Chartty reglstration number. 1134211 Plymouth and Devonport Methodist Circuit Financial statements for the Year Ended 31 August 2024
Charity reKistr8tion number. 1134211 THE METHODIST CHURCH srANDARD FORM OF Accoumrs ACCRUAL5 BASIS for the Year Ended 31 August 2024 Plymouth and Devonport Methodist arcuit Mlntsters Rev Alistair Lowe Isuperintendent-from Sept 20241 Rev Amanda Roper Rev Darren Pjliddleton IResi8ned Aug 20241 Rev Brenton Prigge Rev Rèbecca Marshall (from Sept 20241 Circult Stewards Mrs Mary McNaughttsn (Senior Circuit Steward- elected Oct 20231 Mr Kelth Angilley Mr Reg Marriott lelected ott 20231 Interim Clrcuit TaSrer Mr David ROWÈ
Plymouth and Devonport Methodist Circult Contents PagÈ Trustees, Report (including reference and adminlstratlve dètsilsl statement of flnantial activitie5 Balance Sheet io Cash flow statement li Note5 to the financial statements 12-20 Declaration 21 Independent examiner's report 22 The following page doe5 not foh part othe financial statement5 Detailed income and expenditure account 24
Plymouth and Devonport Methodist Circult Trustees, Report The trustees have pleasure in presenting their report and thè financial 5taternents of the charity for the year ended 31 August 2024. Reference and admlnistrative informatlorF Legal status The offi¢lal name of the charity is Plymouth and Devonport Mèthodist Cir¢uit Iregi5tered charity number.. 11342111. The Circuit is responslble to The Methodist Chur¢h. The registered address is- The Methodist Church Central Btlildlngs Oldham Street Manchester Ml IJQ Its Eovernance is determined, like all Methodist Cirtuits, by the Methodist Church Att. and Its procedures are thase required by the Standing Orders of the Methodist Churth as they appear in "Constltution, Practice and Dlscipline of the MethodiÉt Church. ICPDI. Page I
Plymouth and Devonport Methodist arcuit Trustees, Report The Trustees The Custodian Trustee5 are the Methodist Church. The Managlng Trustees are the members appcinted annually to the Circuit meetlng as representatives of each local Church 3longwith the officers elected at the Circuit meeting. ritle Surname Firrt Namelsl Trle Surnome First Namel51 Mrs Adams Christine Mrs Middleton Mr Angilley Clarente Keith Revd Mills Mrs Barrett Margaret Mrs Missen Mrs Beattle Sharon-Lee (Yesigned Feb 241 Mrs Mitchell 'Mrs Blatchford Maureen Mrs Mortimo Miss Bolt Susan Mary Mrs Niazr Ghadim Mrs Brown Joan (resigned S Sep 231 Mr Noiris Mrs 8rumpton Heather Mr Iyconnell Mrs Buttle Joan Ms de Pablo Lopez Mr Buttle John Mi55 Parker Mrs Cade Elizabeth (Appt Sep 241 Mrs Parnell Mr Carlyon Brian Ir£signed Aug 241 Mrs PatteFsun Revd Chislett-McDonald Andrew (resigned Aug 241 Mr Mrs Chislett-McDonald Ruth Ireslgned Aug 241 Mr Mr5 Coleman Liz Revd Prigge Mr Cooke Michael Ire5igned Aug 241 Mrs Richardson Mrs Denni5 Margaret Mrs Rldley Mrs Dobin50n Janet Mary Mr Rix Mr Duckerin8 Robin Mrs Rogers Mr Edward Stewart Mr Rogers Mrs Edwards Sharon Ireslgned Feb 241 Revd Roper Mr David Warne Mr Rowe Mrs Sheila (resigned 5 Oct 231 Mr5 Shead Mr Charfe5 (resigned l Oct 231 Mfs Sheèrs A (Appt Sep 241 Mr5 Smaft Shirley Patricia Ms Smerdon Lesley Mr Sowdèn Richard IAppt 26 Sep 231 Mr Tozer Helen M¥$ Tozer Antony (Appt I Sep 241 Mr Walters Keith Richard Mrs Walters Judith Mrs Westwell Miss Whitè Mrs Williams Mrs Wilson Mrs Wright Mrs Young Revd Youngs Anne (resigned Feb 241 John Pamela Dawn Dorothy Carole Jean Catheryn Ann Nigel Ire518ned i Oct 231 Philip John Carmen (Appt I Sep 241 Elizabeth Dorothy Pauline (resigned 6 Dec 231 Deborah Ireslgn@d 10 Oct 231 Christopher Mèltolm Byènton Hannah Margaret M3ithew Lynne (Appt Sep 241 Simon Iresigned Aug 241 AmBnda David Pam IAppt 23 O¢t 231 Karen Louise Diana fvlary Beveiley Michael Richard Michael Edwin (Appt Sep 231 Susan IAppt Sep 231 Aaron IAppt Sep 231 Amy IAppt Sep 241 Susan (resigned 10 Oct 231 Teresa Anne Margaret Iresigned Jun 241 Abi8ail Iresigned 10 Ort 231 Martha (Appt 5 Oct 231 Esther {r]gned Aug 241 Davld H3dley Heard Hollick Hrydziuszka Kerslake Mrs Mrs Mr Mrs Mr Kimberlev Kirby Launder Mrs Lea Revd Lowe Mrs Lowe Mrs McNaughton Mr Marriott Mr Maishall Revd Marshall Revd Middlettsn Brenda (Appt 16 Nov 231 Mary Louise IAppt I Sep 241 Reginald lan {rigned 5 Oct 231 Rebecca (Appt Sep 241 Darren (resigned Aug 241 Page 2
Plymouth and Devonport Methodist Circult Trustees. Report AdvÈsors Advisors to the charlty are as follows'.- BANKERS.. Uoyds Bank PIC 8 Royal Para¢Je Plymouth PLI IHB SOLJCITORS.. Mr Neil Major Foot Anstey 4 North East Quay Suttot) Harbour Plymouth PL4 OBN ACCOUNTANTS: Houndiscombe Consultants Llmltèd Va Condy Mathias Chartered Accountants 6 Hound5Stombe RDèd Plymo(fth PL4 6HH PaRe 3
Plymouth and Devonport Methodist Urcuit Trustee5' Report Aims and organisatloh Objectives of the charlty The overall objectlves of the Methodist Church are ttr- InCree awareness of God's presence and lebiate God's love. Help people to grow and learn as Chiistians. Be a good neighbollr to people in need and challenge inJu5tlce. Attract more followers of Ju$ Christ. The more speclffc objective and the principal attivity of the Circuyt is to act as an administrator to collect funds frorn the 15 local thyrches covered by the Circuit and meet the ftnanclal Obligatio relating to the Ministers engaged within it. The charity also holds and maintalns manse propertie5 for the use of the Mlnlsters within the C1rcuit 3Ad provides financial support to the Methodlst Churches wlthin the Circuit as the requirement arises. The charity a150 0wll5 properties In Orèston where it carries out mission projecL Basls of preparation and legal frèmework The CharItS annual report and accounts for the year endèd 31 August 2024 have been prepared in accordan with the Charitles Act 2011 and the Charities.. Statement of Recommended Prattlce 2019 as applicable to the Financlal Reporting Standard IFRS 10212019. Publlc Senefit The trusteès confirm that they have complied wlth thè duty In SÈrtion 17151 of the 2011 Charltles Act to have due regard to guidants published by the Charity Commission relating to publlc benÈfit. structure, governano and management The management of the charity and the governance of its assets are devolved from the Central Methodist Church to the Managlng Trustee5 of the charity. The governing doeument of the charity 15 the Constitutional Practice and D*scipline of the Methgdist Churth. The managing trustees are members of the CircuFt Meeting and are appointed annualty. Clrcult Meetlne5 ore held four tlmes per year and the Executive, comprising the Superintendent Minister. Circuit Presbyters, Circuit Stewards, Treasurer and the Property ManageT, meet approximately everytwo months. Risk management Under the terms of the risk managèrneht policy adopted by the tharity. the strategic, operational and financial risks to which the ¢harSty is exposed are evaluated on a continuing basis and appropriate 5YStems put into place to mitigate any major risks identified. Thè Trusteès are satisfied that the polÉ¢y of Continual monttoring df potèntial risks to which the charity is exposed is sufficient to Identlfy those risks on a tirnely basi5 and to ens(tre that the appropriate action may be tsken so 8S to mlnimlse the percelved risk to an acceptable level. Page 4
Plymouth and Devonport Methodist Circuit Trustees, Report Review of the year Revlew dthe actavitiès of the charity Expenditure frtrm our Model Trust Fund {MTFI187781 has been used trj support mission projects. The MTF has increased in this financial year wlth a CPF Iconnexional Priority Fund) Levy Refund. This money is to be used to pay for work completed on the redevelopment of Oreston Methodlst Churth. The redevelopment has been completed, the Oreston Centre Is now in full operation and the Caretakels Cottsge is long tèrm let. However. the Trust money. applied for in 202312024, has not been transferred from MTF 8778 to the circult due to the project belng closed by TMCP ITru5te& for Methodist Church Purposes) on the Consents Website. The money wiii betransferred during ihe 202412025 financial year. We have a Performing Arts Mission Snabler, who was appointed In January 2020. Their fijnding and contratt end 310ecember 2024. There are four fvll time ministers appointed to the Cirruit. At the start of the year, one of the existing ministeis toc¢k on the role cf Circuit Superintendent. A minister resigned at the end tsf August 2024 to take on a new mi55ion role within the comrnunty and another mlnisterjoined the Circuit. We also have a strong Lay Leadership and Supernumerary Team. During the financial year the Property Offlcer and Flnance Officer resigned, a new staffing structure h35 been implemented, and C95ts ve been reduced. This will he revlewed in the year 202412025. Financial Review Income trends Circult Income Is primarily derived from the assessment paid by the clrcuit churches. A small amount of Income is re1Ve each year in the form of donations and legacles. Interest from investments held by the circult is also received on a regular basis. Other income is primarily made up of £105,478 received from Connexion to ftjnd the continsjing Oreston wsts, releasing the funds from the sale of 7 lawrence Road in a previous year. It also Includes £20,338 received as transfers of fvnds from now closed churches. During the year. the charity received a total of £526,01412023.. 424,6751 of incomlng Yesources. Expèndituretrends 16.5%12023.' 12.6%1 c*f expenditure is the Qrcuit contribution to thè Dlstrict and Cortnexion, of which a significant part15 used to fijrtd the work of the wider Methodist Church. The other expenditure includes the tnaintenance of circuit manses and other properties, ants paylng outstsnding bills for the completlon of the Oreston project. Pa%e 5
Plymouth and Devonport Methodist fircuit Trusteeg Report Resource5 expended during the year amovnted to £478,84612023- £534,6231 leavlhg a surplus before unreallsed galnl1tr55 on investments of £47,168 (2023.. deficit of £109,9481- Unrealised gains on investments of £3.66312023: loss £2.ICKJI were made during the year. together with 8 fair value loss of £67,26012023.. £361,669), resulting in a total decrease in reserves of £16.429 12023= de¢rease of £473,717). Res*rves Total assets held by the charlty at 31 August 2024 amounted to £2,596,60912023: £2.613,0381. Included within the tot31 assets are £2,216,91412023: £2,215,687) restricted assets, of whl¢h £2,202,73212023.' £2,202,732) relate5 to the manses, which are included in fixed assets. Endowment a55ets total £8.300 12023; £5,798) at the year end. unrestricted designated fund5 total £,64912023. £5,286), unTe5tricted Circuit Model Trust Fund ICMTFI total £247,25912023.' £175,556). tsnrestrirted other Model Trust BeQut Funds total £54.673 12023= £53,285) and unrestricted Eener31 fund5 total £50.81512023: £157,427) at the year end, which is circ3 the charity5 reserve polic¥ of six months. As at 31 August 2024 the net current assets of the Circuit were £353,98412023- £372,498). Grant-making policy During financial year 2023124 the grant fvndlng policy was that 7he Clrcuit Grant Funding Panel would only consider one application per connexional year per church. Total grènts shall not exceed 25/0 of the balance of the Model Trnst Money IMTMI fund at thé bèginnrng of the connexion41 year. The application nÉed5 to be supported by reference to the Mi55ion statement and policy tsf the church t()gether with the chkLrches 5 year plan making the application and Musf be clearly related to tts missionary task. The Circuit Grant Fundlng Panel shall regularly have oversight of grants made and schemeslprojerts SUPPL)rted. Their findlngs shall be reported tcs the C1rcult meeting. The Circuit Grant Funding Panel shall make recommendations to the Circvit Meeting regarding scheme5/projetts submitted to it,- however, it Is for the Circuit Meetin8 to finally approve Ctrcuit Model TIu5t monies for schemes/proje£ts as this is part of their remit as mahagirkg trustees. It should be noted however, that the sum available for grant futtding from the MTM, is subject to a first charge by the Clrcuitto meet its tsbligation5. In November 2024, the Circuit Grant policy changed and the followlng now applies- Mission grants will bo made avallable for projects which can clearly identlfy opportunltles for growth. Following approval by the church council. any church in the rcUIt can apply for a Circuit Mission Grant ICMGI. The Superintendent Minister or nomlnated deputyi wlll convene a meeting ol the CMG committee who will disctss5 thè proposal. If the overall grant is for le% than £IO,OCX) then the CMG wmmittee ran decide to accept the proposal, Yejert Ihe proposal or ask for it to be resubmitted with changes. For pro5ects wlth a value of over £IO.000, the CMG will make o remmendatIon to the Circuit Meeting who again can accept. rejett or ask for it to be reconsidered.
Plymouth and Devonport Methodist Circult Trustees, Report The Circuit Mission Grani Committee IQuDrum.' four) wlll ¢onsi5t of.. The superintendent m*nister lor deputyl The Senior Circult Steward lor deputy) The Circuit Treasurer lor deputy) One other member trf Circult Executive Two members from the Circuit Meetin& agreed at a dr¢utt meeting. The smaller grants can be consldered using email. but major grants rèquire a meetlng giving a minimum of two Week noti. The level of detall reqLtired in each being proportionate to the Size of the project. The criteria for SucsfUl application is as follows.. Needs to be focused on growth. Defined growth outcomes Has a robust fin2ftcial plan. Has Èffective governorship in place Identified plan of sustainability. Investment polity In ac¢tsrdance with the charttys Eovernlng document, the Trustees have the ptswer to invest funds in any investments that they see fit. The policy is to adopt a low risk strategy whilst maKlmising retums. In view of the current economic climate the trustees are 5at15fied with the performance of the investments held and that the poliry adopted remains adequate and apprDprlate. All ir2¥e5tFnents on behalf of the Circuit are handled by the Trustees for fvlethodirt Church Purposes, Central Buildings, Oldham Street, Manchester who art withln the powers given to them by CPD, other than the property investments. During the year these investments paid out divldendsJintere5t to Plymouth and Devonport Methodist Circuit totalling £14,130 12023.. £19,1021 but incrEa5ed in value to £335,53812023'. £254.6811. The investments are recorded on the Balance Sheet as ft¥ed and currÉnt assets. ReseThes policy It is the pollcy of the trustees to maintain unrestricted fund5, which are free reserves, at a sufficient level to secure the continued provlslon of norm81 ¢harttable attlvities for a peribd of approximately six months. The trustees wlll also look to set aside as designated fund5 such amounts as are approprl3te to provide for all future charitable 3nd 5trateglc requlrements. plans for future periods The Trustees do not expert any changes to the charit¢s objective5 and charitable activities in the forth¢oming year. their aim will be to contrnue to provide an essential and valued serwce in the communitv. Pae 7
ptymouth and Devonport Methodist Circult Tru5tees' Report Tru5tee< respon51bilities The law applicable to charities in England and Wales require5 the trustees to prèpare financial staterllents for each financial year, which give a true and fair vlew of the State L)f affairs of the charity and of the income and expendlture of the charity for that period. In preparing these financial statements, Ihe trustees are required to= selert suitable accounting policies and thèn applythern consistentlyi observe the methods and prlnclple5 ITI the Charlties SORP- make judgÉYnents and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, 5ybject to any material dèpartures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume th3t the charity will contlnue In business. The trustees arÈ rosponsible for keeplng proper accounting rectsrd5 that dlsclose with reasonable Bccuracy at any time the flnancial position of the Charity and enable them to ensure that the financial statements comply with thè chariti Art 2011, the Charity IAccounts and Reportsl Regulations 2008 amd the provisions of the trust deed. They are also responsible for saleguarding the assets of the charlty and the group and hènce for taking reasonable steps for the prevention and detettion Df fraud and other *egularItIeS. The trustees are responsible for the MaIntenan and integrTty of the tharlty and financial informatlon included on the charity's webslte. Legislation in the ijnited Klngdom goveming the preparatlon and dissernination of financi81 statements may differ from legislation in otherjuri5dictions. Approved by the Trustees on... and signed on their behalf by.. Mr Mary M¢Naughto Trustee
Plymouth and" Devonport Methodist Circuit Statement of Finandal Artivities {SOFA) for the Year Ended 31 August 2024 Unrestricted Funds Restricted Endowment Funds Funds Total 2024 Total 2023 Genernl CMTF Note Income and Endowments from: Donations and legacies Charitèble attivities Assessments or share Investments Other 10,987 10,987 419 361.300 3,755 30,% 361,300 14,130 139.597 343,379 19,102 61.775 9,468 105,478 693 1,025 214 2.185 Total 406,951 IN,946 1.718 2,399 526,014 424,675 Empenditure StSpends, salaries, NIC & Pension tosts TMCP Levy Methtsdixt Church Fund, Includi District Assessment Telephone & travel Insurance, utilities, ett. Mainten3nce of circuit manses Maintenance of other Cjrcult property Iorestonl other Expendlture Grants Jnd dcinatiOll5 303,549 303.549 6278 289,066 37.058 6,27 79,180 4,618 32,008 10.948 79,180 4.618 32,008 10,948 67,568 5,387 24,945 39,943 17,644 29.046 14,9791 17,644 29,600 14.9791 9,601 25,064 25,991 500 37 17 io Total 472,014 6.778 37 17 478,846 534,623 Net le¥pendlturelJln¢ome before gains and losses on investment5, and before faTr value adlustments 165.063] 108.168 L681 2.382 47,168 1109.9481 Net gaSns11105se51 on investments Fair value adltsstments to tanglble fiKed assets 927 2.419 317 3,663 12,1001 1361,6691 167,2601 167.2601 Net income/lexpenditurel forthe year 1131,3961 110 587 1.681 2.699 116N29 (473.7171 Transfers between funds 39,535 138,8841 14541 11971 Nèt movement in fund5 RewnciliatÉon of fvnds: Total funds brought forward Total funds tarried forward {91,861) 71,703 1.227 2,502 116A291 1473.7171 19 215,997 124,136 175,556 2,215,687 247.259 2.216,914 5,798 Z,613,038 8,500 2,596,609 3.086,755 2.613,038 Page 9
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Plymouth and Devonport Methodist Circuit Cash Flow Ststement for the Year Ended 31 August 2024 2024 2023 Net tash used In vperating activitlÈs (see below) 36,341 1159,2281 Cash flows from Inve5tins arttv5ties: Ipurchasel/Sale of investments Losses on investments Fund income Manse Improvement / Purchase of fixed a55ets Dividend5, interest and rents from investments Net cash provlded by Investing actlvlties 3,663 11,0191 167,2601 14,130 150,486 12,1001 583 1332,1231 314.5381 Change In ¢ash and cash equivalents In the reportlng period sh and ¢ash equivalents at the beginning of the reporting pertod Cash and cash eqUilents at the end of the reportlng period ote.- Cash includes both the cosh held otbank ond the Investments with TCMP 114,1451 450.425 436,280 1473,7661 924,191 450,425 2024 2023 Recon¢Trliation of cash flows from operating activities: Net lèxpenditurellincome for thé report4ng period Adjustments for.. Lossesllgainsl on irtvestments Impairment l(>55 Depreciatlot) Fund income Capital expenditure Dlvidends, intèrest and rents fmrn investments Ilncreasel/Decrease in debtors IDecrea%elllncrease in crèditors Net cash (used Inl/provided by operating activltles 116,4291 1473,7171 13.6631 67,26Q 558 1,019 2,100 361.669 300 15831 114.1301 11,6441 3,370 36,341 119,1021 11,787 141.6821 1159,2281 2024 2023 Analysis of cash and cash equivalents Cash in hand Current accounts Investmènts with TMCP Icurrentl Investments with TMCP lfixedl Totsl cash and cash equivalents 100,742 297,019 38,519 436,280 195,744 218,806 35,875 450,425 Page 11
Plymouth and Clevonport Methodist Circuit NotQ5 to the Financlal Statements for the Year Ended 31 Au6U5t 2024 l Accounting framewoyk and accounting pollcles Atcounting framework The financial staternents havè been preparEd ir5 accordance with Accounting and Reporting by Churitie5.' Sthtement of Recommended Prattl fSORPJ applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK IFRS 1021 (effective from l Januarv 20191- (the Charltles SORP IFRS 10211. Funds The fund5 held constitute.. Gefièral Fu5 held for any purpose of the Circuit which are UnstrEtted. Some af thesÈ fLtnds have been internally allocated for a specific purpose. which make5 them Unrestricted Designated. Thé Circuit Model Trust Fund can be used for a variety of purposes and 15 categorised as unrestfJ¢ted. Restricted funds which are held for z narrower purpose. There is also an Endowment fund whlch the Circuit is entitled to recelve the interèst e3Kned on this account. D?tails of each material fund are disd95ed in notes 17 ènd 18 to these accounts. Any funds may be represented by more than just ¢a5h. Publlc benefit Èntity Plymouth and Devonport Merhodlst Circuit mèèts the definition of a public benefit efttity under FRS 102. Assets and liabilities re initially recognised at historical c05t or transaction value unle55 Otherwlse ststed in the relevant accounting policy notelsl that follow. Basls These accounts have been prepared on the bas of historltal t05t exopt that investments are shown at their market value at the end of the year. The ac£ruals basis ha5 been used and trusteès present accounts that show a true and fair view of the Circuit'5 financial posltlon and activities. Content The financial information presented 15 relevant, reliable. comparable and complete. Where tiMateS are used these are bèsetl on experien. research and Judgement. The accounts are expressed In £Sterlln& rounded to the nearest pound. Going concern Based on the monetary assets and human resources available at 31 Avgust 2024. the trustees belleve that the Circuit is a going concern. Income recognrtion Income is included in the Statement of FÉnafttial Activities ISOFAI when the Grcuit become5 entitled to the resour5, and the trustees ere reay)nably certaln they will recelve the resources- and the monetary value can be measured wtth sufficient reliability. In ac¢Drdan£è with tt7e Charities SORP IFRS 1021, the time of volunteers Is not recoBryised. Expendlture Thi5 15 recognlsed when a liability15 in¢uTred, or a Construrtive obligation arlse5, that rÈsult5 In the payment being unavoidable. abilities 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 re50urce5. GTants Grants made by the Circuit from its own funds ère recognlsed in full at the time of agreement or when the Qrcuit accepts that there 15 a legal or operational obli82tlon to make the payment. VAT sin the Circuit is not VAT registered, all InputVAT is charged with the expenses to which It refers. ge12
ptymouth and Devonport Methodlst arcuit Notes to the Financial Statements forthe Year Ended 31 August Z014 . continued Tangible fixed assets for use bythe Circult These are capitalised If they be used for more than one year, and individually cost at least £1,000. The freehold properties are shown in the accounts at cost. No depreaatlon is provided on the buildirsgs because the trLStee5 consider the current resldual fair value of the manse building5 lon the assumption that they have reached the end of thelr Useful ecDnomi¢ lives by the year-èndl to be not le$5 than their current valuè. The propertie5 have been reviewed for impairment. Equipment is shown in the accounts at cost less depreciatson. Depreciation is calculated at 25% per year on a straight line basis. Investments Investment properties are Initially recognlsed at cost whieh Includes purchase cost and any directly attribulable expenditure. These relates to manse5 which are due to be sold wlthln the next year. Other investments of Plymouth arkd Devonport Methodist Circult are held by the Trustees ft>r Methodist Church Purposes ITMCPI as custodian trustees. The Snvestments are stated in the balance sheét 3t market value at the year end Iprovlded by TMCPI. Investment incorne is included In the accounts when reoivable and any gains or10$5es on revaluation at the year end ère shown in the SOFA. Debtors and prepaymerts Debtors are stated at the amounts owed to the Circuit or prepaid. Bank ènd Cash The liquid funds representing bank current and deposit account are shown at their reallsable values. Credttors Creditors are in¥tièlly recognlsed at settlement amount after any trade discounts, where normal credit terms èpply, or amount advanced to the Clrcuit. Subsequently creditor5 that are current liabilities are measured at the cash or other conslderation expected to be paid. MinÉstors' manse costs The Circuit is required to piovide accommodation for each rninister In the Circuit and their families and thts Is seen as a beneftt to the Circuit. Ministers are experted to occupy the manse provided for therTJ. The Circuit bears the costs of repairs, maintenance, buildTllES insurance, telephone Charg, Council Tax and water charges. These fsgure5 are not separately disclosed as benef5t54n-kind for ministèr5 as HMRC IHer Majesty's Revenue and Custc>msl do not seek to tax these reIpts in the hands of ministers. 2 1)onatlons and legacies 2024 2023 Donation5 lunreStrict funds) 10,987 10,987 419 419 Page 13
Plymouth and Devonport Methodtst CIrClI Notès to the Finan¢i31 StateMts for the Year Ended 31 AuBU¥< 2024 - thntinued 3 Charitable adivitles Charitable activities ¢onsists of Circuit assèssment income. These income streams are unrestricted funds. The Circuit Is made up of the following Churches= Bittaford Elburton Compton Ivybrid8e Cornerstone Mount Gould Crownhill Penny¢r055 PoTnphlett (closed Apr 241 5t Budeaux Ridgeway stoke Roborough Woodford Sherwell Yealmpton Millbrook Church was formerly part of the circuit, but has now closed down and its assets transferred tE> the circuit. The level of assessments is calculated on an annual basi Deferred circu¥t aSSSmentS arÉ included within other creditor5 and relate to the first instalments of the 202412025 annual assessment. These amounts are deferred in order to Sn¢lude the income in the correct period. 4 Other trading activities Other trading intome is treated as unregtrlrted funds, unless otherwise stated. 5 Investment income 2024 2023 Dlvldènds and inteTe5t on Investments Irestrict2d funds) Dividends and interest on investments (unrestricted CMTF funds) Dividends and interÉst oft invtmentS lunrestrlcted designated funds) Dlvidends and interest nn investments lunre5tricted fundsl Dividend5 and interest tsn investments lendowment funds) Central FinèrKe Board lunrestrlcted funds) 213 9,468 1.052 2,555 214 628 14.130 371 13,233 625 2,020 54 2.799 19,102 6 Other income Other income 15 treated as unrestricted funds, unles5 Otherwise stated. It Includes the sale of ¢ommunion wine, sales of elrcuit plans, income from PerfOrrnan Art Mission Enabler projects, realised gains on the disposal of m3nse5, and other sundry recelpts. 7 Trustees, remuneration and expenses All of the Minister5, the Finance Officer and The Propertles and Facilities OffEcer were members c*f the Circuit meeting and are accordingly Managing Trustees of the charity (until Februaiy 20241. therefore the remuneration di5dosed in Note 8 includes some ¥emuneratOn paid to Trustees of the charity. The Circult is Managlng Trustee for 5 mar)ses12028.. Sl, all five 5 of whith are occupied12023.' 51 by mini5ter5 Stationed in the Circuit and none12023 none) are let on an Assured Shorthold Ten3ncy . The Circuit is responsible for the payment of Council tax and household utilitie5. It is also responsible for maintenance costs on all these properties. In the year the manses costs totslled f43,44712023: £65,8701- 2024 2023 Number of trustee5 who were paid expenses Expense5 payments primarily relate to reimbursement fortravellcourses, Reimbursement for items purchased on behalf of the Circuit. Total 3mount paid (£1 1,645 1.645 2.576 2,576 Page 14
Plymouth and Devonport Methodlst Srcutt Notes to the Financial Statements for the Year Ended 31 August 2024 - contlrjbed 8 Salaries and associated costs Gros% salarles paid to èmployees were as follows: 2024 2023 Gross Pay Employer's National Insurance contrlbutions Employer's pension contributions to defined contribution schemes Total payroll costs Other expenses pald Total staff costs (unrestricted nds) 213,786 20,216 41,539 275,541 28,008 221,662 18,205 36,278 276,145 12,921 289 066 No employee5 received employee benefits that totalled more than £60,000. There is no accrual for holiday pay a5 it is Immaterial- the holiday year ends on 31 August. All staff are paid at or above the living wage. Particulats of employees.. The average ntEmber of staff employed by the charity durln8 the year amounted to.. 2024 No. 2023 No. Number of st£ff Pensions Most ordained presbyters and deawns are membèr5 Of the Methodlst Ministers, Pension Scheme IMMPSI. Th15 15 a defined benefit scheme. The Supreme Court held in 2014 that Methodist mlnisters (which term includes presbyters and deaconsl are ot employees of the Church. For simpliclty, howeyer. when dealing with National Insurancè Contribution5 Bnd pension contribution5. the tem15 'employerf and'employee, are used as they would be in an employing body. The ConnexioTr accounts for both the MMPS and Pension and Assurance Scheme for Lay Employees of the Methodist Church {PASLEMCI pension schemes and shows the figures in the annual MethodigE Church in Great Britain ac¢oJJnts. At the last trlennl31 valuation on 31 August 2023, the scheme was sn surplus by £44.7m la sienificant improvement on the prev[0$ deficit of £14m recorded in Aug 20201. The Council subsequently agreed to InaSe pensions by 5% ID September 2024, over and bove inflationary incTeases. There is a prov15ion that these change5 may need to be reversed if the funding position deterlorates - however the trustees feel that the work they have done In de-risking this portfolio me2ns thot this increase is reasonable. Details of the deflclts on these schemes can be found ITh the Annual Report Accourrt5 of The Methodist Church at wwN.methodi5t.org.uk. On the other hand lay employees are contractually employees and have joined The Pensions Trust. Thi5 is a defined benefft scheme and the employing Church& and Circuits contribute as employer&to this schème. The circuit operates a defined cont¥ibytion plan for its employees. A defined contribution plan is a petision plan under whith the cir¢uit pays fixed contributiC>ns into a separate entity. Once the contributions have been pald the clrcuit has no further payment obligation5. The contributionk are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Balance Sheèt. The asset5 of the plan are held separately from the Circuit in Independently administered funds. Page IS
Plymouth and Devonport Methgdist cir11 Notes to the Financial Statements for the Year Ended 31 August Z024 continued 9 Other outgoinES All costs are made from unrestrlrted funds exTrpt those noted below. 2024 2023 Graveydrd costs Administration expenses Accountancy fees Independent examinatiQF) fee5 Depreciation Other S¢Jndry costs Fund Management charges-. lunre5trirted funds) {unrtrICted CMTF fundsl lunrestricted deslgnated ftsndsl (restricted funds) (endowment fundsl Publ*c3tions Money collected on behalf of others Circult plans Professional fees Quinquinnia15 Communion wine stewar10¢?1 preachers costs Total 2,525 3,161 6.371 1.554 558 18 2,2CtI 3,037 5.728 1,750 300 152 500 56 23 205 1,741 60 39 {1021 1,936 332 873 15,370 425 452 1,036 1,165 Z9.600 10 GTrnts and donatL¢)n5 2024 2023 Benevolent fund grants Circuit Model Trust Fund grants Digltal grants Pennycr055 grant written off Other Small grants.. lunrestrlctèd fund51 Total 400 1,700 8,657 12,588 15,3791 3,046 4.979 11 Manses and other property and equipment Manses & other pmpertv Equlpment Total Cost or valuatlon As at I Septèmber 2023 Additlons in the year Less.. Depreciation in the year Less.. Fair valuè adjustment At 31 August 2024 1202.732 67,260 1.932 2.204,664 67,260 15581 167.2601 2.204.106 15581 67,260 2,202,732 1,374 The value of the manse5 are t)elieved to be greater than their historical cost or notional cost in 1998 as shown in the accctrunt5. There is no depratron on the manse5 as the itnpalrment revlew at the end of the year confirmed that the current residual market value of the buildings was greater than the carrying value of that part Df thè assets cost to date. The kir value adjustment in the accounts relates to the impairmeTht of Oreston Community Centre and attached buildi which is not turntlY used as a Manse. Page 16
Plymouth and Devonport Metho(fist Grcuit Notes to the Financial Statements for the Ye?r Ended 31 August 2024 . continued 12 Investments held a5 fixed assets Other Itivestments Market value As at I September 2023 Revaluation At 31 August 2Q24 35,875 2,644 38,519 Net book value At 31 August 2024 At 31 August 2023 38,519 35,875 13 Debtors and prepayments Debtors werè rnade up as follcws- 2024 2023 Prepayments and accrued income Other debtors Total 13.711 7.101 16,777 2,390 14 Investments Trustees for Methodist Church Purposes The funds that support the Circuit Model Trust Fund and various other funds are held by TMCP in Trustees Interest Funds on which interest is credited to the atcounts each month. These are regarded a5 medium and Ic4ng term investments. TMCP is the legal owner and Custodian Trustee of 811 Methodist Model Trust propeity, includin8 Legacies. Endowments and Accumulated Funds. Trust property is held for and on behalf of local ManaBin8 Trttstees who are responble for the day to day management of trust property- TMCP ensure that, throueh providing guidance and acting under their dirèrtton, the Managing Trustee5 comply wlth charity law and Methodist law and policy 35 determined by the Methodlst Conference. IS Central Flnance Board ICFBI and Cash at Bank The Circuit has a current account at Lloyds Bank, an ?uthorised Instltutlon. The sums held on this account are immediately available. In additlon the Circuit has a deposit account at CFB, a common dep051t fund. Interest Is earned on thls a¢count and credited monthly- the sums deposited can be withdrawn without notlo and without Itsss of interest. These surns are vlewed as being Ilquld. Pa8e 17
Plymouth and Oovonport Methodist Clrcutt Notes trj the Flnancial Statements for the Year Ended 31 August 2024 cc>ntinued 16 CredFtors.' Amounts falling due wlthln one year 2024 2013 Deferred income Other Creditors Overpald assessment income provlslonally written Dff AccTu3Is rotal 10,742 1,780 44,219 7,848 64.589 46,610 1,750 below 12,859 It is expected that ?11)tcruals and othercreditors 3$ at 31 Au6U5t 2024 will be paid during the year to 31 August 2025. Deferred income relates to assessments which 3re paid in advance. 2024 2023 Deferred Income brought forward Prepaid income brought forward Deferred income written off Assessment income received in the year Deferred income carrled forward Amount owed for the year but not received ssessment income recogni5ed in the year 46,610 (2.3911 144.2191 364,940 110,7421 7,102 361,300 51,478 115,340 above 351,461 146,6101 2,390 17 unStriCted Funds General Fund The purpose of the fund Is for use at the discretion of the trustees in the furtheran of the general objectives of the Circuit and which have not been designated for other purposes. Various This fund is made up of multiple model trust bequests. This fund Is a local model trust bequest. All model trust accounts require the approval of Clrcuit prior to any expenditure. Deslgnated Funds These funds havè been designated by the ClrcuEt. to be utllised for the followlng purposes.. Miss F L Moore This is a local model trust. The fund is designated for benevolent purposes. ira Zio Thls is a local model trust, In respect of proceeds cf sale. This fund Is deslgnated to sÈtpport members tralning cost5. p rfortttln Arts Mlssion Enabler PAME The gains retètved from the Sale of Colebrook have been designated to cover the costs of employing a PAME. and to covw the additional cost5 Incurred to run this servi. Endowment Funds These funds have been bequeathed for a speofic purpctsÈ, and can only be used for such purpose with the aereement of the trustees. Any deviation from this purpose due to the purpose being no longer appllcable, must be approved by the natlonal Methodist Church leqal team. Page 18
ptymouth and Devonport Methodist Circuit NtsteS to the Flnancial Statement5 forthe Year Ended 31 August 2024 contlnued 18 Restricted Funds Restrirted funds are those reIVed and held to cover specific expenditure. The restrictions are as follows: B Skell This fund was set up to cover the malntenan¢e cost of the graveyard at Venton. erintend nts Di5cretlon2 Fund This fund was set up to cover grants and donations made in respect of the supertniendents discretionary payments. Trainin Fund This fund is used to support the T(ult members to attend courses. Youth and en This fund was received from a closed youth choir with thè instmction that it was to be used for Youth and Children's work in the Plymouth and Devonport Methctdist Circult. Manses This fund relates to the acquisition of manse propertlÈs, whlch are held within Fixed Assets and Current Asset Investments. It 3150 includes the Oreston Centre, a foTmer church now converted into a community hub. 19 Analysis of funds Balance as at IncomSng 01-SÈp-23 Resources Outgoin8 Rè50urces 6¥insllLossesl on Investments B31ance as at 31-Aug-24 Transfers Re5tritted Funds B Skelley Sup'ts Discretionary Fund Training Fund Youth & Chlldren Millbrook- Miss MK Parsons Millbrook- EN Parson Miss F L Moore Manse5 & other proerpty 306 17 iii lil 161 13) 322 349 19 367 2,152 1,076 119 265 58 1,131 loo 100 925 925 9,072 2,202,732 2,215,687 1261 14541 9,072 2,202,732 2.216.914 1,718 1371 14541 Endowment Funds Mr5 Lakin- Legacy Oreston- Royle Trust Millbrook- Catherlne Nicholls Millbrook- Mrs 8 Evans 1,700 4,098 90 151 1121 1851 11121 1.700 4,415 343 124 317 343 1,842 2,399 IA42 8,300 5,798 1171 317 11971 Unrestrtcted Funds IUe5ignated) Laiia Zlon Utd 7.087 11,8021 5,285 4,069 18,896 22.965 1301 148,4551 148,4851 11,126 7,523 18.649 PAME 38,884 38,884 Unrestrlcted Funds lundesl8nated) rcuit Model Trust Fund General Fund Oresron fvnds 175,556 157.427 13,125 21,207 18.953 386,268 114,946 381,431 498 16,7781 1490,6371 1381 1601 1541 1497,5671 2,419 138,8841 2.594 247,259 SO,815 14,287 21,432 18,953 352,746 702 Various 1,055 1,002 498,932 225 19951 19481 138,2331 3,346 Total Funds 2,613.038 526.014 agel 1546,1061 3,663 2,596,609
Plymouth and Devonport Methodlst ctKuft Notes to the Finantial Statements forthe Year Ended 31 Augu# 2024 - continyed 20 Transfers between funds The unrestricted CMTF fund FS avatlable for property pr(Trjects, mlnlstry and mission grants ènd other purposes as detailed under st3ndlng Order 917. The transfer between General Fund and Manses and Other Properties inclvdes £67,260 transferred from Restrlcted Reserves ta Unrestricted Reserves, belng the rele3se of a fair value adjustment to the value of Oreston Community Centre and Manse of the same amount. 21 Volunteer contributions Every èntity Iconnexion, Districi Circuit, Church) wlthTn the Methodist church in G£ is heavily reliant on volunteers who contribute their skllls, tirne at)d money the fUrtheraft of the work of the Church. We are grateful to all of them for their help and commitment. 22 Grant commitments The foillowing grants were awarded followlng the completion of the appropriate paperwork and the tommitments will be rnet by the CMTF which has a sufflciènt balance in it to covei them- Performing Arts Mission Enabler- three year grant commenced on January 2020. £103,864 pble over the 3 years, in January each year. This grant was subsequently extended for a further two years. Page 20
Plymouth and De¥onport MethodÉst Circuit Charlty Te$istration number: 1134211 Dedarations and S¢rutiny I confirm that these accruals-based accounts for the year to 31 August 2024 have been prepared from the records of the Clrcuit and that they indude all fijnds underthe control of the Circuit. Signature of t¥easurer: Date- Name of trea5urer'. David Rowe Address of treasurer.. Clrcuit Office. Stoke Christlan Centre, Devonport Road, Plymouth, PL3 4DS Presentation to the Circuit Meeting I confirm tha meeting on... .. nu I re Ort 3né attounts for the year ended 31 August 2024 will be presented to the Circuit Meeting at its Signature of the Chair of the rneeting: Date of signing- zo13[zf Name (rfthe Chair of the meetinE'. Rev Alistair Lowe delete or cirde as appropriate Page 21
Independent Examinerfs Report to the Trustees of the plymouth and Devonport Methodist Cirtutt CharFty registration numb¢r. 1134211 Responslblllties and basls of report I report to the trustees on my examination of the accounts of the Plymouth and Devonport Methodist Circuit for the year ended 31 August 2024 Set out on page5 9 to 20. As the Circuit's trustees, you are fesponsible forthe preparatlon tsf the accounts in accordance with the requirements o the Charities Acr 2011 I'the Art'l. I report in respert of my examination of the Circuit's 8ccounts ca>ried out under section 145 of the Att and. in carrying out my examination, I have followed all the applicable Directlons given by the Charlty Comn7ission under sertion 145lSllbl trf the Act. Independent Examlner's Stement The Circuit's grog% inttsme exceeded £250,000 and l arn qualified to undertake the examination by being a qualified mernber of The Institute of Chartered Accountants in England and Walès. I have completed my examination. I confirm that no material matter5 have come to my attention In Connection wlth the examination which give me cause to belleve that in, any materlal respect.. the accountlng records were not kept in accordance with section 130 of the Act,. or the accounts do not accord with the accounting records- tsr the accounts do not comply with the applicable requirernents concerning the form and cortent of accounts Set out in the Charities (Accounts and Reports) Règulations 2(108 other than any requirement that the accounts give 8 'true and fair, view, which is not a mètter considered as part of an independent ex?mlnation,' or the trustees, annual report 15 not con51Stent wth the accounts. I have no toncerns and have come across no other matters In connectlpn wlth the Èxamination to whlch atterktion should be drawn in this report in order to enable a proper understanding of the 8c¢ounts to be reached. I have obtalned Independent verification of all investments WFth the Trustees for Methodist Church Purposes or held in other trusts, bank balance5 ènd funds at the Central Finènce Board of the Methodist Church which are individually In excess of £10,000 Iten thousand poundsl at the balance sheet (late. 51gnature of Independent examiner: Name of independent examiner- John Hillier Relevant proftsslonal qtsalifi¢ation of independent examiner.. FCA Name offimi.. Houndiscombe Consultants Limited T/A Condy Math¥as Chartered Accou¢7tants 6 Houndiscombe Road Plymouth Devon PL4 6HH Addr255 '. Date: 03 /04iit¢iS Page 22
Plymouth and Devonport Methodist Circuit Management Information forthe Year Ended 31 August 2024 The following page does not form part of the statutory consolldated financial statements. Page 23
Plymouth and r)evonport Methodlst Circult Detailed 5tatsment of financial actlvltles for the YÈar Ended 31 AuEUSt 2024 2024 2023 INCOME CITCUIt asSements Donatictns Grdnt for Ore5ton Dividends Bank interest receivable Fund released from ConNexlon to 80 towards Oreston costs Transfer in of funds from closed churches Ore5ton income Other income 361,300 10,987 343,379 419 50,000 1,459 17,643 1.431 12.699 105,478 20,338 5.388 8,393 526,014 8,160 3,615 424,675 DIREcf CHARABlE EXPENDITURE Grants paid Wages and salarie5 Water Council tax Insurance eanlng Repairs and maintenan Orestor expenses Money CCTrllected on behaFFof others Quinquennlals TMCP- Distrirt levy Support costs of conneKion and district Prufessl¢nal fees Telephones Publicatlons Depreciation Stewards cost5 Communion wine Sundries Graveyatd costs Circuit plans 14,9791 303,549 2,590 13,710 14,758 1,565 9,382 18.595 25,991 289,066 2,781 16.470 5,694 39.943 9,601 332 1.364 6,278 79.180 11,825 4,618 11021 558 1,165 37,058 67,568 15,370 5,387 1,936 300 1,036 452 18 2.S25 425 467,024 2,200 873 522,058 MANAGEMENT AND ADMINISTRATION Administration. postage and st3tionèry Independent reeW and accountancy Fund manègement charges 3,161 7.925 736 11,822 3,037 7,478 2,050 12,565 TOTAL EXPENDITURE 478.846 534,623 Unréallsed gains/llossesl on investments 3,663 12.1001 NET IDEFICmllNCOME before emceptional items 50,831 112,0481 Impairment of OrestDn 167.2601 1351,6691 NET MOVEMENTIN FUNDS 116,4291 1473,7171 Page 24