Charity registration number: 1134151
Sheffield Methodist Circuit
Trustees' Report and Financial Statements
for the Year Ended 31 August 2025
Sheffield Methodist Circuit
Contents
| Trustees' Report | 1 to 9 |
|---|---|
| Statement of Trustees' Responsibilities | 10 |
| Independent Auditors' Report | 11 to 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Cash Flow Statement | 16 |
| Notes to the Financial Statements | 17 to 25 |
Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025
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 S3 9QQ Supt. Minister of the Circuit : Revd Romeo Pedro Circuit Treasurer : Mr Arthur Lyons - resigned 26 November 2024 Mr Matt Irons - appointed 26 November 2024 Names of Trustees : The Trustees are members of the Circuit Meeting. At 31 August 2025 there were 114 Trustees (see Appendix 1) No trustee claims exemption from disclosure of his or her name on Appendix 1. Bankers : CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A 4PE Investment managers : Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ Auditors: Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD
Page 1
Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
1 Introduction
The Trustees of the Charity present their Annual Report and the audited financial statements for the year ended 31 August 2025.
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 Superintendent Minister of the Circuit, whose duties are set out in the Standing Orders of the Methodist Church. Revd Romeo Pedro was appointed to be Superintendent Minister from 1 September 2022 and Revd Debora Marschner was appointed Superintendent Minister from 1 September 2025 to work together as a joint Superintendency.
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 Methodist Church;
b) any charitable purpose for the time being of any Connexional, district, circuit, local or other organisation of the Methodist Church;
c) any charitable purpose for the time being of any society or institution subsidiary or ancillary to the Methodist Church;
d) any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church.
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;
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By providing opportunities for Churches to work together and support each other; and
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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 for the year ended 31 August 2025 (continued)
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 and Grants Group.
The Circuit Leadership Team (CLT), appointed by the Circuit Meeting, are responsible for acting on behalf of the Circuit Meeting at other times. The CLT meets every other month to consider reports from various sub-groups and bring recommendations to Circuit Meeting.
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
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To increase awareness of God’s presence and to celebrate God’s love;
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To help people to grow and learn as Christians through mutual support and care;
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To be a good neighbour to people in need and to challenge injustice; and
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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.
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.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
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 Circuit has continued to explore ideas from our discussion document, ‘Casting the net on the other side’, which looks at how the Circuit may be structured and organised in the future. A number of new groups were set up over the year to progress this, each with a different focus and area of expertise.
The Year in Brief
In November 2024, the Circuit joined the Let’s End Poverty coalition, a diverse movement of people who are united behind a vision for a UK where poverty can’t keep anyone down
The Property Development Group was formed to manage and explore the future of the increasing number of church buildings in Circuit trusteeship, following decisions by the congregation to cease to meet. Previously the Circuit has defaulted to selling such properties, but there is a concern that by doing this we may be losing potential mission opportunities. This new group is tasked with evaluating each building by looking at the missional, community and financial value, before recommending a way forward.
In January 2025, a new Staffing Strategy Group was formed. As the direction of the Circuit changes during the implementation of Casting the Net, we felt the need to review our staffing to ensure it fits our changing requirements. This review also had the aim of reaching breakeven on our core budget (which excludes property transactions and area specific mission work) by September 2026.
A new Grants Group was formed to consider grant applications from local churches to support local mission initiatives.
A new Communications Group was formed to improve communications across the Circuit. An early success is their one-page summary of each Circuit meeting. This is now sent to all local churches to keep people informed of what is going on in the Circuit.
In April 2025, during Holy Week, the annual Cliff College trek was held in the Sheffield District, with two of the day long walks taking place in the Circuit. The students from Cliff College were joined by people from across the Circuit, and the District Chair, as they visited six of our local churches.
In June 2025 the Circuit Meeting agreed the following actions recommended by the Staffing Strategy group review:
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Changes to lay employee roles to better align them with our future mission
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Using funds from property sales for mission work, rather than to plug the core budget deficit as has happened previously
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Reducing the number of Circuit Ministers by the equivalent of two Stipends
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Relocating the Circuit office and selling the current office building at the Furnival
Changes to lay employee roles were completed this year, with the hope that the other three actions will be implemented next year. In August 2025, one minister moved out of the Circuit but was not replaced.
Mission Projects
Our mission project based at the Broomhill Methodist Centre has made significant progress this year. We have partnered with the Broomhill Climbing Works to create a bouldering wall in the downstairs space which opened in August 2025. The upstairs space has been developed as a creative play space called Mini Broomhill and is being run by the Circuit. We recruited a manager to run the play space which opened in January 2026. We also are looking to recruit a New Places for New People funded Pioneer Chaplain to engage with and support the new communities that are formed in the climbing centre and play space, and to also reach out to those in the local area.
It is hoped that the Property Development group will be able to conceive and implement further initiatives to repurpose church buildings for mission in other locations around the city.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
Children & Youth
Our Children & Youth Coordinator, Philippa Dand, returned from maternity leave in September 2024, on fewer hours than previously. Highlights of the year included the District Youth Activity Day at Hesley Woods, sharing the Easter story with KS1 pupils in Chapeltown and ecumenical events such as Joined Up (for adults involved in ministry with children or young people) which celebrated its 10th birthday in 2025.
This connexional year was bookended by two residentials for the young people of the Circuit: first to 3Generate in October 2024, and a return to Marrick Priory in July 2025. Both involved a mixture of returning young people and leaders and some who were attending for the first time.
This year, Philippa supported churches with the development and recruitment of three paid roles ministering with children, youth or families, spanning five churches. Brilliant ministry continues across the city, including toddler groups, after school clubs, youth groups, Messy Church services and many other events for children and families run by a combination of paid employees and many dedicated volunteers. We are hugely grateful to all who give their time, energy and experience to nurturing ministry with children, young people and their families in Sheffield Methodist Circuit.
Grant Making
A small number of grants were given to support individuals, churches and projects throughout the Circuit to enhance work in local communities. During the year the Circuit approved new grants out of the General Fund and the MTF which after adjustment for grants no longer required, totalled £121,436.
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:
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Grants for the adaptation of buildings so that they could more easily meet the modern needs of Churches and help Churches provide services to the community;The Circuit has continued to explore ideas from our discussion document, ‘Casting the net on the other side’, which looks at how the Circuit may be structured and organised in the future. A number of new groups were set up over the year to progress this, each with a different focus and area of expertise.
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Grants which supported the salaries of lay workers attached to Churches;
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Small grants for young people to attend conferences such as 3Generate National Methodist Conference for children and young people;
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Small grants for learning and development of lay employees and volunteers.
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.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
4 Financial review
During the year the Circuit received total income of £2,133,373 (2024: £1,262,751) with expenditure of £1,948,319 (2024: £1,579,063). The resulting net income for the year after gains on investment revaluation was £185,615.
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 £965,837 (2024: £1,012,801). The Circuit also benefitted from the receipt of rental income, which included rent received from shorthold tenancies from manses not occupied by ministers. Total rental income was £124,748 (2024: £81,365). Investment income for the year totalled £28,070 (2023: £35,178).
The introduction of redundant churches at Apperknowle, Frecheville, Gleadless Valley, Pitsmoor, Walkley and the residual funds held by these churches have increased the income for the year by £816,162.
The Circuit continued to incur expenditure to ensure that manses were maintained to a good and consistent standard. Stipends and employment costs were similar to the previous year and in line with budget. One manse was sold during the year, after the replacement manse was purchased the previous year.
The trustees of the Circuit have every reason to believe that the Circuit is a going concern because of the ongoing level of assessment income and it has reserves which are sufficient to cover any short term reductions in total income. There are no subsidiary undertakings.
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 capital 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 for the year of 20%. One lay worker is enrolled in a pension scheme 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 all lay employees in a pension scheme is 6%.
5 Plans for future years
The CLT have identified the following plans for future years:
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Using funds from property sales for mission work. This will be overseen by a new Mission Action Group which will be set up to encourage and resource missional thinking and planning in local churches.
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Reduce the number of Circuit Ministers by the equivalent of two Stipends.
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Relocate the Circuit office and sell the current office building at the Furnival
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Encourage work with children and young people throughout the Circuit
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Continue to discern the future for the increasing number of church buildings that are in Circuit trusteeship following decisions by the local congregation to cease to meet.
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Continue to implement and review the proposals agreed by the Circuit Meeting through Casting the Net to encourage better working together
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Creating new groups/committees as required to enable the work of the Circuit and explore how these work together and interact.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
6 Structure, governance and management
6.1 Structure
Circuits are the coordinating charities for local groups of Churches; Circuits pay the stipends of the ministers and employ lay staff to serve the Churches in the Circuit; most decisions are made at or ratified by the quarterly Circuit Meeting. A District is the coordinating charity for a group of contiguous Circuits and makes its decisions at the half yearly synods. The Methodist Conference meets once each year as the supreme denominational body for all Methodist Churches.
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Overall regulatory authority rests with the Methodist Conference;
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The Connexional Office implements decisions made by Conference including the stationing of presbyters and deacons (collectively known as ministers) in individual Circuits within the District; 3. Connexional decisions are passed to the Chair of the District and the appropriate officers of the District for implementation;
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The District passes control down to Circuit level for local implementation by the Superintendent Minister, ministerial staff and Circuit Stewards, and authority is delegated to the Circuit Meeting for certain matters; and
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The Circuit Meeting passes regulatory control down to Church Councils for local implementation by the presbyter, the Church Stewards, and other officers, and this regulatory authority is then exercised by Church Councils as Managing Trustees of their charity.
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 Tavistock Place, London WC1H 9SF to provide guidance on changes that could affect the Circuit.
The CLT, consisting of the Superintendent Minister, all the Circuit Stewards and all the other Ministers meet every other month 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.
6.3 Responsibilities of the Circuit meeting
The Circuit Trustees are members of the quarterly Circuit Meeting, and their responsibilities are: 1. To formulate and promote policies which will advance the mission of the Church in the Local Churches and, in particular, to supervise the use of resources of personnel, property and finance and to assist Local Churches having exceptional problems;
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To encourage inter-Church and ecumenical co-operation;
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To keep within its scope all Circuit concerns not dealt with elsewhere;
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To contribute and respond, as the case may be, to the development of Connexional policies as reflected in the work of the Conference and the Methodist Council, and to carry out its other responsibilities with any such development in mind;
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To be aware that the stipends of the ministers in the Circuit are set - currently by reference to the change over a year in the Consumer Price Index and to the annual change in the Average Weekly Earnings Index - using a formula that was agreed by the Methodist Conference for all ministers within the Connexion; and
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Constantly to be aware of the public benefit guidance issued by the Charity Commission.
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 by not taking them or by setting up control systems that timeously report any significant change in the risk.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
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, providing safeguarding training for all workers and office holders, and keeping records of any safeguarding incidents.
In February 2025 a new Safeguarding Support Group was formed to improve safeguarding standards across the Circuit. The group provides practical and strategic support to the Circuit safeguarding officer in fulfilling their responsibilities and ensures safeguarding is embedded as a priority throughout all churches within the Circuit. The group has been useful in providing practical insights and suggestions around best practice. One of the aims of the group is to simplify and streamline policies and procedures for churches where possible.
As part of this ongoing process the group have simplified the Circuit safer recruitment policy and added this to the website along with fourteen volunteer role descriptions. Churches have been asked to adopt the new policy at their next church council meeting. Two safeguarding thank you events for church safeguarding officers took place over the year, along with six safeguarding foundation courses.
9 Reserves level and policy
The Circuit seeks to use all its assets 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 all 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 unrestricted reserves readily available total £736,451 of which £302,383 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, third party grants were to be withdrawn or individual churches encountered 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 requests 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 level of unrestricted reserves is consistent with the reserves policy. If in future years property disposals generate surplus funds, these will be used for mission projects and grants to churches to enable them to fulfil their mission and the aims and objectives of the Circuit.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
9 Reserves level and policy (continued)
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. Proceeds of 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.
Statement of disclosure to auditors
The Trustees of the charity at the date of approval of this Annual Report each confirm:
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as far as they are aware, there is no relevant audit information of which the charity's auditors are unaware; and
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they have taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Approved and authorised by the Circuit Meeting on 26 March 2026 and signed on its behalf by:
Revd Romeo Pedro Superintendent Minister
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Sheffield Methodist Circuit
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
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Sheffield Methodist Circuit
Independent Auditor's Report to the Members of Sheffield Methodist Circuit
Opinion
We have audited the financial statements of Sheffield Methodist Circuit (the 'charity') for the year ended 31 August 2025, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, 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 FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (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 going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, including the trustees’ 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 Members of Sheffield Methodist Circuit (continued)
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
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:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities set out on page 10, 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 Responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 laws 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 controls), 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.
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Sheffield Methodist Circuit
Independent Auditor's Report to the Members of Sheffield Methodist Circuit (continued)
Audit procedures performed by the engagement team included:
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Discussions with management and those responsible for legal compliance procedures within the charity to obtain an understanding of the legal and regulatory framework applicable to the charity and how the charity complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
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Reviewing minutes of Trustee meetings;
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;
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Challenging assumptions and judgements made by management in their significant accounting estimates.
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of -the-auditor’s-responsibilities-for. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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Hawsons Chartered Accountants
Statutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QD
09/04/2026 Date:.............................
Hawsons Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 13
Sheffield Methodist Circuit
Statement of Financial Activities for the Year Ended 31 August 2025
| Circuit | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Model | Other | |||||||||||||||
| Fund | Trust Fund | Funds | Total | Total | |||||||||||||
| (unrestricted) | (unrestricted) | (restricted) | 2025 | 2024 | |||||||||||||
| Note | £ | £ | £ | £ | £ | ||||||||||||
| Income | |||||||||||||||||
| Assessment or share | 965,837 | - | - | 965,837 | 1,012,801 | ||||||||||||
| Rental income | 124,748 | - | - | 124,748 | 81,365 | ||||||||||||
| Properties introduced | 765,000 | - | - | 765,000 | - | ||||||||||||
| Funds introduced | 51,162 | - | - | 51,162 | - | ||||||||||||
| Investment income | 2 | 13,559 | 14,511 | - | 28,070 | 35,178 | |||||||||||
| Other income | 3 | 46,221 | - | 152,335 | 198,556 | 133,407 | |||||||||||
| Total | 1,966,527 | 14,511 | 152,335 | 2,133,373 | 1,262,751 | ||||||||||||
| Expenditure | |||||||||||||||||
| Stipends, salaries, NIC | |||||||||||||||||
| and pension | 5 | 811,015 | - | 26,959 | 837,974 | 864,911 | |||||||||||
| District assessment | 266,896 | - | - | 266,896 | 249,824 | ||||||||||||
| Motor and travel | 24,531 | - | - | 24,531 | 24,688 | ||||||||||||
| Insurance, telephone and | |||||||||||||||||
| utilities | 159,545 | - | - | 159,545 | 113,463 | ||||||||||||
| Maintenance on manses | 71,374 | - | - | 71,374 | 41,377 | ||||||||||||
| Administration | 6 | 120,209 | - | - | 120,209 | 48,771 | |||||||||||
| Expenditure on other | |||||||||||||||||
| Circuit Property | 61,921 | - | - | 61,921 | 37,958 | ||||||||||||
| Other expenditure | 6 | 49,474 | 813 | 53,696 | 103,983 | 32,959 | |||||||||||
| Grants and donations | 10,114 | 111,322 | - | 121,436 | 160,802 | ||||||||||||
| Contributions to the | |||||||||||||||||
| District Advance Fund | - | 9,619 | - | 9,619 | 4,310 | ||||||||||||
| Methodist Church Fund | |||||||||||||||||
| levy | 170,831 | - | - | 170,831 | - | ||||||||||||
| Total | 1,745,910 | 121,754 | 80,655 | 1,948,319 | 1,579,063 | ||||||||||||
| Net Gains/(Losses) on | |||||||||||||||||
| investments | (324) | 885 | - | 561 | 15,042 | ||||||||||||
| Net (expenditure) / | |||||||||||||||||
| income | 220,293 | (106,358) | 71,680 | 185,615 | (301,270) | ||||||||||||
| Transfer between funds | (195,668) | 199,996 | (4,328) | - | - | ||||||||||||
| Other recognised gains | |||||||||||||||||
| / (losses) | |||||||||||||||||
| Gain on property | |||||||||||||||||
| disposal | 273,532 | - | - | 273,532 | 98,368 | ||||||||||||
| Gains on revaluation of | |||||||||||||||||
| fixed assets | 341,685 | - | - | 341,685 | 242,500 | ||||||||||||
| Net movement in funds | 639,842 | 93,638 | 67,352 | 800,832 | 39,598 | ||||||||||||
| Reconciliation of funds | |||||||||||||||||
| Total funds brought | |||||||||||||||||
| forward | 9,855,337 | 208,745 | 17,701 | 10,081,783 | 10,042,185 | ||||||||||||
| Total funds carried | |||||||||||||||||
| forward | 11 | 10,495,179 | 302,383 | 85,053 | 10,882,615 | 10,081,783 |
The notes on pages 17 to 25 form an integral part of these financial statements. Page 14
Sheffield Methodist Circuit
(Registration number: 1134151)
Balance Sheet as at 31 August 2025
| Circuit | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Model | Other | ||||||||||||||
| Fund | Trust Fund | Funds | Total | Total | ||||||||||||
| (Unrestricted) (Unrestricted) |
(Restricted) | 2025 | 2024 | |||||||||||||
| Note | £ | £ | £ | £ | £ | |||||||||||
| Fixed assets | ||||||||||||||||
| Tangible fixed assets | 7 | 5,623,111 | - | - | 5,623,111 | 6,416,886 | ||||||||||
| Investment properties | 8 | 4,438,000 | - | - | 4,438,000 | 2,885,000 | ||||||||||
| Investments | 8 | 13,888 | 35,900 | - | 49,788 | 149,451 | ||||||||||
| 10,074,999 | 35,900 | - | 10,110,899 | 9,451,337 | ||||||||||||
| Current assets | ||||||||||||||||
| Debtors and | ||||||||||||||||
| prepayments | 9 | 99,480 | 54,900 | - | 154,380 | 154,456 | ||||||||||
| Central Finance Board | ||||||||||||||||
| and Trustees for | ||||||||||||||||
| Methodist Church | ||||||||||||||||
| Purposes deposits | 461,628 | 290,226 | - | 751,854 | 580,981 | |||||||||||
| Cash at bank and in | ||||||||||||||||
| hand | 17,350 | - | 85,053 | 102,403 | 122,857 | |||||||||||
| 578,458 | 345,126 | 85,053 | 1,008,637 | 858,294 | ||||||||||||
| Creditors: Amounts | ||||||||||||||||
| falling due within one | ||||||||||||||||
| year | 10 | (158,278) | (78,643) | - | (236,921) | (227,848) | ||||||||||
| Net current assets | 420,180 | 266,483 | 85,053 | 771,716 | 630,446 | |||||||||||
| Net assets | 10,495,179 | 302,383 | 85,053 | 10,882,615 | 10,081,783 | |||||||||||
| Funds of the Circuit: | ||||||||||||||||
| General Fund | 10,495,179 | - | - | 10,495,179 | 9,855,337 | |||||||||||
| Circuit Model Trust Fund | - | 302,383 | - | 302,383 | 208,745 | |||||||||||
| Other Funds | - | - | 85,053 | 85,053 | 17,701 | |||||||||||
| Total funds | 11 | 10,495,179 | 302,383 | 85,053 | 10,882,615 | 10,081,783 |
The financial statements on pages 14 to 25 were approved by the trustees, and authorised for issue on 26 March 2026 and signed on their behalf by:
......................................... Mr Matt Irons Treasurer
......................................... Revd Romeo Pedro Superintendent Minister
The notes on pages 17 to 25 form an integral part of these financial statements. Page 15
Sheffield Methodist Circuit
Cash Flow Statement for the Year Ended 31 August 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Cash flows from operating activities | ||||||
| Net cash income/(expenditure) | 185,615 | (301,270) | ||||
| Adjustments to cash flows from non-cash items | ||||||
| Interest received | (28,070) | (35,178) | ||||
| Properties introduced | (765,000) | - | ||||
| Depreciation of tangible fixed assets | 1,284 | 1,284 | ||||
| (Gains) / losses on investment revaluation | (561) | (15,042) | ||||
| (606,732) | (350,206) | |||||
| Working capital adjustments | ||||||
| Decrease/(increase) in debtors | 9 | 76 | (12,250) | |||
| Increase in creditors | 10 | 9,073 | 28,493 | |||
| Net cash flows from operating activities | (597,583) | (333,963) | ||||
| Cash flows from investing activities | ||||||
| Payments to acquire tangible fixed assets | 7 | (635,000) | - | |||
| Receipts from sale of tangible fixed assets | 7 | 654,708 | 526,368 | |||
| Payments to acquire fixed asset investments | 8 | - | (300,001) | |||
| Proceeds from sale of investments | 8 | 100,224 | 227,273 | |||
| Interest received | 28,070 | 35,178 | ||||
| Proceeds from sale of investment property | 600,000 | - | ||||
| Net cash flows from investing activities | 748,002 | 488,818 | ||||
| Net increase in cash and cash equivalents | 150,419 | 154,855 | ||||
| Cash and cash equivalents at 1 September | 703,838 | 548,983 | ||||
| Cash and cash equivalents at 31 August | 854,257 | 703,838 |
The notes on pages 17 to 25 form an integral part of these financial statements. Page 16
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025
1 Accounting policies
General information and basis of preparation
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 UK and Republic of Ireland (FRS 102), the Charities Act 2011 and United Kingdom Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical cost convention.
Funds
The funds held constitute:
-
General Funds held for any purpose of the Circuit which are unrestricted.
-
The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as
-
unrestricted.
-
Restricted funds are funds which are to be used in accordance with specific instructions imposed by
-
donors or which have been raised for specific purposes.
Income
Income is included in the Statement of Financial Activities (SOFA) when the Circuit is legally entitled to the income and the amount can be measured reliably and it is probable that the income will be received.
Adjusting events after the financial period
Subsequent to the balance sheet date the Circuit disposed of two properties held within investment properties. The properties were revalued in the accounts to reflect the disposal values.
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received.
Investment income including property rental income is recognised when the charity’s right to receive payment is established.
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 considered more likely than not under the legal or constructive obligation committing the circuit to pay out resources.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
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.
Page 17
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
1 Accounting policies (continued)
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.
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 and any dimunition in value is minimal that consequently there is no significant annual depreciation.
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.
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.
Taxation
The Circuit's activities are not subject to taxation.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
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.
Going concern
The financial statements 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. The trustees believe that the expected level of income is sufficient especially considering the level of reserves held by the charity to enable it to continue as a going concern.
Page 18
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
2 Interest and investment income
Interest and dividends on CFB investments
| Unrestricted | Restricted | Total | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||||||||
| 2025 | 2025 | 2025 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| General | 13,559 | - | 13,559 | 12,921 | ||||||||
| Circuit Model Trust Fund | 14,511 | - | 14,511 | 22,257 | ||||||||
| 28,070 | - | 28,070 | 35,178 | |||||||||
| 3 | Other income | |||||||||||
| Unrestricted | Restricted | |||||||||||
| fund | funds | Total | Total | |||||||||
| 2025 | 2025 | 2025 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Grants and donations | - | 138,917 | 138,917 | 8,379 | ||||||||
| Project income | - | 13,418 | 13,418 | 34,229 | ||||||||
| Other | 46,221 | - | 46,221 | 90,799 | ||||||||
| 46,221 | 152,335 | 198,556 | 133,407 |
4 Fees for the audit of the accounts
| 4 Fees for the audit of the accounts |
||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Audit of the financial statements | 12,500 | 12,000 | ||
| 5 Stipends and salaries |
||||
| The aggregate payroll costs were as follows: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Stipends and salaries | 682,752 | 675,164 | ||
| National Insurance contributions | 65,516 | 61,159 | ||
| Pension costs | 89,706 | 128,588 | ||
| 837,974 | 864,911 |
The average number of Ministers in receipt of stipends was 17. The average monthly number of employees during the year was 11 (2024: 12). No employee earned over £60,000 during the year (2024: None).
The members of the Circuit Meeting are the trustees of the Circuit. The Circuit Superintendent Minister, all Circuit Stewards, all ministers and 5 lay workers who are members of the Circuit Leadership Team 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 Superintendent Minister and other presbyters was £427,172 (2024: £447,329).
13 ministers who are also Trustees live in properties owned by the Circuit.
Page 19
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
6 Administrative and Other Expenditure Administration
| Administration | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||||||
| Funds | Funds | Funds | Funds | ||||||||
| 2025 | 2025 | 2025 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Legal and professional | 90,155 | - | 90,155 | 31,213 | |||||||
| Printing and stationery | 6,347 | - | 6,347 | 8,806 | |||||||
| Other office costs | 22,410 | - | 22,410 | 7,900 | |||||||
| TMCP administration charge | 1,297 | - | 1,297 | 852 | |||||||
| 120,209 | - | 120,209 | 48,771 | ||||||||
| Other Expenditure | |||||||||||
| Unrestricted | Restricted | Total | Total | ||||||||
| Funds | Funds | Funds | Funds | ||||||||
| 2025 | 2025 | 2025 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Ministry resources | 7,199 | - | 7,199 | 7,476 | |||||||
| Project expenditure | - | 53,696 | 53,696 | 19,675 | |||||||
| Other | 43,088 | - | 43,088 | 5,808 | |||||||
| 50,287 | 53,696 | 103,983 | 32,959 |
Page 20
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
7 Tangible fixed assets
| 7 Tangible fixed assets |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Manses and | |||||||||
| other | Office | ||||||||
| property | Equipment | Total | |||||||
| £ | £ | £ | |||||||
| Cost / Valuation | |||||||||
| At 1 September 2024 | 6,415,333 | 6,422 | 6,421,755 | ||||||
| Transfer to investment properties | (1,046,315) | - | (1,046,315) | ||||||
| Additions | 635,000 | - | 635,000 | ||||||
| Disposals | (381,176) | - | (381,176) | ||||||
| At 31 August 2025 | 5,622,842 | 6,422 | 5,629,264 | ||||||
| Depreciation | |||||||||
| At 1 September 2024 | - | 4,869 | 4,869 | ||||||
| Charge for the year | - | 1,284 | 1,284 | ||||||
| At 31 August 2025 | - | 6,153 | 6,153 | ||||||
| Net book value | |||||||||
| At 31 August 2025 | 5,622,842 | 269 | 5,623,111 | ||||||
| At 31 August 2024 | 6,415,333 | 1,553 | 6,416,886 | ||||||
| 8 Investments |
|||||||||
| Investment properties | |||||||||
| Investment | |||||||||
| properties | |||||||||
| £ | |||||||||
| Cost or Valuation | |||||||||
| At 1 September 2024 | 2,885,000 | ||||||||
| Revaluation | 341,685 | ||||||||
| Additions | 765,000 | ||||||||
| Disposals | (600,000) | ||||||||
| Transfer from fixed assets | 1,046,315 | ||||||||
| At 31 August 2025 | 4,438,000 |
The revaluation of investment properties is based on professional valuations undertaken by David Hill Chartered Surveyors and Goffs Chartered Surveyors & Valuers subsequent to the balance sheet date.
Page 21
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
8 Investments (continued)
Fixed asset investments
| Fixed asset investments | |
|---|---|
| Total | |
| £ | |
| Cost | |
| At 1 September 2024 | 149,451 |
| Disposal proceeds | (100,224) |
| Gain on revaluation | 561 |
| At 31 August 2025 | 49,788 |
9 Debtors
| 9 Debtors |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||||||
| Funds | Funds | Funds | Funds | |||||||
| 2024 | 2024 | 2025 | 2024 | |||||||
| £ | £ | £ | £ | |||||||
| Stipends paid in advance | 47,022 | - | 47,022 | 33,864 | ||||||
| Prepayments and sundry debtors | 107,358 | - | 107,358 | 120,592 | ||||||
| 154,380 | - | 154,380 | 154,456 |
Debtors includes £51,000 (2024: £54,000) recoverable after more than one year.
10 Creditors: amounts falling due within one year
| Unrestricted | Unrestricted | Restricted | Restricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||||||
| 2024 | 2024 | 2025 | 2024 | ||||||
| £ | £ | £ | £ | ||||||
| General Fund (unrestricted) | |||||||||
| Deferred income - assessments | 125,210 | - | 125,210 | 116,325 | |||||
| Accruals and sundry creditors | 33,068 | - | 33,068 | 20,592 | |||||
| 158,278 | - | 158,278 | 136,917 | ||||||
| Circuit Model Trust Fund (unrestricted) | |||||||||
| Provisions re grant commitments | 78,643 | - | 78,643 | 90,931 | |||||
| 236,921 | - | 236,921 | 227,848 |
Page 22
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
11 Funds
2025
| 11 Funds 2025 |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Brought | Incoming Resources |
Gains/ | Carried | ||||||||||||||
| Forward | resources | expended | Transfers | (losses) | Forward | ||||||||||||
| £ | £ | £ | £ | £ | £ | ||||||||||||
| Unrestricted funds | |||||||||||||||||
| General Fund | 9,855,337 | 1,966,527 | (1,745,910) | (195,668) | 614,893 | 10,495,179 | |||||||||||
| Circuit Model Trust Fund | 208,745 | 14,511 | (121,754) | 199,996 | 885 | 302,383 | |||||||||||
| Total unrestricted funds | 10,064,082 | 1,981,038 | (1,867,664) | 4,328 | 615,778 | 10,797,562 | |||||||||||
| Restricted funds | 17,701 | 152,335 | (80,655) | (4,328) | - | 85,053 | |||||||||||
| Total | 10,081,783 | 2,133,373 | (1,948,319) | - | 615,778 | 10,882,615 | |||||||||||
| 2024 | |||||||||||||||||
| Brought | Incoming Resources |
Gains/ | Carried | ||||||||||||||
| Forward | resources | expended | Transfers | (Losses) | Forward | ||||||||||||
| £ | £ | £ | £ | £ | £ | ||||||||||||
| Unrestricted funds | |||||||||||||||||
| General Fund | 9,577,455 | 1,144,644 | (1,381,596) | 171,460 | 343,374 | 9,855,337 | |||||||||||
| Circuit Model Trust Fund | 448,510 | 22,257 | (103,098) | (171,460) | 12,536 | 208,745 | |||||||||||
| Total unrestricted funds | 10,025,965 | 1,166,901 | (1,484,694) | - | 355,910 | 10,064,082 | |||||||||||
| Restricted funds | 16,220 | 95,850 | (94,369) | - | - | 17,701 | |||||||||||
| Total | 10,042,185 | 1,262,751 | (1,579,063) | - | 355,910 | 10,081,783 |
The transfers between unrestricted funds relate to the movement of funds arising from the sale of properties and the release of grant income to further the charitable activities of the Circuit.
Restricted Funds
Broomhill Methodist Church - Funds received in connection with the creation of a community bouldering wall and creative play space.
Other- including funds received for provision of a mental health worker.
Page 23
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
12 Analysis of net assets between funds
2025
| 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Circuit Model | Other | ||||||||||
| Fund | Trust Fund | Funds | Total | |||||||||
| (Unrestricted) | (Unrestricted) | (Restricted) | Funds | |||||||||
| £ | £ | £ | £ | |||||||||
| Fixed | assets | 10,074,999 | 35,900 | - | 10,110,899 | |||||||
| Cash | and current investments | 478,978 | 290,226 | 85,053 | 854,257 | |||||||
| Other | current assets/(liabilities) | (58,798) | (23,743) | - | (82,541) | |||||||
| Total | net assets | 10,495,179 | 302,383 | 85,053 | 10,882,615 | |||||||
| 2024 | ||||||||||||
| General | Circuit Model | Other | ||||||||||
| Fund | Trust Fund | Funds | Total | |||||||||
| (Unrestricted) | (Unrestricted) | (Restricted) | Funds | |||||||||
| £ | £ | £ | £ | |||||||||
| Fixed | assets | 9,316,097 | 135,240 | - | 9,451,337 | |||||||
| Cash | and current investments | 579,001 | 107,136 | 17,701 | 703,838 | |||||||
| Other | current assets/(liabilities) | (39,761) | (33,631) | - | (73,392) | |||||||
| Total | net assets | 9,855,337 | 208,745 | 17,701 | 10,081,783 |
13 Pension costs
Defined benefit pension scheme
The Circuit contributes to 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 £75,999 (2024: £115,223). No contributions were outstanding at the year-end.
Defined contribution scheme
The pension charge for the year represents contributions payable to the Scheme of £13,707 (2024: £13,365). No contributions were outstanding at the year end.
14 Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Falling | due | within one year | 2,606 | 2,606 | |||
| Falling | due | after more than one year | 3,881 | 6,487 | |||
| 6,487 | 9,093 |
Page 24
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
15 Related party transactions
There were no related party transactions in the year (2024: £Nil).
16 Non-adjusting events after the financial period
Subsequent to the balance sheet date the Circuit disposed of two properties held within investment properties. The properties were revalued in the accounts to reflect the disposal values.
Page 25
Sheffield Methodist Circuit
Appendix 1 - Trustees of the Sheffield Methodist Circuit as at 31 August 2025
Revd Sean Adair Mrs Sue Bagshaw Mrs Jackie Bailey Mr John Bailey Rev'd Kate Barclay Mr Alan Bettison Rev'd Inderjit Bhogal Mr David Bingham Mr David Blackburn Mrs Rita Blackwell Rev'd Phillip Borkett Mr Peter Brand Ms Liz Brook Ms Christine Buckley Mr David Burton Dr Jenny Bywaters Mrs Lynne Capewell Mrs Jenny Carpenter Mr Alec Cartwright Revd Common Chan Mr Iain Cloke Rev'd Naomi Cooke Mrs Jean Cookson Rev'd Robert Cotton Mrs Ann Croft Mrs Bev Dale Mr John Dale Rev'd Michelle Deans Mr Jon Dilks Mrs Sue Dilks Mr Steve Dixon Mrs Helen Dunford Ms Erica Dunmow Mrs Pam Eaton Miss Louise Etherington Mr Simon Etty Mrs Jan Fly Mr Neil Grant Mrs Sue Griffiths Mr David Grimley Mr Emmanuel Gyening Mrs Katrin Hackett Rev'd Jonathan Haigh Prof John Harding Mrs Brenda Harrison Mrs Hazel Harrison Mr Graham Hill Dr Anne Hollows Mr Jeff Hough Mrs Anne Humphreys Mr Matt Irons Mrs Christine Jackson Mr Timon Jansen Rev'd Judith Jessop Mr Chris Jones Mr Glyn Jones Mrs Bridget Kellett Rev'd Claude Kimpinde Mr Donald King
This page does not form part of the statutory financial statements. Page 26
Sheffield Methodist Circuit
Appendix 1 - Trustees of the Sheffield Methodist Circuit as at 31 August 2025 (continued)
Mrs Janet Lawless Mr Peter Lockwood Mrs Libby Long Rev'd Ian Lucraft Mrs Ann Lyons Mr Arthur Lyons Ms Janet Malbon Mrs Audrey Mann Mrs Sheila Mappin Rev'd Debora Marschner Rev'd Kim Mason Mrs Pam Meek Mrs Kath Milner Mrs Sue Monaghan Rev'd James Morley Rev'd Tracey Morris Mrs Sue Nuttall Mrs Jane Offord Mr Neil Offord Mrs Yvonne Ogden Mrs Mary Parker Rev'd Philip Peacock Rev'd Romeo Pedro Rev'd Jill Pullan Rev'd Carla Quenet Mrs Heather Rotherham Mr Paul Rotherham Mr Philip Rowland Mr Andy Schofield Ms Joan Sharp Mr Mark Sharples Rev'd John Simms Deacon Carole Smith Mrs Val Smith Mrs Janet Southgate Rev'd Maurice Stafford Mrs Sue Stanworth Mrs Julie Talbot Ms Ann Taylor Deacon Annabel Terry Miss Aileen Treloar Ms Maryke Turvey Rev'd Gill Tutt Mr Greg Unwin Ms Jo Webster Mr Nick Whitworth Mrs Carol Wignell Mrs Joyce Wiles Mr Nigel Wiles Mr John Wilkins Mrs Evelyn Windle Mrs Eileen Woodthorpe Mr Ian Wright Deacon Jackie Wright Mr StJohn Wright
This page does not form part of the statutory financial statements. Page 27
Charity registration number: 1134151
Sheffield Methodist Circuit
Trustees' Report and Financial Statements
for the Year Ended 31 August 2025
Sheffield Methodist Circuit
Contents
| Trustees' Report | 1 to 9 |
|---|---|
| Statement of Trustees' Responsibilities | 10 |
| Independent Auditors' Report | 11 to 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Cash Flow Statement | 16 |
| Notes to the Financial Statements | 17 to 25 |
Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025
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 S3 9QQ Supt. Minister of the Circuit : Revd Romeo Pedro Circuit Treasurer : Mr Arthur Lyons - resigned 26 November 2024 Mr Matt Irons - appointed 26 November 2024 Names of Trustees : The Trustees are members of the Circuit Meeting. At 31 August 2025 there were 114 Trustees (see Appendix 1) No trustee claims exemption from disclosure of his or her name on Appendix 1. Bankers : CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A 4PE Investment managers : Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ Auditors: Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD
Page 1
Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
1 Introduction
The Trustees of the Charity present their Annual Report and the audited financial statements for the year ended 31 August 2025.
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 Superintendent Minister of the Circuit, whose duties are set out in the Standing Orders of the Methodist Church. Revd Romeo Pedro was appointed to be Superintendent Minister from 1 September 2022 and Revd Debora Marschner was appointed Superintendent Minister from 1 September 2025 to work together as a joint Superintendency.
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 Methodist Church;
b) any charitable purpose for the time being of any Connexional, district, circuit, local or other organisation of the Methodist Church;
c) any charitable purpose for the time being of any society or institution subsidiary or ancillary to the Methodist Church;
d) any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church.
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;
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By providing opportunities for Churches to work together and support each other; and
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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 for the year ended 31 August 2025 (continued)
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 and Grants Group.
The Circuit Leadership Team (CLT), appointed by the Circuit Meeting, are responsible for acting on behalf of the Circuit Meeting at other times. The CLT meets every other month to consider reports from various sub-groups and bring recommendations to Circuit Meeting.
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
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To increase awareness of God’s presence and to celebrate God’s love;
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To help people to grow and learn as Christians through mutual support and care;
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To be a good neighbour to people in need and to challenge injustice; and
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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.
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.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
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 Circuit has continued to explore ideas from our discussion document, ‘Casting the net on the other side’, which looks at how the Circuit may be structured and organised in the future. A number of new groups were set up over the year to progress this, each with a different focus and area of expertise.
The Year in Brief
In November 2024, the Circuit joined the Let’s End Poverty coalition, a diverse movement of people who are united behind a vision for a UK where poverty can’t keep anyone down
The Property Development Group was formed to manage and explore the future of the increasing number of church buildings in Circuit trusteeship, following decisions by the congregation to cease to meet. Previously the Circuit has defaulted to selling such properties, but there is a concern that by doing this we may be losing potential mission opportunities. This new group is tasked with evaluating each building by looking at the missional, community and financial value, before recommending a way forward.
In January 2025, a new Staffing Strategy Group was formed. As the direction of the Circuit changes during the implementation of Casting the Net, we felt the need to review our staffing to ensure it fits our changing requirements. This review also had the aim of reaching breakeven on our core budget (which excludes property transactions and area specific mission work) by September 2026.
A new Grants Group was formed to consider grant applications from local churches to support local mission initiatives.
A new Communications Group was formed to improve communications across the Circuit. An early success is their one-page summary of each Circuit meeting. This is now sent to all local churches to keep people informed of what is going on in the Circuit.
In April 2025, during Holy Week, the annual Cliff College trek was held in the Sheffield District, with two of the day long walks taking place in the Circuit. The students from Cliff College were joined by people from across the Circuit, and the District Chair, as they visited six of our local churches.
In June 2025 the Circuit Meeting agreed the following actions recommended by the Staffing Strategy group review:
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Changes to lay employee roles to better align them with our future mission
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Using funds from property sales for mission work, rather than to plug the core budget deficit as has happened previously
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Reducing the number of Circuit Ministers by the equivalent of two Stipends
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Relocating the Circuit office and selling the current office building at the Furnival
Changes to lay employee roles were completed this year, with the hope that the other three actions will be implemented next year. In August 2025, one minister moved out of the Circuit but was not replaced.
Mission Projects
Our mission project based at the Broomhill Methodist Centre has made significant progress this year. We have partnered with the Broomhill Climbing Works to create a bouldering wall in the downstairs space which opened in August 2025. The upstairs space has been developed as a creative play space called Mini Broomhill and is being run by the Circuit. We recruited a manager to run the play space which opened in January 2026. We also are looking to recruit a New Places for New People funded Pioneer Chaplain to engage with and support the new communities that are formed in the climbing centre and play space, and to also reach out to those in the local area.
It is hoped that the Property Development group will be able to conceive and implement further initiatives to repurpose church buildings for mission in other locations around the city.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
Children & Youth
Our Children & Youth Coordinator, Philippa Dand, returned from maternity leave in September 2024, on fewer hours than previously. Highlights of the year included the District Youth Activity Day at Hesley Woods, sharing the Easter story with KS1 pupils in Chapeltown and ecumenical events such as Joined Up (for adults involved in ministry with children or young people) which celebrated its 10th birthday in 2025.
This connexional year was bookended by two residentials for the young people of the Circuit: first to 3Generate in October 2024, and a return to Marrick Priory in July 2025. Both involved a mixture of returning young people and leaders and some who were attending for the first time.
This year, Philippa supported churches with the development and recruitment of three paid roles ministering with children, youth or families, spanning five churches. Brilliant ministry continues across the city, including toddler groups, after school clubs, youth groups, Messy Church services and many other events for children and families run by a combination of paid employees and many dedicated volunteers. We are hugely grateful to all who give their time, energy and experience to nurturing ministry with children, young people and their families in Sheffield Methodist Circuit.
Grant Making
A small number of grants were given to support individuals, churches and projects throughout the Circuit to enhance work in local communities. During the year the Circuit approved new grants out of the General Fund and the MTF which after adjustment for grants no longer required, totalled £121,436.
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:
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Grants for the adaptation of buildings so that they could more easily meet the modern needs of Churches and help Churches provide services to the community;The Circuit has continued to explore ideas from our discussion document, ‘Casting the net on the other side’, which looks at how the Circuit may be structured and organised in the future. A number of new groups were set up over the year to progress this, each with a different focus and area of expertise.
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Grants which supported the salaries of lay workers attached to Churches;
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Small grants for young people to attend conferences such as 3Generate National Methodist Conference for children and young people;
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Small grants for learning and development of lay employees and volunteers.
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.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
4 Financial review
During the year the Circuit received total income of £2,133,373 (2024: £1,262,751) with expenditure of £1,948,319 (2024: £1,579,063). The resulting net income for the year after gains on investment revaluation was £185,615.
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 £965,837 (2024: £1,012,801). The Circuit also benefitted from the receipt of rental income, which included rent received from shorthold tenancies from manses not occupied by ministers. Total rental income was £124,748 (2024: £81,365). Investment income for the year totalled £28,070 (2023: £35,178).
The introduction of redundant churches at Apperknowle, Frecheville, Gleadless Valley, Pitsmoor, Walkley and the residual funds held by these churches have increased the income for the year by £816,162.
The Circuit continued to incur expenditure to ensure that manses were maintained to a good and consistent standard. Stipends and employment costs were similar to the previous year and in line with budget. One manse was sold during the year, after the replacement manse was purchased the previous year.
The trustees of the Circuit have every reason to believe that the Circuit is a going concern because of the ongoing level of assessment income and it has reserves which are sufficient to cover any short term reductions in total income. There are no subsidiary undertakings.
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 capital 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 for the year of 20%. One lay worker is enrolled in a pension scheme 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 all lay employees in a pension scheme is 6%.
5 Plans for future years
The CLT have identified the following plans for future years:
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Using funds from property sales for mission work. This will be overseen by a new Mission Action Group which will be set up to encourage and resource missional thinking and planning in local churches.
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Reduce the number of Circuit Ministers by the equivalent of two Stipends.
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Relocate the Circuit office and sell the current office building at the Furnival
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Encourage work with children and young people throughout the Circuit
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Continue to discern the future for the increasing number of church buildings that are in Circuit trusteeship following decisions by the local congregation to cease to meet.
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Continue to implement and review the proposals agreed by the Circuit Meeting through Casting the Net to encourage better working together
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Creating new groups/committees as required to enable the work of the Circuit and explore how these work together and interact.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
6 Structure, governance and management
6.1 Structure
Circuits are the coordinating charities for local groups of Churches; Circuits pay the stipends of the ministers and employ lay staff to serve the Churches in the Circuit; most decisions are made at or ratified by the quarterly Circuit Meeting. A District is the coordinating charity for a group of contiguous Circuits and makes its decisions at the half yearly synods. The Methodist Conference meets once each year as the supreme denominational body for all Methodist Churches.
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Overall regulatory authority rests with the Methodist Conference;
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The Connexional Office implements decisions made by Conference including the stationing of presbyters and deacons (collectively known as ministers) in individual Circuits within the District; 3. Connexional decisions are passed to the Chair of the District and the appropriate officers of the District for implementation;
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The District passes control down to Circuit level for local implementation by the Superintendent Minister, ministerial staff and Circuit Stewards, and authority is delegated to the Circuit Meeting for certain matters; and
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The Circuit Meeting passes regulatory control down to Church Councils for local implementation by the presbyter, the Church Stewards, and other officers, and this regulatory authority is then exercised by Church Councils as Managing Trustees of their charity.
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 Tavistock Place, London WC1H 9SF to provide guidance on changes that could affect the Circuit.
The CLT, consisting of the Superintendent Minister, all the Circuit Stewards and all the other Ministers meet every other month 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.
6.3 Responsibilities of the Circuit meeting
The Circuit Trustees are members of the quarterly Circuit Meeting, and their responsibilities are: 1. To formulate and promote policies which will advance the mission of the Church in the Local Churches and, in particular, to supervise the use of resources of personnel, property and finance and to assist Local Churches having exceptional problems;
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To encourage inter-Church and ecumenical co-operation;
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To keep within its scope all Circuit concerns not dealt with elsewhere;
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To contribute and respond, as the case may be, to the development of Connexional policies as reflected in the work of the Conference and the Methodist Council, and to carry out its other responsibilities with any such development in mind;
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To be aware that the stipends of the ministers in the Circuit are set - currently by reference to the change over a year in the Consumer Price Index and to the annual change in the Average Weekly Earnings Index - using a formula that was agreed by the Methodist Conference for all ministers within the Connexion; and
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Constantly to be aware of the public benefit guidance issued by the Charity Commission.
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 by not taking them or by setting up control systems that timeously report any significant change in the risk.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
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, providing safeguarding training for all workers and office holders, and keeping records of any safeguarding incidents.
In February 2025 a new Safeguarding Support Group was formed to improve safeguarding standards across the Circuit. The group provides practical and strategic support to the Circuit safeguarding officer in fulfilling their responsibilities and ensures safeguarding is embedded as a priority throughout all churches within the Circuit. The group has been useful in providing practical insights and suggestions around best practice. One of the aims of the group is to simplify and streamline policies and procedures for churches where possible.
As part of this ongoing process the group have simplified the Circuit safer recruitment policy and added this to the website along with fourteen volunteer role descriptions. Churches have been asked to adopt the new policy at their next church council meeting. Two safeguarding thank you events for church safeguarding officers took place over the year, along with six safeguarding foundation courses.
9 Reserves level and policy
The Circuit seeks to use all its assets 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 all 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 unrestricted reserves readily available total £736,451 of which £302,383 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, third party grants were to be withdrawn or individual churches encountered 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 requests 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 level of unrestricted reserves is consistent with the reserves policy. If in future years property disposals generate surplus funds, these will be used for mission projects and grants to churches to enable them to fulfil their mission and the aims and objectives of the Circuit.
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Sheffield Methodist Circuit
Trustees' Report for the year ended 31 August 2025 (continued)
9 Reserves level and policy (continued)
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. Proceeds of 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.
Statement of disclosure to auditors
The Trustees of the charity at the date of approval of this Annual Report each confirm:
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as far as they are aware, there is no relevant audit information of which the charity's auditors are unaware; and
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they have taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Approved and authorised by the Circuit Meeting on 26 March 2026 and signed on its behalf by:
Revd Romeo Pedro Superintendent Minister
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Sheffield Methodist Circuit
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
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Sheffield Methodist Circuit
Independent Auditor's Report to the Members of Sheffield Methodist Circuit
Opinion
We have audited the financial statements of Sheffield Methodist Circuit (the 'charity') for the year ended 31 August 2025, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, 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 FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (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 going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, including the trustees’ 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 Members of Sheffield Methodist Circuit (continued)
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
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:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities set out on page 10, 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 Responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 laws 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 controls), 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.
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Sheffield Methodist Circuit
Independent Auditor's Report to the Members of Sheffield Methodist Circuit (continued)
Audit procedures performed by the engagement team included:
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Discussions with management and those responsible for legal compliance procedures within the charity to obtain an understanding of the legal and regulatory framework applicable to the charity and how the charity complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
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Reviewing minutes of Trustee meetings;
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;
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Challenging assumptions and judgements made by management in their significant accounting estimates.
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of -the-auditor’s-responsibilities-for. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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Hawsons Chartered Accountants
Statutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QD
09/04/2026 Date:.............................
Hawsons Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 13
Sheffield Methodist Circuit
Statement of Financial Activities for the Year Ended 31 August 2025
| Circuit | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Model | Other | |||||||||||||||
| Fund | Trust Fund | Funds | Total | Total | |||||||||||||
| (unrestricted) | (unrestricted) | (restricted) | 2025 | 2024 | |||||||||||||
| Note | £ | £ | £ | £ | £ | ||||||||||||
| Income | |||||||||||||||||
| Assessment or share | 965,837 | - | - | 965,837 | 1,012,801 | ||||||||||||
| Rental income | 124,748 | - | - | 124,748 | 81,365 | ||||||||||||
| Properties introduced | 765,000 | - | - | 765,000 | - | ||||||||||||
| Funds introduced | 51,162 | - | - | 51,162 | - | ||||||||||||
| Investment income | 2 | 13,559 | 14,511 | - | 28,070 | 35,178 | |||||||||||
| Other income | 3 | 46,221 | - | 152,335 | 198,556 | 133,407 | |||||||||||
| Total | 1,966,527 | 14,511 | 152,335 | 2,133,373 | 1,262,751 | ||||||||||||
| Expenditure | |||||||||||||||||
| Stipends, salaries, NIC | |||||||||||||||||
| and pension | 5 | 811,015 | - | 26,959 | 837,974 | 864,911 | |||||||||||
| District assessment | 266,896 | - | - | 266,896 | 249,824 | ||||||||||||
| Motor and travel | 24,531 | - | - | 24,531 | 24,688 | ||||||||||||
| Insurance, telephone and | |||||||||||||||||
| utilities | 159,545 | - | - | 159,545 | 113,463 | ||||||||||||
| Maintenance on manses | 71,374 | - | - | 71,374 | 41,377 | ||||||||||||
| Administration | 6 | 120,209 | - | - | 120,209 | 48,771 | |||||||||||
| Expenditure on other | |||||||||||||||||
| Circuit Property | 61,921 | - | - | 61,921 | 37,958 | ||||||||||||
| Other expenditure | 6 | 49,474 | 813 | 53,696 | 103,983 | 32,959 | |||||||||||
| Grants and donations | 10,114 | 111,322 | - | 121,436 | 160,802 | ||||||||||||
| Contributions to the | |||||||||||||||||
| District Advance Fund | - | 9,619 | - | 9,619 | 4,310 | ||||||||||||
| Methodist Church Fund | |||||||||||||||||
| levy | 170,831 | - | - | 170,831 | - | ||||||||||||
| Total | 1,745,910 | 121,754 | 80,655 | 1,948,319 | 1,579,063 | ||||||||||||
| Net Gains/(Losses) on | |||||||||||||||||
| investments | (324) | 885 | - | 561 | 15,042 | ||||||||||||
| Net (expenditure) / | |||||||||||||||||
| income | 220,293 | (106,358) | 71,680 | 185,615 | (301,270) | ||||||||||||
| Transfer between funds | (195,668) | 199,996 | (4,328) | - | - | ||||||||||||
| Other recognised gains | |||||||||||||||||
| / (losses) | |||||||||||||||||
| Gain on property | |||||||||||||||||
| disposal | 273,532 | - | - | 273,532 | 98,368 | ||||||||||||
| Gains on revaluation of | |||||||||||||||||
| fixed assets | 341,685 | - | - | 341,685 | 242,500 | ||||||||||||
| Net movement in funds | 639,842 | 93,638 | 67,352 | 800,832 | 39,598 | ||||||||||||
| Reconciliation of funds | |||||||||||||||||
| Total funds brought | |||||||||||||||||
| forward | 9,855,337 | 208,745 | 17,701 | 10,081,783 | 10,042,185 | ||||||||||||
| Total funds carried | |||||||||||||||||
| forward | 11 | 10,495,179 | 302,383 | 85,053 | 10,882,615 | 10,081,783 |
The notes on pages 17 to 25 form an integral part of these financial statements. Page 14
Sheffield Methodist Circuit
(Registration number: 1134151)
Balance Sheet as at 31 August 2025
| Circuit | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Model | Other | ||||||||||||||
| Fund | Trust Fund | Funds | Total | Total | ||||||||||||
| (Unrestricted) (Unrestricted) |
(Restricted) | 2025 | 2024 | |||||||||||||
| Note | £ | £ | £ | £ | £ | |||||||||||
| Fixed assets | ||||||||||||||||
| Tangible fixed assets | 7 | 5,623,111 | - | - | 5,623,111 | 6,416,886 | ||||||||||
| Investment properties | 8 | 4,438,000 | - | - | 4,438,000 | 2,885,000 | ||||||||||
| Investments | 8 | 13,888 | 35,900 | - | 49,788 | 149,451 | ||||||||||
| 10,074,999 | 35,900 | - | 10,110,899 | 9,451,337 | ||||||||||||
| Current assets | ||||||||||||||||
| Debtors and | ||||||||||||||||
| prepayments | 9 | 99,480 | 54,900 | - | 154,380 | 154,456 | ||||||||||
| Central Finance Board | ||||||||||||||||
| and Trustees for | ||||||||||||||||
| Methodist Church | ||||||||||||||||
| Purposes deposits | 461,628 | 290,226 | - | 751,854 | 580,981 | |||||||||||
| Cash at bank and in | ||||||||||||||||
| hand | 17,350 | - | 85,053 | 102,403 | 122,857 | |||||||||||
| 578,458 | 345,126 | 85,053 | 1,008,637 | 858,294 | ||||||||||||
| Creditors: Amounts | ||||||||||||||||
| falling due within one | ||||||||||||||||
| year | 10 | (158,278) | (78,643) | - | (236,921) | (227,848) | ||||||||||
| Net current assets | 420,180 | 266,483 | 85,053 | 771,716 | 630,446 | |||||||||||
| Net assets | 10,495,179 | 302,383 | 85,053 | 10,882,615 | 10,081,783 | |||||||||||
| Funds of the Circuit: | ||||||||||||||||
| General Fund | 10,495,179 | - | - | 10,495,179 | 9,855,337 | |||||||||||
| Circuit Model Trust Fund | - | 302,383 | - | 302,383 | 208,745 | |||||||||||
| Other Funds | - | - | 85,053 | 85,053 | 17,701 | |||||||||||
| Total funds | 11 | 10,495,179 | 302,383 | 85,053 | 10,882,615 | 10,081,783 |
The financial statements on pages 14 to 25 were approved by the trustees, and authorised for issue on 26 March 2026 and signed on their behalf by:
......................................... Mr Matt Irons Treasurer
......................................... Revd Romeo Pedro Superintendent Minister
The notes on pages 17 to 25 form an integral part of these financial statements. Page 15
Sheffield Methodist Circuit
Cash Flow Statement for the Year Ended 31 August 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Cash flows from operating activities | ||||||
| Net cash income/(expenditure) | 185,615 | (301,270) | ||||
| Adjustments to cash flows from non-cash items | ||||||
| Interest received | (28,070) | (35,178) | ||||
| Properties introduced | (765,000) | - | ||||
| Depreciation of tangible fixed assets | 1,284 | 1,284 | ||||
| (Gains) / losses on investment revaluation | (561) | (15,042) | ||||
| (606,732) | (350,206) | |||||
| Working capital adjustments | ||||||
| Decrease/(increase) in debtors | 9 | 76 | (12,250) | |||
| Increase in creditors | 10 | 9,073 | 28,493 | |||
| Net cash flows from operating activities | (597,583) | (333,963) | ||||
| Cash flows from investing activities | ||||||
| Payments to acquire tangible fixed assets | 7 | (635,000) | - | |||
| Receipts from sale of tangible fixed assets | 7 | 654,708 | 526,368 | |||
| Payments to acquire fixed asset investments | 8 | - | (300,001) | |||
| Proceeds from sale of investments | 8 | 100,224 | 227,273 | |||
| Interest received | 28,070 | 35,178 | ||||
| Proceeds from sale of investment property | 600,000 | - | ||||
| Net cash flows from investing activities | 748,002 | 488,818 | ||||
| Net increase in cash and cash equivalents | 150,419 | 154,855 | ||||
| Cash and cash equivalents at 1 September | 703,838 | 548,983 | ||||
| Cash and cash equivalents at 31 August | 854,257 | 703,838 |
The notes on pages 17 to 25 form an integral part of these financial statements. Page 16
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025
1 Accounting policies
General information and basis of preparation
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 UK and Republic of Ireland (FRS 102), the Charities Act 2011 and United Kingdom Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical cost convention.
Funds
The funds held constitute:
-
General Funds held for any purpose of the Circuit which are unrestricted.
-
The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as
-
unrestricted.
-
Restricted funds are funds which are to be used in accordance with specific instructions imposed by
-
donors or which have been raised for specific purposes.
Income
Income is included in the Statement of Financial Activities (SOFA) when the Circuit is legally entitled to the income and the amount can be measured reliably and it is probable that the income will be received.
Adjusting events after the financial period
Subsequent to the balance sheet date the Circuit disposed of two properties held within investment properties. The properties were revalued in the accounts to reflect the disposal values.
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received.
Investment income including property rental income is recognised when the charity’s right to receive payment is established.
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 considered more likely than not under the legal or constructive obligation committing the circuit to pay out resources.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
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.
Page 17
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
1 Accounting policies (continued)
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.
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 and any dimunition in value is minimal that consequently there is no significant annual depreciation.
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.
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.
Taxation
The Circuit's activities are not subject to taxation.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
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.
Going concern
The financial statements 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. The trustees believe that the expected level of income is sufficient especially considering the level of reserves held by the charity to enable it to continue as a going concern.
Page 18
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
2 Interest and investment income
Interest and dividends on CFB investments
| Unrestricted | Restricted | Total | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||||||||
| 2025 | 2025 | 2025 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| General | 13,559 | - | 13,559 | 12,921 | ||||||||
| Circuit Model Trust Fund | 14,511 | - | 14,511 | 22,257 | ||||||||
| 28,070 | - | 28,070 | 35,178 | |||||||||
| 3 | Other income | |||||||||||
| Unrestricted | Restricted | |||||||||||
| fund | funds | Total | Total | |||||||||
| 2025 | 2025 | 2025 | 2024 | |||||||||
| £ | £ | £ | £ | |||||||||
| Grants and donations | - | 138,917 | 138,917 | 8,379 | ||||||||
| Project income | - | 13,418 | 13,418 | 34,229 | ||||||||
| Other | 46,221 | - | 46,221 | 90,799 | ||||||||
| 46,221 | 152,335 | 198,556 | 133,407 |
4 Fees for the audit of the accounts
| 4 Fees for the audit of the accounts |
||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Audit of the financial statements | 12,500 | 12,000 | ||
| 5 Stipends and salaries |
||||
| The aggregate payroll costs were as follows: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Stipends and salaries | 682,752 | 675,164 | ||
| National Insurance contributions | 65,516 | 61,159 | ||
| Pension costs | 89,706 | 128,588 | ||
| 837,974 | 864,911 |
The average number of Ministers in receipt of stipends was 17. The average monthly number of employees during the year was 11 (2024: 12). No employee earned over £60,000 during the year (2024: None).
The members of the Circuit Meeting are the trustees of the Circuit. The Circuit Superintendent Minister, all Circuit Stewards, all ministers and 5 lay workers who are members of the Circuit Leadership Team 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 Superintendent Minister and other presbyters was £427,172 (2024: £447,329).
13 ministers who are also Trustees live in properties owned by the Circuit.
Page 19
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
6 Administrative and Other Expenditure Administration
| Administration | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||||||
| Funds | Funds | Funds | Funds | ||||||||
| 2025 | 2025 | 2025 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Legal and professional | 90,155 | - | 90,155 | 31,213 | |||||||
| Printing and stationery | 6,347 | - | 6,347 | 8,806 | |||||||
| Other office costs | 22,410 | - | 22,410 | 7,900 | |||||||
| TMCP administration charge | 1,297 | - | 1,297 | 852 | |||||||
| 120,209 | - | 120,209 | 48,771 | ||||||||
| Other Expenditure | |||||||||||
| Unrestricted | Restricted | Total | Total | ||||||||
| Funds | Funds | Funds | Funds | ||||||||
| 2025 | 2025 | 2025 | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Ministry resources | 7,199 | - | 7,199 | 7,476 | |||||||
| Project expenditure | - | 53,696 | 53,696 | 19,675 | |||||||
| Other | 43,088 | - | 43,088 | 5,808 | |||||||
| 50,287 | 53,696 | 103,983 | 32,959 |
Page 20
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
7 Tangible fixed assets
| 7 Tangible fixed assets |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Manses and | |||||||||
| other | Office | ||||||||
| property | Equipment | Total | |||||||
| £ | £ | £ | |||||||
| Cost / Valuation | |||||||||
| At 1 September 2024 | 6,415,333 | 6,422 | 6,421,755 | ||||||
| Transfer to investment properties | (1,046,315) | - | (1,046,315) | ||||||
| Additions | 635,000 | - | 635,000 | ||||||
| Disposals | (381,176) | - | (381,176) | ||||||
| At 31 August 2025 | 5,622,842 | 6,422 | 5,629,264 | ||||||
| Depreciation | |||||||||
| At 1 September 2024 | - | 4,869 | 4,869 | ||||||
| Charge for the year | - | 1,284 | 1,284 | ||||||
| At 31 August 2025 | - | 6,153 | 6,153 | ||||||
| Net book value | |||||||||
| At 31 August 2025 | 5,622,842 | 269 | 5,623,111 | ||||||
| At 31 August 2024 | 6,415,333 | 1,553 | 6,416,886 | ||||||
| 8 Investments |
|||||||||
| Investment properties | |||||||||
| Investment | |||||||||
| properties | |||||||||
| £ | |||||||||
| Cost or Valuation | |||||||||
| At 1 September 2024 | 2,885,000 | ||||||||
| Revaluation | 341,685 | ||||||||
| Additions | 765,000 | ||||||||
| Disposals | (600,000) | ||||||||
| Transfer from fixed assets | 1,046,315 | ||||||||
| At 31 August 2025 | 4,438,000 |
The revaluation of investment properties is based on professional valuations undertaken by David Hill Chartered Surveyors and Goffs Chartered Surveyors & Valuers subsequent to the balance sheet date.
Page 21
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
8 Investments (continued)
Fixed asset investments
| Fixed asset investments | |
|---|---|
| Total | |
| £ | |
| Cost | |
| At 1 September 2024 | 149,451 |
| Disposal proceeds | (100,224) |
| Gain on revaluation | 561 |
| At 31 August 2025 | 49,788 |
9 Debtors
| 9 Debtors |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||||||
| Funds | Funds | Funds | Funds | |||||||
| 2024 | 2024 | 2025 | 2024 | |||||||
| £ | £ | £ | £ | |||||||
| Stipends paid in advance | 47,022 | - | 47,022 | 33,864 | ||||||
| Prepayments and sundry debtors | 107,358 | - | 107,358 | 120,592 | ||||||
| 154,380 | - | 154,380 | 154,456 |
Debtors includes £51,000 (2024: £54,000) recoverable after more than one year.
10 Creditors: amounts falling due within one year
| Unrestricted | Unrestricted | Restricted | Restricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||||||
| 2024 | 2024 | 2025 | 2024 | ||||||
| £ | £ | £ | £ | ||||||
| General Fund (unrestricted) | |||||||||
| Deferred income - assessments | 125,210 | - | 125,210 | 116,325 | |||||
| Accruals and sundry creditors | 33,068 | - | 33,068 | 20,592 | |||||
| 158,278 | - | 158,278 | 136,917 | ||||||
| Circuit Model Trust Fund (unrestricted) | |||||||||
| Provisions re grant commitments | 78,643 | - | 78,643 | 90,931 | |||||
| 236,921 | - | 236,921 | 227,848 |
Page 22
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
11 Funds
2025
| 11 Funds 2025 |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Brought | Incoming Resources |
Gains/ | Carried | ||||||||||||||
| Forward | resources | expended | Transfers | (losses) | Forward | ||||||||||||
| £ | £ | £ | £ | £ | £ | ||||||||||||
| Unrestricted funds | |||||||||||||||||
| General Fund | 9,855,337 | 1,966,527 | (1,745,910) | (195,668) | 614,893 | 10,495,179 | |||||||||||
| Circuit Model Trust Fund | 208,745 | 14,511 | (121,754) | 199,996 | 885 | 302,383 | |||||||||||
| Total unrestricted funds | 10,064,082 | 1,981,038 | (1,867,664) | 4,328 | 615,778 | 10,797,562 | |||||||||||
| Restricted funds | 17,701 | 152,335 | (80,655) | (4,328) | - | 85,053 | |||||||||||
| Total | 10,081,783 | 2,133,373 | (1,948,319) | - | 615,778 | 10,882,615 | |||||||||||
| 2024 | |||||||||||||||||
| Brought | Incoming Resources |
Gains/ | Carried | ||||||||||||||
| Forward | resources | expended | Transfers | (Losses) | Forward | ||||||||||||
| £ | £ | £ | £ | £ | £ | ||||||||||||
| Unrestricted funds | |||||||||||||||||
| General Fund | 9,577,455 | 1,144,644 | (1,381,596) | 171,460 | 343,374 | 9,855,337 | |||||||||||
| Circuit Model Trust Fund | 448,510 | 22,257 | (103,098) | (171,460) | 12,536 | 208,745 | |||||||||||
| Total unrestricted funds | 10,025,965 | 1,166,901 | (1,484,694) | - | 355,910 | 10,064,082 | |||||||||||
| Restricted funds | 16,220 | 95,850 | (94,369) | - | - | 17,701 | |||||||||||
| Total | 10,042,185 | 1,262,751 | (1,579,063) | - | 355,910 | 10,081,783 |
The transfers between unrestricted funds relate to the movement of funds arising from the sale of properties and the release of grant income to further the charitable activities of the Circuit.
Restricted Funds
Broomhill Methodist Church - Funds received in connection with the creation of a community bouldering wall and creative play space.
Other- including funds received for provision of a mental health worker.
Page 23
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
12 Analysis of net assets between funds
2025
| 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Circuit Model | Other | ||||||||||
| Fund | Trust Fund | Funds | Total | |||||||||
| (Unrestricted) | (Unrestricted) | (Restricted) | Funds | |||||||||
| £ | £ | £ | £ | |||||||||
| Fixed | assets | 10,074,999 | 35,900 | - | 10,110,899 | |||||||
| Cash | and current investments | 478,978 | 290,226 | 85,053 | 854,257 | |||||||
| Other | current assets/(liabilities) | (58,798) | (23,743) | - | (82,541) | |||||||
| Total | net assets | 10,495,179 | 302,383 | 85,053 | 10,882,615 | |||||||
| 2024 | ||||||||||||
| General | Circuit Model | Other | ||||||||||
| Fund | Trust Fund | Funds | Total | |||||||||
| (Unrestricted) | (Unrestricted) | (Restricted) | Funds | |||||||||
| £ | £ | £ | £ | |||||||||
| Fixed | assets | 9,316,097 | 135,240 | - | 9,451,337 | |||||||
| Cash | and current investments | 579,001 | 107,136 | 17,701 | 703,838 | |||||||
| Other | current assets/(liabilities) | (39,761) | (33,631) | - | (73,392) | |||||||
| Total | net assets | 9,855,337 | 208,745 | 17,701 | 10,081,783 |
13 Pension costs
Defined benefit pension scheme
The Circuit contributes to 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 £75,999 (2024: £115,223). No contributions were outstanding at the year-end.
Defined contribution scheme
The pension charge for the year represents contributions payable to the Scheme of £13,707 (2024: £13,365). No contributions were outstanding at the year end.
14 Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Falling | due | within one year | 2,606 | 2,606 | |||
| Falling | due | after more than one year | 3,881 | 6,487 | |||
| 6,487 | 9,093 |
Page 24
Sheffield Methodist Circuit
Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)
15 Related party transactions
There were no related party transactions in the year (2024: £Nil).
16 Non-adjusting events after the financial period
Subsequent to the balance sheet date the Circuit disposed of two properties held within investment properties. The properties were revalued in the accounts to reflect the disposal values.
Page 25
Sheffield Methodist Circuit
Appendix 1 - Trustees of the Sheffield Methodist Circuit as at 31 August 2025
Revd Sean Adair Mrs Sue Bagshaw Mrs Jackie Bailey Mr John Bailey Rev'd Kate Barclay Mr Alan Bettison Rev'd Inderjit Bhogal Mr David Bingham Mr David Blackburn Mrs Rita Blackwell Rev'd Phillip Borkett Mr Peter Brand Ms Liz Brook Ms Christine Buckley Mr David Burton Dr Jenny Bywaters Mrs Lynne Capewell Mrs Jenny Carpenter Mr Alec Cartwright Revd Common Chan Mr Iain Cloke Rev'd Naomi Cooke Mrs Jean Cookson Rev'd Robert Cotton Mrs Ann Croft Mrs Bev Dale Mr John Dale Rev'd Michelle Deans Mr Jon Dilks Mrs Sue Dilks Mr Steve Dixon Mrs Helen Dunford Ms Erica Dunmow Mrs Pam Eaton Miss Louise Etherington Mr Simon Etty Mrs Jan Fly Mr Neil Grant Mrs Sue Griffiths Mr David Grimley Mr Emmanuel Gyening Mrs Katrin Hackett Rev'd Jonathan Haigh Prof John Harding Mrs Brenda Harrison Mrs Hazel Harrison Mr Graham Hill Dr Anne Hollows Mr Jeff Hough Mrs Anne Humphreys Mr Matt Irons Mrs Christine Jackson Mr Timon Jansen Rev'd Judith Jessop Mr Chris Jones Mr Glyn Jones Mrs Bridget Kellett Rev'd Claude Kimpinde Mr Donald King
This page does not form part of the statutory financial statements. Page 26
Sheffield Methodist Circuit
Appendix 1 - Trustees of the Sheffield Methodist Circuit as at 31 August 2025 (continued)
Mrs Janet Lawless Mr Peter Lockwood Mrs Libby Long Rev'd Ian Lucraft Mrs Ann Lyons Mr Arthur Lyons Ms Janet Malbon Mrs Audrey Mann Mrs Sheila Mappin Rev'd Debora Marschner Rev'd Kim Mason Mrs Pam Meek Mrs Kath Milner Mrs Sue Monaghan Rev'd James Morley Rev'd Tracey Morris Mrs Sue Nuttall Mrs Jane Offord Mr Neil Offord Mrs Yvonne Ogden Mrs Mary Parker Rev'd Philip Peacock Rev'd Romeo Pedro Rev'd Jill Pullan Rev'd Carla Quenet Mrs Heather Rotherham Mr Paul Rotherham Mr Philip Rowland Mr Andy Schofield Ms Joan Sharp Mr Mark Sharples Rev'd John Simms Deacon Carole Smith Mrs Val Smith Mrs Janet Southgate Rev'd Maurice Stafford Mrs Sue Stanworth Mrs Julie Talbot Ms Ann Taylor Deacon Annabel Terry Miss Aileen Treloar Ms Maryke Turvey Rev'd Gill Tutt Mr Greg Unwin Ms Jo Webster Mr Nick Whitworth Mrs Carol Wignell Mrs Joyce Wiles Mr Nigel Wiles Mr John Wilkins Mrs Evelyn Windle Mrs Eileen Woodthorpe Mr Ian Wright Deacon Jackie Wright Mr StJohn Wright
This page does not form part of the statutory financial statements. Page 27