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2021-08-31-accounts

{2 The Methodist \<”_4 Church in Sheffield ... growing followers of Jesus

SHEFFIELD METHODIST CIRCUIT

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

Contents Pages
Trustees’ Report 1-9
IndependentAuditors’Report 10-12
StatementofFinancial Activities 43
BalanceSheet 14
Statement ofCashFlows 16
NotesonAccounts 16 -23
Appendix 24-26

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Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

Reference and Administrative Details

Name of the charity Sheffield Methodist Circuit — also known as The Methodist Church in Sheffield

Charity registration number 1134151, registered in England and Wales

Principal Office The Furnival 199 Verdon Street Sheffield $3 9QQ

Co-Superintendent Ministers of the Circuit Revd Gill Newton (appointed 14 September 2021) Revd Sally Coleman (resigned 14 September 2021) Revd James Morley (resigned 14 September 2021) Revd Lisa Quarmby (appointed 1 September 2020, resigned 31 August 2021)

Circuit Treasurer

Mr Arthur Lyons

Names of Trustees The Trustees are the members of the Circuit Meeting. At 31 August 2021 there were 130 Trustees (see Appendix 1) No trustee claims exemption from disclosure of his or her name on Appendix 4.

Bankers CAF Bank Limited Central Finance Board of the Methodist Church 25 Kings Hill Avenue 9 Bonhill Street Kings Hill London West Malling, Kent EC2A 4PE ME19 4JQ

investment managers and custodian trustees Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ

Auditors Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield $10 2QD

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Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

1 introduction

The Trustees of the Charity present their Annual Report and the audited financial statements for the year ended 31 August 2021.

The Circuit is an unincorporated association and is governed by the Methodist Church Act 1976, the Deed of Union and the Model Trust Deeds of the Methodist Church and was registered with the Charity Commissioners on 5 February 2010. 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 standing orders of the Methodist Church. The Circuit appoints ministers to be Co-Superintendent Ministers of the Circuit, whose duties are set out in the Standing Orders of the Methodist Church. The Circuit has established a CoSuperintendency Team to provide leadership and cohesion within the Circuit. On 1 September 2020 Revd Lisa Quarmby was appointed as a Co-Superintendent Minister and on 31 August 2021 she resigned as a Co-Superintendent Minister. For much of the year Revd Sally Coleman was on long term sick leave. At the Circuit Meeting on 14 September 2021 Revd Gill Newton, Chair of Sheffield Methodist District, became titular Superintendent Minister pending a review of the CoSuperintendency and any actions taken as a result. Revd Sally Coleman and Revd James Morley stepped down as Co-Superintendent Ministers. The review team made several recommendations which were approved by the trustees, including appointing one Superintendent Minister who would not have any pastoral charge of churches. It is hoped that a suitable person can be appointed to Start in September 2022.

The Churches forming the Circuit are themselves charities and, as they are responsible for their own financial affairs, they are not reported in these statements.

1.1 Purpose of the Circuit

The Circuit is an expression, over a wider geographical area than any Church, of the Connexional character of the Church.

The purposes of the Methodist Church are and shall be deemed to have been since the date of union the advancement of a) the Christian faith in accordance with the doctrinal standards and the discipline of the

The primary purpose of this Circuit is to advance the mission of the Methodist Church in Sheffield, the south of Barnsley and North East Derbyshire 1. By providing opportunities for Churches to work together and support each other: and 2. By offering to Churches resources of finance, personnel and expertise.

The Circuit serves the Local Churches and the District and Conference in the support, deployment and oversight of the various ministries of the Church, and in programmes of training.

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Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

2 Objectives and activities

The charitable objectives are the advancement of the Christian faith in accordance with the doctrinal standards and discipline of the Methodist Church.

The Circuit Meeting retains responsibility for setting the mission priorities of the Circuit, the overall strategy to deliver those priorities, the invitation of ministers, the oversight of local churches, the oversight of the Circuit's finances, the admission of people to the office of Local Preacher, and decisions on formal explorations of calls to ministry and candidates for the ordained ministry. The Circuit Meeting is assisted in the task of financial oversight by the Circuit Finance Team.

The Circuit Leadership Team (CLT) and the Circuit Mission Vision Team (MVT), appointed by the Circuit Meeting, are responsible for acting on behalf of the Circuit Meeting at other times. The CLT meets monthly and the MVT meets at least 4 times a year to consider grant applications, including meeting with applicants, and considering whether the application fulfils the Circuit's Mission Criteria. The Circuit Finance and Grants Group (FGG) meets four times a year to plan the budget, keep upto-date with the financial position, and consider the recommendations for grant funding from the _ MVT to be able to make recommendations to the Circuit Meeting about the amount of funding to be granted.

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

The charitable objectives are the advancement of the Christian faith in accordance with the doctrinal standards and discipline of the Methodist Church.

The Circuit seeks to live out the calling of the Methodist Church, which is summarised thus: “The calling of the Methodist Church is to respond to the Gospel of God’s love in Christ and to live out its discipleship and

  1. To increase awareness of God’s presence and to celebrate God's love;

  2. To help people to grow and learn as Christians through mutual support and care; 3. To be a good neighbour to people in need and to challenge injustice; and 4. To make more followers of Jesus Christ.”

The Circuit encourages and supports the Churches within it in the provision of regular public acts of worship open to members of the Methodist Church and non-members alike; the provision of sacred space for prayer and contemplation; the teaching of Christianity through sermons, courses and small groups; pastoral work, including visiting the sick and bereaved; the promotion of Christianity through the staging of events and services; the provision of youth clubs, seniors clubs, various support groups with a Christian ethos; promoting the whole mission of the Church (and aiding social cohesion) through activities for all sectors in the community and other specific needs groups; and supporting other charities in the UK and overseas financially and with prayer.

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Sheffield Methodist Circuit Trustees’ Report and Financial Statements 2.1 Public Benefit

When reviewing the aims and objectives of the charity and in planning future activities, the Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission and, in particular, the specific guidance on charities for the advancement of religion.

3 Achievements and performance

The principal purpose of the Circuit is to act as a Supporting body between Churches and the District and Connexion. The Circuit does not seek and, in large measure, does not attain direct contact with the public. The direct contact is by Churches and it is these that the Circuit supports in their desire to provide benefit to the public.

The money collected, or available for dissipation, was used as grants to support individuals, Churches and Projects throughout the Circuit with their work in their local communities and to subsidise the administrative costs of the Circuit. During the year the Circuit approved new grants out of the General Fund and the MTF that totalled £80,224.

The policy of the trustees on grant making is to ensure that all applications can demonstrate public benefit, fit Circuit mission priorities, pass a test of sustainability, show that there is commitment from the applicant organisation, and show imagination and creativity as well as a perceived need for that for which the grant is being applied.

The grants. were of several kinds, including:

  1. Grants for the adaptation of buildings so that they could more easily meet the modern needs 2. of Churches and help Churches provide services to the community; 3. Grants which supported the salaries of lay workers attached to Churches; Small grants for young peopte to attend conferences such as 3Generate National Methodist

  2. Conference for children and young peopie; 5. Smail grants for learning and development of lay employees and volunteers; and Grants to support churches to cope with the effects of the Covid-19 pandemic.

Churches that have received grants from the Circuit will show in their own Trustees’ Annual Reports details of the outcome of the activities undertaken as a result of receiving the grant. In addition, the Circuit requires a grant evaluation form to be completed to demonstrate the impact of the grant on the Churches and their activities.

The delivery of Safeguarding Training courses, the Creating Safer Space Foundation and Refresher Modules paused due to the pandemic, but during 2021/22 training has recommenced and it is hoped by the end of 2022 there will no longer be a backlog of people to be trained. The updated Advanced Module has been delivered online on a District basis for those in leadership but not everyone has weicomed online training so there are still a number of peopie to be trained.

The Circuit Youth and Children’s Project Co-ordinator (CYCPC) has continued to grow networks to support paid and voluntary youth and children’s workers across the Circuit, organised Circuit camps and weekends away and involvement in local conferences, first aid and mental health training, encouraged working together and churches to form new groups, and has successfully applied for grants for youth activities. Because of the success of this rele, it was decided to appoint a Children's Work Co-ordinator to carry out work with workers with younger children and families, and a person

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Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

was appointed in June 2021. The impact of this role is being seen across the Circuit, particularly encouraging activities to re-commence safely.

The challenges of the Covid-19 Pandemic have continued through most of the year, with churches forced to close their buildings, and workers furloughed or working from home. However, it has also been a time for church congregations to re-think what it means to be a church, and how services can be provided online as well as in buildings. As churches have started to meet again physically, many churches have looked at how they can maintain an online presence, either with streamed or zoomed services, or some other way of adapting services so those who are vulnerable are still catered for. Ministers have had more opportunities to use their skills and talents in providing worship opportunities to a wider audience, and grants of up to £500 have been made availabie to ministers to improve their IT equipment which may not have been suitable for online services.

The Circuit Admin Team have continued to work hard and successfully to support the work of the Circuit staff and churches, while working from home during the Pandemic, ensuring ministers and church officers are kept informed about the changes in the law, and guiding them through risk assessments and the Job Retention Scheme. The Trustees agreed to give grants to churches who use the Circuit Payroll to ensure lay employees were paid their full salaries.

The services of a mental health specialist to provide training to ministers and church leaders and other support has continued and been extended until the end of 2021. This has proved to be invaluable during the Pandemic as well as providing what has become necessary training as more people struggle with mental health issues.

In August 2021 four new ministers moved into the Circuit ~ one presbyter, one probationary presbyter and two deacons, who will be working in different parts of the Circuit.

4 Financial review

During the year the Circuit received total income of £1,017,063 (2020: £1,119,888) with expenditure of £1,514,159 (2020: £1,664,208). The resulting net expenditure for the year after gains on investment revaluation of £120,451 was £376,645.

The Circuit's main sources of funding were the assessments obtained from each Church within the Circuit based on the membership, attendance and giving levels of the Churches which totalled £861,620 (2020: £945,855). The Circuit also benefitted from the receipt of rental income, which included rent received from shorthold tenancies from 7 manses not occupied by ministers. Total rental income was £109,126 (2020; £105,115). investment income for the year totalled £16,598 (2020: £25,881). The sale of 268 Granville Road was completed during the year and the Circuit's investment properties were revalued producing a gain of £433,000.

The Circuit continued to spend funds on upgrading the Circuit properties to a good and consistent standard. Stipends and employment costs were broadly similar to the previous year and in line with budget. The Circuit has also awarded additional grants during the year to churches struggling to survive the effects of the pandemic, along with the usual grants, which is consistent with the plan to reduce the level of its unrestricted reserves to be in line with the reserves policy.

The trustees of the Circuit have every reason to believe that the Circuit is a going concern, principally because churches continue to contribute to their assessments and the Circuit has adequate reserves to cover any shortfall in anticipated income. Whether some churches survive the effects of the pandemic remains to be seen.

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Sheffield Methodist Circuit Trustees’ Report and Financial Statements

4.1 Investment Policy and Performance

The Circuit trustees’ investment policy is aligned with that of the Central Finance Board of the Methodist Church (CFB) and the Trustees for Methodist Church Purposes {TMCP) because these organisations take into consideration the social, environmental and ethical considerations, both negatively and positively, that make investments suitable for the Methodist Church. TMCP act as custodian trustee for all real estate held by the Circuit, and monies for long term investment are lodged with them in various investments. Short term deposits are lodged directly with the CFB and attract good rates of interest.

There are no bench marks for the expected returns or appreciation on investments at TMCP and CFB. It is the Circuit's policy to manage the cash and investment resources of the Circuit so that.a rate of return on investment ~ both by way of dividend and capita! appreciation — is obtained at least as good as market rate considering the Circuit's low appetite for risk. 4.2 Pension Schemes All the ministers are enrolled in the Methodist Ministers’ Pension Scheme with employer contributions currently at 26.9%. Three lay workers are enrolled in pension schemes with the Pensions Trust and one lay worker with Co-operative Investments. All other eligible lay workers are auto-enrolled in the NEST pension scheme. The employer contribution for alt lay employees in a pension scheme is 6%.

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Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

6 Structure, governance and management

6.2. Governance The Circuit operates within a statutory framework of regulation and seeks to ensure that it follows Methodist Standing Orders. It relies on the Connexional Office at 25 Marylebone Road, London NW1 5JR to provide guidance on changes that could affect the Circuit.

The Mission Vision Team meet at least quarterly to discuss the mission of the Circuit and to evaiuate and make recommendations to the Circuit Meeting about grant applications. The CLT, consisting of the Co-Superintendent Ministers, ail the Circuit Stewards, three Ministers and a lay Pastor meet monthly to discuss the policy and administration of the Circuit and have delegated authority from the Trustees to act in between Circuit Meetings should the need arise.

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Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

7 Risk Management

The Circuit is largely risk averse but, especially in making grants to entities embarking on new and imaginative initiatives, the Circuit is prepared to underwrite considered risks. Risks are managed by being aware of them, quantifying their impact not only in cost terms but in possible reputational or structural damage, laying them off through an insurer and minimising them theby notrisk. taking them or by setting up contro! systems that timeously report any significant change in

8 Safeguarding

The Circuit abides by the safeguarding principles, guidance, rules of the Methodist Conference and ensures they are implemented in the churches. This includes safe recruitment for both paid staff and volunteers, obtaining DBS disclosures for all workers working with children and vulnerable adults, safeguardingproviding safeguardingincidents. training for all workers and office holders, and keeping records of any

9 Reserves level and policy

The Circuit seeks to use all its asseis for its charitable purposes, whilst continuing to secure and maintain the Circuit's financial viability. It seeks to set a balanced revenue budget, in order that the ongoing normal costs of ministry, mission and management are met from assessments from churches, income from lettings, investment income, and grants and donations.

The Circuit has a reserves policy covering ail its unrestricted funds which is reviewed annually. In order to meet its ongoing financial obligations - including the monthly payment of stipends and Salaries, District and Connexional assessments quarterly in advance, and to meet unforeseen circumstances, the Circuit needs to maintain sufficient unrestricted reserves.

The Circuit Meeting has determined that unrestricted reserves should be equivalent to 6 months of normal revenue operating costs, which include the Circuit Model Trust Fund balances.

The level of readily available unrestricted reserves, which is considered to be total unrestricted reserves after the deduction of the value of tangible fixed assets and investment properties, total £1,656,835 of which £1,097,789 is held in the Circuit Model Trust Fund.

These reserves would enable the Circuit to maintain its mission and ministry in the short term if, for whatever reason, or individual churches encounter difficulties in paying their assessments. Unrestricted reserves are defined as unrestricted funds less the investment in tangible fixed assets, loans to local churches, designated funds, and grant commitments. Although grants are made annually out of the Circuit Model Trust Fund, it is recognised that some grants will be paid by annual instalments and that there will be applications repeated in future years. Provision is made for grants committed but not paid during the year. The trustees seek to ensure that there is sufficient in the Circuit Model Trust Fund to meet these anticipated requesis and the trustees recognise future grants as liabilities on the Balance Sheet. It is expected that the total in the Circuit Model Trust Fund will have varied amounts, year on year, as some churches are closed and sold with the proceeds being paid into the Circuit Model Trust Fund. The trustees are aware of the level of unrestricted reserves and are actively seeking to utilise

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Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

surplus funds to bring reserves in line with the reserves policy. The surplus funds will be used for mission projects by the Circuit and grants to churches to enable them to fulfil their mission and the aims and objectives of the Circuit.

The net proceeds of sale of any Circuit property are required to be credited to the Circuit Model Trust Fund which are unrestricted in their nature, being available for all Methodist purposes. The net proceeds of sale are subject to a Connexional Levy and there is an annual levy by the District on the total value of the Circuit Model Trust Fund at the beginning of the year. Both levies are made available by way of grants in respect of new initiatives in mission and ministry throughout the Connexion and District. The Circuit Model Trust Fund is used by the Circuit for a variety of mission, ministry and property projects both for the Circuit and churches.

10 Trustees’ Responsibilities Statement

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

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

The Trustees’ Report and Financial Statements were approved by the Circuit Meeting on 22 March 2022.

Signed on behalf of the Circuit Meeting, as authorised:

Revd Gill Newton - Superintendent Minister

=]

Sheffield Methodist Circuit

Independent Auditor's Report to the Trustees of Sheffield Methodist Circuit

Opinion

We have audited the financial statements of Sheffield Methodist Circuit (the ‘charity’) for the year ended 31 August 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of 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).

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 Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

in auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a goingissue. concern for a period of at least twelve months from when the financial statements are authorised for

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 trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

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Sheffield Methodist Circuit

independent Auditor's Report to the Trustees of Sheffield Methodist Circuit

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, 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 charity'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 liquidate the charity or 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 regulations made under section 154 of that Act.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The charity is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charity and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102 and the Charities Act 2011. We considered the extent to which non-compliance with these jaws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controfs), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the charity's result for the period, and management bias in key accounting estimates.

11

Sheffield Methodlst Clrcuh Indèpendent Audltor's Roport to the Trustees of Sheffield Methodist Clrcuh Audit W￿￿dureS perfomied by the enga&EMe￿ team Included.. Discusslons with managementand those Tesponsible for legal compliance pr¢xedureswiihin the Gharity to obtsin an undefstsnding of thè legal and regulaloryframework applicable to the charity and how V)e charity complies with that framework. induding con5ider?tion of known or suspected instances of non- compllance wilh laws and regylalK¥ns and fraud.. Reviewing minutes of T¥u8tee meetlngs.. Idenlifying and assessing the deslgn effectNeness uf contrtils that management has in place Io PTevanl and delecl fraud and non-compliance wllh Isws and regulations.. Chal￿nging assumO'ons and ludggments made by management in their significant 8CCOUntlng estirnate$. 1den1rf￿ng anLI testing joumal entries. in particular any Jouma entries posted with unusual account combinat￿n$ or posted by sen{￿ m8n8gemenl. There are inherenl limltatk)ns In the audtt procedures described above and the more removed non-COTnpliance wllh laws and regtjlallons is from thè events 8nd transactions relecled in the finanoal statements. the less likely we are lo become aware of11. Also. the rlsk ol not deteGling a material misslalemenl due to fraud 1$ higher than Ihe risk of not delecling one resulting from error, as frau(I may Involve dellberate COr￿alment by, for example, lorgery or inientional m5srewesentstions, or through collusion. A further deseriplson of our responslbllilies Is avallab16 on the Financial Rewting Council's website at bM¥.frc.org.uklaudilorslaudit-assurancelauditor-s.responsibilities.for-Ihe-audil-of-the-fildescription-of4he- audiloT's<esponsibllilles-for. Thi5 description forms part of our auditOT'S reporl. Use of our report This report is made solely lo the charlly's Irustees, as a body. In accordance with Part 4 of the Charities {A¢¢ounts and Reportsl Regulations 21)08. Our audit work has been undertaken so that we might state ID the charity's trustees those matters we are iequired lo stale lo them Sn an auditor's report and lor no other purpose. To the fullestextenl pèrmilled by law. we do not aC￿p1 or assume responsibility lo anyone olher than the charity and the charills trustees as a body. lor our 3udit work, fc* this report, orfor the OpIn￿￿3 WE have fomed. Hawsons Chartered Accwnlanls, Stslutory Audiior Pegasus House 4638 Glossop Road Sheffield SIO 2aD 3 o iejxi Hawsons Chartered Accountants Is el￿Nb￿ to ael •$ an audilor in tsrms ofsect￿n 1212 olihe COM￿n￿S Acl 2006. Ix

Sheffield Methodist Circuit

Statement of Financial Activities

For the Year ended 31 August 2024

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |(As|restated)| |General|Circuit Model|Other|Total|Total| |Note|Fund|Trust|Fund|Funds|2021|2020| |(unrestricted)|(unrestricted)|(restricted)| |£|£|2]|£|£| |income| |Charitable|activities| |Assessment|or share|861,620|-|-|861,620|945,855| |Other|trading|activities| |Lettings|408,126|-|-|109,126|105,115| |Investment|income|2|1,111|15,487|-|16,598|25,881| |Other income|3|22,140|=|7,579|29,719|43,037| |Total|993,997|15,487|7,579|1,017,063|4,119,888| |Expenditure| |Stipends,|salaries,|NIC and|pension|6|721,479|-|-|721,479|687,887| |District assessment|244,076|-|~|244,076|244,076| |Motor and|travel|13,684|-|-|13,684|24,448| |insurance,|telephone|and|utilities|70,703|-|-|70,703|72,449| |Maintenance|on|manses|402,220|-|-|402,220|113,510| |Administration|7|73,134|2,966|-|76,100|45,454| |Expenditure on|other Circuit|property|24,617|-|-|24,617|24,723| |Other expenditure|7|13,032|-|15,886|28,918|31,241| |Grants and|donations|49,654|80,224|-|129,878|294,304| |Contributions|to|District|Advance|Fund|-|102,484|.|402,484|126,116| |Total|1,312,599|185,674|15,886|1,514,159|1,664,208| |Net|Gains|on|investments|4,063|416,388|-|120,451|203,747| |Net income|/ (expenditure)|(314,539)|(53,799)|(8,307)|(376,645)|(340,573)| |Transfers|between|funds|329,920|(329,920)|-|é|x| |Other recognised|gains|/|(losses)| |{Losses} on|property|disposal|(90,922)|.|-|{90,922}|{12,089}| |Gains on|revaluation|of|fixed|assets|383,000|-|-|383,000|250,000| |Net movement|in funds|307,459|(383,719)|(8,307)|(84,567)|(102,662)| |Total funds|brought forward|9,034,825|1,481,508|8,571|10,524,904|10,627,566| |Total funds carried forward|9,342,284|1,097,789|264|10,440,337|10,524,904|

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The Statement of Financial Activities includes all gains and losses recognised in the year.

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Sheffield Methodist Circuit

Balance Sheet

As at 31 August 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |Generai|{As restated)| |Note|Circuit Model|Other|Total|Tota!| |Fund|Trust Fund|Funds|2021|2020| |(unrestricted)|(unrestricted)|(restricted)| |Fixed|assets|£|£|£|£|£| |Tangible fixed assets|8|§,325,238|-|-|§,325,238|5,543,833| |Investment properties|9|3,458,000|-|-|3,458,600|3,075,000| |Investments|10|45,497|750,426|-|795,923|675,472| |Total fixed assets|8,828,735|750,426|-|9,579,164|9,294,305| |Current assets| |Debtors and prepayments|11|69,656|106,709|-|176,365|142,145| |Central|Finance|Board and|Trustees|for| |Methodist Church Purposes deposits|455,508|282,034|“|737,542|1,243,217| |Cash at bank and in hand|143,591|:|264|143,855|92,520| |Total current assets|668,755|388,743|264|1,057,762|1,477,852| |Creditors: amounts falling due|in less|12|455,206|44,380|~|196,586|247|253| |than|one|year| |Net current assets|513,549:|=|347,363ee264|861,176|4,230,599| |Net assets|9,342,284|1,097,789|264| |=:|10,440,337|10,524,904| |Funds of the|Circuit| |General Fund|9,342,284|°|-|9,342,284|9,034,825| |Circuit Model Trust Fund|~|1,097,789|-|14,097,789|1,481,508| |Other|Funds|-| |Total|-|264|264|8,571| |funds|13|9,342,284|1,097,789|264|= 10,440,337|10,524,904| |————"=[[={[=[=—==———_|————SS== SSE|—=== ———SSS—S| |Theonon|their financialBehalf statementsby: financialBehalf statementsby:Behalf statementsby: statementsby:by:|were approved and authorised for issue by approved and authorised for issue by and authorised for issue by authorised for issue by for issue by issue by by|the Trustees on Trustees on on|22|los||2022|and are signed|

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Theonon their financialBehalf statementsby: financialBehalf statementsby:Behalf statementsby: statementsby:by: were approved and authorised for issue by approved and authorised for issue by and authorised for issue by authorised for issue by for issue by issue by by the Trustees on Trustees on on 22 los| 2022 Mr A L 0| —_Treasurer oes

Revd G Newton - Superintendent Minister

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Sheffield Methodist Circuit

Statement of Cash Flows

For the Year ended 37 August 2021

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Note|2621|2020| |£|£| |Net Cash flow from|operating|activities|15|(597,594)|(673,251)| |Cash flow from|investing|activities| |Payments|to acquire|tangible fixed|assets|{6,422)|-| |Receipts|from|sale|of tangible|fixed|assets|133,078|311,212| |interest|received|16,598|25,881| |Net cash flow from|investing|activities|143,254|337,093| |Net|(decrease)|/|increase|in|cash and|cash|equivalents|(454,340}|(336,158)| |Cash and cash|equivalents|brought forward|1,335,737|1,671,895| |Cash and cash|equivalents|carried|forward|_|881,397|4,335,737|

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45

Sheffield Methodist Circuit

Notes to the financial statements

Year ended 31 August 2021

1. Accounting Policies

The address of the registered office is given in the charity information on page 1 of these financial Statements. The nature of the charity's operations and principal activities are set out in the Trustees report. The charity constitutes a public entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UKPractice. and Republic of Ireland (FRS 102), the Charities Act 2011 and United Kingdom Generally Accepted

The financial statements are prepared on a going concern basis under the historical cost convention.

1.2 Funds

The funds held constitute:

income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, it becomes probable they will receive the resources and the monetary value can be measured with sufficient reliability.

1.4 Expenditure

Expenditure 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 resources.considered more likely than not under the legal or constructive obligation committing the circuit to pay out

1.5 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 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.

16

Sheffield Methodist Circuit

Notes to the financial statements

Year ended 31 August 2021

  1. Accounting Policies

  2. 4.6 Tangible fixed assets for use by the Circuit.

Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £1,000.

Following the merger of the Sheffield Methodist Circuits, in the absence of records with regard to historical costs, Manses and other circuit property have been included at valuations provided by the Trustees based on their assessment of market values at 31 August 2016. The carrying values of tangible fixed assets have been retained at their book amount as a deemed cost on transition to SORP FRS102.

It is the Circuit's policy to maintain the freehold and long leasehold residential properties in good repair ensuring high residual values, The Trustees consider the life of the properties to be so long that consequently there is no significant annual depreciation.

4.7 Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in net gains / (losses) on investments in the SoFA.

4.8 Investments

investments are valued in the balance sheet at market value at the year end.

Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are shown in the SOFA.

4.9 Taxation

The Circuit's activities are not subject to taxation.

1.10. Pension

The Circuit contributes to the Methodist Ministers Pension Scheme which is a defined benefit scheme. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Circuit. The scheme is accounted for as a defined contribution scheme. The Circuit also operates a defined contribution pension scheme for administrative staff and lay workers. Contributions are recognised in the SOFA in the period in which they become payable in accordance with the rules of the scheme.

The financial staternents have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, Despite the current global impact of COVID-19 the trustees believe that the expected {evel of income is sufficient especially considering the level of reserves held by the charity to enable it to continue as a going concern.

17

Sheffield Methodist Circuit

Notes to the financial statements

Year ended 31 August 2021

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|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |Funds|Funds|Funds|Funds| |2021|2024|2021|2020| |2.|£|£|£|£| |Interest and investment income| |interest and dividends|on CFB|investments| |- General|16,598|-|16,598|25,881| |3.|Other|income| |ProjectGrants andIncome donations|6,904|-|6,904|15,350| |Other|-|7,579|7,579|5,362| |18,236|_-|15,236|22,325| |=|22,140|7,579|29,719|43,037|

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4. Collections for and payments to external organisations

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||||||| |---|---|---|---|---|---| |There were no collections for or payments to External|Organisations|in the year (2020:|Nil).| |5.|Fees for audit of the accounts|2021|2020| |£|£| |Audit|9,500|9,500| |6.|Stipends and salaries| |Stipends|and|salaries| |National|571,079|542,334| |Pension|costsInsurance contributions|47,608|44,456| |102,792|101,697| |721,479|687,887| |SE|—————————=—| |The average number of Ministers|in receipt of stipends was|15. The average|monthly number of employees| |yearduring (2020: the yearNone). was 13 (2020: 13) including|9 lay workers.|No employee earned over £60,000 during the| |The members of the Circuit Meeting are the trustees|of the Circuit. The three Co- Superintendent Ministers,| |five Circuit Stewards and the two other ministers who are members|of the Circuit Leadership Team together| |with the remaining Circuit Stewards have additional Management responsibilities and are considered|as key| |management personnel.|None of the Circuit Stewards receive any remuneration|or expenses. The total|of| |stipends paid to the Co-Superintendent Ministers and other presbyters was £375,806 (2020: £370,402),| |13|ministers who are|also Trustees live|in|properties owned|by the Circuit.|

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18

Sheffield Methodist Circuit

Notes to the financial statements

Year ended 31 August 2021

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2021 2021 2021 2020
£ £ £ £
7. Administration
Lega! and professional 48,675 - 48,675 23,586
Printingand stationery 5,378 - 5,378 7,005
Other officecosts 18,822 - 18,822 10,956
TMCPAdministration charge 3,225 - 3,225 3,907
76,100 - __ 76,100 45,454
OtherExpenditure
Ministryresources 6,795 - 6,795 4,414
Projectexpenditure a. 15,886 15,886 22,110
Training
Other		 14
6,222
43,031		 -
-
15,886		 14
6,222
28,917		 1,436
3,281
34,244
:
8. Tangible fixed assets Manses and Office Total
other property Equipment
Cost /Valuation £ £ £
{1 September2020 5,543,833 - §,543,833
Additions
Disposals
31 August 2021		 -
(224,000) _
5,319,833		 6,422
-
6,422		 6,422
(224,000)
5,326,255
Depreciation
4 September2020 - - -
Depreciationcharge foryear : 1,017 4,017
31August2021 - 1,017 4,017
Net BookValue
31 August 2021 5,319,833 §,405 5,325,238
31August2020 5,543,833 oo 5,543,833

19

Sheffield Methodist Circuit.

Notes to the financial statements

Year ended 31 August 2024

9. Investment properties

Fair Value £ 1 September 2020 (As restated) 3,075,000 Revaluation 383,000 31 August 2021 3,458,000

The revaluation of investment properties is based on professional valuations undertaken during the year. 10. Fixed asset investments

10. Fixed asset investmentsasset investmentsinvestments Listed
investments
Valuation {managedfunds
£
1 September 2020
Gainson revaluation
31 August 2021		 __ 675,472
120,454
795,923
Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
11. Debtors 2021
£		 2021
£		 2021
£		 2020
£
Stipends paid inadvance
Prepaymentsandsundrydebtors		 ___- 33,786
142,579
176,365
:		 -
.
-		 33,786
142,579
176,365		 29,246
112,869
142,115
Debtors includes£48,000(2020:£48,000)recoverable aftermorethan thanoneyear.
Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
12. Creditors:amounts falling due within oneyear 2021
£		 2021
£		 2021
£		 2020
£
GeneralFund (unrestricted)
Deferredincome-assessments
AccrualsandSundrycreditors		 139,833
15,372
155,205		 -
=
-		 139,833
15.372
155,205		 138,341
10,592
148,933
CircuitModelTrustFund (unrestricted)
Provisionsre GrantCommitments		 41,380 _ a 47,380 _ 98,320
Total 196,585
_		 -
___		 196,585 247,253
20

Sheffield Methodist Circuit

Notes to the financial statements

Year ended 31 August 2021

13. Funds
2021 Brought
Forward
£		 income
£		 Expenditure
£		 Transfer
£		 Gains/
(losses)
£		 Carried
Forward
£
Unrestricted funds
General Fund 9,034,825 993,997 (1,312,599) 329,920 346,141 9,392,284
CircuitModel Trust Fund 1,481,508
10,516,333		 15,487
4,009,484		 (185,674)
(1,498,273)		 (329,920)
-		 116,388
462,529		 1,097,789
40,490,073
Restricted
Other 8,571 7,579 (15,886) - : 264
Tota! 10,524,904 1,047,063 (1,514,159) - 462,529 40,490,337
{Asrestated)
2020		 Brought
Forward
£		 Income
g		 Expenditure
£		 Transfer z Gains/
(losses)
£		 Carried
Forward
£
Unrestricted funds
General Fund
Circuit Model TrustFund		 8,954,173
1,673,393		 1,089,054
20,852		 (1,243,788)
(419,009)		 (218,086)
218,086		 453,472
(11,814)		 9,034,825
1,481,508
10,627,566 1,109,906 (1,662,797) - 441,658 10,516,333
Restricted
Other - 9,982 (1,411) - . 8,571
Total _10,627,566 —_ 1,119,888 (1,664,208) - 441,658 10,524,904

The transfers between unrestricted funds relate to the movement of funds arising from the sale of properties, the funds required to purchase properties, and the release of grant income to further the charitable activities of the Circuit.

21

Sheffield Methodist Circuit

Notes to the financial! statements

Year ended 31 August 2021

14. Analysis of net assets between funds

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|||||||| |---|---|---|---|---|---|---| |General|Circuit Mode!|Other|Total| |2024|Fund|Trust Fund|Funds| |(unrestricted)|(unrestricted)|(restricted)| |£|£|£|£| |Fixed assets|8,828,735|750,426|-|9,579,161| |Cash and current investments|599,099|282,034|264|881,397| |Other current asseis/(liabilities)|(85,550)|65,329|-|(20,221)| |Total|9,342,284|1,097,789|—~|264|—-10,440,337| |(As|General|Circuit Model|Other|Total| |restated)|Fund|Trust Fund|Funds| |2020|(unrestricted)|(unrestricted)|(restricted)| |£|£|£|£| |Fixed assets|8,660,266|634,039|-|9,294,305| |Cash and current investments|478,090|849,076|8,571|1,335,737| |Other current assets/(liabilities)|(103,531)|(1,607)|-|(105,138)| |Total|9,034,825|_1,481,508|8,571|;|~|40,524,904|

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15. Reconciliation of net income / (expenditure) to net cash flow from operating activities

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2021|2020| |Net|£|g| |expenditure|(376,645)|(340,573)| |interest received|(16,598)|(25,881)| |Depreciation of tangible fixed assets|1,047|.| |Gains on investment revaluation|(120,451)|(203,747)| |(Increase)|in debtors|(34,250)|(46,739)| |(Decrease)|in creditors|(50,667)|(56,311)| |Net cash flow|from operating activities|_|(597,594)|(673,251|)|

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22

Sheffield Methodist Circuit

Notes to the financial statements

Year ended 31 August 2021

16. Pension costs

Defined benefit pension scheme

The Circuit contributes fo the Methodist Ministers Pension Scheme, a group pension scheme, for each minister receiving a stipend who is in an appointment under the control of Conference.

The pension charge for the year represents contributions payable to the Scheme of £92,347 (2020: £90,495). No contributions were outstanding at the year end.

Defined contribution scheme

The pension charge for the year represents contributions payable to the Scheme of £10,445 (2020: £10,602). No contributions were outstanding at the year end.

17. Related party transactions

There were no related party transactions during the year (2020: Enil).

18. Prior year restatement

The prior year comparative figures have been restated to correct the presentation of investment properties at fair value. The balance sheet value of investment properties at 31 August 2020 has been increased by £250,000 which is shown as gains on revaluation of fixed assets in the statement of financial activities. The restatement has increased the balance of general unrestricted funds carried forward at 31 August 2020 by £250,000

23

1

Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

Appendix 1

Trustees of Sheffield Methodist Circuit as at 31 August 2021

Mrs
Mr		 Gill
John		 Adams
Aimond
Mr
Mrs
Ms
Mrs
Mrs
Ms
Mr		 Sean
Wendy
Sue
Jackie
Carole
Bridget
Alan		 Ashton
Atkinson
Bagshaw
Bailey
Baker
Ball
Bettison
Revd
Mr
Mr
Mrs		 Inderjit
David
David
Rita		 Bhogal
Bingham
Blackburn
Blackwell
Mrs Pat Bolland
Mr John Booler
Ms Liz Brook
Mr
Mr		 Jonathan
Harry		 Buckley
Burroughes
Mr
Dr
Mr
Mr
Miss		 David
Jenny
Alec
Brian
Anne		 Burton
Bywaters
Cartwright
Chapman
Clark
Mr lain Cloke
Revd
Mrs		 Sally
Jean		 Coleman
Cookson
Mr Stephen Cowley
Revd
Mrs
Mrs		 Tim
Elsie
Bev		 Crome
Cundy
Dale
Mr Jon Dilks
Mrs Susan Dilks
Mr
Mr		 Nige!
Steve		 Disbury
Dixon
Dr Tony Drury-Smith
Ms Erica Dunmow
Mr John Eaton
Mrs Pam Eaton
Mrs
Miss
Mr
Mrs
Mrs
Mrs		 Helen
Louise
Simon
Christine
Pat
Kay		 Elliott
Etherington
Etty
Freeman
Garmory
Gilbert
Revd
Revd
Mrs
Revd Prof
Mrs		 Drummond _ Gillespie
Mark
Goodhand
Val
Gordon
James
Grayson
Kath
Grierson

24

Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

Mrs
Mrs
Revd		 Mary
Katrin
Jonathan		 Grimes
Hackett
Haigh
Mrs
Mrs
Mrs		 Brenda
Judith
Barbara		 Harrison
Hartley
Harvey
Revd
Dr		 Michael
Anne		 Healey
Hollows
Mr
Mrs		 Jeff
Anne		 Hough
Humphreys
Revd Gail Hunt
Mr David Hurrell
Mr Matt lrons
Mrs Christine Jackson
Revd Judith Jessop
Mr
Revd		 Chris
Gareth		 Jones
Jones
Mr Glyn Jones
Ms Paula Jones
Mrs Bridget Kellett
Mr Donald King
Mr
Mrs		 Paul
Janet		 Krzok
Lawless
Revd Katie Leonowicz
Revd lan Lucraft
Mrs
Mr
Mr		 Ann
Arthur
Jack		 Lyons
Lyons
Magowan
Ms Janet Maibon
Mrs
Mrs
Revd
Mrs
Mr		 Audrey
Sheila
Debora
Stelia
Andrew		 Mann
Mappin
Marschner
Mate
Maxfield
Mrs Pam Meek
Revd Paul Mellars
Revd James Morley
Ms Heather Morris
Mrs Jane Offord
Revd HenryC Ohakah
Miss
Mrs		 Josephine
Mary		 Pain
Parker
Revd
Revd		 Jill
Lisa		 Pullan
Quarmby
Revd
Mrs		 Carla
Melissa		 Quenet
Quinn
Dr John Revill
Mrs Heather Rotherham
Mr
Ms		 Philip
Joan		 Rowland
Sharp
Mr
Mrs		 Mark
Kathy		 Sharples
Smith
Mr Matt Smith

25

Sheffield Methodist Circuit

Trustees’ Report and Financial Statements

Mrs
Revd
Mrs		 Val
Maurice
Sue		 Smith
Stafford
Stanworth
Mrs Julie Talbot
Ms
Mr
Mr
Mr
Miss		 Ann
Mick
Nigel
Brian
Aileen		 Taylor
Thoday
Thomas
Totty
Treloar
Ms
Revd
Ms
Mr		 Maryke
Gill
Joanne
Greg		 Turvey
Tutt
Ulyatt
Unwin
Mr Nick Waterfield
Mr Ted Watterson
Ms Jo Webster
Mrs
Mr
Mrs
Mrs		 Rachael}
Nick
Cara!
Joyce		 White
Whitworth
Wignell
Wiles
Mr Nigel Wiles
Mr John Wilkins
Mr Graham Wilkinson
Mrs Janet Williamson
Mr Trevor Williamson
Mr Richard Wilshaw
Mrs
Mr		 Eileen
lan		 Woodthorpe
Wright

26