REGISTERED CHARITY NUMBER: 1129530 Re rtof the Trustees and dlted Flnan tatem forthe Year Ended 31 Au ust 2024 Bude and Holsworth Mettbodlst Clrcult Melherell Gard Ltd Chartered Accountants Bum Vlew Bude Comwai EX23 8BX
Buile and Holsworth gthodlst Clrcult Contents of the Flnanclal Statements tor Iheyear Ended 31 Au U5t2024 Pau¢ ReFbOrt of the Trustees 1 to 6 Independent Examlngr's Rep¢)rt statement of Flnanclal Acllvltles Balan¢e Sheet Notes to the Flnanclal stsiements 10 to 17
Bude and Hols%wrlh Meth¢xllst Clrcult Re ortofthe Trustees forthÈ Year Ended 31 Au U5t 2024 Th8 trustees present thew report with the financial statements of the charity for the year ended 31 August 2024. The Ie8S hav8 adoptsd the provisions of Accountng and Reporting by Chants"eg." Statement of Recemmended Prxlice appliGable to d)atibe5 preprng their accounts in accordance with thg Fin8naal Reporbng Stsndard 8pp&'¢able in the UK and Republic of Ireland IFRS 1021 leffectDie 1 January 20191. The Bude and Holsworthy methoth.st Cir¢uff( covers the area of Noth Devon &nd Comwdl from Harl8nd in the noth to Poundstrjck in the south. and from the coastat Budp to Ihe market town of Holswcrlhy In Ihe East The Circuitcurrenly serves 11 loc churches, ith memberships from 13 to 130. and total rnember8hip of 336. OBJECTIVES AND ACTivmES Objeetlv•s and alms The purposes of the Methorlst Church are Ihe 8dvancemertt of the Christi8n faith In accordance wrfh the dodririol stsndard5 and the dscipline of the Methodst Church. any charitable purpose for the time being of any Connexional, Distric( Circui( local or other organisation of the Methoitst Churth. and any charitsble purpose for the time being of any society or instittjtion or subsidiary or anc411ary to the Methodist Church. In pursuit ofthose objectives, Ihe Cireutvs MIs5ion Staternent 14 'To know Chdst and make Christ known.. In common with olher Methgdist bodies, the Circuit is governed by the Method'st Churth A¢t 1976. Ihe Deed of Vnion and tt7e Model Trust Deeds ofthe Methodist Church. The Circuit Meth"ng are the Trustee5 of Ihe Circuit. rnernbers of the Circuit Meeting include repsentativeS apPnted by the Church Counci15 of churches wthin Ihe Circuit, together with the MinBters 5tat.oned in Ihe Circuit, Supemumerary Ministers residing in the Circuit and the CircufÉ Officers. who seNe ex-officio as trustees. The Circuit Leadership Team ICLTI, cornprising the Circuit Ministerial Staff and Circuit Stewards, me8ts regularfy to keep under review the lrfe of the Circuit and to take forward the deCiOn5 of the Circurt Meet"ng, who are the TFUStees. Publlc bene11t The trustees confirm that they have cornplied the duty under the Charibes Act 2011 to have due r8gard to the Charity COMMOn'S general guidance on public benefft. Speethcdty.. The churches in the Bude and Holsworlhy Methorfist Circuit exist to help people find and foftow Jesus in an ever ¢hanging worId. The Circuit to support all its churches in their efforts to reath out into their ¢ommunities to meet the needs of members and non-members. The Circuit recognis8s and encourages the diveNty of approaches to mission among its churches. and makes resources availae to help thern in wark The &tions ofthe Circuit 8nd its member thur¢hes indude.. the arrang8rnnt of public worship and education in the Christian religion.. giving encauragernent and ass5tance to those seeking to know more about 1he chrisb.an fafth. induding the organis8tion of Alpha Courses and similar tiVitieS, and assistsnce the tr4ning of those called to Serve as Iw Ilayl preachers and worship leader5". many churches make Iheirpremises available to other organisations that need somewhere to m89t - mY churches re¥h outwith pra¢tir*l aStanCe to those in need in their locJ ¢ommunrbes. Safeguardlng The Circuit follows Ihe Connexional polrcy on safeguarding as detali ed in Creating S8fer Space. Each church has a safeguarding repre5entats.ve and there is a safvguarding officei in the Cir¢uit to ansure the adopt'on of safe practice amongst children and vulnerable aduNs. Appropriate trwning is prowded on safeguarding issues for 1 invdved in leadership roles within the Circuit and wpetvision of the necessary ¢hecks tsnderthe safeguarding legislation. Page 1
Bude and Holswortt) Methodl ofthe rustees for the Year Ended 31 Au ust ACHIEVEMENT AND PERFORMANCE Charltable actlvltle5 Rèvlew ofthe year Rev Dr. &rnon H. Leigh conb.nued 85 full-time Superintsndent Minister throughout the y88r. with Deacon Debbie Marsh making up the MinistsTial tearn. Deacon Debbie Marsh wcrks rnnlY at Bude Methodist Churth, whi18 Rev DT. Simon Leigh had pastoral oversight of the remaining Ismdlerl churches. Rev Dr. Leigh left the CiT¢Uit at the end of the financial year, and was replaced as Supenntendent by Rev Margaret Slingo. We are grateful for the commitment of Rev Dr. Leigh during 8 period of ¢hange and upheaval following the effects of the Covid 19 pandernic. W8 were also gratefijl, throughout the year, to have three excellent lay workers." Michelle Hogarth, engaged in pastoral 8nd outreach work, who has continued to arrange and lead activits"e5 throughout the Circurfc, Dean Taylur. our youtt) worker, who has continued to develop youth activities both for young people within the church and those euts"de, anil work wilh other youth organisth"ons, and has led a group attending a chri5b.an youlh carnp. and Debbie elan. our circuit administrator, whose rneticulous work has been invduable. In add"on, we have been blessed to have a number of very committed volunteers Invoed in a rang8 ol roles. induding pastoral care and thairing church eouned meetings. rhjring the year, Ihe sale of redundantthapeFs COntine, wth 1he proceeds being appled princlpally in three ways.. 11 Outreach activits"e5 orgsnised at Circuit levd, including the Continuation of the Redeeming our c0mrnunj.e5 IROCI in'a.VeS in the Holsworthy area and yoyth work in Bude and elsewhere in the Circuit, 21 Grants to Circuitchurches to tacilitate Iheir own outreach In've8, principally through premises improvernents,. 31 Thg oper"on of a defiat budget to rnaintsin the financial viabilty of the remaining chape, which woult1 have diffiujty in meeting an Trnmediate increase in their assessment to rnake up Ihe share of the ¢hap81s whith have d05ed. The Circuit has ¢ontinued to organise we8kJy services and other events Tn Circuit Chapels, and some online content for Ihose who a unable to 8tt8nd in per80n. FINANCIAL REVFEW Flnanclal posltlon Fund balances There was an over811 ieduction in fund balan¢88 overthe year of £342,259. The General Fund balanee at 31st August 2024 was £1.992,166. but this include5 the carrying value of manses and equipment of £944,953 and of redundant chapels t¢talling £261,106. The Model Trust Fund balance at 31st Augu5t2024was £603,521. Designated Fund balances totslled £8,428, being monies set agde for repairs and other outgoings on m, outreach work and rernoval costs on canges in stalboning. Restricted Funds tol9d £70,625, manly in respect of funds held forthe maintsnance of graveyards. Endowment Funds lotalled £11.848, being trust funds transferr¢d from redundant Chepeb. We will be lookin9 into tho appropriate use ofthese funds. Prlnelpal fundlng sources Income trends The principal source of income is the Cirlt Assessment levied on the Circuit Chap81s. t*Jring the y88r, Ihe sale of redundant Chape continued, with th? sale of Launcells and Holsworthy Beacon Chapels being completed during Ihe year. Negoti8tions continued for the sale of Buckhom Ch8pel, which was completed after the end of Ihe year. The sale of HaNJand Chapel and Manse was deferred, but is expected to preed in due cours¢. Ilst we consider that in norrn81 circurnst8nces. the existing work of the circuit should be fvnded from the Circuit Assessment, and appreciate Ihe effort of the ch8pels to meet their asse55ment shares, we understand that the ¢losure of so many chapels Sin the pandemic means that operating a balanced budget would place too high a financial burden on the remaining Chapels, and force futher closures, 8nd for the tsme being we are therefore operatin9 on a deficit budget. and fvnding the sh¢rtall from Ihe proceeds of sale of the redundanl chapek. The sale proceed5 are also beino drawn cn to fund outreach expendityre, either directy by the circuit or through grants to chapels. Page 2
Bude and HO[srth MettK>dlstClrcult Re ortof Ihe Trustees for Ihe Year Ended 31 Au 115t2024 FINANCIAL REVIEW Reserves pollcy This polity include5 all funds held by the Circuit Méeting as Trnstees. Our Reserves PoIY reles to our general lunrestrirtedl fftjnds which are freely 8V8ilable to be used for any or &1 of the purposes of the Circuit. The figure for coTrsiderats'Dn is the Net Current Assets, £791.431 as the Fixed Assets are hpld for the long tetm activity of the Cjrcuit. other fvnds are a150 included for the sake ol clarity and openn85S and to Sh that the Circuit ha5 8 policy forthe management of all its money. Alms. Our 81rn5 ¥e of01d.'_ To Secure and suth"n the Circurfsviability and fvbJre-, To gsve reassurance to the general pubfic that the Circuit. whiclt is a charity, intends to 1 the money comlng Into Ils care for the purpose5 of the ch8F5ty. Ml551on Polky. The Circu5 Mi5son Pollcy 15 - To know Christ and rnake Chnst known., - Renew81. Growth and Unity in Ihe Love of GodthTough Je5US Helping people to hear and respond to His 11 for their Itves through the power of the Holy Spirit Flnanclal Plan5 An annual budget is prepared, provithng fer anltcipatsd costs for the conNng year, which provision is so made for sums to be Set asidg in deggnated accounts to meet Ihe regular cyclical costs, partsculy in r81ation to rnan5e repairs and b) meet removal ¢ostsfor in¢oming ministers. Exceptional, th8 Circuit mty decide to operate a deficat budget. Vvhere exceptional expenditure h85 to be incurred, for example to rneet maloT repairs to rn8nses identified during Quin¢wennial Inspections, or to rnake improvements to rnanses, part of the cost may be provlded from the Model Trust Fund Iformerfy the Circuit Advance Fund). on an ad hoc ba5, a5 agreed by the Circuit Meeting. Local chapeL8 may appty for 85SEtance (for example, wth building improvernentsl from C1Ult fund4 induding the Model Trust Fund, but such astance will cfily be glven ifthe expenditure is irKurred to futher misson. Under Standlng Orders, the Circuit m(tst meet its financiaF obligats"ons. To ensure that sufficient funding is available. it Is our ReseNes Pol that we should seek to maintain our reserve5 en Unrestrictsd Funds to represent at least three months. average exp endrture le75,0001. R8cognisng the financial constraints whieh affect chapeL8 within the ¢irt, we wll seek to progressivdy in¢rea88 reserves by pNdent financial rnanagement. Our annual budgets include an allocaton to meet contingencies. and in those ye8rs when such Conbngencies do not abso the whole of that amount any unused balce will be retained to increase reserves. The Clrcuitwill also accept any donalions which may be offered towards increa%ng the ReseNes. The Circuit Mod81 Trust Fund. whi¢h d?rives rnainly from th8 sale of chapels and rnanse4 was prewously a restricted fijnd which could be used for a limitsd range of purposes. Its use was formerly re51ricted by an intemal regulatson of the Methoalst Church, but it may now be used for any Metho(ti8t purpose, while stsnding erders remind circuits of the primary purposes ofthe fvnd. It is our poltcy to use the Model Trust Fund primarily to fvnd exceptional expen<5ture on the purchase, maintenance and improvements of manses, and te make grants from the Fund to facilitate repair and improvement ol chapels, and to fund outreach. However, in years when a deficit budget has been approved, lunds may be dr8wn from the Model Twst Fund to meet any SLtth defKit. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The tharity is controlled by its goveming drKumen( a dèed oftrustand Co11tes an unincorporatsd charity. The charity IS Gontrolled by its govening document, deed of union 119321 an¢J Methoth'st Churd) Act119761, a deed of trust and con5thJtes an unin¢orporated charity. Page 3
Bude and Hols Methodlst Clrcult rt of Ihe Twstees lor the Y•ar E ded 31 Au ust2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Rlsk management The trustees have a duty to identify and review the risks to which Ihe charity is exposed 8nd to ensure 8ppropriats cthrols are in place to promde reason8ble 8ssuran¢e againstfraud 8nd error. The Circuit - discuss&s and regularly revigws area$ of potential rBk at meeting5 of the Circuit Stafflstswèrds and CiTcuf( Meel'ng. - tskes professional a(fvice 85 and when required. - follows procedures and guidelines issued by the Melhodist Church to mfa.gate risks. adopts and implements tre Methodist Churth's robust safeguarding polKies and procedures in the Circuit and the Ioc81 churthes. - where appropri8ts, arranges tywjrance cover against identified risks REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1129530 Prlnclpal addr•s$ clo Roy Mackenzie FCA 15 Elm Drive Bude Comwall EX23 8EZ Page 4
Bude and Holsworth Methodlst Clrcult è rt of the Trustees for the Year Ended 31 Au U5t 20 Trustees MINISTERS Rev Dr Sirnon H. Leigh- Superintendent Minister (to 31st August 20241 Rev Margaret Slingo- Superintendent MinistsT Ilrom 1st September 2D241 Deacon Debbi? Marsh SUPERNUMERARY MINISTERS Rev Joy C. Wilson CIRCUIT STEWARDS Mr Jonathan Hobbs (to 4th November 20241 Mr Roy Mackenae (Treasurer) Mr Mark Shepherd Ito 4th Novernb¢r 20241 Mr5 chnsts.ne FoTrter Mr Andrew Pitt Mrs Rosalind Mary Watson Mr5 Fiona ClÈ8ve Mrs Elizabeth Roblnson CIRCUIT LOCAL PREACHERS AND WORSHIP LEADERS REPRESENTATIVES Mr Courtney Drew Mrs Muriel Hodges (to 111h Jun¢ 20241 Mr Bary Bryne CIRCUIT OFFICERS Mr Chris Srnith (to 24th March 20251 Sandra Shepherd CIRCUIT CHURCH REPRESENTATIVES Bradwothy Clive Sm¥e Bridgerule Sheila Cho4111 Merk Shears 8ude Annette Cole Jane 88iley StspheA Geerge Jose Chitsworthy Karen Shepherd Mark Shepherd (from 4th November 20241 Holsworthy Hilary VNian Cath8rine Padd¢)n Kilkhampton Reg HarnY Ilu 23rd October20241 Mike Metherell M8rhamchuTch Elizabeth Bray Mary Brornell MoTwerW Jenny V#n5tone Charfes lJohnl Cleave Mhitstone MeNyn Uglow Godfrey Cole Woodfud Rose Heard Nicola Hobbs Woo18ery Derek Lott Page 5
de and Holsworth Mt odlstclrcult rt ofthe Truste ft>r the Year Ended 31 Au Ust 2024 REFERENCE AND ADMINISTRATEVE DETAILS Independent Examlner Metherell Gard Ltd Chartered Actountsnts 8um View 8ude Cornwall EX23 88X Approved by order ofthe board of trtee$ on 19 May 2025 and signed on 5ts behaw by.. r R M8cKenzie FCA- Trustee Page 6
Inde dent Examlnerts Re rt to the Trustees of Bude and Holsworth Methodlst Clreult Indepèndent examlnerf5 reiKIrt to the twstees of Bude and Holsworthy Methodlst Clrcult I report to the charty trustees on my exarnination of Ihe ac¢ounts of Bude and Holsworthy Methodist Circuit lthe TnJ5tl forlhe year ended 31 August 2024. Responslblllttès and basls of report As tre Chanty trustees of Ihe Trust you are responsible for lh8 preparation of the awounts in accordance with the iequirements of llie Charitses Act 2011 Ilhe ACVI. I report in respect of my examination of the Trusvs accounts earrfed o¢Jt under Sectson 145 of the Act and in cattg out my examinatr.on I have followed 811 applicable Directions given by the Charity Commion under Section 14515llbl of Independent examinerf5 statement I have completed rny examination. I confirm that no material matteTS have come to my attention in connection wtl) the examination giving me cause to believethat in any materia respett. 8CCDunts"ng records were not kept in respectof lh8 Trust as required by Section 130 of the Act or the accounts do not accord wrfh Ihos8 records,. or the accounts do not cOrnP with the applieable requirements con¢eming the form and content of occounts set out in the Chwtties IA¢counts and Report51 Regulations 2008 other than any requirement that the aGcounts gNe true and fairview which 15 not a m8tterconsidered as part ol an independent exarninab"cn. I have no ¢oncem8 and have Come across no other matters in connection the examination to which attenb.on should be drawn in this report in order to enable a proper understandng of the CoUnts to be reached. David Nigel Cox FCA The Instibjte cfchartwed ACctants in Enyand and Wales Metherell Gard Ltd Chartered A(tountants Bum View Bude Cornwall EX23 8BX Page 7
nd Holsworth Methodlst Clrcult statementof Flnandal Acttvles ar Ended 31 Au ust2024 2024 Total fund5 2023 Totsl funds Unrestricteil fvnds Restiicted Jnds Endowm&nt fund Notss INCOMEAND ENDOWMENTS FROM Donatons and legacies 2,219 1802 17.594 Char1tablèacvès Grants and donatior Capital receipts Assessments on churche5 100 100 1.600 108.600 155,894 153.004 1S3.1)04 Inve5tm8nt inrne other income 47,202 1,105 3.317 SO,S19 1.105 28.575 5,558 Total 203,530 000 207,530 317.821 EXPENDITURE ON Charltable a¢tivitie5 Granls and donations Salaries and associated costs Property Maintenance Dithct assessment and levy Depreciab"on Other Costs Loss on sale of fixed assets 146,889 151,979 48.976 90.821 2S0 25,590 146.889 151,979 50,763 90,821 250 25,622 21 S,032 132,819 101.660 52,519 1,788 32 21,513 30,168 Total 464.504 1.820 466,324 554,197 Net gainslllossesl on inve5tmenl$ 183A311 66 163,48S) 117,5921 NET INCOMEIIEXPENDITUREI 1344,5061 2.180 66 1342,259) 1253,9681 RECONCILIATION OF FUNDS Total knnds brought fomard 2.336,671 e8.445 11.780 2.416.896 2,670,864 TOTAL FUNDS CARRIED FORWARD 1.992.168 70. 11.846 2.074637 2,416,896 Tho ngles forrn part ofthese finafttr statsmgnts Page 8
Bude and Holsworlh Methodlst Clrcult Balance Sheet 31Au ust 2024 2024 2023 Totsl fvnd Unrestricted funds Restricted funds Endowment fund fvnd5 Notes HXED ASSETS Tangible assets Investments Investrnents Investmentprope 944,953 945.163 1,223 261,106 924 2,147 261.106 1.992 564,800 1,207.282 924 1.208.206 1.511,755 CURRENT ASSETS Debtors Cash at bank and in hand 35,235 854606 35,235 937,072 35.849 1,034,879 71.545 10,922 889,840 71.545 10,922 972,307 1,070,528 CREDITORS Amount5 fdling due wthin one year 10 1104.9561 (9201 1105,8761 1165,3B71 NETCURRENT ASSETS 78{884 70,625 10,922 866.431 905.141 TOTAL ASSETS LESS CURRENT UABILITIES 1.992,166 70.625 11.846 2,074637 2,416,896 NET ASSETS 1,992,166 70.626 11.848 2,074637 2,416,896 FUNDS UnTe5tri¢ted ftjnds R&stricted funds Endowrnentfunds 11 1.992,166 70,625 11,846 2,3,671 68,445 11,780 TOTAL FUNDS 2.074637 2.416.8 The financlal statements were approved by the Board of Trustees and authorised for iwe on 19 May 2025 and were gned on its behaw by.. c cTh3cJ Reverend M Slingo-Trustee Mr R M8cKenzie FCA- Tmstee The notes form part ofthese finan staternents Page 9
Bude and Holsworth M•thodlst Clrcult Notès to the Flnanclal Statements fo the Year Ended 31 Au ust 2024 ACCOUNTING POLICIES Basls ol preparlng the )Inanclal statèments The financial Statements of the ¢harity. which is a public benefit entity under FRS 102, have been prep¥ed In aecordance the ch8nb.es SORP IFRS 1021 'Accounting and Reporting by Charitres. Statsment of Recommended Practice applicable to charities preparing Iheir accounts in accordance with Ihe Financial Reporb'ng Standard applicable in 1he LtK and RepublK of Ireland IFRS 1021 leffe¢tive 1 January 20191,, Financial Reporb'ng Stsndard 102 Tre Fin8n¢ial Repoitng Standard applicable in the UK and Republic of Irdand, and the chantt.es Act 2011. The financial statements have been prepared under the hisbrical cost convention, the exception of investments which are included at market value. as modif ed by Ihe r8valuation ofcertain assets. The princpal acctrunting polTaes adopted, judgements and key sources of estimation uncerta.nty In the preparation of the financial statements are a5 fdlows.. IA¢ome l income is recognised in the Statement of Finanaal Activities once Ihe charity has enliU8ment to Ihe fund4 It 1$ probable thatthe income will be received and thg amount can be rne8sured reliably. Don8led goods are rntrasured 8t their fair value and included in income. They are included when the tharity has b88n no*'fied of their entilernent, all conditions have been met andthe nal arnount is known expected. Donations and legatses are induded in income when charty has been notified of Iheir enb"¥ement, condthons have been met, and Ihe final amount is known and expected. IncDme from grants is recognised in the Stat8merit of Financial Activities once the charity has entidement to the fvnds. it is probable that the InMe will be received and the amountcan be measured reliabty. Capital Receipts represent the valuation of buildings. assets ènd cash resour¢8s passing to the Circuit on closure of chape. less. where applicable. the antrcipated costs of realisation an¢J 1he Connexlonal Priority Lev which would pass tolhe national Methodist Church on disposal. Rent receivable in the finanaal statements is the amounl of rent the to the charity for the flnane¢al period. Any incorne received In advance is induded as deferred incorne. Investrnent income from interest and dNidends is shown in the accwnts on a rVable bags. Expendltum abilib.es are Tecugnised as eKP8n¢thture as soon a5 thei8 18 a legal or constructve obligab.on eommitb.ng the charity to that expen(fjture, it is probable Ihat a transfer of econom benefits will be required in setuernent and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been clas8ffied under headings that aggregate all costs related to th? category. ere costs cannot be ¢JireCy atknbuted to particular headings Ihey have been allocated to activfoes oft 8 basis consistent with the use of resources. Granis offered subiecl to COnd0S whith have not been Met at the yew end date are noted as a commitment but not acCed as expfrnditure. Tanglble Ilxed assèts Tangible fixed assets are stated * cost lor deemed c05tl less accumulated depreclation accumulated impairment losses. Cost includes casts directy attn"but8ble to rnaknno the asset capable of operaiing as intsnded. D&pre¢iation 15 provided on all tangible fixed assets. at rates calculated to write off the cost. less estimated residual value, ol each asset on a systematic basis over its expEcted usefvl life asfoilows.. Freehold Land Ènd Builth'ngs- NJ FiXre$ and Fitb'ngs- 25% of cost per annum straightline basis The policy of the trustees is to maintain the freehold buildings to a geod standard of repair and so in their opinion no depreciation is required as the expected residual value of the builrlings at the end of the useful lrfe is above the carrwng value in the accounts. All frknres and fjttings are included at historic cost and are reviewed for Impalmnt al each balance sheet date. P8gg10
Budè and Holsworth M•lhodlstClrcult 0ts5 to the Flnanclal Statements- conllnu forthe Year Enderl 31 Au ust2024 ACCOUNTING POUCIES- conllnued Investment property Investrnent ProPte$ are redundant chapels. which have passed to the Circuit on closure of the ChapeJ5. In general. these ar8 not held as long-t8rm investments, but are held pending sdwce on the timing and manner of their sale. Their carrying value in Ihe accounts is based on ProfesOn valuation5, les5 e anb"¢ipated cost of realisation and the COnneOnal Priority Levy which would pass lo the Connexion (th8 nabonal Metho¢st Church) on disposal. Investment a55ets and unreallsed galns Investment assets in the form of the Central Finance Board Managed MrA?d Fund, are shown in the financial ststements at fairvdu8_ Unredised gains on investment and other assets iepresent the difference bthean the fair value at the end of the year and.. il for inv8strnent and other assets held atthe stsrt of1he year. the fwrvaue 8tth8td4te. or ill for inveshment and other assets acquired in the year. Ihe cost of acquisition. Changes in fair value are recolSed in the SOFA Taxatlon The charity is exemptfrom tax on its charitable acO¥Aties. Fund aecounung UnstrICted funds can be used in attordance wilh the ch8ri18ble ebleetives at the disc¥etion of thg tnAStee$ As well as O)e general fund a Circuit Model TNst Fund is held. Deggnated fund8 are Ihose unrestrictedfvnds which have been set ade by the trusteesfor a parbrAJlar purpose. but may be used for other purposes at the disttetton of the INstees. D8siwated funds IUd Manses Fund, Outreach Fund and Rernoval$ Fund. Resth¢t8d fijnds can only be used fcr patts"cular reslricted purposes wilhin the objects of the charity. Reslrictions arise when specffied by the donor or when funds are raised tor parbcular reslricted purposes. Restricted funds include th8 Benevolent and Graveyard Fund Endowment funds are lunds where the caprtal is held on a permanent basB, and only the income Can be spent for the purposes ot the charity. However, during the year ended 31st August 2017. the Small baances held on endowment lunds were trarssferred into general fund un¢Jer the prowsions of the Charibe5 Act 2011 and the Releasing Funds for Mission InatiVe of th8 Methodist Churth. Endowment funds have since been re¢eived frorn chapels which have been closed. Further 8¥anation of1he nabjre and purpose of eath fund Is Tlded in the notesto the financ¢al stslemen Hlre purchastand leaslng cornmltrnents Rentsls paid under operaing I85 are ch8rged to the St*8mènt of FinclaI ActNities on a straight line overthe period of the lease. Employee bÈnèllts The ¢harity operates a defined ¢onlribution pension schem8. Ctsntributions payable to the chanty¥ pengon scheme are charged to the Ststement of Financial Activities in Ihe p6r50d to which Ihey relate. The Circuit contributss tc the Methodist Church defjned benefit stheme in respect of minBteThal staff. Thè scheme is a rn. employer pengAon scheme and it is not possi)le to identify the assets and liabildj.es of the scheme atknbutable to the Circuit The stheme is OUnted for a5 a defined conln"bution scheme and conlributions are tharged in the accounts as they sre paid. Debtors and rredltars recelvablel payablè vAthln one year Debtors and ¢reditors wilh no stated intsrest rate and receivable or payable wthin on8 year are rècorded 8t trsactiOn price. Any losses arising from impairment S recognised in expenrfire. Flnanclal Instrumènts All financial instrurnents are recognised inth.ally at transaction price exduding transaction costs and $ubsequenlly at arnorbsed cost. These include cash at banK debtor5 and crethtors. Page11
Bude and Holsworth Me ¢x115t Clrcult Notès to e Flnanclal Statements- for the Year Ended 31 Au ust 2024 INVESTMENT INCOME 2024 2023 Rents r&ceNed Dividends Deposit account interest 169 60 876 61 27.638 50.519 28,575 INDEPENDENT EXAMINAnoN The costs ofthe independent examinab.on were £1800 to cover2023 8nd 2024. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remunerab.on or other beneffits for the year ended 31 August 2024 nor for th• ye* ended 31 Augu5t2023. Wo payments were made to tnL%tees for addth.onal services prowded to tho Circuit by agreement wllh the Circuit Meeting, apartfrom Stipends and Salaries detailed below. Trustees. •xppnses 2024 8.159 2023 8.938 Trustee's expenses reimbursed Numbèr of Trustees Expenses p8yments relate rnainly to travel and other out of pocketexpenses. STAFF COSTS 2024 2023 Wages and salaries Other pensÈon costs 132.875 19,104 115.337 17,482 151,979 132,819 The average rnonthly numbeT of employee5 during Ihe yearwas as follows.. 2024 2023 Average numberof employ898 No emOyeeS rgceNed emoluments in 8xcess ?f£60,000. Page 12
Bud• and Holsworth M•thadist Cireult to the Flnan¢lal Staternents- conllnued for the Year Ended 31 Au ust 2024 TANGIBLE FIXED ASSETS Freehold propety Plant machinery Tots COST At 1 September 2023 Addits¢ns 4,564 949,007 40 At 31 August 2024 4,604 949,047 DEPRECIATION At 1 September 2023 Charge for year 3,844 250 3.B44 250 At 31 August 2024 4,094 4.094 NET BOOK VALUE At 31 August2024 510 944,953 At 31 Auwst 2023 944,443 720 945,163 FIXED ASSET INVESTMENTS Unlisted investrnenls MARKETVALUE At 1 September 2023 R8valu8tions 1.992 155 At 31 August 2024 2,147 NET BOOKVALUE At 31 August 2024 2,147 At 31 August2023 1,992 There were no investm8nt asset8 outside the UK. Cost or valuation at 31 August2024 is represgnted by.. Unllst Investments vatuat.on in 2024 2,147 INVESTMENT PROPERTY FAIR VALUE At 1 September 21r23 Disposals ReVu811On $64,800 1230,4001 173,0941 At 31 August 2024 261,106 NET BOOK VALUE At 31 August 2024 261,106 At 31 August2023 564,600 Page 13
Bude and Hals ethodlst Clrcult otes to the Flnanclal Slatements- conllnued for th• Yèar E ded 31 Au ust 2024 INVESTMENT PROPERTY- eonllnu F8irvalue at 31 August 2024 is representsd by. Valuzbon in 2024 261,106 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Arrears of rircuit assessments Otrer debtars Loan Prepayments 2,689 7,029 18,000 7,517 6,130 6,831 18,0 4,688 3S,235 35,649 10. CREDITORS.. AMOUNTS FALLING DUE WTfHIN ONE YEAR 2024 2023 Assessments e1Ved in advance Grants payable Taxaton 8nd scKial security Olhercredrf(OTS 32.560 67,598 1.79S 3,923 30,155 129,999 1,611 3,622 105,876 165,387 11. MOVEMENT IN FUNDS Net movement in funds Transfers beeen lufids At 31.8.24 At 1.9.23 Unrestrlcted funds General fund Circuit Model Trust Fun¢J (Unrestricted) Manses Fund Outreach Fund Rernovals Fund 1.574.611 750,256 6.120 11600941 1146.7351 126,S821 110,4511 157 133,5001 1.380.217 603,521 7,288 973 167 27,760 9,000 13,2501 3.260 2.336,671 1344.5051 1,992.166 Restrfcted fftjnds 8enevoienl Fund Tilson Graveyard Lana Graveyard Woodacott Graveyard Bangor8 Graveyard Ashwater Graveyard Laun¢dls Graveyard Hsrland Graveyard B?a¢on Gravey*d TnT5tAccoullts other 1.305 4.436 8.626 3.933 8.746 13,861 14.280 11.280 1,000 378 620 1.373 4,271 8.70B 4,128 8.354 14.561 15.343 11,277 1,000 990 620 11651 82 195 13991 1.063 17 619 (71 2.180 70.626 Endowmentfvnds Endown7ent Fund 11,780 66 11.846 TOTAL FUNDS 2.416,896 1342,259) 2.074,637 Page14
Budt a d HolsMY>rlh Method15t Clrcuit Notes to the Flnanclal Statements- conunued for the Year Ended 31 Au ust 2024 11. MOVEMENT IN FUNDS-contlnued Net movèment in fvnd5. included in the above are asfoll Incorning reswrc8S Resources expended Gains and l¢)sses Movement in fund5 Unrestrlcted funds General fund Circuit Model T$t Fund IUnres(rictedl Mansgs Fund Outrea¢h Fund Remova15 Fvnd 157.567 44178 121 1,507 157 12348421 1191.0011 126.7031 111,958) 183,6191 1160,8941 1146,7351 1265821 110,4511 157 203.530 1484,5041 183,5311 1344,5051 Restri¢ted fund5 Benevolent Fun¢J Tilson Graveyard Lana Graveyard Woodacott Graveyard Bangors Graveyard Ashwater Graveyard Launcells Graveyard H&rUand Graveyard Tmst Accounts 255 $62 195 381 14201 14801 11651 82 195 13991 700 1,063 17 619 (7801 1.188 11251 17 1321 651 4.000 11,8201 2,180 Endowment fvnds Endowtnent Fund 66 66 TOTAL FUNDS 207,530 1486A241 183,4651 1342,2591 Page 15
Holsworth Methodlstclrcul Notes to the Flnanclal StsteTnents- conflnued r Ended 31 Au ust2 24 11. MOVEMENT IN FUNDS-eantinued Comparatlvè5 for rnovement In funds N8 rnovgment in funds Transfers b¢e£n funds At 31.8.23 At 1.9.22 Unrestrlcted fvnds General fund Circuit Model Trust Fund Iunregrietedl M8nses Fund Outrfrach Fund RernovaLs Fund 2.210,434 361,990 15,782 5,466 3,150 173.4701 1108.0791 118,6621 160,0421 110 1562,3531 496,345 9,000 57.000 1,574.611 750,256 6,120 2.424 3.260 2,596,822 1260,1431 181 2,336,671 Restrfcted funds Benevolent Fund Titson Graveyard L&na Graveyard Woodaeott Graveyard 8angors Gr8veyard Ashwater Graveyard Launcells Graveyard Hartand Graveyard eacon Grav?y8rd TrUA0Unts Other 1,281 5,822 8,641 3,807 8,774 19,258 14,052 44 {1,3861 1151 126 1281 15,3971 228 11,260 1,000 378 9.305 4,436 8,626 3.933 8,746 13,861 14.280 11.260 1.000 378 620 62,235 8.210 68,445 Endowmentfunds Endowrnent Fund 11,807 1351 11,780 TOTAL FUNDS 2,670.864 12S3,9681 2,416,896 Page 16
Bude and H0JS%Irth Methodlst Clrcult Notes to the Flnanclal Slatements-conllnued lor the Year Enderl 31 Au ust 2024 11. MOVEMENTIN FUNDS- conttnued Comparative ngt movement in fvnd5. induded in the above are as fowows.. Incoming Te5curces Resources expended Gans and losses Movement in funds Unrestrlcted fftjndg General fund Circurt Model Trust Fund ILlnrestrTCtedl Manses Fund Outreach Fund RemovaL% Fund 278.076 23.398 149 740 110 1334,0361 1131.4301 118,8111 {60,7821 117,5101 1471 173,4701 1108,0791 118,6621 160,0421 110 302.473 1545,0591 137.5571 1280.1431 Restrf¢ted funds Benevolent Fund Titson Graveyard Lana Graveyard Inioodacott GravEyard Bangor5 Gr8vey8rd Ashwater Graveyard Launcells Graveyard H8rVand Graveyard Beacon Graveyard Trust Accounts 44 44 11,3861 1151 126 1281 15,3971 228 11,260 1,000 378 11,5801 14201 405 12fj 272 456 1,023 11.418 1,000 410 13001 15,8531 17951 11581 1321 15,348 {9,1381 6.210 Endowment lunds Endowment Fund 1351 1351 TOTAL FUNDS 317,821 1554,1971 117.5921 1253,9681 RELATED PARTY DISCLOSURES There were no relaied party transactions forthe year end8d 31 August2024. 13. GOING CONCERN The trustees consder that there are no material uncertainties about the charity'$ ability to continue as a going concem. Page 17