllon 14Jl5llbl of IhL 2011 Act. and io stalè wh8llTror pdrhiupdr maller8 have CO lo Iny ¥llonlion Bdsls af IndL¥pciidertt ExamliiEr's report My e.xnmincTrlion wgts Cir iried oul In ecord0CO wilh Ihe oeneml l?ireGllons 9ivcn by Ihc Lharily cor1111115siui1. An examinalioll ir,r.1i1l$ 3 reviow tho accounlino re¢oids kppl by the cliarily and a compJilson ol Ihc accounts re.prspi1led wilh Ilioso rgcoids 11 also iTrclLJde from yuu as liuslees cuficeriiiiig dlly sucli mail(5. l-hv proc0Ures undortakcn do nol pio¥0 all Iho evence Ihtsl would be fftquired iii an a11 dnd consequonlly no op]nll 1$ given 43 lo whelhei Ilie (IccouiI15 present a Iiue and fairvivw lid the rewrl is 1SmiiÈd lo Iliose Indcpondent exainlnor's slatomonl lry conne10 wrth my exawinalivn. nv niuller lids conie lo my allenlion. 111 which glvp.s mp reasonablE cau¥e Its bèliove Ihal in 811y mnleii81 rpBytrGI Ilie IL4iJir¥inenls'. lu keap aunlIg Ipcords in Lcu[ante wilh secb'Dn 130 of tho 2U11 Acl. und lo prepare ac¢ouiils Wh}7 dLLurd wilh lh# 3eL'tsuniiTig ivcords nd cornp wilh Ih9 121 lo.which. in my opinion, allenlioiTr shuukl be drawii in order In enablo ts prowr underslanding ol the nr.cy918 lo be leached. Kojo AMoah-Ad(o fccA Kojo & CD Lld As$or.ialitwi ol Charterdd C¢iiiiiud Aoi111$ Il li/ L£ L)aled Milchir m Surrcy e.R4 3LB
ISLINGTON & CAMDEN MISSION CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 INCOMING RESOURCES 2024 2023 Unrestricted Unrestricted Total Total Note Charitable Activities 87.932 85.296 Investment income 13.100 8,806 Other income 35 25,106 101,067 119,208 RESOURCES EXPENDED Expenditure on charitable a¢livilies Governanco 146,008 1,378 194,949 1,771 TOTAL RESOURCES USED 147,385 196,720 NET IDEFICITI FOR THE YEAR 146,318) 177,5121 BALANCE BROUGHT FORWARD 1,099,527 1.177,039 1,053,209 1.099,527
ISLINGTON & CAMDEN MISSSON GIRCUIT BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note TANGIBLE FIXED ASSETS 840,651 840.651 CURRENT ASSETS Investrnenls Bank and cash balances 204,460 36,098 248,272 38,004 240,558 286,276 CREDITORS.. Amounts falling due wlthln one year 28,000 27,400 212,558 258.876 1,053.209 1,099,527 FUNDS Unrestricted Funds 1,053,209 1,099,527 The notes on pages 11 10 17 foirn an integral part of these finan081 slalemenls. Approved by the Ciicuil Meeting on l >ff 201 f and signed on its behalf (wf)Fiilfb (4YAal-At>bO Sup8rinlendenl Circuit Treasurer
io ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2024 . BASIS OF ACCOUNTING 1.1 The financial statements have been prepared in accordance with 'Accounling and Reporting by Charities." Slalem&nl of Recommended Practice applicable lo chaiilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland l FRS 1021 Isecond Edilionl" and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland l FRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2015 The financial slalemenls have been prepared lo give a true and fairf. view and have departed from the Charities l Accounts and Reports l Regulations 2008 only lo the exlenl required lo provide a true and fair view" This departure has involved following "Accounting and Reporting by Charities .' Slalemenl of Recommended Practi applicable lo ¢harilies preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland l FRS 1021 I Second Edition I" rather than the Accounting and Reporting by Charities .' Slalemenl of Recommended Pra¢lice effeclNe from 1, April 2005 which has since been withdrawn" The financial slateTnenls have been prepared in accordance with the accounting policies sel out in Note 2 to these accounls, and in accordance with the governing document of the Circuit. 1.2 The Circuit conslilules a public benefi't enlily as defined by FRS 102 1.3 No changes to accounting eslimales have occurred in the reporting peii(Kl. 1.4 No material prior year errors have been idenlrfied in the reporting period. 2. ACCOUNTING POLICIES. INCOMING RESOURCES 2.1 Recognition of lllcome Income are recognised and included in the Statement of Financial Activities I SOFA I when..
The Circuit becomes entitled lo the resources.. It is more likely than not that the Iruslees will receive the resource '. and The monetary value can be Measured with sufficient reliability. 2.2 Offselling There has been no offsetting of assets and liabiif(ies, or income and expenses, unless r8quired or permilled by the FRS 102 or SORP.
ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3q, AUGUST 2024 2.3 Grants and Donations Grants and Donations are only included in the SDfa when the general income recognition ¢rileria as slated above are mel. 2.4 Volunteer Help The value of any voluntary help received is not included in the accounts. 2.5 Income from Interest, Royaltles and Dividends This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. APPLICATION OF RESOURCES. 2.6 Liability Recognition Liabilities are reeognisad where il is more likely than not that there is a legal or Constructive obligation commilling the Circuit lo pay out resources and the amount of the obligation can k)e measuied with reasonable certainly. 2.7 Costs dlreclly related to the work of the circuit. The district assessment and ministerial stipends are accounted for when due. FIXED ASSETS. 2.8 Freehold land and buildings Freehold land and buildings are accounted lor al original Cost or valuation basis. The freehold land and buildings mentioned above are shown in these accounts al deemed valualions, being that property's insurance reinslalemenl value, as notified by Melhodisl Insurance Corllpany Plc. Change5 In the values of the properties as notified by the Melhodisl InsuranGe Company PIG are rell$¢led in these accounts on five-year basis 2.9 DEPRECIATION. Depreciable tangible freehold building values ale depreciated al a rate ¢al¢ulaled lo write off the cost, less residual value over their expected useful lives. No Depreciation is provided on land values. No depreciation is provided on tangible freehold buildings as the Iruslees believe that the market value exceeds the book valL)e.
ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2024 OTHER ACCOUNTING POLICIES 2.10 Funds 2.10.1 Unreslri¢led funds represent funds which are expendable al the discretion of the Circuil in the furtherance ol its objects and which have not been designated for other purposes. 2.10.2 Reslricled funds can only be used for sp¢cified purposes. The purpose of any reslricled fund is noted in the financial slalemenls. 2.11 Con501idatio The Circuit oversees the work of ministers and lay workers in churches within the Circuit. but does not have control over those churches, ministers. or the lay workers. For this reason, the financial slalèments of the churches within the Circuit are not consolidated inlD these financial slatemenls. 2.12 Going Concern Al the lime of approving the fin8n¢ial slalem&nls, the Iruslees have a reasonable expectation that the Circuit has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees have therefore continued lo adopt the going ¢on¢ern basis in preparing the Circuit's financial stalemenls. 2.13 Taxation In the opinion of the Iruslees, the Circuit is exernpl from the United Kingdom Taxation on ils incoming resources for the year. 2.14 A¢¢ounting Èstimates and judyements In the application of the Clrcuil's accounting policies, th& Iruslees are required lo make judgements, eslimales, and assumptions about ¢arrying amount of assets and liabilities that are not readily apparent from other resources. The eslimales alld associated assumptions aro based on historic experience and other factors that are considered lo be relevant. A¢lual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo aOuntIng eslimales are recognised in the period in which the estimate is revised where the revision affects only that pèriod, or in the period of the revision and future periods where the revision affects both ¢LJrrenl and fLJture periods. The main assumption concerning the lulure of the Cir¢uil is that the assessment income will continue lo be sufficient lo meet the costs of stipends. salaries and manse maintenan. The annual budget, as approved by th? Circuit meeting, includes sums necessary for covering these Costs. This is then allocated among e8ch church in the Circuit, hence the income is dependent upon the Churches, abiltty lo meel the assessments. 2.15 Flnanclal Instruments The Circuit only has financial assets and liabilities of a klnd that qualify as basic financial inslrumenls. Basic financial instruments are initially re¢ognised al transaction value and subsequently measured al their selllemenl value.
13 ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2024 3 INCOMING RESOURCES 2024 Total Unrèstrict. Funds 2023 Total Unrestrict. Funds 3.1 Charitable Actlvltles Income Circuit assessrllents 87,932 85,296 3.2 Investment income Cenlial Finance Board Interest TMCP Inlfyresl 1,387 11,713 352 8,454 13,100 8,806 3.3 Other Income Sundry income Camden donation- Manse repalrs 35 106 25,000 35 25,106 Total income 101,067 119,208 4. RESOURCES EXPENDED Expenditure on Charitable actlvities District Assessment Stipends, Pension and NIC TMCP levy Manse expenses Ministers. Iravelling expense5 Telephone, postage alld admin Sundries Training Manse repairs 21.744 89,323 9.914 10,506 1.785 5,902 334 1,495 5,005 21,108 76,844 13,296 10,886 4,955 5,221 532 62,107 146.008 194,949
ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2024 2024 Total Unrestrict. Funds 2023 Total Unrestrict. Funds 4. RESOURCES EXPENDED Icontdl Govgrnance costs Independent examiners Charges TMCP Charges Bank charges 600 708 70 6(x) 838 333 1,378 1,771 5. TANGIBLE FIXED ASSETS Frèehold Land & Building5 COST OR VALUATION As at 1 September 2023 & 31 August 2024 840,651 DEPRECIATION As al 1 September 2023 and 31 August 2024 NET BOOKVALUE AS at 31 August 2024 840,651 As at 31 August 2023 840,651 6. INVESTMENTS 2024 20Z3 Model Trust Fund 204,460 248,272
15 ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2024 7. BANK AND CASH BAL4NCES 2024 2023 HSBC Current a¢¢ounl Central Finan Board 8,119 27,978 15,152 22.852 36,098 38,004 Cash and cash equivalent includes cash in hand, deposits held at call with banks, other short term liquid investments with origin31 maturitie5 of three month5 or le55. and bank overdraft5. Bank overdrafts are shown within borrowings in current liabilities. CREDITORS.. Amounts falllng due wlthln one year Loans A¢cruals 25,000 3,000 25,000 2,400 28,000 27,400 9. FUNDS 01-Sep-23 Receipts Payments Transfers 31-Aug-24 UNRESTRICTED FUNDS General funds 1,099.527 101,067 147,385 1,053,209 General funds are money raised for the general running of the Circuit
16 ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2024 10. ANALYSIS OF FUND BALANCES BETWEEN THE NET ASSETS Total Unrestrict. Tangible fixed assets Investments Bank and cash balances Current liabilities 840,651 204,460 36,098 128,0001 1,053,209 11. RELATED PARTY TRANSACTIONS TRUSTEES REMUNERATIONS AND BENEFITS All the Ministers serving in the Circuit are members of the Circuit Meeting 12. TRANSACTION WITH RELATED PARTIES Although the Circurt pays the ministerial stipends, the Ministers are not employed by the Circuit. Ministers are employed by Conferen, bul il is the responsibility of the Circuit lo pay them. There were no other relaled parties transactions for the year ended 31. Auousl 2024 Connected organisalions include the Melhodisl Connexion, Churches within the Circuit, other Melhodisl Dislricls in Great Britain, CFB, and TMCP. All these entities have their own trustees and autonomous adminislraliDn such that the Circuit has no material influence over them. They are, therefore not considered related parties.
ISLINGTON & CAMDEN MISSION CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, AUGUST 2024 13. POST BALANCE SHEET EVENTS There has been no post balance sheet event which could materially affe¢l these financial slalemenls. However, as a result of the Covid-19 pandemic, the chLJrches allendance has gone down and the activities of two churches tenants have also been drastically reduced. Hence the churches, ability lo pay their respective future circuit assessment increases are in doubl. Activities al the largest church have now reached pre-covid leve15 and il appears lo be the only church that is in a posrtion lo meet future increase in assessment payment. The ' going concern" of the circuit is not currently threatened and the Circuit Leadership Team continue lo monitor the finances of the individual churches lo ensure that wherever F)ossible, there is a sharing of resources amongst the churches In the short term. the circuit intends to rely on ils reserves with the TMCP lo meet ils immediate financial obligations. 14. Volunteèr Contribution Every wing of the Methodist Church ILocal Churches, Circuits, Dislricls, Connexionl in the United Kingdom is hoavily reliant on volunteers who contribute their skills, lime, money and their resources in the furtherance of the work of the ¢hur¢h. Prin¢ipally, this contribution is by serving on committees of the Circuil that deal with mission, manses, finance, policy, grants, training developments, elc elc. The contiibulion of volunteers is not included within the income of the Circurt. We are grateful lo all of them for their help and commitments 15. Minister5. manse costs The Circuit is required lo provide accommodation for each Minister and hislher family. The Circuit bears the costs of repairs, rnainlenance, building insurance, Council Tax and water charges on the prop&rties . These Gosls ale not shown separately as benefil-in-kind for the Ministers as HMRC does not seek lo tax these receipts in the hands ol the Minisleis. Similarly. these cosls are not disclosed as related parties, transactions in these accounts.