Charity number: 1132338 ST NEOTS AND HUNTINGDON CIRCUIT UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
ST NEOTS AND HUNTINGDON CIRCUIT CONTENTS Page Reren and Admlnlstratlva Detalls of the Charity, its Trustees and Advisers Trustees. Report Independent Examlner'8 Report Statement of Financlal Actlvlti88 10 Balancé Shoot 11 Note8 to the Flnanclal Statement8 12-26
ST NEOTS AND HUNTINGDON CIRCUIT REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Rev J J Bamber, Superintendent minister Rev S Baker, Minister Rev N Witham, Minister Rev P Siddall, Supernumerary minister Ms A Pellatl, Circuit Steward (appointed 11 June 2024) Rev H Walker. Supernumerary minister Deacon S Roberts, Supernumerary deacon Mrs R Butler, Circuit Steward Mr N Bainbridge, Circult Steyrfard (resigned 10 September 2024) Mrs L M Charlton, Circult Steward Miss E A Cracknell, Circuit Treasurer Mr R Ward, GDPR Champion Mrs P R Zahner, Circuit Mission and Ministry Support Co-ordinator Miss V J Almond, Circuit Safeguarding Officer Mrs J M Bainbridge, Methodist Women in Britain Mr P J Barker. World Mission Fund Treasurer Mr A Buller. Connexional Funds Treasurer Mr J M Green, Local Preacherfs Secretary Mrs O M Watkins. Circuit Meeting Secretary Mr G E J Wrycroft. Circuit Property Steward The following trustees are elected representatives from churches within the St Neots and Huntingdon Circuil". Berkley Street, St Neots - Mrs B K Spencer and Mr C J Thompson Brampton - Mr A E Cannon, Mrs D Cannon and Mrs R Parsons Buckden - Miss C M Swepslone and Mr W Thomas Eaton Ford - Mr B Gardiner (resigned 6 December 2023) Hilton - Mrs S Hay, Mrs D J Whatley and Mrs H Woods Huntingdon - Mr P R Hornsby Over- Mr C G Smith and Mr D Ward Ramsey- Mrs H M Tydda, Mrs C Simpson and Mr D A Whistler Sawtry- Mrs J Anderton (appointed September 2023), Mr M Baker and Mr M Coates St Ives - Mr T Kelby. Mr J Knell. Mrs L E Knell and Mrs K Pickln Warboys - Mr J K Rogers and Mr D M Watkins Page 1
ST NEOTS AND HUNTINGDON CIRCUIT REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charity registered number 1132338 Principal office Huntingdon Methodist Church, 17 High Street, Huntingdon, Cambs, PE29 3TE Accountant8 Moore, Rutland House, Minepla Business Park, Lynchwood, Peterborough, PE2 6PZ Bankor8 HSBC plc, 12 Allhallows, Bedford, Bedfordshire, MK40 1 LJ Central Finance Board of the Methodist Church. 9 Bonhill Street, London, EC2A 4PE CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Custodian Trustees Trustees for Methodist Church Purposes (TMCP), Central Buildings, Oldham Street, Manchester, M1 1JQ Page 2
ST NEOTS AND HUNTINGDON CIRCUIT TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the financial ststements of the charity for the year from 1 September 2023 to 31 August 2024. Objectives and activities a. Pollcles and objectlves The St Neots and Huntingdon Circuit (14125) is part of the East Anglia District of the Methodist Church. The Circuit continues to provide ministerial oversight and pastoral care of the Methodist churches in the St Neots and Huntingdon area at Berkley Street (St Neots), Brampton, Buckden, Hilton, Huntingdon. Over. Ramsey, Sawlry. St Ives and Warboys. Following the closure of Great Barford and Tempsford churches In 2022123, both chapel buildings were sold in September 2023 and the Circuil received its share of the sale proceeds. The cash balances of both chapels were transferred to the Circuit and have been added to the projects fund. Eaton Ford church held its final service in January 2024 but the chapel bulldlng cannot be advertised for sale until the land Registry are satisfied Ihat the property is correctly registered. The building continues to be used by another free church and Circuit officers have taken over responsibility for managing the finance and property for Eaton Ford. The Circuit's mission policy and priorities were confirmed in 2022123. The Circuit believes that members are called together by God to be Christ-centred, disciple-focussed and Spirit-led. As part of the connexional Methodist Church, the Circuit's role is to- increase awareness of God's presence and to celebrate God's love., help people to learn and grow as Christians, through mutual support and care,. and be a good neighbour to people in need and challenge injustice. Members and churches are asked to.. PRAY before each meeting and activity (coffee mornings children activitles, fellowshlp groups etc}, offering to be a channel through which God speaks to others PUT "a conversation about the work of God in this place. as the first item on every church council agenda LIST, at the end of every Church Council meeting, prayer points for the everyone in the church to pray for and ensure the list is circulated The Circuit encourages each church to shape its lrfe and witness in the communities they serve. Page 3
ST NEOTS AND HUNTINGDON CIRCUIT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities {continued) b. Actlvlties undertaken to achleve objectivos The Circuit recognises the wide range of activities being undertaken in local churches, either offering direct Christian teaching or creating an environment where people can share their faith with others. The Circuit churches which remain active have all been open for public worship during the year, providing an accessible and welcoming venue for all Christians, and those wishing to know more about the Christian faith, to meet, talk and worship together. The Circuit believes that the message of the Christian faith has an important role in helping communities to live together in peace and harmony. The Circuit is fully committed to the Methodist Church's policy on safeguarding and continues to provide ongoing training and support for people undert8king leadership roles within the church, especially those working with children and young people, andlor vulnerable adults. Training in Unconscious Bias and Equality. Diversity and Inclusion continues to be offered as part of the Connexional Methodist Church's commitment to being a church which is inclusive and lustice-seeking, c. Maln actlvltlos undertaken to further the charlty's Purpos for th• publlc benefit The Circuit has considered the Charity Commission's general guidance on public benefit and believes that the activities undertaken are for the benefit of all members of the Circuit churches and the wider community. Structur•• governance and management a. Constitution St Neots and Huntingdon Circuit became a registered charity, number 1132338. on 26 October 2009. b. Method8 of appolntment or •l•ctlon of Tru8t••s The management of the Circuit is the responsibility of the Trustees who are elected and co-opted under the terms of the Deed of Union (1932) and Methodist Church Act (1976). Trustee appointments include.. All presbyters stationed within the Circuit (ex-officio) All supernumerary presbyters and deacons within the Circuit (if they wish to be appointed as a trustee) All Circuit Stewards, including the Circuit Treasurer and Chair of Manse Committee (if not a Circuit Steward) The Circuit Meeting Secretary, Circuit Safeguarding Officer, Local Preachers, Secretary, GDPR Champion, Methodist Women in Britain representatives and treasurers of Connexional Funds and the World Mission Fund Representatives from each church within the Circuit to include: a church steward, the treasurer and at least one church representative elected by the local church council. Churches with over 50 members are eligible to elect two representative Members. Page 4
ST NEOTS AND HUNTINGDON CIRCUIT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure. governance and management (contlnued) c. Organisational structure and d•cision-maklng policies The Board of Trustees is known as the Circuit Meeting and meets quarterly to receive reports and discuss the Circuit's activities. Circuit Meeting members comprise Circuit officers and representatives from member churches, as set out on page 1. Day to day responsibility for the pastoral needs of the Circuit is delegated to the Superintendent minister, presbyiers and other members of the ministerial team. Circuit Stewards exercise responsibility for property and finance, alongside pastoral ministry to the ministers and their families and sharing collective responsibility and oversight for the spiritual and material well-being of the Circuit. d. Pollcle8 adopted for the inductlon and training of Trustees New trustees are encouraged to read Charity Commission Guidance on the responsibllitles of trustees under charity law and also to read and follow the procedures sel out in the Constitution and Discipline of the Methodist Church as well as undertaking training on Unconscious Bias and Equality, Diversity and Incluslon. e. Pay policy for koy management personnel Stipends and allowances are paid to presbylers stationed in the Circuit. in accordance with the rates agreed by the Connexional Pay and Allowances Committee. Presbyters are only paid for their role within the church and not for their roles as charity trustees. Circuit Stewards and all other trustees act in a voluntary capacity and do not receive any remuneration. f. Financlal rlsk management The Trustees have assessed the malor risks to which the charity is exposed, in particular those related to the reputation, operations and flnances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks wherever possible. Ongoing training in key areas helps to raise awareness of potential difficulties within the context of local churches and in the Circuit environment, and also provides opportunities to discuss ways of mitigating those risks wherever possible. The most slgnificant financial risk to the Circuit in 2023124 was the challenge of meeting increased costs with reduced income following the closure of 3 churches in recent years. The premises used by Methodist churches in the St Neots and Huntingdon Circuit are legally owned by the Trustees for Methodist Church Purposes (TMCP) but the Circuit is entitle to receive a proportion of proceeds from the sale of any church buildings. As noted above, income from the sale of Great Barford and Tempsford chapels was received in 2023124 and £40,000 of these capital receipts has been used to support the assessment contributions from ongoing churches. A similar share of capital income is expected to be used over the following 4 years to enable the Circuit to maintain the current level of paid staff. All expenses continue to be closely monitored to seek to ensure that the Circuit, and the churches it supports, are able to continue to operate effectively and efficiently. Page 5
ST NEOTS AND HUNTINGDON CIRCUIT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and performance Main achi•v•m•nts of the charity General activities All churches within the Circuit meet for worship every Sunday, as well as offering other fellowship groups and activities to enable people of all ages to meet together to explore the Christian faith. Some churches are able to offer live-streaming of services and other events through Zoom and YouTube which enables those with digital access, who are unable to attend services, lo continue to share in worship. Written worship materials are also clrculated to those who are unable to attend worshlp or ac$$ onllne events. Circuit aciivities continue to be financed by contributions made by each of the member churches, as agreed on approval of the Circuit budget. In 2023124 assessment contributions of £175,000 were requested and a total of £173,232 was received. The majority of Circuit expenditure continues to relate to the costs of employing the ministerial team and maintaining the four Circuit manses. In addition, the Circuit is required to contribute towards the costs of the East Anglia District and the Connexional team via the district assessment and travel fund. The Circuil al80 oversees the training and development of Local Preachers, lay workers and volunteers so that they are also able to lead worship and lead the local church communities in their activities. Outreach Minist Pro'ect Two children and families workers continue to serve at St Ives Methodist Church and Berkley Street Methodist Church in St Neots. In accordance with Methodist guidelines, the St Neots and Huntingdon Circuit is the employing body for these appointrnents. Both appointments are fixed term contracts, with the St Ives appointment being financed by a grant from the Circuit and funds raised by the local church, and the St Neots appointment being financed by a grant from the East Anglia District, the use of designated Circuit funds and funds raised by the local church. In both cases, funds raised by local churches to finance the outreach ministry appointments are held within the Circuit's restricted funds and any unused funds will be returned to those churches at the end of the project. Both appolntments are reporting gr0h in the development of mlnistry among young people and their families, wlth the pald workers being supported by teams of volunteers. Page 6
ST NEOTS AND HUNTINGDON CIRCUIT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Financial review a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Rasarve8 poIIcy An annual budget is prepared by the Circuit Treasurer and reviewed by treasurers from each of the churches within the Circuit, before being presented to the Circuit Meeting. The budget provides for ministerial and administrative support costs, contributions to District expenses and an allowance for the maintenance of the circuit's manses. Details of all Circuit reserves are set out in note 12 to the financial statements but the key reserves are: 1. General fund the Circuit aims to hold an average of six months operating expenditure in general reserves, currently expected to be a minimum of £100,000. In 2023124, £87,777 was transferred to the general fund from the Circuit Model Trust Fund, £40,000 being the contribution agreed for 2023124 and the balance being an advance to support ministry in forthcoming years. Similar transfers are expected to be made annually for the nexy 3 years in order to provide the necessary ca5hflow to support the current levels of activity. 2. Ministry and training fund a separate fund wa5 created several years ago when the costs of stipends and lay employment were lower than planned due to unforeseen staffing changes. Surplus funds were transferred into a Ministry and training fund, and used to offset the rise in costs when new staff Vre appointed. The fund was fully utilised in 2023124. 3. Project fund - In prevlous years, income from the letting of the Ramsey manse was set aslde In a Projects fund to enable the Circuit to grant support to local churches. In 2023124, lettlngs income has been used by the Circuit to support its own ministry costs but the balance of funds held by Great Barford and Tempsford churches has been added to the Projects fund to increase the Circuit's capacity to support other churches. Other designated funds are maintained for the value of manses held a8 fixed assets and to facilitate operational costs. such as manse repairs and maintenance. removal costs and the benevolent fund. c. Principal rlsks and uncertaintles The principal financial risk faced by the Circuit is uncertainty over future levels of funding. The Circuit has chosen to invest the capital receipts from the sale of Great Barford and Tempsford chapels into maintaining current staffing levels to support mission and outreach activities. The Circuit is seeking to reach out to new people and communities to increase the number of members, but there is an inherent uncertainty about the long-term future of the churches within the Circuit and, consequently. the Circuit itself. The Circuit's insurance policy includes buildings insurance for the four Circuit manses, contents insurance for manse property belonging to the Circuit. trustee indemnity insurance and public liability insurance. Page 7
ST NEOTS AND HUNTINGDON CIRCUIT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustee5' responslbllltles The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financia1 year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it Is Inappropr18te to presume th8t the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financia1 position of the charity and enable them to ensure that the financi81 statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: Rev J J Bamber Superintendent minister Date: 12 March 2025 Mlss E A Cracknell FCCA Circuit treasurer Page 8
ST NEOTS AND HUNTINGDON CIRCUIT INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Independent Examinerfs Report to the Trustees of St Neots and Huntingdon Circuit ('th• charity,) We report to the charity Trustees on our examination of the accounts of the charity for the year ended 31 August 2024. Responsibllltles and Basis of Report As the Trustees of the charity you are responsible for the preparation of the accounts in 8ccordance with the requirements of the Charities Act 2011 ('the 2011 Act')- We report in respect of our examination of the charitys accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examlner's Statement Since the charitls gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. We confirm that we are qualified to undertake the examination because we are a member of ICAEW, which is one of the listed bodies. Your attention is drawn to the fact th8t the charity ha5 prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the charitls Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might state to the charitrfs Trustees those matters we are required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, we do not apt or assume responsibility to anyone other Ihan the charity and the charity's Trustees as a body, for our work or for this report. Signed.. Dated: 2E/¥/* Carolyn Rossiter Moor• Chartered Accountants, Rutland House. Minerva Business Park. Lynchwood. Peterborough, PE2 6PZ FCA Page 9
ST NEOTS AND HUNTINGDON CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 223,018 173,232 11,700 17,217 35,582 258,600 173,232 11,700 17,217 28.462 196,155 11,175 7,632 Total Incoma 425,167 35,582 460,749 243.424 Expendituro on: Charitable activities 228,152 41,438 269,590 253, 855 Total •xpendlture 228,152 41,438 269,590 253, 855 Net incomel(expendlture) before net gainsl(1083o8) on Investments Net gainsl(losses) on investments 197,015 535 (5,856) 191,159 535 (10.431) (306) Net incomel(expendlture) Transfers between funds 197.550 (13,329) {5,856) 13,329 191,694 (10,737) 13 Not movement in funds 184,221 7,473 191,694 (10,737) Roconclllatlon of funds: Total funds brought forward Net movement in funds 1,226,505 184,221 18,347 7.473 1,244,852 191,694 1,255, 589 (10.737) Total funds carried forward 1,410,726 25,820 1,436,546 1.244,852 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 26 form part of these financial statements. Page 10
ST NEOTS AND HUNTINGDON CIRCUIT BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets Current asset8 10 999,500 999,500 Debtors Cash at bank and in hand 29,892 452,465 16,169 272,976 482,357 289, 145 Creditors: amounts falling due within one year 12 (45,311) (43, 793) Net current a88et8 437,046 245,352 Total assets less current liabilities 1,436,546 1,244,852 Total net assets 1,436,546 1,244,852 Charlty fund8 Restricted funds Unrestricted funds 13 25,820 1,410,726 18,347 1,226,505 13 Total funds 1,436,546 1,244,852 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Rev J J Bamber Superintendent minister Date: 12 March 2025 Miss E A Cracknell FCCA Circuit treasurer The notes on pages 12 to 26 form part of these financial statements. Page11
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information St Neots and Huntlngdon Methodist Church Circuit is a charity registered in England and Wales (charity number 1132338)- The Circuit office is based at Huntingdon Methodist Church, 17 High Street, Huntingdon, Cambs PE29 3TE. Accounting policles 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011, St Neots and Huntingdon Circuit meets the definitlon of a public benefit entity under FRS 102. Assets and liabilities are initially recognlsed at hlstorlcal cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling, which is the functional currency of the entity. 2.2 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for partlcular purposes. The aim and use of each designated fund is set out in the noles to the flnanclal statements. Restricted funds are funds which are to be used in accordance with specific restrlctlons Imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 2.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitls objectives, as well as any associated support costs. Page 12
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.4 Expenditure (continued) Grants are recognised in full once there is a legal or constructive obligation to transfer economic benefits to a third party. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 2.5 Intorest rec•ivablo Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the instilulion wilh whom the funds are deposited. 2.6 Tangible fixed assets and depreclatlon Tangible fixed assets are initially recognised at cost. net of any provislon for impairment. The charitls only assets are the four manses which are included at historic cost and held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees for the Circuit. No depreciation is provided on the buildings because the trustees consider the residual value of the manses to be not less than cost. The manses are regularly inspected and there are no indications of impairment. 2.7 Investments The investments of the Circuit are held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees, but represent short term cash deposits and are, therefore, included as cash at bank. The valuations, at market value, are those provided by TMCP. The unrealised gains arising on investments at the end of the year are shown in the Statement of Flnancial Actlvlties. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Llabllities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Page13
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.11 Penslons The charity contributes to the Methodist Ministers, Pension Scheme, a defined benefit scheme for the benefit of presbyters stationed within the Circuit. It is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to the St Neots and Huntingdon Circuit. As a consequence, the charity accounts for this scheme as rf it was a defined contribution scheme and the amount charged to the Statement of Financial Activities represents contributions payable to the scheme in respect of the accounting period. The charity also operates a defined contribution pension scheme for the benefit of lay employees which is administered by the TPT Retirement Solutions (formerly known as The Pensions Trust). Contributions payable in respect of the accounting period are charged to the Statement of Financial Activities, Income from donations and legacies Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Berkley Street Methodist Church St Ives Methodist Church Great Barford church funds Tempsford church funds Capital receipts Sale of Great Barford chapel Sale of Ternpsford chapel Grants 6,000 1,750 6,000 1,750 16,911 4,655 16,911 4,655 67,950 132,757 67.950 132,757 East Anglia Dlstrict (St Neots) Benefact Trust (Huntingdonl Sawtry) Other donatlon8 3,824 9,300 3,824 9,300 2.000 World Mission Fund Connexional Funds General donations 3.078 11.630 3,078 11,630 745 3,060 11,804 11,598 745 223.018 35,582 258,600 28,462 Tot812023 11.598 16.864 28.462 Page 14
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Tot81 funds 2023 Assessment 173,232 173,232 196,155 Total 2023 196, 155 196, 155 Incom• from other trading activitle8 Income from fundraising events Unrestrlcted fund3 2024 Total fund8 2024 Tot81 funds 2023 Lettings income 11,700 11,700 11.175 Total 2023 11,175 11,175 Investment Incoma Unrestrlcted funds 2024 Total funds 2024 Total fvnds 2023 Interest received 17,217 17,217 7,632 Total 2023 7,632 7,632 Page 15
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analy818 of expenditure by activities The Circuit is considered to have one activity but expenditure has been grouped under four headings, to separate expenditure according to income streams. Circuit Ministry is funded by the assessment, Outreach Ministry by local churches and District grants, CMTF Grants from reserves and Connexional Funds from specific donations which are administered centrally by Circuit officers. Activiti•s undertaken dlrectly 2024 Total funds 2024 Total funds 2023 Circuit Ministry Outreach Ministry CMTF Grants Connexional Funds 222,220 26,682 6.000 14,688 222,220 26,682 6,000 14,688 215. 187 23,801 14,867 269,590 269,590 253,855 Details of the actual costs incurred are shown in the following note.. Page 16
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by actlvltles (contlnued) Analysis of dlrect costs Circuit Ministry 2024 Outreach Minlstry 2024 Connexlon- al Funds 2024 Total funds 2024 Tot81 funds 2023 CMTF 2024 Staff costs District Assessment 141.375 26,682 168,057 156,124 42,935 42,935 41,918 Methodist Church Fund Telephone Travel Utilities Maintenance of manses 14,688 14,688 7,724 6,335 13,989 14,867 8,609 5,535 12,233 7,724 6,335 13,989 4,977 4,977 6,000 6,209 3,544 Grants Conlribulions to Dislricl Advance Fund Miscellaneous expenses Apprenticeship levy Bank Charges 6,000 1,410 1,410 1,604 2,611 2,611 2,379 667 197 667 197 626 209 222,220 26,682 6.000 14,688 269,590 253.855 Total 2023 215.187 23.801 14.867 253.855 The £6,000 CMTF grant was to Sawtry Methodist Church. for the latest stage of their building and development project. Independent examiner's remuneration No fees have been charged by Moore for the independent examination of the accounts. Page 17
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff costs 2024 2023 Wages and salaries Social security costs Pension contributions 132,854 10,306 24,897 124, 149 9,307 22.668 168,057 156,124 The average number of persons employed by the charty during the year was as follows: 2024 No. 2023 No. Presbyiers Outreach workers Administrative staff The average headcount expressed as full-time equivalents was.. 2024 No. 2023 No. Presbyters Outreach workers No employee received remuneration amounting to more than £80,000 in either year. Circuit Stewards and other trustees are all voluntary positions, but reimbursement of mileage and other expenses incurred on behalf of the charty may be claimed from the Circuit. As presbyters are members of Circuit Meeting, they are also trustees of the charity. Presbyters receive a stipend and the benefit of work-related accommodation through the provision of a manse, in respect of their work for the Methodist Church. No remuneration is paid in respect of their position as trustees of the charity. Remuneration paid to key management personnel (including pension contributions) during the year amounted to £122,779 (2023 £113,385) paid to 3 full time presbyters. Page 18
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Tangibla fixed assets Freehold property Cost or valuation At 1 September 2023 999,500 At 31 August 2024 999,500 Net book value At 31 August 2024 999,500 At 31 August 2023 999,500 11. Debtors 2024 2023 Due wlthln ono year Prepayments and accrued income 29,892 16,189 12. Credltors: Amounts falllng due wlthin one yoar 2024 2023 Accrual3 and deferred income 45.311 43. 793 Deferred income represents Circuit assessment contributions received in advance totalling £42,642 (2023 £40,080). Page 19
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Transfers Inlout Income Expondlture Unrestricted funds Désignated: Manses Manse repairs Removals Outreach - Berkley St Outreach - St Ives Benevolent Ministry Projects 999,500 3,345 8,400 999,500 10,368 9,800 {4,977) 12,000 1,400 21,201 (6,490) 14,711 9,133 958 7,649 14,068 161 9,294 848 (110) (7,649) 21,566 35,634 1,064,254 (5,087) 20,988 1,080,155 General: General CMTF 111,620 50,631 200,209 224,958 (215,655) (7.410 60,460 (94,777) 156,634 173,937 535 162,251 425,167 (223.065 (34,317) 535 330,571 Total Unrestrlcted funds 1,226,505 425,167 (228.152) (13,329) 535 1,410,726 Page 20
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Statement of funds (continued) Balanco at 1 September 2023 Balance at Gainsl 31 August {Lo8ses) 2024 Transfers inlout Income Expendlture Restrlcted funds WMF Connexional funds St Ives - Church 3.078 (3.078) 87 11,630 1,750 {11,678) (13.679) 39 7,474 6,839 2,384 Berkley Street- District Berkley Street - Church Huntlngdonl Sawtry- Benefact Trust 2,000 3,824 {3,824) 2,000 8,786 6,000 (13,003) 10,314 12,097 9,300 9,300 18,347 35,582 (41,438) 13,329 25,820 Total of funds 1,244,852 460,749 (269,590) 535 1,436.546 Page 21
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Statement of funds (continued) Statement of funds - prlor year B818nc8 at I September 2022 Balance at 31 August 2023 Transf8rs in/out G8ins/ (Losses) Income Expenditure Unrestrlcted Deslgnat•d: Manses Manse repairs Removals Outreach - Berkley St Outreach - St Ives Benevolent Ministry Projects 999, 500 (1,996) 7,000 999,500 3,345 8,400 (6.209) 11,550 1,400 27,946 (6, 745) 21,201 9,133 9,133 958 7,649 14,068 1,065 14,437 14,068 (107) (6, 788) 1, 062, 020 (6,316) 8.550 1,064.254 Genoral: General CMTF 100,299 64, 142 224,567 1,993 (207,073) (1, 798) (6, 173) (13,400) 111,620 50,631 (306) 164,441 226,560 (208.87q) (19,573) (306) 162,251 Total Unrestricted funds 1,226,461 226,560 (215.187) (11,023) (306) 1,226,505 Page 22
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. SLitement of funds (continued) BalanGe at q September 2022 Balance at 31 August 2023 Transfers in/out Gains/ (Losses) Income Expenditure Restricted: WMF Connexional funds St Ives- Church Berkley Street - District Berkley Street - Church 3,060 (3,060) 79 11.804 (11.807) (12,261) 11 87 15,468 4,267 7,474 2,000 2,000 {2,000) 2,000 11,581 (11,540) 8,745 8, 786 29,128 16,864 (38.668) 11.023 18,347 Total of fund8 1,255,589 243,424 (253,855) (306) 1,244,852 Page 23
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Statement of funds (continued) Unrestrlcted - Designated Fund8". Manse Fund - the manse fund represents the value of the Circuit's four manses. held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees. Manse repair Fund the manse repalr reserve ensures that funds are available for repairs and maintenance, when the need arises, funded by transfers from general funds. Removal Fund the removal reserve ensures that funds are available for the Circuit to pay removal expenses and the relocation allowance for ministers joining the Circuit staff, funded by an annual transfer from general funds. Outreach Ministry - the Circuit transferred funds from the Circuit Model Trust Fund (CMTF) to support the cost of outreach workers in the Circuit. These funds have been used to support the children and families worker appointed to Berkley Street Methodist Church in St Neots and St Ives Methodist Church. Benevolent Fund the benevolent fund is avallable for use at the discretion of presbylers and Clrcult Stewards to help anyone in need across the Circuit. Ministry and Training Fund surplus funds arising from the difference between planned and actual expenditure on stipends and lay employment were transferred to the ministry and training fund in previous years and released to pay for lay and ordained staff costs. The funds were fully utilised in 2023124. Projects Fund net income generated by letting of the Circuit's spare manse has been credited to the projects fund in previous years, to enable the Circuit to show its support for local church building and other projects as the balance committed from the CMTF became depleted. In 2023124, lettings income has been used to support the Circuit's activities but the balance of funds held by Great Barford and Tempsford churches has been added to the fund. Unrestrlcted . Ganeral Funds: General Fund fund5 held in the general reserve are free resep4es available to the St Neots and Huntingdon Circuit that have not been designated for any specific purpose. Circuit Model Trust Fund (CMTF) - the CMTF contains proceed5 from the sale of properties belonging to the Methodist Church in the St Neots and Huntingdon Circuit and is only available to support projects undertaken within the Circuit. Applications for CMTF grants are made to the Circuit Leadership Team so that the level of funding can be assessed before a decision is made by the Circuit Meeting. Current commitments from the CMTF are shown in note 15. Restrictod Fund3: Connexional Funds and World Mission Fund (WMF) - the Circuit collates and forwards contributions from local churches to Connexional Funds and the World Mission Fund. Annual statements are prepared for the Circuit Meeting detailing the contributions made by individual churches and the totals passed on to the appropriate organisations. St Ives - the Circuit is the employing boL1y for the children and families outreach worker in St Ives. The church contributed a further £1,750 towards employment costs and received a contribution of £6,839 from Circuit funds. Total salary cost of £13,679 have been charged to the restricted fund. Page 24
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Statement of funds (contlnued) Berkley Street, St Neots the CircuFt is the employing body for the children and families outreach worker at Berkley Street church in St Neots. The church contributed a further £6,000 towards employment costs, and receuved £3,824 of district funding a contribution of £6,490 from Circuit funds. Total salary cost of £13.003 have been charged to the restricted fund. Huntingdonlsawtry - The Circuit received a grant fo £9,300 from the Benefact Twst as a contribution towards the proposed costs of employing a pioneer outreach worker at the Huntingdon and Sawtry churches. Since the year end, the Circuit and the East Anglia District have committed additional funds to the project enabling the recruitment process to commence in 2024125. 14. Analysis of net assets between funds Analysis of net assets botweon funds - current period Unrestrlcted Re8trict•d funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assels Creditors due within one year 999,500 456,537 (45,311) 999.500 482,357 (45,311) 25,820 Total 1,410,726 25,820 1,436,546 Analysls of net assets betwe•n funds - prlor perlod unStrICted funds 2023 Reslricted fvnds 2023 Total fijnds 2023 Tangible fixed assets Current assets Creditors due within one year 999.500 270. 798 (43, 793) 999,500 289, 145 (43. 793) 18.347 Total 1,226,5Q5 18,347 1.244.852 Page 25
ST NEOTS AND HUNTINGDON CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Grant commitm•nts At the reporting date, the Circuit had the following commitments from CMTF.. Buckden Methodist Church £5,000 (agreed September 2023) towards the costs of installing glass doors Ramsey Methodist Church - £5,000 (2023 £5,000) for their building project sa(ry Methodist Church - £12.400 (2023 £18,400) for their building project Circuit Outreach ministry projects - £7,126 (£7,000 having been drawn in the year for the St Ives outreach vmrker costs in 2025) Circuit core costs £112,223 (£200,000 was agreed to be used for the Circuit's core employment costs over a 5 year period, of which £87,777 wa8 Withdrawn as the contributlon for 2023124 and 2024125). 16. Related party transactlon8 During the year the charity continued to employ close family members of two trustees.. Mrs E Witham, wife of Rev N Witham, one of the Circuit presbyters and a charity trustee, was employed as the Children and Families worker in St Ives Methodist Church. In the year ended 31 August 2024 the total remuneration (including employer pension and national insurance contributions) paid to Mrs E Witham was £13,679 (2023 £12.261). Miss A Cracknell, sister to the Circuit Treasurer, was employed as the Children and Families worker at Berkley Street Methodist Church in St Neots. In the year ended 31 August 2024 the total remuneration (including employer pension and national insurance contributions) paid to Miss A Cracknell was £13,003 (2023 £11,541). Page 26