## **Wantage and Abingdon Methodist Circuit 23/02 Trustees' Report for the Year Ended 31st August 2024** ## **Governance** The Governing Body of the Wantage and Abingdon Methodist Circuit and the Methodist Church is the Methodist Conference. The authority under which the Methodist Conference acts is given by The Methodist Church Act 1976. ## **Registration with the Charity Commission** The Wantage and Abingdon Methodist Circuit has been registered with the Charity Commission since 26 November 2009 with the number 1132995. ## **Nature and Purpose** Standing Order 500 of The Constitution Practice and Discipline of the Methodist Church states that the Circuit is the primary unit in which local churches express their interconnexion in the Body of Christ, for the purpose of mission, mutual encouragement and help. It is in the Circuit that presbyters, deacons and probationers are stationed and local preachers are trained and admitted and exercise their calling. The purposes of the Circuit include the effective deployment of the resources of ministry, which include people, property and finance, as they relate to the Methodist churches in the Circuit, to churches of other denominations and to participate in the life of the communities served by the Circuit. This includes local schools and colleges and in ecumenical work in the area including, where appropriate, the support of ecumenical Housing Associations. ## **Responsibilities** The Circuit Meeting is the principal meeting responsible for the affairs of the Circuit and the development of Circuit policy. It shall exercise that combination of spiritual leadership and administrative efficiency which will enable the Circuit to fulfil its purpose as set out in Standing Order 500 and shall act as the focal point of the working fellowship of the churches in the Circuit, overseeing their pastoral, training and evangelistic work. A further responsibility is to encourage leadership within the Circuit. ## **Trustees** The members of the Circuit Meeting are the Managing Trustees for Circuit property. There is no minimum number of members and, in addition to the Circuit staff, the majority of the remaining members are appointed by the churches in the Circuit. The Circuit Stewards are appointed annually by the Circuit Meeting. The Circuit Leadership Team comprises the Circuit staff, Circuit Stewards, the lead Community Chaplain, the Circuit Treasurer and the Circuit Property Secretary. ## **Circuit Mission Statement** The churches constituting the Circuit support one another in responding to God's love in Christ by the proclamation of the Gospel through discipleship, worship and social action. ## **Circuit Policy** Underpinning all that we do is God-centred worship and prayer. We seek to share God's love seen in Jesus Christ and invite others to respond to that same love. In support of this we actively seek opportunities to develop Christian discipleship and confidence in expressing our faith (e.g. by courses, quiet days, outreach initiatives and the use of technology). The Circuit Policy has been defined as follows: 1) The Circuit is the primary unit in Methodism we will encourage Circuit identity and a sense of shared mission Circuit staff will be deployed in order to further the mission of the whole Circuit we will encourage churches to see the Circuit Assessment as missionary giving and not as an unwelcome imposition. - 2) Our two LEPs give us particular opportunities to work ecumenically and we are committed to these and we will look for further ecumenical opportunities, either formal or specific pieces of work. - 3) As a Circuit we will give priority to resourcing the four centres (the four towns). - 4) We will give priority to those places where major new housing developments are taking place. 5) Our village churches will be supported for as long as members in those churches wish to continue their work in those villages and new initiatives will be supported. If help is needed with specific tasks from members of other churches in the Circuit, this will be facilitated if possible. We will not commit large sums of money or large numbers of people to retain buildings in places where the life of a church is no longer sustainable. We will not resist requests to close if Church Councils seek permission. ## **Reserves Policy** The Circuit Meeting has agreed a reserves limit of £103,000 in total for five accounting funds, namely, the circuit general fund, manse maintenance fund, circuit development and training fund, removals and equipment fund and the chaplains. In total at 31st August 2024 the funds have a balance of £119,522 which includes £80,000 to pay for the Chaplain’s appointment for the next two years and work at the Abingdon St Amand’s Drive Manse. The Circuit Model Trust Fund, the Lee Donovan, Richard Cox and Brenda Izzard bequests have a balance of £109504 and a reserves limit of £700,000. A further accounting fund, the Circuit Ministry & Mission fund, currently with a zero balance and a reserve of £70,000, is for circuit mission initiatives. ## **Financial review** The balance of General unrestricted net current assets available to the circuit at the end of August 2024 were £134,080. There is a further £58382 held in the Circuit Model Trust Fund. Expenditure exceeded income in the financial year 2023-24 by £193482 reflecting a) the continuing policy to fund our Deacon and Chaplain from reserves (£93,647) through to the end of the 2024-25 financial year and b) significant work to upgrade two manses. (£91536) One of the manses is being modified to make it suitable for an incoming minister with significant mobility issues. Support from the Connexional Benevolent Fund and the District Advance Fund totalling £116,400 is in place." ## **Review of Activities** The regular on-going work of the Circuit and the wider community continues to be greatly appreciated. The Circuit continues to give prayerful consideration as to how we function post Covid-19, making good use of technology to regularly Zoom services and hold both business and fellowship meetings. ## **Childrey Methodist Chapel** At a special Circuit Meeting held via Zoom on 4[th] June 2024 the Chapel's request to cease to meet, was approved. It is hoped that while worship in the Chapel will cease a presence will still be maintained and that there will be a future for the site of Childrey within the life of the village. The was agreed unanimously and it was noted that the closure will take effect following the Chapel Anniversary service on Sunday October 13th, 2024. ## **Community Chaplaincy** Our Community Chaplains continue to reach out into our communities and engage with the wider world in so many creative and innovative ways. Their presence is greatly appreciated and highly valued by the Circuit. ## **Circuit Future and sustainability** Two further Circuit Meeting Plus events have been held as the CLT continues to help the wider Circuit reflect on the changes, challenges and opportunities that will come into effect from 1[st] September 2025 when the staff team will consist of two Presbyters only. ## **Staffing** During this year, the Circuit welcomed the Revd Bruce Thompson (and Karen) into the life of the Circuit. Bruce will have Pastoral charge of Didcot, Milton and Wallingford. Methodist Churches. On 27[th] April 2024, Revd David Masters (Baptist Minister) was welcomed as the new Minister at Peachcroft Christian Centre We said farewell to Revd Ian Griffiths (and Tabitha) who after 10 years, left the Circuit to take up an appointment in the Newport and Lower Wye Methodist Circuit The Circuit has been actively involved in the stationing process and were successful in being matched for September 2024. We are looking forward to the arrival of Revd Georgina-Bondzi-Simpson MBE who will have Pastoral charge of All Saints and Trinity churches in Abingdon and will take up the role of Circuit Superintendent in September 2025. The Circuit Meeting at a special Meeting held on 31[st] July 2024 approved the re-invitation of the Revd Bruce Thompson for a further three years from September 2025 ## **Local Preachers.** Our thanks to our Local Preachers and Worship leaders, who so faithfully serve the churches in our Circuit week by week as they lead worship and preach God’s word. As has become our custom, the Advent Devotional Booklet was very well received across the Circuit and beyond. The Circuit Meeting remembered with a sense of thanksgiving the life of Carol Sturt ## **Safeguarding** The Circuit Safeguarding Policy was unanimously agreed and Nicola Lidstone was appointed as the Circuit Safeguarding Officer from March 2024. ## **GDPR** The GDPR report on behalf of the circuit and the GDPR report on behalf of the Community Chaplains were unanimously agreed. ## **EDI** Equality, diversity, inclusion is an important element of the life and work of the Methodist Church and face to face training took place on three occasions across the Circuit. It is also a reminder to the Churches and Circuit to ask the question “Who is missing and who is not here?” ## **Circuit Leadership Team** The members of the Circuit Leadership Team as of 31st August 2024 are set out below: Revd Keith Underhill (Superintendent) Revd Bruce Thompson Anne Matthews (Circuit Steward) Deacon Selina Nisbett Mary Hancock (Circuit Property Secretary) Carolyn Roche Senior Circuit Steward Gordon Skidmore (Treasurer) Geoffrey Maunder (to step down as of 01/09/2024) Libby Hawkness-Smith – lead community Chaplain ## **Additional Information** For the purposes of Section 41 of the Statement of Recommended Practice we give the following information: The Superintendent Minister’s address: 14 Haywards Close, Wantage, Oxon. OX12 7AT Principal address of the Methodist Church: 25 Tavistock Place, London WC1H 9SF Bankers: HSBC Bank plc, 24 Market Square, Witney OX28 6BG Investment Advisors & deposit account: Central Finance Board of the Methodist Church, 9 Bonhill Street, London, EC2R 4PE Independent Examiner: HW Chartered Accountants, Sterling House,19-23 High Street, Kidlington, OX5 2DH ## **Trustees** The following served as Trustees of the Wantage and Abingdon Methodist Circuit from 1st September 2023 - 31st August 2024: D. Adams (until March 2024) J Anderson, A. Barber, C. Bartlett, R. Bett, K. Blake, M. Blake, P. Burns, S.Butler, I. Byron H. Carter, G.J. Caudle, J. Caudle, M. Chalkley, P.L. Cook, A. Dixon, A. Fear, H. Gant, K. Goodman, I Griffiths, T. Griffiths, J.A. Grunwald, M. Hancock, C. Hawkes, P. Hemmings, C. Hill, G. Ifill, S.Ifill, B.E. Kershaw, T. Kiffin, N. Lidstone (from March 2024) A. Lowe, A. Matthews, G. Maunder, M.P. Maunder, L. Midleton S. Nisbett, N. Oastler, A. Phillips, C. Phillips, D. Pooley, E. Rennie, C. Roche, S. Scrivener, B. Sexton, J.G. Skidmore, K. Smith, I. Sturt, B. Thompson, K. Underhill, H. Wells, H. Weston, P.R. Williams, E. Wood Circuit Accruals Accounts 2023-2024 THE METHODIST CHURCH REPORT AND ACCOUNTS (ACCRUALS BASIS) for the year ended 31 August 2024 Wantage & Abingdon Circuit Registered Charity - Registration number 1132995 District No I Circuit No 2312 MinisterJ Rev Keith Underhill Rev lan Griffrths Rev Bruce Thom son Rev Selina Nisbett Circuit Stewards Mrs Carolyn Roche Mr Geoffrey Maunder Dr Anne Matthews Mr John Gordon Skidmore Circuit Treasurer Mr John Gordon Skidmore Wantage & Abingdon Circuit Circuf( No 2312 Statement of Financial Activities (SOFA) for the year ended 31 August 2024 Notes to the Clrcuft Model Deslgnated account General Fund Trust Funds Restricted Endowmen Total 2023- (Unrestridedl {Unre5trlctedl (unrestrlcted) Funds t Funds 24 Income 1 Donations and14acies 2 Income from monetary investments 3 Income from investmerrt properties 4 Assessments on Chur 5 Capital Rewpts 6 Grants received 7 Other charitable income 8 Total Income 8145 15482 197264 197264 476 4476 476 217221 204350 8145 251 Expendlture 9 Grants and donaticff 10 Salaries and asS￿rated costs 11 Property maintenance 12 COnne￿Onal asseSsM￿rt & m￿1 levy 13 District Assessment & Levy 14 Depreciation 15 Office eX￿nSeS 16 Other oulgoings 17 Total Charitable expendlture 18 Gainsl{10sses) on mnetary inveslments 19 Gainslllossesl on investment properties 2Q Net incomellexpendlturel 21 Transfers btheen funds 22 Other gainslllossesl Z3 Net movement in funds 24 Total funds brought fotwaid 25 Totsl fvnds carried fonvard 10266 177585 110536 58071 19780 10 I￿2145 57564 13614 13 6166 26381 8277 410898 195 7&51 385141 426 4426 21317 195 13 -180792 -12978 238 -193482 41542 1331622 1250080 -112228 173318 61090 238 -193482 1509584 1316103 4883 Wantage & Abingdon Circuit Circuit No 2312 statement of Financial Activltles (SOFA) for the year ended 31 August 2023 Circuit IAodo1 De8igTrated Notss to tho Goneral Fund Funds R•strlctod Endowmont Totsl 2022. ac¢ounts IUnr•strIc￿} (unrostrlc￿) {unrostrlGtod) Funds Funds 23 Incomo 1 t)onalions and le9acio5 2 Income from monetsry investrnents 3 Incomè from invèstment pr¢¥￿ 4 Assassments on Churches 5 C8phtal Receipts 6 Grants retsived 7 Other charitable inc¢yn8 8 Totsl Income 196 13960 8613 145 189956 1899S6 8613 145 204111 Expenditure 9 Grants and donations 10 Salaries and assouated costs 11 Property maiFtsnanc 12 Connexional as$8ssment & m(MJel trust bvy 13 District Assessment & Levy 14 Depreciation 15 Office expenses 16 Other outgoings 17 Totsl ¢harltsblo •xwidliure 18 G8insl{losses) on monetary investments 19 Gainsl{1088es) on investment properties 20 Net inc¢)m•ll•xp•ndituro) 21 Tf8nsf&rs betr￿￿ fund8 22 Other gainsl{10ssesl 23 Ngt movemwrt in funds 24 Total funds brought fr)rward 25 Totsl fvnds carrled lonvard 7500 7SOO 164546 26875 58989 23286 10 25875 58174 815 24415 14552 298161 24415 14565 319175 -112 13 13 21001 -112 -102808 132 -116176 -112499 285817 173318 132 4513 -115176 1624760 1509584 1334430 1331622 Wanlage & Abingdon Circuit Clrcult No 2312 Balance Sheet as at 31 August 2024 General Fund IunwpstrK Trusts IUnrÈ5trfetedl Funds (UnreS￿¢ted) Totals Fund5 Totsls Notss to Accounts Funds Fixed Assets ircuil Manses & Equikynent Inve51rfEnt properties Investments 111flKX) I11￿ 12 27(E> 1116(WJ) 2709 1118709 2514 1118514 Current Assets Debto Loans by the Circuit Investment$ wrth TMCP Centr81 Finano E*wsits Cash at B8nk and in har¥J 13764 13764 13526 41849 11￿15 52m3 7931 27T3 21￿24 184656 41366 4581n 110315 Current Ilabilltlos Creditors IduÈ in under 1 warl Giants payable within 2023-24 88242 671D1 83851 4391 6T101 39107Q 19n95 1316103 Lo￿terMIlablI[fi￿s er mr•than 0￿y•ar) Grants payable aft&r 202324 Loans to the Circuit Idue Nétassets 61 1316103 1509584 Funds of the Circult General Fund Iunreslryctedl Circuit Model Trust Fund Uniestricted 0￿gnated Funds IUnrestricte(Jl 12Th) 12XK)80 1331K22 61( 61(UJ 173318 Restr￿e￿ Funds Endo%wnwt Fund5 1311220 151)4939 TotslFunds 610 1316103 1509584 Q￿rt Trewrer Wantage & Ablwn Orcult arc Notes to the Acry￿nts l Basis of accounting The financial stètsments have i*en prepared underthe tharilles Att2011 inthefom required bythe Method15t Churth in Great Britain forthe Connexional Year202>24. 2 Funds The fvnd5 held cofistrtirte". General Funds held forany putFw)5e of the (tr￿itT￿hIth are Unrestricted. The circu￿ Model Trust FuTrd has wlde purposes defined Stsndln8 Orders and is cate80F￿d a5 unrestTKted. There is oTre Restrkted fvnd whKh is a bequestto be used forthe upkeep of Southrnoor weyard. Thwt are no Enduwmentfvnds. Therea￿ no matefial fijnds. Anyfvnds may be ￿p[e$efited by MO￿ than just cash. The5E accounts have been prepared on the basi5 Orh￿rICal cost exoptthat Investmerts are5hown at the1rMarketva￿e atthe end of the year. on the accruals basts to show a ￿eandfair1ffiy0f theOr￿￿SfinlnCIal p05rDon and acE Income Recognltlon Income is induded in the Ststement of Fmndal Ac1M￿{soFA1￿heTr the Qrajitbethmesentttted tothe rÈ50urce5. and the tFUStee5 are reasonably certain they wlll receive the fesoutw: and the monetsryvabje can be measured w5th 5uffiaent relkbilty. Resources Expended Thi5 ￿ re£ogTrised when a lfjabinty Ls Intyrred, ora amstructfve obJl8atlon ar&es. that In the payment belngiJTravoidable. liabllities are reco8nÈsed as soon as an oufflowof ea)fiornic benefft is consklered rn0￿ likelythan ￿*t vftderthe leral or corstrvttNe ob14Wation cornmittin8the Clrcuitio pay YesoLirce5. Grants Grants made bythe Orajtfrom its o¥mfiJnds are recww In atthe time ofaRreementorwhen the fjr(uit &￿pts that thère 15 a leEal or operatloftal obl1￿tiOn to make the payment. When thegrant Js fe(11r￿nt tyer MO￿ than one yèarthè balantÈ Paydble in thjture year5 15 treated as a provision forfuture commitments In the Balafi￿ theetagaillst the apwopwlatethjnd. the prov15ksTr belng released In ftjtureyeafs as instalmerts are paid in accordan￿wIth the oriwn¥llya8reed ter￿￿. VAT Ssnte the Circuf£ is notVAT reg&tered. all InwtVAT is thaoed theexpEnses towhKh it refer5. Tangible fixed assetsfor use by the arcuit These are capstalised rfthey can ￿ used for morethan one year. and IndNldualty costat ￿ast El,IM). The freehold proFefryts shown in the actyjntsat 2016deemed values. ofwhth the lènd component sdeemed to be £372,CO). No deptsaatio is provlded on the building because thetrustees consklertheaJ￿nt ￿Ual fairwdlue of the mèfi5e buildin85 lon the a55umptlon that ￿ had ached the end of tts useful econornk Ilfe bythe ￿¥r-endIto bè not fes5 than itscurrentvalue. Any deprerJatlon would not be materlal. The property has beeTr reviewed for Impalm￿n￿. Investment Propertles Investrnent propertie5- no property Ls ojrrentty deern&J to not be hekl forthe kn)gtem) purk¥Jses of tht tharity. Investments Investments aTrvalued in the baknts sheet at matsvalue ¥tthe ￿areThI. Invest￿t income is Inckjded In the accounts Wh￿ re￿vable and any gains or10$5es on revaluation atthe yearend are shown in theSOF Debtors and Prepayments Debtors retsteto the p•ymwrt of the ￿ernber Sllpend in Creditors CreLfrtor5 Indude twJth svndryexpenses arKI spedficalty the Istquarter asses$n￿nt rettived in Aueu5L Wantage & Abingdon Circuit Circuit Circuit Model Trust Fund 2024 Total £000 4. Donations and legacies Unrestricted Restrirted 2023 Total £000 Donations Legacies Total 5. Charitable activities- other Unrestricted Clrcuit Model Trust Fund 2024 Total £000 2023 Total £000 Restricted Charitable activities - Other I Charitable activities - Other 2 Charitable activities- Other 3 Total Circuit Model Trust Fund 2024 Total 2023 Total £000 6. Other trading attivltles Unrestricted Restricted Lettings (Property name)- I Lettings IProperty name}- 2 Lettings (Property namel- 3 Lettings (Property namel- 4 Miscellaneous I Miscellaneous 2 Miscellaneous 3 Miscellaneous 4 Total Circuit Model Trust Fund 7. Investment income Unrestricted 2024 Total £000 Restricted 2023 Total £000 Central Finance Board Rental income Other Total 15 14 15 14 Wantsge & Abingdon Cir¢utt 8. Payment to Trustees Thls year Last year Payments made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting Number of trustees who were paid expenses Nil Total amount paid 9. Fees for examination or audit of the accounts Independent examinerfs or auditors, fees for reporting on the accounts 660 2,280 Other fees leg: advice. accountancy services) paid to the independent examiner or auditor 10. Pald employees . Salaries and Associated Costs Staff C05t5 paid durlngthe par were: Gross wage5, Salaries and beneffts in kind 132,442 123,891 Employerfs National Insurance costs 12,(Kll 10,980 Pension costs 32,t))3 29,675 M07 Levy paid against Ministerial salaries total £599 599 M02 Levy paid against Chaplain salarytotal £542 including £480 admin charge 542 Total staff costs 177,586 164,546 Average number of staff emplO￿d during the year were: There are no employees who received total employee benefits (excludlng employer pension costs) of more than £60,CKL). 11 11 11 11 11 11 11 c > 11 11 11 11 oj c In ru f5 t15 L) o ¢ 111111 Wantage & Abingdon Circult 12 Investments The funds that support the Circuit Model Trust Fund and the Manses Fund are held byTMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded as medium and long term investments. TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property- TMCP ensure that, through providing guidance and acting under their direction. the Managing Trustees comply with charity law and Methodist law and polity as determined by the Methodist Conference. Analysis of investment movements This year Prev year Investments listed on a recognised Stock Exchange 2,709 2,514 Investments held in common investment funds. Securities not listed on a recognised Stock Exchange Other investments Total 2,709 2,514 Chan8e In Investment values Carrying Imarketl value at beginning of year 2,514 2.626 Add: additions to investments at cost Less: disposals at carrying value Net gain/llossl on revaluation 195 -112 Carrying Imarketl value at end of year 2709 2514 Wanta8e & Abingdon Circult 13. Anaty5is of wrreftt assets Thls year last year Debtors and prepayments Pre paid stipends 13,764 13.526 Accnjed Income Other debtors Total debtors and prepayments 13,764 13,526 Anatysls of cash at bank Bank balance held in HSBC 52.053 41,366 Bank balance held in (Name of bank) Bank balance held in (Name of bank) Total Cash and 8ank 52,053 41,366 14. Analysls of ojrrent Ilabtlities and lor¥ term cxedit Trade Credftors 34,391 Cct Giro holdin& Received assessment ladvantrl. audit provt5ion.expenses outstanding Totsl Current Uabnltles 53,851 67,101 88,242 67,101 15. Capital Commitments and Contln8ent Liabli ities At the 31 st August 2023 the Circuit had no capital commitments. At the 31st AJJgust 2024 th8 cl￿￿1* had Contingent liabilitEs tIMt amounted to: 110,000 Wantage & Abingdon Circuft DECLARATIONS Treasurer I confimi that these accrual based accounts for the year ended 31 August 2024 have been prepared from the records of the Circuit and that they include all fvnds under the control of the Circutt Meeling. Signature of Treasurer Date 04-Mar-25 Name of Treasurer John Gordon Skidmore Address 32. Black Croft. Wantage, OX12 9EX Presentation to the Circuit Meeting for approval. I confirm thal the annual report and accounts for the year ended 31 Aug 2024 were presented to the Circuit Meeting at its meeting on 04-Mar-25 and were approved. Signature of the Chair of the meeting Name of Ihe Chair of the meeting Rev. Keith Underhill Date 04-Mar-25 Independent Examinerfs Report to the Trustees of the Wantage & Abingdon Circuit I report lo the circuit trustees on the examination of Wantsge & Abingdon Circuit Afxounts for the year ended 31" Augusl 2024. Responsibilities and basis of report: As Ihe circuit's trustees you are responsible for the preparation of the accounts in accordan￿ wrth the requirements of the Charities Act 2011 ('the Acf). I report in respect of my examination of the Circuivs accounts carried out under sectyon 145 of the Act and in carrwng out my examination I have followed all applicable Directions given by Ihe Charity Commission under section 145{5){b) of the Act. Name of Circuit ...... Wantage & Abingdon ............................................. No ... 23/2 ....... . ## **Independent Examiner's Statement** [The Circuit's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of _(insert name of applicable listed body)]. Delete_ [ ] _if not applicable._ I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below*) which give me ca.use to belie-'l.e that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Act; or - the accounts do not accord with the accounting 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 requkement that the a ounts wve a 'true and fair' view, which is not a matter considered as part of an independent examination _Delete if not applicable_ i.e. _all R&P accounts_ - the trustees' annual report is not consistent with the accounts _Delete if not applicable_ i.e. a// _R&P accounts._ 1.brule 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. I have/have not* obtained independent verification of all investments with the Trustees for Methodist Church Purposes or held in other trusts, bank balances and funds at the Central Finance Board of the Methodist Church which are individually in excess of £10,000 (ten thousand pounds) at the balance sheet date. Signature of independent examiner ........................................................................... . Name of independent examiner: ....Sheila Parry.............................................................. Relevant professional qualification of independent examiner: ......FCCA.............................. . Name of firm (where appropriate): ....SPX Oxford Ltd....................................................... . Address: ..... Peace House, Paradise Street................................................................... . PostCode: ...OX1 1LD... . Date: .....24 June 2025.......................................... . * delete or circle as appropriate Circuit Accruals Accounts 2023-2024 THE METHODIST CHURCH REPORT AND ACCOUNTS (ACCRUALS BASIS) for the year ended 31 August 2024 Wantage & Abingdon Circuit Registered Charity - Registration number 1132995 District No I Circuit No 2312 MinisterJ Rev Keith Underhill Rev lan Griffrths Rev Bruce Thom son Rev Selina Nisbett Circuit Stewards Mrs Carolyn Roche Mr Geoffrey Maunder Dr Anne Matthews Mr John Gordon Skidmore Circuit Treasurer Mr John Gordon Skidmore Wantage & Abingdon Circuit Circuf( No 2312 Statement of Financial Activities (SOFA) for the year ended 31 August 2024 Notes to the Clrcuft Model Deslgnated account General Fund Trust Funds Restricted Endowmen Total 2023- (Unrestridedl {Unre5trlctedl (unrestrlcted) Funds t Funds 24 Income 1 Donations and14acies 2 Income from monetary investments 3 Income from investmerrt properties 4 Assessments on Chur 5 Capital Rewpts 6 Grants received 7 Other charitable income 8 Total Income 8145 15482 197264 197264 476 4476 476 217221 204350 8145 251 Expendlture 9 Grants and donaticff 10 Salaries and asS￿rated costs 11 Property maintenance 12 COnne￿Onal asseSsM￿rt & m￿1 levy 13 District Assessment & Levy 14 Depreciation 15 Office eX￿nSeS 16 Other oulgoings 17 Total Charitable expendlture 18 Gainsl{10sses) on mnetary inveslments 19 Gainslllossesl on investment properties 2Q Net incomellexpendlturel 21 Transfers btheen funds 22 Other gainslllossesl Z3 Net movement in funds 24 Total funds brought fotwaid 25 Totsl fvnds carried fonvard 10266 177585 110536 58071 19780 10 I￿2145 57564 13614 13 6166 26381 8277 410898 195 7&51 385141 426 4426 21317 195 13 -180792 -12978 238 -193482 41542 1331622 1250080 -112228 173318 61090 238 -193482 1509584 1316103 4883 Wantage & Abingdon Circuit Circuit No 2312 statement of Financial Activltles (SOFA) for the year ended 31 August 2023 Circuit IAodo1 De8igTrated Notss to tho Goneral Fund Funds R•strlctod Endowmont Totsl 2022. ac¢ounts IUnr•strIc￿} (unrostrlc￿) {unrostrlGtod) Funds Funds 23 Incomo 1 t)onalions and le9acio5 2 Income from monetsry investrnents 3 Incomè from invèstment pr¢¥￿ 4 Assassments on Churches 5 C8phtal Receipts 6 Grants retsived 7 Other charitable inc¢yn8 8 Totsl Income 196 13960 8613 145 189956 1899S6 8613 145 204111 Expenditure 9 Grants and donations 10 Salaries and assouated costs 11 Property maiFtsnanc 12 Connexional as$8ssment & m(MJel trust bvy 13 District Assessment & Levy 14 Depreciation 15 Office expenses 16 Other outgoings 17 Totsl ¢harltsblo •xwidliure 18 G8insl{losses) on monetary investments 19 Gainsl{1088es) on investment properties 20 Net inc¢)m•ll•xp•ndituro) 21 Tf8nsf&rs betr￿￿ fund8 22 Other gainsl{10ssesl 23 Ngt movemwrt in funds 24 Total funds brought fr)rward 25 Totsl fvnds carrled lonvard 7500 7SOO 164546 26875 58989 23286 10 25875 58174 815 24415 14552 298161 24415 14565 319175 -112 13 13 21001 -112 -102808 132 -116176 -112499 285817 173318 132 4513 -115176 1624760 1509584 1334430 1331622 Wanlage & Abingdon Circuit Clrcult No 2312 Balance Sheet as at 31 August 2024 General Fund IunwpstrK Trusts IUnrÈ5trfetedl Funds (UnreS￿¢ted) Totals Fund5 Totsls Notss to Accounts Funds Fixed Assets ircuil Manses & Equikynent Inve51rfEnt properties Investments 111flKX) I11￿ 12 27(E> 1116(WJ) 2709 1118709 2514 1118514 Current Assets Debto Loans by the Circuit Investment$ wrth TMCP Centr81 Finano E*wsits Cash at B8nk and in har¥J 13764 13764 13526 41849 11￿15 52m3 7931 27T3 21￿24 184656 41366 4581n 110315 Current Ilabilltlos Creditors IduÈ in under 1 warl Giants payable within 2023-24 88242 671D1 83851 4391 6T101 39107Q 19n95 1316103 Lo￿terMIlablI[fi￿s er mr•than 0￿y•ar) Grants payable aft&r 202324 Loans to the Circuit Idue Nétassets 61 1316103 1509584 Funds of the Circult General Fund Iunreslryctedl Circuit Model Trust Fund Uniestricted 0￿gnated Funds IUnrestricte(Jl 12Th) 12XK)80 1331K22 61( 61(UJ 173318 Restr￿e￿ Funds Endo%wnwt Fund5 1311220 151)4939 TotslFunds 610 1316103 1509584 Q￿rt Trewrer Wantage & Ablwn Orcult arc Notes to the Acry￿nts l Basis of accounting The financial stètsments have i*en prepared underthe tharilles Att2011 inthefom required bythe Method15t Churth in Great Britain forthe Connexional Year202>24. 2 Funds The fvnd5 held cofistrtirte". General Funds held forany putFw)5e of the (tr￿itT￿hIth are Unrestricted. The circu￿ Model Trust FuTrd has wlde purposes defined Stsndln8 Orders and is cate80F￿d a5 unrestTKted. There is oTre Restrkted fvnd whKh is a bequestto be used forthe upkeep of Southrnoor weyard. Thwt are no Enduwmentfvnds. Therea￿ no matefial fijnds. Anyfvnds may be ￿p[e$efited by MO￿ than just cash. The5E accounts have been prepared on the basi5 Orh￿rICal cost exoptthat Investmerts are5hown at the1rMarketva￿e atthe end of the year. on the accruals basts to show a ￿eandfair1ffiy0f theOr￿￿SfinlnCIal p05rDon and acE Income Recognltlon Income is induded in the Ststement of Fmndal Ac1M￿{soFA1￿heTr the Qrajitbethmesentttted tothe rÈ50urce5. and the tFUStee5 are reasonably certain they wlll receive the fesoutw: and the monetsryvabje can be measured w5th 5uffiaent relkbilty. Resources Expended Thi5 ￿ re£ogTrised when a lfjabinty Ls Intyrred, ora amstructfve obJl8atlon ar&es. that In the payment belngiJTravoidable. liabllities are reco8nÈsed as soon as an oufflowof ea)fiornic benefft is consklered rn0￿ likelythan ￿*t vftderthe leral or corstrvttNe ob14Wation cornmittin8the Clrcuitio pay YesoLirce5. Grants Grants made bythe Orajtfrom its o¥mfiJnds are recww In atthe time ofaRreementorwhen the fjr(uit &￿pts that thère 15 a leEal or operatloftal obl1￿tiOn to make the payment. When thegrant Js fe(11r￿nt tyer MO￿ than one yèarthè balantÈ Paydble in thjture year5 15 treated as a provision forfuture commitments In the Balafi￿ theetagaillst the apwopwlatethjnd. the prov15ksTr belng released In ftjtureyeafs as instalmerts are paid in accordan￿wIth the oriwn¥llya8reed ter￿￿. VAT Ssnte the Circuf£ is notVAT reg&tered. all InwtVAT is thaoed theexpEnses towhKh it refer5. Tangible fixed assetsfor use by the arcuit These are capstalised rfthey can ￿ used for morethan one year. and IndNldualty costat ￿ast El,IM). The freehold proFefryts shown in the actyjntsat 2016deemed values. ofwhth the lènd component sdeemed to be £372,CO). No deptsaatio is provlded on the building because thetrustees consklertheaJ￿nt ￿Ual fairwdlue of the mèfi5e buildin85 lon the a55umptlon that ￿ had ached the end of tts useful econornk Ilfe bythe ￿¥r-endIto bè not fes5 than itscurrentvalue. Any deprerJatlon would not be materlal. The property has beeTr reviewed for Impalm￿n￿. Investment Propertles Investrnent propertie5- no property Ls ojrrentty deern&J to not be hekl forthe kn)gtem) purk¥Jses of tht tharity. Investments Investments aTrvalued in the baknts sheet at matsvalue ¥tthe ￿areThI. Invest￿t income is Inckjded In the accounts Wh￿ re￿vable and any gains or10$5es on revaluation atthe yearend are shown in theSOF Debtors and Prepayments Debtors retsteto the p•ymwrt of the ￿ernber Sllpend in Creditors CreLfrtor5 Indude twJth svndryexpenses arKI spedficalty the Istquarter asses$n￿nt rettived in Aueu5L Wantage & Abingdon Circuit Circuit Circuit Model Trust Fund 2024 Total £000 4. Donations and legacies Unrestricted Restrirted 2023 Total £000 Donations Legacies Total 5. Charitable activities- other Unrestricted Clrcuit Model Trust Fund 2024 Total £000 2023 Total £000 Restricted Charitable activities - Other I Charitable activities - Other 2 Charitable activities- Other 3 Total Circuit Model Trust Fund 2024 Total 2023 Total £000 6. Other trading attivltles Unrestricted Restricted Lettings (Property name)- I Lettings IProperty name}- 2 Lettings (Property namel- 3 Lettings (Property namel- 4 Miscellaneous I Miscellaneous 2 Miscellaneous 3 Miscellaneous 4 Total Circuit Model Trust Fund 7. Investment income Unrestricted 2024 Total £000 Restricted 2023 Total £000 Central Finance Board Rental income Other Total 15 14 15 14 Wantsge & Abingdon Cir¢utt 8. Payment to Trustees Thls year Last year Payments made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting Number of trustees who were paid expenses Nil Total amount paid 9. Fees for examination or audit of the accounts Independent examinerfs or auditors, fees for reporting on the accounts 660 2,280 Other fees leg: advice. accountancy services) paid to the independent examiner or auditor 10. Pald employees . Salaries and Associated Costs Staff C05t5 paid durlngthe par were: Gross wage5, Salaries and beneffts in kind 132,442 123,891 Employerfs National Insurance costs 12,(Kll 10,980 Pension costs 32,t))3 29,675 M07 Levy paid against Ministerial salaries total £599 599 M02 Levy paid against Chaplain salarytotal £542 including £480 admin charge 542 Total staff costs 177,586 164,546 Average number of staff emplO￿d during the year were: There are no employees who received total employee benefits (excludlng employer pension costs) of more than £60,CKL). 11 11 11 11 11 11 11 c > 11 11 11 11 oj c In ru f5 t15 L) o ¢ 111111 Wantage & Abingdon Circult 12 Investments The funds that support the Circuit Model Trust Fund and the Manses Fund are held byTMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded as medium and long term investments. TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property- TMCP ensure that, through providing guidance and acting under their direction. the Managing Trustees comply with charity law and Methodist law and polity as determined by the Methodist Conference. Analysis of investment movements This year Prev year Investments listed on a recognised Stock Exchange 2,709 2,514 Investments held in common investment funds. Securities not listed on a recognised Stock Exchange Other investments Total 2,709 2,514 Chan8e In Investment values Carrying Imarketl value at beginning of year 2,514 2.626 Add: additions to investments at cost Less: disposals at carrying value Net gain/llossl on revaluation 195 -112 Carrying Imarketl value at end of year 2709 2514 Wanta8e & Abingdon Circult 13. Anaty5is of wrreftt assets Thls year last year Debtors and prepayments Pre paid stipends 13,764 13.526 Accnjed Income Other debtors Total debtors and prepayments 13,764 13,526 Anatysls of cash at bank Bank balance held in HSBC 52.053 41,366 Bank balance held in (Name of bank) Bank balance held in (Name of bank) Total Cash and 8ank 52,053 41,366 14. Analysls of ojrrent Ilabtlities and lor¥ term cxedit Trade Credftors 34,391 Cct Giro holdin& Received assessment ladvantrl. audit provt5ion.expenses outstanding Totsl Current Uabnltles 53,851 67,101 88,242 67,101 15. Capital Commitments and Contln8ent Liabli ities At the 31 st August 2023 the Circuit had no capital commitments. At the 31st AJJgust 2024 th8 cl￿￿1* had Contingent liabilitEs tIMt amounted to: 110,000 Wantage & Abingdon Circuft DECLARATIONS Treasurer I confimi that these accrual based accounts for the year ended 31 August 2024 have been prepared from the records of the Circuit and that they include all fvnds under the control of the Circutt Meeling. Signature of Treasurer Date 04-Mar-25 Name of Treasurer John Gordon Skidmore Address 32. Black Croft. Wantage, OX12 9EX Presentation to the Circuit Meeting for approval. I confirm thal the annual report and accounts for the year ended 31 Aug 2024 were presented to the Circuit Meeting at its meeting on 04-Mar-25 and were approved. Signature of the Chair of the meeting Name of Ihe Chair of the meeting Rev. Keith Underhill Date 04-Mar-25 Independent Examinerfs Report to the Trustees of the Wantage & Abingdon Circuit I report lo the circuit trustees on the examination of Wantsge & Abingdon Circuit Afxounts for the year ended 31" Augusl 2024. Responsibilities and basis of report: As Ihe circuit's trustees you are responsible for the preparation of the accounts in accordan￿ wrth the requirements of the Charities Act 2011 ('the Acf). I report in respect of my examination of the Circuivs accounts carried out under sectyon 145 of the Act and in carrwng out my examination I have followed all applicable Directions given by Ihe Charity Commission under section 145{5){b) of the Act. Name of Circuit ...... Wantage & Abingdon ............................................. No ... 23/2 ....... . ## **Independent Examiner's Statement** [The Circuit's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of _(insert name of applicable listed body)]. Delete_ [ ] _if not applicable._ I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below*) which give me ca.use to belie-'l.e that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Act; or - the accounts do not accord with the accounting 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 requkement that the a ounts wve a 'true and fair' view, which is not a matter considered as part of an independent examination _Delete if not applicable_ i.e. _all R&P accounts_ - the trustees' annual report is not consistent with the accounts _Delete if not applicable_ i.e. a// _R&P accounts._ 1.brule 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. I have/have not* obtained independent verification of all investments with the Trustees for Methodist Church Purposes or held in other trusts, bank balances and funds at the Central Finance Board of the Methodist Church which are individually in excess of £10,000 (ten thousand pounds) at the balance sheet date. Signature of independent examiner ........................................................................... . Name of independent examiner: ....Sheila Parry.............................................................. Relevant professional qualification of independent examiner: ......FCCA.............................. . Name of firm (where appropriate): ....SPX Oxford Ltd....................................................... . Address: ..... Peace House, Paradise Street................................................................... . PostCode: ...OX1 1LD... . Date: .....24 June 2025.......................................... . * delete or circle as appropriate