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← Ealing Trinity Methodist Circuit

2023-08-31-accounts

Charity registration number 1134040

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

LEGAL AND ADMINISTRATIVE INFORMATION

Ordained Trustees Revd Rachel Bending (Superintendent) Revd Nigel Cowgill (Co-chair London District) Revd Susan Male Revd Ajay Singh Revd Theresa Simons-Sam Removed 31 Jul 2023 Circuit Stewards Fleur Hatherall Jane Horwich Stephen Sears (Treasurer) Karen Whitehouse Added 29 Nov 2023 Lay Trustees Alex Anteyi Simon Bhatti Michael Brown Hector Chidiya Sybil Corbin Samuel Daniel Marion Garnett Removed 8 Feb 2023 Anil Griffin Colin Hatherall Removed 29 Nov 23 Fleur Hatherall Colleen Hicks Removed 13 Sep 2023 Jane Horwich Martin Kingsnorth Added 7 Jun 2023 George Lafford Janet Malamah-Thomas George Masih Harmash Masih Derek Matthews Brian Morris Added 7 Jun 2023 Removed 13 Sep 2023 Sylvia Murray Michael Pidoux Added 8 Feb 2023 Helen Pye-Smith Added 23 Nov 2022 Stephen Sears Louise Singleton Vinnette Small Removed 1 Sep 2022 Added 13 Sep 2023 Janet Smith Removed 1 Sep 2022 Catherine Thomas Added 13 Jul 2023 Karen Whitehouse Paul Williams Charles Wiredu

Charity number 1134040 Auditor Summers Morgan First Floor, Sheraton House Lower Road Chorleywood Hertfordshire

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

LEGAL AND ADMINISTRATIVE INFORMATION

WD3 5LH

Bankers

Barclays Bank Plc Ealing Branch Leicester LE87 2BB

Investment advisors Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A 4PE Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

CONTENTS

Page
Trustees' report 1 - 7
Statement of Trustees' responsibilities 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 26

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their report and financial statements for the year ended 31 August 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Circuit's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity’s objective is to act as a resource provider within the area around Ealing for the Methodist Church.

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

Aims and activities

The Circuit’s mission is to be a powerful spiritual influence in the community and a visible expression of God’s inclusive love. We aim to achieve this by encouraging, through the churches in our Circuit, the worship, social, and outreach activities that currently exist; seeking new ways to extend to others the fellowship of the Church family; and through these to develop the life of the Circuit and its churches.

Aims and activities within the objectives and purposes are:

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The significant activities which have contributed to the achievement of aims and objectives:

The achievement of these aims will further our primary purpose to advance the Christian faith by bringing people into contact with the Methodist Church in our area.

The Circuit uses reflective practice to assess and develop its work. This takes place within the Circuit Staff Meeting, the Circuit Leadership Team and the Circuit Stewards Meeting.

Given the nature of the Circuit’s aims and objectives, the Circuit does not set criteria or measures to assess success. It will continue to promote its aims regardless of any temporary setbacks.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Circuit should undertake.

Achievements and performance

The Circuit Stewards are pleased to report on how these objectives have been pursued during 2022/23:

Review of the year

The Circuit prepares accruals financial statements. The Circuit budget is prepared by first anticipating the expenditure for the forthcoming year and then determining, in discussion with the individual churches, how that sum will be raised. Normally about 70% of the Circuit income comes from the individual churches within the Circuit by means of an Assessment agreed with each church.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Financial review

The value of Circuit funds as at 31 August 2023 was £6,058,997, which is a increase of £167,189 from the previous year.

The Circuit does not use performance indicators to measure ‘outputs’ as these are not appropriate for the type of activities undertaken by the Circuit.

The principal sources of funds are assessments paid by churches within the Circuit and income from let properties. These finance ministers’ stipends and the general running costs of the Circuit.

Funds held by the circuit are invested with the Trustees for Methodist Church Purposes nationally in accordance with the social investment policies of the Methodist Church.

Properties

The King's Hall, Southall

King’s Hall has remained closed since 2013 as the building had become unsafe for public use. Two churches worshipped at Kings Hall, an English language congregation on Sunday mornings and an Urdu-speaking congregation on Sunday afternoons. The morning congregation closed last year and its members have become part of other circuit churches. The afternoon, Urdu-speaking congregation has this year decided to move their worship to Greenford Methodist Church which has been seen as a positive and life-giving change. The Circuit has withdrawn from partnership with a developer as the scheme no longer represented best value. Work is underway to develop paperwork for an open market exercise to find a developer to redevelop the site to provide church and community space and affordable residential accommodation.

Grants

Grants totalling £96 were awarded during the year.

Other notes

During the year the Circuit was a member of the Association of Church Accountants and Treasurers. The repairs and maintenance expenditure during the year on property was written off and not capitalised. At no time during the year was the Circuit insolvent either in terms of its assets or in terms of its ability to pay its debts as they became due.

Reserves Policy

The Circuit believes that it should ensure that it has reserves sufficient to cover the stipends and employment costs of its Presbyters, Deacons and part-time Administrators for the full ensuing year but not to meet any redundancy pay should this be payable. This sum is estimated at £188,008 for the next financial year. At the balance sheet date the Circuit held free reserves. as defined by the Charities Commission, of £300,545; the Trustees believe that through effective management of their expenses and increased income the reserve position should improve.

Other fixed costs of the Circuit, including the District Levy and District Assessments, are estimated at £94,132 for a full year. The Circuit deems it prudent to hold sufficient to cover these costs for six months, i.e. £47,066.

The total of these possible costs is £235,075.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Principal risks and uncertainties

Plans for the future

The Circuit’s mission arises from the mission statement of the Methodist Church of Great Britain. In working this out in the Circuit’s particular context, the Circuit aims to develop a Christ-centred, confident and clear approach for Circuit-wide mission whilst supporting each church in their individual mission in their local neighbourhoods.

Within this, in 2023/24, the Circuit intends to:

Organisation

Mission

Discipleship and spiritual development

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

The Circuit is governed by the Methodist Church Act 1976, the Deed of Union and the Model Trust Deeds of the Methodist Church. The Ealing Trinity Methodist Circuit is registered as a charity.

The members of the Ealing Trinity Methodist Circuit meeting are the Charity Trustees, membership being made up of circuit office holders, ministers and representatives appointed by the local churches.

The principle office address is Kingsdown Methodist Church, Kingsdown Avenue, London, W13 9PR.

The Circuit is a group of local churches, some of which are Local Ecumenical Partnerships (LEPs) with other denominations. Circuits combine to form about 30 districts in Great Britain. Although there is some autonomy, all Methodist organisations in Great Britain are governed by statutes determined by the Methodist Conference and which are published in the Constitution, Practice and Discipline of the Methodist Church. Conference is the supreme body within the church and it delegates much of its authority to the Methodist Council. Both Conference and Council consist of lay and clerical members.

Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the Annual Conference (CPD).

The stipends paid to ministers are set by the Methodist Church of Great Britain and are published in the Minutes of the Annual Conference.

The relationships with other charities and organisations with which it co- operates in the pursuit of its charitable objectives:

Day to day management of the Circuit is undertaken by the Circuit Leadership team along with the Local Preachers meeting, the Circuit Finance and Property Committee and the Circuit Policy Committee.

Volunteers undertake the majority of the work of the circuit and much of its management.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees who served during the year and up to the date of signature of the financial statements were:

Mr Alex Anteyi Mr Michel Brown Revd Nigel Cowgill Ms Fleur Hatherall Mr George Lafford Mr George Masih Mrs Sylvia Murray Mr Stephen Sears Ms Vinnette Small Mr Paul Williams

Revd Rachel Bending Mr Simon Bhatti Mr Hector Chidiya Mrs Sybil Corbin Mr Samuel Daniel Mr Anil Griffin Mrs Jane Horwich Mr Martin Kingsnorth Mrs Janet Malamah-Thomas Revd Susan Male Mr Harmash Masih Dr Derek Matthews Mr Michael Pidoux Mrs Helen Pye-Smith Revd Ajay Singh Ms Louise Singleton Ms Catherine Thomas Ms Karen Whitehouse Mr Charles Wiredu

Notes

Mrs Marion Garnett: removed 8 Feb 2023 Mr Colin Hicks: removed 13 Sept 2023 Mr Brian Morris: added 7 Jun 2023, removed 13 Sept 2023 Mr Michael Pidoux: added 8 Feb 2023 Dcn Theresa Simons-Sam: removed 31 Jul 2023 Ms Catherine Thomas: added 13 Jul 2023 Mrs Vinnette Small: removed 1 Sept 2022, added 13 Sept 2023

Mr Colin Hatherall: removed 29 Nov 2023 Mr Martin Kingsnorth: added 7 Jun 2023 Mr George Lafford: added 1 Sept 2022 Mrs Helen Pye-Smith: added 23 Nov 2022 Mrs Janet Smith: removed 1 Sept 2022

Trustee, Recruitment, Training and Induction Policy

All Circuit Trustees are appointed from the Managing Trustees of the individual churches, who undertake the training and induction of Trustees in accordance with guidelines from the Charities Commission and the Methodist Church published in the booklet “The Role of a Trustee in the Methodist Church”, together with further guidelines published by the Methodist Church ”Managing Trustees and their Responsibilities”, “Safeguarding and Creating Safer Space” and “Managing Trustees and Methodist Money”.

Circuit Trustees having the special duties and responsibilities of Circuit Stewards attend annual induction and refreshment courses organised by the Methodist London District Training Team, with further specific training for Stewards having financial, property and safeguarding responsibilities.

All Trustees in the Circuit and churches are encouraged to undertake further training in support of their own ministry and the Circuit maintains a Training Fund in its budget for this purpose.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Public Benefit

The Trustees have had due regard to the guidance published by the Charities Commission in compliance with its duties under section 17 of the Charities Act 2011.

This guidance sets out two key principles:

  1. The organisation must have an identifiable benefit.

  2. The benefit must be to the public or a section of the public

The church exists to:

The Trustees consider that for these reasons the Circuit meets these public benefit requirements.

Circuit Leadership Team

During the year, the Circuit Leadership Team - the Circuit Ministerial Staff and Circuit Stewards - met regularly to keep under review the life of the Circuit and to take forward the decisions of the Circuit Meeting.

Circuit Meeting

During the year, the Circuit Meeting, made up of the CLT, representatives of the Circuit’s churches and other circuit officers as defined by Methodist CPD met three times to enact governance and to keep under review the life and vision of the Circuit.

Circuit Stewards

Circuit Stewards are Trustees who have volunteered to assist the Superintendent Minister and the Ministerial staff in implementing the decisions of the Circuit Meeting and decisions passed down from the Districts. Circuit Stewards are appointed by the Circuit Meeting and are unpaid. Induction training is organised by the Districts at the start of the Connexional Year and at other times as required. Amongst other duties the Circuit Stewards are responsible for the Circuit Finances and the maintenance of Circuit property. Details of the Superintendent and Stewards can be found on the administration page.

Training

The Circuit subscribes to the importance of the whole people of God continuing to learn and develop to aid their deepening discipleship and ministry, and recognises the crucial importance of continuing learning and exploration for the development and growth of all of its members. A changing society may require new skills and expertise in different areas of knowledge. An authentic personal response to God’s mission in the world is enabled through training and development of existing gifts and skills and the acquiring of new ones. In addition to academic training, grants are available for conferences, retreats, and short courses.

Commitments

All known commitments are included in the financial statements.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

The Trustees' report was approved by the Board of Trustees.

..............................

Revd Rachel Bending (Superintendent)

Trustee 01/05/2024 Dated: ................ . ......

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Circuit and of the incoming resources and application of resources of the Circuit for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Circuit and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Circuit and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

Opinion

We have audited the financial statements of Ealing Trinity Circuit of the Methodist Church (35/24) (the ‘Circuit’) for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Circuit 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 Circuit’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 we do not express any form of assurance conclusion thereon. 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 this gives rise to 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, 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 Circuit’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's 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 the Act and relevant regulations made or having effect thereunder.

Our objectives 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH {35124) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EALING TRINITY CIRCUIT OF THE METHODIST CHURCH 135124) In response to the risk of irreg￿3rrtles arKI n(￿￿￿mplIance with las and regUlat￿n9. ￿ designed procedures whith induded, bul were not limite(J lo.. ' agreeing finawal statement disd05ures to ￿rKlert￿rVj sUpFo￿.n9 documenLion.' arKI enquiring of marbagement as lo actual and pot8ntial I￿gabon daims.. arKI reading the minLrtes of meth.ngs of the board of trustees. There are inherent limitations in our audit procedures deubed atrx)ve. The more removed that laws and regulations are from finanaal Iransactions, Ihe less likely it is thal ￿ woukl become aware of noTrcompliance. Auditsng standards also limit the audtl procedu￿$ required lo identfy nOr￿mpliance wth laws and regLl8tions lo enquiry of the members and management and Ihe inSp￿ts"0￿ of regulatory and legal correspondence, if any. A further description of cyjr responsibilrties is aVaila￿e on the Finawal Rewt'ng Council's website at: http8".11 wWw.f￿.org.uk1audIt0rsreSPDnSlb1lIIles. This deSCript￿n forms part of our auditorfs report Use ofour report This report is made sdety to the tharity's truste8$, 0$ a tody, in ac¢ordarKe with part 4 of the Charities (Accounts and Reports} Regulations 21)08. Our audrt work has been undertaken so that we m sLe to the charity's trustees those matters we are required to stste to them in an auditorfs ￿Frt)rt and for no r purpose. To the fvllesl extent pem)itted by law. we do not accept or assume re nsitmlty t yone oth than the charty and the charity's trustees as a boty. for our ajdit nsha fomed. Nlchola5 Cordon ACA (Senlor Statutory Audllor for and on ￿hair of SummepJ Morgan .1.7_ 06-. 202+ Chart•rod Accountants Statutory Audltor First Floor, Sheraton House Lower Road chorte￿o9d Hertfordshire WD3 5LH Summers Morgan is eligible for appoinknent as audrtor of the Circuit by wriue of its eligibility for appointment as audilgr of a company under section 1212 of the CompaniesAct 2006. 11

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Circuit assessment
3
195,408
-
Investments
4
106,422
-
Other income
5
470
-
Total income
302,300
-
Expenditure on:
Charitable activities
6
437,612
-
Other
Net outgoing resources
(135,312)
-
Other recognised gains and losses
Revaluation of
investment properties
302,501
-
Net movement in funds
167,189
-
Fund balances at 1
September 2022
5,878,562
13,246
Fund balances at 31
August 2023
6,045,751
13,246		 Total
Unrestricted
funds
2023
2022
£
£
195,408
204,458
106,422
110,808
470
696
302,300
315,962
437,612
437,044
-
(135,312)
(121,082)
302,501
140,000
167,189
18,918
5,891,808
5,859,644
6,058,997
5,878,562		 Restricted
funds
2022
£
-
-
-
-
-
-
-
-
-
13,246
13,246		 Total
2022
£
204,458
110,808
696
315,962
437,044
-
(121,082)
140,000
18,918
5,872,890
5,891,808

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

BALANCE SHEET

AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
14
Investment property
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
The funds of the Circuit
Restricted income funds
19
Unrestricted funds
Revaluation reserve		 2023
£
£
1,024,705
4,720,501
5,745,206
3,856
386,417
390,273
76,482
313,791
6,058,997
13,246
1,350,462
4,695,289
6,058,997		 2022
£
£
1,024,705
4,418,000
5,442,705
3,992
523,218
527,210
78,107
449,103
5,891,808
13,246
1,485,774
4,392,788
5,891,808		 2022
£
£
1,024,705
4,418,000
5,442,705
3,992
523,218
527,210
78,107
449,103
5,891,808
13,246
1,485,774
4,392,788
5,891,808
5,442,705
449,103
5,891,808
13,246
1,485,774
4,392,788
5,891,808

The financial statements were approved by the Trustees on .........................1 May 2024

..............................

Revd Rachel Bending (Superintendent) Trustee

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
23
Investing activities
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(243,223)
106,422
106,422
-
(136,801)
523,218
386,417		 2022
£
£
(228,709)
110,808
110,808
-
(117,901)
641,119
523,218

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Ealing Trinity Circuit of the Methodist Church (35/24) is an unincorporated Charity in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Constitutional Practice and Discipline of The Methodist Church, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Circuit is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Circuit. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Circuit has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Donations and legacies are accounted for when entitlement has been confirmed, the amount can be measure and receipt is probable.

The Circuit's assessments are accounted for on a receivable basis; when the Circuit becomes entitled to the resources, the trustees are virtually certain they will receive the resources and the monetary value can be measured with sufficient reliability.

Rents received on manses currently unoccupied by a Minister and so available for letting are accounted for on a receivable basis.

Grants receivable are included when the relevant conditions for the grant have been met.

Investment income is accounted for on a receivable basis.

Other income is accounted for on a receivable basis.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

AII expenses are accounted for on an accruals basis. This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources.

1.6 Tangible fixed assets

Land and buildings are stated at cost or in the case of donated assets at valuation at the date that the assets are gifted to the Circuit. The Trustees consider that the lives of the properties are so long and their residual values so high based on prices prevailing at the time of acquisition that any annual depreciation charge would not be material. Accordingly, no depreciation is provided on freehold properties used for charitable activities. Any material impairment in the value of such properties, following an annual review, would be chargeable to the Statement of Financial Activities.

Plant and machinery having an initial cost greater than £1,000 are capitalised and stated at cost less depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 33.33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment properties, which are residential properties held to earn rentals and/or for capital appreciation, and which are surplus to staffing requirements, are initially measured at cost and subsequently measured using fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.8 Impairment of fixed assets

At each reporting end date, the Circuit reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss and any impairments are recognised in the Statement of Financial Activities.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The Circuit has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Circuit's balance sheet when the Circuit becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.11 Taxation

Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Circuit is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Stipendiary Circuit Ministers are eligible to join the Methodist Ministers' Pension Scheme (MMPS). The MMPS is a funded defined benefit scheme maintained by The Methodist Church of Great Britain. As the Circuit is unable to identify its share of the underlying assets and liabilities of the scheme, the Circuit has taken the advantage of the exemption in Financial Reporting Standard 102 Retirement Benefits, and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The pension costs for the scheme represent the contribution payable by the Circuit in the year. The contribution rates are set each year by the Methodist Conference.

1.14 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. When the grant is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the Balance Sheet against the appropriate fund, the provision being released in future years as instalments are paid in accordance with the originally agreed terms.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.15 Ministers' manse costs

The Circuit is required to provide accommodation for each minister in the Circuit and this is 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 declared as benefits-in-kind for ministers as HMRC does not tax these receipts in the hands of ministers.

1.16 Consolidation

The Circuit has denominational regulatory oversight in respect of the work of the Churches within the Circuit but has no legal or operational control of those Churches and their governing bodies except in extreme circumstances. For this reason, the financial statements of Churches within the Circuit are not consolidated into these financial statements.

2 Critical accounting estimates and judgements

In the application of the Circuit’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Circuit assessment

Unrestricted
Funds
Unrestricted
Funds
2023
2022
£
£
Acton Hill Methodist Church
23,004
23,004
Ealing Green Methodist Church
61,844
61,844
Greenford Methodist Church
15,048
30,096
Hanwell Methodist Church
28,520
28,520
King's Hall Methodist Church
7,158
7,158
Kingsdown Methodist Church
27,952
27,952
Northolt Methodist Church
10,824
10,824
Pitshanger Methodist Church
21,058
15,060
195,408
204,458		 Unrestricted
Funds
Unrestricted
Funds
2023
2022
£
£
Acton Hill Methodist Church
23,004
23,004
Ealing Green Methodist Church
61,844
61,844
Greenford Methodist Church
15,048
30,096
Hanwell Methodist Church
28,520
28,520
King's Hall Methodist Church
7,158
7,158
Kingsdown Methodist Church
27,952
27,952
Northolt Methodist Church
10,824
10,824
Pitshanger Methodist Church
21,058
15,060
195,408
204,458		 Unrestricted
Funds
Unrestricted
Funds
2023
2022
£
£
Acton Hill Methodist Church
23,004
23,004
Ealing Green Methodist Church
61,844
61,844
Greenford Methodist Church
15,048
30,096
Hanwell Methodist Church
28,520
28,520
King's Hall Methodist Church
7,158
7,158
Kingsdown Methodist Church
27,952
27,952
Northolt Methodist Church
10,824
10,824
Pitshanger Methodist Church
21,058
15,060
195,408
204,458
2023
£
23,004
61,844
15,048
28,520
7,158
27,952
10,824
21,058
195,408		 2022
£
23,004
61,844
30,096
28,520
7,158
27,952
10,824
15,060
204,458

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

4 Income from investments

Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest
9,475
1,725
Income from investment properties
96,947
109,083
106,422
110,808
5
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
470
696
6
Charitable activities
2023
2022
£
£
Staff costs
208,909
203,961
District assessment
48,541
45,036
Expenditure on manses
66,177
112,207
Expenditure on Circuit properties
48,036
33,803
Other expenditure
40,863
4,964
District advance fund
10,874
13,270
Minister relocation costs
179
2,039
423,579
415,280
Grant funding of activities (see note 7)
96
6,596
Share of support costs (see note 8)
3,437
4,668
Share of governance costs (see note 8)
10,500
10,500
437,612
437,044		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest
9,475
1,725
Income from investment properties
96,947
109,083
106,422
110,808
5
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
470
696
6
Charitable activities
2023
2022
£
£
Staff costs
208,909
203,961
District assessment
48,541
45,036
Expenditure on manses
66,177
112,207
Expenditure on Circuit properties
48,036
33,803
Other expenditure
40,863
4,964
District advance fund
10,874
13,270
Minister relocation costs
179
2,039
423,579
415,280
Grant funding of activities (see note 7)
96
6,596
Share of support costs (see note 8)
3,437
4,668
Share of governance costs (see note 8)
10,500
10,500
437,612
437,044		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest
9,475
1,725
Income from investment properties
96,947
109,083
106,422
110,808
5
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
470
696
6
Charitable activities
2023
2022
£
£
Staff costs
208,909
203,961
District assessment
48,541
45,036
Expenditure on manses
66,177
112,207
Expenditure on Circuit properties
48,036
33,803
Other expenditure
40,863
4,964
District advance fund
10,874
13,270
Minister relocation costs
179
2,039
423,579
415,280
Grant funding of activities (see note 7)
96
6,596
Share of support costs (see note 8)
3,437
4,668
Share of governance costs (see note 8)
10,500
10,500
437,612
437,044		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest
9,475
1,725
Income from investment properties
96,947
109,083
106,422
110,808
5
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
470
696
6
Charitable activities
2023
2022
£
£
Staff costs
208,909
203,961
District assessment
48,541
45,036
Expenditure on manses
66,177
112,207
Expenditure on Circuit properties
48,036
33,803
Other expenditure
40,863
4,964
District advance fund
10,874
13,270
Minister relocation costs
179
2,039
423,579
415,280
Grant funding of activities (see note 7)
96
6,596
Share of support costs (see note 8)
3,437
4,668
Share of governance costs (see note 8)
10,500
10,500
437,612
437,044
2023
£
208,909
48,541
66,177
48,036
40,863
10,874
179
423,579
96
3,437
10,500
437,612		 2022
£
203,961
45,036
112,207
33,803
4,964
13,270
2,039
415,280
6,596
4,668
10,500
437,044

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

7 Grants payable

Grants to institutions:
Kings Hall Methodist Church
Beyond the Street
Other
8
Support costs allocated to activities
Printing, postage and stationery
Sundry
Payroll service
TMCP management fee
Bank charges
Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Audit fees
Accountancy
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements		 2023
£
-
-
96
96
2023
£
167
1,547
480
837
406
10,500
13,937
13,937
2023
£
5,500
5,000
10,500
2023
£
5,500		 2022
£
6,500
96
-
6,596
2022
£
329
2,153
480
1,355
351
10,500
15,168
15,168
2022
£
5,500
5,000
10,500
2022
£
5,500

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

10 Trustees

The Superintendent of the Circuit, the other Presbyters 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 Presbyters 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.

Remuneration:

Stipends of Presbyters
Employer's National Insurance contributions
Employer's pension contributions to a defined benefit pension scheme		 2023
£
114,756
10,859
28,513
154,128		 2022
£
110,230
10,653
27,787
148,670

The reimbursement of Trustees' expenses were as follows:

Travel
Telecommunications
Postage, printing & stationary
Relocation
Other
Training		 2023
£
977
5,330
1,922
-
179
(33)
8,375		 2022
£
360
3,982
1,116
2,039
-
476
7,973

11 Employees

The average monthly number of employees during the year was:

Ministers
Lay and administrative staff
Total		 2023
Number
4
4
8		 2022
Number
4
4
8

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

11
Employees
Employment costs
Stipends
Wages and salaries
Social security costs
Staff administration costs
Other pension costs		 (Continued)
2023
2022
£
£
114,756
114,231
34,722
34,220
12,783
12,847
17,357
13,405
29,291
29,258
208,909
203,961		 (Continued)
2023
2022
£
£
114,756
114,231
34,722
34,220
12,783
12,847
17,357
13,405
29,291
29,258
208,909
203,961
203,961

Stipends were paid to 4 Presbyters during the year.

The Circuit employs lay staff involved in both Administration and Mission work. The costs of these staff are shown below in their separate categories.

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.

Pensions

Most ordained presbyters and deacons are members of the Methodist Ministers' Pension Scheme (MMPS). This is a defined benefit scheme. The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters and deacons) are not employees of the Church. For simplicity, however, when dealing with National Insurance Contributions and pension contributions, the terms 'employer' and 'employee' are used as they would be in an employing body.

On the other hand lay employees are contractually employees and have the option of joining the Pension and Assurance Scheme for Lay Employees of the Methodist Church (PASLEMC). PASLEMC is a defined benefit scheme and the Circuit contributes as employer to this scheme.

The Connexion accounts for both the MMPS and PASLEMC pension schemes and shows the figures in the annual Methodist Church in Great Britain accounts. Both pension schemes are in deficit but a plan for removal of the deficit has been proposed and is being implemented. Details of the deficits can be found in the Annual Report and Accounts of The Methodist Church at https://www.methodist.org.uk/media/28627/ financial-report-year-to-august-2022.pdf .

12 Key management personnel

The Circuit's key management personnel are the ordained ministerial staff as listed on the legal and administative page. The only remuneration they receive directly from the circuit is the reimbursement of expenses. Their stipends are paid by the National Methodist Church but funded in full by the Circuit and are published in the minutes of the Annual Conference. Circuit Stewards make up the other half of the management team. They work on a voluntary basis and only receive occasional reimbursement of expenses.

The total amount of the employee benefits (including employer pension contributions received by the key management personnel for their services to the Circuit was £154,128 (2022: £148,670).

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

14
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 September 2022
1,024,705
At 31 August 2023
1,024,705
Depreciation and impairment
At 1 September 2022
-
At 31 August 2023
-
Carrying amount
At 31 August 2023
1,024,705
At 31 August 2022
1,024,705
15
Investment property
Fair value
At 1 September 2022
Net gains or losses through fair value adjustments
At 31 August 2023		 Plant and
equipment
£
3,938
3,938
3,938
3,938
-
-		 Total
£
1,028,643
1,028,643
3,938
3,938
1,024,705
1,024,705
2023
£
4,418,000
302,501
4,720,501

Investment properties comprise four flats at Havelock House and the properties at 37 and 39 Newton Avenue and 27 Rosemont Road. The Trustees obtained an independent professional valuation for the Havelock House and Newton Avenue properties in the year ended 31 August 2015. The Trustees also obtained an independent valuation of the Rosemont Road property in May 2022. During the year the Trustees used the House Price Index average movement for flats and houses in the Borough of Ealing to revalue the investment properties owned by the Charity.

The carrying amount of the investment properties if valued at its original cost would have been £26,112 (2022: £26,112).

16 Debtors

Debtors
2023 2022
Amounts falling due within one year: £ £
Prepayments and accrued income 3,856 3,992

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

17 Creditors: amounts falling due within one year

Deferred income
Accruals and other trade creditors		 2023
£
51,805
24,677
76,482		 2022
£
52,713
25,394
78,107

Deferred income arises from Circuit assessments received in advance of the period to which they relate.

18 Retirement benefit schemes

Retirement benefit schemes
2023 2022
Defined benefit schemes £ £
Charge to profit or loss in respect of defined benefit schemes 29,291 29,258

Stipendiary Circuit Ministers are eligible to join the Methodist Ministers' Pension Scheme (MMPS). The MMPS is a funded defined benefit scheme maintained by The Methodist Church of Great Britain where ministers contribute 9.3% of stipend and the Circuit 26.9% to this scheme. As the Circuit is unable to identify its share of the underlying assets and liabilities of the scheme, the Circuit has taken advantage of the exemption in the Financial Reporting Standard 102 Retirement Benefits, and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

Lay employees have the option of joining the Pension and Assurance Scheme for Lay Employees of the Methodist Church (PASLEMC).PASLEMC is a defined benefit scheme where employees contribute 6% of salary and the Circuit contribute 6% to this scheme. Again, the Circuit is unable to identify its share in the underlying assets and liabilities of the scheme and has taken advantage of the available exemption, and accounted for its contributions as if it were a defined contribution scheme.

The Connexion accounts for both the MMPS and PASLEMC pension schemes and shows the figures in the annual Methodist Church in Great Britain accounts. Both pension schemes are in deficit but a plan for removal of the deficit has been proposed and is being implemented.

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 At 31 August
September 2023
2022
£ £
13,246 13,246

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

19 Restricted funds (Continued)
Previous year: At 1 At 31 August
September 2022
2021
£ £
Benelovent fund 1,502 1,502
K1-Future 11,422 11,422
3 generation 322 322
13,246 13,246

Benevolent fund: Circuit Benevolent Fund - Support for individuals in specific need.

K1-Future: Kings Hall (K1) Future Church fund represents funds received for the re-establishment of a church at the Kings Hall site.

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources Gains and At 31 August
September resources expended losses 2023
2022
£ £ £ £ £
General funds 5,878,562 302,300 (437,612) 302,501 6,045,751
Previous year: At 1 Incoming Resources Gains and At 31 August
September resources expended losses 2022
2021
£ £ £ £ £
General funds 5,859,644 315,962 (437,044) 140,000 5,878,562

21 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fund balances at 31 August 2023 are represented by:
Tangible assets
1,024,705
-
Investment properties
4,720,501
-
Current assets/(liabilities)
300,545
13,246
6,045,751
13,246		 Total
2023
£
1,024,705
4,720,501
313,791
6,058,997

EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35/24)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

21 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
Fund balances at 31 August 2022 are represented by:
Tangible assets 1,024,705 - 1,024,705
Investment properties 4,418,000 - 4,418,000
Current assets/(liabilities) 435,857 13,246 449,103
5,878,562 13,246 5,891,808

22 Related party transactions

None of the Circuit Trustees made donations direct to the Circuit during the year or the preceding year. The Circuit Trustees are members of one or another church within the Circuit and may be Trustees in their churches.

Related parties include the Methodist Connexion, the London District and churches within the Circuit, other Methodist Districts in Great Britain, the Central Finance Board (CFB) and Trustees for Methodist Church Purposes (TMCP).

There were no related party transactions in the year under review other than those disclosed elsewhere in the notes.

23
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
Decrease in debtors
(Decrease) in creditors
(Decrease) in deferred income
Cash absorbed by operations
24
Analysis of changes in net funds		 2023
£
(135,312)
(106,422)
136
(717)
(908)
(243,223)		 2022
£
(121,082)
(110,808)
16,390
(12,967)
(242)
(228,709)

The Circuit had no material debt during the year.