## **THE METHODIST CHURCH** # **TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 August 2021** ## **BUDE AND HOLSWORTHY METHODIST CIRCUIT** **Registered Charity - Registration number 1129530** |**Plymouth & Exeter District**|**Plymouth & Exeter District**|**District No /**|**Circuit No**|**24/11**| |---|---|---|---|---| |**Ministers**|Rev Simon Leigh(Superintendent from 01/09/2020)|||| |||Rev Neal Street(to 31/08/2022)||| |||Deacon Debbie Marsh||| |||||| |||||| |**Circuit Stewards**||Mr John Barrett(to 07/07/2021)||| |||Mrs Sue Brooks(to 01/03/2022)||| |||Mrs Christine Forster||| |||Mr Jonathan Hobbs||| |||Mrs Cath Paddon(to 01/11/2022)||| |||Mr Mark Shepherd||| |||Mr Andrew Pitt(from 07/07/2021)||| ||Mrs Michelle Hogarth(from 07/07/2021 to 01/11/2022)|||| ||Mrs|Rosalind MaryWatson(from 01/09/2022)||| |||Mrs Fiona Cleave(from 01/09/2022)||| ||Mrs Elizabeth Robinson(from 01/09/2022)|||| |**Circuit Treasurer**||Mr RoyMackenzie,FCA||| ## **BUDE AND HOLSWORTHY METHODIST CIRCUIT TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 August 2021** ||Page| |---|---| |Trustees' Annual Report|1 - 5| |Statement of Financial Activities, Year ended 31st August 2021|6| |Statement of Financial Activities, Year ended 31st August 2020|7| |Balance Sheet as at 31st August 2021|8| |Notes to the Accounts|9-14| |Declarations|15-16| |Appendix - Members of the Circuit Meeting|17| ## **BUDE AND HOLSWORTHY METHODIST CIRCUIT Registered Charity No. 1129530 TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021** ## **Introduction** The Trustees present their Annual Report and the Accounts for the year ended 31st August 2021. The Bude and Holsworthy Methodist Circuit covers the area of North Devon and North Cornwall from Hartland in the north to Poundstock in the south, and from the coast at Bude to the market town of Holsworthy in the east. At the start of the year, the Circuit served 19 Methodist Churches, with memberships ranging from 6 to 121 members, and has a total membership of 472. One chapel had resolved to close, and this took effect in 2020/21. Following the pandemic lockdown, when churches were unable to meet, a further four chapels decided not to reopen, reducing the number at the end of August 2021 to 14, with a total membership of 382. ## **Aims and organisation** The purposes of the Methodist Church are the advancement of the Christian faith in accordance with the doctrinal standards and the discipline of the Methodist Church, any charitable purpose for the time being of any Connexional, District, Circuit, local or other organisation of the Methodist Church, and any charitable purpose for the time being of any society or institution or subsidiary or ancillary to the Methodist Church. In pursuit of those objectives, the Circuit's Mission Statement is, "To know Christ and make Christ known.". In common with other Methodist bodies, the Circuit is governed by the Methodist Church Act 1976, the Deed of Union and the Model Trust Deeds of the Methodist Church. The Circuit Meeting are the Trustees of the Circuit: members of the Circuit Meeting include representatives appointed by the Church Councils of churches within the Circuit, together with the Ministers stationed in the Circuit, Supernumerary Ministers residing in the Circuit and the Circuit Officers, who serve ex-officio as trustees. The Circuit Leadership Team (CLT), comprising the Circuit Ministerial Staff and Circuit Stewards, meets regularly to keep under review the life of the Circuit and to take forward the decisions of the Circuit Meeting. ## **Public Benefit** The trustees confirm that they have complied with the duty under the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. Specifically: The churches in the Bude and Holsworthy Methodist Circuit exist to help people find and follow Jesus in an ever changing world. The Circuit aims to support all its churches in their efforts to reach out into their communities to meet the needs of members and nonmembers. The Circuit recognises and encourages the diversity of approaches to mission among its churches, and makes resources available to help them in their work. The actions of the Circuit and its member churches include: ● the arrangement of public worship and education in the Christian religion; - 1 - ●giving encouragement and assistance to those seeking to know more about the Christian faith, including the organisation of Alpha Courses and similar activities, and assistance with the training of those called to serve as local (lay) preachers and worship leaders; ●many churches make their premises available to other organisations that need somewhere to meet. ## **Safeguarding** The Circuit follows the Connexional policy on safeguarding as detailed in _Creating Safer Space._ Each church has a safeguarding representative and there are safeguarding officers in the Circuit to ensure the adoption of safe practice amongst children and vulnerable adults. Appropriate training is provided on safeguarding issues for all involved in leadership roles within the Circuit, and supervision of the necessary checks under the safeguarding legislation. ## **Review of the year** At the start of the year, the Circuit was delighted to welcome Rev Simon Leigh as full-time Superintendent Minister. We are very grateful for the significant input provided whilst we were without a Superintendent, by Rev Robert Blackhall, Superintendent Minister of the neighbouring Torridge Circuit, who made a significant contribution to our Circuit. Rev Neal Street and Deacon Debbie Marsh continued to make up the rest of our full-time ministerial team, together with three lay staff, Tim Stokes (who left in June 2021), Mary Street and Michelle Hogarth, and a number of volunteers. Some roles traditionally taken by the Ministerial team have been taken on by lay people, including lay chairmanship of church councils and the authorisation of additional lay people to celebrate the Sacraments, and lay staff and volunteers have made a significant contribution to pastoral care. A major factor affecting the work of the Circuit during the year was the Covid 19 pandemic, and the resultant government regulations, which meant that churches could not open for public worship or most other activities. The circuit leadership team and circuit staff have responded by developing a range of internet based activities, including pre-recorded services on YouTube, and live services, prayer meetings, Bible studies and other activities such as messy church on platforms such as Zoom and Teams. We are most appreciative of everyone's commitment to working in these new ways. Deacon Debbie Marsh continued to work mainly at Bude Methodist Church, and Rev Simon Leigh and Rev Neal Street had pastoral oversight of the rest of the Circuit. Until the shutdown caused by the pandemic, the circuit continued to offer some weekday courses during the year, and to maintain a viable preaching plan for Sunday services. ## **Risk Management** The Circuit: - discusses and regularly reviews areas of potnetial risk at meetings of the Circuit Staff/Stewards and Circuit Meeting. - takes professional advice as and when required. - follows procedures and guidelines issued by the Methodist Church to miJgate risks. - 2 - - adopts and implements the Methodist Church's robust safeguarding policies and procedures in the Circuit and the local churches. - where appropriate, arranges insurance cover against identified risks ## **Income trends** Circuit income is primarily drawn from the assessment paid by the circuit churches. In addition, we have received a grant from the Plymouth and Exeter Methodist District towards the cost of the Deacon's appointment, and rent from the Methodist Connexion for the manse at Hartland, which was occupied by a minister without appointment. As a new Superintendent Minister was stationed in the Circuit, no rent was received from the manse at Chilsworthy during the year. During the year, the closure of the Poughill Chapel was finalised, and, following the forced closure during the pandemic lockdown, the chapels at North Tamerton, Launcells, Stratton and Buckhorn decided not to reopen. The sale of the redundant chapel at Flexbury Park was completed during the year. The chapels at Woodacott, Bangors (Poundstock), Poughill, North Tamerton, Launcells, Stratton and Buckhorn remained in the hands of the Circuit throughout the year. It was intended that Bangors (Poundstock) Chapel would be retained for use as an outreach and community resource, but this has proved to be impractical, and all these redundant chapels will be sold in due course. ## **Income and Expenditure trends** The Circuit remains dependent on the contributions of the member churches in the Circuit Assessment for the bulk of its income. The churches, in their turn, rely on collection income to meet their outgoings, and for many, this has obviously been seriously depleted during the enforced closure. We record, with gratitude, the fact that most churches have been able to pay all or a substantial part of their assessment share, through the good stewardship of their treasurers and stewards. Whilst it is our view that, in normal conditions, the maintenance of the existing work of the Circuit should be funded from the assessment and other revenue, and that reserves and the sale proceeds of redundant chapels should be used for new outreach initiatives, we recognise that the reduced number of members and chapels following the pandemic cannot sustain the present level of expenditure, and are therefore willing to operate a deficit budget in the short term. Approximately 17% of expenditure in the year is the Circuit contribution to the District and Connexion, of which a significant part is used to fund the work of the wider Methodist Church. ## **Fund balances** The overall increase in fund balances over the year was £701,057. - 3 - The General Fund balance at 31st August 2021 was £2,291,122, but this includes the carrying value of manses and equipment of £1,264,982 and redundant chapels totalling £939,281. The Model Trust Fund balance at 31st August 2021 was £97,224. The increase is attributable to the sale proceeds of the Flexbury Chapel site. Designated Fund balances totalled £22,997, being monies set aside for repairs and other outgoings on manses, outreach work and removal costs on changes in stationing. Restricted Funds totalled £58,193, mainly in respect of funds held for the maintenance of graveyards. Endowment Funds totalled £7,952, being trust funds transferred from Woodacott and Bangors Chapels. We will be looking into the appropiate use of these funds. ## **Plans for 2021/22** The Circuit Staffing increased from 1st September 2020, with the stationing of Rev Simon Leigh as our full time Superintendent Minister. In view of the difficulties arising from the Covid 19 pandemic, the decision has been taken to support the circuit Assessment from reserves and from the proceeds of sale of Flexbury Chapel. During the lockdown, further development of online ministry has been undertaken, and this will continue. Regular services resumed during 2020/21, and some new outreach initiatives have been developed, and there are encouraging signs of green shoots in a number of chapels. ## **Reserves Policy** This policy includes all funds held by the Circuit Meeting as Trustees. Our Reserves Policy relates to our general (unrestricted) funds which are freely available to be used for any or all of the purposes of the Circuit. The figure for consideration is the Net Current Assets, as the Fixed Assets are held for the long term activity of the Circuit. Other funds are also included for the sake of clarity and openness and to show that the Circuit has a policy for the management of all its money. **Aims.** Our aims are twofold:- To secure and sustain the Circuit’s viability and future; To give reassurance to the general public that the Circuit, which is a charity, intends to use all the money coming into its care for the purposes of the charity. **Mission Policy** . The Circuit’s Mission Policy is - _‘To know Christ and make Christ known.’_ - _Renewal, Growth and Unity in the Love of God through Jesus._ - _Helping people to hear and respond to His call for their lives through the power of the_ - _Holy Spirit_ ## **Financial Plans** An annual budget is prepared, providing for anticipated costs for the coming year, and within which provision is also made for sums to be set aside in designated accounts to meet the regular cyclical costs, particularly in relation to manse repairs and to meet removal costs for incoming ministers. Exceptionally, the Circuit may decide to operate a deficit budget. - 4 - The total amount to be raised under the budget is collected from the local churches through the Circuit Assessment. Various different bases for dividing the Assessment between the local churches are considered, and an appropriate basis is selected by the Circuit Meeting as Trustees **.** Where exceptional expenditure has to be incurred, for example to meet major repairs to manses identified during Quinquennial Inspections, or to make improvements to manses, part of the cost may be provided from the Model Trust Fund (formerly the Circuit Advance Fund), on an ad hoc basis, as agreed by the Circuit Meeting. Local chapels may apply for assistance (for example, with building improvements) from Circuit funds, including the Model Trust Fund, but such assistance will only be given if the expenditure is incurred to further mission. Under Standing Orders, the Circuit must meet its financial obligations. To ensure that sufficient funding is available, it is our **Reserves Policy** that we should seek to maintain our reserves on Unrestricted Funds to represent at least three months’ average expenditure. Recognising the financial constraints which affect chapels within the Circuit, we will seek to progressively increase reserves by prudent financial management. Our annual budgets include an allocation to meet contingencies, and in those years when such contingencies do not absorb the whole of that amount, any unused balance will be retained to increase reserves. The Circuit will also accept any donations which may be offered towards increasing the Reserves. **The Circuit Model Trust Fund** , which derives mainly from the sale of chapels and manses, was previously a restricted fund which could be used for a limited range of purposes. Its use was formerly restricted by an internal regulation of the Methodist Church, but it may now be used for any Methodist purpose, while standing orders remind circuits of the primary purposes of the fund. It is our policy to use the Model Trust Fund primarily to fund exceptional expenditure on the purchase, maintenance and improvements of manses, and to make grants from the Fund to facilitate repair and improvement of chapels. However, in years when a deficit budget has been approved, funds may be drawn from the Model Trust Fund to meet any such deficit. This Report has been signed under delegated authority under S.O. 551(2) This Report and Accounts will be presented to the Circuit Meeting on 21st March 2024 and signed on behalf of the Meeting by ……………………………………… ……………………………… Rev Simon Leigh Roy M. Mackenzie, FCA Superintendent Minister Circuit Steward (Finance) Date 3rd January 2024 - 5 - Name of Circuit: **Bude and Holsworthy** Circuit No **24/11** ## **Statement of Financial Activities (SOFA) for the year ended 31 August 2021** |**Income**
1 Donations and legacies
2 Income from monetary investments
3 Income from investment properties
4 Assessments on Churches
5 Capital Receipts
6 Grants received
7 Other charitable income
8**Total income**
**Expenditure**
9 Grants and donations
10 Salaries and associated costs
11 Property maintenance
12 Connexional assessment & model trust levy
13 District Assessment & Levy
14 Depreciation
15 Office expenses
16 Other outgoings
17**Total charitable expenditure**
18 Gains/(losses) on monetary investments
19 Gains/(losses) on investment properties
20**Net income/(expenditure)**
21 Transfers between funds
22 Other gains/(losses)
23**Net movement in funds**
24 Total funds brought forward
**25 Total funds carried forward**
}|**General Fund**
**(Unrestricted)**
**Circuit Model**
**Trust**
**(Unrestricted)**
**Designated**
**Funds**
**(unrestricted)**
**Restricted**
**Funds**
**Endowment**
**Funds**
**Total**
**2020/21**
£
£
£
£
£
£
12
205
**217**
52
229
20
40
24
**365**
12,645
**12,645**
192,766
**192,766**
734,698
32,136
**766,834**
8,000
150
**8,150**
829
**829**
**948,173**
**229**
**20**
**33,360**
**24**
**981,806**| |---|---| ||4,420
100
**4,520**
152,255
**152,255**
18,058
20,847
520
**39,425**
313
**313**
5,074
70
14
**5,159**
11,578
2
**11,580**
**250,117**
**950**
**25,267**
**620**
**16**
**276,970**
62,839
880
**63,719**| ||196
**196**
( 3,974)
**-3,974**
**694,082**
**( 526)**
**( 25,248)**
**32,740**
**8**
**701,057**
( 89,333)
62,536
26,797
-
**604,749**
**62,011**
**1,549**
**32,740**
**8**
**701,057**| ||1,686,372
35,214
21,448
25,453
7,943
1,776,430
**2,291,122**
**97,224**
**22,997**
**58,193**
**7,952**
**2,477,488**| - 6 - Circuit No **24/11** ## Name of Circuit **Bude and Holsworthy** ## **Statement of Financial Activities (SOFA) for the year ended 31 August 2020** |**Notes to**|**Notes to**||**Circuit Model**|**Circuit Model**|**Designated**|**Designated**|||| |---|---|---|---|---|---|---|---|---|---| |**the**||**General Fund**|**Trust**||**Funds**||**Restricted**|**Endowment**|**Total**| |**accounts**||
**(Unrestricted)**|**(Unrestricted)**||**(unrestricted)**||**Funds**|**Funds**|**2019-20**| |||£|£||£||£|£|£| |**Income**|||||||||| |1 Donations and legacies|||||||1,056||**1,056**| |2 Income from monetary investments||301||325||157|97||**880**| |3 Income from investment properties||19,060|||||||**19,060**| |4 Assessments on Churches||218,408|||||||**218,408**| |5 Capital Receipts||3|||||9,434|7,943|**17,380**| |6 Grants received||9,000|||||50||**9,050**| |7 Other charitable income||26||||7,644|9||**7,679**| |8**Total income**||**246,798**||**325**||**7,801**|**10,646**|**7,943**|**273,513**| |**Expenditure**|||||||||| |9 Grants and donations||||1,956|||595||**2,551**| |10 Salaries and associated costs||114,842|||||||**114,842**| |11 Property maintenance||5,813|||23,455||828||**30,096**| |12 Connexional assessment & model trust levy
13 District Assessment & Levy|}|42,005||947|||||**42,952**| |14 Depreciation||200|||||||**200**| |15 Office expenses||3,570||||1,199|||**4,769**| |16 Other outgoings||36,302||76|23,427||50||**59,855**| |17**Total charitable expenditure**||**202,732**||**2,979**|**48,081**||**1,473**|**0**|**255,265**| |18 Gains/(losses) on monetary investments||||( 19)|||||( 19)| |19 Gains/(losses) on investment properties|||||||||| |20**Net income/(expenditure)**||**44,066**|**(**|**2,673)**|**( 40,280)**||**9,173**|**7,943**|**18,229**| |21 Transfers between funds||( 38,201)|||35,600||2,601||-| |22 Other gains/(losses)|||||||||| |23**Net movement in funds**||**5,865**|**( **|**2,673)**|**( **|**4,680)**|**11,774**|**7,943**|**18,229**| |24 Total funds brought forward||1,680,507|37,886||26,128||13,678||1,758,199| |**25 Total funds carried forward**||**1,686,372**|**35,213**||**21,448**||**25,452**|**7,943**|**1,776,428**| - 7 - Name of Circuit **Bude and Holsworthy Methodist Circuit** **Circuit No 24/11** ## **Balance Sheet as at 31 August 2021** |**Fixed Assets**|**Notes to the**
**Accounts**|**General Fund**
**(Unrestricted)**
£|**Circuit Model**
**Trusts**
**(Unrestricted)**
£|**Designated**
**Funds**
**(Unrestricted)**
£|**Restricted**
**Funds**
£|**Endowment**
**Funds**
£|**Totals**
**2020/21**
£|**Totals**
**2020/21**
£|**Totals 2019/20**
£| |---|---|---|---|---|---|---|---|---|---| ||||||||||| |Circuit Manses & Equipment||1,264,982|||||1,264,982||1,264,844| |Investmentproperties||939,281||||939,281|||346,798| |Investments|||1,261||||1,261||1,064| |**_Total fixed assets_**||**2,204,263**|**1,261**|**0**|**0**|**0**|**2,205,523**||**1,612,706**| |**Current Assets**|||||||||| |Debtors||50,600||2,974|36,479|906|90,959||44,604| |Loans bythe Circuit||10,476|||||10,476||8,476| |Investments with TMCP|||95,963|||7,045|103,009||34,149| |Investments with Methodist Chapel Aid|||||392||392||390| |Central Finance Board Deposits||27,371||14,904|13,087||55,362||82,741| |Cash at Bank and in hand||33,186||5,435|8,235||46,856||37,851| |**_Total current assets_**||**121,633**|**95,963**|**23,312**|**58,193**|**7,952**|**307,053**||**208,211**| |**Current liabilities**|||||||||| |Creditors (due in under 1 year)||34,774||315|||35,089||44,489| |Grantspayable within 2021/22|||||||0||0| |**_Total current liabilities_**||**34,774**|**0**|**315**|**0**|**0**|**35,089**||**44,489**| |**_Net current assets/liabilities_**||**86,859**|**95,963**|**22,997**|**58,193**|**7,952**|**271,965**||**163,722**| ||||||||||| |**_Total assets less current liabilities_**||**2,291,122**|**97,224**|**22,997**|**58,193**|**7,952**|**2,477,488**||**1,776,428**| ||||||||**0**
**0**
**0**
**2,477,488**||| |**Long term liabilities**
**(due after more than oneyear)**|||||||||| |Grantspayable after 2021/22|||||||**0**||0| |Loans to the Circuit|||||||**0**||0| ||||||||**0**||0| |**_Net assets_**||**2,291,122**|**97,224**|**22,997**|**58,193**|**7,952**|**2,477,488**||**1,776,428**| ## **Funds of the Circuit** |General Fund(Unrestricted)- Sundry||1,026,678|97,224
22,997
**58,193**
**7,952**|97,224
22,997
**58,193**
**7,952**|97,224
22,997
**58,193**
**7,952**|97,224
22,997
**58,193**
**7,952**|1,026,678||421,928| |---|---|---|---|---|---|---|---|---|---| |- Invested in Manses||1,264,444|||||1,264,444||1,264,444| ||||||||2,291,122||1,686,372| |Circuit Model Trust Fund (Unrestricted)|||97,224||||97,224||35,213| |Designated Funds(Unrestricted)||||22,997|||22,997||21,448| |**_Total Unrestricted Funds_**|||||||**2,411,343**||**1,743,033**| |Restricted Funds|||||**58,193**||58,193||**25,452**| |Endowment Funds||||||**7,952**|7,952||**7,943**| |**_Total Funds_**||**2,291,122**|**97,224**|**22,997**|**58,193**|**7,952**|**2,477,488**||**1,776,428**| Signed R.M.Mackenzie Circuit Treasurer Date 3rd January 2024 - 8 - **Circuit No 24/11** **Bude & Holsworthy Methodist CIrcuit** ## **NOTES TO THE ACCOUNTS Year ended 31st August 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **Income** All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. ## **Rent receivable and investment income** Rent receivable in the financial statements is the amount of rent due to the charity for the financial period. Any income received in advance is included as deferred income. Investment income from interest and dividends is shown in the accounts on a receivable basis. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes VAT as it is irrecoverable. Grants payable are recognised as expenditure when the grant is approved by the Board of the Trustees and the decision has been communicated to the recipient. ## **Tangible fixed assets** Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Freehold Land and Buildings - Nil Fixtures and Fittings - 25% of cost per annum straight line basis All fixtures and fittings are included at historic cost and are reviewed for impairment at each balance sheet date. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Pension Schemes** The Circuit contributes to the Methodist Church defined benefit scheme in respect of ministerial staff and a defined contribution scheme for certain lay staff, and contributions are charged in the accounts as they are paid. - 9 - **Circuit No 24/11** **Bude & Holsworthy Methodist CIrcuit** ## **NOTES TO THE ACCOUNTS Year ended 31st August 2021** ## **Funds** ## **Unrestricted** Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The Circuit Model Trust Fund has wide purposes definded in Standing Orders and is categorised as unrestricted. ## **Designated** Designated funds are those unrestricted funds which have been set aside by the trustees for a particular purpose, but may be used for other purposes at the discretion of the trustees. ## **Restricted** Restricted funds are held for a specific purpose, as specified by the donor(s). ## **Endowment** Endowment funds are funds where the capital is held on a permanent basis, and only the income can be spent for the purposes of the charity. However, during the year ended 31st August 2017, the small balances held on endowment funds were transferred into general fund under the provisions of the Charities Act 2011 and the Releasing Funds for Mission initiative of the Methodist Church. Endowment funds have since been received from chapels which have been closed. ## **Financial instruments** The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as accounts receivable and payable, monies held in the bank, and investments. ## **Debtors** Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due. ## **Creditors** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. ## **Investment assets and unrealised gains** Investment assets in the form of the Central Finance Board Managed Mixed Fund, are shown in the financial statements at fair value. Unrealised gains on investment and other assets represent the difference between the fair value at the end of the year and: i) for investment and other assets held at the start of the year, the fair value at that date, or ii) for investment and other assets acquired in the year, the cost of acquisition. Changes in fair value are recognised in the SoFA. ## **GOING CONCERN** The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. - 10 - **Circuit No 24/11** **Bude & Holsworthy Methodist CIrcuit** ## **2. DEBTORS AND PREPAYMENTS** ## **NOTES TO THE ACCOUNTS Year ended 31st August 2021** |Prepaid Stipends
Other Prepaid Expenses
Grant Reveivable
Arrears of Circuit Assessments
Balances awaiting Transfer from Closed Chapels
Sundry Debtors
Total|31/08/2021|31/08/2020| |---|---|---| ||9,303
£|9,339
£| ||7,584
£|7,208
£| ||-
£|9,000
£| ||11,271
£|6,793
£| ||62,802
£|12,264
£| ||-
£|-
£| ||90,959
£|44,604
£| ## **3. CREDITORS** |Assessments Paid in Advance
Grant Approved for Chapel Repairs and Improvements
Other Creditors
Total|31/08/2021|31/08/2020| |---|---|---| ||32,462
£|40,651
£| ||-
£|-
£| ||2,626
£|3,838
£| ||35,089
£|44,489
£| ## **4. PAYMENTS TO TRUSTEES** (1) No payments were made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting, apart from Stipends and Salaries detailed below. ## (2) **Trustee expenses reimbursed:** |Total Amount Reimbursed
Number of Trustees|2020/21|2019/20| |---|---|---| ||9,038
£|10,586
£| ||7|11| Expenses payments relate mainly to travel and other out of pocket expenses ## **5. FEES PAID FOR EXAMINATION OR AUDIT OF ACCOUNTS.** |Independent examiner’s or auditors' fees for reporting on the accounts
Other fees (eg: advice, accountancy services) paid to the independent
examiner or auditor|2020/21|2019/20| |---|---|---| ||-
£|-
£| ||-
£|-
£| ## **6. PAID EMPLOYEES.** Staff Costs during the year were as follows: |**OYEES.**
during the year were as follows:||| |---|---|---| |Gross Pay (none paid over £60,000)
Superannuation Contributions
Employer's National Insurance
Apprenticeship Levy
Total|2020/21|2019/20| ||119,404
£|91,929
£| ||22,831
£|15,735
£| ||9,423
£|6,702
£| ||597
£|476
£| ||152,255
£|114,842
£| The average number of employees was 6 5 ## **7. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES** At the 31st August 2021 there are no capital commitments. No Contingent liabilities were identified at 31st August 2021. - 11 - **Circuit No. 24/11** **Bude & Holsworthy Methodist Circuit** ## **NOTES TO THE ACCOUNTS Year ended 31st August 2021** ## **8 Tangible Fixed Assets** ## **The Circuit owns 4 manses at:** 1, The Willows, Chilsworthy The Manse, Fore Street, Hartland Wistaria, 3 Killerton Road, Bude 24, Brook Drive, Bude **Other Buildings** are redundant Chapels at: **Flexbury Park Methodist Church** , which was sold during the year. **Woodacott Methodist Church, North Tamerton Methodist Church, Launcells Methodist Church, Stratton Methodist Church, Poughill Methodist Church and Buckhorn Methodist Church** which will be marketed in due course. **Bangors Methodist Church,** which was being retained for use as a Circuit asset, to be used for community outreach, but which is now also to be sold. ## Cost or valuation ||**Residential Land**
**£**|**Other Land**
**£**|**Manses**
**£**|**Other buildings**
**£**|**Other fixed assets**
**including motor**
**vehicles**
**£**|**Fixtures, fittings**
**and equipment**
**£**|**Total**
**£**| |---|---|---|---|---|---|---|---| |Balance brought
forward
Additions
Revaluations (+/-)
Disposals (-)
Transfers *(+/-)|-|-|1,264,444|346,798|-|3,153|1,614,395| ||||-|709,281|-|450|709,731| ||||||||-| ||||-|(116,798)|||(116,798)| ||||||||-| |Balance carried
forward|-|-|1,264,444|939,281|-|3,603|2,207,328| |***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward|***Basis**
SL
SL
SL
*** Rate**
0%
0%
25%
2,753
2,753
312
312
0
0
0
0
0
0
0
0
3,065
3,065
-
-
1,264,444
346,798
-
400
1,611,642
-
-
1,264,444
939,281
-
538
2,204,263
**Accumulated depreciation**
Balance brought
forward
Depreciation charge
for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried
forward
**Net book value**
Brought forward
Carried forward| |---|---|---|---|---|---|---|---|---| |||||SL|SL||SL|| |||||0%|0%||25%|| ||||||||2,753|2,753| ||||||||312|312| |||||||||0| |||||||||0| |||||||||0| |||0|0|0|0|0|3,065|3,065| |||||||||| ||Brought forward|-|-|1,264,444|346,798|-|400|1,611,642| ||Carried forward|-|-|1,264,444|939,281|-|538|2,204,263| - 12 - **Circuit No. 24/11** **Bude & Holsworthy Methodist Circuit** ## **NOTES TO THE ACCOUNTS Year ended 31st August 2021** ## **9 Investment assets** - (1) The Circuit has no investment properties - (2) Other Investments are: 225 Units, CFB Managed Mixed Fund - Value |2020/21|2019/20| |---|---| ||| ||| |1,261
£|1,064
£| ## **10 Analysis of Funds** ## **Year ended 31st August 2021:** |**Fund Name**|**Opening**
**Balance**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfers**|**Closing Balance **|**Purpose of the**
**Fund**| |---|---|---|---|---|---|---| |**Unrestricted Funds:**||||||| |General Fund|1,686,372|948,173|(254,090)|(89,333)|2,291,122|For any
purpose of the
Circuit| |Circuit Model Trust
Fund|35,214|229|(755)|62,536|97,224|| |**Total Unrestricted**
**Funds**|**1,721,586**|**948,402**|**(254,845)**|**(26,797)**|**2,388,346**|| |**Designated Funds:**||||||| |Manses Fund|11,978|9|(20,847)|22,650|13,790|Manse
Repairs and
outgoings| |Outreach Fund|7,480|9|(4,420)|4,000|7,069|Outreach| |Removals Fund|1,137|2||1,000|2,139|Ministers'
Removals| |Together Magazine Fund|853|-|-|(853)|-|Circuit
Magazine| |**Total Designated Funds**|**21,448**|**20**|**(25,267)**|**26,797**|**22,997**|| |**Total Unrestricted and**
**Designated Funds**|**1,743,034**|**948,422**|**(280,112)**|**-**|**2,411,343**|| |||||||| |**Restricted Funds:**||||||| |Benevolent Fund|1,254|2|-||1,256|Benevolent
Grants| |Graveyard Funds:||||||| |Titson|5,673|118|||5,791|Graveyard
Mainten'ce| |Lana|6,794|159|(520)||6,433|| |Woodacott|3,592|200|||3,792|| |Bangors|8,046|240|||8,286|| |Ashwater|-|18,983|||18,983|| |Launcelles|-|13,653|||13,653|| |'Encounter'|95|5|(100)||-|Charitable
Fund| |**Total Restricted Funds**|**25,453**|**33,360**|**(620)**|**-**|**58,193**|| |||||||In accordance
with the terms
of the
endowment| |**Endowment Funds**|**7,943**|**24**|**(16)**|**-**|**7,952**|| |||||||| |**Total Funds**|**1,776,430**|**981,806**|**(280,748)**|**-**|**2,477,488**|| - 13 - **Circuit No. 24/11** **Bude & Holsworthy Methodist Circuit** ## **NOTES TO THE ACCOUNTS Year ended 31st August 2021** ## _**Comparative Figures for Year ended 31st August 2020:**_ |**Fund Name**|**Opening**
**Balance**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfers**|**Closing Balance **|**Purpose of the**
**Fund**| |---|---|---|---|---|---|---| |**Unrestricted Funds:**||||||| |General Fund|1,680,507|246,798|(202,732)|(38,201)|1,686,372|For any
purpose of the
Circuit| |Circuit Model Trust
Fund|37,886|325|(2,998)|-|35,213|| |**Designated Funds:**||||||| |Manses Fund|14,240|6,576|(39,438)|30,600|11,978|Manse
Repairs and
outgoings| |Outreach Fund|7,861|101|(4,482)|4,000|7,480|Outreach| |Removals Fund|3,074|23|(2,960)|1,000|1,137|Ministers'
Removals| |Together Magazine Fund|952|1,100|(1,199)||853|Circuit
Magazine| |**Total Unrestricted**
**Funds**|**1,744,520**|**254,923**|**( 253,809)**|**( 2,601)**|**1,743,033**|| |||||||| |**Restricted Funds:**||||||| |Benevolent Fund|1,245|9|-||1,254|Benevolent
Grants| |Graveyard Funds:||||||| |Titson|5,324|348|||5,672|Graveyard
Mainten'ce| |Lana|7,095|99|(400)||6,794|| |Woodacott|-|1,190|(200)|2,601|3,591|| |Bangors|-|8,274|(228)||8,046|| |'Encounter'|15|726|(646)||95|Charitable
Fund| |**Total Restricted Funds**|**13,679**|**10,646**|**(1,474)**|**2,601**|**25,452**|| |||||||~~In accordance~~
with the terms
of the
endowment| |**Endowment Funds**|**-**|**7,943**|**-**|**-**|**7,943**|| |||||||| |**Total Funds**|**1,758,199**|**273,512**|**(255,283)**|**-**|**1,776,428**|| - 14 - ## **BUDE AND HOLSWORTHY METHODIST CIRCUIT DECLARATIONS** ## **Treasurer** I confirm that I have prepared the accounts from the records of the Circuit and that they include all funds under the control of the Circuit Meeting Signature of Treasurer Date 03-Jan-24 Name Roy M. Mackenzie, FCA Address 15 Elm Drive Bude Cornwall, EX23 8EZ ## **Presentation to the Circuit Meeting for approval.** I confirm that the Accounts will be presented to the Circuit Meeting on 21st March 2024 Signature of the Chair of the meeting Name of the Chair of the **Rev Simon Leigh** meeting Date **03-Jan-24** ___________________________________________________________________________ - 15 - ## **Independent Examiner's Report to the Trustees of the Bude and Holsworthy Methodist Circuit** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st August 2021 which are set out on pages 6 to 14. ## **Responsibilities and basis of report** As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. …………………. D N Cox FCA Metherell Gard House Burn View Bude EX23 8BX Date 3rd January 2024 - 16 - ## **BUDE AND HOLSWORTHY METHODIST CIRCUIT Appendix: CIRCUIT MEETING MEMBERSHIP** |MINISTERS
Rev Simon H. Leigh - Superintendent Minister (from 01/09/2020)
Rev Robert J. Blackhall - Acting Superintendent (to 31/08/2020)
Rev Neal H. Street (to 31/08/2022)
Deacon Debbie Marsh
MINISTERS IN OTHER APPOINTMENTS
SUPERNUMERARY MINISTERS
Rev Joy C. Wilson
LAYWORKERS
Mr Tim Stokes (to 14/06/2021)
CIRCUIT STEWARDS
Mr John Barrett (to 07/07/2021)
Mrs Sue Brooks (to 01/03/2022)
Mr Jonathan Hobbs
Mr Roy Mackenzie (Treasurer)
Mrs Cath Paddon (to 01/11/2022)
Mr Mark Shepherd
Mrs Christine Forster
Mr Andrew Pitt (from 07/07/2021)
Mrs Michelle Hogarth (from 07/07/2021 to 01/11/2022)
Mrs Rosalind Mary Watson (from 01/09/2022)
Mrs Fiona Cleave (from 01/09/2022)
CIRCUIT LOCAL PREACHERS AND WORSHIP LEADERS REPRESENTATIVES
Mr Courtney Drew
Mrs Muriel Hodges
Mr Barry Bryne
CIRCUIT OFFICERS
Mr Chris Smith (from 07/07/2021)
Sandra Shepherd
CIRCUIT CHURCH REPRESENTATIVES
Beacon
Keith Cobbledick (to 01/11/2022)
Donald Harris (to 01/11/2022)
Bradworthy
Elizabeth Robinson (to 31/08/2022)
Clive Smale
Bridgerule
Sheila Cholwill
Mark Shears
Buckhorn
Sandra Stacey (to 07/07/2021)
Lorna Bowden (to 07/07/2021)
Mrs Elizabeth Robinson (from 01/09/2022)|CIRCUIT CHURCH REPRESENTATIVES (Continued)
Bude
Andrew Pitt (to 07/07/2021)
Carol Short (to 13/03/2023)
Annette Cole
Jane Bailey (from 15/06/2023)
Stephen George Jose (from 13/03/2023)
Chilsworthy
David Heard (to 01/03/2022)
Karen Shepherd
Ruth Bealing (from 01/03/2022 to 16/08/2023)
Hartland
Barbara Manley (to 07/07/2021)
Elaine Peak (to 07/07/2021)
Holsworthy
Hilary Vivian
Elizabeth Squire (to 21/06/2023)
Catherine Paddon (from 21/06/2023
Kilkhampton
Reg Hambley
Mike Metherell
Launcells
Gill Cole (to 07/07/2021)
Freda Hockin (to 07/07/2021)
Marhamchurch
Elizabeth Bray
Mary Bromell
Morwenstow
Valerie Tape (to 23/03/2023)
Jenny Vanstone
Charles (John) Cleave (from 23/03/2023)
Poughill
Claire Blewett (to 14/09/2020)
Christine Stalley (to 14/09/2020)
Stratton
Keith Kennard (to 07/07/2021)
North Tamerton
David Risdon (to 07/07/2021)
James Daw (to 07/07/2021)
Whitstone
John Mill (to 07/07/2021)
Mervyn Uglow
Godfrey Cole (from 07/07/2021)
Woodford
Rose Heard
Nicola Hobbs
Woolsery
David Bannister (to 07/01/2022)
Derek Lott| |---|---|