## **THAMES VALLEY METHODIST CIRCUIT** ## **Charity Registration Number 1133442** ## **FINANCIAL STATEMENTS** ## **For the year ended 31st August 2024** |Contents|Page| |---|---| |Statement of Financial Activities y.e 31st August 2024|1| |Statement of Financial Activities y.e 31st August 2023|2| |Balance Sheet|3| |Notes to the Accounts|4 - 8| |Cash Flow Statement|9| |Trustees Report|| |Declarations and Scrutiny|| **Thames Valley Methodist Circuit** **Circuit No. 36/4** **Statement of Financial Activities (SOFA) for the year ended 31 August 2024** ||**Notes to**
**the**
**accounts**|**General Fund**
**Circuit Model**|**Trust**
**Manse Fund**|**Building**|**Reserve Fund**|**Mission**|**Development**|**Fund**|**Total**
**2023-24**| |---|---|---|---|---|---|---|---|---|---| |||£|£
£|£|||£||£| |**Income**|||||||||| |Capital Receipts|BS1||-||||||**-**| |Assessments on Churches|3|256,760|||||||**256,760**| |Interest received||5,160|6,395||||||**11,555**| |Donations|4||16,284||||||**16,284**| |Other|6|150|||||||**150**| |**Total Income**||**262,070**
**22,679**||**-**|**-**||||**284,749**| |**Expenditure**|||||||||| |Loan Repayment|BS5||||||||**-**| |Costs re empty property|7|2,810|||||||**2,810**| |Costs re manse purchases|8||||||||**-**| |Grants and donations|9|18,084|||-||||**18,084**| |Salaries and associated costs|10|152,503|||||||**152,503**| |Property expenses|11|51,434|15,000||||||**66,434**| |Connexional assessment & model trust levy|12|46,606|||||||**46,606**| |District Assessment & Levy|13|11,713|4,845||||||**16,558**| |Office expenses|14|15,485|419||||||**15,904**| |Training & Resources for mission|15|1,358|||||||**1,358**| |Bridging Loan Interest|||||||||**-**| |**Total charitable expenditure**||**299,992**|**5,264**
**15,000**||**-**||**-**||**320,256**| |**Net income/expenditure before property gains**||**-37,922**|**17,415**
**-15,000**||||**-**||**-35,507**| |Gains/losses on revaluing manses|BS1||||||||| |**Net income/expenditure**||**-37,922**|**17,415**
**-15,000**||||**-**||**-35,507**| |Transfers between funds|BS6|-3,384
-26,700
12,000
18,084|||||||-| |**Net movement in funds**||**-41,306**|**-9,285**
**-3,000**
**18,084**||||**-**||**-35,507**| |Total funds brought forward||3,125,707
146,897
25,000
20,000||||10,000|||3,327,604| |**Total funds carried forward**||**3,084,400**
**137,612**
**22,000**
**38,084**||||**10,000**|||**3,292,097**| **Thames Valley Methodist Circuit** **Circuit No. 36/4** ## **Statement of Financial Activities (SOFA) for the year ended 31 August 2023** |**Notes to the**
**accounts**|**Notes to the**
**accounts**|**General Fund**|**Circuit Model**
**Trust**|**Manse Fund**|**Building**|**Reserve Fund**|**Mission**|**Development**|**Fund**|**Total**
**2022-23**| |---|---|---|---|---|---|---|---|---|---|---| |||£|£|£|£|||£||£| |**Income**||||||||||| |Capital Receipts|2|-900,000|1,000,000|||||||**100,000**| |Assessments on Churches|3|220,272||||||||**220,272**| |Interest received||4,121|1,945|||||||**6,066**| |Donations|4||-|||||||| |Other|6|360||||||||**360**| |**Total income**||**-675,247**|**1,001,945**|||||||**326,698**| |**Expenditure**||||||||||| |Loan repayment|BS5|-730,000|730,000|||||||| |Costs re property sales|7||19,479|||||||**19,479**| |Costs re manse purchase||||||||||| |Grants and donations|9||||30000|||250||**30,250**| |Salaries and associated costs|10|143,551||||||||**143,551**| |Property expenses|11|27,728||15000||||||**42,728**| |Connexional assessment|12|45,422|13567|||||||**58,989**| |District assessment & levy|13|13,292|-|||||||**13,292**| |Office & administration expenses|14|15,522|-|||||||**15,522**| |Training & Resources for Mission|15|1,403||||||||**1,403**| |Bridging Loan Interest|BS4||20,852|||||||**20,852**| |**Total charitable expenditure**||**-483,083**|**783,898**|**15,000**|**30,000**|||**250**||**346,065**| |**Net income/expenditure before property gains**||**-192,164**|**218,047**|**-15,000**|**-30,000**|||**-250**||**-19,367**| |Gains/losses on revaluing manses|BS1|||||||||| |**Net income/expenditure**||**-192,164**|**218,047**|**-15,000**|**-30,000**|||**-250**||**-19,367**| |Transfers between funds|BS6|28,900|-71,150|12,000|30,000|||250||| |**Net movement in funds**||**-163,264**|**146,897**|**-3,000**||||||**-19,367**| |Total funds brought forward||3,288,971|-|28,000|20,000||10,000|||3,346,971| |**Total funds carried forward**||**£3,125,707**|**£146,897 **|**£25,000**|**£20,000**||**£10,000 **|||**£3,327,604**| **Thames Valley Methodist Circuit Circuit No. 36/4** **Balance Sheet as at 31 August 2024** |**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL|**Notes to the**
**Accounts**
**General Fund**
**Circuit Model**
**Trust**
**Manse Fund**
**Building**
**Reserve Fund**
**Mission**
**Development**
**Fund**
**Totals Aug 24**
**Totals Aug**
**23**
£
£
£
£
£
£
£
**Fixed Assets**
Circuit Manses
BS1
3,040,000
3,040,000
3,040,000
UL| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**_Total fixed assets_**|||**3,040,000**||||||||**3,040,000**||**3,040,000**| |**Current Assets**|||||||||||||| |Debtors|BS2||37,446||||||||37,446||35,238| |Loans to churches|BS3||15,673||||||||15,673||36,168| |Investments with TMCP
Central Finance Board Deposits
Cash at Bank and in hand
**_Total current assets_**
=~~=~~|||137,612
107,745
14,124
**174,988**
**137,612**
=e||||||||137,612
107,745
14,124
**312,600**||146,897
105,447
30,126
**353,876**| |**Current liabilities**|||||||||||||| |Creditors (due in under 1 year)|BS4||60,503||||||||60,503||66,272| ||BS5||||||||||||| |**_Total current liabilities_**|||**60,503**||||||||**60,503**||**66,272**| ||||||||||||||| |**_Net current assets/liabilities_**|||**114,485**|**137,612**|||||||**252,097**||**287,604**| |**_Total assets less current liabilities_**
**3,154,485**
**137,612**
**3,292,097**
**3,327,604**
**Long term liabilities**(due
after more than one year)
**_Net assets_**
**3,154,485**
**137,612**
**3,292,097**
**3,327,604**
~~eS~~|||||||||||||| |**Funds of the Circuit**|||||||||||||| |General Fund (Unrestricted)|||3,084,400||||||||3,084,400||3,125,707| |Circuit Model Trust Fund (Unrestricted)||||137,612|||||||137,612||146,897| |Manse Fund|||||22,000||||||22,000||25,000| |Building Reserve Fund||||||38,084|||||38,084||20,000| |Mission Development Fund|||||||||10,000||10,000||10,000| |**_Total Unrestricted Funds_**|||||||||||**3,292,097**||**3,327,604**| ||||||||||||||| |**_Total Funds_**|||**3,084,400**|**137,612**|**22,000**|**38,084**||**10,000**|||**3,292,097**||**3,327,604**| Signed Circuit Treasurer Mrs S P Le Page 14-Jan-24 Thames Valley Methodist Circuit Trustees Report y.e.31 August 2024 ## **TRUSTEES’ ANNUAL REPORT** ## **for the year ended** **31st AUGUST 2024** Thames Valley Methodist Circuit Trustees Report y.e.31 August 2024 ## **Introduction** This year Cliff Shanganya, minister in the Slough section, has been on sabbatical. In addition we have been down in numbers in terms of local preachers able to take appointments. This has made filling the plan difficult although we have somehow persevered and thanks are due to those who stepped forward at difficult times in order to offer more services to our circuit churches, and to the circuit churches themselves who have put up with some difficult decisions. The local preachers meeting has had both sadness and joy over the last year. We rejoice in the acceptance of two local preachers on trial to begin pre-ordination training in the autumn. We note with thanks the support of a previous minister in this circuit who has been able to help us to provide Communion services at a time when we have been understaffed. We also rejoice that we have welcomed a new local preacher, currently on trial, a further local preacher transferred from another conference and two new worship leaders. It has been particularly pleasing that at a time when we are struggling for preachers some innovative services have been created at different times to the regular Sunday morning slot. High Street has continued its monthly 9:00 am Communion service and monthly Breakfast service as well as monthly evening praise service which was attended recently by members from around the circuit. Colnbrook and Poyle are now running monthly breakfast services as is Windsor. In addition, Cookham Rise is now running a monthly Teatime for the Soul service using the same model that has been so successful at Windsor. Monthly evening services continue at Burnham Methodist Church where we are regularly joined by members of the United Reformed Church. Evening services run weekly at Windsor Methodist Church excepting on the first week of the month when we have Teatime for the Soul. In the Slough section the monthly all cultures services continue to bring the Slough churches together while celebrating the diversity of worship styles from around the world. Circuit services have included a service led by the band Testify at Saint Andrews and last week’s Easter offering service at Hampshire Ave. Still to come this year is the testimony service for Deacon Margaret Chipandambira on the 2nd of June. The preacher will be Chair of District Reverend David Hinchliffe. On the 23rd of June there will be a circuit service at Windsor. This will be at 3:00pm and will take the form of a musical entitled Alive to tell the Story. Churches around the circuit are engaging with their communities in whatever way they can and we continue to hear about these enterprises in regular slots at the circuit meeting. Last year's CLT away day gave us the vision of the Circuit Meeting as an ark in the centre of a flotilla of boats. The boats themselves were the various churches of the circuit and attached to these were numerous lifeboats. Some of these lifeboats were tethered, representing activities that took place within the church building itself, some were untethered representing activities such as the RISE Bible study which take place outside of church but are church activities. As we reflected on this as a strategy we became aware that as a circuit we believe in the importance of our church buildings. We are committed to an invitational model of church, through which we hope to offer in consultation with those around us, necessary or helpful activities, groups or building use that will both grow the Kingdom and minister to the communities in which we serve. As I look around at the Thames Valley circuit as it currently stands, we are smaller than when I first arrived. We are undoubtedly struggling to find people to fulfil some of the roles that need to be undertaken for the safe and effective running of the church and circuit. We are nevertheless in good heart and there are exciting developments being explored at a number of the churches around the circuit. Vicci Davidson Thames Valley Circuit Superintendent Thames Valley Methodist Circuit Trustees Report y.e.31 August 2024 ## **Objectives** The purposes of the Methodist Church are and shall be deemed to have been since the date of union the advancement of: The Christian faith in accordance with the doctrinal standards and the discipline of the Methodist Church Any charitable purpose for the time being of any Connexional, District, Circuit, local or other organisation of the Methodist Church Any charitable purpose for the time being of any society or institution or subsidiary or ancillary to the Methodist Church Any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church. ## **Circuit Vision and Mission** A Methodist fellowship of Christian communities in the Thames Valley, transformed by the Good News of Jesus and demonstrating God's love, peace and justice in all we do. ## **Worship of the Living God** - Seek to enable all to encounter God in ways which are Spirit-led and celebratory, through worship which is diverse and relevant to our local communities. **Learn and Care** - Be aware of the nature and context of the Thames Valley. - Explore the word of God, in study, prayer and fellowship. - Resource local churches to offer pastoral care. - Support the presence and witness of the smaller churches. - Build disciples by nurturing faith and recognising and developing gifts; encourage new leaders. - Value our place within the Methodist Connexion and the World Church. ## **Serve** - Encourage team working. - Be a prophetic and free church voice, and initiate action for social justice. - Respond to needs locally and globally. - Provide safe spaces for the community. - Support both the Methodist and World Church through prayer and action. - Work ecumenically whenever the opportunity arises and, when appropriate, with other faiths ## **Evangelise** - Offer love in the name of Jesus Christ. - Confidently share and proclaim our faith in ways which are sensitive and respectful. ## **Brief financial review of the year** This was the second year with a full staff consisting of two full time and one part time presbyters and a probationer deacon also not able to give a full week to the Circuit. This year there was a 7.83% increase in stipends. The budget was divided between the churches according to their incomes in 2021-22. Negotiations continued on the sales of two small empty churches, these eventually completed in the following year. A grant was given to another church for a major building repair project and one of the manses was reroofed. The monies held in the Circuit Model Trust fund will be used for these costs. Once the churches are sold plans for a mobile mission project will be set in motion. Thames Valley Methodist Circuit Trustees Report y.e.31 August 2024 ## **Structure, Governance and Management** The Circuit is governed by the Deed of Union (1932) and the Methodist Church Act 1976 as amended March 2011. Overall control of the Circuit rests with the Methodist Conference. The Connexional Office implements decisions made by Conference and is also responsible for the stationing of ministers in individual Circuits. Connexional decisions are passed to the Chair of the District and the appropriate Officers of the District for regional implementation. The District passes the control down to Circuit level for local implementation by the Superintendent Ministers, ministerial staff and Circuit Stewards via the medium of the Circuit Meeting. The membership of the Circuit Meeting is laid down in the Constitutional Practices and Discipline of the Methodist Church. The Circuit Leadership Team comprises four Circuit Stewards, a Senior Circuit Steward, the Circuit Treasurer, the Superintendent Minister and three Ministers. Circuit meetings are held four times a year and are attended by the Circuit Stewards, Church Ministers and representatives from the church congregations. Appointments of new Stewards are made as necessary, with suggestions of who would be most appropriate for the position being accepted from other stewards or ministers. If the person approached, is amenable to taking up office, their nomination is put forward and voted upon at a Circuit meeting. Meetings are chaired by the Superintendent Minister, with those attending becoming the Trustees of the Circuit. It is the Trustees who comprise the decision making body and who will vote on proposals put before the meeting. ## **Volunteers** The Thames Valley Methodist Circuit is grateful to the Stewards who freely volunteer their time to attend meetings and to carry out the administrative work required in order to run the Circuit successfully. ## **Legal and Administrative Information** Full Name of Charity: …Thames Valley Methodist Circuit Registration Charity Number: 1133442 Date of registration 4 January 2010 Main communication address Circuit Office, 1a Spring Lane, Cippenham, Slough SL1 5BQ Telephone Number 01753 536357 Email: thamesvalleyadm1n@gmail.com Website: http://www.methodistthamesvalley.org.uk/ Paid part time Administrator: Sophie Thompson Susan Le Page acted as the principal officer overseeing the day to day financial management and accounting for the circuit during the year. ## **Independent examiner** Richard Bridgen Bridgen Watkins& Wainwright, Suite 1A, 1[st] Floor, 18 Crendon Street, High Wycombe, HP13 6LS ## **Bankers** The Co-operative Bank p.l.c. P. O. Box 250, Skelmersdale WM8 6WT Central Finance Board 9 Bonhill Street London EC2A 4PE Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ Thames Valley Methodist Circuit Trustees Report y.e.31 August 2024 ## **Trustees** The members of the Thames Valley Methodist Circuit meeting are the Charity Trustees, membership being made up of circuit office holders, ministers and representatives appointed by the local churches. ## **Active Circuit Ministers** Rev Vicci Davidson, Superintendent Minister and chair of Circuit Meetings Rev Cliff Shanganya Rev Dr Pete Phillips Deacon Margaret Chipandambira **Circuit Stewards** Joyce Brown Elizabeth Tottingham to Sept 2023 Anne Haggarty Phil Mount Frank Bullley from Sept 2023 Diana Phipps from Nov 2024 Emil Large from Nov 2024 Susan Le Page, Circuit Treasurer ## **Other Circuit Meeting Members** **----- Start of picture text -----**
Amankwah, Kwabena Phipps, Diana to Sept 2024
Brown, Marilyn Richardson, Evan
Buckman, Charles Richardson, Jackie
Bulley, Frank Rickman, Kathryn
Cheeseman, Brenda to Sept 2023 Ridley, David to Sept 2023
Chislett, Eileen from Sept 2023 Rivett, Jane
Clifford, Sue Short, Jane to Aug 2024
Connor, Naomi Smith, Pat from Sept 2024
Crockett, Patie Statham, John
Davidson, Elanor to Sept 2023 Sturgeon, Jenny
Filmore, Christine to Aug 2024 Tottingham, David to Sept 2023
Filmore, Dr Edward Tottingham, Elizabeth from Sept 2023
Foster, Judith Trout, Sue
Harrison, Linda White, Rev Dr Malcolm
Hill, Ruth from May 2024 White, Peter
James, Ruth Wren, Chris
Kendon, Felicity Wren, Janice
Mount, Alison to Sept 2024 Yannacoupolos, Jason
**----- End of picture text -----**
## **Notes to the Accounts** ## **1 Basis of Accounting and Accounting Policies** |**a**|**Accounting Standard**| |---|---| ||The financial statements have been prepared under the Charities Act 2011 in accordance with_Accounting and Reporting by Charities:_| ||_Statement of Recommended Practice_(SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting| ||Standard for Smaller Entities (FRSSE102) 2015 applicable in the UK and in accordance with the ‘true and fair override’ provision contained| ||therein.| |**b**|**Public benefit entity**| ||The Thames Valley Circuit meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at| ||historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) below.| |**c**|**Basis**| ||These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the| ||year. The accruals basis has been used and trustees present accounts that show a true and fair view of the Circuit’s financial position and| ||activities.| |**d**|**Content**| ||The financial information presented is relevant, reliable, comparable and complete. Where estimates are used these are based on experience,| ||research and judgement. The accounts are expressed in £Sterling, rounded to the nearest pound. Where the content of this year’s accounts is| ||different from that of the previous year, the comparative year’s numbers have been adjusted and restated to be in the same format and on the| ||same basis.| |**e**|**Going concern**| ||Based on the monetary assets and human resources available at 31 August 2024, the trustees believe that the Circuit is a going concern.| |**f**|**Consolidation**| ||The Circuit oversees the work of ministers and lay workers in Churches within the Circuit but does not have control over those Churches,| ||ministers or lay workers except in extreme circumstances, none of which were applicable. For this reason, the financial statements of the| ||Churches within the Circuit are not consolidated into these financial statements.| |**g**|**Income Recognition**| ||Income is brought into account when it is more likely than not that the economic benefit will be forthcoming. The Circuit acts as agent in the| ||collection from churches and payment over of their contributions to the Methodist Church Mission fund and specific gift collections. These| ||transactions are not reflected in the SOFA but shown in the Notes to the Accounts as required by SORP(FRS102) module 19.12.| |**h**|**Expenditure**| ||This is recognised when a liability is incurred, or a constructive obligation arises, where the amount is reliably measureable and it is considered| ||more likely than not that there will be an outflow of economic benefit.| |**i**|**Grants**| ||Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or| ||operational obligation to make the payment.| |**j**|**VAT**| ||Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.| |**k**|**Tangible fixed assets**| ||Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £1000.| ||The freehold property is shown in the accounts at 2019 market values, the insurance re-instatement value has been used for buildings| ||subtracted to give the land value. No depreciation is provided on the building because the trustees consider the current residual fair value of the| ||manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value.| ||Any depreciation would not be material. The property has been reviewed for impairment.| ## **l Debtors and Creditors** Debtors are stated at the amounts owed to the Circuit or prepaid. This includes the September stipend cost which is paid to the Methodist Church in August. Creditors include both sundry expenses and accruals including the 1st quarter assessment due in August and loan interest accrued. ## **m Ministers' manse costs** The Circuit is required to provide accommodation for each minister in the Circuit and their families and this is seen as a benefit to the Circuit. Ministers are expected to occupy the manse provided for them. The Circuit bears the cost of repairs, maintenance, buildings insurance, Council Tax and water charges. These figures are not separately disclosed as benefits-in-kind for ministers as HMRC does not seek to tax these receipts in the hands of ministers. ## **n Funds Structure** The funds held constitute: General Funds held for any purpose of the Circuit which are Unrestricted. The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted funds are held for a narrower purpose. There are no Endowment funds. Details of each material fund are disclosed in the final note to these accounts. Any funds may be represented by more than just cash. **o Reserves Policy** ## **General Fund** The Fund is to be maintained at a minimum of 3 months’ worth of annual expenses less transfer to other reserve funds and a maximum of 6 months’ worth of annual expenses. This is to manage risk and meet unplanned expenditure calls on the Circuit. For 2023/24 this is a minimum of 68,000 and a maximum of £136,000. ## **Manse Fund** This Fund is to be built up, by year 5, to £15,000 per owned Manse, in order that monies are available for works necessary at the change of Minister. The Fund, in addition, is to maintain a running buffer of £10,000 per annum ## **Building Reserve Fund** The Fund is maintained at £20,000 per annum. The Circuit Meeting to decide if a Loan should be granted. The Circuit Meeting delegates authority to the CLT to set the Loan Interest Rate. ## **Mission Development Fund** The Fund is maintained at £10,000 per annum. The Fund is to be used as a ‘primer’ source of money for larger mission schemes as well as a source for helping fund smaller local projects The Circuit Meeting delegates authority to the CLT to receive and decide each application. Any decisions made are to be reported for information to the next Circuit Meeting. |**2 **|**Capital Receipts**|**2023/24**|**2022/23**| |---|---|---|---| ||Sale of manse see note BS1||£1,000,000| |**3 **|**Assessments on Churches**|**2023/24**|**2022/23**| |||£256,760|£220,272| The Circuit comprises 10 congregations meeting in 10 churches and each is assessed for a contribution to meet the overall net costs of the Circuit. The Circuit aims to cover all its net core costs from the Assessment and reserves over and above the reserves policy figure for the General Fund. An Assessment on Churches is annually determined by the Circuit according to affordability. Assessments on churches are quarterly in advance and are treated as pre-payments on a receivable basis. If any church has not paid its assessment by the due date the sum in question is also treated as a debtor. |**4 Donations**
**2023/24**
Pension top up contribution returned with interest
16,284
**6 Other Income**
**2023/24**
Coffee mornings
150
**7 Costs re property sales**
**2023/24**
Sale of manse
Professional costs
Other costs whilst empty
Sale of churches
Professional costs
Other costs whilst empty
2,810
2,810
**9 Grants and donations**
**2023/24**
Grant for mission work
Grants for property repairs
18,084
£18,084|**2022/23**
**2022/23**
360
**2022/23**
14,896
543
4,040
£19,479
**2022/23**
250
30,000
£30,250| |---|---| ## **10 Salaries and associated costs** |**Salaries and associated costs**||||| |---|---|---|---|---| ||FTE|**2023/24**|FTE|**2022/23**| |**Ministerial Staff Costs paid during the year were:**||||| |Gross wages, salaries and benefits in kind||105,320||98,045| |Employer’s National Insurance costs||9,513||8,792| |Pension costs||27,341||25,353| |Apprentice Levy||530||492| |Total ministerial staff costs with full time equivalent number|3.5|£142,704|3.5|£132,681| |**Other staff costs**||||| |Lay worker 2022/23 2.25 mths|||0.15|2,098| |Office administrator|0.375|9,244|0.375|8,022| |Fees for other preachers||555||750| |Total staff costs||£152,503||£143,551| No employees received employee benefits of more than £60,000. There is no accrual for holiday pay as it is immaterial; the holiday year ends on 31 August. All staff are paid at or above the Living Wage, as directed by the Methodist Conference. ## **10a Payment to Trustees** The Superintendent of the Circuit, the other Ministers and the remaining members of the CLT are considered as Key Management Personnel. The Superintendent chairs meetings of the CLT and Circuit Meetings. The members of the Circuit Meeting are the trustees of the Circuit. The stipends, employer’s NIC and employer’s pension contributions and other expenses of the Ministers of the Circuit are paid by the Circuit. The manses are provided by the Circuit and the Circuit maintains the property. The value of the Council Tax and water charges paid by the Circuit is not disclosed here as HMRC does not regard this as a benefit-in-kind in the hands of the minister. Each Minister is entitled to a 3 month sabbatical every 5 years and the expenses incurred by the Presbyter are met by the Connexion with the Circuit continuing to pay the stipend. During the year there has been one sabbatical. The Circuit does not accrue for holiday pay cover as the remaining staff cover the holidays as needed and without extra pay. Four Ministers were employed during the year (2023 four). The remaining trustees neither received nor waived any emoluments during the year. (2023 nil) |year. (2023 nil)|||| |---|---|---|---| |**Expenses reimbursed**|No. claimants|Travel|**2023/24**
**2022/23**
Other
No. claimants
Travel
Other| |Ministers|4|£6,545|£2,140
4
£6,236
£2,935| |Other Trustees|2||£1,530
4
£44
£416| |Office Administrator|1||£201
1
£558| There was one payment of £400 made to a trustee for additional services, provided to the Circuit by agreement with the Circuit Meeting, excluding stipends. Other expense payments primarily relate to reimbursement for internet services, printing, hospitality and small manse property costs. |**11 Property expenses**
Council Tax
Water charges
Insurance
Maintenance
Manse Refurbishment
Quinquennial inspection of manses
Total expenditure on manses
Costs whilst manse empty
Quinquennial inspection of churches
Circuit office rent
**12 Connexional assessment & model trust levy**
Connexional assessment
CPF Levy
**13 District assessment & levy**
District Assessment
Levy on Model Trust Balance|**2023/24**
11,025
1,106
4,168
10,028
36,707
0
£63,034
2,440
960
£66,434
**2023/24**
£46,606
**2023/24**
11,713
4,845
£16,558|**2022/23**
10,577
1,000
4,258
7,700
15,182
1,692
£40,409
1,358
960
£42,728
**2022/23**
£45,422
13,567
**2022/23**
13,292
£13,292| |---|---|---| ||**14 **|**Office & administration costs**|**2023/24**||**2022/23**| |---|---|---|---|---|---| |||Telephone and Broadband|5,469||5,430| |||Travel Expenses|6,592||6,420| |||Printing, Postage & Stationery|808||1,002| |||Staff recruitment costs & DBS|0||38| |||Accountancy & Payroll costs|1,360||1,360| |||Hospitality|139||303| |||Office equipment|499||407| |||Website & Plan software|617||562| |||TMCP admin charge|15,485
419||15,522| ||||£15,904||£15,522| |**14a**|**15 **|**Fees for independent examination of the accounts**
**Training & Resources for Mission**
Conferences, retreats & training
Resources
Youth Work|**2023/24**
£960
**2023/24**
533
550
274||**2022/23**
£960
**2022/23**
205
877
320| ||||£1,358||£1,403| |**BS1**|**16 **|**For information only money received and passed on**
Received
£1,391
**Manse Properties**
**Aug-19**
**Aug-19 arket Value**
**Disposal**
**Building**
**Land**
**2019**
Clarence Road
384,284
515,716
900,000
980,521
Spring Lane
299,715
200,285
500,000
Poplars Grove
360,000
465,000
825,000
Sutton Avenue
490,000
350,000
840,000
Lent Green val Apr 2022
400,000
475,000
875,000
Easter Offering for Methodist World Mission Fund.
The values at September 2019 have been shown to ensure parity overall.|**2023/24**
Paid
£1,391
**Revaluation**
**Building**
299,715
360,000
490,000
400,000|Received
£631
**Revaluation **
**Land**
200,285
465,000
350,000
475,000|**2022/23**
Paid
£631
**Gain/Loss**
80,521| |||£1,933,999
£2,006,001
£3,940,000
£980,521|£1,549,715|£1,490,285|£80,521| |**BS2**|**Debtors & Prepayments**||**2023/24**||**2022/23**| |---|---|---|---|---|---| ||Church Assessments received late||24,836||20,521| ||Stipends, Pension, NI||11,981||11,774| ||Other||349||579| ||Methodist Insurance||280||2,364| ||||£37,446||£35,238| |**BS3**|**Loans to churches**
Loan to Ledgers Road Methodist Church
Converted to Grant September 2023||**2023/24**
36168
18084||**2022/23**| ||Repaid this year||18084
2411||| ||Balance at 31 August 2024||£15,673||£36,168| |**BS4**|**Creditors, Accruals and Income in Advance**
Assessments in advance
Staff Expenses
Lay Worker, Pension, NI
Other
Received for other Churches
Telephone & Broadband
Examination of accounts||**2023/24**
56,445
567
70
1,105
951
385
980||**2022/23**
64,190
165
218
278
441
980| ||||£60,503||£66,272| |**BS5**|**Bridging Loan**||||| |**BS6**|June 2022 Bridging Loan from Methodist Chapel Aid Limited
Repayment on sale of manse April 2023 2020
There were no other capital commitments or contingient liabilities at 31 August 2024
**Manse Fund**
**2021-22**
**2022-23**
**2023-24**
Poplars
3,000
3,000
3,000
Purchased Mar 2019
-15,000
Sutton
3,000
3,000
3,000
Purchased July 2019
-15,000
Clarence/Lent Green
3,000
3,000
3,000
Refurbishment due summer 2022
-15,000
Spring Lane
3,000
3,000
3,000
Refurbishment summer 2025|||**2024-25**
3,000
3,000
3,000
3,000
-15,000|730,000
-730,000
**2025-26**
3,000
3,000
3,000
3,000| ||Transfer from General Reserve
Adjustment from General Reserve
Bal. b/f including £10,000 buffer|-3,000
-3,000
31,000
28,000|-3,000
25,000|-3,000
22,000|12,000
19,000| ||Bal.c/f|£28,000
£25,000|£22,000|£19,000|£31,000| **Thames Valley Methodist Circuit** **Circuit No** **36/4** ## **Cash flow statement for the year ended 31 August 2024** **----- Start of picture text -----**
2024 2023
Statement of cash flows £ £
Cash from operating activities
Net cash used in operating activities -55,038 -137,448
Cash flows from investing activities
Dividends,interest and rents from investments 11,555 6,066
-
Proceeds from the sale of property,plant and equipment 1,000,000
Purchase of property,plant and equipment
Other
Net cash provided by investing activities 11,555 1,006,066
Cash flows from financing activities
New borrowing
Repayments of borrowing -730,000
Net cash used in financing activities -730,000
Change in cash and cash equivalents in the reporting period -22,988 138,617
Cash and cash equivalents at the beginning of the reporting period 282,469 163,331
Cash and cash equivalents at the end of the reporting period £259,481 £301,948
2024 2023
Reconciliation of net income to net cash flow from operating activities £ £
Net income for the reporting period (as per statement of financial activities) -35,507 -19,367
Adjustments for:
Profit on the sale of fixed assets -80,521
Dividends, interest and rents from investments -11,555 -6,066
(increase)/decrease in debtors -2,207 -31,002
increase/(decrease) in creditors -5,769 -492
Net cash used in operating activities -55,038 -137,448
2024 2023
Analysis of cash and cash equivalent £ £
Cash in hand 14,124 30,126
Short term deposit (less than 3 months) 245,357 252,343
Total cash and cash equivalents £259,481 £282,469
**----- End of picture text -----**