Report & Financial Statements For the year ended 31 August 2024 West London Mission Circuit Circuit Fund Contents Report of the Circuit Meeting 1-13 Independent auditor's report 14-17 Statement of financial activities 18 Balance sheet 19 Statement of Cash Flows 20 Notes to the financial statements 21-34 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Off icers and advisers Trustees (members of the Circuit Meeting) Peter Cornick (Chairl Kong Ching Hii Ruth Yorke Daniel Chu William Wong Gordon Slater Cathy Slater Gabriel Koay Martin Single Edna Wijeratna Janice Francis Gerry Wong Rebecca Wong Emerson Rizzi Tessa Bennett James Cruddas Karen Chiu Alethea Slow Kamuel Leung Jongikaya Zihle CEO, Strides Jude McKee Central office 19 Thayer Street London WIU 2QJ Auditors Moore Kingston Smith LLP 9 Appold Street, London, EC2A 2AP Bankers HSBC plc 90 Baker Street London WIU 6AX Charity number 1133739 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting Chair's Introduction May I welcome you to this annual report of the West London Mission Circuit. A Christian organisation, the West London Mission is rooted in the Methodist tradition and is part of the Methodist Church in Great Britain. Through its work, it aims to worship God, serve the community including challenging injustice, learn about Christian faith through meeting in small groups and care for one another through times of joy and sorrow. By sharing life in Christ in daily living, it is hoped that others will come to follow him. We have two city centre churches. Hinde Street and King's Cross and a student hostel. Methodist Chaplaincy House. One of the Presbyters, working for the Civil Service. exercises a ministry in their workplace. Together with the professionally run WLM SeNices (now Strides), this forms the West London Mission. As reported in last yearfs report, the Circuit has. following advice on governance in February 2022, been moving towards separating 'Strides' from the governance of the Circuit. It is recognised that the professional Services require a level of governance beyond the capacity of the Circuit. A process to establish a separate charity and appoint new trustees could not be agreed with all parties. Consequently. the Circuit is now using a consultancy in charitable and housing associations, to offer solutions using other partners in order that the Circuit might divest itself of the governance responsibilities. In the interim, the Circuit has formed a smaller sub-committee of the Circuit Meeting, to oversee the current governance of Strides. This group remains part of the Circuit Meeting but has authority to make decisions in respect of Strides. The smaller body has met twice and is already proving to be more focused and agile than dealing with Strides business in the full Circuit Meeting as before. It is not the independent trustee body envisaged for Stride5 a year ago but will be integral to the transition phase into whatever emerges as the preferred option for separation. We expett decisions to be made in the next twelve months about the future governance of Strides. Subsequently, we aim to refocus the activity and resources of the Circuit on support for the two local churches. The Circuit received a new Deacon, Ruth Yorke. in September 2023. She works at Hinde Street with a brief to advance work on the growth plan, particularly with the LGBT+ community, students and young people, and the church's work with homeless and vulnerably housed people. During 2024, it was agreed that Rev Kong Ching Hii would leave King's Cross in August 2025. The Circuit is currently engaged in a process of seeking a succcessor. Due to the specialist ministry in King's Cross, that of ministry to the Chinese / southeast Asian diaspora, the usual procedures for appointing a Presbyter have not been successful in finding a candidate. The Circuit is engaged with the wider Methodist Church in seeking a Presbyter from overseas. Hinde Street church continues to work on its growth plan and is currently addressing its long-term financial position to move towards financial security. Work had been undertaken with consultants to develop the building and staffing into a conference venue. However. the outlay required compared to the expected return, together with uncertainties around a realistic revenue forecast, proved too much of a risk for the Church Council. Additionally, the Church Council felt some of its values might be compromised in the pursuit of corporate clients. It has therefore been decided to use existing staff with additional mentoring and training, to undertake more marketing as well as creating a separate web presence for venue hire. This work is in process. King's Cross is a growing church, especially in the Cantonese congregation due to the British Nationals Overseas West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Chair's Introduction (continued) programme. In December 2024, Kin￿5 Cross put a full planning application into Camden Council to redevelop the site. which would provide modern student accommodation together with a new church and meeting rooms, many of which would be available for weekday rentals. The new building will be accessible and ecological and complement the redevelopment of the King's Cross area in general. If planning permission is granted, fundraising will be the next stage in the vision of this new church. King's Cross celebrated 200 years of being a Methodist Church in 2024. Events to mark the occasion will continue in 2025. In the light of the proposed redevelopment, a decision had to be made to close Methodist Chaplaincy House in August 2024. All existing residents were helped in securing new accommodation. A new MCH, providing modern accommodation for students. will be integral to the new building. As ever, the values of the West London Mission continue to be upheld: that of a Christian, and distinctively Methodist, presence in the heart of London, offering worship, service and social action especially with regard to the most vulnerable people. l ask that you will pray for the work the Mission undertakes. The Reverend Peter Cornick West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) Objectives and Activities The West London Mission Circuit I'the CircuiY'I is part of the Methodist Church. It has two city-centre churches, at Hinde Street in Marylebone and at Kin￿5 Cross: a student community at King's Cross (temporarily closed from August 20241- and the professional housing and community seNices known as strides. Each of the churches engages in worship, learning and caring, service and evangelism in ways that reflect Methodist tradition and their distinctive identity, history and context. The activities of the churches are the responsibility of their respective Church Councils, which administer their own funds, which are not accounted for in these statements. However. the Circuit is responsible for providing accommodation and paying the stipends and associated costs of the ministers stationed in the Circuit, and employing the lay workers that work in these churches. The Circuit oversees the governance of Strides Ifornierly WLM Services) which, jointly with WIMHA, employs 35 professional staff delivering projects across 6 sites based in London. The Strides Executive manages the services, whose stated purpose is ' Maximising the social value of buildings to help people and communities find their way" The Circuit also works with students and young adults. at Methodist Chaplaincy House la student community at King's Crossl and in both churches. All this work is an expression of our historic roots and our inclusive Christian ethos. The Strides services are operated by the Circuit either direttly or as agent for WLMHA. In the case of those services operated directly by the Circuit, these accounts include all their income, expenditure, assets and liabilities. In the case of services operated on behalf of WLMHA {which is a separate legal entity), the WLMHA accounts (which are available separately) include full details of their income, expenditure. assets and liabilities. By agreement with the Circuit, the net surplus or deficit of each service, and the expenses of running WLM HA itself, are passed to the Circuit and reflected in these Financial Statements as a net sum. Details of the ongoing services are as follows. Services operated dirertly by the Circuit: WLM Seymour Place This is situated at 134- 136 Seymour Place, London Wl. Following refurbishment in 2019 the building ran as a community hub hosting charities that provide community based services. From August 2024 the property has been reclassified as an investment property and short term licences are in place to other charities. pending a decision on its future use or disposal. Strides Katherine Price Hughes House IKPH) This is Sltuated at 28 Highbury Grove, London N5, in premises leased by the Circuit from WLMHA. It is an approved premise under the Criminal Justice and Courts Service Act 2000 and provides housing and support services for men released from custody on licence. Strides Highbury Counselling Centre {HCC} During 2022 counselling services re-located to the newly acquired premises at 12 Woodfall Road, London N4. HCC provides low cost counselling to the local community, host5 partnerships providing therapy services to the community and hosts training seminars for professionals in the sector. West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) Services operated as agent for WLMHA: Strides Holly Park We are working with DePaul UK, New Horizons and the GLA to deliver the London Youth Hub for homeless young people aged 18 - 25. Strides Burgess Park House This is situated at a protected address. We provide support and accommodation in a refuge for LGBTQ+ people who are survivors of domestic abuse. in collaboration with STAR Community CIC and MOPAC. Strides Cherry Tree House This is situated at 343 Clapham Road, London 5W9. Previously this service was used as supported accommodation for veterans. During the reporting period referrals dried up and the property is now used by people who are homeless and working. Strides Wincott Street Residential and Community Hub This property is located at 25A and 25b Wincott Street, London, SEII 4NT. The site has a community hub hosting a mix of community support and outreach partnerships and events. The site also has a residential building with 26 bedrooms and a one bedroom flat, which provides low cost accommodation for keyworkers. Achievements in 2023-24 The WLM Services were relaunched and rebranded as Strides in November 2023. Due to a change in Housing regulations introduced from April 2024 the Strides executive team have been working to ensure that our residential services are adhering to the regulations. A new Finance Director was appointed in January 2024. During the year Strides has completed the financial separation of cash flow and contracts from the rest of the Circuit to provide more transparency and accountability. A policy and procedure review and health and safety review is in progress and will be completed by January 2025. Following a governance review undertaken by the Circuit in 2022 the decision was made to separate the WLM Services from the governance of the Circuit. During the year work continued on a plan to consolidate Strides under a reconstituted WLMHA with a new Board of Directors. However the potential new Directors stepped down in April 2024 when agreement could not be reached on the terms of their appointment. The lack of clarity concerning Strides governance has had a negative impact on communications and fundraising. The trustees are currently considering other routes to achieve the intended separation of governance. Developments in the Strides services during the year are described below. West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) Communi Wincott Street The St Luke's site continued to develop the dual aspetts of its residential and community hub work. Burgess Park House The site re-opened after compliance works were completed in September 2023 and now hosts a service in collaboration with the STAR project housing people fleeing domestic abuse who are part of the LGBTQ+ community. This is delivered in partnership with STAR Community cic. Cherry Tree House Veterans were housed in Cherry Tree House during 2022-2023. More recently the property has been used to accommodate homeless people who are working. Capital works to replace the windows began in September 2024. Counsellin HCC'S objective is to continue our professional work effectively with people seeking psychodynamic counselling from across London, and further develop the service by working with other community projects. Between September 2023 and August 2024. we 5UPPOrted 207 individuals in the community. who sought counselling for a variety of presenting concerns around their mental health and well-being. We offered approximately 3,162 counselling and psychotherapy sessions, and an average of 80 clients per week were seen by 40 counsellors, with attendance rate above 93%, and an average fee of £34 per session. Criminal Justice KPH housed 140 residents and consistently maintained a high occupancy rate throughout the year. KPH reinstated face to face drug support services, which had been suspended following the pandemic. A leaving pack is now being offered to all residents. supporting them to move on to settled accommodation. Fundraisin Re ort The Head of Fundraising's job title was changed to Head of Fundraising and Communications, as she spent the majority of the year rebranding the WLM Services to Strides. Her work included the launch and development of the website. She also spent a significant time rebranding documents and coordinating, developing and launching Strides, policies. During the year the fundraising target was reduced from £421.500 to £258.000. removing the Westminster City Council contratt income from fundraised income. The end of year fundraised income totalled £180,000, of which £49,000 is carried over to 2024-25. HCC was agreed to be the area with most fundraising need, and over the 12 months to August 2024, we received £69,000 of fundraised income for it. We were again successful with an application to Story of Christmas for the development of the I, floor in KPH, and received £49k for this work. West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) Additionally, WLMHA received £IOO,000 from a legacy which has gone into the Donald Soper Fund as part of Strides, reserve fund. Whilst no complaints were received about fundraising activities. a complaint was made by the National Lottery Community Fund regarding our financial processes. A grant for KPH was paused whilst they investigated, and was reinstated with no further action. We comply with UK GDPR, The Charity Commission and the Fundraising Regulator's Code of Fundraising Practice. Every donation we receive is greatly appreciated. We thank all of our supporters who made donations during 2023-24, especially those who left us a special gift in their will. We're grateful to each of our donors, especially the 61 regular donors who give on a monthly, quarterly or annual basis. Special thanks also to the following whose donations and grants have helped us continue our work this year.. 11)'de Park Place F.5tate Charity Westminster CT 29th May 1961 Chaiitsble-fTU Story of Christmas Benetaci Trust I h¢ Pr¢nch I luguenot Church Albert Gubay S15teis of the Holy CTO Cecil Pilkingion ChaTitable TtU5t Gibbs Trust Charle5 Plater TtU5t Wyndham Chaiitable Trust Alma Jean HenTh' Chantsble TTUSt Hinde SITea Mahodisl Church Wetherby SenioT School Royal Lancaster London Elsewhere in the Circuit, we welcomed Deacon Ruth Yorke to the ministry team at Hinde Street in September 2023, and have joined in the celebration of the 200th anniversary of King's Cross Methodist Church. Work continued on the planning application for redevelopment of the King's Cross site. which was submitted in December 2024. In preparation for the work, the residential accommodation at King's Cross was temporarily closed from August 2024. We are seeking a successor to Rev Kong Ching Hii who finishes his appointment in August 2025. Future Plans We expert decisions to be made in the next twelve months about the future governance of Strides. Subsequentlv, we aim to refocus the activity and resources of the Circuit on support forthe two local churches. Financial Review The financial statements for the year ended 31 August 2024 show a deficit of £560,000 on general funds before transferring £89,000 to the designated fund5. The balance on the general income reserve at 31 August 2024 was £127,000 lafter transferring £700,C(JO from the capital reserve, as agreed by the Circuit Meeting, to cover a shortfall in fundraising and investment income. and the cost of the project to separate Strides from the Circuit. West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) The Strides services are funded largely by accommodation charges. grants from statutory and other bodies, and fundraising for specific projects. Ministerial and other costs relating to the local churches are funded by an assessment on the local congregations. though the Circuit bears a significant proportion of these costs. The Circuit received grants from the Sarawak Chinese Annual Conference in respect of our Chinese presbyter and lay workers. We also receive assistance from the Methodist Church in Hong Kong for our work with the Chinese congregation. The running costs of Methodist Chaplaincy House are met from accommodation charges. Structure, Governance and Management The following financial Statements are those of the Circuit Fund of the Circuit. They are made by the Circuit Meeting which is, by the Standing Orders of the Methodist Church. "the principal meeting responsible for the affairs of the Circuiy., and the members of which are also, so far as of full age, the managing trustees of all the Model Trust property of the Circuit. Throughout the year under review all members of the meeting were of full age. A Circuit is the unit of one or more local churches (in this case two) within the Methodist Church of Great Britain in which one or more ministers and probationers are stationed. Its operations are governed by the Methodist Church Act of 1976 lincluding the Model Trusts forming a schedule to it}, the Deed of Union referred to in that Act and the Standing Orders of the Methodist Church I'standing Orders"). The objects of any such Circuit are to further the purposes of the Methodist Church, and as part of the Methodist Church it is a charity- Under the Charities Act 2006, the Circuit, which like other Methodist trust bodies had been exempt from registration, was required to register with the Charity Commission, and was registered with effect from 25 January 2010. The capital money and other capital assets of the Circuit Fund. described in these financial statements, form a trust fund held in accordance with the Model Trusts of the Methodist Church {"the Model Trusts"). The assets, such as property and investments, are therefore held by the Trustees for Methodist Church Purposes I'TMCP") as Custodian trustee. The members of the Circuit Meeting. as managing trustees, exercise all the other powers of trustees. but subject to the terms of the Model Trusts and Standing Orders, which require the consent of district and connexional bodies for certain categories of transaction. The income of the fund, in addition to that arising from the capital assets, includes assessments on the local churches and grants from other Methodist bodies. The first charge on this income is the payment of ministerial stipends and the upkeep of manses. The Circuit Meeting previously appointed committees with delegated functions, including the WLM Services Committee, the Property & Finance Committee, the Human Resources Committee and the Methodist Chaplaincy House Committee. Except for the last-named. the funrtions of these committees were transferred to the Circuit Meeting from September 2022, and the Circuit Meeting has met more frequently to discharge these responsibilities. Managing trustees and their appointment The Circuit Treasurers and Treasurers of the Fund under Standing Orders are the Circuit Stewards who during the period from I September 2023 to the date of this report were as stated below:_ Rayman Wong (to 9 October 20241 Alethea Slow Gabriel Koay Ito 10 April 20241 Kamuel Leung Daniel Chu (from I September 20241 io West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) William Wong (from I September 2024) The managing trustees of the Fund are all those members of the Circuit Meeting who are of full age. The membership of the Circuit Meeting comprises presbyters and deacons in the Circuit. representatives of the two local churches, and other persons appointed by the Meeting. all of whom must be members of the Methodist Church of Great Britain or another Methodist church. New trustees receive an induction when they join the board; trustee training is arranged for all trustees as and when required. A full list of members of the Circuit Meeting can be obtained from the Circuit offices at 19 Thayer Street, London WIU 2QJ. In addition to the current trustees listed on page I, the following also served as trustees for all or part of the year under review: Mary Hicks (to 9 April 20241 Key management personnel and basis of remuneration Key management personnel comprises the CEO and Finance Direttor for Strides. Staff salaries are fixed by reference to the NJC local government scale for comparable posts, and benchmarked from time to time against market comparables. The Circuit also contributes to a group personal pension scheme and provides life assurance cover. Risk management The trustees have identified the following as the most significant risks and uncertainties facing the Circuit as a whole . I Personnel The Circuit relies heavily on the knowledge and expertise of lay volunteers, particularly in the areas of finance. property and the governance of strides. This risk has been managed by appointing qualified professionals to assume the responsibilities of management, enablingthe lay members to exercise a governance role. The trustees will continue to look carefully at succession planning. and the use of professional staff. 2 Finance The Circuit depends on its investments and rental income to sustain its work. Investments are readily marketable, and we aim to hold a minimum of £400,C(JO in cash to meet short term cash flow requirements. The Circuit also depends on fundraising income to sustain the Strides services. This risk has been managed by restructuring and refocusing the fundraising team. 3 Reputation The Circuit identified adverse publicity as a reputational risk which could arise through the failure of a project, and observed that any related legal action could be damaging to the Circuit as well as costly. This risk is managed through regular reporting by senior management. and a clear framework of accountability including regular supervisions. External consultants are used where appropriate for legal, human resource and strategic advice. Safeguarding policies and practices are embedded across the Circuit, and health and safety compliance processes are in place. The Circuit Meeting regularly reviews risks which are drawn to its attention. West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) Reserves policy The policy of the Circuit is that there should be neither a surplus nor a deficit on the Circuit Fund's income reserve, taking one year with another. The balance on the Circuit's income reserve {£127,000 at the balance sheet datel is maintained at the minimum level I£IOO,000 to £150,000) consistent with retaining the ability to absorb temporary deficits. The capital reserves of £13.118.000 represent properties in use for the purposes of the Circuit, and investments {including investment properties let for market rent) generating income upon which the Circuit depends to Sustain its core activities. The Donald Soper Fund is an independent fund, controlled by and reported within WLMHA, whose sole objective is to support the Strides services. The assets of the Fund at August 2024 were £416,000. Investment policy and performance against policy The investments of the Circuit Fund are managed with the objective of maximising real. sustainable income over the long term. The funds are currently invested in a mixture of direct property investments, and equity, property and fixed income pooled funds which are all managed by the Central Finance Board of the Methodist Church. The trustees monitor investment performance on an ongoing basis and are satisfied with the performance of the investment portfolio during 2023-2024. Grant making policy The Circuit does not normally make grants to non-methodist bodies. Public Benefit The charity's trustees have complied with the duty in the Charities Att 2011 to have due regard to Public Benefit guidance published by the Charities Commission. All trustees give their time voluntarily and receive no benefit from the charity. Going Concern The Trustees have made an assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have taken account of pressures on donations and investment income and the possible impatt on investment values and expenditure. The Circuit has significant investments that can be drawn on if necessary to support expenditure. After making enquiries the Trustee5 have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. The Circuit MeetIn￿S responsibilities The Circuit Meeting is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Circuit as at the balance sheet date and of its income and expenditure, for the financial year. In preparing those financial statements, the Circuit Meeting is required to- select suitable accounting policies and then apply them consistently: make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and Statements of Recommended Prattice have been 12 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Report of the Circuit Meeting (continued) followed. subject to any material departures disclosed and explained in the financial statements,. and prepare the f inancial statements on the going concern basis unless it is inappropriate to presume that the Circuit will continue in operation. The Circuit Meeting is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Circuit. It is also responsible for safeguarding the assets of the Circuit and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Circuit Meeting on 4 February 2025 and signed on its behalf by Alethea Slow Members of the Circuit Meeting Peter Cornick West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Independent auditor's report to the members of West London Mission Circuit Fund Opinion We have audited the financial statements of West London Mission Circuit Fund for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Pratticel. In our opinion the financial statements: give a true and fair view of the state of the charitVs affairs as at 31 August 2024. and of its incoming resources and application of resources. for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. 14 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Independent auditor's report to the members of West London Mission Circuit Fund (continued) Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements: or the charity has not kept adequate accounting records- or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on page 13 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charit¢s ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs Responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under settion 154 of that Att. Our objettives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 15 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Independent auditor's report to the members of West London Mission Circuit Fund (continued) As part of an audit in accordance with ISAS {UKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, m isrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the chariws internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or. if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. The objectives of our audit in respect of fraud. are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain su￿1Clent appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks: and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. 16 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Independent auditor's report to the members of West London Mission Circuit Fund (continued) Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are [the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Councill We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the f inancial statements, including the risk of material misstatement due to fraud and how it might occur. by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understandin& we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the charity's trustees, as a body. in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for aur audit work. forthis report, or for the opinion we have formed. Ylort Lcf Date 10 February 2025 Moore Kingston Smith LLP Statutory auditor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 17 West London Mission Circuit - Circuit Fund Statement of financial activities For the year ended 31 August 2024 General Designated Restricted funds funds funds £'ooo £'ooo £'ooo Total 2024 £'ooo Total 2023 £'ooo (see note 24) 70 86 Notes Income Donations and Legacies Income from Investments Investment income Investment propety income Income from charitsble activities WLM Strides Local ministry King's Cross Chaplaincy House Totsl income 70 180 128 180 128 254 202 1,891 84 1,891 259 188 2,716 1,996 231 185 2,954 175 188 741 1,975 Expenditure Expenditure on raising funds Investment management costs WLM fundraising Expenditure on charitable activities Local ministry WLM Strides King's Cross Chaplaincy House Other expendtture Total expenditure 105 105 203 307 412 140 330 1.301 52 443 2,441 140 330 3.466 420 2,816 137 220 3,807 2,029 52 2.113 Net incomel(expenditure) before transfers (560) (52) (138) (750) (853) Transfers between funds 17.18.1 {89) 89 Net incomel{expenditure) for the year {649) 37 (138) 1750) (853) Other recognised gains and losses Realised and unrealised gain on investment assets Revaluation of investment properties Net movement in funds 14 225 225 (135) 11 1.843 1,843 (125) 1,419 37 (138) 1,318 (1,113) Fund balances at 1 September 2023 17.18.1 11,826 611 138 12,575 13,688 Fund balances at 31 August 2024 17. 18. 19. 20 13,245 13,893 12,575 All the above amounts relate to continuing activities. There are no recognised gains or losses other than those included above. 18 West London Mission Circuit- Circuit Fund Balance sheet As at 31 August 2024 2024 £'ooo 2023 £'ooo Notes Fixed assets Trust properties Investment properties Concessionary loans to West London Mission Housing Association Limited Tangible fixed assets Intangible fixed assets Investments 10 11 4,039 5,520 4,398 3,140 12 1,238 1,240 13 13 14 39 80 1,783 12,620 2,108 10,970 Current assets Debtors Cash at bank and in hand Cash on deposit 15 1,159 456 308 1,923 (650) 1,273 1,195 646 345 2,186 (581) 1,605 Creditors: Amounts falling due within one year Net current assets 16 Creditors: Amounts falling due after more than one year Net assets 13,893 12,575 Funds General funds Capital reserve Income 17 17 13,118 127 13,245 11,685 141 11,826 Designated funds Restricted funds Totsl funds 18 19 648 611 138 12,575 13,893 Approved by the Circuit Meeting on 4th February 2025 and signed on its behalf by Members of the Circuit Meeting. Alethea Slow Peter Cornick 19 West London Mission Circuit- Circuit Fund Statement of Cash Flows For the year ended 31 August 2024 2024 2023 2024 2023 £'ooo £'ooo £'ooo £'ooo Cash flows from operating activities Net surplusl(shortfall) 1,318 (1,113) Adjustments for.. Depreciation Amortisation (Gain)ILoss on investments Revaluation of investment properties Investment income Decreasel(Increase) in trade and other debtors Increasel{Decrease) in trade and other creditors Rental income 41 31 (225) (1,843) (180) 36 69 128 135 125 (254) (130) (287) 202 Cash flows used in operating activities (909) {1,689) Purchase of propety plant and equipment Purchase of freehold property Purchase of tangible and intangible fixed assets Decreasel(Increase) of concessionary loans Purchase of investments Proceeds on disposal of investments Investment income Rental income (75) (127) (178) (51) (424) 974 180 128 1,592 254 202 Cash flows generated from investing activities 682 1,795 Net (decrease)lincrease in cash (227) 106 Cash balance at 1 September 2023 991 885 Cash balance at 31 August 2024 764 991 20 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Notes to the Financial Statements Accounting policies Accounting convention The financial statements have been prepared 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 IFRS 1021, (Charities SORP IFRS 10211 and the Charities Act 2011. West London Mission Circuit Fund 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 notelsl. Basis of preparation The financial statement5 include the income and expenditure of the Stride5 services which include four continuing services, as set out in the Report of the Circuit Meeting on pages 6 and 7, for which the legal ownership rests with West London Mission Housing Association Limited IWLMHAI. In respert of these seNices the Circuit acts as agent for WLMHA and assumes financial responsibility for any deficit incurred. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial Statements and have considered the lasting impact of the Covid-19 pandemic and the current cost of living crisis. In particular the Trustees have taken account of pressures on donation5 and investment income and the possible impact on investment values and expenditure. The Circutt has significant investrnents that can be drawn on if necessary to support expenditure. After making enquiries the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In respect of services directly under the Circuit's control the income. expenditure. assets and liabilities of these services have been incorporated in these financial statements on a gross bas15. In respect of services under the control of WLMHA, only the net cost of these services to the Circuit is included in these financial statements. These services are incorporated into the financial statements of WLMHA on a gross basis. The Circuit is responsible for the management of King's Cross Methodist Chaplaincy House. This project is under the control of the Circuit and is incorporated into these financial statements. Investment income This comprises gross interest and distributions from CFB Funds receivable by the Trustees for Methodist Church Purposes. Manchester, who act as custodian trustees. Income tax deductions and credits are recoverable by those Trustees by virtue of the Fund's charitable status. It also includes bank deposlt interest. Expenditure Costs of charitable artivities comprises services supplied and activities undertaken which are identifiable as wholly or mainly in support of the Circuit's objectives. Those costs shown as Governance costs relate to the management of the Circuit's assets, organisational 21 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Notes to the Financial Statements administration and compliance with constitutional and statutory requirements. Accounting policies Icontinuedl Where possible costs have been allocated directly to activities. Where costs relate to more than one activity these costs have been allocated across activities based on use of resources by each activity. Depreciation and amortisation Individual items of ofFice furniture and equipment (other than computer and telephone equipment see below) costing less than £l,QNJO are charged to revenue. Depreciationlamortisation is provided on items costing more than £1,000 at rates calculated to write off their cost evenly over their expected useful lives. The principal rates used are as follows: Photocopiers Computers & software Telephone5 Manse equipment 25% pa straight line 20Yo pa straight line 25% pa reducing balance 10-20% pa straight line No depreciation is provided on freehold properties as the Circuit believes that both the depreciation charge for the year and the accumulated depreciation charge on these properties would be immaterial. The Circuit also ensures that the properties are kept in a good state of repair. Impairment reviews are undertaken on the properties and the Circuit believes that due to the high replacement Cost and therefore value in use of the properties they should not be considered as impaired. Past experience shows that properties are disposed of at above book value. Capital expenditure on leasehold properties is wrttten off over the life of the lease. Pension costs Ordinary contributions payable are charged to the Statement of Financial Activities in the period to which they relate. Profrts1{1055es1 on sales of propertie5 and investments These are credited or charged to the capital reserve fund of the Circutt in the year in which they are realised. Investments Investments are included in the Balance Sheet at market value which gives rise to unrealised gains and losses which are included in the Statement of Financial Activities. Investment properties Properties held for the purpose of generating income are considered to be investment properties,. these are held at fair value. The value of the properties are regularly reviewed in order to identify any permanent impairment. i.io Concessionary loans Loans made in pursuit of the Fund's charitable purposes are held within fixed assets and are stated at original cost and subsequently adjusted for any subsequent repayment or impairment. 22 West London Mission Circuit- Circuit Fund Year ended 31 August 2024 Notes to the Financial Statements Accounting policies (continued) i.ii General funds- capital Capital reserve fvnd This represents monies set aside for capital projects allowed by the Methodist Church Art of 1976. Designated funds Designated funds are amounts set aside by the Circuit out of unrestricted funds for a particular purpose or project. The Circuit has created the followinE designated funds-_ Dilapidations fund The dilapidations fund represents amounts set aside in Strides. Methodist Chaplaincy House and the Ministers. account for the future repair of buildings. Development fvnd The Development f und was established by the Circuit to allow for the future development of the work of the Circuit. The Circuit Meeting decided in January 2010 that legacies between £3.(K)O and £20.000, and the first £20,000 of larger legacies, would be credited to this fund. 1.13 Restrirted funds Restricted funds are those subject to external specific conditions. Restricted funds in the year comprised: Chinese Work Contributions are received from the Chinese congregation at King's Cross and from other Methodist sources to support this ministry and are used to meet the costs of the presbyter and his manse and part of the costs of the Chinese-speaking lay workers. Strides Grants and fees received for specific seryices or projects are treated as restricted income and used to cover all or part of the relevant costs. Constitution The terms on which the Circuit Fund assets are held are set out in the Report of the Circuit Meeting. The managing trusteeship of 19 Thayer Street, 16 Hinde Street and 39 Marylebone Lane London Wl, is shared between the Circuit and Hinde Street Methodist Church, according to the respective parts of the building occupied by them. and the management of the property is also shared by agreement between the two bodies. The same applies to the King's Cross Methodist Chapel and Methodist Chaplainry House, Birkenhead Street, London WCI, which is shared between the Circuit and King's Cross Methodist Church. 23 West London Mission Circuit - Circuit Fund Notes to the financial statements {continued) For the year ended 31 August 2024 Donations and Legacies Totsl 2024 £'ooo Total 2023 £'ooo General donations and covenants Legacies 69 70 84 86 4 Investment income Total 2024 £'ooo Total 2023 £'ooo This comprises dividends and interest received gross on: Cash on deposit 18 12 CFB UK Equity Fund units CFB Property Fund units CFB Corporate Bond Fund units CFB Managed Fixed Interest Fund units 34 19 61 23 17 WLMHA Loan indexation WLMHA Loan interest 36 57 180 89 52 254 Allocated as follows: Capital reserve Available for Circuit activities 36 144 180 89 165 254 5 Investment property accounts Total 2024 £'ooo 195 (67) 128 Total 2023 £'ooo 212 (10) 202 Rental income Expenses Surplus for the year 24 West London Mission Circuit - Circuit Fund Notes to the financial statements {continued) For the year ended 31 August 2024 Income from charitsble activities Totsl 2024 £'ooo Total 2023 £'ooo WLM Strides Grant income of consolidated services Charges to WLMHA for unconsolidated ServI￿S 1,891 1,910 86 1,996 1,891 Local ministry Assessments on local churches Chinese Presbyter support King's Cross Chines&speaking lay workers grants 239 15 220 259 231 King's Cross Chaplaincy House 188 2,338 185 2,412 The assessments on local churches were applied in m￿tIng part of the cost of ministers and lay workers, part of the cost of the offi￿$ at Thayer Street, and the cost of the District assessment. 25 eD* O O) Ln £ cJuiL)>¢£ Z ￿ ￿￿￿_ e4 0 [D￿lnc0 CY li}11 o ozj ,1 l ills, £L If) (l) CIJ West London Mission Circuit- Circuit Fund Notes to the financial statements {continued) For the year endgd 31 August 2024 Emoluments 9.1 staff Total 2024 £'ooo 1,432 134 121 1,687 Total 2023 £000 1.499 141 122 1,762 Staff costs {excluding agency costs) National insurance Pension contributions The above includes lemiinalion and redundancy payments of £1.65512023.' £49.0151. Average number of pem)anenl staff during the year 41 43 Full time equivalent number of pemianent stsff during the year 32 41 Detsils of staff working in Servi￿ managed on behalf of WLMHA are disclosed separatety in the financi81 ststements ofWLMH No staff members eamed more than £70,000 but less than £79,999 during the year12023.' one). One staff member earned more than £80,000 but less than £89,999 during the year {2023= one). Key management personnel comprises the Chief Executive Offi￿r and Ihe Finan￿ Director12023'. Chief Executive Officer and Deputy Chief Executive Offi￿rI- The total employee benefits of the key management personnel of the charity were £184,43512023: £219,928}- 9.2 Trustses The Circuit paid stipends and pensions contributions for the followng trustees who are Methodist ministers appointed lo the Circuit.. £42.730 {2023.' £39.464} to Peter Comick. £39.70012023.' £36.7721 lo each of Kong Ching Hii and Tessa Bennett. £39,700 was paid to Ruth Yorke12023'. £0) and £0 lo Belinda Lelby12023'. £36,7721- The Circuit also provides a manse lo each of the Ministers and meets the running costs. Apart from the above, none of the Treasurers of the Fund or other trustees re￿1V￿9 any remuneration, nor reimbursement of expenses, diredy from the Circuit during the year {2023." none). 9.3 Pension costs The Circuit makes payments to a group personal pension scheme for staff other than Presbyters and Deacons, of which the assets are held in an independenty administered fund. Presbyters and Deacons are covered by the Methodist Ministers. Pension Scheme. 28 West London Mission Circuit- Circuit Fund Notes to the financial statements {continued) For the year endgd 31 August 2024 10 Trust properties Total 2024 £'ooo Total 2023 £'ooo Al 1 September Additions during the year Revaluations Transfer to Investrnent properties Al 31 August 4,398 178 4,271 127 537 4.039 4,398 Represented by {all amounts ￿late to charitable activities): Circuit offices Manses WLM Strides property King's Cross 394 1,452 1,900 293 4,039 394 1.452 2,438 114 4.398 11 Investment properties Total 2024 £'ooo Total 2023 £'ooo Al 1 September Revaluations Transfer from Trust properbes At 31 August 3,140 1,843 537 5,520 3.265 11251 3.140 The valuab.on of most of the inveslmenl properties was reviewed as at 31 August 2024 by a church member who is RICS qualified. One property was valued informally by the Circuirs property consultant who Is also RICS qualified 12 Concessionary loans £1,024,85212023". £1,027,452) represents the balan￿ outstanding under a loan to West London Mission Housing Association Limited in 2001 for the purchase of The Haven. The loan is repayable in inslalments commencing at £20,000 per annum, both principal and repayments being index linked. Interest is payable at 4.5%. £212,84212022'. £212,842} represents an advan￿ to West London Mission Housing Association Limited for the shortfall in funding of Burgess Park House in 2004. The Circuit has agreed not to demand repayment ex￿pt to the extent of WLMHA'S available cash. Interest is payable at the prevailing HSBC Bank rate. 29 West London Mission Circuit- Circuit Fund Notes to the financial statements {continued) For the year endgd 31 August 2024 13 Tangible & Intsngible fixed assets Total Total tangible Intangible IT equipment fixed assets fixed assets £'ooo £000 £'ooo Leasehold Improvements £'o Fixtures and fittings £000 Cost Al 1 September 2023 Additions Disposals and fully depreciated Al 31 August 2024 68 110 182 17 110 182 17 Depreciation l Amortisation Al 1 September 2023 Charge for the year Released on disposal and fully depreciated Al 31 August 2024 17 23 102 41 13 17 40 101 143 16 Net book valugs Al 31 August 2024 28 39 At 31 August 2023 51 26 80 14 Investments Total 2024 £'ooo Total 2023 £000 Market value Al 1 September Additions Disposals Realised and unrealised gainslllossesl Al 31 August 2,108 424 19741 225 1,783 3,835 {1,5921 135 2,108 The above totsl Comprises: CFB UK Equity Fund units CFB Propety Fund units CFB Corporate Bond Fund units CFB Managed Fixed Interest Fund units CFB Mixed Managed Fund units 1,332 124 1,571 131 405 326 1,783 2,108 Cost value at 31 August 1,387 1,862 30 West London Mission Circuit- Circuit Fund Notes to the financial statements {continued) For the year endgd 31 August 2024 15 Debtors Total 2024 £'ooo Total 2023 £'ooo Balances due from associated bodies (see note below) Trade debtors Other debtors Prepayments Accrued income 1,087 25 1,040 74 33 13 1,159 60 19 1.195 "Associated bodies" are Hinde Street Methodist Church, King's Cross Methodist Church, Wesl London Mission Housing Association Limited, Donald Soper Fund and WLM Strides cOntrol￿d by WLMHA See note 22 for more details of related party transactions. 16 Creditors: Amounts falling due within one year Total 2024 £'ooo Total 2023 £000 Balances due lo associated bodies (see note 15 above) Trade creditors Other creditors Other tsxes and social security Accruals Deferred income 199 129 196 132 36 48 38 131 581 60 67 180 650 17 General funds Capital reserve fund Income fund5 Total £'ooo rooo £000 Al 1 September 2023 Net surpluslldeficitl for the year Realised and unrealised gainslllossesl on investsnenl assets Revaluation of investment properties Transfer befften ftjnds Transfer to development ftjnd Transfer to dilapidab.ons reserve At 31 August 2024 11,685 105 225 1,843 (7001 1401 141 16651 11,826 15601 225 1,843 700 1401 1491 13,245 1491 127 13,118 31 West London Mission Circuit- Circuit Fund Notes to the financial statements {continued) For the year endgd 31 August 2024 18 Designatgd funds Dilapidations Development fund fund £'ooo £'ooo Total £'ooo Al 1 September 2023 Income Expenditure Transfer from general funds Al 31 August 2024 593 611 1521 49 590 1521 89 648 40 58 The dilapidations fund represents amounts set aS￿e in the WLM Strides, Methodist Chaplaincy House and the Ministers. account for the future repair of buildings. The development fund was established to allow for the future development of the work of the Circuit. The Circuit Meeting decided in January 2010 that legaaes betr￿en £3,000 and £20,000, and the first £20,000 of larger legaaes, would be credited lo this fund. 19 Restricted funds WLM Strides Chinese Work £'ooo £'ooo Total £'ooo Al 1 September 2023 Income Expenditure Al 31 August 2024 138 1.891 {2.0291 138 1.975 12,1131 184} 20 Analysis of net assets Designated funds rooo Restricted funds É'ooo General funds £'ooo 2024 £'ooo 2023 £'ooo Fixed assets Investment properties Investments Cash Cash on deposit Capital Loans to WLMHA Debtors Current liabilities 4,079 5,520 1,135 456 308 1,238 1,159 {650) 13,245 4,079 5,520 1,783 456 308 1,238 1,159 1650} 13,893 4,482 3,140 2,108 646 345 1,240 1,195 15811 12,575 648 648 Unrealised gain included above On investsnenl properties On investments 4,510 2,825 7.335 4,510 2,825 7,335 2,687 2,600 5.267 Reconciliation of movements in unrealised gains on investment assets Al 1 September 2023 Gainlllossl arising on revaluations in the year Al 31 August 2024 5,267 2,068 7.335 5.527 260 5,267 32 West London Mission Circuit- Circuit Fund Notes to the financial statements {continued) For the year endgd 31 August 2024 21 Contingent liabilities A supplier has daimed £60,000 in reS￿¢t of a disputed Invol￿ for work which was unsatisfactory. The Circuit is resisting the claim in the courts and has counler-daimed for £21,000 for rectification costs. 22 Related party transactions Wesl London Mission Housing Assouab"on IWLMHAI linduding WLM Sth"des controlled by WLMHAI, King's Cross Methodist Church, Hinde Street Methodist Church and the Donald Soper Fund all have trustees in common with the Circuit Meeting and are therefore considered to be related parties. None of these organisab.ons are considered to be under common control wlh the Circuit Fund as a minority of the Circuit meeb.ng members are trustees off any of these entities, and VI￿ versa. During the year, the Circuit undertook the following transactions with related parties.. Details Value off transactions during year 2024 2023 £'ooo £'ooo Amount owed to l (by) WLM Circuit Fund 2024 2023 £'ooo £'ooo WLMHA Housing Loans Interest on Housing Loans Indexation on Housing Loans Administration charges Project deficit I Isurplusl grant Creditor Idilapidalions balances) Settlement accounts Circuit WLM Strides 12} 57 51 52 89 86 150 1,238 1.240 {223} 1189} 11891 116 {72} 1201 205 257 767 141 839 King'5 Cros5 Methodist Church Assessment Settlement accounts 95 87 Hinde Street Methodist Church Assessment Settlement accounts 144 133 57 54 Donald Soper Fund Grant to Circuit Fund 12} 121 23 Operating lease commitrnents The totsl minimum lease payments under non