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← Thetford Diss And Mildenhall Methodist Circuit

2023-08-31-accounts

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

Charity number: 1132521

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

CONTENTS

Page
Report of the Trustees 1 - 5
Receipts and Payments Account 6
Statement of Assets and Liabilities 7
Independent Examiner’s Report 8

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees are pleased to present their report, together with the financial statements for the year ended 31 August 2023.

Reference and administration details

Charity name: Thetford, Diss and Mildenhall Methodist Circuit

Charity registration number: 1132521

Address of charity: Thetford Methodist Church Tanner Street Thetford IP24 2BQ

Trustees:

Revd D Ely Minister Deacon D Ely Minister N Hodson Circuit Steward Mrs J Browne Circuit Leaders of Worship Secretary & Church Steward Mr J Browne Church Property Secretary* & Church Steward J Weibel Church Connexional Fund D Osborne Church Steward H Clarke Church Treasurer G Peachey Church Property Steward L Spencer Church Steward & Church Treasurer S Little Church Treasurer J Woollard Church Steward P Bolton Church Steward Revd H Wilkinson Church Steward J Noble Church Steward R Webber Church Steward Revd C Hough Church Steward R Petherwick Church Steward T Smith Church Steward B Jones Church Steward*

1

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

REPORT OF THE TRUSTEES CONTINUED

FOR THE YEAR ENDED 31 AUGUST 2023

Trustees (continued): M Cater Church Steward**
V Osborne Church Steward**
R Smith Church Steward**
A Wells Church Steward**
B Palmer Church Steward**
B Withers Church Steward**
D Savage Church Steward**
J Morgan Church Steward**
D Osborne Church Steward**
N Hodson Church Steward**
*appointed by Circuit Trustees
**appointed by Church Council
Circuit Administrator: C Croker
Bankers: Lloyds Bank plc
35 King Street
Thetford
IP24 2AX
Central Finance Board of the Methodist Church
9 Bonhill Street
London
EC2A 4PE
Independent Examiner: M Proctor FCA DChA
Lovewell Blake LLP
Bankside 300
Peachman Way
Broadland Business Park
Norwich
NR7 0LB

2

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities

The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union (1932) the advancement of:

Public benefit

The Circuit produces a quarterly preaching plan to ensure regular acts of worship take place at each of the current twelve Methodist Churches in its geographical area. These are open to all people without charge. All twelve churches in the circuit undertake to work alongside their local community to assist in charitable purposes in accordance with doctrinal standards and disciplines of the Methodist Church. We confirm the trustees have had regard to the Charity Commission’s public benefit guidance.

Achievements and performance

The Circuit has continued to work alongside the local community, assisting in charitable purposes.

Financial review

Total receipts amounted to £502,103 (2022: £146,214) and total payments amounted to £279,204 (2022: £172,596) giving an overall surplus of £222,899 (2022: deficit of £26,382).

Total receipts included £351,259 from the sale of the Mildenhall Manse, and total payments included the CPF levy paid of £116,500 on this sale.

£50,000 was transferred to unrestricted funds from the Circuit Model Trust Fund (2022: £25,000) as the income received from the Churches in the Circuit is not sufficient to pay all necessary expenses and they do not have sufficient income to pay more. This was approved by the Trustees.

The Circuit Model Trust Fund holds the money allocated for the “reserves policy” plus the money received for sale of property. The money received from sale of property is used to support the Circuit, the Churches and their Mission as stated above.

Financial information is given to the trustees four times a year and they approve expenditure on all projects.

3

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023

Financial review (continued)

Income

70% of the of the Circuit’s total income was due to the sale of a Manse in the year. Excluding this transaction:

84% (2022: 92%) of the Circuit’s gross income was provided by local Churches and rental of Mildenhall Manse.

Expenditure

42% of total expenditure was due to the sale levy from the Manse sold in the year. Excluding this transaction:

64% (2022: 57%) of expenditure was paid for employing ministers.

12% (2022: 21%) was spent on manse costs, contributions to the district and church repair costs.

4% (2022: 2%) was spent on administration and supporting individual Churches in complying with building regulations and all aspects relating to worship and fulfilling their mission.

All income and expenditure are related to the Circuit being able to fulfil its mission.

Reserves policy

The reserves policy for the year 2022/2023 for the Thetford Diss and Mildenhall Circuit is to hold a sum equivalent to six months average general expenditure, excluding any special projects, this being £75,000. This should be sufficient to meet any unforeseen item of general expenditure on manses and/or an inability to raise the full Circuit Assessment from Churches. As part of our forward planning budget forecasts are prepared looking three years ahead.

As at 31 August 2023 the Circuit had reserves of £309,000 (2022: £86,101).

The trustees sold a property in the year as planned to increase reserves.

Plans for future periods

The Circuit Trustees intend to continue with the charity’s charitable purposes as detailed above, maintaining and improving properties as necessary.

4

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

Governing document

Thetford, Diss and Mildenhall Methodist Circuit is an unincorporated association established by a Deed of Union (1932) and the Methodist Church Act (1976).

Appointment and recruitment of Trustees

Trustees are appointed by local churches and existing Trustees. Ministers are automatically appointed.

Trustees’ induction and training

Trustees are issued with a range of guidance produced by the Methodist connexion. The leaflet “The Role of a Trustee in the Methodist Church” is given to each Trustee. Training programmes are organized by the Methodist connexion and East Anglia District.

Risk management

Risks are considered by the Circuit Leadership Team and taken to the Circuit Meeting for Trustees for agreement on action to be taken. Trustees take professional advice as required, and there is a regular review process. The Trustees have adopted a Safeguarding Policy and ensured it is rolled out to the churches. They also ensure all policies and procedures are kept up to date.

Organisational structure

The charity is part of the East Anglia District and is accountable to the Methodist Conference.

Trustees

The current Trustees are shown on pages 1 and 2. All Trustees held office throughout the year.

Signed on behalf of the Trustees

Janet Morgan Trustee

Date: 7 May 2024

5

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Designated
Unrestricted
Restricted
Circuit Model
Fund
Fund
Trust Fund
£
£
£
Receipts
Assessment/share
126,388
-
-
Bank and CFB interest
488
7
6,341
Loan repayments
-
-
-
Donations
15,475
-
-
Other receipts
2,145
-
-
Gross income
144,496
7
6,341
Asset and investment sales:
Sale of former Manse
-
-
351,259
Total receipts
144,496
7
357,600

Payments
Donations and Grants
47
-
-
Stipends, salaries, NIC, Pension
and travel costs
104,433
-
-
Manse, Church, and District Costs
19,769
-
-
Administration
6,074
1
137
East Anglia Resource Fund
24,725
-
-
East Anglia Travel Fund
3,600
-
-
Other Payments 2,715 - 1,203
161,363
1 1,340
Payments relating to asset and liability
movements:
CPF Levy on sale of former Manse
-
-
116,500
Total payments
161,363
1
117,840
Net receipts/(payments)
(16,867)
6
239,760
Transfers between funds
50,000
-
(50,000)
Cash and bank balances
at 31 August 2022
37,738
253
48,110
Cash and bank balances
at 31 August 2023
70,871
259
237,870		 Total
2023
£
126,388
6,836
-
15,475
2,145
150,844
351,259
502,103
47
104,433
19,769
6,212
24,725
3,600
3,918
162,704
116,500
279,204
222,899
-
86,101
309,000

Total
2022
£
134,339
348
1,000
-
10,527
146,214
-
146,214
-
98,579
36,854
4,165
23,998
3,760
5,240
172,596
-
172,596
(26,382)
-
112,483
86,101

6

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

STATEMENT OF ASSETS AND LIABILITIES

AS AT 31 AUGUST 2023


Cash funds
Bank current account
Central Finance Board
Trustees for Methodist Church Purposes

Investment assets
Land and buildings (at insurance value):
33 Abbeygate, Thetford
52 Kingsway, Mildenhall
47 Walcot Rise, Diss
Other assets
Building contents (at insurance value):
33 Abbeygate, Thetford
47 Walcot Rise, Diss
Liabilities
Independent examination and accountancy		 Unrestricted Funds
2023
2022
£
£
33,789
5,041
37,082
32,697
238,129
48,363
309,000
86,101
2023
2022
£
£
254,080
254,080
-
257,532
292,416
292,416
546,496
804,028

2023
2022
£
£
21,007
21,007
8,807
8,807
29,814
29,814
2023
2022
£
£
1,944
1,800		 Unrestricted Funds
2023
2022
£
£
33,789
5,041
37,082
32,697
238,129
48,363
309,000
86,101
2023
2022
£
£
254,080
254,080
-
257,532
292,416
292,416
546,496
804,028

2023
2022
£
£
21,007
21,007
8,807
8,807
29,814
29,814
2023
2022
£
£
1,944
1,800		 Unrestricted Funds
2023
2022
£
£
33,789
5,041
37,082
32,697
238,129
48,363
309,000
86,101
2023
2022
£
£
254,080
254,080
-
257,532
292,416
292,416
546,496
804,028

2023
2022
£
£
21,007
21,007
8,807
8,807
29,814
29,814
2023
2022
£
£
1,944
1,800		 Funds
2022
£
5,041
32,697
48,363		 Funds
2022
£
5,041
32,697
48,363
86,101
804,028

2022
£
21,007
8,807
29,814


2022
£
1,800

These financial statements were approved by the Trustees on 7 May 2024 and are signed on their behalf by:

Janet Morgan Trustee

7

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

THETFORD, DISS AND MILDENHALL METHODIST CIRCUIT

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2023 which are set out on pages 6 to 7.

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records.

I 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.

M Proctor FCA DChA Lovewell Blake LLP Chartered Accountants Independent examiner Norwich

8 May 2024

8