REGISTERED CHARrrY NUMBER: 1129530 ort of the Trust88s a naudite n¢lal S ments for the Year Ended 31 Au ust 2025 for Bude and Hols rth Methodist ¢I1t Streats Methèrg11 Gard Lirnited Burn View Bvde Comwall EX23 88X
Butlo and Hol8WOrth Meth dl Clrcu Contents of h Flnanclal Statements for the Year End•d 31 Au ust 2025 Pago R•port of the Trustees 1 to 7 Indopgndent Examln•rfs R•port Stalem•nt of Flnan¢lal Aetlvltlos Bal•neo Sheet 10 Not9¥ to thg Flnanclal Statements 11 to 18
Bud• and Hojswo th ci Re ort of the Tw$tees for th• Year Ended 31 Au ust 2025 The trustees present their report wth th& financial statèments of th tharity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Chariti85' Statement of Recommended Practice applicable to charities prepaTing their accounts in accordan wth the Finanual Reporknng Standard applicable In the UK and Republic of Ireland IFRS 102118ff8cfy.ve 1 January 20191. The Bude and Ho15wothy Methodist Circuit covers the area of North Devon and North Comwall trom Hartland in the north to Poundstod( in the soyth. and from the coast at Bude to the market tobvn ol Holsworthy in the East. The Circuit currently Serves 11 local churches, memberships from 13 to 130. total membership of 338. 08JECTIVES AND ACTIVITIES Obj8Ctiv8s and alms The purposes of the Mèthodist Church are the advanrnent of the Christian faith in accordance with the doctrinal standard5 and the discipline of th8 Methodist Church, any CharItsb purpose for the time being of any Connexional. Di8thct, Circuit. local or other organisation of the Methodist Church. and any tharitable purpose for th8 tirne teing of any soaety or institution or Subsidiary or anullary to the Methodist Church. In pursuit ol those objectives, the Circuivs Mission Statement Is, To know Christ and make Christ known." In common wth other Methodist bodiès, th Circuit is governed by the Methocjist Church Act 1976, the Deed ol Un10n and th& Model Trust Dtred5 of th8 Methodist Church. The CiroJrt Meeting are the Trustees of the Circuit.. members of the Circuit Meeting indude repre5entative5 appointed by the Church Counals of churches within the Circuit, together with the Ministers ststioned in the CircuiL Supernurnerary Ministers residing in the Circuit and the Circuit Offitsrs, who Serve ex-officio as tru5te85. The Circuit Leadership Team ICLTI. comprising th6 Circuit Minist8rial Statt and Cireuit Stewards. rneets regulady to keep under VIeW the life ol the Circurt and to take forward the decisions of the Circuit Meeting. who a the Trustees. Publi¢ benefrt The trustees confirm that thoy havo eomplisd with the duty under the Charities Act 2011 to have due regard to the Charity Commission's gtrneral guidance on public benefit. Specifically.. Thè churches in the Bude and Holsworihy Methodist Circuit exist to help people find and follow Jesu5 in an ever changing world. The Circuit aims to support all its churches in their efforts to reach out into their communth.ès to rneet the needs of members non-members. Th& Circuit recognises and encourages the divarsity of approachès to mission amoThJ its churches. and makes $oUr$ available to help them in their work. The actions of the Circuit and its member churches include. the arrangement of public worship and oducation in the christs.an religion", giwng encouragement and assistancè tts thosè sa8king to know rnore about tre Christian faith. including the organi5ation ol Alpha Courses and similar activities. and assistance with the training ol those called to serve as local Ilayl preachers and worship18aders, many churche5 make their prernise5 available to other organisations that need somewhere to meet, many churchè¥ reach out with practical assistan to those in need in their local communthes. Safoguarding The Circuit follows the Conngxional policy on safeguarding as detsiled in Creating Safer Space. Each church has a safeguarding preSentatiVe and there is 8 saf8guarding officèr in the Circuit to ensure the adopty'on of safe practice amongst children and vulnerable adults. Appropriate training is provided on safeguarding issues lor all involved in 18ad815hip roltrs within tha GircuiL and supervision of ihe necessary ched(s under the safeguarding legislation. Paga 1
h Methodls Re ort of thè Trustees for tho Year Ended 31 Au ust 202 ACHIEVEMENTS AND PERFORIMNCE Charitsble activities Revlew of th? year Rev Maryar8t Slingo continued as full-time Superintendent Minister throughout thè year, with Deacon Debbie Marsh making up the Minist8Tial tearn. Oeacon Debbie Marsh works mainly at Bude Methodist Church. while Rev Margaret Sling0 had pastoral over5rght of the remaining Ismallarl churches. Vve were also grateful, tliroughout the year, to have three excellènt lay workers.. Michelle Hogarth. engaged in pastoral and outreach work, who has Continu to arrange and lead 8¢tiwts'es throughout the Circuit, Dean Taylor. our youth worker. who has continued to develop youth activities both for young people within the church and those outse, and wort( with other ytsuth organisations. and has led a group atiending a Christian youth camp, and Debbiè Wh&lan, our circuit adrninislrator. whose meticulous work has been Invaluable. In addition, we have been blessed to have a number of very comrnitted volunteers involved in a range ol roles. Inclu¢Jing Pasttsral care arKI chairing church council meetings. During the year. the sale of redundant chapels tonbnued, wth the proceeds being applied principalty in three ways.. 11 Outreach activities organised at Circuit I81, including the continuation of the Redeeming our Communities IROCI initiatives in the Holsworthy area and youth worf( in Bude and elsewhere in the Circuit," 21 Grants to Circuit churches to facilrtate th8ir own outreach initiatNes, principally through premisos impmvemènts", 31 The operatson of a deffcit budg8t to maintain the financial viability ol the remaining chapels, which would have difficulty In rn8eting an immediate increase in their assessment to make up the share ol the chape15 which have dosed. Thè Circuit has continued to organise weekly seNices and other events in Cir¢uit Chapels, and some online content for those who are unable to atter in person. Pa9e 2
B de and Hols rth Mèthodl Ircult ort of the Tru5tea$ ar Ende ust 20 FINANCIAL REVIEW Financial position In¢om? and exp?ndltu Incorne for the year was £193,427, a roduction of £14,102, from thè prewous yoar. This was due to a reduction in the investrnent Incorne as the balances reduced ln thts year and the rates attainable also reduced. Expenditure for the year was £366.460, leading to a doficit of £173.030. Currgnlty tho trustees èxpèct thls lèvd of defi¢ll lo be in place for the next few years, as e4)lained in more detail below. Expenditure reduced from the previous year by £99.864. this was a deliberate policy by the trustees to limit the monies it paid out as grants and donations. atr co$ts also reduced in the year and this matched the increases in salaries. property Maintenan and district payment5. Th• trustees believe that. in nomal cireumstanc6s. the exsting work of the circuit should be funded from the Circuit Asse5srnent. and appreciate th8 effort of th8 chapels to rneet their a55e5sment shares, we understsnd that the closure of so many chapels since the pandemic rneans that operating a balanced budget would place too high a financial burden on the mainIng chapels. and force further c105ures. and for the time being we are therefore operaknng on defiot budget. and njIng the shortall from the proceeds of previous sale5 of the redundant chapels Fund balancos Th8re wa5 an overall reduction in fund balan$ Dr tha yaar of £173,030. The General Fund balance at 31 st August 2025 was £1,824,026. but include5 the carrying value tsf manses and equipment of £694.703. so the available reserve 15 £1.129.323. It a150 includes the net r8aSisable value ol a rundant chapel and manse totalling £494.800. The plan is to Sell the reduThlant propertes which wll add to the cash resource5, so that they are available to be used. Thè Modèl Trust Fund balance at 31st August 2025 was £552,975, this is an UnStriCted reserve. but there are best policy guKlelines regarding the use of the fund. as exrAained rther b81ow. Thè Circuit Model Trust Fund, which dèrives mainly from tae sale of chapels and manses. was previously a restrthd nd which coukl be used for a limited range ol purposes. Its use was fom)edy restricted by an internal regulation ol tha Methodist Church, but it may n¢)w bè usad for any Mèihodist purpose, while standing orders MInd Gr¢its of the primary purposes of the fijnd. It is our policy to Use the Model Trust Fund primarily to fund èxception81 axpènditure on the purd)as¢, maintenance and improvements of manses, and to make grants from the Fund to faulitate repair and Improvement of chapels, and to fund outreach. However. in years wh8n a deficit budget has bean approvgd, funds may be drawn from th8 Modèl Trust Fund lo meet any such defiut. Designated Fund balanees totalled £7,751, being monies set aside and not yet used for repairs and othgr outgoings on manses, outreach work and removal costs on charoes in stationing. Restrict8d Funds tOtald £65,733, mainly In spect ol funds held for the maintenance ol graveyards. When these fvJDds have been used the Circuit will still have a responsibility to maintain th8sa graveyards. Endo%rnent Funds totalled £11,847, being tnjst funds transferred from redundant Chapels. We wll be looking into the appropriate use ol these funds. PrSnclpal fundlng sour¢gS Incom• trends The principal sourrA of in¢om8 18 thè Circuit Ass8ssmènt lèwed on the Circuit Chap61s. During the year. the sale of redundant Chapels continuad. with the sale of Bud(hom chapel boing completed duriro the year. The sale of Hartland Chapel and Manse is expected to proceed in due course. Whilst we consider that. in normal circumstances, the estIng work of the circuit should be fundèd from Iha Circuit Assessment, and appreciate the effort of the chapels to meet their assessment shares. we understand that the cl¢)sure of 50 many chapels since the pandemic tneans that operats'ng a Iialanced budget would place too high a financial burden an the rem8ining chapels, and foice furth81 closu$, and for the th.me being we are therefore operating on a deficit bthget. and funding the shortall from ihe proceed5 of sale of the redurvjant chapels. The sale proceeds are also being drawn on to frjnd outreach expendthjre. either direclty by1he ¢ircuit or through grantg to chapels. Page 3
Bud• and Holswort Mtthodlst Clrcult ort of th Tru$tg for the Year Ended 31 Au u$t 2025 FINANCIAL REVIEW R¢$orye$ pollcy This policy Includes all funds held by the Circuit Meeting as Tnjsteas. Our Reserves Policy lateS to our general lunre5trictedl funds which are treely available to be used for any or all ol thè purposes of the Circuit. The total available ntrIcted r8S8r¥es arnounted tr1 £1.129.323 01 ythich £560.72e has been designat8d. In seth"wJ their r8serves policy the trustees have had ward to the guidance promded by the Charity Comrnission. The trustees believe they will have to run a deficit budget for the next 6 year5 before they will be able to achieve haw a managed breakeven bkjdget. The intention is to gradually reducè the dalicil budget over that time with a view to having a balanced budget In tem)s ol normal op8rating costs for the year 2031132. This will reclu the unrestncted reserves by some £S00.000 so this has to be part of the current policy. In addth"on, when the budget is balanced the tnjstees believe that it needs to keep moni8s in reserve to rneet the follovAng.' 1. Grants for outreach and development for a 12 month pard - £50,000 2. Property maintenance costs for a 6 month period- £30,000 3. Salary and associated costs lor a 3 month period- £40.000 In addition. the trustees have a liability in peetVIty for the upkeep of the redundant chapel graveyard5. The testricted funds held are expectèd to cover th8S8 Costs for the next 10 years. Attaching a figure to this liability is impossib*, and it is hoped th8t this cost will be part ol the managed budget in years to come so no amount is attached to this ¢omrnitrn8nt. Therefore. re5erve5 required are in the region of £620,000. The unrestrict8d reserves excluding designated fvnds are slightty below this target, however as explained in the fuThJ balances ther8 Is prow510n to use of the designated funds to cover defi'rits. Alm$. Our aims ar8 0fOld._ To secure and sustain the Circuivs viability and future", To give reassuran to thè genef81 public that the Circuit which is a Charity, intends to use all the money coming into its care for the purposes of the charity. Mission Poli¢y. The Circuit's Mission Policy 15 'To know Christ and tnake Christ known., Renewal, Growth and Unity in the Love of God through Jesus Helping people to hear and respond to His call for their lives thro tho pmr of th8 Holy Spirit Page 4
Bud andH Re ort of the Trustees for th• Year Ended 31 Au ust 2025 FINANCIAL REVIEW Flnancial Ptans An annual budget is prepared, providing for anticipated costs for the coming year, and witrin which provision is also mada for surns to bè sèt asidè in designated accounts to rneet the regular cyclical costs, parts"cularfy In relats.on to manse repairs and to meet removal costs for incorning rninisters. EptionallY, the Circuit may decide to operate a defiat budget. Where exceptronal expenditu has to bts incurred, for example to rnaet major repairs lo rnan59s identified during Quinquennial Inspecbons, or to make improvements to manses, part of the cost may be provided frorn th¢ Model Trust Fund Ifonnerfy the Clrcuit Advance Fundl, on an ad hoe basi$, as agroad by the Cir¢uil Meety'ng. Locaj chapo15 may apply foi assistsnce (for example. with buildiThJ improvements) from Circuit funds, including th• Model Trust Fund. but such assistance will only be given if the expenditure Is incurred to further rnission. Recognising the financial constraints which affect chap&ls wrthin the Circuit, we wll 58ek to progr8$5ively increase reserves by prudent financial management. Our annual bud9et5 indud8 an a11ocats.on to rneet conbngencies, and in those years when such contingencies do not absorb the whole of that arnount, any unused balance will be retained to increase reserves. The Circuit wll a150 accept any donations which may be offered t¢)wards increasing the ReseNes. Th6 Circuit Modèl Trust Fund. which derives mainly from the sale of chapels and manses, was prewously a restricted lund which could b8 used for a limited range of purposes. Its use was lorrnerfy restricted by an internal regulation of the Methodist Church. but it may now be used for any Methodist purpose, while standing orders remind ciieuits of the primary purposes of the ftjnd. It is our policy to use the Mo¢Jel Trust Fund primarily to fund exwtional eypenditure on th8 purchase. rn8Intenan and improvements of manses, and to make grants Irotn thè Fuff d to f8cilitat8 rèpair and improvement of chapels. and to fund outreach. However. In years whèn a déficit budgat has beèn approved, funds may be drawn from the Model Trust Fund to meet any such deficit. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng doc¢Jm•nt The charity is Control by its 9oveming documen( a deed of tryst and constitutes an unincorporated charity. The charity is controlled by its governing document, deed of union119321 and Methodist Church Act119761, a deed of trust and constitutes an unincorporated Charity. Risk management The trustees have a duty to entty and vIeW the risk5 to which the charity is exposed and to 8nsur8 appropriate controls are In plac8 to provida rèasonabla assurance against fraud and 8rror. The Circuit.. - ¢Jiscus$es and regulady reviews areas ol potsntsal risk at meetings of the Circuit Stsff/Stewards and Circuit Meeb"ng. - takes profes510nal advice as and when required. follows procedures and 9uidelines issued by the Mgthodist Church to mitKJate risks. adopts and implements the Methodist Church's robust sateguarding poliaes and procedures in the Circuit and th8 local churches. - where appropriate, arranges insurance cover against idènts.fièd risks REFERENCE AND ADMINISTRATIVE DETAILS R•gi$tsred charlty number 1129530 Prt¢SpaI addr•8s ejo Clive Smale Jubilee House Bradworthy Holsworthy Devon EX22 7TQ Page 5
Bud8 arbd Holsworth Meth dlst ¢1 It ort of the Trustees nd¢d 1Au for the Y• 2026 Truste MINISTERS Rev Margaret Slingo- Superintendant Minister Deacon Oebbie Marsh (to 28th February 20261 SUPERNUMERARY MINISTERS Rev Joy C. Vvilson Rev Graham Slingo (from 1st September 20241 CIRCUITSTEWARDS Mr Jonathan Wobbs (to 4th Novernber 20241 Mr Roy Ma¢kenzi8 ITre8surerl Ito 31st March 20261 Mr Mark Shepherd (to 4th November 20241 Mrs Christine Forster (to 31st July 20251 MT Andrew Pitt Mrs Rosalind Mary Watson Mrs Flona Cleave Mr5 Elizabeth Robinson Mr Cliv8 Smal8 ltrom 1st S8Pternb8r 20251 Mrs Gill Beasley lfrorn 15th September 20251 CIRCUIT LOCAL PREACHERS AND WORSHIP LEADERS REPRESENTATIVES Mr Courtney Drew Mr Barry Bryne CIRCUIT OFFICERS Mr Chris Smith (to 24th March 20251 Sandra Shephard CIRCUIT CHURCH REPRESENTATIVES Bra(hyothy Clive Srnale Bridgerule Sheila Cholwll Shears Bude Annette Cole Jane 8ailey stephen George Jos6 Chilswtsrthy Karen Shepherd Mark Shepherd (from 4th Novernber 20241 Holsworthy Hilary vivian Catherine Paddon Kilkharnpton Reg Hambly (to 23rd October 20241 Mikè Metherell Roland Nak1¥ell lfrom 23rd October 20241 Marhamchurch Elizabeth Bray Mary Bromell Mofftn5tow Jenny Vanstonè (to 31st August 20251 Charles (John) Cleave Oeborah French lfrom 15th September 20251 Whbtstone ervyn Uglow Godfrey Cole Woodford Rosa Heard Nicola Hobbs Woolsery Derek Lott Page 6
Bud and olsworth Mèthodl ¢lr¢ul Rè ort of the Trusteès ust REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Streets Metherell GaTd Limited Burn View Bud6 Comall EX23 88X Approved by order of the board ol trusiees on . . and s4ned on its behalf by.. m81è- Page 7
Indè èndent Examlngr's Re the Trus Bude and Holsworth Methodist Circult eso Independent examine$ report lo the trustees of Bvde and Holsworthy Methodist Circuit I report to the chanty trustees on rny examination of the accounts of Bude and Holsworthy Methodist Circuit (the Trustl for the year ended 31 Au9USt 2025. R•8ponsibilitieg and ba¥1$ of report As the charity trustees ol the Trust you are r8SPgnsible for the preparation of the aUn(S in aecord8nce th the requirements of the Charitiès Aet 2011 (kne Arfl. I report in respect of rny examination of the Trust's accounts camed out under Section 145 of the Act and in Carr out my examination I have ft)Ilowed all applicabk Direction5 given by the Charity Cofflrnis5ion under Section 14q5llbl of the Act. Indepondent oxamIne$ $tat*m¢nt I have completed my examination. I confirm that no material matters have come to my attention in connoction with the examination giving me causè to bèlièv8 that in any Material respect.. accounting records not kept in respect of thg Trust as requirad by Section 130 01 the Act,. or the accounts do not accord wth those records., or t ac¢ounts do not comply with the applicable requir8rn8nts conceming the form and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a true and lair view which is not a matter considered as part of an independent examination. I have no conckrns and have comè across no other matters in connection wlh the examination tts whith attentyon should be drawn In thi5 report in order to enable a proper understanding ol the accounts to be reached. Tho Igg FCA The Institut6 of Chartered Accountants in England and Wales Streets M6therell Gard Lirnited View Bude Cornwa11 EX23 8BX Date.. Poge 8
Bud• and Hol$wo mont of Flnan¢lal ActIvIo$ for the Year Ended 31 Au U5t 2025 202S Total funds 2024 Total funds Unrèstricted funds Restricted fvnds Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legac$ 3,442 634 3,976 2.801 Charltablo actlvlttOS Grants and donabons Assassmants on ¢hurche$ 100 100 153,023 1S3,023 153.004 Inv8Strnent incorne other income 33.364 101 2,863 36.227 101 50.519 1.10S Total 189,930 3A97 193A27 207,529 EXPENDuRE ON Charitable activitl8S Grants and donab'ons Salaries and associated Costs Property maintenance District assessrnent and levy Depreciation Other costs 46.537 160,426 45,083 92,956 250 12,819 46,537 180A26 63,433 92,956 250 12,858 146.889 151,979 50.763 90,821 250 25,622 B.360 39 Total 358,071 8,389 366,460 466,324 Nat gainslllossèsl on investments 183,4851 NET INCOMEIIEXPENDITUREI {168,1391 14.8921 1173.0301 1342,280} RECONCILIA TION OF FUNDS Total funds brought forward 1.992,165 70,62S 11,846 2.074.636 2,416,896 TOTAL FUNDS CARRIED FORWARD 1,824,026 6S,733 11.847 1,901,606 2,074,636 The notes fomi part of these financial staternent5 Page 9
Budè and Holsworth Methodl t Circu Ba Au esh ust 2025 2026 Total fuDd$ 2024 Total fvnds Unrèstrieted funds Restrided ftjnds EndowTnenl fund Not8S FIXED ASSETS Tangible assets Inve8trn¢nts Investments Investrnent propety 694,703 694,703 $44,953 1,225 494.800 925 2,150 494.800 2.147 261.106 1,190,728 925 1,191,653 1,208,206 CURRENT ASSETS Debtors Cash at bank and in hand 31,177 673,791 31,177 761,041 35.235 937.072 66,328 10,922 704.968 66.328 10,922 782.218 972.307 CREDITORS Arnounts falling due within one year 10 171,670} 159S1 172.2651 1105,8771 NET CURRENT ASSETS 633,298 66,733 10,922 709,963 866,430 TOTAL ASSETS LESS CURRENT LIABILITIES 1.824.026 66,733 11.847 1,901,606 2,074,836 NET ASSETS 1.824.026 6S,733 11,847 1,901,808 2,074.636 FUNDS Unrestricted funds Restricted funds Endowment fvnds 1,824,026 65,733 11,847 1,992,165 70,625 11,846 TOTAL FUNDS 1,901,606 2,074,636 al stateme ts were approved by thè Board ol Trustaes and authorisad for issuè and We signed on its btrhalf by. on Reverend M Slingo- Tru r C Smale- Tw8ts¢ The notes fomi part of these financial ststements Page 10
ol orth Methodlst Circui Notss to tho Fonancial Stateme for the Year En d31Au 025 ACCOUNTING POLICIES Ba$1$ of prep•ring thè financial statements The financial $taf8ments of the charity. which Is a publlc benefit ontity under FRS 102. have been ppared in accordance with the Charities SORP IFRS 1021 'Accounting and Reportin9 by Charities. Statement of Recommended PraCts. applicable to charities preparing their 8ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporfy'ng Standard applicable in the UK and Republic or Ireland, and the Charities Act 2011. The financial staternents have been prepared under the historical cost convention, with th8 excepbon of investments which are included at market valuè, as modifièd by th8 revaluatKin of certain assots. Tho principal accounl'ng policies adopted. judgemants and kay sources of 8sb'mation uncertainty in the preparation of the financial ststements ara as follows.. Income All Incom& is r•cognisad in the Ststernent of Financial Actiwities once ihe charity Mas ents"trnont to thè funds. is prob8ble that thè income will bè received and the amount can be measure(I reliably. Donated goods are measured at their fair value and includ6d In incomè. They arè included wh8n the charty has been notified of their enty'tlement, all con¢Jitions have been met and th& final arnount 1$ known and expected. Donatk)ns and legacies are included In 1neorne when the ¢harty has been nots'fied ol their entitlement, all conditions have baèn me( and the final amount 15 known and expected. Income from grants is recognised in the Statement of Finanual Ath"wties oncè the charty has antrfamènt to the funds, it is probablè that the incom8 wll be Tgceived and the amount can be measured reliably. Capital Receipts represent the valuation of buildings, assots and cash resources Passing to the Circuit on closurè of chapals. 18ss. where applicable, the antiupated costs ol alIsation and the Connexional Priorty Levy which would pass to the national Methodist Church on disposal. Rent receivable in the financial statetnents is the amount of rent due to the tharity for the frnancial perM)d. Any income received in adVarn Is included as deferred Incorn8. Investrnent income from interest and di¥Adands 15 shown in the acrDunts on a receivable basis. Expenditure Liabilits"es a recognlsed as èxpenditure a5 soon as there is a legal or constructNe obligation commithng the chaiity to that expenditure. it Is probable that a transfei of economic benefits wll bè roquiièd in ststtlernent and the atnount of the obligation can be measured lIablY. Expenditure is accounted foi on an acrxuals basis and ha5 been dassifi8d under headings that aggregate all Costs related to the category. Wh8re c05t5 cannot be direcuy attributed to particular headings thèy have beèn allocated to acb'vitigs on a basis consistent 1th the use of resour¢xB. Grants offered subject to conditions %¥hieh havé not been met at the year end date are noted as a commitment but not accrued as expenditure. Tan9lble flxed assets Tangible fixed asset5 are staled at cost lor deemed costl less accumulated dépUatItsn and occurnulated impairment losses. Cost includes costs direcuy attributabl8 to rnaking the as58t capable of operating as intended. Depreciation is promded on all tangiblè fixed assets, al rates calculated to wrrte off the cost. less eSrnated residual value. of each assèt on a sy5tern8tK basis over it5 expected useful life as follows.. Freehold Land and Buildings- Nil Fixtures and Fittings- 25°h of Cost per annurn straight line basis The policy of the trustees Is to maintain thè trè*hold buildings lo a good standard of repair and so in their opinion no depreciation is required as the expected residual value of the buildings at the end of their useful life is above tho carrying value in th8 accounts. All fixtures and fittings are included at historic cost and a wewgd for impaiment at each balan sheet date. Pag8 11 continued...
Budo and Holawo to o Financial Statemonts- eontinued for the Year Ended 31 Au U5t 2025 ACCOUNTING POLICIES . continued Investrnent property Investment Properts are radund8nt ¢hap?ls. which have passed to the Circuit on dosure of the Chapels. In general, these are not held a5 long-terrn inve5trnent$. but a held pending advice on the timing and manner of their sale. Their carrying value in the arxounts 15 based on professional valuations, less the anticipated cost of realisation and the Connexional Priorty Levy which would pa5S to th& Connexion (the nab"on81 Methodist Church) on disposal. Inv0$tment assets and unroalised galns Investment assets in the fomi of the Central Finan(x Board Managed Mixed Fund. a shown in the financial statements at lair value. Unreali5ed gains on investrnent and other assets represent the drffer&nce between the fair alUts at tre end of tho y8ar and". il far investment and other assets hek1 at the start of thè ar, the fair value at that date, Or ill for investment and other assets acqu1red in the yèar, the cost of acquisition. Changes in fair value are r6cognis8d in the SOFA Taxatlon The charity 15 exempt frorn tsx on its charitable activits. Fund aecountlng Unrestricted funds can be used in accordan wth th6 eharitable objèdives at the discretion ol the tnjstees As well as the general fund a Circuit Model Trust Fund Is held. Designated fijnds are those unrestricted funds which have been set aside by the trustees for a particular purpose, but may be used for otrer purposes 81 the discretion of the trustees. Designated funds includ Mansès Fund, Outrèach Fund and Removals Fund. Restrictad fvnds can ollly be used for particular restricted purposes within the objects ol the charity. Restrictions Arise when sp•cifi8d by the donor or when funds are raised for particular restricted purposes. Restricted funds include the Benevolent and Graveyard Funds. Endowment fvnds are funds where the Capital is held on a permanent bas15, and only the income can spent for the purposes of the charity. However. during the year ended 31st August 2077. th8 $rn811 balances held on endowment funds were tranSferd Into general fund under the provisions of the Charities Ad 2011 and the Releasing Funds for Mission initiative ol th8 Methodist Churth. EndowThent funds have since been received from chapels hthich have beon closed. Further èxplanation of tha nature and purpose of each fund 15 included in the notes to the financial statemants. Hlr• pureha$• and l•a$lng eomrnltments Rentals paid under operab'ng leases are charged to the Statement Of Finanoal Actimties on a Straight line basis over the period ol the lease. Employee bonoffts The charity operates a defined Contribution pension scheme. Contributions payable to the charitys pension scheme are charged to th8 Statement of Financial Activiti'es in the period to which they relate. Th8 Circuit contributes to the Methodist Church defined bènefit schema in respect ol ministerial staff. The schome is a multi employer pension scheme and it is not possible to Identify the assets and liabilib'&s of the scheme attributsble to the Circuit. The scheme 15 aeeounted for a¥ a defined cantn'bution scheme and Contributions a charged in the accounts as they arè paid. Dobtor8 and credltors ro¢olvablo I payablo wlthln on• year Dèbtors and creditor5 Wth no stated interest rate and receivable or payable within one year are recllrded at transaction price. Any Ios58s arisin9 from impaimient are recognised in 6xpenditurè. Financial in8trurnents All financial instruments are cOgnised Initl8lly al tr8n$8cbon price exduding transaction costs and subsequently at amortised cost. These indude cash at bank. debtors and ¢reditors. Page 12 continued..
Bude and Hol$worth Mothodlst Clreult tot fof e Financi tements- contln r End•d 3 Au ust2 INVESThIENT INCOME 2026 2024 Rents raceived DIvKlends Deposit account inter8St 59 45 36,123 169 60 $0.290 36,227 50,519 INoepENDENT EXAMINATION The Costs of Ihe independent 8xaminab.on wera £975 to Cover 2025. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits lor the year ended 31 August 2025 nor for the year ènded 31 August 2024. No payrnent$ were made to trustsès for addits.onal rvIc&S providèd to th& Circuit by agreement with the Circuit Meets"ng, apart from Stipend3 and Salarie5 detsiled below. Tru8tees' expen8Wd 2025 6.108 2024 8.159 Trustee's expenses reimbursed Number of Trustees Expenses payments relate mainly to travel and other out of pocket expenses. STAFF COSTS 2025 2024 Wages and salari8$ Other pension costs 136,582 23,884 132,875 19,104 160,426 151.979 The averag8 rnonthty nurnb8r of employees during the year was as fdlows.. 2026 2024 Average numL*r of èmployeès No amployees reiVed emoluments in excess of £80,000. Paga 13 continued...
Bud8 and Holswo M•thodlst Clreult th Fina clal Statements - contin forthè Year End•d 31 ust 2025 TANGIBLE FixeD ASSETS Freehold propety Plant 8y machinery Tota15 COST At 1 Sept8mber 2024 Reclassification 944,443 1250,0001 4,4 949,047 12SO,0001 At 37 August 2025 694.443 4,604 699,047 DEPRECIATION At 1 September 2024 Charge for year 4,094 2SO 250 At 31 August 2025 4,344 NET BOOK VALUE At 31 August 2025 694,443 260 694,703 At 31 August 2024 944,443 510 944.953 FIXED ASSET INVESTMENTS Unlisted Intments MARKET VALUE At 1 Septèmb8r 2024 Revaluations 2,147 At 31 August 2025 2,150 NET BOOK VALUE At 31 August 2025 2,150 At 31 August 2024 2,147 Ther8 wèrè no invastrnent assats outside the UK. Cost or valuats'on at 31 August 2025 is r8wèsented by". Unlistad investments Valuation in 2025 2,150 INVESTMENT PROPERTY FAIR VALUE Al 1 September 2024 Disposals Raclassification 261.106 116,3061 250,000 Al 31 August 2025 494.800 NET BOOK VALUE At 31 August 2025 494.800 At 31 August 2024 261,106 Page 14 eontinuad...
thodl$t Clrcul Notes to the Flnan¢lal Statements- ctsniln for the Year Ended 31 Au 2025 INVESTMENT PROPERTY- continu¢d Fair value at 31 ALtgu5t 2025 Is represented by.. Valuation in 2025 494,81XI DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Arrears ol CArcuit assessments Oth&r debtors Loan Pr9YMents 2.689 7.029 18.000 7,517 7,405 18,000 ,772 31,177 35.235 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Ass&ssm•nts receiv8d in advance Grants payable Tax8tion and social security Other creditors 36,686 26,539 2,372 6.668 32.560 67.599 1.795 3,923 72,265 105.877 11. MOVEMENT IN FUNDS Not movetnent in funds Transfers At 31.8.25 At 1.9.24 funds UnroStrlct•d funds General fund Circuit Modgl Trust Fund Iunrestrictedl Manses Fund Outreach Fund Removals Fund 1,380,216 603,521 7,288 973 167 178,B16) 150,5461 125,2381 113,5631 14 138,100} 1.263,300 562,975 4.650 1.920 1,181 22.600 14.500 1,000 1.992.166 1168,1391 1,824,026 Reitrktèd lund8 Benevolent Fund Titson Graveyard Lana Graveyard Woodacott Graveyard Bangors Graveyard Ashwater Graveyard Launcells Graveyard ardalld Graveyard 88acon Graveyard TTUSt Accounts Other 1.373 4,271 8,708 4,128 8,354 14.561 16,343 11,277 1,000 990 620 62 {3,3441 223 12,3631 1,435 927 8,931 1,766 8,368 15,401 14339 11,418 1,000 1,529 620 840 11,004 141 544 151 70,625 14,8921 8S,733 Endowmèntfunds EndOnnI Fund 11,846 11,847 TOTAL FUNDS 2,074,636 1173,0301 1,901,806 Page 15 continued...
h Mthodl t Ircu Notes to the Flnanelal Statements - eontin for the Year Ended 31 Au ust 2025 11. MOVEMENT IN FUNDS . ¢ontinu•d Net movement in funds, included in the above are as follows.. Incoming resourcès ResourTrs èxpèndod Gain5 and 105595 Movement in funds Unreslrl¢t¢d fund$ General fund Circuit Model Tnjst Fund (Unrestrict) Manses Fund Outreach Fund R8mova15 Fund 156.475 31,691 103 1,647 14 1235,2911 182,2391 125,3411 {1S,2001 178,8161 150,5461 125,2381 113,5531 14 189,930 1358.0711 {168,1391 Ro$trl¢t•d funds Benevolent Fund Titson Graveyard Lana Graveyard Woodaetstt Graveyard Bangors Graveyard Ashwater Graveyard Launcells Graveyard Haand Graveyard Trust Accounts 62 156 $03 167 279 62 13,3441 223 12,3631 13,500) 12801 12.5201 1270} 917 11,9211 141 1391 11.004} 141 $83 3,497 {8,3891 14,892) Endowm•nt funds Endowment Fund TOTAL FUNDS 193,427 1386,4601 1173,0301 Page 16 continued...
ude nd Holsworth Mothodlst Cl u Notes t the F temen for th• Year Ended 31 Au contl 02 ust 11. MOVEMENT IN FUNDS . contlnu¢d Comparatlv8s lor mov•m•nt In funds Transfers behveen funds movgmènt in fund5 Al 31.8.24 At 1.9.23 Unr8stricted funds General fund Circuit Model Trust Fund (Unrestricted) Manses Fund Outreach Fund Removals Fund 1,574,611 750,256 6,120 2,424 3.260 11eo,8951 1146,7351 126,5821 110,4511 157 133,500} 1,380,216 603,521 7,288 973 167 27.750 9,000 13,2501 2,336,671 1344.$061 1,992,165 Restricted lund8 Benevolent Fund Titson Graveyard Lana Graveyard Woodacott Graveyard Bangor5 Graveyard Ashwater Graveyard Launcells Graveyaril H8rUand Graveyard Beacon Graveyard Trust Accounts Other 1.305 4,436 8,626 3.933 8.746 13,861 14,280 11,260 1,000 378 620 68 11651 82 195 13991 700 1.063 17 1.373 4.271 8.708 4.128 8,354 14,561 15,343 11,277 1,000 990 620 619 (71 68,445 2,180 70.625 Endowmentfunds Endowment Fund 11.780 11.846 TOTAL FUNDS 2,416.896 1342.2601 2,074.836 Paga 17 continued...
Bude and Holsw to th¢ Finan¢ial Ststement$- contlnue for the Year Ended 31 Au U5t 2025 11. MOVEMENT IN FUNDS- continu Comparative net movement in funds, included in the above are as tDIIow5-. Incomirg sources ReSoUrS eypended Gains and Ioss8S Movement in funds Unro$tri¢t•d funds General fund CirClt Model Trust Fund IUnrestricte¢Jl Manses Fun Outreach Fund Removals Fund 157,566 44,178 121 1.507 157 1234,8421 1191,0011 126.7031 111.9581 183.6191 88 1160,8951 1146,7351 126,5821 110,4511 157 203.529 1464.5041 183,5311 1344,5061 Rèstrict funds Benevolent Fund Titson Graveyard Lana Graveyard Woodacott Graveyard Bangor5 Graveyard Ashwater Graveyard Laun115 Graveyard Harland Graveyard Trust Accounts 68 11651 82 195 13991 700 1,063 17 619 255 562 14201 14801 381 700 1.188 17801 11251 17 1321 651 4,0(X) 11,8201 2,180 Endowment fvnds Endowment Fund TOTAL FUNDS 207,529 1466,3241 183.4651 1342.2601 12. RELATED PARTY DISCLOSURES A loan was provided to Holsworthy chapel for roof repairs, this loan is interest free. The balanca at the yèar end was £18.00012024'. £18.0001. 13. GOING CONCERN The trusteos considèi that thera arg no mat8rial uncertainties about the charity'5 ability to continue as a going coneern. Pagè 18