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 ¢I￿￿1t
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 advan￿rnent 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 outs￿e, 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 I8￿1, 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. at￿r co$ts
also reduced in the year and this matched the increases in salaries. property Maintenan￿ and district payment5.
Th• trustees believe that. in nomal cireumstanc6s. the exsting work of the circuit should be funded from the Circuit
Asse5srnent. and appreciate th8 effort of th8 chapels to rneet their a55e5sment shares, we understsnd that the closure
of so many chapels since the pandemic rneans that operating a balanced budget would place too high a financial
burden on the ￿mainIng chapels. and force further c105ures. and for the time being we are therefore operaknng on
defiot budget. and ￿n*jIng the shortall from the proceeds of previous sale5 of the redundant chapels
Fund balancos
Th8re wa5 an overall reduction in fund balan￿$ D￿r 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 r￿undant
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 Un￿StriCted 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 G￿r¢￿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 tOtal￿d £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 e￿stIng 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 ￿n￿trIcted 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 par￿d - £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 pe￿etVIty 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.
E￿ptionallY, 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
P￿rt¢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 Na￿￿k1¥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 a￿Un(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 Car￿r￿ 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$wo
mont of Flnan¢lal ActIvI￿o$
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
EXPEND￿uRE 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 $taf8ments of the charity. which Is a publlc benefit ontity under FRS 102. have been p￿pared in
accordance with the Charities SORP IFRS 1021 'Accounting and Reportin9 by Charities. Statement of
Recommended PraCts.￿ applicable to charities preparing their 8ccounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,,
Financial Reporting Standard 102 'The Financial Reporfy'ng Standard applicable in the UK and Republic or
Ireland, and the Charities Act 2011. The financial staternents have been prepared under the historical cost
convention, with th8 excepbon of investments which are included at market valuè, as modifièd by th8 revaluatKin
of certain assots.
Tho principal accounl'ng policies adopted. judgemants and kay sources of 8sb'mation uncertainty in the
preparation of the financial ststements ara as follows..
Income
All Incom& is r•cognisad in the Ststernent of Financial Actiwities once ihe charity Mas ents"t￿rnont to thè funds.
is prob8ble that thè income will bè received and the amount can be measure(I reliably.
Donated goods are measured at their fair value and includ6d In incomè. They arè included wh8n the charty has
been notified of their enty'tlement, all con¢Jitions have been met and th& final arnount 1$ 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 dép￿UatItsn 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 eS￿rnated
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 Propert*s 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 activit*s.
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 $rn811 balances held on
endowment funds were tranSfer￿d Into general fund under the provisions of the Charities Ad 2011 and the
Releasing Funds for Mission initiative ol th8 Methodist Churth. EndowThent funds have since been received
from chapels hthich have beon closed.
Further èxplanation of tha nature and purpose of each fund 15 included in the notes to the financial statemants.
Hlr• pureha$• 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 re￿iVed 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 8￿y
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
In￿tments
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
Pr9￿YMents
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
EndO￿n￿nI 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
Ha￿and 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$- contlnue
for the Year Ended 31 Au
U5t 2025
11.
MOVEMENT IN FUNDS- continu
Comparative net movement in funds, included in the above are as tDIIow5-.
Incomirg
sources
ReSoUr￿S
eypended
Gains and
Ioss8S
Movement
in funds
Unro$tri¢t•d funds
General fund
CirC￿lt 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
Laun￿115 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