THE METHODIST CHURCH WEST OXFORDSHIRE CIRCUIT (Chartty Registration No. 1134159) Circuit No. 23103 within the Northampton District of The Methodist Church TRUSTEES, REPORT AND ACCOUNTS For the Year ended 31 August 2024 CONTENTS Page TR1-6 Trustees, Report Auditor's Report Statement of Financial Activities (SOFA) Balance Sheet AR1-3 FS1 FS2 Statement of Cashflows FS3 Notes to the Financial Statements FS4-15
THE METHODIST CHURCH, WEST OXFORDSHIRE CIRCUIT TRUSTEES, ANNUAL REPORT ON FINANCE AND GOVERNANCE FOR THE YEAR ENDED 31 AUGUST 2024 Basis of preparation and legal framework The Charity's annual report and accounts for the year ended 31Augusl 2023 have been prepared in accordance with the Charrties Act 2011 and the Charrties.. Statement of Recommended Practice 2015 as applicable to the Financial Reporting Standard IFRSI 102. Full Name of Charity- The Methodist Church, West Oxtordshire Circuit, also known as Wesl Oxfordshire Methodist Circuf(, Wesl Oxfordshire Methodists and Witney and Faringdon Methodist Circuit. Registration Charity Number- 1134159 Date of registration - 5 February 2010 Main communication address- The Superintendent. Wesley Manse. Church Street, CHIPPING NORTON, Oxfordshire OX7 5NT The member5 of the West Oxfordshire Methodist Circuit Meeting are the Charity Trustees, membership being made up of circurt office holders. ministers and representstives appointed by Ihe local churches. Full membership is shown as Appendix A to this report on page TR 6. Circuit Ministers and officers ("_ also a trustètrl Active Circuit Ministers: Revd Andrew Biggs- Superintendent ' Revd Fred Ireland (To 31 Augusl 2024) Revd Jason Cooke . Revd lan Worrall ' Revd Sue Jacobs (From I September 2024) ' Revd Charles Harris- Part-time Associate Minister (To 31 August 2024) Clrcult Stewards: lan Cotton (sen Sleward) ' Rosemary Britton iS8leguarthn91 ' Eddie Fowler (Tasurer- se8 also below) ' Val Donoghue (From 12 June 2024) ' Martin Hannanl" Clrcuit Meeting Secretary: Caroline Todd (From 18 September 2024) Circuit Treasurer: Eddie Fowler, who acled as the principal offrer overseeing the day to day financial management and accounting for the Circuit during the year. Auditor: Shaw Gibbs Ltd., Accountants & Business Advisers. 264 Banbury Road, Oxford OX2 7DY Investment Bankers: Central Finance Board of the Methodist Church- Trustees for Methodist Church Purposes Bankers: CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill. West Malling, Kent HSBC Bank plc, 24 Market Square. Wrtney. Oxon. TR1 The Methodist Church. West Oxfordshire Circuit-Trustees Reportforthe year ended 31 August 2024
Circuit Mission Statement The Circuit Mission Statement is presendy as follovts". To en¢our4ge, enable and equlp lo¢al congregations to livo out their discipleship of worship. service and mission in response to the gospel of God's love in Christ. Aims and Organisation The Charty's obje¢live Is to act as a Resour¢e provider foT the Methodist Church wthin the a8 around South and West Oxfordshire. The Circuit Mission Statement appears at the beginning ol this Report. The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union.. The advancement of- alThe Christian farth In accordance wth the docth.nal stsndards and discipline of The Methodist Church,. blAny charitable purpose for the lirne being of any Connexional, DIstrt. Circuit, local or other organisation of The Methodist Church". cIAny charitable purpose lor the time being of any society or institutson subsidiary or ancillary to The Melhodisl Church". dlAny purpose for the lime being of any charity being a ¢hanty subsidiary or anallary lo The Melhodisl Church The organisalion and resourcing of regular public acts of vlorship open to members of the church and non-members alike. The teaching of Christianity through sermons, courses and small groups. The resourcing of pastoral work including visiting the sick and bereaved. Taking religious assemblies in local schools. Promotion of Christianity through the staging of events and service5. Provision of chaplaincy servi¢e$ lo the local educational an¢J other inststutions. Public Benefit: We confinm the trustees have had regard to the Charity C¢ynmission's guidance on public benefit. Structure. Governance and Management The governing documents for the circuit are the Deed of Union119321 and Methodist Church Act119761. Detailed governance arrangements are outlined wrthin the Consts"tulional Practs"ce and Discipline of the Melhodisl Church ICPOI by order ol the annual conference. Day lo day management of the circuit is undertaken by the Circuit Leadership Team. The Constitut'on ofthe Circuit Meeting is found in SO 510 in the Stsnding Orders se¢tion of CPD, and there follows the parts ol that Standing Order that are revant lo this Circuit. The Circuit Meeting shall consist ol". the ex-officio members specthed in SO 552 {These aTr as follows" the Superinlendenl. 811 ministers and pmbalioners appoinled lo lh& cl11, allpgrsons aulhorised lo selve the Chur¢h as prgsbyters and deacons and appointed lo fulfil presbjrferal or donal dU[S in the Circuit and Ihe circuit st8wards sh811, ex Off, be memb&rs of and enlrtled lo attend all0ff¢al meetings connecl&d with the Circuit, excepl that circurt slew8rrts shall nol lje Membe of (he Local Preachers, Meeting unless they are local pTrachers.).' such other persons, il any, as the Circurt Meebng judges it appropriate to appoint from among those employed by the meeting under SO 570 (all about employing Lay Employees).. the secretary of the meeting., the secretary of the Local Preachers. Meeting." from each Local Church one church steward and the church treasurer., representatives elected by the Church Council of each Local Church from its own members in numbers specified by the Circuit Meeting,. additional person5 as the Circuit Meeting may desire and appoint lo ensure that all areas of the life ef the Circuit are adequately repSented. provideil that the lolal number appointed under this head shall not exceed the total of the numbers specffied by the Circuit Meeting for the purposes of head Iviiil. In accordance with Sianding Orders Ilviiil above). the Circuit Meeting had agreed that there would be ttvo Local Church representative5 from each church. Achievements and Perfomiance in the year Personnel.. Revd Fred Iroland retired at the end of August 2024: after a ministry in this Circurt of 9 years. As he'sits down" (Methodist terminology), we thank him and his wife Sue for their ministry among us, and we wish them both a long, happy and fulfilling retirement. Rgvd Jason Cook• was originalty due to leave the Circuit after S years at the end of 2023124, but dLJring this year, he offered a further year to the Circurt, vthich was accepted wth gratitude. Since the end of 2023124, one further year has been offered by Jason and accepted by the CircuTt, which means that he wll be leaving the Circuit In Augu512026. Revd Sue Ja¢obs. During the year, the Circurt was grateful lo hear that a new Pr¢)bab"oner Minister would be TR2 Iv) The Methodist Church. West Oxfordshire Circuit-Trustees Reportforthe year ended 31 August 2024
Stationed here. Revd Sue Jacobs joins the Circuié from September 2024 for a 5 year terni. We look forward lo welcoming her and her family, and to working her in mini5ty. We hope that Sue will have an enjoyable and fulfilling slay wth us. Churches.. Carterton.. Carterton Methodist Church. known as The Sanctuary in Carterton has seen work Carried out on the grassed area, a¢ioss the ¢arpark from the ¢hur¢h buildings. A log ¢abin IPrayei Hull has been buiit and equipped. to support new outdoor ways for worship and prayer. Aso. there is now the provision of Community Garden, where fNit and vegetables are being grown both in the open and in the poly-tunnel which was installed during the year. Inf(ial groundwork had been carried out in 2022123 at a cost of £11.8k, with funding from both the local ¢hur¢h and the Northampton Disth"cl. In 2023124. the outdoor work in the garden and on the Prayer Hul has been completeil with a grant from the Circuit of £25.3k and a further £1.8k from the District. Both garden and Prayer Hut are in regular use. Burford.. This year ha5 seen the marketsng and Sale of Burford Methodist Church- a large building half-way down 8urford High Street. Originally a Georgian Man5. il vrd5 converted in the 19th and 20th centurie5 in lo what became a much loved Melhodisl church. As th many ¢hur¢hes. the congregation diminished and it eventLJally had lo close ff)r worship. The sale SuIte<l in fvnds of £753.2k being ¢dIted to the Circuit Model Trust Fund IMTFI and a levy of £277.3k being transferred to the Connexional Priority Fund ICPFI, as required by Methodi51 Standing Orders. Sutton.. Sutton Methodist Church had a strelch of lan¢J behind the church buildings, vthich had been allotments. However, they brought in minimal income. with the tsdying of the surrounding hedges ¢osling par more. It was therefore agreed that part of the land be sold. with a smaller part immediately behind the church being retained a5 a church car park. The sale brought In a sum of £69.6k, with a transfer to the CPF of £9.9k. These transactions also look place through the Circuit MTF. from whi¢h a grant of £23.1k was made lo Sutton Melhodisl Church for essential work on the church buildings. Financial Performance.. Circuit expendilure of £465,391 includes £108.261 paid out of the Circuit Model Trust Fund ICMTFI, of which £25,267 was in grants made lo Carterton Methodist Church a5 indicated above, towards their pioneer project. £23.100 for refurbishment work lo Sutton Methodist Church lout of the sale proceeds lor part of their land. held in the CMTFI and £57.381 as a levy transferred to the Northampton Melhodisl Di$lri¢¢ Advance Fund IDAFI. vthich is lor mission and ministry work wrthin the Oi$tri¢l, and for property grants related to such work. The lewy is calculated on the balance remaining in the CMTF at the year-end. The figure for sts'pends and salaries remains the single highest area of expense at 39°/ts of total costs, wi(h the District assessment lin¢luding funds for for the Connexional Methodist Church Fund) and the DAF levy menty'oned above being 26% of total expenditure. Propety costs represented 18% of total expenditure. Total grants and donations paid were 11 % of circuit costs. Income trends.. Circuit ineome Continues lo be primanly drawn from the assessment paid by the ¢ircuil churche5 which, this year lotalled £204,910, representing 25% of the total incoming resources. Income from renting out two of the manses not presently in use for circurt staff helps boost overall income by £21,71713% of lolal income). The reduction 01 £16.330 thi$ year is beuSe the fv40 propertie$ became empty due lo one being lor sale and the other being required to house a new minister. Interesl received has increased to£49,265 due to both the increasing rate of interest over the year and ihe balance held in the Circuit Model Trust Fund. Other Income this year represents the net sale proceeds of Burford church and Surplus land held by Sutton. Expendlture trends.. Salaries expendrture shows a decrease of 2% this year. Whilst there was a general increase of 7.83% set by the Methodist Conference for ministers. stipends, and also used in this Circuit for our lay employees, the effect wa5 somewhat reduced by of our lay employees resigning part way through the year, wilhoul being replaced. Expenditure on properties increased substantialty, mainly due to urgent work being carried out on the tsvo houses being let out. Fund balances.. As al 31 August 2024 the net unrestricted curnt assets of the Circurt were £1,390k, of which £1,263k was held within the Circuit Model Trust Fund, for use In carrying out the longer term mission of the Circuit. The balance of £127k. which is held in easily asSIble accounts. gives approximately 4 month$ cover for expenditure. Plans for 2024125.. Circuit financial plans for the coming year have been prepared on the b8S1S that there 11 conknnue to be four full time rninislers, wrth one being a Pioneer Minister based in Carterttsn. A new Circuit Adminislralor working 18 hours a week started in the middle of July and, togelhei with the part-ts.me Town Centre Chaplaincy Team Leader are our lay employees. The budget has been prepared on the basis of a 6% increase in the overall assessment. Trustee Training: A range of guidance Is produced by Melhodisl Connexion 10 5UPPOrt the effectNe running of the circuit, as well as°The Essential Trustee. and "Safeguarding Guidance" Yh)i¢h are available on the Charity Commission websrte for Circuit meeting members to read as induction to their role as trustees. Trustees have also been provided with the document Financial Governance and good practice for Church and Circuf( Trustees" produced by the Northampton Methodist District. TR3 The Methodist Church. West Oxfordshire Circuit-Trustees Reportforthe year ended 31 August 2024
Related Parties- The Circuit is part of the Northampton Methodist District and is also accountsble to the Methodist Conference. The following Churches are linked to the arcuit.. Methodist Churches in Wthey (High St. wth Neand and Davenport Rd.1, 8ampton. Carterton, Charfbury, Chipping Norton wth Churchill, Faringdon United Church IMelhodistlURC LEPI and Methodist Churche5 in Long Hanborough Sutton, Minster Lovell, Slonesfield and Wesl¢ole. Risk Management: Principal Risks and Uncertainties RISK- MITIGATED BY: Misappropriation of fvnds Strict observance of Standing Order 012111 which states that.. "Melhodisl money shall not be held in private accounts bul in official bank accounts qUinnY the signatures of. or elerOnIC authorisation by, two persons for wrthdrawals" The vast majority of Circuit funds are held as balances wth CAF 8ank, HSBC, in the CFB Deposit Fund and the Trustees Interest Fund at TMCP. In addition, there are Iwo funds with small investments made on our behalf by TMCP. both in CFB Manage<1 Mixed Fund and one of them alw in CFB Managed Fixed Interest Fund. These three investments a all valued at well nder £1,000 each, as are deposts wth Methodist Chapel 'd Ltd from legacies. The viabilrty of churches in the Circuit is monitored through the Standard Forms of Accounts and regular review by the Circuit Leadership Team. A planned programme of professional quinquennial inspections is carried out at the request of and under the supervision of the Circuit Stewards ensure that appropriate action is taken where necessary. This includes all churches and manses in the Circvil, with the Circuit paying for the inspections. ahhough individual chuiches are responsible lor paying for work needed as a result of their inspections. Investment Risks Viability of Churches Propety Risk Safeguarding: Every person has a value and dignity %•thich comes directly from the creation of humans in God's own image and likeness. Christians see this polentsal as fulIed by God's rxrealion of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore lo protect them ftom harm. The Circuit is committed to the following principles.. the care and nurture of, and respecthjl pastoral ministry wih. all children, young people and adu$ safeguarding and protecting all children, young people and adults when they are vulnerable establishing Safe. canng communities, whieh provKle a loving environment where there is informed vigilance as lo the dangers of abuse. We will carefully select and train all those wth any responsibilty wthin the Church. in line wth safer recruitment principles, including the use of criminal records dis¢losures and registration with the relevant vetting and barring schemes. We will respond without delay lo every safeguarding nCeM which suggests that a ehild. y¢ung person or adult may have been harmed. working in partnership wrth the police and local authority in any invesb'galion. We will seek to work with anyone who has suffered abuse, deVelo.n9 Wlth them an appropriate ministry of informed pastoral care. We will seek lo challenge any abuse of power, especialty by anyone in a positi.on of trust. Working with the District Safeguarding Officer. we will support risk assessment ofthose who present a safeguarding risk ¥Mthin a church environment. We wll ensure appropriate pastoral care is offered and measures are tsken to address identffied risks including referral to statutory agencies, suspension and the use of safeguarding contract5. We will recogni5e and apply the restrictions to appointment laid down in Standing Order 010 of the Consbtulional Practice and Discipline of the Methodist Church. In all these principles we will follow legislation. guidance and recognised good practice. We will respond withoLrt delay to every safeguarding concem which suggests that a child, young person or adult may have been harrned, working in partnership wrth the police and local authority in any invests'gation. We will seek to work with anyone who has suffered abuse, developing wilh them an appropriate ministry of infomied pastoral care. We will seek to challenge any abuse of power. especially by anyone in a position of trust. Working with the District Safeguarding Officer, we will support risk assessment ofthose who present safeguarding risk within a church environment. We wll ensure appropriate pastoral care 15 offered and measures are tsken lo address idenlthed risks inGluding referral to statutory agencies, suspension and the use of safeguarding contracts. We will recognise and apply the restrictions to appointment laid down in Standing Order 010 of the Consts'tuts'onal Practice and Discipline of the Methodist Church. The Methodist Church. West Oxfordshire Circuit-Trustees Reportforthe year ended 31 August 2024
Safeguarding {cont'd) In all these principles we will follow legislation. guidance and recognised good practice. The West Oxfordshire Methodist Circuit commits itsew to.. 1. RESPOND without delay to any algation or cause for concem that a child or vulnerable adult may have been harmed, whether in the Church or in another context. It commrts itself to challenge the abuse of power of anyone in a posrtion of Irusl. It commits itself to providing infotmed pastoral care lo those in need, including the supeNision of those who have commrtted criminal offences. 2. IMPLEMENT the Methodist Church Safeguarding Policy, Procedures and Guidance, govemment legislation and guidance lo achieve safe practice in the circuit and in the churches. 3. The PROVISION of support. advice and training for lay and ordained people that wll ensure people are clear and confident about their roles and responsibil"e$ in safeguarding and promoting the welfare of children and adLJlts ¥fvho may be vulnerable. 4. AFFIRM and give thanks for the Work of those who are workers wth children and vulnerable adults and acknowledge the shared responsibility of us all for safeguarding children. young people and vulnerable adults on our premises. Reserves Policy The Reserves Policy for the unrestricted reserves held in the General Fund 1$ lo hold a minimum sum equivalent to befvleen 3 and 6 months, average expenditure. This should be sufficient to meet any unforeseen item of major expenditure on manses and l or to be able to continue. in the short term, funding planned ath'vilies in the event of any inability lo raise the lull Circurt Assessment from Churches. In addition, funds held in the Circuit Model Trust Fund will be applieil for the and mis*on of the circuit. Statement of Trustees, Responsibilities The trustees are responsible for preparing the Trustees. annual report and financial statements in accordance th applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢licel. The law applicable lo charrties in England and Wales requires the truslees lo prepare financial slalements for each financial year which give a true and fair view of the slate ol affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these stalements, the Iru5tees are required lo.. select suitable accounting policies and then apply them eonsislenty., observe the methods and principles in the Charities SORP 2015 IFRS1021', make judgements and eslimales that are reasonable and pnent., follow applicable accounting standards". prepare the financial slalemenls on the going concem basis unless rt is inappropnate to presume that the charity ¥MII conlinue in operalion. The trustees are responsible for keeping proper accJntin9 record5 that disclose with reasonable accuracy al any lime the finanaal posrtion of the charty and enable them lo ensure Ihat the financial slalemenls comply th the Charities Act 2011. the Charty (Accounts and Reports) Regulab'ons 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventson and detection of fraud and other iegularl"e. Auditor This is the first year that an audit became a reqU1ment in view of both the level of income and the asset value of the C1U. We wish to place on record our thanks to our Auditor, Shaw Gibbs Ltd, Accountants and Business Advisers, who have been appointed audrtors for the ensuing year, having previously carld out years as Independent Examiners lor the Circurt. Declaration The Trustees, Report and the Finan¢ial Statements are approved for presenlation to the Trustees. Signed.. Andrew Biggs Eddie FovAer Superintendent Minister Circurt Steward & Treasurer 31 Jul 2025 31 Jul 2025 TR5 The Methodist Church. West Oxfordshire Circuit-Trustees Reportforthe year ended 31 August 2024
West Oxfordshire Methodist Circuit- 2022-23 - A endix A CIRCUIT MEETING MEMBERSHIP TRUSTEES 1. Circuit Leadershi Team MINISTERS Revd Andrew Biggs Revd Fred Ireland Ilo 31108r24) Revd Jason Cooke Revd lan Worrall Revd Sue Ja¢ob$ O1J09f24) CIRCUIT STEWARDS lan Cotton (Senior CS) Rosemary Britton (& Saf8gu8rfing) Eddie FOer (& T#sur) Martin Hannant Ann Jerome (to 19/09r23} Val L%)noghue (from 12A?4) In FORMER VICE PRESIDENT OF CONFERENCE Stella Bristow WITNEY TOWN CENTRE LEAD CHAPLAIN Sonia Ouraturo (from I2104) LOCAL PREACHERS & WORSHIP LEADERS Rev Stephen Bywaler (Jtynt Se¢y) Ito I2104) Jenny Bywaler (J1 S8cy) (to s21?4) Andrew Maisey (Tutor) {to 31108r24J Julie Biggs ($8Gr818ry) (fw 12106r241 PASTORAL LAYWORKERS Anne Crawford (to 31/08r241 Dawn Haley (to 311W24J LEGALADVISER Andrew Pote Ilo 37112rk3) 3. Church Re r8sentatives BAMPTON METHODIST CHURCH Matthew Wareham Raena Fartey (from IWk4) CHARLBURY METHODIST CHURCH Sheila Farmer Gill Grason David Woodcock Sue Tokumine Ilrom 12klfKI4? CARTERTON METHODIST CHURCH Karl Williams Jan Hilton Carol Port Pal Wellslo¢xl (trom i¥OtsYd41 CHIPPING NORTON METHODIST CHURCH Doug Paxton an Souch (frnm 12106r241 Linda Souch (Ixom 12M4} CHURCHILL METHODIST CHURCH Lesley Sulherfand Ilo 31ffjVd4) Jackie Palmer llo 31/04} HIGH STREET, WITNEY METHODIST CHURCH Jane Heath Ilrom 12n&?4) Jonathan Miller Ann Vvorrall ito 37/oe/24) Bill Seedhouse (to 31/08/24J Keith craOrd Mary Jordan Dave Richardson ito 37108/241 Sandra Robinson (to 31108r24J MINSTER LOVELL METHODIST CHURCH Wendy Atkinson (10 31/0&24) Mary Willis David Haley (to 31/08g41 Dawn Haley Ilnxn 01/094> Graharn Kew (from 12106124) DAVENPORT RD. WITNEY METHODIST CHURCH Judith 8ucknall Helen Adams Ja¢ky Milner Roy Townsend (to 31/0W24J Robert Ayers (fvom Ivo4) FARINGDON UNITEO CHURCH Liz Kilpatrick Derek Jerome {frLW 121W241 LONG HANBOROUGH METHODIST CHURCH Gill Breakspear (to 3f/08Q41 Nigel James Andy Gower Cha5 Simpkins Valerie Tee WESTCOTE METHODIST CHURCH Tony Gibson Ilo 31/084) John Bentley Mary McDougal Ilrom 01/09r24) Helen Blight Ifrom 01109n4J STONESFIELD METHODIST CHURCH Kathleen Albert Claire Walton Bruce Anderson (fnm 01109124) Sytvia Bareham fr 01/09f241 TR6 The Methodist Church. West Oxfordshire Circuit-Trustees Reportforthe year ended 31 August 2024
Independent Auditor's Report to the Trustees of The Methodist Church. West Oxfordshire Circuit Opinion We have audited the fin3n¢ial statements of The Methodist Church. West Oxfordshire Circuit (the '¢harty'l for the year ended 31 August 2024 which comprise Statement of Financial Activrties. Balance Sheet, Statement of Cashflows and notes to the financial statements, induding significant accounting Policies. The financial reporting framework that has been applied in their preparats'on is applicable law and United Kingdom Accounting Standards. including Finanoal Reporting Standard 102 The Financial Reportiftg Standard app1&ble An the UK and RepublK of Ireland (Unrted Kingdom Generalfy Aceepted A¢counb"ng Practice}. In our opinion the financial slatements.. give a true and fair view of the stsle of the charity's affairs as al 31 August 2024. and of its incoming resources and application of resources. including rt5 income and expenditure, for the year then ended.. have been properly prepared in accordance vAlh Unf(ed Kingdom Generally Accepted Acwunb'ng Pra¢t'¢e'. and have been prepared in accordance with the requirements of the Charrties Act 2011. Basis for opinion We conducted our audi( in accordance Inlemational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilrties under those standards are lurther described in the auditor respon5ibililie$ for the audit of the financial statements section of our report. We are independent of the charty in accordance rith 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 fu111ed our other ethi¢al responsibilitses in accordance with these requirements. We believe that the audrt evidence we have obtained is suffiuent and appropriate to provhle a basis for our opinion. Conclu8lon$ rolatlng to gdng conc•m In auditing the financial statements, we have Concluded that the Iru$lees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfome(l. we have not idenlffied any material uncertainties relating lo events or Condilitsns that, individually or collectively, may east significant doubl on the charity's ability lo continue as a going concern for a period of at least ts¥elve months from when the financial statements are authorised for i$¥ue. Our responsibilities and the res[nsibIlitieS of the trustees th respect lo going concem are described in the relevant seclitsns ol this report. other Infomiatlon The other information comprises Ihe inlormalion included in the Trustees, Annual Report on Finance and Governance, other than the finanaal statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the finanaal statements does not cover the other information and we do not express any forni ol assurance concbusion thereon. Our responsibility is lo ad the other infom)alion and. in doing so. consider whether the other infomalion is materially inconsistent wth the financial statements or our knovAedge obtained in the course of the audit or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are requi lo determine whether this gives rise to a material misslalemenl in the financial stslemenls thernsefves. If, based on the work we have performed. we conclude that there is a material misstatement ofthis other infomialion, we are requTed to report that fact. We have nothing to report in this regard. AR1
Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to vthich the Charities (Accounts and Reports) Regulations 2008 require us lo port to you rf. in our opinion- the inforniation given in the truslees. report is inconsislent in any material respect wth the financial statements,. or sufficient accounting words have not ken kept". or the financial ststements are not in agreement wth the accounts.ng records., or we have not received all the information and explanations we require for our audit. R•sponsibilities of trusttes As explained more fully in the trustees. responsibilities 5ts1ement Set out on page TR5. the Iru5tee5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal Control as the trustees detemiine is necessary lo enable the preparation of fi'nancial stslemenls that are free from material misstslement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilty to conts'nue as a goin9 concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Iruslees erther intend lo liquidate the charity or lo cease operations. or have no re81istic allernalive but to do so. Auditor ro$pon$lbilitig8 for tho audll of the financial ststem¥nts We have been appointed as auditor under section 144 of the charib.es Act 2011 and report in accordance with the Act and relevant regulatsons made or having effect thereundef. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl. whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is 3 high level ol assurance, but is not a guarantee that an audit Conducted in accordance with ISAS IUKI will always detect a material misstatement when il exist5. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including Iraud. are instances ol non-compliance laws and regulations. We design procedures in line with our responsibilities, oullined above, lo delecl material misstatements in respect of irregularities. including frau¢J. The extent to which our pr¢)ce(lure$ are capable ol detecting irregularities, including fraud is detailed below". 1. At the planning stage of the audit we gain an understanding of laws and regulats'ons which apply lo the harity and how management seek to comply wth those laws and regulations. This helps us to plan appropriate risk assessments. 2. During the audit we locus on relevant risk areas ad review the compliance wrth the law5 and regulations by making relevant enquiries and undertaking rrobOration, for example by reviewing Iruslee meeting minutes and other documenlalion. 3. We assess the risk of material misstatement in the finanaal statements induding as a result of the risk of fraud and undertake procedures including.. a. Reviewing the controls set in place by management. b. Making enquiries of management as to whether they consider fraud or other irregularities may have tsken place. or VAle such opportunty might exist. c. Challenging management assumptsons wth regard to accounting estimates. d. Identifying and testing ioumal enkn"es. parb"cularly those which appear lo be unusual by size or nature. Because of the inherent limitslion5 of an audrt, there is a risk that we wll not delect all irregularities, including those leading to a material misstatement in the financial statemen15 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions AR2
reflected in the financial statements, as we will be less likety to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than eOr, as fraud involves intenbonal con¢ealmenL forgery. collusion. omission or MIspresentation. A further description of our responsibilities 15 available on the FRC'S web511e al". htt s.Ilwww.frc.or .ullbra JStandards-codes- laudit-assurance-and-ethicslaudrtors-res the-audiv onsibilities-for- U$• of our r•port This report Is made solely to the charity's trustees, as a body. in accordance wth Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are reqUId to stsle to them in an auditor's report and for no other purpose. To the fullest eKtenl permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the chanty's trustees as a body, for our aLKlit work. for this report. OT for the opinions we have formed. SQ.- L,-,4. Shaw GlbbB (Audltl Llmlted (Statutory Audltor IDatel 01 Aug 2025 264 Banbury Road Oxlord OX2 7DY Shaw Gibb$ IAudill Limited 1$ eligible lor appointment as auditor of the charity by virtue of its eligibilty for lppoinlment is auditor of a company under section 1212 of the Companies Act 2006.
sxi 1!19- 5'É21 51
Si E 113 1551111
The Methodist Church. West Oxfordshire Circuit ststement of Cashfiows for the year endlng 31 Au8USt 2024 2023 C•sh Ivom •)per•llry •dl¥ltl•s 178,1751 Net cash Iltrw from chafflable artibities {n175J C•sh Ilow Irom xtlwltles Investment incoff 49.26S 32.337 Net cash from Thfesting artr4ities 49,265 32.337 Cmh Irom Iln•nthi •rttr¢ttles Net incfe•se I Ide¢reasel In cath Jnd Cash 130,9151 14S.838) Cash and cash eqUilents * st•rt date l(Kl.425 146.263 Cash and cash eouibrylents at end date 69.510 ICO.425 •nd $h oqulv•lefts cong13ts ofr. Cash ai bank 69.510 IiXl,425 Cash •nd c•sh •qulv•l•rts th •hd d•1• 69510 IiXl.425 A•KIll•t)fi of net Incom• l (ewftthturel lo ntl ash Ilow Irom ¢¥ef*knq •cll¥lll•s 2023 Net income I lexpenditurel lor •r I ptid 339.929 1147.451J In¥estment IrK(wr l&insl I losses on inbtstments l&insllknsses on tangible assets Ilncfeasel I decrease in debtors Inuease I (decre) in credtt¢ys 149.2651 1381.533 132.337) 152.148 (9.257J 121,&)lJ 120,2771 1342) 3.%3 1420,1091 69.276 180,180) (78,175J FS3
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note I.. Basis of re aTation Basis of accounting These financial statements have been prepared under the historical cost convention with items recognised at historical cost or transaction value unless otherwise stated in the celevant notelsl to these accounts. The financial staternents have been prepared in accordance with- the Stutement of Recommended PTUrtffce.' Accounting Reporting by Ch47rities f50RPJ applicable to charitie5 preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. and with the Financial Reporting Standard applit3ble in ihe United Kingdom and Republic of Ireland IFRS 1021 and with the Charities Att 2011. Publlc beneflt entlty The West Oxfordshire Methodist Circuit meets the definition of a public benefit entity under FRS 102. Funds The funds held constitute.. General Funds held for any purpose of the Circuit, which are Unrestricted. The Circuit Model Trust Fund, which hos wide purposes defined in Standin8 Orders and is categorised as Unrestricted. Restricted Funds. whi¢h are held for a narrower purpose. Endowment Funds, which consist of Expendable Endowments where capital Is available wlth restrlctlons. and Permanent Endowments where capital is unavailable. Golng concern 8ased on the monetary assets and human resources available at 31 August 2024. the trustees believe that the Circuit is a going concern. Note 2.. Accountln Pollcl Content The financial information presented is relevant, reliable, comparable and complete. Where estimates are used the5earebasedonexperience, research andjud8ement. Theaccountsareexpre55ed in £Sterlin8, roundedto the nearest pound. Con5011datlon The Circuit has denominational re8ulatory oversight in respert of the work gf the Churches within the Circuit but has no legal or operational Control of those Churches and iheir governing bodies except in extreme circumst3ntes. For this reason, the financial statement5 01 Churche5 Wlthin the Circuit are not consolidated into these financi31 statements. Income recognltlon Income is brought into account when there is entitlement and the amount is reliably measurable once it is more likely than not that the economic benefit of the income will be forthcoming. In accordance with the Charities SORP IFRS 1021. the time of volunteers is not recognised. Expendlture This is recognised when a liability is incurred, or a constructive obligation arise5, where the amount is reliably measurable and it is considered more likely than not that there will be an outflow of economic benefit. Grants Grants made by the Circuit from its own fund5 are reco8ni5ed in full at the time of agreement to make a grant without performance tondition5 or as and when the Ciicuit actept5 that there 1% 8 leg31 or operational obligation to make the payment if it 15 subject to performarbce conditions. VAT Since the Circuit is not VAT registered. all inputVAT is charged with the expenses to which it refers.
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Tanglblefixed assets Trustees for Methodist Church Purposes ITMCPI is the legal owner and Custodian Trustee of 311 Methodist Model Trust property. Tangible fixed assets are capitalised if they can be used for more than one year, and individual cost at least £1,000. Starting this year, the freehold residential property is shown in the accounts at current market value, with the accounts for the years ended 31 August 2022 and 2023 being restated to show the revaluation of the comparative figures shown for those years. For the Balan Sheet, this means an increase in the value of the Freehold Properties of £1,042,627, to £2,966,255. No depreciation is provided. as it is the Circuiys policy las required by Standing Orders) to maintain the properties in good repair. Consequenlly. the trustees consider the life of the properties to be so long that there is no significant depreciation or impairment. Monètary Invèstmènts The Circuit'5 investment5 are in monetary a55ws Classified as basi¢ financial instruments under FRS102 and are held by TMCP as custodian trustees. The valuations. at markei value. are those provided by TMCP. The unrealised gains rising on investments at the end of the year ale shown in the SOFA and in Note 16 below. Recelvables and Payables. Bank and Cash IBaslc Nnandal Instruments) Debtors are stated at the amounts owed to or prepaid by ihe Circuit. Creditors are initially recognised at settlement amount after any trade discounts, where normal credit terms appty. or the amount advanced to the Circuit. Subsequently creditors that are current liabilities are measured at the cash or other consideration expected to be paid. The liquid funds of bank balances and deposit fund balances are shown at their realisable values. 2.10 Loans as Baslc Flnanclal Instruments Where conce5sionary loans li.e. free ol interestl are made to lor reiVed byl the Circvit to further its charitable purposes, and are repayable after more than one year, they are initially recognised at the amount paid lor receivedl, with the carrying value adjusted in subsequent years to reflect repayments and any accrued interest, adjusted for any impairment, if necessary. 2.11 Methodlst ConneMl¢nal Funds The Methodist Church Connexion raises 35sessments against Districts and Ihese afe apportioned quarterly lo their Circuits. In addition, the District also apportions its own expenses across the Circuits. The Circuits raise assessments agalnst thelr Churches In order to fecover the Charges by their District. together with other Cir¢uit costs. 2.12 Reserves Pollcy The trustees have adopted a pollcy for the unrestricted reserves held the General Fund whlch Is to hold a minimum sum equivalent to between 3 and 6 months. average expenditure. This should be sufficient to meet any unforeseen item of major expenditure on manses and l or to be able to continue. in the short term, funding planned activities in the event of any inability to raise the full Circuit Assessment from churches. In addition. funds held in the Circuit Model Trust Fund will be applied for the work and mission of the circuit. 2.13 Endowment Funds Where the Circuit holds money that may not be spent and must be retained las capital) to generate an income the money or a55et5 to be retained are classified as an Endowment Fund. The capital will be Shown in the balance Sheet in the column for endowmeni funds. The income may be restricted or unrestricted depending upon the terms of the endowment. 2.14 Ministers. manse costs The Circuit 15 required to provide accommodation for e3¢h minister in the fjrcuit and their families and this is seen as a benefit to the Circuit. Ministers are expected to occupy the manse provided for them. The Circuit bears the cost of repairs. maintenance. buildings insurance. Council Tax and water charges. These figures are not separatelv disclosed as benefits-in-kind for ministers as HMRC does not seek to tax these receipts in the hands of ministers. Note 3.'Jud ements Estimates In June 2025, a Fellow of the National Association of Estate Agents visited all four of the manse properties held bv the Circuit at that time to prepare valuations. These valuations have been worked back to 31 August 2022. using the house price index for West Oxfordshire in order to arrive at valuations for 31 August 2024, as well as comparative5 for 2023 and 2022. The valuations for the manse in Burwell Meadow, Wilney (which had been sold by lune 20251 were based on its selling pri in Marth 2025.
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 4.. Glossa of ternis CFB.. Central Finance Board of the Methodist Church manages a Common Deposit Fund and a series of pooled investment funds for Methodist entilies in Great Britain and provides invesiment advi to those entities Church: a group of members from fewer than 10 to more than 300 Circuit: a grouping of Methodist Churches usually in a defined area near each other. typically between 10 and 30 ClrcuSt Meetlng: The trustees of the Circuit. most of whom are appointed by their local Churches and others by virtue of a role they undertake for the Circuit and/or their local Churches CLT {Circuit Leadership Team): A group (comprising mostly. but nol exclusively) of Circuit trustees responsible for the day to day adminislration and poliry formulation of the Circuil. Generally the CLT comprise5 the Presbyters and Deacon5 Stationed within the Circuit, the Circuit Steward5 and CLT Secretary (who is not a trustee) CMTF.. Circuit Model Trust Fund Imaintained with TMCP- see below) Connexion.. The Methodist Churth in GB whith includes the Head Office at Methodist Church House, all Methodist Districts, Circuit5 and Churches in Great Britain Connexlonal Funds- The Designated 3ndloi Restricted Funds held and 3dministeièd by the Connexion in furtherance of its charitable and mission objectives. Olstrlct.. a group of contiguous Circuits. usually between 15 and 30 OAF.. District Advance Fund FRS: Financial Reporting Standard 3Generate l& 3Genl.' The National Methodist event for Children and Young People HMRC: His Majesty's Revenue and Customs Lay Employees.. Personnel ernployed by the Circuit on generally accepted commercial employment term5 MCA.. Methodist Chapel Aid Ltd makes loan5 to Christian churches & holds deposits for individuals, churches, elc. MMPS.. Methodist Ministers, Pension Scheme Mln15ters Ilncludln8 Superlntendentl: Probationer or Ordained Methodist Presbyter5 andlor Deacon5 who have pastoral and administrative responsibility for the Churches and communities within the Circuit SOFA.. Statement of Financial Aciivities SORP: St8iement of Recommended Pradice TMCP: Trustees for Methodist Church Purposes, the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Ac¢umula¢ed Funds Note S.. Donat5ons Grants and Le General Fund Donations re church furnishings disposed of District grant towards 3 Generate costs Total acles recelved 2023-24 615 160 £775 2022-23 £0 Note 6.. Charltable a¢tlvltles- Assessments on Churches The Circuit is comprised of 1112022-23- 131 churches and each is assessed for a contribution to meet the overall net costs of the Circuit. As far as possible. the Circuit aims to cover all its net core costs from the assessment. The annual assessment5 for each church included in these accounts were as follows- General Fund 2023-24 2022-23 Bampton 8.050 8,050 Burford Iclosedl 8,140 Carterton 11,220 Charlbury 6,570 Chipping Norton / Churchill 25.960 Churchill O'oined with Chipping Nortonl 1,950 Davenport Road 16,930 Faringdon 14,140 High StreetlNewland 88.100 Long Hanborough/Sutton 19.9CQ Minster Lovell 4.260 Stonesfield 1,950 Westcote 7.830 Total £215.000 11,220 6.570 25.960 16.930 14.140 88,100 19.9¢XJ 4.260 1.950 7,830 £204.910
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 7.. Se arate material items of income The figure shown represents the rent received during the year in respect of two manses. which is used to further the mission of the Circuit, especially in the liehi of ihe pioneering work beine undertaken in Carterton. This source of income ceased during the year to enable one manse to be prepared for a new minister whose arrival in the Circuit would officially be I September 2024.. and the other manse has been prepared and advertised for sale as the Circuit has no further use for it. The sale of this latter manse eventualty took place on 28 March 2025. Note 8.. Other charltable Income During the year, Burford Methodist Church and part of the land belon8in8 to Sutton Methodist Church were sold. Upon the sales taking place, the net sale proceed5 were transferred into the Circuit Model Trust ICMTI Fund, with the levies for the Connexional Priority Fund ICPFI being withdrawn from that fund by TMCP. The figure5 relatin8 to the above are as follows.. 2023-24 Net sale proceeds of Burford Methodist Church 753.225 Net land sale proceeds by Sutton Methodist Church 2022-23 822,797 Less.. CPF Levies- £277.290 + £9,914 Net property sales Donations Loan interest provided for but no longer required Total 535.593 127 £535 593 £12 471 Note 8.1: 0 eratln Lease In connertlon wlth the sale of Burford Methodlst Church Burford Methodist Church had a plot ol land behind it which had been turned into a garden for the church manv year5 a80. Thi5 land had been used in the past as a burial 8round bul the gravestones had been placed around the edge of the land with the relevant permissions. In the li8ht of this the burial ground was not allowed to be sold a5 freehold. The Circuit was required to transfer title by means of an operating lease for 999 years, with an annual rent payable to the Circuit each Deternber in advance of the following year of £100. The Operatlng Le55or Note is therefore as follows.. Burlal Ground lease Oxlordshlre-7S Hlgh Street. Burford Totsl Wlthln Between l year 2 to 5year5 £99.9 £11 5 years £99A89 999 years from 22 July 1024- £100 per annum, pald December Note 9.. Grants and donatlons During the year. grants and donations were made as follows.. High St. Methodist Church. Witney Carterton Methodist Church Sanctuary Garden port of their pioneering project High St. Methodist Church. Witney- re emergency repoirs Assistance to 2 churches following cash shortages due to pondemtc Sutton Methodist Church (from proceeds of land sale) -for renewo15 ond redecoration Mi5cellaneou5 donation The Fund for the Support of Pre5byter5 & Deacons (onn. dotwtionl The Methodist Fund for Property {Jnn. dOn0tnj Total 2023-24 2022-23 25,747 21.657 25.267 3,500 7,805 23,1(X) 25 5CQ 500 £59,709 49,392 Note 10: Salarles and associated costs 10.1 Salaries Ilneluding 5tipendsl stipends were paid to 5 Ministers12022-23 51, including one part-time Associate Minister Inot a Trusteel. Salaries are paid to lay staff, which included the Circuit Children & Families Worker until April 2023. 3 Town Centre Lead Chaplain and a Circuit Administrator. both of whom are employed on a part-time basis. In addition a charge was made by the Methodist Payroll Bureau for use of the bureau by the Circuit for lay staff. The costs of these are shown below. General Fund 2023-24 Stipends (including allowances) 125.905 Pension Fund contributions (Stipends) 30.136 National Insurance contributions (Stipends) 11,099 2022-23 116.433 27,945 10,037 FS7
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Salaries Lay employees, Pension Fund costs National Insurance contributions Apprenticeship Levies Methodist Payroll 8urea Total At Year-end- Number of employees Number of rninister5 receiving a stipend No employees reiVed employee benefit5 of more than £60,1)xi. There is no accrual for holiday pay a5 It is immatèri31.. the holiday yèar ends on 31 August. All membèrs of staff are paid at or above the living wage. 10.2 Pensions M05t ordained presbyter5 and deacons are members of ihe Methodist Mini5ter5' Pension Scheme IMMPSI. This is a defined benefit scheme. The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters and deaconsl are not employees of the Church. For simplicity. however. when dealing with National Insurance Contributions and pension contributions. the terms'employer. and'employee. are used as they would be in an employing body. For both 2023124 and 2022123. the rate of the employe¢s pension contributions was 26.9%. The Connexion accounts for the pension scheme and shows the figures in the annual Methodist Church in Great Britain account5. A workplace pension with The People's Pension is provided for lay employees. 14.211 514 118 701 27.942 1.615 1.582 744 £3.164 £186.778 10.3 Cost of Superlntendent. Mlnlsters and Trustees The four Ministers stationed by the Methodist Conference in the Circuit, together with the Circuit StewaTds form the membership of the CLT and are considered the Key Management Personnel. The Superintendent Minister chairs meetings of the CLT and the Circuit Meeting. The members of the Circuit Meetin8 are the trustees of the The Methodist Conference, meeting annually in luneljufy. approves the level of Stipend5 and Allowance5 payable for the year beginning I Septernber ftsllowin8 for Methodist Ministers IPresbyters and Deacons) stationed by the Conference. Stipends and Allowances afe paid to Ministers by the Connemional Stipends Office on a monthly basls. The stipends, allowances, employer's NIC and employer's pension contributions ale reimbursed monthly to the Methodist Stipends Office by the Circuit. by means of dired debits claimed by the Stlpends Office. Other expenses of the Ministers of the Circuit are paid by the Circuit. The standard stipend for the year commencing I September 2023. agreed at the 2023 Methodlst Conference, was £29.040 p.a.12022123 £26,928). It was also agreed that the Allowance for being a Circuit Superintendent was 10% of the Stipend. i.e. £2,904 p.a.1202V23 £2.692.801. A Computers in Ministry ICIMI Allowance of £194 each 12022123 £1761 was also agreed. Payments to the Circuit ministers lall Trusleesl were made as follows Stlpend (2022/23) Sup't All'ce 12022R3J CIM All'ce 12022/231 Revd A Biggs Isuperintendentl £29,040 £126.928J £2,904 £12,6931 £194 £(176J Revd I Cooke £29,040 £126.928J £194 E(176) Revd I Worrall £29,040 £126,928J £194 E(176J Revd F Ireland Iworkin8 Oilt of Circuit I day per weekl £24,912 £f23,lOOJ £194 E(176J The manses are provided by the Circuit and the Circuit maintains the properties. The vèlue of the Council Tax and water charges paid by the Circuit is not dist105ed hère as HMRC does not regard this as a benefit-in-kind in the hands of the minister. One supernumerary Iretiredl minister. Revd S Bywater has also been a Trustee (resiIng on 12 June 20241 and during the year until his resignation. received preaching fees for services conducted around the Circuit. The fees of £30 per seNice12022123 £251 again are set annualty by the Methodist Conference. The total he received in the part of the year that he was a Trustee amounted to £60012022123 £5501. One part-time employee, Ms S Duraturo ITown Centre Lead Chaplain). became a Trustee in June 2024, and between then and August. she received a salary of £2.142. with pension contributions by the Circuit of £128.
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 other Paymènts to Trustees Apèrt from the 4 Ministers who are Trustees and 0[ Supernumerary Minister who is also a Trustee, no other Trustee was in reIpt of any payment for work undertaken on behalf of the Circuit. although certain travelling and administration costs were reimbursed in particular cases. 2023-24 2022-23 Number of trustees who were paid expenses Expense payments primarily relate to reimbursement for travel, stationery, telephone and computing COSt5. Mileage rates for travel are also set by Conference, and for 2023124, these remained the same as for 2022123 (using the rates set by HMRCI, at 45plmile for car travel for the first lo.0 miles in a year. No-one reached 10,O(LI miles. Total amount paid to trustee5 £11,481 £9,478 Note 11: Pro Costs lal Members of the Circuit Meeting act as Man3gingTiustee% for five manses. three of whith are occupied bv ministers stationed in the Circuit. In addition to insurance. repairs and maintenancè to all the manses. thè Circuit is responsible for the payment of Council Tax and Water charges for ihose occupied by the ministers. The other two manses ceased to be rented during the year. with one being prepared for sale and the other for a new minister who moved in during August. to be able to start work on I September. In addition, the Circuit has responsibility for the upkeep of two closed church buildings until they are able to be disposed of. Ibl The cost of ongoing maintenance and improvements to all manses is funded through a designated 'Manses Upkeep Fund" and transfers of income from certain investment funds. together with E12,CKIO p.a. from the General Fund are made to this. In the light of substantial repairs and redecoration to one manse, and the continued annual rent of the Pioneer Mini5tels manse (to cease in Au8USt 20251, there is a year*nd deficit on the fund of £18,850 (Lost yeor, a bolonce of £2,965). Icl The Circuit arranges and pays for five-yearly (Quinquenniall buildin8 surveys and Electrical Reports IEICR51 to be undertaken on behalf of all the Circuit churche5 as well as for the manse5. All work required on the churches by these surveys is the responsibility of ea¢h Church Council. A similar fund to that mentioned in Ibl above is mainlalned for the costs of the Quinquennial surveys. with ES,CXJO transfer this year Iyear-end balance £6,576). 2023-24 2022-23 23,075 19,203 36.057 28.685 5,675 5,290 2.632 4.308 7,847 6,713 £75.286 £64,199 Insurance, Council Tax, Water & Gas service (al Maintenance of Manses lal. Ibl Quinquennial surveys Lettin8 Costs ladjustmentl Closed churches costs Total lal lal Note 12: Offl¢e ex enses Telephone & broadband Printin& posta8e & Stationery Total 2023-24 2.500 1,065 £3.$65 2022-23 1.722 250 £1.972 Note 13: Dlstrlct Assessment & The Circuit pays an annual a55e55ment to the Northampton District of ihe Methodist Church. The calculation of the assessment 15 based on the number ol Methodist Ministers within each circuil, together with the unrestricted cash balances held by each Circuit in bank, CFB and CMTF accounts. The Levy is calculèted on a sliding scale percentage of the balance of the Circuivs CMTF at 31 August in the previous accounting year. 2023-24 2022-23 Gen. Fund Fund Total 6en. Fund CMTFund 64,014 64,014 56.756 57,381 57.381 £57381 £121395 Totol 56.756 68.789 68,789 £68.789 £125.545 District Assessment District Levy Total f64.014 £56.756 FS9
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 14: Otherou oin Generol Fund CMT Fund Restrfcted Funds 2023-24 Endowment Funds Totol Travel expenses Preaching fees IT costs Resources Removal costs Audit fee Training & conferences Miscellaneous Total 5.610 2.580 1,483 607 3,430 12,000 5,610 2.580 1,483 607 3,430 I2,0 680 6.199 £32,589 3.549 £29,939 2.513 £2,513 36 £36 ioi £101 2022-23 Trovel expenses Pretschingfees ITcosts Trt7ining & conftrences Resources Removol costs Independent exumint7tion 2,4LXt Miscelloneou5 386 Totol £13.173 6.313 1.7thJ 919 926 529 6.313 1.700 919 926 529 2,4 3,469 £16,256 2,946 £2.946 36 £36 ioi £101 Tan Ible Flxed Assets TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property. Trust property is held for and on behalf ol local Mana8in8 Trustees who are responsible for the day to day management of such trust property. TMCP ensures that. through providing guidance and acting under iheir direction. the Managing Trustees comply with charity law and Melhodisl law and polity as determined by the Methodist Conference. In June 2025, a valuation was carried out on all the manses held by the Circuit. These valuatlons have been worked back to 31 August 2022 using the house price index for West Oxfordshire. to enable relevant comparatives to be used. Propertles- Manses Valuatlon 8alance brought forward Additions I disposals in year Revaluation in year Balance carrled forward - beln8 Revaluatlon at 31 Au8USt 2024 Other Flxed Asset5- During the two years covered by these accounts, no other fixed as5et5 are- or have been held by the Circuit. In addition, there have been no additions, disposals or transfers of fixed as5et5 durin8 the same period. Depreoatlon- No depreciation 15 provided on the freehold properties- see Note 2.7 Manse properties 2023-24 2022-23 2.973.323 2,964,066 17,0681 £1.,255 9.257 £2.973.323 valuation Cifwd. Oeemed Valu In Iyar Hurdeswell, Long HanborouEh (deemed 311081151 271,4LK) 639.963 638,442 Cherry Tree Way. Witney Icost Oct 20121 447.237 616.261 614,796 Burwell Meadow. Witney (cost Aug 20131 339.504 460.876 459,780 Berryfield Way, Carterton Icost Jul 20151 446.897 592.558 591,15 Wesley Manse, Chipping Norton (deemed 011091201 418,5 663.665 662,087 Total £1.923,628 £2.973.323 £2,%6,255 The manse at Burwell Meadow in Witney. being no longer required for Circuit purposes was sold in March 2025 for £480,000. After costs of sale and the le to the Methodist Connexional Priority Fund, the net amount reiVed by the Circuit was £306,065. 11.5211 11.4651 11.0961 11.4081 11,5781 £(768) FSIO
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 16: Fixed Asset Investments- Mana ed Funds These funds are held by TMCP in units in a CFB Managed Mixed Fund and a CFB Managed Fixed Interest Fund Isee also Note 17 below). As stated in Note 15 labovel. TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property. which includes Legacies, Endowments and Accumulated Fund& Analysis of investment movements Securities not listed on a recognised Stock Exchange Other investments 2024 2,)3 2023 1,875 Total £2.iW3 £1875 Change in investment valuès Carrying lrnarketl value at beginning of year Net Eainlllossl on revaluation Carrying Imarketl value at end of year (No additions or disposals) 1075 128 E2,LM13 1,979 11041 £1,875 The Funds and end of year valuations summarised above are as follows.. ortsnt GIJ CFB Managed Mixed Fund- Valuation- 12S units @ £5.417 I£S.0281 "Model Trust Bequests I" CF8 Managed Mixed Fund- Valuation- 125 units @ £5.4171£5.0281 CFB Managed Fxd Int Fund - Valuation - 368 units @ £1.7621£1.681 2024 2023 677 628 678 648 £2.IX13 629 618 £1.87S Note 17 FIMed Asset Investments- Interest Funds The following funds are held by TMCP in Trustees Interest Funds on which interest is credited to the accounts each monthlsee also Note 16 above). Unre5trlcted CMT Fund Restrlrted Funds 2024 Endowm't Funds Total Circuit Model Trust Fund Toogood Memorial Fund Pocock Bequest Willmer Bequest Model Trust Bequests I Model Trust Bequests 2 Total 1,263,038 1,263,038 2,3Cx) io,otr) soo 31,059 2,378 £1.309.275 io.c 500 31.OS9 2.378 £33.437 £1.263.038 £12.800 2023 Circuit Model Trust Fund Toogood Memorial Fund Pocock Bequest Willmer 8eque5t Model Trust 8eque5ts I Model Trust Bequests 2 Totul 881,745 881,745 2,188 io,coo 5(Kt 31,059 2,378 £927,870 2,188 io,( 51x1 31,059 2,378 £33,437 £881,745 £12,688 Note 18: Debtors Debtor5 and prepayments are all Unrestricted Oebtors Prepayments Stipends. pensions. Nl 2024 76.564 2023 70,507 13,764 3.821 326 £94A75 13,858 3.903 1,348 £89.616 Other prepayments Total FSII
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 19: Loans to Churches Loans to churches within the Circuit may be granted by the trustees for a variety of purposes. Funds for larger loans are sourced from the CMTF and are interesi free. The assei. however. is carried in the General Fund. The balance of £4.657 showing at 31 August 2024 was cleared on 16 September 2024. Church Oate Branted Amount Period Balance Additions brou8ht foTh¥ard Sep 2023 onwards open open 9.174 £9.174 Repaid/ Balance cleared carrled inyear forward 110,1901 4,657 £110.1901 £4,657 Burford Totals 5.673 £5,673 Notes 20 21: Cash on De oslt Unrestricted General Fund Restrided Funds 2024 Endrym'l Funds Total CFB Deposlt account Early Legacy I Early Legacy 2 Total 26.858 26.858 250 600 £27.708 250 6LX) £850 £26.8S8 2023 CFB Deposit occount MCA Deposit accounts.. Et7rly Legory I Et7rly Legory 2 Totul 48.480 48.480 250 250 6CiI £49.330 £48.480 £850 Note 21: Cash at bank and In hand Unre5trlrted Genèral Fund Restrlcted Funds 2024 Endtywm'i Funds Total CAF 8ank General Fund Local Preachers Fund HSBC Bank, Witney Total 28,421 28,421 1.328 12,903 £42.652 1.328 12,903 £41.324 £1.328 2023 CAF Bank Generol Fund locol Preachers Fund H58C Bank, Witney Totol 34.874 34,874 1,328 15,743 £51.945 1,328 15,743 £50.617 £1.328 Note 22.. Crèditors This consists ol creditors, attruals and incorne received in advance. It is expected that all sum5 a¢crued at 31 Au8U5t 2024 will be paid durin8 the year to 31 August 2025. The income received in advance consi5t5 of S5es5ment5 frorn ¢hur¢hes which relate to the fbf5t three months of the year 2024-25. Incomè in Advante 2024 Assessments in advance 21.4LVJ Credttors and Accruals Ministers, and other expenses Property costs 2023 28.403 967 3.587 1.861 12,(XXI 832 £40.656 1.700 2.813 377 2,400 Audit Ipreviously Independenl Examination) Other creditors Total £36.693 FS12
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 23.. Ca ital Commitments and Contin ent Llabilitles At 31 August 2024 the Circuit had no capital commitments. No contingent liabilities were identified at 31 August 2024. However, in September2021 the Circuit Meeting agreed a grant of up to £250.(VX) for capital work on Carterton Methodist Church where pioneer work is being undertaken. to be paid from the Circuit Model Trust Fund. Note 24: Unrèstrlcted Funds Balance at 31 August 2024 2023 24.1 General Fund £126.658 £161,194 The purpose of the General Fvnd 15 for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit and which have not been de518nated for other purposes. The Circuit Meeting is aware that any grant applications must demonstrate public benefit. 24.2 Property Resèrves Property Reserve (Cost & Deemed Values) 1.923.628 1.923.628 Property Revaluation Reserve 1.042.627 1.049.695 Total Value £2,966.255 £2.973.323 As a result of the revaluation of the manses which took place in June 2025. the Property Revaluation Reserve has been created to show the revaluation of the fixed assets concerned. To enable this to take place with all the previous years, comparative accounts included with the 2023-24 accounts, the accounts for the years 2021-22 and 2022-23 have been restated (See Notes 2.7. 15 & 281. 24.3 Clrcult Model Trust Fund £1.263.038 £881.745 The purpose of the Model Trust Fund 15 for use al the di5crelion of ihe trustees in the furtherance of the general objectives of the Circuit. Its main source of incorne is le8acies ond formulaically determined contributions from the sale of manses and church buildings in the Circuit. Although this is technically an Unrestricted Fund under the Control of the Circuit Meeting, prior approval may still be required from the District to utilise these funds. Methodist Standing Orders 930, 931 and 917121 are applicable. Note 25: Restrlcted and Endowment Funds 2024 2023 Restricted Funds Balance at 31 August £14,128 E14.016 Endowment Funds Balance at 31 August £36,290 E36.162 The restricted and endowment funds exist to support the causes listed below. All the funds. assets (except those restrlcted funds which are managed locally and those deposits held with MCAI are managed by TMCP and the net income lafter charges) is paid direct to the administrators of the fund. Each fund listed below is categorised according to the following kev.. IEEI- IExpendable Endowment? Capital available with restrictions IPEI- IPermanent Endowment} Capital unavailable IRLI ILocally Restrictedl Capital and interest available Local Preachers Fund IRLI- This is held in the Circuit HSBC current account and is restricted to provide support for the work of the Circuit Leader5 of Worship and Preachers Meeting. Too8ood Memorlal IEEI- Both capital and interest are available for use by the Circuit for Educational Purposes. J Pocock Bequest IPE}- The interest Is used to 5UPPQrt Circuit Manses. R N Willmer Bequest IEEI- The interest from this fund 15 available for general Circuit purposes without restriction. The capital is available with re5trirtion5. A request was made that this bequest be treated as a Permanent Endowment. However. this is not a legal direction. so the Trust is fully available to the Circuit. J V Early Legacy I IRLI- This is held in a deposit account with MCA. The interest is used to support Circuit Manses. J V Early Legacy 2 IRLI- This is held in a deposii account with MCA. The interesl is used for the general work of the Model Trust Bequests I IRLI- The income from this fund is used to SUPPOrt Circuit Manses. Mr & Mrs E Tarrent Gift IPEI- The income on this is available for the general purposes of the Circuit. and is allocated to support Circuit Manses. Model Trust Bequests 2 IRLI-The interest from this fund is used for the general work of the Circuit. Transfers out of these funds relate to the interest income received less expenditure which is permitted for the use of general charitable activities. These funds are all to be subject to review as lo the way that they are used and whether there can be further amalgarnation. F513
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 26: Summa of Fund Movemerrts Revalua0/ Expendltyre Transkn Extraorthnary Galnsl Iiems Fund 88lance 01109120 Balance at 3110812024 nr General Fund Rev31u3tion Reserve Circuit Model Trust Total Unrestiicted Funds Restricted Income Funds.. Local Preachers Fund Toogood Memorial J Pocock Beouest R N Willmer Bequest Tal Rest. It)come Funds Endovmient Fun J V Early Legacy I J V Early Legacy 2 Model Trust Bequest5 1 Mr & MrsTarrent Gift Model Trust Bequest5 2 Total EndowmeDt F¥nd5 161,194 2.973,323 881,745 4.016.262 228.978 1356.9931 93,479 126,658 2,966,255 1,263,038 4.355.951 17,0681 45,161 1108,2611 274.139 146S2541 191,2(K)I 2.279 535,593 sas.s93 17.0681 1,328 2,188 io,coJ 1,328 2,3(M) 10,000 500 14,118 118 529 26 673 14,016 250 250 16 1.687 19 126 1.855 32.3CIS 628 2.378 36.162 11,5951 79 49 32,385 677 2,378 36,2>? 11191 11.7541 £276.667 £1465.3911 £10) £535.593 £16.9401 £4,406,369 01/0912022 3tyW2023 Unréstrletéd Frmds." Generol Revoluotion Resefye Clrtuit Model Trust Totol UnrestrlctedFunds Restrlctedlncoffte Funds.. Locol Preocheis Fund Toogtrod Memoritsl J Pocock 8equesr R N Willmer Bequest Totul Rest. Income Fumd5 EndowmentFunth.. J V Eorly Legacy I J V Eorly Legacy 2 Model TruJt 8eqye5TJ 2 Mr & Mr5 TGrrent Gilt Model Trust Beque5t5 2 Totul EftdowmentFunds J65,754 2,964,066 1,033,848 4,163,668 266.954 {356.840J 8&326 161.194 2,976,323 881,745 4,016,262 9.257 29.379 197.4821 296,333 f454,322J 184.LWJ 1,326 9,257 1,328 2,126 2.328 2.188 10,000 SC 14,016 161 1291 318 16 {269} SC 13,954 1361 13041 250 (2) (5} 19261 {281 (71J fl.0221 250 32,382 657 2.380 36.269 1,018 19 76 1120 (921 121 171 (io {761 {38) 32,306 628 2,378 34162 11041 rotolof allfvnds £4.213.891 É297A55 £1444591 £(oi £9.153 £4.066.440 Note 27: Anal s of Assets between Funds Fund balance5 at31August General CMT Total 2024 T3nglble fixed assets Fixed asset investments Fixed asset Investments Current assets 2,966,255 2.966.255 2,CK13 1.310.125 168,642 140.6561 4A06.369 2.riJ3 34,287 1.263.038 12.8 1.328 167.314 140.6561 3092.913 4163.038 14.118 36.Z90 2023 rangibleftxed055er5 Fixedassetinve5trnents Fixedassetinvestrnents CuirentU55ets CurTentliubilitie5 2.973,323 Z973,323 1,875 92B,720 199,215 (36,6931 4.066.440 1,875 34,257 881,745 12.688 1.328 197,887 (36,6931 3.134.517 881745 14016 F514 34162
The Methodist Church. West Oxfordshire Circuit Notes to the Accounts for the year ending 31 August 2024 Note 28: Prior Year Ad ustment In June 2025, a valuation was carried out on all the manse5 held by the Circuit. These valuation5 have been worked back to 31 August 2022 using the house price index for West OxFordshire, to enable relevant comparative5 to be used. As a result of thi5 review, it was deemed that the valuation of the rnan5e5 stated in the previous years wa5 materially understated. The Circuit therefore decided to re5t3te the prior period, as follows.. BALANCE SHEET As prevlouslv reported 31-08-2023 Adjustment 2021-22 Adjustment 2022-23 As restated 31418-2023 Flxed assets Tangible Assets- Circuit Manses Funds of the Circuit Property Valuation Reserve 1,923.628 1.040,438 9,257 2,973,323 1,040,438 9,257 1,049,695 STATEMENT OF FINANCIAL ACTIVIT Revaluation of freehold property 9,257 Note 29: Related Partles Each Circuit Trustee is a member of one of the Churches within the Circuit and may be a trustee in their Church. Related parties include the Methodist Connexion (The Methodist Church GBI. the Northampton District of the Methodist Church, Churches Wlthin the Circuit las lisled in Note 61, oiher Methodisl Circuits and District5 in Great Britain, CF8, TMCP and MCA. Apart from the required Inon-per50nall transactions with the above, there have been no other related partv transactions in the period under review. Note 30: Volunteer Contrlbut5ons Every entity Iconnexion. District. Circuit and Church) within the Meihodist Church in G8 is heavily reliant on volunteers who contribute their skills. time and money in the furtheran of the work of the Church. In the Circuit the principal contribution is by serving as members of ihe Circuit Meeting who. together with others ère involved in the work of the Circuit dealing with mission. manses. finance. policy. grants. trainin& safeguardin& etc. We are grateful to all of them for their help and commitment. No attempt has en made by this Circuit to value the non- monetary contributions to the Circuit in monetary terms. FS15