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
I￿￿e8S hav8 adoptsd the provisions of Accountng and Reporting by Chants"eg." Statement of Recemmended Prxlice
appliGable to d)atibe5 prep￿rng 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 rep￿sentativeS apP￿nted
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 deCi￿On5 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 COMM￿On'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 availa￿e to help thern in wark
The &tions ofthe Circuit 8nd its member thur¢hes indude..
the arrang8rn*nt 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
- m￿Y churches re¥h outwith pra¢tir*l a￿StanCe 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 rn￿nlY 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 Invo￿ed in a rang8 ol roles. induding pastoral care and thairing church eouned meetings.
rhjring the year, Ihe sale of redundantthapeFs COntin￿e￿, wth 1he proceeds being appled princlpally in three ways..
11 Outreach activits"e5 orgsnised at Circuit levd, including the Continuation of the Redeeming our c0mrnun￿j.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 c*anges in stalboning.
Restricted Funds to￿l9d £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 Cir￿lt 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 pr￿eed 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[s￿rth 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 PoI￿Y rel*es 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 Circu￿5 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, partscul￿y 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 ba￿5, a5 agreed by the Circuit Meeting.
Local chapeL8 may appty for 85SEtance (for example, wth building improvernentsl from C1￿Ult fund4 induding the
Model Trust Fund, but such a￿stance 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 ¢i￿rt, 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 bal*ce 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 Co￿11￿tes 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 Cho￿4111
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 Harn￿Y Ilu 23rd October20241
Mike Metherell
M8rhamchuTch Elizabeth Bray
Mary Brornell
MoTwer￿W 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 tr￿tee$ 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 ca￿ttg out
my examinatr.on I have followed 811 applicable Directions given by the Charity Commi￿on 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 ACc￿￿tants in Enyand and Wales
Metherell Gard Ltd
Chartered A(tountants
Bum View
Bude
Cornwall
EX23 8BX
Page 7

nd Holsworth Methodlst Clrcult
statementof Flnandal Acttvl￿es
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
Char1tablèac￿v￿ès
Grants and donatior
Capital receipts
Assessments on churche5
100
100
1.600
108.600
155,894
153.004
1S3.1)04
Inve5tm8nt in￿rne
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 In￿Me 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 r￿Vable 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
¢JireC￿y atknbuted to particular headings Ihey have been allocated to activfoes oft 8 basis consistent with the use
of resources.
Granis offered subiecl to COnd￿0￿S whith have not been Met at the yew end date are noted as a commitment
but not acC￿ed 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
FiX￿re$ 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 Impalm￿nt 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 ProP￿te$ 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 Profes￿On￿ valuation5, les5 ￿e anb"¢ipated cost of
realisation and the COnne￿Onal 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 reco￿lSed in the SOFA
Taxatlon
The charity is exemptfrom tax on its charitable acO¥Aties.
Fund aecounung
Un￿strICted 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 a￿de by the trusteesfor a parbrAJlar
purpose. but may be used for other purposes at the disttetton of the INstees. D8siwated funds I￿Ud
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 In￿atiVe 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 T￿l￿ded in the notesto the financ¢al stslemen
Hlre purchastand leaslng cornmltrnents
Rentsls paid under operaing I￿85 are ch8rged to the St*8mènt of Fin￿claI 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
tr￿sactiOn price. Any losses arising from impairment S￿ recognised in expenrfi￿re.
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 em￿OyeeS 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
ReV￿u811On
$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
be￿een
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
TrU*A￿0Unts
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