Charlty reglstration numbor 1134040 {England and Wales) EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) LEGAL AND ADMINISTRATIVE INFORMATION Ordalned Trustees Revd Radiel Bending {Superintendent Removed 31 Aug 2024 Minister) Revd Dr Steph8n Day (Superind8ndent Minister) Revd Nigel Cowgill (Co-chair London Removed 31 Aug 2024 District) R8vd Dr Jonathan Dean {Co-Chair London District) Revd Susan Male Revd Ajay Singh Appointed 1 Sept 2024 Appointed 25 Mar 2025 Clrcuit Stewards Fleur Hatherall Jane Horwi¢h Stephen Sears {Circuit Treasurer) Karen Whitehouse George Masih Appointed 10 Dec 2024 Lay Tru8tee8 Alex Anteyi Simon Bhatti Michael 8rown Hector Chidiya Sybil Corbin Samuel Daniel Anil Griffin Colin Hatherall Colleen Hicks Martin Kingsnorth George Lafford Janet Malamah-Thoma8 Harmash Masih Derek Matthew8 Brian Morris Sylvia Murray Michael Pidoux Helen Pye-smith Louise Singleton Vinnette Small Catherine Thomas Matthew Whilehou88 Paul Williams Chades Wredu Removed 25 Mar 2025 Removed 29 Nov 2023 Removed 13 Sep 2023 Removed 13 Sep 2023 Appointed 13 Sep 2023 Appointed 25 Maf 2025 Charity number 1134040
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) LEGAL AND ADMINISTRATIVE INFORMATION Audltor Summers Morgan First Floor, Sheraton House Lower Road Chorleywood Hertfordshire VVD3 5LH Bankor8 Barclays Bank Pl¢ 53 The Broadway Ealing London W5 5JS Inve8tmont advlsorn Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A4PE Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) CONTENTS Page Trustees, report Statement of Trustees, r8sponslbilities Independent auditorfs report 8-10 Statement of financial actsvities 11 Balance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-27
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their report and financial statements for the year ended 31 August 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice {SORP) "A¢UntIng and Reporting by Charities. (FRS 102) in preparing the annual report and financial slatements of the charlty. The financial statements have been prepared in arxordance with the accounting policles set out in note 1 to the financial ststemenls 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 accordan with the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019) ObJectlv6 The purpo88s of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of., The Christian faith in accordance with the doctrinal standards and the dI1p11n8 of the Methodist Church. Any charitable purpose for the time being of any Connexional, District, Circuit, local or other organisation of the Methodist Church. Any tharitable purpose for the time belng of any soclety or institution subsidiary or andllary to the Methodist Church. Any purpose for the tlme belng of any charfty belng a chsrlty Subsidiary or ancillary of Ihe Methc<list Church. The charity's objective 1$ to act as a resource provider wtthin the area around Ealing, West London, for the Methodist Church. In setting our objectiv88 and planning our activities, the Circuit has carefully considered the Charity Commission's general guidance on publlc benefit, particularly its supplementary public interest guidance on advancing our objectives as set out above. Alms and actlvltles Ealing Trinity Circuit draws on the Methodlst Church in Britain's vision as a "discipleship movement equipped for mission and works to priorities taken from "Our Calling within our local context. The Circuit'8 mi88ion Is to be a powerful 8piritual influenGe in the community and a visible expression of God's inclusive love. The Circuit aims lo achieve this by encouraging, through the churches in our Circuil, th8 worship, social and outreach activities that currently exist,. seeking new ways to extend to others the fellohIp of the Church family., and through these to develop the life of the Circuit and its churches. The Circuit's aims and activities within the objedives and purposes are, To resource worship in each of the churches and congregations of the Clrcuit, including some online and live-streamed seiCe8. To hold worship and social gatherings for the whole Circuit gathered as one on at least four occasions each year. To resource regular events to develop faith diseApleship, knowledge and practice, including Bible studies and prayer gatherings. To provide a ministerial staff to support, organise and care for those volunteers who offer pastoral care within our churches and indeed to provide pastoral care themselves. To offer training in areas such as pastoral care and safeguarding. To offer training to officers, both volunteers and employed, to enable their development and the practice of their tasks within the organisation., To identify missional needs and to work with partners to fulfil them., To work in partnership with local e¢umenical, inter-faith, charitable and statutory bodies.
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Review of Progre8$ and Achievement8 Throughout the financial year, the Ealing Trinity Circuit had five staff members.. Revd Rachel Bending, Revd Susan Male, Revd Aj'ay Singh, Mrs Marcia Pinnock-Roye (Circuit Pastoral Assistant, 10 hourslweek) and Mr Will Quansah {Circuit Finance Officer, two days per week). During the year, Mr Gerald Barton, the Circurt Administrator, and Mr Monty Grigg, the Circuit Propety Administrator, retired. The Circuit responded to the retirements of the Circuit Administrator and Circuit Propety Administrator by creating the role of Circuit Manager. to which Mr Andy Brierley was appointed in April 2024. Revd Rachel Bending was appointed Chair of the Southampton District and thu8 indicated she would leave the Circuit on 31 August 2024. The Circuit entered stationing and Revd Dr Stephen Day was stationed as the Sup8rinlendent minister from 1 September 2024. The Circult Trustees made the difficult decision for the congr8gation at Pitsh8nger Methodist Church to cease to worship. Some members of the congregation continue to gather monthly. Circuit Trustees will make deasion8 later about the future of the church premises. The King's Hall in Southall closed in 2013 because it had become unsafe for public use. The Urdu and Hindi- speaking congregation continues to worship in the afternoon at Gr8enford Methodist Church, while members of the English-speaking congregation have joined other Circuit Ghurches. After several unsuccessful attempis to redevelop the King's Hall to provide worship and community spac8 alongside residential accomm¢)dation, support from the wider Methodist Church in 8rilain has been sought in the hope this will create new possibilities. The Circuit manages a portfolio of local propertles which are rented to generate income to support tho Circuit's mission and ministry. Alongside weekly Sunday worship in churches, there were occasional joint services (betsveen bNO Clr¢uit churches) and Clrcuit services involving all churches throughout the year. The8e services have helped to build a Sense of identity and unity within the Circuit. Revd Susan Male led weekly Bible studies on John's Gospel. Weekly online prayer meetings took pla in several churches, such as Ealing Green, Greenford, Kingsdown and Northolt. Study groups also took place during Advent and Lent throughout Ihe Circuit. The Clrcuit has offered tralnlng to volunteers for specific roles, such as Foundation Module safeguarding training. Church and Circuit office holders in specific roles were advised to complete Unconscious Bias and Equality, Diversity and Inclusion training. as mandated by the Methodist Church in Britain. Revd Susan Male tutors several people drawn from this and a neighbouring Circuit in their fonnation as Local Preachers or VVor8hip Leaders. Circuit Churches. such 88 Ealing Green and Hanwell, participate In the ecumenical Ealing Churches Wnter Night Shelter, which offers overnight accommodation throughout the winter to up to 14 guests who would otherwise be homeless. Circuit churches also support vulnerable local people livlng in food poverty from several bases acro$$ the borough. The Welshore Community Hub moved to a new base at Greenford Methodist Church when ils former venLte became unavailable, offering support to local people, including a coffee morning and food parcels. Several local churches, such as Earing Green, Greenford and Hanwell, host weekly coffee mornings to engage with the local Community. The coffee mornings at Ealing Green involve students with learning diffi¢Llties to help them pr&pare for work. Churches also host various soaal gatherings and events to raise funds for charities. Adon Hill Church hosls a series of classical music o)ncerts. The Circuits ministers participate in the ecumenical West London Leaders. Circuit churches psrtirApat8 In local ecumenical bodies.
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Flnancial roview The circuit prepares ac¢rual8 financial statements. The Circuit budget is prepared by first anticipating the expenditure for the forthcoming year and then determining, in discussion with the Individual thurche3 how that sum will be raised. Normally about 70Dh of the Circuit income comes from the individual churches within the Circuit by means of an assessment agreed with each ¢hurch. The value of Circult funds as at 31 August 2024 was £5,958,764, a decreas8 of £100,233 from the previous year. The Circuit doe8 not use performance indicators to measure 'outputs' as these are not appropriate for the type of activities undertaken by the Circuil. The principal 80urce8 of fvnds are as5es8ments paid by churches within the Circuit and income from let properties. This income financ83 ministers, stipends, staff salaries and the general running costs of the Circuit. Funds held by the circuit are invested with the Tru8tees for Methodlst Church Purposes nationally In accordance with the social investment policies ol the Methodist Church. No grants were received by the Circuil in the 2023124 financi81 year, The Clrcultlg a member of the Association of Church Accountants and Tre8surer8. The repairs and maintenance expenditure during the year on propety wa8 written off and not capitslised. At no time durlng the year was the Circuit insolvent either in terms of its asset8 or in temi8 of its ability to pay Its debts as they become due. R080rves Policy The Circuit believes that it should ensure that it has re8erve8 8ufficient to cover the stipend8 and employment costs of its ministers and other staff for the full ensuing year but not to meet any redundancy pay should this be payable. Th18 Sum is estimated at £201,294 for the next financial year. Other fixed costs of the Circuit, induding the District Levy and District Assessments, are estimated at £60,939 for an entire year, The Circuit deem8 It prudent to hold sufficient to cover these costs for six months, 1.8, £30,469. The total of these posslble costs is £231,763. At the balance sheet date the Circuil held free res8rves, a$ defined by Ihe Charity Commission, of £193,498,. the trustees believe that through effective management of their expenses and increased income, the reserve position should improve.
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Risk Assessment The Circuit Leadership Team continues to review the regulatory framework in which the Circuit operates and where il finds areas of risk to the Circuit, appropriate action is taken to minimise the risk. Principal risks and uncertainties., In seeking to minimise the risk posed by the ongoing financial deficit, the Circuit reduced its staffing by one ordained presbyter in September 2020 and one ordained deacon in August 2023. The Circuit is carefully reviewing its budgets and raising awareness of the issue across the Circuit. The Circuit continues to review its governance and management structures to make them more appropriate for the Circuil's mission and activities. The appointment of th8 Circuit Manager is part of this ongoing process. King's Hall.. The King's Hall building remains derellct and thus poses public liabilily risks, Including the risk of occupation by squatters and reputational damage. The Circuit has mitigated these risks by ensuring wular inspections of the site and holding public Ilability insurance. The Circuit will Continue to explore the potential to redev81op the premises in the coming year, although this carries financial risk8 due to the investment needed to explore options and the risk that it may not be possible to achieve the desired redevelopment. Safeguardlng Ev8ry person ha8 a value and dignity which comes directly from the creation of mal8 and female in God's image and likeness. Christians see this potential as fulfilled by God's recreation of us in Christ. Among other things this implies a duly to value all people bearing the image of God and therefore to protect them from ham. The Ealing Trinity Methodist Circuit commits itself to ensuring the implementation of Methodist Connexional Safeguarding policy., gov8rnment legislation, guidance and safe practice in the Circuit and in the churches in support of this. Local church and Circuit Safeguarding Officers have ensured that those new to the relevant offices withln local Churches and the circuit have obtained a DBS disclosure and attended the Foundation Module training offered by the London District. Revd Rachel Bending and Mr Paul Williams are qualified to offer Foundation training within local churches or across Ihe Circuit. Local church Safeguarding Officers have also been maklng Sure that those who hire our premises are compliant with safeguarding policy and practice. The Ealing Trlnity Methodist C1Ult commits it8elf to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in 8afeguarding and promoting the Welfa of children and adults who may be vulnerable. Plans for the future During the year beginnlng 1 September 2024, the Circuit inlends to focus on the following.. Organlsatlon Seek and appoint new Circuit Stewards, ideally with one from each church. Develop planned maintenance strategies for Circuit manses and other Circuit properties. Review historical documents so that important documents can be stored electronically and others destroyed.. Mlsslon Seek to discem the vision for the Circuit in light of our current context. Work with colleagues in the wider Methodist Chur¢h to explore opportunities to redevelop the King's Hall in Southall. Seed new mission initiatives in local churches responding to needs in their communities Dlscipleshlp and splritual dovolopment Offer training to Circuit trustees to ensure they understand their responsibilities. Ensure that rèlevant officeholders do Unconscious Bias and Equality, Diversity and Inclusion training.
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124> TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structurei governance and management The Circuit is governed by the Methodist Church Act (1976), the Deed of Union (1932) and the Model Trust Deeds of the Methodist Church. The Ealing Trinity Methodist Circuit 1$ registered as a charity (1134040). Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of theAnnual conferen (CPDI. The Connexional Office implements decisions made by Conference and Is also responslble for the stationing of presbyters in individual circuits. Connexional decisions are passed to the Chalr of the District and appropriate officers of the district for regional implementation. The district passes control down to Circuit level for local implementation by the Sup8rintendent minlster, ministerial staff and circuil stewards via the medium of the Circuit Meeting. The membership of the Circuit Meeting 1$ laid down in the Constitutional Practice and Discipline of the Methodist Church. Together the members of the Circuit Meeting are the Managing Trustees of the Circuit. Rglatad Partios The Circuit is part of the London District and is also accountsble to th& M6thodist Conference. The following Methodist churches are linked to the Circuit= Acton Hill la Local Ecumenical Partnership with the Unlted Reformed Church} Ealing Green (a Local Ecumenical Partnership wilh the Unlted Reformed Church} Greenford Hanwell Kingsdown King's Hall l¢ongregation meeting at Greenford Methodist Church) Northolt Tru8t088 As set oul in Methodist Standing Order 510 of CPD, the members of the Ealing Trinity Methodist Circuit Meeting are the Charity Trustees, membership being made up of ministers and circuit office hold8rs, who are automatically trustees, together with representatives appointed by the local churches. Owing to the number of individual churches in the Circuit and the fact that the majority of the Circuit Meeting members are those elected by individual churches, it is clear that the makeup of the meeting is subject to frequent change. There are 29 trustees as of 31 August 2024 {2023'. 341. A list of trustees 18 provided in the Legal and Administrative Infomiation page. Trustee, Recrultmen( Tralnlng and Inductlon Pollcy All Circuit Trustees undertake the training and induction of trustees using resources provlded by the Methodist Church in Britain and the Charity Commission. Circuit Stewards have special duties 8nd responsibilities and they recelve specific induction and ongoing training through the London District. All Trustee8 in the Circuit and churches are 8ncouraged to undertak8 further trainlng 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 (35124) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Approval of Trusteas. report So far as each of the trustees is aware, there is no relevant information that has not been disclosed to the auditor, and each of the trustees believes that all steps have been taken that otsght to have been taken to make them awar8 of any relevant infomiation. The Trustees, report was approved by the charity's Board of Trustees at th8 Circuit Meeting held on ....i.J..Sufy£..zo Rovd Dr Stephen Day ISuperintsndent} Tru3tee Dated. ..,i.&/o$./?. o a-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees are re8pon51ble for preparing the Trustees, Annual Report and thè accounts in accordance with applicable law and United Kingdom Accounkn'ng Standards (United Kingdom Generally ApIed Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the charsty's financial activities during the year and of its financial position at the end of the year. In preparing these accounts, the Trustees are required to.. select 5Ultable accounting policies and then apply th8m consistently. observe the methods and principles in the Charities Statement of Recommended PractiC8', make judgements and estimates that are reasonable and prudenl., State whether applicable accounting standards have been followed, subject to any material departures di8dosed and explained in the accounts., and prepare the accounts on the going concern basis unless it 18 inapproprlate to presume that the charlty wlll contlnue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Ealing Trinity Methodist Circuit and enable them to ensure thal the financlal statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trLÈSt dead. They are also responsible for safeguarding the assets of the Clrcuit and hence for tsking reasonable steps for the prev8ntion and detection of fraud and other irregularitie8.
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) Oplnion We have audited the financial statements of Eallng Trinity Circuit of the Methodist Church {35124) (the 'Circuit'} for the year ended 31 August 2024 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 R8porting Standard applicable in the UK and Republic of Ire18nd (United Kingdom Generally Accepted Accounting pra1). In our opinion, the financial statements.. give a true and fair view of the state of th8 charity's affairs as at 31 August 2024 and of ils incoming resource8 and application of resources, for the year then ended., have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practio., and have been prepared In accordance with the Charities Act 2011. Ba818 for oplnSon We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UKI) and applicable law. Our responsibilities under those Standards are further described in the Auditoffs r8sponsibilitl88 for thg audit ol thg financial statements section of our report. We are independent of the Circuit in accordance with the ethical requirement8 that ar8 relevant to our audit Df 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. Conclu8lon8 relatlng to going concern In auditing the financial statements, we have concluded that the Trustees, u88 of the going concem basis of 8ccounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncèrtainties relating to events or onditions that, individually or collectively, may cast significant doubt on the Circuil's ability to continue as a golng concern for a period of 81 least e1ve months from when the financial statements are aulhorised for issue. Our responsiblllties and the respon8ibilitle8 of the Tru8tees with respect to going concern are de8¢ribed in the relevant sections of this report. Other infomiatlon The other information ¢omprr8es the Information Included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible fcsr the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomialion and we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other infomiation 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 malenal inconsistencies or apparent material misstatements, we are required to determirse 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 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Mattern on whlch we are requlred to report by exceptlon We have nothing to report in SpeCt of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion.. the information given in the financial statements is inconsistent in any material respect with th6 Trustees, report; or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records-, or W8 have not reiVed all the information and explanations we require for our audiL
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) Ra8pon8lbllltla8 of Trustse8 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 det8rmine is necessary to enable the preparation of financial statements that are free from material mi8ststement, whether due to fraud or error. In prepaiing the financial statements, the Trustees are responsible for assessing the Circuit's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unles8 the Trustees either intend to cease operations, or have no realistic alternative but to do so. Auditor's ra8ponsibilltlo6 for the audlt of the flnanclal 8tatem•nts W8 hav8 been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant r8gulations 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 auditols report that includes our opinion. Reasonable assurance 18 a high level of assurance but 18 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 econcmic decisions of users taken on the basis of these financial statement8. 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, 18 delailed below. Extont to whl¢h the audit was consldergd capable of dètectlng Irregularlties, includlng fraud Our approach to identifying and assessing the nsks of material misstatement in resped of irregularities, indLKJing fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had th8 appropriate competeno, Capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. and we identified the laws and regulations applicable to the charity through communications with the Trustees and other management, and from our knowledge and experience of the sector., and we focused on specific laws and regulations which we considered may have a direct material effed on the financial statements or the operations of the chairty, including the Charities Act 2011 and taxation and employment legislation., and we assessed the extent of compllance with the laws and regulatlons Identlfied above through making enquiries of management.. and identified laws and regulations were communicated wlthin the audit team and the team remained alert to instan8 of non-compliance throughout the audit. We assessed the Susceptibility of the charity's financial Statements to material misstatement, including obtainlng an understanding of how fraud might occur, by: making enquiries of management as to where they conSided there wa8 susceptibility to fraud, their knowledge of actual, su5pe¢ted and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and ovérride of controls, we: performed analytical procedures to identify any unusual or un8xpected relationships- and tested journal entries to identify unusual transactions., and investigated the rational8 behind significant or unusual transactions.
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limit6d to.. agreeing financial statement disclosures to underlying supporting documentation,. and enquiring of management as to actual and potential litigation and claims., and reading the minutes of me8tings of the board of trustees. There are inherent Ilmitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and management and the inspection of regulatory and legal correspondence, if any. A further description of our responslbilities is available on the Financial Reporting Council's w8bsite at.. https.'Il www.frc.org.uklauditorsrespon8ibilities. This description fomis part of our auditovs report. U80 of our roport This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so thal we might state to the charity's trustees those matters we are required to slate to them in an auditor's report and for no oth&r purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's tru$tee8 as a body, for our audit work, for this report, or for the opinion8 we have formed. Nlcholas Corden A enlor Statutory Audltorl For and on behalf of Summers Morgan, Statutory Audltor Chartered Accountants First Floor, Sheraton House Lower Road Chorleywood ertfordshire WD3 5LH Date.. 2316125 Summers Morgan is eligible for appointment as auditor of the Circuit by virtue of It8 ellgibility for appointment a8 auditor of a company under section 1212 ofthe CompaniesAct 2006. 10-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted R88trlcted funds funds 2024 2024 Total Unrestricted nds 2023 Restricted funds 2023 Total 2024 2023 Noteg Donations and legacies Circuit assessment Investments other income 2,420 250,966 137,926 26,992 75,000 77,420 250,968 137,926 26,992 195,408 106,422 470 195,408 106,422 470 Total Income 418,304 75,000 493,304 302,300 302,300 Charitable activltle8 Other 593.537 593,537 437,612 437.612 Not (outgolngllincornlng rasourcg$ (175,233) 75,000 (100,233) (135,312) (135,312) Other recogni8od galns and108898 Revaluation of investment properties 302,501 302,501 Net movomont In fund• (175,233) 75,000 (100,233) 187,189 167,189 Fund balan8 at 1 September 2023 6,045,751 13,246 8,058,997 5,878,582 13,246 5,891,808 Fund balancos at 31 August 2024 5,870,518 88,246 5,958,764 6,045,751 13,246 6,058,997 The statement of financial activities includes all gain8 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. 11
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notos Flxod assets Tangible assets Investment property 15 16 1,031,519 4,720,501 1,024,705 4,720,501 5,752,020 Current assets Debtors Investments with TMCP Cash at bank and in hand 5,745,206 18 19 51,760 65,827 160,947 3,856 217,478 168,939 278,534 390,273 Credltor8: amounts falllng due withln ono yoar 20 71,790 76,482 Net current 8888ts 206,744 313.791 Totsl a880ts1088 current Ilabilitle8 5,958,764 6,058,997 Tho funds of the C1ult Restricted income funds Unrestricted fvnds - general Unrestricted funds - Circuit Model Trust Fund Revaluation reserve 22 88,246 1,109,402 13,246 1,132,984 65,827 4,895,289 217,478 4,695,289 5.958,784 8,058,997 The financial statements were approved by the Trustees on . Revd Dr Stephen Day (Superintendent) Trustee 12-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flow8 from operating activilios Cash absorbed by operations (290,380) {243,223) Investlng actlvltles Purchase of tangible fixed asset8 Proceeds from disposal of inve8tment8 Investment income received (7,189) 151,651 137,926 1217,478) 106,422 Net ca8h generated froml(u86d In) Inve8tlng actlvitles 282,388 (111,056) Not ca8h gonoratsd from flnanclng actlvltle8 Net decrease In cash and cash equlvalents (7,9921 (354,279) Cash and cash equivalents at beginnlng of year 168,939 523,218 Cash and cash equlval8nt8 at end of year 160,947 168,939 13-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcl08 Charity Information Ealing Trinity Circuit of the Methodist Church (35124) is an unincorporated Charity in England and Wales. 1.1 A¢countlng conventlon 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" I'FRS 102") and the Charities SORP 'A¢UntIng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab18 in the UK and Republic of Ireland (FRS 102)" (effectlve 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 vlew. This departure has involved following the Statement of Recommendeé Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which 18 referred to in the Regulations but which has since been withdrawn. The financial ststements are prepared in sterling, which Is the functlonal currency of the Clrcult. Monetsry amounts in these financial statements are rounded to the nearest £. 1.2 Going concarn 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 Charltsble funds Unrestricted fund8 are available for use at the discretlon of the tru8t8es in furtherance of their charitable objectives unless Ihe 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 statement8. 1.4 In¢ome Donations and legacies are accounted for when entitlement has been confimed, the amount can be measure and receipt 13 probable. The Cir¢uiVs assessments are accounted for on a receivable basis,. when the Circuit become8 entitled to the resources, the trustees are virtually certain they will receive the resour$ and the monatary value can be measured with SLrficient reliability. Rents received on manses currently uno¢¢upied by a Minister and so available for lettlng are accounted for on a receivable basis. Grants receivable are induded when the relevant conditions for the grant have been met. Investment income is accounted for on a receivable ba518. Other income is accounted for on a receivable basis. 14-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcle8 Icontinugd) 1.5 Expenditur• Expènditure is recognised once there is a legal or constructive obligation to transfer economic b8n8fit to third party, it Is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measLJred reliably. Expenditure is classlfied by activity. The costs of each activity are made up of the total of direct costs and shared costs, induding support ¢08t8 involved in undertaking each activity. Direct costs attributsble to a single activity are allocated directly to that activity. Shared co$t$ which contribute to mor8 than one activity and support Costs which are not attributable to a single activity are apportion8d beeen those activities on a basis consistent with the use of reSoUrs. Central staff Costs are allocaled on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. All expenses are accounted for on an aGGruals basis. Thls is recognised when a liability is incurred, or constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as 800n as an oufflow of economic benefit is consldered more likely than not under the legal or constructive obligation committing the Circuit to pay OLrt resources. 1.6 Tangible Ilxed a888t• Land end buildings are ststed at cost or In the case of donated assets at valuation at the date that the a88ets 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 WOLtld not b8 material. A¢¢ordingly, no depreciation is provided on freehold properties used for charitable activities. Any material impairment in the value of such propertles, following an annual review, would be chargeable to the Statement of Financial Activities. Plant and machlnery having an Inltial Cost greater than £1,000 are capitalised and stated at cost le83 depreciation. Depreciatlon is recognised so as to write off the cost or valuation of assets less th8ir residual values ov8r their useful lives on the following bases.. Plant and equipment 33.33% reducing balance The gain or Ioss arising on the dlsposal of an asset 1$ determined a8 the difference between the sale proceeds and the carrylng value of the asset, and is recognised in the statement of financial activitles. 1.7 Investment propertles Investment properties, which are residential properties held to eam rentals andlor for capital appreciation, and which are surplus to staffing requirements, are initially measured at cost and subsequently measured using fair value mod81 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 Impalrment of fixed assets At each reporting end date. the Circult rev18WS the carrying amounts of its tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indution exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient 1088 and any impairments are recognised in the Statement of Financial Aciivities. 1.9 Cash and ca8h equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with original maturities of three months or less. 15-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢countlng policies {Continuod) 1.10 Financlal instruments The Circuit has elected to apply the provisions of Section 11 'Basic Financial In$truments' and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instwments. Financial instruments are recognised in the Circult's balance sheet when th8 Circuit becomes paty to the contractual provisions of the instrument. Financial assets and liabillties are offset, with the net amounts presented In the financial stalements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to 88ttle on a net basis or to realise the asset and settle the liability simultaneously. Basic flnancial assets Basic financial assets, which include debtors and cash and bank balance8, are inltially measured at transaction price induding transaction costs and are subsequently carried at amortised ¢08t using the effective interest method unless the 8rrangement constitutes a financing transaction, where the transaction is measur8d at the present value of the futur8 receipts discounted at a market rate of intere8t. Financial assets classified as receivable within one year are not amortl88d, Baslc flnanclal Ilabllities Basic financial liabilities, including creditors and bank loans are initially Cognised at transaction prlce unless the arrangement constitutes a financing transaclion, where the debt instrumént is measured at the prèsent value of the futur8 payments discounted at a market rate of interest. Financial liabilities da$sified as payable within one year are not amortised. 1.11 Taxatlon Since the Circuit is not VAT registered, all input VAT is charged with the expen888 to which il refers, 1.12 Employee beneflts The cost of any unused holiday entitlement is recognised in the period In which the employee's services are received. Termination benefits are recognised immedlately as an expense when the Circuit is demonstrably committed to teminale the employment of an employee or to provide termination benefits. 1.13 Retirement benofits Stipendiary Circuit Ministers are eligible to join the Methodist Minist8rs' 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 sel each year by the Methodist Conference. 1.14 Grants Grants made by the Circuit from its own funds are recognised in full at th8 time of agreement or then the Circuit accepts that there is a legal or operational obligation to make the payment. en 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 instalrnents are paid in accordan with the originally agreed terms. 16-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollclos (Contlnued) 1.16 Mlni8torn' man80 CO8ts The Circuit is required to provide accommodation for each minister in the Circuit and this is a benefit to the Circuit. Minislers are expected to occupy the manse provided for them. The Circuit bears the cost of repairs, maintenance, buildings insurance, Council tax and water charges. Thes8 figures are not Separate declared as benefits-in-kind for ministèrs as HMRC does not tax these receipts in th6 hands of ministers. 1.16 ConsolidatSon The Circuit has denominational regulatory oversight In re8pect of the work of the Churches within the Circult but has no legal or operational control of those Churches and their governing bodies except in extr8me Circumstances. For this reason, the financial statements of Churches within the Clrcuit are not consolldated into these financial statements. Crltlcal accountlng 08tlmata8 and Judgemant• In the application of the Circuit's accounting policles. the Trustees are required to make judgements. 8Stimates and assumptions about the Carrying amount of assets and liabilities thal are not readily apparent from other sources. The estimates and Sssociated assumptions are based on historical experience and other factors that are considered to be relevant, Actual results may differ from the8e 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. The estimate and assumptlon whlch has a slgnificant r13k of causlng a material adjustment to the farrying amount of assets is outlin8d below. Valuatlon of Investment property The investment properties at Havelock House, NeOn Avenue and Rosemont Rd were subject to valualion8 by independent valuation teams in the previous periods and the Trustees have based their current valuations on these figures and then used the House Price Index average movements since these valuation dales to revalue these properties. The investment properties have been valued by the Trustees at £4,720,501 a5 at 31st August 2024. Income from donation8 and legacles Unrestrictsd Restrlctsd fund8 funds 2024 2024 Total Unro8trl¢tsd Restrlcted funds funds 2023 2023 Totsl 2024 2023 Donations and gifts Legacies 2,420 2.420 75,000 75,000 2,420 75,000 77,420 17-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from donatlons and legacles (Contlnued) Unr•strlcted Restrlctsd funds funds 2024 2024 Total Unr98trl¢ted R8Strlcted funds funds 2023 2023 Totsl 2024 2023 Donation8 and glftg Donation from Eallng Green Scouts Donation from Brenthan ladies choir 2,400 2,400 20 20 2,420 2,420 Legacle$ Share of legacy- Vera Marston 75,000 75,000 75,000 75,000 Clrcult as808gment Unr8strf¢tod Unr88trl¢ted Fund8 Funds 2024 2023 Acton Hill Methodist Church Ealing Green Methodist Church Greenford Methodist Church Hanwell Methodist Church King's Hall Methodist Church Kinosdown Methodist Church NorthoR Methodist Church Pitshanger Methodist Church 24,002 60,922 22,572 80,000 14,318 28,976 10,412 29.766 23,004 61,844 15,048 28,520 7,158 27,952 10,824 21,058 250,966 195,408 18-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from Investments Unrestrlcted Unre8tr1¢tsd funds funds 2024 2023 Interest Income from investment properties 15,471 122,455 9,475 96,947 137,926 106,422 Oth•r Incomo Unre8trlcted Unrestrlctod fund8 fund8 2024 2023 Other income 26,992 470 Charltsblo actlvltle• 2024 2023 staff costs District assessment Expenditure on manses Expendiluré on Circuii properties Other expenditur8 District advance fund Minister relocation costs 200,748 50,000 78,940 160,337 77,058 8,374 3,550 208,909 48,541 66,177 48,038 40,883 10,874 179 579,007 423,579 Grant funding of activities (see note 8) Share of 8UPPOrt cost3 (see note 9) sha of governan costs (see noto 9) 3,934 10,500 3,437 10,500 593,537 437,612 19-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Grants payable 2024 2023 Grants to institutions: Beyond the Street 96 96 Support C08ts allocatfrd to a¢tlvlti08 2024 2023 Depreciation Printing, postage and stationery Sundry Payroll service TMCP management fee Bank charges Govemance costs 375 838 1,222 480 620 399 10,500 187 1,547 480 837 406 10,500 14,434 13,937 Analysad botweon: Charitable activities 14,434 13,937 2024 2023 overnance c08ts compr188: Audit fees ACuntancY 5,500 5.000 5,500 5,000 10,500 10,500 10 Net movement In funds 2024 2023 The net movement in funds 18 ststed after chargingl(crediting): Fees payable for the audit of the charity's financial statements Depre¢iation of owned tangible fixed assets 5,500 375 5,500 -20-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Trusts88 The Superintendent of the Clrcuit, the other Presbyters and the remaining members of the CLT are considered as Key Management Personnel. The Superintendent chairs meetings of the CLT and CifCUIt Meetings. The members of the Circuit Meeting are the trustees of the Circuit. The stipends, employels NIC and employerfs pension contributlons and other expenses of the Presbyters of the Circuit are paid by the Circuit. The manses are provided by the Circuit and the Circuit maintgins th8 propety. The value of the Cwncil Tax and water charges paid by the Circuit is not disclosed here as HMRC does not regard this as a benefit-ln-kind n the hands of the minister. Remuneration.. 2024 2023 Stipends of Presbyters Employer's National Insurance contributions Employer's pension contributions to a defined benefit pension scheme 87,615 9,288 23,033 114,756 10,859 28,513 119,936 154,128 The reimbursement of Trustees, expens88 were 88 follow8.. 2024 2023 Travel Telecommunlcations P08tage, printing & stationary Relocatlon Other Training 910 6.038 1,070 977 5,330 1.922 819 966 179 {33> 9,601 8,375 12 Employoos The averdge monthly number of employee8 during the year was.. 2024 Number 2023 Number Ministers Lay and administrative staff Total -21-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH {35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Employees {Contlnued) Employment C08ts 2024 2023 Stipends Wages and salaries Social se¢urity costs Staff administration costs other pension costs 87,615 58,329 13,084 17,866 23,874 114,756 34,722 12,783 17,357 29,291 200,748 208,909 Stipends were paid to 3 Presbyters during the year. The Circuit employs lay Staff involved in both Administration and Mission work. The c08ts of these staff are Shown below in their separate Categories. No employees received employ8e benefits of more than £60,000. There is no accrual for holiday pay a8 It is immaterial,. the holiday year ends on 31 August. All stsff are paid at or above the living wage. Pen8lon8 Most ordained pre8byters 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 'employerf and '8mployee' ar8 uged 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 thls scheme. The Connexion accounts for both the MMPS and PASLEMC pension s¢hemes and shows the figure8 in the annual Methodist Church in Great Britain accounts. Both pension Schemes are in deficit but a plan for removal ofthe deficit has been proposed and is being implemented, Details ofthe deficits can be found in the Annual Report and Accounts ofThe Methodist Church at.. https'.Ilmedia.methodist.org.LJk/medialdo¢umentsl MCIGB Consolidat8d_Reports and_Financial_Statements 2023-24_- FINAL.pdf 13 Key management pgr8onno1 The Circuivs 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 Conferen. 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 ernployee benefits (including employer pension contributions reiVed by the key management personnel for their seNces to the Circuit was £119,936 (2023.. £154,128). 14 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. -22-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 Tanglble fixed as8et8 Fr•ghold land ond bulldlngs Phnt and •qulpment Totsl C08t At 1 Sept8mber 2023 Additions 1,024,705 3,938 7,189 1,028,643 7,189 At 31 August 2024 1,024,705 11,127 1,035,832 Depreclatlon and Impaimient At 1 September 2023 Depreciation Charged in the year 3,938 375 3,938 375 At 31 Augu8t 2024 4,313 4.313 Carrylng amount At 31 August 2024 1,024,705 6,814 1,031,519 At 31 August 2023 1,024,706 1,024,705 18 Investment property 2024 Falr valu At 1 September 2023 and 31 August 2024 4,720,501 Investment propertl88 comprise four flats at Havelock House and th8 properties at 37 and 39 Newton Avenue and 27 Rosemont Road. The Trustees obtained an independent professional valLJation for the Havelock House and Newton Avenue properties in the year ended 31 August 2015. The Trustees al$0 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 origlnal cost would have been £26,112 (2023.. £26,112>. 17 Flnanclal Instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profit or loss 65,827 217,478 18 Debtors 2024 2023 Amounts falling due wlthln one year: Prepayments and arxrued incom8 51,760 3,856 -23-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Curront asset Invostments 2024 2023 Investments held by Trustees for Methodist Church Purposes (TMCP) CMTF fund {unrestricted) - Trustees Interest Fund 65,827 217,478 The funds that support the Circuit Model Trust Fund are held by TMCP in Trustees Interest Funds on which interest Is cr8dited to the account8 each month. These are regarded as medium term inv8Stments, TMCP 18 the legal owner and Custodian Trustee of all Methodist Model Trust property, including legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trust66S who are responsible for the day to day management of trust propety. TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees MplY wilh charity and M8thodist law and pollcy as determined by the Methodist Conference. 20 Credltorn: amounts falling due wlthin one ygar 2024 2023 Deferred Income Accruals and other Irade creditors 38,225 33,565 51,805 24,677 71,790 76,482 Deferred income ari8e8 from Circuit assessments recelved In advance of the parlod to whlch they relate. 21 Retirement beneflt 8Ghema8 2024 2023 Doflned benefit 8chom98 Charge to profrt or loss in r8spect of defined benefit schemes 23,874 29,291 Stipendiary Clrcuit Ministers a eligible to joln the Methodlst Mlnisters, Pension Scheme (MMPS}. The MMPS is a funded defined benefit scheme mainlained by The Methodist Church of Great Britain where ministers contribute 9.3% of stipend and the Circuit 26.90/0 to this scheme. As the Circuit is unable to identify its share of the undertying assets and liabilities of the scheme, the Circuit ha5 taken advantage of the exemption in the Financial Reporting Standard 102 Retirem8nt 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 ben8fit scheme where employees contribute 8% 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 fo r removal of the deficit has been proposed and is being implemented. -24-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 22 Restrlcted 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. At1 Septemb8r 2023 Incoming At 31 August ro8ourca• 2024 Benelovent fund K1-Future 3 generation Manse refurbishment 1,502 11,422 322 1,502 11,422 322 75,000 75,000 13,246 75,000 88,246 Prevlou8 year: At1 S8ptomb8r 2022 Incomlng At 31 Augu8t rosource8 2023 Benelovent fund K1-Future 3 generation 1,502 11,422 322 1,502 11,422 322 13,246 13,246 Benevolent fund: Circuit Benevolent Fund - Support for indlviduals in speclflc need. K1-Future: Kings Hall (Kl) Future Church fund represents funds received for the re-e8tabli5hment of a church at the Kings Hall site. -25-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH {35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 Unrestrlctad fund8 The unrestricted fijnds of the charity comprise the unexpended balances of donatlons and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include dèsignated funds which have been set aside out of unr8Strided funds by the trustees for specific purposes, Included within the unrestricted ftJnd$ of th& charity are funds that support the Circuit Mod81 Trust Fund and are held by TMCP in a Twstees Interest Fund, on which int8re$t is credited to the accounts each month. At1 September 2023 Incomlng rosources Re80ur¢es At 31 August expendod 2024 Clrcuit Model Trust Fund General funds 217,478 1,132,984 8,893 409,411 (160.544) (432,993) 65,827 1,109,402 1,350,482 4,695,289 418,304 Revaluation reserve (593,537) 1,175,229 4,695,289 Prevlou8 yoar: At1 soptember 2022 Incoming re8ourcg8 Resourc88 At 31 August expendgd 2023 Circuit Model Trust Fund General fund8 293,604 1,192.170 7,981 294,319 (84,107) (353,5051 217,478 1,132,984 1,485,774 4,392,788 302,300 Revaluation reserve (437,612) 1,350,482 4,695,289 24 Analy81$ of not a880ts between fund8 Unrestrlctad funds 2024 Rastrlctsd funds 2024 Total 2024 Fund balancos at 31 August 2024 aro rnpre80ntod by: Tangible asset8 Inveslment properties Current as$etsl{liabilitie8) 1,031,519 4,720,501 118,498 1,031,519 4,720,501 206,744 88,246 5,870,518 88,246 5,958,764 -26-
EALING TRINITY CIRCUIT OF THE METHODIST CHURCH (35124) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 24 Analysi8 of net assets bgtwe8n fund8 (Continued) Unrnstrlctad funds 2023 Rostricted funds 2023 Total 2023 Fund balancos at 31 August 2023 are reprosent•d by: Tangible assets Investment properties Current assetsl{liabiliti88) 1,024,705 4,720,501 300,545 1.024.705 4,720,501 313,791 13,246 8,045,751 13,246 6,058,997 25 Relatsd party tran8actlon8 None of tha Circuit Trust8es made donations direct to the Circuil during the year or the preceding year. The Circuit Twstees are members of one or another church wlthin the Circult and may be Trustees in their churches. Related parties indude the Methodist Connexion. the London District and churches within the Circuit, other Methodist District8 in Great Britain, the Central Finance Board (CF8) and Trustee8 for M8thodi8t Church Purposes (TMCP). There were no related party transactions in the year under review other than those disclosed elSeere in the not9$. 26 Cash absorbed by opgratlonl 2024 2023 Deficit for the year {100,233) (135,312) AdJu8tments for: Investment incom8 recognised in statement of financial activities Depreciation and impairment of tangibl8 fixed a8sets (137,926) 375 {106,422) Movements in worklng capltal: (Increase)Idecrease in debtors Increasel{de¢rease) in creditors (Decrease} in deferred income (47,904) 8,888 (13,580) 136 (717) (9081 C48h absorbed by operatlons (290,380} (243,223) 27 Analysls of changes In net funds The Circuit had no material debt during the year. -27-