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2024-08-31-accounts

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

(Charity Registration No. 1134222)

TRUSTEES’ ANNUAL REPORT

&

FINANCIAL STATEMENTS

For the Year ending 31 August 2024

Contents

Ø Annual Report

Ø Appendix “A” - Reserves Policy

Ø Financial Statements (separate document)

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

1. Objectives and activities

In setting our objectives and planning our activities The Circuit Meeting (under the leadership of the Circuit Leadership Team [CLT]), as Circuit Trustees, meets at least three times in each year, has carefully considered the Charity Commissioners’ published guidance on public benefit and conforms to the Charities Act 2022.

Our mission and calling is to respond to the Gospel of God’s love in Christ and to live out its discipleship in worship and mission. In furtherance of this, we will use the circuit’s resources to:

2. Achievements and performance

The principal purpose of the Circuit is to act as a supporting body between Churches, District and the Connexion. The Circuit is responsible for the selection and allocation of Presbyteral resources along with any lay workers who may be required in administrative and pastoral roles. Although the Circuit does have contact with the public, most of the direct contact is by the Churches within the Circuit.

The Circuit sets out its objectives through a “Next Steps” plan. This Plan is reviewed throughout the year and progress against the set objectives and strategies is monitored and documented. Action is taken where objectives are not being met. The Next Steps Plan serves as a dynamic tool and thus enables the Circuit to set goals and challenges on an ongoing basis.

Activities of the Circuit and its Churches and Community Engagement in 2023/24

Circuit Leadership Team

The Circuit Leadership Team continued working towards a mission strategy that takes into account the possible mergers of some churches:

The CLT recognised the need to train and enable lay church members to increase their confidence in faith sharing and outreach in local communities.

The Circuit is committed to the aspirational target of the Methodist Church in becoming a net zero carbon emissions church by 2030.

The sale of two church buildings has boosted the Circuit finances and the conversation is ongoing as to how these extra funds may best support the future ministry and mission of the Circuit’s churches.

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

Circuit Events

Due to inclement weather the annual Open-air Circuit Service on Dunstable Downs took place indoors at The Square in July 2024.

High Street, Leagrave celebrated the 200th anniversary of the church building with various events throughout the year including an exhibition of photographs and memorabilia, a concert and special anniversary service and lunch.

A celebration service for Local Preachers and Worship leaders was held for long service awards.

Creating Safer Space Safeguarding Training (Foundation & Advanced) took place on various dates during the year. In-person training sessions were also held for church officers required to complete the Methodist EDI course who were unable to access the online modules.

Circuit Youth and Leaders attended 3Generate weekend at the NEC in October

Hightown

Outreach activities in the Hightown Methodist Church in the 2023/24 connexional year included a regular monthly coffee morning and networking with the Hightown community including gatherings bringing together council representatives, business/shop owners and other professionals. There was a community carol service held in December leading to the lighting of the Hightown Christmas tree.

Trinity Leighton Buzzard

The leadership of the monthly Messy Church is ably run by a paid lay worker with support from church members and continues to be an important aspect of Trinity’s outreach and mission.

Other activities include a bi-weekly Games Fellowship afternoon at the church to which anyone is invited to play board games and enjoy a cup of tea.

Trinity takes part in town-wide events in Leighton Buzzard including Fairtrade Fortnight offering hospitality and has a presence at the town’s May Fair providing activities for the children and the invitation to come to Early Church and Messy Church services.

Strathmore Avenue

Breakfast Club - twice a month, once for the homeless and the community, and once for families with children. Lunch Club - once a quarter by prior arrangement.

Farley Hill

Tea ‘n toast once a week during term time Saturday morning Breakfast with Food bank collection once a month Lunch club once a month for over 55’s Messy church once a quarter for young families Visits at times of festivals from the local primary school.

The Asian fellowship meets on church premises on Saturdays for a service in their own language with some integration with the established Sunday congregation.

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

Toddington

Events and Activities in the last 12 months

Our Mission Enabler, Tania has had a significant input to all of these groups and activities which is very important for our work in the village. Currently we are working with Tania to update our Mission Plan.

There are two new housing estates built and we are working with the community to provide information to new residents.

Newland Church (Luton)

Friendship café twice a month in conjunction with the local GP surgery. Regular visits from children and staff from local Special School. A week-day pre-school meets on the premises.

Barton

A ‘Tea-club’ is run by church members on the first and third Tuesday of each month attended by about 20 elderly ladies some of whom are affiliated to the church and some who are not. Homemade cakes and refreshments are served to the ladies. Dogs are welcome!

Ecumenical involvement with parish church for village Christmas Tree Festival and annual Covenant Service.

High St, Leagrave

The church has a number of regular lettings for the community, including a nursery, scouts and other worshipping communities as well as occasional lettings.

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

St John’s

Craft and Games Club continues after school on Mondays during term-time. Average attendance of primary age children is 25-30 + accompanying parents/carers. This group offers a welcoming and supportive Christian presence to the local community including families from other faiths and ethnic backgrounds.

Regular lettings include a pre-school five days a week and retreat days for local secondary school children.

A weekly coffee morning is held on Tuesdays during term-time which includes some parents from the Monday club, additional friends and the occasional passer-by.

The local infant schools visit St John’s for educational visits at Christmas and Easter and the minister is invited into school to take assemblies for these Christian festivals.

The premises are let once a week to a Seventh Day Adventist congregation and an Asian Christian Fellowship group for worship.

St John’s hosted the Good Friday Ecumenical Walk of Witness Service.

There is a monthly Munch Club, when a cooked meal is prepared and served by church members. About 25-30 people are in regular attendance some from church and some non-church. A number of the regulars are pensioners who live on their own and enjoy the company and hot dinner provided.

Harvest and Christmas gift donations support the local foodbank and Azalea charity in Luton.

The Square, Dunstable

Supports work with refugees and asylum seekers in the local area, improving English classes, basic cooking skills and protection of vulnerable women.

Extensive use of the premises for a wide range of community groups. The church is actively involved in civic events throughout the year.

The minister in pastoral charge supports the work of the Pioneer Church Project in the new Houghton Regis housing development.

Harlington

The Methodist Church has good ecumenical links with the Parish Church and Life Church. The members run clubs on the premises for children and young people in the village to engage with the Christian story in a fun and creative way.

The church takes part in village events and at Christmas meets in the neighbouring pub for ‘Beer and Carols’ as part of their outreach. Church led craft groups and ladies groups meet on the premises as a place of welcome and friendship.

Oakdale

Has a Roma worshipping community, as well as hosting the Zimbabwean fellowship. It has installed planters with flowers growing outside to improve the environment on its busy street corner in Bury Park, which before attracted fly tipping and a lot of rubbish. It is looking to install a bench as well.

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

Eaton Bray

Church members are considering their options of how they might continue to worship together even if the building has to close.

Aley Green

The chapel provides a hub for the community as a place of welcome, worship, fellowship and the sale of homemade jam and other preserves to villagers and visitors.

Gravenhurst

The chapel is the only place of worship in the village and is open daily for quiet prayer and reflection and has regular Sunday services.

The Olive Tree LEP

Regular monthly Messy Church is well attended by mostly non-church families some from the local Asian community.

Bible Studies and prayer groups.

Regular lettings to uniformed organisations and toddler group. Monthly soup lunches for Christian Aid.

Beech Hill

Beech Hill celebrated its 90[th] anniversary in May 2024 with a special service, lunch and exhibition of memorabilia.

It hosts a weekly Warm Space, known as Welcome Space, every Tuesday afternoon, serving the community and members alike, helped by funding from a District Grant.

It is building links with a local primary school, Maidenhall School, hosting visits from 2 year groups during the year.

Under the heading, Collaborative arrangements with connected charities (3.3 below) there is information on how we obtained our funds. In this paragraph, we show how they were spent. The money collected, or available for disbursement, was used exclusively for the following purposes

Through our Circuit Model Trust Fund (CMTF) we make grants to support Circuit churches in their work in their local communities. Such grants may be for specific mission related projects or to assist with property projects. The Circuit may also make grants direct to external bodies, for example, to assist with ecumenical projects.

The policy of the Trustees on grant making is to ensure that all applications can demonstrate public benefit, pass a test of sustainability, show that there is a commitment from the applicant organisation (e.g. the Circuit

Page 6 of 15

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

grant is only a part of the total funding) and show imagination and creativity as well as a perceived need for that which the grant is being applied.

Details of the grants made in this financial year are set out in the attached Financial Statements. It should be noted that it is the Circuit policy to provide for the full amount of any grant, in the year of commitment, even if the drawdown of such grant is over an extended period.

Churches that have received grants from the Circuit will show these in their own Trustees’ Annual Report (where this is required to be prepared) along with details of their achievements from the activities undertaken because of receiving the grant.

3. Financial Review

The Financial Statements are included as part of this Report and give a full and detailed disclosure of the income and expenditure of the Circuit covering our Unrestricted Funds (including Designated Funds) and Restricted Funds. There were no significant events during the year, save for the sale of the Mount Pleasant church premises. Contracts were also signed and exchanged in June for the sale of the Luton Road church premises. However, as the completion is deferred for three months, the trustees felt it prudent not to account for the sale in the current financial year.

The Circuit has the following principal sources of funds which are used to administer the Circuit:

The Trustees of the Circuit have every reason to believe that the Circuit is a going concern, principally because Churches continue to meet their Assessments and the Circuit has adequate reserves to cover a shortfall in anticipated income. There are no subsidiary undertakings. Trustees do not foresee any factors that will significantly affect the financial performance or position in the next year or two. However, the trustees are conscious that the Circuit is dependent upon the Assessment on churches to maintain its current overall level of staffing. Therefore, we have systems in place to monitor the financial health of our churches and recognise that the overall financial resources of churches are finite.

3.1 Investment Policy and Performance

To comply with Methodist Standing Orders, monies for long-term investment are lodged with the Trustees for Methodist Church Purposes (TMCP). TMCP acts as custodian trustee for all real estate held by Circuits and for all large (over £20k) bequests and for the proceeds of sale of any property formerly owned by the Circuit. These sums are invested in unlisted investments or held on deposit. The investment returns are close to tracking movements in the FTSE 100 index. The deposit income mirrors the deposit rates available elsewhere. The Circuit Trustees’ investment policy is aligned with that of the Central Finance Board of the Methodist Church (CFB) and TMCP because these organisations take onto consideration the social, environmental and ethical issues (both positively and negatively) that make investments suitable for the Methodist Church.

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

Short term deposits, not required for immediate cash flow, are lodged directly with CFB and attract good rates of interest.

There are no other benchmarks for the expected returns on investments at TMCP and CFB. The objective for the Circuit is a rate of return at least as good as market rate considering the trustees’ low appetite for risk.

3.2 Reserves Level and Policy

This is set out as a separate document and appears at Appendix “A”

3.3 Collaborative arrangements with connected charities

The Circuit’s main source of funding is the Assessments obtained from each Church within the Circuit. The Assessment is based on a formula which utilises the membership of each church and factored net income. The net income calculation is designed to take into account the relative costs of heating, lighting and insurance, together with a notional allowance for repairs and maintenance in order to place each church on a comparable baseline.

The Circuit holds no funds as custodian trustees. It does, however, receive on an ad hoc basis funds from Churches for Methodist Connexional Funds. These sums are collected as agent for The Connexion and are passed to the Connexion on a regular basis. In addition, the Circuit may receive grant monies from both the District, and/or the Connexion where an application has been made by the Circuit to fund an external organisation. Such funds received by the Circuit are not recognised in the Financial Statements because the funds are not within its control. No fee is earned in respect of the agency arrangement and the Circuit incurs no cost through this arrangement.

4. Future Plans

The Circuit’s strategy for the future is contained within its “Next Steps” initiative. In essence this involves determining our evolving mission strategy and adapting it to meet changing circumstances within our churches.

No small part of this is ensuring that our stated mission strategy can be delivered within our available financial resources. In this connection, as a matter of policy, we strive to fund our day to day regular expenses from current income. We are generally averse to subsidising normal operating costs from reserves (usually generated from the sale of capital resources).

Given, our operating income is almost wholly provided by the churches within the Circuit, we monitor very closely the ongoing financial health of our churches. Recognising that since Covid individual church finances are under pressure, our “Next Steps” initiative is to restructure the Circuit so that it can successfully operate with a reduced compliment of ministers. The plan is to reduce the number of full time equivalents to four by September 2026.

5. Trustees’ responsibilities

For each financial year ending on 31 August the Trustees are required to prepare financial statements which give a true and fair view of the Circuit's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the Trustees must:

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Circuit and enable them to ensure that the financial statements comply with the law. They are also responsible for safeguarding the assets of the Circuit and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Circuit’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

6. Structure, governance and management

The Circuit is an unincorporated charitable association governed by the Methodist Church Act 1976, the Deed of Union and the Model Trusts of the Methodist Church and was registered with the Charity Commission on 9 February 2010 (previously registered as Chiltern Downs Methodist Circuit under the same number).

The primary purpose of the Circuit is to advance the mission of the Church in South Bedfordshire by:

The purposes of the Methodist Church are and shall be deemed to have been since the date of union the advancement of:

(a) the Christian faith in accordance with the doctrinal standards and the discipline of the Methodist Church

(b) any charitable purpose for the time being of any Connexional, district, circuit, local or other organisation of the Methodist Church

(c) any charitable purpose for the time being of any society or institution or subsidiary or ancillary to the Methodist Church; any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church.

6.1 Organisational structure

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

Superintendent Minister(s), ministerial staff and Circuit Stewards via the medium of the Circuit Meeting.

Certain matters, principally those relating to property issues, need to be referred to the District (and the Connexional office - through the Trustees for Methodist Church Purposes [TMCP], acting as Custodian Trustees), but most matters are determined by the Circuit Meeting itself.

The Circuit operates with a Circuit Leadership Team (made up of Circuit Stewards, Ministers and certain Lay Employees) which evolves policy and makes recommendations to the Circuit Meeting.

The South Bedfordshire Methodist Circuit comprises 19 churches located in Luton, Dunstable, Leighton Buzzard and the surrounding villages. They are listed below:

Aley Green Barton Beech Hill Edlesborough
Farley Hill Dunstable, The Square Eaton Bray High Town
Kensworth Gravenhurst Harlington Olive Tree (St Margarets
LEP)
Strathmore Avenue Leagrave, High Street Leighton Buzzard, Toddington
Trinity
Wigmore (Methodist Oakdale St John’s
URC LEP)

6.1.1.1 Trustees

The Managing Trustees are the elected members to the Circuit Meeting. Owing to the number of individual churches in the Circuit and the fact that the majority of the Circuit Meeting members are those elected by individual churches, the make up of the Meeting is subject to frequent changes. The names of the trustees who served during the Connexional year 2023/24 are listed at 7.6 below. A current list of Trustees can be found on the Charity Commission website.

7. Reference and Administrative Details

7.1 Name of the charity

The South Bedfordshire Methodist Circuit

7.2 Charity registration number

1134222, registered in England and Wales

7.3 Principal Office

Office 3, Hightown Methodist Church, 49 High Town Rd Luton

Bedfordshire, LU2 0BW

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

7.4 Superintendent Minister
Rev Patrick Kandeh
7.5 Circuit Bursar
Mr David Hallworth ACIB
7 Windsor Close
Flitwick MK45 1PT
7.6 Names of Trustees
Alderman, Valerie Hodder, Helen Prowse , Jo
Alfred, Kaelanne Hornsby, Janet Quine, Colin
Anokye, Michael Horsefield, Charles Ralphs , John
Arscott-Smith,
Fiona Hulance, Andy Roberts, Jackie
Baker, Peter Illot, Terence Roe, Brian
Baker , Albert Joels, Helen Rogers, Steve
Salmon ,
Ball, Richard Kandeh, Patrick Christina
Berry, Linda Lear, Joy Salmon , Clive
Best , Geoff Liburd, Sted Sheehan, Cathy
Sherwood ,
Bibbings , Nigel Lowe, Chris Joanne
Borgars , Marion Lupi , Claudia Sibindi, Monica
Brooks, Ruth McFarland, Jane Simon, Maria
Croft, Anne McHenry , Ian Sissons, Terry
Edwards, Wallace Meader, Ann Smith, Alan
Mitchelmore,
Fleming , Marjie Debbie Smith, Julie
Grant, Madit Nelson, Janice Stanford, Tania
Thompson,
Gray, Anne Newman , Margaret Glynnis
Green, Sheila Onatola , Ayo Waller, Kenneth
Hare, Michael Opokugymfi, Ismael Wallis, Martin
Hare, Rosemary Owers, Roger Wilson, Alison
Henley, Michael Patterson, Lawrence Yen, Li-Lim
Henley , Gillian Payne , Ruth Yung, Seun-Wook
Higgens, Liz Pollard, Sheila

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

7.7 Bankers The Co-operative Bank plc Central Finance Board of the Methodist Church PO Box 250 9 Bonhill Street Delf House London Skelmersdale WN8 67WT EC2A 4PE

7.8 Investment Managers Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ

7.9 Independent Examiner Theresa-Anne Warren GP Financial Management Ltd., 8 The Old Yard Lodge Farm Business Centre Wolverton Road Castlethorpe Milton Keynes MK19 7ES

7.10 Quinquennial Inspectors

Cube Building Consultancy Ltd Suite 2, Franklin House 2 Steppingley Road Flitwick MK45 1AJ

Approvals

The Trustees’ Report and the Financial Statements were approved by the Circuit Leadership Team and were presented to the Circuit Meeting on 18 February 2025

Patrick Kandeh(signed) David Hallworth(signed)
Rev Patrick Kandeh
Superintendent and Chair of Meeting
February2025		 David J Hallworth ACIB
Circuit Bursar
February2025

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

APPENDIX A

The South Bedfordshire Circuit

Reserves Policy 2024/25

This document includes all funds held by the Circuit Meeting as charity trustees.

Our Reserves Policy relates to our general (unrestricted) funds which are available to be used for any or all of the purposes of the Circuit. It also notes the management of our restricted and endowment funds.

Other funds are also included for the sake of clarity and openness and to show that the Circuit has a policy for the management of all of its money not simply that which is defined as reserves.

Aim

Our aim is twofold:

(1) To secure and sustain the Circuit’s viability and future.

(2) To give reassurance to the general public that the Circuit, which is a charity, intends to use all of the money coming into its care for the purposes of the charity.

Mission Policy

Our financial resources help us to underpin the Circuit’s Mission by:-

(a) The support of the ministry and mission of the local churches in the Circuit, including ministerial oversight, outreach opportunities and mission projects some or all of which may be unrelated to capital expenditure

(b) The support of a ministry team of presbyters, a part-time Circuit bursar a part time Circuit administrator and a part time Circuit Workers the numerical mix of which is determined by our staffing strategy which is reviewed annually.

(c) The maintenance of the eight Circuit manses, including two let externally at a market rent.

(d) Supporting mission-oriented building projects, repairs and alterations.

Financial Plans

The Circuit’s Unrestricted Funds also includes the Circuit Model Trust Fund (CMTF). However, Connexional approval has to be sought to confirm any proposed use of these CMTF funds is in compliance with Standing Orders.

The Circuit Assessment is reviewed annually and provides substantially towards the overall Circuit costs. It is based on an agreed formula which seeks to ensure that each church pays a level of contribution which is proportionate to its peers. The Circuit Meeting is the final arbiter of the Assessment contribution from each church. Circuit Reserves may also be used to help meet these obligations; in particular to part fund lay personnel costs.

We make provision for our property maintenance programme by budgeting £32,000 (£4,000 per manse), as a contribution to a Provision Fund, to maintain our manses.

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

Subject to the constraints of our Reserves Policy (below) grants or loans from reserves are also available to support new and existing mission projects and may also be available for building repairs and projects provided the applicant church has a strong mission focus and can demonstrate financial viability. It is not always possible to predict when such grants might become necessary, as a church might suddenly need a short term loan to enable work to proceed expeditiously. Generally, we will contribute, up to 50% of project work. Such grants are subject to our Circuit Model Trust Fund policy (see below) and the availability of uncommitted funds held.

Local Church Council approved applications for Circuit funds will be made to the Circuit Leadership Team (CLT) for evaluation and support and then brought before the Circuit Meeting for approval or otherwise.

RESERVES POLICY

Introduction

The Circuit has a wide cross section of Funds some of which are unrestricted (including designated Funds) and others are restricted.

The “Funds at a Glance” attached to this document is an integral part of our Reserves Policy and should be read in conjunction with it. As a general principle, we now quote our closing Fund balances on an uncommitted basis. That is to say that at the close of each financial year any known and agreed future commitments are provided for in full. Therefore, at any given time the level of uncommitted resources can be clearly seen

Unrestricted Funds

General and Designated Funds

The General Fund at £169,836 (excluding tangible assets, Designated Funds and loans to churches) represents about 5 months budgeted expenditure. Our policy is to hold about 3 months of gross expenditure as a reserve, and this is considered to be the absolute minimum and falls short of the Connexional recommendation of 6 months. However, it effectively caters for the default of all churches not paying their Assessment in the same quarter – the chances of this are considered highly unlikely.

If General reserves fall below our target, we will seek approval from the Circuit Meeting to make up any shortfall from either or a combination of:

  1. an increase in Assessments the following year.

  2. A portion of the sales proceeds of any properties sold or in the course of sale

  3. A transfer of funds from the CMTF

If General Reserves are above the target 3 months cover of normal gross expenditure, the surplus will be either:

  1. Transferred to the CMTF

  2. Held as a surplus reserve and depleted to the target level the following year by setting a deficit budget. This would effectively reduce the formula calculated Assessment on churches.

Designated Funds are effectively sinking funds or provisions against future expenditure in key areas. Every year and for each of these funds, transfers are made from the General Fund. The transfer amount is reviewed each year as part of the budgeting process.

The Quinquennial Inspection Fund is a Designated Fund. Every five years we obtain a fixed price contract to cover inspections due in the following five years. The amount charged for each church/manse differs as do the number of inspections in any given year. However, each year, we apply a transfer from our General Fund equivalent to one fifth of the overall five year fixed cost. This means that It is possible that in some years this fund may be shown as “overdrawn”. In such cases we ensure that there is sufficient funding in our general Fund to cover the shortfall.

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT – TRUSTEES’ ANNUAL REPORT 2024

Circuit Model Trust Fund (CMTF)

Our policy is to use this resource in accordance with Methodist Standing Orders. However, under local discretion our policy is to allocate a percentage of these funds for “Mission & Outreach Projects” (or more generally new growth initiatives). The percentage so allocated is reviewed on an annual basis and may be amended in the light of overall calls on the CMTF during the preceding year and/or future initiatives being planned. We allocate 70% to “Mission & Outreach Projects” and 30% to other potential calls on the funds. The total uncommitted funds stood at £230,579 as at 31 August 2024

Restricted Funds

Chapel Street Fund is restricted for use on Luton Town centre projects. The final grant from this fund was made in 2023/24 and save for a nominal balance is effectively closed.

Lye Trust - is a permanent endowment legacy, the income on which is specifically for use as a Circuit Benevolent Fund. The interest of circa £1,500 p.a. is distributed (as and when requited) for relief of the poor in the Circuit via the Benevolent Fund

Benevolent Fund – income sourced from the interest from the Lye Trust as above.

Circuit Music Fund – expendable endowment.

Circuit Drama Fund – restricted. Ex Luton Circuit Fund

Circuit Education & Youth Fund – restricted. Ex Luton Circuit Fund. (funded £500 p.a. from General Funds)

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THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT (Charity Registration No. 1134222)

FINANCIAL STATEMENTS

For the Year ending 31 August 2024

Page 1 of 30

Name of Circuit: South Bedfordshire

Circuit No: 34/04

Statement of Financial Activities (SOFA) for the year ended 31 August 2024

Notes
Income and Endowments
1 Donations and legacies
2 Income from Monetary Investments
3 Income from Investment Property
4
4 Income from charitable activities
5 Assessments on Churches
5
6 Captial Receipts
6
7 Grants
7
8 Other charitable activities
9 Total from charitable activities
10 Other charitable income
11 Total charitable income
12 Other income
8
13 Total income and endowments
Expenditure
Expenditure on charitable activities
21 Grants and donations
9
21a Future instalments of grant
9
21b Grant instalments provisions released
9
22 Salaries and associated costs
10
23 Property
11
24 Office expenses
12
25 District Assessment & Levy
13
26 Other outgoings
14
27 Total charitable expenditure
31 Net Income before investment
gains/losses
32 Net gains/(losses) on Monetary
Investments
15
33 Net gains/(losses) on Property
Disposals/Revaluations
15a
34 Net incoming/(outgoing) resources
before transfers
35 Transfers between funds
16
36 Reclassification of funds
17
37 Other gains/(losses)
18
38 Net movement in funds
39 Total funds brought forward
50 Total funds carried forward		 Unrestricted Funds Restricted &
Endowment Funds		 £
10,501
21,782
14,660
356,888
3,480
407,311
407,311
25,063
432,374
20,671
60,000
(31,795)
282,881
66,587
4,481
84,380
9,821
497,026
(64,653)
3,112
38,575
(22,966)
0
(22,966)
2,682,947
2,659,981
Total 2023-24
General
Circuit Model
Trust
Designated
£
£
£		 Restricted
Endowment		 Total
2022-23
£
£		 £
50
10,200		 251
17,144
2,684		 1,954 13,982
14,660 14,010
356,888 390,429
465,000
3,480 1,940
388,742
2,684
10,200		 3,731
1,954		 885,361
388,742
2,684
10,200		 3,731
1,954		 885,361
22,598
1,000		 1,465 14,835
411,340
3,684
10,200		 5,196
1,954		 900,196
19,295 1,376 16,651
60,000 15,500
(31,295) (500) (76,205)
282,881 259,779
29,459
29,424		 7,704 51,960
4,327 154 4,255
84,380
0		 79,604
2,959
3,031		 3,830 4,537
404,006
48,000
32,455		 12,410
154		 356,081
7,334
(44,316)
(22,256)		 (7,214)
1,799		 544,115
3,112 (1,784)
38,575
7,334
(5,742)
(22,256)		 (7,214)
4,912		 542,331
(261,465)
212,890
53,830		 4,199
(9,454)
(254,131)
207,148
31,574		 (3,014)
(4,543)		 542,331
2,483,366
23,611
115,001		 6,803
54,166		 2,140,617
2,229,235
230,759
146,576		 3,788
49,623		 2,682,947

Page 2 of 30

Name of Circuit: South Bedfordshire

Circuit No: 34/04

Balance Sheet as at 31 August 2024

Fixed Assets
Circuit Manses & Equipment
BS1
Investmentproperties
BS1
Investments
BS2
Totalfixed assets
Current Assets
Debtors
BS3
Loans bythe Circuit
BS4
Trustees for Methodist Church Purposes
BS2
Central Finance Board Deposits
BS5
Cash at Bank and in hand
BS5
Total current assets
Creditors(due in under 1year)
BS6
Grant instalments due in 2023-24
BS6a
Net current assets/liabilities
Total assets less current liabilities
Creditors and Accruals including any loans
(due after more than 1year)
Grant instalments due after 2023-24
BS7,9
Net assets
Funds of the Circuit
General Fund(Unrestricted)
BS8.1
Circuit Model Trust Fund(Unrestricted)
BS8.2
Designated Funds(Unrestricted)
BS8.3
Total Unrestricted Funds
Restricted Funds
BS9
Endowment Funds
BS9
Total Funds		 Unrestricted Funds Unrestricted Funds Unrestricted Funds Restricted &
Endowment Funds		 Restricted &
Endowment Funds
General Circuit
Model
Trust		 Designated
£		 Restricted Endowmen
t		 Totals 2024 Totals
2023
£ £ £ £ £ £
1,709,381 1,709,381 1,989,381
350,000 350,000 350,000
43,341 43,341 40,230
2,059,381 43,341 2,102,722 2,379,611
23,875 23,875 23,349
6,000
301,018 10,000 6,282 317,300 13,956
130,092 23,571 218,405 11,066 383,134 396,779
123,369 (20,500) (81,527) (6,203) 15,140 5,474
277,336 304,089 146,879 4,863 6,282 739,449 445,559
107,482 303 1,075 108,860 97,097
16,330 16,330 31,795
169,854 287,759 146,576 3,788 6,282 614,259 316,667
2,229,235 287,759 146,576 3,788 49,623 2,716,981 2,696,277
57,000 57,000 13,330
2,229,235 230,759 146,576 3,788 49,623 2,659,981 2,682,947
General Fund(Unrestricted) 2,229,235
Circuit Model Trust Fund(Unrestricted) 230,759
Designated Funds(Unrestricted) 146,576
Total Unrestricted Funds 2,606,570 2,621,979
Restricted Funds 3,788 3,788 6,803
Endowment Funds 49,623 49,623 54,166
Total Funds 2,229,235 230,759 146,576 3,788 49,623 2,659,981 2,682,947

Page 3 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT STATEMENT OF CASH FLOWS For the year ended 31 August 2024

Total 2024 Totals 2023 Totals 2023
£ £ £ £
Cash flow from operating activities
Net cash from operatingactivities 237,860 (16,366)
Cash flow from Investing activities
(Payments)to acquire fixed assests (31,250)
Payments to acquire investments
Receipts from sales of Investments
Interest & dividends received 21,782 13,982
Rent from investment/letproperties 39,723 28,845
Net cash flow from Investing activities 61,505 11,577
Cash flow from financingactivities
Net cash flow from financing activities
Net increase/(decrease) in cash and cash equivalents 299,365 (4,789)
Cash and equivalents at 1 September 2023 416,209 420,999
Cash and equivalents at 31 August 2024 715,574 416,209
Analysis of cash and cash equivalents
Cash at bank and in hand 715,574 416,209

Reconcilation of net income/(expenditure) to net cash flow from operating activities

Net Income/(expenditure) for theyear (22,966) 542,331
Interest & dividends received (21,782) (13,982)
Rents received (39,723) (28,845)
Fixed Assets sold/(donated in) 280,000 (465,000)
Depreciation of tangible assets
(Gains)/losses monetaryinvestments (3,112) 1,784
Decrease/(increase)in debtors (526) 5,905
Decrease/(increase)in Loans 6,000 13,000
(Decrease)/increase in creditors 11,763 (10,853)
(Decrease)/increase inprovisions 28,205 (60,705)
Net cash flow from operating activities 237,860 (16,366)

Page 4 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2023

1 & 2 Policies and Terms

Basis of accounting and accounting policies

i Accounting standard

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011

ii Public benefit entity

The South Bedfordshire Methodist Circuit meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) below.

iii Basis

These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year. The accruals basis has been used and trustees present accounts that show a true and fair view of the Circuit’s financial position and activities.

iv Content

The financial information presented is relevant, reliable, comparable and complete. Where estimates are used these are based on experience, research and judgement. The accounts are expressed in £Sterling, rounded to the nearest pound.

v

This clause is intentionally blank

vi Going concern

Based on the monetary assets and human resources available at 31 August 2024, the trustees believe that the Circuit is a going concern.

vii Consolidation

The Circuit has denominational regulatory oversight in respect of the work of the Churches within the Circuit but has no legal or operational control of those Churches and their governing bodies except in extreme circumstances. For this reason, the financial statements of Churches within the Circuit are not consolidated into these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Ch

Page 5 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2023

viii

Income recognition

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

Individual amounts categorised as Other income in the SOFA will be shown separately if they are considered material.

The Circuit acts as agent in two matters:

the collection from Churches and payment over of their contributions to various Funds controlled and administered by The Methodist Church – “Connexional Funds”

the administration (application, collection and disbursement) of grants requested by Churches within the Circuit from, but not limited to, the District and Connexion

In all these matters the transactions are not reflected in the SOFA because they are the income of either the Connexion or Churches as appropriate. Instead the transactions are disclosed in the Notes to the Accounts as required by SORP(FRS102), module 19.12.

In accordance with the Charities SORP (FRS 102), the time of volunteers is not recognised. Further information on this matter is provided in the Trustees’ Annual Report. If goods are donated, a value will be shown in the SOFA or Notes where the value is considered material.

ix Grants (Received)

Grants received from external sources (including Connexional and/or District grants) are shown as income. Where an application to TMCP is made (and approved) to use monies held in the Circuit Model Trust Fund and/or Restricted/Endowment Funds for a specific Circuit project, the funds so approved are, where relevant, shown as transfers between funds. More details are provided in Note 9

x Expenditure

This is recognised when a liability is incurred, or a constructive obligation arises, where the amount is reliably measurable and it is considered more likely than not that there will be an outflow of economic benefit

xi Grants (Given)

Grants made by the Circuit from its own funds are recognised in full at the time of agreement to make a grant without performance conditions or as and when the Circuit accepts that there is a legal or operational obligation to make the payment if it is subject to performance conditions. When the grant to be accrued is recurrent over more than one year the balance payable in future years, discounted to net present value where the difference is material, is treated as a provision for future commitments in the balance sheet against the appropriate fund, the provision being released in future years in accordance with the originally agreed terms. In cases where the grant has been charged to one fund but for ease of payment has been transferred to another fund any future payment provision is applied to the fund from which the grant will ultimately be paid.

Page 6 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT Notes to the accounts for the year ending 31 August 2023

xii

VAT

Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.

xiii Tangible fixed assets

These are capitalised if they can be used for more than one year, and individually cost at least £250.

The freehold and/or long leasehold residential property is shown in the accounts at deemed cost representing each property’s gross carrying value as at 1 September 2015, being that property’s insurance reinstatement value resulting from a professional valuation undertaken by Trudgill & Co in 2011/12 and subsequently adjusted up to and including 31 August 2014 or, if acquired after that date, at its insurance reinstatement value at the date of acquisition. No depreciation is provided because the trustees consider the current residual value of the property in its present condition to be not less than its historical cost and, in the absence of any evidence of impairment, any depreciation provision for the buildings component of the property would be immaterial.

From time to time the Circuit may be required to assume responsibility for Church premises following closure and cessation of worship. This results in the Circuit becoming Managing Trustees for the property. At that time the property is recognised as an asset at its anticipated net sale price as determined by a professional valuation and after taking into consideration the levy to be charged by the Connexion. Any expenditure on such assets, if held for reinvestment of the proceeds, as the trustees determine, that is likely to enhance sale value is capitalised at the time the expenditure is incurred. Where the proceeds are intended to be spent on activities, the property is included in current assets at the lower of cost and realisable value. The Circuit has made use of the deemed cost option on transitioning to FRS102, as outlined above.

xiv(a) Monetary Investments

The Circuit’s investments are in monetary assets classified as basic financial instruments under FRS102 and are held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. The unrealised gains arising on investments at the end of the year are shown in the SOFA and in Note 15 below

xiv(b) Investment Property

From time to time the Circuit may hold residential property (manses) which is surplus to its normal staffing requirements. Where this is the case and it is anticipated that the property is unlikely to be used as a manse within a period of 2 years, the property is classified as Investment Property (whether let out or not) and if let, it is so at market rates unless there is a compelling reason not to do so in furtherance of the Circuit’s charitable objectives. Any such cases are specified in Note BS1 below. Such properties are valued at fair open market value after reference to local professional estate agents and valuers.

Page 7 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT Notes to the accounts for the year ending 31 August 2023

xv Receivables and Payables; Bank and Cash (Basic Financial Instruments)

Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors are initially recognised at settlement amount after any trade discounts, where normal credit terms apply, or

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.

xvi Loans as Basic Financial Instruments

Where concessionary loans ( i.e. free of interest) are made to [or received by] the Circuit to further its charitable purposes, and are repayable after more than one year, they are initially recognised at the amount paid [or received], with the carrying value adjusted in subsequent years to reflect repayments and any accrued interest, adjusted for any impairment, if necessary.

Where there is objective evidence of impairment, an immediate impairment loss is recognised in the Statement of Financial Activities. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in the Statement of Financial Activities.

Where loans require the calculation of a discounted cash flow valuation, this will be so marked.

xvii Methodist Connexional Funds

The Circuit acts as agent for Methodist Connexional Funds (Connexional Funds) in the collection from Churches and payment over of their contributions and ad hoc collections for various Funds controlled and administered by The Methodist Church – “Connexional Funds

xviii Funds

The trustees have adopted a policy for all unrestricted reserves which can be found in the main section of the Trustees Annual Report.

xvix Endowment funds

Where the Circuit holds money that may not be spent and must be retained (as capital) to generate an income the money or assets to be retained are classified as an Endowment Fund. The capital will be shown in the balance sheet in the column for endowment funds. The income may be restricted or unrestricted depending upon the terms of the endowment.

xx Ministers' manse costs

The Circuit is required to provide accommodation for each minister in the Circuit 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 separately disclosed as benefits-in-kind for ministers as HMRC does not seek to tax these receipts in the hands of ministers.

Page 8 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2023

2 Glossary of terms

CFB: Central Finance Board of the Methodist Church manages a Common Deposit Fund and a series of pooled investment funds for Methodist entities in Great Britain and provides investment advice to those entities

Church: a group of members from fewer than 10 to more than 300 Circuit: a group of Methodist Churches near each other, typically between 10 and 30 Circuit Meeting: The trustees of the Circuit, most of whom are appointed by their local Church and others by virtue of a role they undertake for the Circuit and/or their local Church

CLT (Circuit Leadership Team): A group (comprising mostly, but not exclusively) of Circuit trustees responsible for the day to day administration and policy formulation of the Circuit. Generally the CLT comprises of the Presbyters stationed within the Circuit, the Circuit Stewards and Circuit Bursar (who is not a trustee)

CMTF: Circuit Model Trust Fund

Connexion: The Methodist Church in GB which includes the Head Office at Methodist Church House, all Methodist Districts, Circuits and Churches in Great Britain

Connexional Funds: The Designated and/or Restricted Funds held and administered by the Connexion in furtherance of its charitable and mission objectives.

District: a group of contiguous Circuits, usually between 15 and 30 DAF: District Advance Fund FRS: Financial Reporting Standard HMRC: Her Majesty's Revenue and Customs

LAY EMPLOYEES: Non presbyteral staff employed on either a full or part time basis and on formal written contractual terms.

MMPS: Methodist Ministers’ Pension Scheme

PASLEMC: Pensions and Assurance Scheme for Lay Employees of the Methodist Church

Page 9 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

3.1 Comparative SOFA forming part of previous year’s accounts

Income and Endowments
1 Donations and legacies
2 Income from Monetary Investments
3 Income from Investment Property
4 Income from charitable activities
5 Assessments on Churches
6 Captial Receipts
7 Grants
8 Other charitable activities
9 Total from charitable activities
10 Other charitable income
11 Total charitable income
12 Other income
13 Total income and endowments
Expenditure
Expenditure on charitable activities
21 Grants and donations
21a Future instalments of grant
21b Grant instalments provisions released
22 Salaries and associated costs
23 Property
24 Office expenses
25 District Assessment & Levy
26 Other outgoings
27 Total charitable expenditure
31 Net Income before investment gains/losses
32 Net gains/(losses) on Monetary
Investments
33 Net gains/(losses) on Property
Disposals/Revaluations
34 Net incoming/(outgoing) resources before
transfers
35 Transfers between funds
36 Reclassification of funds
37 Other gains/(losses)		 Unrestricted Funds Restricted &
Endowment Funds		 Total
2022-23
General
Circuit Model
Trust
Designated		 Restricted
Endowment
£
£
£		 £
£		 £
13,982
14,010
390,429
465,000
1,940
12,300
1		 1,681
14,010
390,429
465,000
1,940
881,739
1
1,940		 1,681 885,361
881,739
1
1,940		 1,681 885,361
14,835 14,835
896,574
1
1,940		 1,681 900,196
16,651
15,500
(76,205)
259,779
51,960
4,255
79,604
4,537
16,205 446
15,000 500
(16,205)
(60,000)
259,779
29,002
19,056		 3,902
4,096 159
79,604
0
3,329
1,208
375,810
15,000
(39,736)		 4,848
159		 356,081
520,765
(15,000)
41,676		 (4,848)
1,521		 544,115
(1,784) (1,784)
520,765
(15,000)
41,676		 (4,848)
(263)		 542,331
(5,719)
13,000
(7,550)		 1,768
(1,499)
38 Net movement in funds 515,046
(2,000)
34,126		 (3,080)
(1,762)		 542,331
39 Total funds brought forward 2,140,617
1,968,321
25,611
80,875		 9,883
55,927
50 Total funds carried forward 2,483,366
23,611
115,001		 6,803
54,166		 2,682,947

Page 10 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

3.2 Balance Sheet as at 31 August 2022

3.2 Balance Sheet as at 31 August 2022
Fixed Assets Unrestricted Funds Restricted &
Endowment Funds		 Totals 2023
General Circuit
Model
Trust		 Designated Restricted Endowmen
t
£ £ £ £ £ £
Circuit Manses & Equipment 1,989,381 1,989,381
Investmentproperties 350,000 350,000
Investments 0 40,229 40,230
Totalfixed assets 2,339,381 40,229 2,379,611
Current Assets
Debtors 23,349 23,349
Loans bythe Circuit 6,000 6,000
Trustees for Methodist Church Purposes 19 13,937 13,956
Central Finance Board Deposits 149,668 74,922 164,575 7,615 396,779
Cash at Bank and in hand 61,887 (6,705) (49,396) (312) 5,474
Total current assets 240,904 68,236 115,179 7,303 13,937 445,559
Creditors(due in under 1year) 96,919 178 97,097
Grant instalments due in 2020-21 31,295 500 31,795
Net current assets/liabilities 143,985 36,941 115,001 6,803 13,937 316,667
Total assets less current liabilities 2,483,367 36,941 115,001 6,803 54,166 2,696,277
Creditors and Accruals including any loans (due
after more than 1year)
Grant instalments due after 2020-21 13,330 13,330
Net assets 2,483,367 23,611 115,001 6,803 54,166 2,682,947
Funds of the Circuit
General Fund(Unrestricted) 2,483,367
Circuit Model Trust Fund(Unrestricted) 23,611
Designated Funds(Unrestricted) 115,001
Total Unrestricted Funds 2,621,979
Restricted Funds 6,803 6,803
Endowment Funds 54,166 54,166
Total Funds 2,483,367 23,611 115,001 6,803 54,166 2,682,947

Page 11 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

Note 4 Income from Investment Property

The trustees have determined that the property listed below is unlikely to be returned to use as manse in the foreseeable future and have therefore classified the same as an Investment Property. Letting income is shown gross of fees and commissions.

General CMTF Desig Restricted Endow Total 2023
Letting Income:
18 Clarence Road 14,660 14,660 14,010
Totals 14,660 14,660 14,010

Note 5 Assessments on Churches

The Circuit comprises of 19 [Mount Pleasant closed during the year] (20) churches and each is assessed for a contribution to meet the overall net costs of the Circuit. In making it's Assessment budgeted income from investment income (including property letting) and confirmed external grants is taken into account. The Circuit aims to cover all it's net core costs from the Assessment.

An Assessment on Churches is annually determined by the Circuit using a formulaic method which takes into account the relative number of members in each church and its relative income (after deduction of certain actual and notional expenses). Assessments on churches are quarterly in advance and are treated as pre-payments on a receivable basis. If any church has not paid its assessment by the due date the sum in question is also treated as a debtor. Such cases are detailed in Notes BS3 and BS6

Church
Aley Green
Barton
Beech Hill
Eaton Bray
Edlesborough
Farley Hill
Gravenhurst
Harlington
High Town
Kensworth
Leagrave High St
Mount Pleasant
Oakdale
St Johns
Olive Tree
Strathmore Ave
The Square
Toddington
Trinity
Newlands
**Total **		 General
CMTF
Desig
Restricted
Endow
Total
2023
11,548
11,548
12,548
7,100
7,100
8,104
16,768
16,768
17,772
11,720
11,720
12,720
6,092
6,092
7,092
9,648
9,648
10,652
6,380
6,380
7,384
19,176
19,176
20,180
21,072
21,072
21,812
6,852
6,852
7,852
31,568
31,568
32,332
7,761
16,164
16,164
16,968
27,332
27,332
28,044
13,968
13,968
26,112
13,316
13,316
14,316
58,108
58,108
57,364
15,944
15,944
16,948
58,492
58,492
58,292
5,640
5,640
6,176
356,888
356,888 390,429

Page 12 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

Note 6 Capital Receipts

Nil

(2022/23 - £465,000l)

Capital Receipts (closed churches)
CPF Levy on Property Sales
Selling Agents Fees
Legal Fees
Surveyors Fee
GPF Reclaimed Grants
Totals		 General
CMTF
Desig
Restricted
Endow
Total
2023
465,000
465,000

Note 7 Grants Receivable

Connexion
District Model Trust Fund
Other Grants
CMTF re Covid Assess Relief
Luton Road Church Closing Bal		 General
CMTF
Desig
Restricted
Endow
Total
2023
3,480
3,480
1,940
3,480
3,480
1,940

Note 8 Other Income

Reimbursement of Manses dilapidations
Mount Pleasan - reimburse of fees
Closed Churches
Balances from closed churches
Rental Income Bolingbroke Road		 General
CMTF
Desig
Restricted
Endow
Total
2023
7,793
7,793
1,000
1,000
1,465
1,465
14,805
14,805
14,835
22,598
1,000
1,465
25,063
14,835

Page 13 of 30

Notes to the accounts for the year ending 31 August 2024

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Note 9 Grants & Donations

Grants and donations as listed below were agreed and/or made during the year. Where a grant has been made from the Circuit Model Trust Fund, Restricted or Endowment Funds and the grant monies are for use within the Circuit they are treated as a transfer between Funds with the purpose detailed in Note 16. The tables below (one for each Fund type) detail the new grants agreed and paid over this year, this year's instalment of grants agreed in prior years and the future instalments of grants to be paid. More information can also be found in Notes BS6a, BS7, BS8 and BS9 below

The support costs for grant-funding to third parties are insignificant and are not separately disclosed

Grantee/Donee
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward
Connexional Funds
Totals
Grantee/Donee
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward
Circuit Churches
Circuit Worker
Toddington (Mission Enabler)
Stratmore Ave
3,000
(3,000)
Barton
Olive Tree Youth Worker
Houghton Regis Project Grant 1
Houghton Regis Project Grant 2
60,000
60,000
Totals
63,000
(3,000)
60,000
Grantee/Donee
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward
Training (Assessment Relief)
Malzeard Road Garage Conversion
Assess EQ released
Totals
Grantee/Donee
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward
Benevolent
230
(230)
Education & Youth
1,146
(1,146)
Totals
1,376
(1,376)
Grantee/Donee
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward
Ecumenical Community Worker
Olive Tree Community Worker
Youthcape Worker
Totals
This Year New
This Year New
This Year New
This Year New
This Year New		 This Year New General
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward		 Unpaid
brt fwd
Paid this
year Ext
Paid
Internal
Tfr
Carried
forward		 Total Paid
Ext
Total Paid
Int Tfr		 Grand
Total
This Year New Circuit Model Trust
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward		 Unpaid
brt fwd
Paid this
year Ext
Paid
Internal
Tfr
Carried
forward		 Total Paid
Ext
Total Paid
Int Tfr
(15,000)
(2,500)
(3,000)
(13,795)
(19,295)
(15,000)		 Grand
Total
15,000
(15,000)		 (15,000)
3,000
(3,000)
60,000
60,000		 5,000
(2,500)
2,500
24,625
(13,795)
10,830
60,000		 (2,500)
(3,000)
(13,795)
44,625
(16,295)
(15,000)
73,330		 (34,295)
This Year New Designated
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward		 Unpaid
brt fwd
Paid this
year Ext
Paid
Internal
Tfr
Carried
forward		 Total Paid
Ext
Total Paid
Int Tfr		 Grand
Total
This Year New Restricted
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward
230
(230)
1,146
(1,146)		 Unpaid
brt fwd
Paid this
year Ext
Paid
Internal
Tfr
Carried
forward
500
(500)		 Total Paid
Ext
Total Paid
Int Tfr
(230)
(1,146)
(500)
(1,376)
(500)		 Grand
Total
(230)
(1,646)
500
(500)		 (1,876)
This Year New Endowment
Agreed
Paid
External
Paid
Internal
Tfr
Carried
forward		 Unpaid
brt fwd
Paid this
year Ext
Paid
Internal
Tfr
Carried
forward		 Total Paid
Ext
Total Paid
Int Tfr		 Grand
Total

Page 14 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT Notes to the accounts for the year ending 31 August 2024

Note 10 Stipends and Salaries and Associated Costs

Stipends

Stipends were paid to 6 Presbyters [5.75 fte] (2022-23 [5.75 fte]) and were as follows

National Insurance Contributions
Pension Fund Contributions
Stipends
Sundry Expenses & PC Allowances
Telephone
Travelling
Computers in Ministry
Removal, Stationing & Relocation Costs		 Full Time
(5)
Part Time
(1)
General
CMTF
Desig
(Ministers)
Restricted
Endow
Total
2023
14,382
1,777
16,159
16,159
14,688
39,059
5,859
44,918
44,918
41,651
148,104
21,780
169,884
169,884 157,530
21
21
21
322
3,648
574
4,221
4,221
4,047
6,600
703
7,304
7,304
6,357
1,164
1,164
1,164
1,056
212,978
30,693
243,671
243,671 225,651

The Circuit employs lay staff involved in both Administration and Missionwork. The costs of these staff are shown below in their separate categories.

Administration Staff Bursar
Admin
PA
General
CMTF
Desig
Restricted
Endow
Total
2023
374
49
422
422
233
11805
9,141
20,946
20,946
15,903
46
46
46
896
896
896
2,550
Part Time
Nat Ins
Salary & Allowances
Travel
Pension costs
Ex Gratia for Stand In Volunteer
Contracted Hours (pw)
12,179
10,132
22,311
22,311
18,686
15
15
n/a
Mission Staff Part Time
Circuit
Workers x1
754
14,083
546
480		 General
CMTF
Desig
Restricted
Endow
Total
2023
754
754
585
14,083
14,083
12,790
546
546
644
480
480
480
Nat Ins
Pension Conts
Salary
Sundry Expenses
Telephone
Travel
IT Allowances
Contracted Hours (pw)
Apprenticeship Levy
15,863 15,863
15,863
14,498
1,037
1,037
943
282,881
282,881 259,779

No employees received employee benefits of more than £60,000. There is no accrual for holiday pay as it is immaterial; the holiday year ends on 31 August. All staff are paid at or above the Living Wage, as directed by Methodist Conference.

Pensions

Most ordained presbyters and deacons are members of the Methodist Ministers’ Pension Scheme (MMPS). This is a defined benefit scheme. The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters and deacons) are not employees of the Church. For simplicity, however, when dealing with National Insurance Contributions and pension contributions, the terms ‘employer’ and ‘employee’ are used as they would be in an employing body.

On the other hand lay employees are contractually employees and have the option of joining a pension scheme which the Circuit has arranged with The Pensions Trust. This is a defined benefit scheme and the Circuit contributes as employer to this scheme.

The Connexion accounts for both pension schemes and shows the figures in the annual Methodist Church in Great Britain accounts.

Page 15 of 30

Notes to the accounts for the year ending 31 August 2024

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Note 10a Cost of Superintendent, Presbyters and Trustees

The Superintendent of the Circuit, the other Presbyters and the remaining members of the CLT are considered as Key Management Personnel. The Superintendent chairs meetings of the CLT and Circuit Meetings. The members of the Circuit Meeting are the trustees of the Circuit. The stipends, employer’s NIC and employer’s pension contributions and other expenses of the Presbyters of the Circuit are paid by the Circuit.

The manses are provided by the Circuit and the Circuit maintains the property. The value of the Council Tax and water charges paid by the Circuit is not disclosed here as HMRC does not regard this as a benefit-in-kind in the hands of the minister.

Each Presbyter is entitled to a 3 month sabbatical every 5 years and the expenses incurred by the Presbyter are met by the Connexion with the Circuit continuing to pay the stipend. During the year there have been 0 sabbaticals. The Circuit does not accrue for holiday pay cover as the remaining staff cover the holidays as needed and without extra pay. Had additional cover been required the cost of this is estimated at £9,859 (being one quarter of a single standard stipend plus National Insurance, Pension and other normally incurred expenses

2023
£ £
Stipends of Presbyters[6 actual (5.75 fte)] 169,884 157,530
Employer's National Insurance contributions 16,159 14,688
Employer's pension contributions to a defined benefit pension scheme 44,918 41,651
Total cost 230,961 213,870

Payments to trustees

The Circuit has a published Expenses Policy which can be found on its website www.southbedsmethodist.org.uk/ It is generally not Circuit policy to reimburse non Presbyteral members of the CLT, Circuit Meeting and others involved in the administration of Circuit affairs for expenditure properly incurred in carrying out their duties. The Presbyters of the Circuit undertake the primary executive roles within the Circuit. Apart from the [6] Presbyters, Circuit Bursar, Administrator and Circuit Lay Worker no member of the Circuit Meeting or CLT was in receipt of any payment for work undertaken on behalf of the Circuit, although certain travelling, entertaining and administration costs were reimbursed in relation to specific projects.

Travel and entertaining expenses have been reimbursed to 0 (2022-23: nil) non-Presbyteral trustees (members of the CLT) who, in aggregate, have received the cost of travel incurred in attending meetings of the CLT and/or other related commitments and this amounted to £Nil (2022-23: £nil). The travel costs of Presbyters who attended CLT and Circuit meetings is included within their overall travel expenses (detailed in Note 6) and is not separately determined.

Page 16 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

Note 11 Property Expenses

The Circuit is Managing Trustee for 7 manses (2022-23 -7 ) and 1 (2022-23 - 1) investment properties. 5 manses are occupied by ministers stationed in the Circuit. The investment property (18 Clarence Road) was let for all of the year on an Assured Shorthold Tenancy. The property at 44a Bolingbroke Road is let on an Assured Shorthold Tenancy. With the exception of the let properties, the Circuit is responsible for the payment of Council Tax, Utilities, Water charges and Insurance.

The cost of ongoing maintenance and improvements to all properties is funded through a Designated "Manses" Fund and a transfer of £4,000 p.a. per manse is made from the General Fund. The level of transfer is reviewed by the trustees each year.

Expenditure on Manses & Investment (Inv) Properties

Manse
Unallocated
10 Danvers Drive
18 Clarence Road
18 Malzeard Road
44A Bolingbroke Road
46 Luton Road
5 Kingsley Road
6 Friars Walk
6 Linnet Way
Totals
Letting Expenses
18 Clarence Road
44a Bolingbroke Road
Totals
Other Property Expenses
Circuit Office Rent
Quinquennial Reports
Closed Chapels
Unoccupied Manses
Manse Rental (Temp)
Selling Fees
Totals		 Council
Tax
Insurance
Maint
Contracts
Water
Supply
3,117
377
366
527
2,636
553
1,482		 General
CMTF
Desig
(Manses)
Restricted
Endow
Sub Total
Repairs
Maint
Improve
Total
2023
1,481
3,861
300
4,161
8,225
527
1,755
2,282
3,282
4,671
9,371
14,042
6,107
2,244
2,244
721
3,521
6,648
10,170
6,083
2,821
1,827
4,648
4,586
4,863
1,318
6,181
5,237
3,936
369
4,305
4,836
2,661
404
456
2,202
449
170
3,320
483
1,060
2,759
514
662
16,696
3,308
4,196		 24,200
23,832
48,032 40,558
Agents
Other
Insurance
2,023
1,663
484

3,686
484		 General
CMTF
Desig
Restricted
Endow
Total
2023
2,023
2,023
1,933
2,148
2,148
1,780
4,171
4,171
3,714
Rent
Utilities
Others
900
5,592
188		 General
CMTF
Desig
(Quinns)
Restricted
Endow
Total
2023
900
900
900
5,592
5,592
2,886
188
7,704
7,892
3,902
900
5,780		 1,088
5,592
7,704
14,384
7,688
Property Totals 29,459
29,424
7,704
66,587 51,960

Page 17 of 30

Notes to the accounts for the year ending 31 August 2024

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Note 12 Office & Administration costs

District & Conference Minutes
Entertaining
Ink &Toner
Bank Charges
Independent Examiner's Fee
Office Telephone & Broadband
Other Admin Costs
Stationery, Copying, Postage
Travelling Expenses - Circuit Stewards
Website
TMCP Admin/Investment Management Fees
Depreciation on Office Equipment
Insurance (General)
Payroll
Accounting Software Subscription
Plan Making Software Subscription
Totals		 General
CMTF
Desig
Restricted
Endow
Total
2023
849
849
570
474
474
229
1,500
1,500
1,500
604
17
17
39
52
52
52
243
243
243
154
154
159
186
186
186
480
480
480
180
180
135
346
346
58
4,327
154
4,481
4,255

Note 13 District Assessment & Levy

The District Assessment is calculated relative to the proportion of church members and staffing (Presbyters and Mission staff only) of all Circuits in the Beds, Herts & Essex District. 50% of the overall cost is calculated using relative membership proportions and 50% using relative staffing proportions.

The Levy is calculated on a sliding scale percentage of the Circuit's CMTF account balance as at 31 August the previous accounting year.

District Expenses
Methodist Church Fund (MCF)
Levy on CMTF Funds		 General
CMTF
Desig
Restricted
Endow
Total
2023
16,570
16,570 15,990
67,810
67,810 63,614
0
0
84,380
0
84,380 79,604
General
CMTF
Desig
Restricted
Endow
Total
2023
1,496
1,496
1,671
938
938_1,191_
3,031
3,830
6,861_1,227_
525
525
448
Note 14 Other Outgoings
Preaching & Worship:
Local Preachers & Lay Pastoral Expenses
Plan & Directory
Preaching Fees & Travel
Resources
Zoom Licences
Other Expenses:
Training Courses/Events
Mission Events
Miscellaneous
Totals
2,959
3,031
3,830
9,821
4,537

Page 18 of 30

Notes to the accounts for the year ending 31 August 2024

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Note 15 Investment Management

During the year the Circuit paid TMCP, the custodians of the Circuit’s investments (Circuit Model Trust Fund, Restricted and Endowment Funds) management charges based on 0.2% of the value of the individual funds at the beginning of the year. [None of the individual amounts is considered material but are listed in Note12 for information.]

Realised and Unrealised gains in the invested funds are listed below . More information can be found in Note BS9.

General
CMTF
Desig
Restricted
Endow
Total
2023
2,918
(1,673)
195
(112)
Chapel St Trust 18819
Lye Bequest for Poor Trust 3488
Lye Bequest Trust 5719
Circuit Music Fund Trust 16407
Benev (Local)
Drama (Local)
Educn & Youth (Local)
Circuit Model Trust Fund
Totals
3,112
(1,784)
Note 15a Property Disposals/Revaluations

The net gains or losses are detailed below.

Details
Mount Pleasant Church
Mount Pleasant Church CPF Levy		 Carrying
Sale
Reval
Gain (Loss)
2023
280,000
490,958
210,958
(172,383)
(172,383)
280,000
318,575
38,575

Page 19 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

Note 16 Transfers between Funds

The transfer between funds shown on the SOFA represents:

  1. Expenditure and/or grants that had been agreed out of one fund but paid out of another fund

  2. Investment income (net of charges) from Restricted/Endowment Funds which under the terms of the Funds may be used within Unrestricted Funds

  3. Sums that were transferred from one fund to another under the direction of the trustees.

Manse Fund
Ministers' Fund
Training Fund
Quinquennial Fund
Investment Income
Internal Grants (Ecumenical Community Worker)
Property Sales (net procceds from Gen to CMTF)
Education & Youth Fund
Benevolent Investment Income
Assessment Equalisation Fund
Loan Repayments
CMTF Grants and Loans
Chapel Street
Circuit Worker
Totals		 General
CMTF
Desig
Restricted
Endow
Check
(32,000) (34,500)
66,500
(3,400)
3,400
(3,800)
3,800
386
(386)
(280,000) 280,000
(500)
500
1,348
(1,348)
19,870
(19,870)
(6,000)
6,000
21,259
(23,610)
2,351
7,720
(7,720)
15,000
(15,000)
(261,465) 212,890
53,830
4,199
(9,454)

Note 17 Reclassification of Funds

Any fund whose classification has changed (e.g. Restricted to Unrestricted or vice versa) at the direction of the Circuit trustees or Custodian trustees is listed below.

Circuit property is always carried in the General Fund but upon sale the net proceeds are processed through the Circuit Model Trust Fund. This requires an adjustment and any such sales during the year are reflected below at the gross sale price

Details
[Insert details of fund to be reclassified]
[Insert details of fund to be reclassified - contra]
Totals		 General
CMTF
Desig
Restricted
Endow
Total
2023

Note 18 Other Gains or Loses

Are tabulated below

Details
Totals		 General
CMTF
Desig
Restricted
Endow
Total
2023

Page 20 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

Note BS1 Manses & Other Property

Buildings comprise of 7 (7 -2023) manses located in Luton, Dunstable, Toddington and Leighton Buzzard nd 1 chruch (1) at Luton Road, Dunstable.

Investment Properties are 1 manse ( 2023 -1 at 18 Clarence Road) at 18 Clarence Road.

Duringn the year the church at Mount Pleasant was sold at a figure in excess of book value. The realised gain is accouted for eleswhere in these accounts.

Luton Road church was professionally valued by Jackson-Stops for the purposes of establishing its capital value as reported within these financial statements. During theyear contracts were signed and exchanged for the sale of Luton Road church at a gross price of £355,000. Completioin is scheduled for 27/9/24 and the resultant gain on book value will be accounted for in 2024/25.

Office equipment consists of Desktop/Laptop/Printers

1.1 Cost or valuation

Balance brought forward
Additions in the year
Revaluations (see Note 15a)
_Less:_Disposals in the year
Transfers between categories
Balance carried forward		 Investment
Properties
£
350,000
350,000


350,000
350,000		 Land
Buildings
Plant,
machinery
and motor
vehicles		 Land
Buildings
Plant,
machinery
and motor
vehicles		 Land
Buildings
Plant,
machinery
and motor
vehicles		 Fixtures,
fittings and
equip't
Assets under
Construction
Total
£
£
£		 £
£
1,989,381 5,707
1,995,088
(280,000) (280,000)
1,709,381 5,707
1,715,088
SL
3 YEARS
1.2 Accumulated depreciation
and impairment provisions
Basis
Rate
Balance brought forward
Depreciation charge for year
Impairment provisions
Revaluations
Disposals
Transfers
Balance carried forward		 N/A N/A SL SL
3 YEARS
5,707
5,707
5,707
5,707
1.3 Net book value
Brought forward
Carried forward
Schedule Of Manses, Investment
Property & Churches Closed for
Worship		 1,989,381 1,989,381
1,709,381 1,709,381
Value
232,017
232,000
276,424
182,336
178,215
204,999
218,390
185,000
1,709,381
Type
10 Danvers Drive
manse
6 Linnet Way
manse
18 Malzeard Road
manse
44A Bolingbroke Road
manse
46 Luton Road
manse
5 Kingsley Road
manse
18 Clarence Road
investment
6 Friars Walk
manse
Luton Road
church
Mount Pleasant
church
Property		 Value
232,017
232,000
276,424
182,336
178,215
204,999
218,390
185,000
1,709,381

Page 21 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

Note BS2 Investment Assets (and Trustees for Methodist Church Purposes (TMCP)

The funds that support the Circuit Model Trust Fund and the Circuit's other funds (as listed below) are held by TMCP in Trustees Interest and/or ManagedEquity Funds on which interest and dividends are credited to the accounts each month/quarter. These are regarded as medium and long term investments.

TMCP is the legal owner and custodian trustee of all Methodist model trust property, including legacies, endowments and accumulated funds. Trust property is held for and on behalf of local managing trustees who are responsible for the day to day management of trust property. TMCP ensure that, through providing guidance and acting under their direction, the managing trustees comply with charity law and Methodist law and policy as determined by the Methodist Conference.

Price (£)
5.41700
n/a		 Price (£)
5.41700
n/a
2C100 - CFB Managed Mixed Fund
2C120 - CFB Managed Equity Fund
2C122 CFB Managed Fixed Int Fund
2C110 - Trustees Interest Fund
CMTF
Trust
10279		 Designated
Mt.
Pleasant
Chapel St
Trust
18819
Lye
Bequest
Trust 3488
Lye
Bequest
Trust 5719
Music
Fund
Trust
16407
Total		 Grand
Total
£
8,001		 2023
£ £
£
£
£
£
£
2C100 - No Units
2C120 - No Units
2C122 - No Units		 7,500
501		 8,001
2C100
2C120
2C122
2C110		 40,628
2,714
43,341		 43,341 40,229
301,018 40,628
2,714
43,341
10,000
1
4,945
1,336
6,282		 43,341
317,300		 40,229
13,956
301,018 10,000
1
45,573
2,714
1,336
49,623		 360,641 54,185

BS3 Debtors & Prepayments

With the exception of items marked thus (*) all sums shown as Debtors at 1 September 2023 were received during the following year. All sums paid in advance at 1 September 2023 were for activities that have been held during 2023-24 Similarly, it is expected that payments in advance at 1 September 2024 will be expensed in 2024-25

General CMTF Desig Restricted Endow Total 2023
Trade Debtors
Council Tax Refunds
Luton Road Methodist (balance)
Other Debtors * 31
St John's Loan Repayment
Stipends Reimbursement/Grant
Tenancy Deposits
Prepayments
Stipends, Pension, NI 19,436 19,436 19,226
Methodist Insurance 4,325 4,325 3,979
Other Prepayments 113 113 113
Professional Fees
Totals 23,875 23,875 23,349

Page 22 of 30

Notes to the accounts for the year ending 31 August 2024

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

BS4 Loans to Churches

Loans to churches within the Circuit may be granted by the trustees for a variety of purposes. All loans funds are sourced from the CMTF and are interest free. The asset, however, is carried in the General Fund and repayments are transferred back to the CMTF. The agreed repayment date (if set) is shown in the table below.

Church
Date Granted
St Margarets
Sep-2018
St Johns
Feb-2020		 Amount
£
30,000 5
30,000 2		 Period
years
years
Totals		 Balance
Brought
Forward
£
6,000		 Additions
£		 Repaid
this year
Balance
Carried
Forward
£
£
6,000
6,000 6,000

BS5 Central Finance Board (CFB) and Bank balances

Monetary balances held at the Central Finance Board of the Methodist Church and at Co-operative Bank plc are all available on demand without loss of interest. The split of these balances across General, Designated and Restricted Funds is arbitrary but wherever possible balances are not shown as negative.

Central Finance Board
Co-operative Bank
Cash in hand
Sub Total
Totals		 General
CMTF
Desig
Restricted
Endow
Total
2023
130,092
23,571
218,405
11,066
383,134
396,779
123,324
(20,500)
(81,527)
(6,203)
15,094
5,428
46
46
46
123,369
(20,500)
(81,527)
(6,203)
15,140
5,474
253,461
3,071
136,879
4,863
398,274
402,254

BS6 Creditors, Accruals and Income in Advance

It is expected that all sums accrued at 31 August 2024 will be paid during the year to 31 August 2025

Income in Advance
Assessments in advance
Letting Income
District Grant - HRCDC
Creditors and Accruals
Ministers' & Staff expenses
Insurance
Other Expenses
Office Rent
Others
Preaching Fees & Expenses
Stipends, Pension, NI
Taxation and Social Security
Other Prepayments
Agency Collections held over
Totals		 General
CMTF
Desig
Restricted
Endow
Total
2023
97,269
97,269
89,222
1,197
1,197
945
2,919
2,919
2,919
1,641
1,641
704
4,325
4,325
2,100
900
131
303
950
1,384
49
258
125
125
107,482
303
1,075
108,860
97,097

BS6a Grants payable in next financial year

Page 23 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

See Note BS7
[and Note 9 for individual detail]		 General
CMTF
Desig
Restricted
Endow
Total
2023
16,330
16,330
31,795
16,330
16,330
31,795

Maturity Analysis of Financial Instruments

Assessments in advance
Ministers' & Staff expenses
Contractors
Other Expenses
Letting Income
Others
District Grants
Stipends, Pension, NI
Taxation and Social Security
Other Prepayments
Totals		 Accrued at
1 Sept 23
Paid in
year
Accrual
made in
year
Accrued at
31 Aug 24
89,222
(89,222)
97,269
97,269
704
(704)
1,641
1,641
3,307
(3,307)
945
(945)
1,197
1,197
4,456
4,456
2,919
(2,919)
2,919
2,919
97,097
(97,097)
107,482
107,482

Page 24 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

BS7 Commitments

Some grants are payable in annual instalments. Since the Circuit recognises the moral responsibility to meet future instalments of grant, all future instalments are shown as liabilities on the balance sheet.

The following analyses, which should be read in conjunction with Note 9, are provided:

The total of anticipated grants stated below is comfortably within the balance of each of the respective Funds as shown in notes BS8 and BS9. It is the policy of the Circuit not to allow the future commitments of grant to exceed

[Comparative commitments are not required]

End of year commitments to pay one-off grants or
the first instalment in a future year
Anticipated second or subsequent instalments
where the first instalment was paid in 2023-24 or
earlier
Total anticipated commitment 31 Aug 2024
Grants payable by year
Next Year (2024-25)
2025-26
2026-27
2027-28
2028-29
Later
Total later than 1 year
Total anticipated future commitment		 General CMTF
Desig
Restricted
Endow		 Total
60,000 60,000
13,330
13,330
73,330 73,330
Total
General CMTF
Desig
Restricted
Endow
16,330 16,330
12,000
12,000
12,000
12,000
9,000
12,000
12,000
12,000
12,000
9,000
57,000 57,000
73,330 73,330
BS8 Unrestricted Funds

BS8.1 General Fund

Balance 31-Aug-24 2023
2,229,235 2,483,367

The purpose of the fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit and which have not been designated for other purposes. About 95% of this fund is held as a freehold or leasehold property, being manses for ministers, investment properties and, from time to time, redundant chapels in the Circuit. Details of the grants and donations made from the General Fund during the year can be found in Note 9.

The Circuit Meeting is aware that grant applications must demonstrate public benefit and this is true for all funds.

BS8.2 Circuit Model Trust Fund
Balance 31-Aug-24 2023
230,759 23,611

The purpose of the fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit. Its main source of income is legacies and 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 is still required from the District to utilise these funds. Methodist Standing Orders 930, 931 and 917(2) are applicable.

Page 25 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

BS8.3 Designated Funds

d Funds
31-Aug-24 2023
Balance 146,576 115,001

These funds are to serve specific purposes but are not restricted by any document or deed to that purpose alone. Movements in these funds are set out in Note BS10 below and the details of the specific funds are as follows:

Manses - Receives an annual transfer from the General Fund based on the number of functional and investment manses and against this is charged routine maintenance, repairs and, as the need arises, refurbishments

Ministers - Receives an annual transfer calculated on the number of ministers and is used as a provisionto meet the removal costs of new presbyters joining the Circuit

Training - Receives an annual transfer from the General Fund and acts as a provision to meet the costs of relevant training courses. A formal

application process is in place and the fund is also open to applications from members of churches within the Circuit as well as Circuit staff Quinquennial - The Circuit is responsible for arranging an inspection of all its own properties, as well as those of its churches, every five years. Such inspections are carried out by a Qualified Surveyor. The costs of all inspections are met be the Circuit and generally known as the Surveyor(s) is

under contract. The frequency and cost of individual inspections is not uniform therefore the five year cost is assessed at the start of the cycle and one fifth of the known/estimated cost is transferred from the General Fund each year. It is therefore possible for this fund to show a negative balance

Assessment Equalisation - Funded from a portion of the sale proceeds of closed churches and used to subsidise the consequential additonal Assessment costs on the remianing churches over a period of 3 years Lay Salaries - Funded from prior year savings on budget v actual overall employment costs (ministers and lay workers) and used to part fund lay salaries over future years

BS9 Restricted and Endowment Funds

31-Aug-24 2023
Restricted Funds Balance 3,788 6,803
Endowment Funds Balance 49,623 54,166

The restricted and endowment funds exist to support the causes listed below. All the funds' assets (except those restricted funds which are managed locally) are managed by TMCP and the net income (after charges) is paid direct to the administrators of the fund. Each fund listed below is

categorised according to the following key:

(EE) - {Expendable Endowment} Capital available with restrictions.

(PE) - {Permanent Endowment} Capital unavailable

(RL) - {Locally Restricted} Capital and interest available

Benevolent Fund (RL) - Receives interest from the "Lye" funds below and is restricted to provide support for the poor and needy of the Circuit Drama Fund (RL) - No regular funding but the capital is available for drama related projects within the Circuit Education & Youth Fund (RL) - Currently funded by an annual transfer of £500 from the General Fund. The capital may be used for any educational or youth purpose within the Circuit. A formal policy exists and there is a set application procedure

Chapel Street Fund (EE) - The interest from this fund is available for general Circuit purposes without restriction. The capital is available to support "Inner City Mission within the Luton area"

Lye Bequest (PE) - There are two funds both set up to provide support for the poor and needy of the Circuit. Only the interest from these funds is available and this is transferred to the local fund detailed above. Grants are made on a confidential basis and there is a written policy in place to ensure fairness of allocation and distribution

Movements during the year were as follows:

Market value at 1 September 2023
Income received during the year net of charges
Grants paid during the year
Net unrealised gain on the value of investments
Investments sold
Other Expenditure
Future insallment of grants
Provisions released
Transfers to/from other Funds
Market value at 31 Aug 2024
This is made up as follows:
2C100 - CFB Managed Mixed Fund
2C120 - CFB Managed Equity Fund
2C122 - CFB Managed Fixed Int Fund
2C110 - Trustees Interest Fund
Debtors/Creditors
Bank, CFB and cash balances
Provisions for future Grants (agreed)
Total		 Restricted
Endow
Total
6,803
54,166
60,969
5,196
1,954
7,150
(1,376)
(1,376)
3,112
3,112
(11,534)
(154)
(11,689)
500
500
4,199
(9,454)
(5,255)
3,788
49,622
53,411

43,341
43,341
6,282
6,282
(1,075)
(1,075)
4,863
4,863
3,788
49,623
53,413

Page 26 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

BS10 Summary of fund movements

Fund Balance at
01/09/2023
Income
Expenditure
Transfers
Grant
Provisions
[Net]
Gains /
Losses
Balance at
31/08/2024
£
£
£
£
£
£
General 2,483,366
411,340
(404,006)
(261,465)
2,229,235
Circuit Model Trust 23,611
3,684
(19,295)
212,890
(28,705)
38,575
230,759
Total unrestricted and undesignated 2,506,978
415,024
(423,302)
(48,575)
(28,705)
38,575
2,459,994
Manses
Ministers
Training
Quinquennial Inspections
Assessment Equalisation
Ex Mount Pleasant (for any Circuit purpose) -
[held by TMCP]
Total designated		 75,236
(23,832)
66,500
117,904
7,051
3,400
10,451
12,152
200
(3,031)
9,321
692
(5,592)
3,800
(1,100)
19,870
(19,870)

10,000
10,000
115,001
10,200
(32,455)
53,830
146,576
Total unrestricted 2,621,979
425,224
(455,757)
5,255
(28,705)
38,575
2,606,570
Benev (Local)
Drama (Local)
Educn & Youth (Local)
Luton Road
Mount Pleasant
Total Restricted		 6,607
(230)
1,348
7,725
818
818
3,126
3,480
(4,976)
500
500
2,630
(2,978)
486
(4,893)
(7,385)
(770)
1,230
(2,812)
2,351
(0)
6,803
5,196
(12,910)
4,199
500
3,788
Chapel St Trust 18819
Lye Bequest for Poor Trust 3488
Lye Bequest Trust 5719
Circuit Music Fund Trust 16407
Total Endowment		 7,721
408
(22)
(8,106)
1
42,655
1,401
(122)
(1,279)
2,918
45,573
2,519
76
(7)
(69)
195
2,714
1,271
69
(4)
1,336
54,166
1,954
(154)
(9,454)
3,112
49,623
Total Restricted and Endowment
Total of all funds		 60,968
7,150
(13,064)
(5,255)
500
3,112
53,412

2,682,947
432,374
(468,821)
0
(28,205)
41,687
2,659,981

BS11 Analysis of net assets between funds

Fund balances at 31 August 2024 are represented by:

Tangible fixed assets
Fixed asset investments
Investments
Current assets
Current liabilities
Creditors due after one year		 General
CMTF
Desig
Restricted
Endow
Total
2023
1,709,381
1,709,381
1,989,381
350,000
350,000
350,000
43,341
43,341
40,230
277,336
304,089
146,879
4,863
6,282
739,449
347,071
(107,482)
(16,330)
(303)
(1,075)
(125,190)
(13,830)
(57,000)
(57,000)
(16,295)
2,229,235
230,759
146,576
3,788
49,623 2,659,981
2,696,557

Page 27 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

BS12 Related Parties

None of the Circuit trustees made donations direct to the Circuit during the year or in the preceding year All of the Circuit trustees are members of one or another Church within the Circuit and may be trustees in their Churches.

Related parties include the Methodist Connexion, the BEH District and Churches within the Circuit, other Methodist Districts in Great Britain, CFB and TMCP, except as reported in Note 10a. All of these entities have their own trustees or directors.

None of the figures tabulated below appear elsewhere in these accounts

Names of related parties
Fund for Property
Mission in Britain
Presbyters & Deacons
Fund for Training
Necessitious Local Preachers
Methodist Church Fund
LWPT
World Mission
JMA
BEH District		 Party
Receipts
Payments
Adjustments
Balance due (from)/to
the Circuit at 31-Aug-24
£
£
£
£
1,000
(1,000)
864
(864)
500
(500)
50
(50)
553
(553)
543
(543)
HRCDC Charity Ann Grant
7,000
(7,000)
10,510
(10,510)

The Circuit acted as agent in either the collection or facilitation of the monies tabulated below. None of these collections were for related parties as defined in Note BS12 above and do not appear elsewhere in these accounts .

Name of entity
Circuit Churches Members		 Brief details
Receipts
Payments
Adjustments
Balance due (from)/to
the Circuit at 31-Aug-24
£
£
£
£
A Rocha
125
125
125
125

BS14 Volunteer Contributions

Every entity (Connexion, District, Circuit, Church) within the Methodist Church in GB is heavily reliant on volunteers who contribute their skills, time and money in the furtherance of the work of the Church. In the Circuit the principal contribution is by serving on committees of the Circuit that deal with mission, manses, finance, policy, grants, training, safeguarding. We are grateful to all of them for their help and commitment. No attempt has been made by this Circuit to value the nonmonetary contributions to the Circuit in monetary terms.

Page 28 of 30

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Notes to the accounts for the year ending 31 August 2024

BS15 Capital commitments and contingent liabilities

Nil (2022-23 Nil)

BS16 Lease commitments

The Circuit has contracts or obligations for the following:

Office accommodation which is an informal arrangement with a church within the Circuit and a contribution of £900 was made during the year (2022-23- £900) to cover heating and lighting costs

In addition there are short term obligations as follows:

Telephones at the Circuit manses

The total annual cost of these is not considered material.

BS17 Independent examiner

No accrual has been made for the fee of the independent examiner.

The independent examiner provided no additional services during the year

Page 29 of 30

Name of Circuit :

South Bedfordshire No 34/04

Declarations and Scrutiny

I confirm that these accruals-based accounts for the year to 31 August 2024 have been prepared from the records of the Circuit and that they include all funds under the control of the Circuit meeting.

Signature of treasurer Date 17 October 2024

Name and address of treasurer: David James Hallworth ACIB

7 Windsor Close, Flitwick, Bedford MK45 1PT

Presentation to the Circuit meeting

I confirm that the annual report and accounts for the year ended 31 August 2024 were presented to the Circuit meeting held on: 20 February 2024

Signature of the Chair of the meeting: Rev Patrick Kandeh

Name of the Chair of the meeting: Rev Patrick Kandeh Date 20 February 2024

Independent Examiner’s Report follows on the next page

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Independent Examiner's Report to the Trustees of The South Bedfordshire Methodist Circuit

Charity Number 1134222

Year Ended 31 August 2024

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2024 which are set out on pages 1 to 30.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below) which gives me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

We draw your attention to Note BS1 on page 21 of the accounts, which refers to the disposal of the Luton Road Church where contracts were exchanged prior to the year end and completion took place subsequent to the year end. Whilst as at the year-end date there were some uncertainties in regard to the completion timetable, these were overcome and the sale proceeded. The Charity SORP (FRS 102) provides that in these circumstances the effect of the disposal (equating to an approximate net gain of £43k after the onward CPF levy payment) should be accounted for in the results of the year ended 31 August 2024. The trustees are instead reporting this gain in the results of the subsequent financial year ended 31 August 2025.

I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Theresa-Anne Warren FCA Chartered Accountant

GP Financial Management Ltd 8 The Old Yard Lodge Farm Business Castlethorpe Milton Keynes MK19 7ES

Date:……………………..

THE SOUTH BEDFORDSHIRE METHODIST CIRCUIT

Independent Examiner's Report to the Trustees of The South Bedfordshire Methodist Circuit

Charity Number 1134222

Year Ended 31 August 2024

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2024 which are set out on pages 1 to 30.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below) which gives me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

We draw your attention to Note BS1 on page 21 of the accounts, which refers to the disposal of the Luton Road Church where contracts were exchanged prior to the year end and completion took place subsequent to the year end. Whilst as at the year-end date there were some uncertainties in regard to the completion timetable, these were overcome and the sale proceeded. The Charity SORP (FRS 102) provides that in these circumstances the effect of the disposal (equating to an approximate net gain of £43k after the onward CPF levy payment) should be accounted for in the results of the year ended 31 August 2024. The trustees are instead reporting this gain in the results of the subsequent financial year ended 31 August 2025.

I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Theresa-Anne Warren FCA Chartered Accountant

GP Financial Management Ltd 8 The Old Yard Lodge Farm Business Castlethorpe Milton Keynes MK19 7ES

Date:……………………..