2022-08-31-accounts - Vale Of Aylesbury Circuit

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Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235 www.aylesburyvale.org.uk

Trustees’ Annual Report 2021-22

Correspondence Address: Superintendent Minister Revd Richard Atkinson

6 Herston Close, Aylesbury, Bucks. HP21 9UR

OVERVIEW

INTRODUCTION

The Vale of Aylesbury Methodist Circuit (VOAMC) comprises sixteen churches, fourteen of which are in Buckinghamshire and two in Oxfordshire. Of our churches, Christchurch Thame is joint Methodist and United Reformed; two are united with the Anglicans (Hardwick & Weedon and North Marston); a third, at Fairford Leys, a three-way LEP with Methodist, URC and Anglian participation.

The churches are situated in:

Aylesbury	North Marston	Fairford Leys
Cheddington	Princes Risborough	Chinnor
Stewkley	Stone	Cuddington
Swanbourne	Waddesdon	Thame (Christchurch)
Wingrave	Hardwick & Weedon
Haddenham	Whitchurch

The circuit employs three full time Presbyters, one of whom acts as Superintendent Minister. The church at Fairford Leys employs its own minister. Our churches are grouped for mutual support and fellowship. We are part of the Northampton District of the Methodist Church of Great Britain.

The Circuit Meeting is the main decision-making body which normally meets twice a year. In the intervening times the Circuit Leadership Team comprising the Presbyteral staff, Circuit Stewards and other key figures, watches over the life of the Circuit.

AIMS AND ORGANISATION

Charity objective is to act as a Resource provider within the area around Vale of Aylesbury for the Methodist Church:

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

a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church;
b) Any charitable purpose for the time being of any Connexional, District, Circuit, Local or other organisation of The Methodist Church;
c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church;
d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to The Methodist Church.

Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235

www.aylesburyvale.org.uk

The organisation and resourcing of regular public acts of worship open to members of the church and non-members alike.

The teaching of Christianity through sermons, courses and small groups.

The resourcing of pastoral work including visiting the sick and bereaved. Taking religious assemblies in local schools.

Promotion of Christianity through the staging of events and services.

Provision of chaplaincy services to the local university and other institutions

MISSION STATEMENT

We are a mutually supportive team of churches in and around Aylesbury. We are all committed to a common purpose of channelling God’s unchanging love for all people in our constantly changing world.

1 Circuit Leadership
1.1 Relationships: To build links with other churches and faiths identifying potential for joint working.
1.2 Local support: To support local congregations to identify priorities for mission, develop strategies to pursue these and provide leadership continuity.
1.3 Resources: To regularly review our Circuit deployment of people, finance and property.
1.4 Internal Communications: To constantly consider the communication needs of our churches in relation to Circuit policies and actions.
2 Worship
2.1 Circuit: To worship together as a Circuit and to foster a sense of Circuit identity.
2.2 Prayer: To encourage participation in and the development of Circuit Prayer services and events.
2.3 Congregation development: To provide meaningful weekly worship, to identify and facilitate alternative approaches to worship, the development of local congregations and support of smaller churches. To regularly present the challenge of Christian commitment and church membership to all those associated with the circuit churches.
2.4 Ecumenism: To encourage local churches to explore shared worship with other churches in their community.
3 Learning and Caring
3.1 Training and Development: To identify needs and to provide both financial assistance and opportunities for personal and church growth by appropriate events and training for Church Stewards, Youth & Children’s workers, Local Preachers, Worship Leaders, Musicians, Pastoral Carers and other identified groups, including ecumenical partners.
3.2 Personal faith: To encourage people to increase and develop their personal faith through Bible Study, Fellowship and small groups.
3.3 Pastoral: To ensure appropriate pastoral care for all congregations. 4 Service
4.1 Community needs: To encourage churches to investigate and respond to the needs of their local community and new housing developments, especially in the use of our buildings.
4.2 Welcome: To provide a welcoming environment for family occasions, Christian Festivals and other community events.
4.3 Issues and Concerns: To provide a forum for publicising and supporting issues of local or global concern, especially climate change, justice, freedom and humanity.

Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235

www.aylesburyvale.org.uk

4.4 Fair Trade: To be a Fair Trade Circuit by all churches maximising their use of fairly traded goods to give a fair return to third world producers.
5 Evangelism
5.1 External Communications: To explore appropriate means of presenting the life changing Good News of Jesus Christ in the local community.
5.2 Publicity: To make best use of available means of publicity including the external image of our churches and the practical Christian love of our members within the community.
5.3 Training: To provide training in personal evangelism to enable all our people to share their faith effectively.
5.4 Seekers: To ensure opportunities regularly exist for people to explore the Christian faith. To develop a church life of wholesome Christian spirituality in our witness to each other, the local community and the world.
5.5 Chaplaincy: To support chaplaincy work in its various forms

REVIEW OF THE YEAR

Our churches have returned from the challenges of the pandemic with numbers holding up. Some of our folks have become less mobile but we have seen an influx of new people around the circuit with some positive endeavour to try and reach out into the post-pandemic world. Many of our churches are also seeking to respond to the cost-of-living crisis by providing warm spaces either with or without local authority funding in spite of the immense challenges that the current economic climate brings.

Some places are looking at more evangelistic endeavours in the hope of allowing the Christian voice of hope to be heard in the midst of the bleak circumstances we all face.

FINANCIAL REVIEW

INCOME TRENDS

Assessment paid by circuit churches makes up the bulk of regular income (77%). Assessments collected were 12% higher than the previous year as in that year assessments were reduced by 10% to aid the churches during the pandemic.

The freehold manse at 14 Henrietta Road continues to be let temporarily, which provided income of £18,477.

In 2021, Circuit meeting agreed to delegate the running of the Stoke Mandeville community centre to Aylesbury Methodist Church Council and circuit income now includes letting income from Sees The Day and Karibuni Children.

Total income was in line with budgeted.

EXPENDITURE TRENDS

The main categories of regular expenditure are salaries and associated costs, property and District Assessment & Levy.

Overall expenditure was £6,962 lower than budgeted and £5,043 than the previous year.

Salaries and associated costs were 25% lower than budgeted due to reduced costs as the circuit budgeted for a full-time minister but ultimately employed a part-time minister.

Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235

www.aylesburyvale.org.uk

Property costs were higher than budgeted due to expenses related to Stewkley which benefited from extensive repairs and maintenance in preparation for the new minister. District Assessment & Levy costs of £37,522 were 10% higher than the previous year (£34,014).

The only donation was given to Aylesbury Town Chaplaincy.

Expenditure on local and visiting preachers’ and administration costs have returned to prepandemic levels.

The net income for the year was an excess of receipts over payments of £ 215,130 which includes a gain of £195,205 on the revaluation of the manses.

FUND BALANCES

Total funds carried forward stand at £3,097,025. About 88% of the value of this fund is held as freehold property, being manses for ministers, and from time to time churches closed for worship in the Circuit.

PLANS FOR 2022/23

We continue to be mindful of the need to support our churches through the challenges and opportunities of the present, to this effect we are looking at possible use of the Model trust fund to help enable this. The arrival of a new presbyter means that we will have a new look which completes the transition from 3.5 to 3 presbyters. The new geographical arrangement will help to reduce our environmental impact as do moving more circuit gatherings to virtual formats.

The budget for the coming financial year allows for the current complement of three full-time ordained ministers funded by the Circuit, and the share of the joint URC and Methodist minister. Income is in line with this year. Expenses are expected to rise due to the return to a full-time minister.

An amount relating to relocation expenses for the incoming Minister has also been included in the budget. Income and expenses related to Stoke Mandeville church building form part of the budget this year.

Assessments paid by churches will decrease by 1%.

FINANCE AND GOVERNANCE

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102), (effective from 1st January 2015) - (Charities SORP (FRS 102)).

The members of the Vale of Aylesbury Methodist Circuit meeting are the Charity Trustees, membership being made up of circuit office holders, ministers and representatives appointed by the local churches. Full membership is shown as Appendix A to this report.

The Trustees for Methodist Church Purposes (TMPC) are the Custodian Trustee of Circuit Properties.

Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235 www.aylesburyvale.org.uk

CIRCUIT MINISTERS AND OFFICERS

CIRCUIT MINISTERS:

The Rev’d Richard Atkinson
The Rev’d John Amankwatia
The Rev’d Keith Edwards
The Rev’d Anthony Howells
The Rev’d Romilly Micklem

CIRCUIT STEWARDS:

Lynn Bernstone
Alfred Rogers
Chris Sara
Barry Tarbox
Keith Wallace

INDEPENDENT EXAMINER:

Michael L Foote 8 Bates Lanes Weston Turville Aylesbury Bucks. HP22 5SL

BANKING AND INVESTMENTS:

National Westminster Bank Plc

22 Market Square, Aylesbury, HP20 1SJ

Central Finance Board of the Methodist Church,

9 Bonhill Street, London EC2A 4PE

Trustees for Methodist Church Purposes

Central Buildings, Oldham Street, Manchester Ml 1J

CIRCUIT TREASURER:

Pearl Doughlin

PUBLIC BENEFIT

We confirm the trustees have had regard to the Charity Commission's guidance onpublic benefit.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The governing document for the circuit is the Deed of Union (1932) and Methodist Church Act (1976).

Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD).

Day to day management of the circuit is undertaken by the Superintendent Minister and the Circuit Leadership Team.

Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235

www.aylesburyvale.org.uk

RELATED PARTIES

The Circuit is part of the Northampton District and is also accountable to the Methodist Conference.

RISK MANAGEMENT

The Vale of Aylesbury Methodist Circuit:

takes professional advice as and when required.
follows procedures and guidelines issued by the Methodist Church to mitigate risks.
adopts and implements the Methodist Church's robust safeguarding policies and procedures in the Circuit and the local churches.

SAFEGUARDING

Methodist Connexional practice outlines commitment to the following principles:

the care and nurture of, and respectful pastoral ministry with all children, young people and vulnerable adults
the safeguarding and protection of all children, young people and vulnerable adults when they are vulnerable
the establishing of safe, caring communities which provide a loving environment where there is informed vigilance as to the dangers of abuse.
We will carefully select and train all those with any responsibility within the Church, in line with Safer Recruitment principles, including the use of criminal records disclosures and registration with the relevant vetting and barring schemes.
We will respond without delay to every complaint made which suggests that a children, young people or vulnerable adult may have been harmed, cooperating with the police and local authority in any investigation.
We will seek to work with anyone who has suffered abuse, developing with them an appropriate ministry of informed pastoral care.
We will seek to challenge any abuse of power, especially by anyone in a position of trust.
We will seek to offer pastoral care and support, including supervision and referral to the proper authorities, to any member of our church community known to have offended against a child, young person or vulnerable adult.
In all these principles we will follow legislation, guidance and recognised good practice.

The Vale of Aylesbury Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the circuit and in the churches.

The Vale of Aylesbury Circuit commits itself to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable.

RESERVES POLICY

The Reserves Policy for the Circuit is to hold a minimum sum equivalent to six months' average expenditure. In addition, the Circuit will hold sums relating to specific budgeted expenditure, such

Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235 www.aylesburyvale.org.uk

as: planned repairs and renewals; relocation expenses of ministers; and outreach projects. This should be sufficient to meet any unforeseen item of major expenditure on manses and/or to be able to continue, in the short term, funding of planned activities in the event of any inability to raise the full Circuit Assessment from churches.

Vale of Aylesbury Methodist Circuit Registered Charity No. 1134235

www.aylesburyvale.org.uk

Appendix A Vale of Aylesbury Methodist Circuit Trustees 2021/2022

Trustee name	Trustee name	Notes
Paul Alderman	Alf Rogers	Resigned 08-Sep-2021
Louise Atkinson	Arthur Sara
Rev Richard Atkinson	Chris Sara
Janet Banham	Andrew Shaw
Peter Banham	MaryShurlock
Lynn Bernstone	Sue Spinks
JennyBullimore	Margaret Stevens
John Cotton	Marilyn Storer
MaryCottrell	Peter Stray
Claire Crofts	Heather Stuchbury
Marilyn Dore	BarryTarbox
Pearl Doughlin	Rod Thorpe
Robert Earl	Kathryn Trout
Rev Keith Edwards	Keith Wallace
Barbara Evered	Barbara Warne
Frankie Fisher	Ruth Watkins
Sarah Gibbs	Roger Watson
Kevin Hardern	Colin Watts
Ken Harris	Margaret Watts
Lynda Hart	Margaret Wells
David Heffer	CathyWhiteway
Douglas Hill	Dawn Wright
Jane Honeyball
Pete Honeyball
Rev AnthonyHowells
Paul Ingram
Viv Kemp
Roger Kirk
Julie Maguire
Jennifer Mariner-Kyle
Gill Marks
Rev RomillyMicklem
JoyMurphy
David Neville
Albert Odro
Alison Orr
Mike Pullen
DesQuinn

THE VALE OF AYLESBURY METHODIST CIRCUIT

Charity Registration No.1134235 Circuit no: 23/29 District: Northampton

FINANCIAL STATEMENTS

For the Year ending 31st August 2022

Page 1/16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Statement of Financial Activities (SOFA) for the year ended 31 August 2022

Unrestricted Funds	Unrestricted Funds	Unrestricted Funds	Restricted and Endowment	Restricted and Endowment	Total 2021-22	Total 2020-21
General Fund	Circuit Model Trust	Designated Funds	Restricted Funds	Endowment Funds
£ £ £ £ £ £ £
					- 2,025 - 210,755 0 - 61,007 273,787	- 1,240 - 187,602 - - 59,332 248,174
537 210,755 61,007	1,464 -		1	23
272,299	1,464	-	1	23
					2,300 119,154 58,766 9,174 37,522 - 8,265 17,157 252,338	1,000 147,126 37,556 9,456 34,014 - 7,519 474 237,145
2,000 119,154 58,766 37,522 - 7,589 17,157	9,174 665		300	11
242,188	9,839	-	300	11
195,205	( 1,315)			( 209)	( 1,524) - 195,205 215,130 - - - 215,130 2,881,895 3,097,025	3,219 216,005 230,253 - - 230,253 2,651,643 2,881,896
225,316	(9,690)	-	(299)	(197)
( 340) -			350	( 10)
224,976	(9,690)	-	51	(207)
2,643,309	233,474		1,219	3,893
2,868,285	223,784	-	1,270	3,686

Page 2/16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Balance Sheet as at 31 August 2022

General Fund (Unrestricted)	Circuit Model Trusts (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021-22 Totals 2020-21	Total 2021-22 Totals 2020-21
£	£	£	£	£	£	£

2,692,710 - 2,692,710			-	1,194 1,194	2,692,710 - 20,806 2,713,516	2,497,505 - 22,329 2,519,834

	19,612 19,612	-

13,852 - 148,092 52,899 214,843	204,172 204,172	-	1,270 1,270	2,492 2,492	13,852 - 206,664 148,092 54,169 422,777	9,578 - 215,038 129,596 45,604 399,816

39,268 - 39,268	-	-	-	-	39,268 - 39,268	37,754 - 37,754
175,575	204,172	-	1,270	2,492	383,509	362,062

2,868,285	223,784	-	1,270	3,686	3,097,025	2,881,896

- -					- -	- -
2,868,285	223,784	0	1,270	3,686	3,097,025	2,881,896

2,868,285					2,868,285 223,784 -	2,643,310 233,474 -
	223,784
		-
					3,092,069	2,876,784
			1,270		1,270	1,219 3,893
				3,686	3,686
2,868,285	223,784	-	1,270	3,686	3,097,025	2,881,896

Page 3/16

Vale of Aylesbury Methodist Circuit Circuit no: 23/29 Notes to the accounts for the year ended 31st August 2022

1 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 (SORP), applicable to charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102), (effective from 1st January 2015) - (Charities SORP (FRS 102)).

ii Public benefit entity

The Vale of Aylesbury 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 below.

iii Basis

These accounts have been prepared on the basis of historical cost convention, except that Fixed Asset land and buildings have been valued at fair value as described in the accounting policy note below, and investments are shown at their market value at the end of the year. The accruals basis has been used, and the 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 they are based on experience, research and judgement. The accounts are expressed in £Sterling, rounded to the nearest pound.

v Going concern

Based on the monetary assets and human resources available at 31st August 2022, the trustees believe that the Circuit is a going concern.

vi Consolidation

The Circuit has denominational regulatory oversight in respect of the work of the active 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 the active churches within the Circuit are not consolidated into these financial statements.

vii Income recognition

Income is brought into the accounts when there is entitlement and the amount is reliably measurable, once it is more than likely than not that the economic benefit of the income will be forthcoming.

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 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).

viii 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.

ix Grants

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 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 payments provision is applied to the fund from which the grant will ultimately be paid.

x VAT

As the Circuit is not registered for VAT, all expenses incurred with a VAT charge are included in the accounts inclusive of that charge.

Page 4 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

xi Tangible fixed assets

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

The freehold residential property is shown in the accounts at estimated net realisable value, by reference to information obtainable on the individual properties' market value via the internet, and seeking appropriate knowledge, guidance and expertise on the state of them and the land on which they stand. There is no information readily to hand of their historical cost to the Circuit.

From time to time the Circuit may be required to assume responsibility for church premises following cessation of worship. This results in the Circuit becoming Managing Trustees for the property. The property is then recognised as an asset at its anticipated sale price. In the absence of a ready market for church buildings, this may entail resorting to a method of valuation by reference to the insured value to establish the Discounted Replacement Cost of the building concerned, with the addition of its site value. In each case a further adjustment is made by way of deduction from value of the anticipated levy chargeable by the Connexion on disposal proceeds.

No provision for depreciation is made because the Trustees consider that the current residual value of the properties in their present condition is not less than its historical cost, and, in the absence of any evidence of impairment, any depreciation provision for the buildings component of the properties would be immaterial.

xii(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 financial year are shown in the SOFA and in Note 12 below.

xii(b) Investment property

From time to time the Circuit may hold residential property (formerly 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 two years, the property is classified as Investment Property (whether let out or not), and any lets are at market rates, unless there is a compelling reason not to do so in furtherance of the Circuit's charitable objectives..

xiii Receivables and payables

Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors are initially recognised at settlement amount after trade discounts, where normal credit terms apply, or the amount advanced to the Circuit. Subsequently creditors that are current liabilities are measured at the cash or other consideration expected to be paid.

xiv Loans as basic financial instruments

Where concessionary loans (i.e. free of interest) are made by 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 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 (SOFA). Subsequent reversals of an impairment loss that objectively relates to an event occurring after the impairment loss was recognised, are recognised immediately in the SOFA.

xv Methodist Connexional Funds

The Methodist Church Connexion raises assessments against Circuits , and they are paid quarterly to their Districts. The Circuits raise assessments against churches in the Circuit. The District quarterly remits to The Methodist Church Fund most of the sum received from Circuits. A small sum is retained by the District to meet its own costs. The Circuit may act as agent for ad hoc collections for various funds controlled and administered by the Methodist Church. These are detailed in Note 26 below.

xvi 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.

xvii Ministers' manse costs

The Circuit is required to provide accommodation for each minister and their families. 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, building 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 as income in the hands of the ministers.

Page 5 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

2 Comparatives and balances brought forward from the previous year.

The following provides in greater detail than in the SOFA on page 2 of these accounts, a list of the financial information for the previous year (2020/21) on an accruals basis of accounting.

UNRESTRICTED	UNRESTRICTED	RESTRICTED/ENDOWM'T	TOTALS
General Fund 2020/21	2020/21 Model Trust Fund	2020/21	2020/21
Accruals basis	Accruals basis	Accruals basis	Accruals basis
£	£	£	£
- - 59,332 - - 187,602 176	- - 1,045 - - -	- - - - - 19	187,602 - - - 59,332 - 1,240
247,110	1,045	19	248,174

34,014 - 7,033 474 37,556 1,000 147,126	- - 478 - - 9,456 - -	- - 8 - - - - -	34,014 - 7,519 474 37,556 9,456 1,000 147,126
227,203	9,934	8	237,145
stments - of properties - 216,005	- - 3,246	- - ( 27)	- 216,005 3,219 -
2,643,310 235,572 2,407,738 - - 235,912 ( 340)	233,474 ( 5,643) 239,117 - - ( 5,643) -	5,112 324 4,788 - - ( 16) 340	2,881,896 230,253 2,651,643 - - 230,253 -

Page 6 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

2 Comparatives and balances brought forward from the previous year- continued

Balance Sheet at 31st August 2021 Fixed Assets Circuit Manses & Other Property Investment properties Investments Total fixed assets Current assets Debtors and prepayments Loans by the Circuit Investments with Trustees for Methodist Church Purposes Central Finance Board Deposits Cash at bank and in hand Total current assets Current liabilities (Due in one year) 215,038 44,385 - 1,219 45,604 183,559 212,547 3,710 399,816 - - - - 129,596 - - 129,596 212,547 2,491 - - 9,578 2,497,505 - 20,927 1,402 2,519,834 9,578 20,927 - 1,402 2,497,505 - 22,329 £ £ £ £ 2,497,505 - - - - 2020/21 2020/21 Accruals basis Accruals basis Accruals basis Accruals basis 2020/21 2020/21 General Fund Model Trust Fund UNRESTRICTED RESTRICTED/ENDOWM'T TOTALS	UNRESTRICTED	UNRESTRICTED	RESTRICTED/ENDOWM'T	TOTALS
	2020/21 General Fund	2020/21 Model Trust Fund	2020/21	2020/21
	Accruals basis	Accruals basis	Accruals basis	Accruals basis
	£	£	£	£
Total current liabilities Net current assets/(liabilities) Total assets less current liabilities Instalments on loans made to the Circuit Grants instalments payable within one year Creditors, income received in advance and accruals	- - - 37,754 - -		- - -	- - 37,754
	37,754	-	-	37,754
	145,805	212,547	3,710	362,062
	2,643,310	233,474	5,112	2,881,896
Long term liabilities (due after mor	e than one year)
Total long term liabilities Net assets / (liabilities) Payable on loans made to the Circuit Grants instalments payable within one year	- -	- -	- -	- -
	-	-	-	-
	2,643,310	233,474	5,112	2,881,896

Page 7 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

3 Assessments on churches

The Circuit was comprised of 16 (16 in 2021) active churches during the year. Each church is assessed for a contribution to meet the overall net costs of the Circuit. In making its Assessment budgeted income from investment income and letting income, and confirmed external grants and contributions are taken into account. The Circuit aims to cover all its net costs from the Assessment.

The Assessment on churches is annually determined by the Circuit using a formula which takes into account the relative income of each church, income being defined as and restricted to the sum of its weekly, monthly or annual offerings and Gift Aid refunds thereon, plus interest received, investment income and income from hiring of church premises. Assessments on churches are payable quarterly in advance, and are treated as pre-paid on a receivable basis. If any church has not paid its Assessment for the year by the year end, the shortfall is treated as a debtor amount if it is regarded by the Circuit Treasurer as recoverable.

The Circuit active churches during the year on which Assessments were raised as above were:

Aylesbury Cheddington Princes Risborough Cuddington Haddenham Stone Stewkley Thame Waddesdon Swanbourne Whitchurch Wingrave Weedon Chinnor

Other churches providing grants/contributions were Fairford Leys and North Marston.

4 Capital receipts

There were no capital receipts from sales of property or other sources in 2020/21 or 2021/22.

General Fund (Unrestricted)	Circuit Model Trusts (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£	£	£	£	£	£	£
18,477 42,530 - -					18,477 17,721 42,530 33,750 - 7,861 - -
61,007					61,007	59,332

2,000					2,000	1,000
2,000			-		2,000	1,000

Page 8 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

7 Stipends and associated costs

Stipends were paid to 3 (3..2021) Methodist ministers during the year. In addition, under a Settlement Agreement dated 22/6/16 between the Joint Pastorate consisting of Christchurch Thame, Chinnor, Cuddington and Haddenham Methodist Churches and Rev. Dr Romilly Micklem, the latter, a United Reformed Church (URC) minister has served in the Circuit, employment costs of whom were reimbursed monthly by the Circuit to the URC Trust. The appropriate financial information is as follows:

General Fund (Unrestricted)	Circuit Model Trusts (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£	£	£	£	£	£	£

64,127 5,774 13,893 342 323					64,127 5,774 13,893 342 323	79,531 7,441 20,598 507 401
84,459 25,300 6,324 1,501 1,570					84,459 25,300 6,324 1,501 1,570	108,478 34,203 2,806 1,639 -
119,154					119,154	147,126

7 Stipends and associated costs - continued

There were no other persons employed by the Circuit.

The almost halving of travel costs last year was attributable mainly to the restrictions introduced to curb the Coronavirus.

No employees received benefits of more than £60,000. There is no accrual for holiday pay as it is considered immaterial; the holiday year ends on 31st August. All staff are paid at or above the living wage.

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.

7a Cost of Superintendent, Presbyters and Trustees

The Superintendent of the Circuit, the other Presbyters and remaining members of the Circuit Leadership Team (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 for the occupation of the Presbyters. The manses are maintained at the Circuit's expense. 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 presbyter.

7b Payments to Trustees

It is 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 Presbyters, 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 and administration costs are reimbursed from time to time in relation to specific projects.

Page 9 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

8 Property expenses

The Circuit is Managing Trustee for 4 manses (4..2021), 3 (3..2021) of which are occupied by ministers stationed in the Circuit. One manse is not presently occupied by a minister but temporarily let externally for a market value rent, until such times as the Circuit requires the property for occupation by one its ministers. The Rev. Dr Romilly Micklem, referred to in note 7 above, lives in his own property. The Circuit is responsible for the payment of insurance and repairs for all properties, and with the exception of the let manse, is also responsible for Council Tax and water charges.

Expenditure on the manses

General Fund (Unrestricted)	Circuit Model Trusts (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£	£	£	£	£	£	£

8,177 1,239 32 2,369 25,264					8,177 1,239 32 2,369 25,264	8,491 841 - 2,289 15,191
37,082 194 5,439 15,497 554					37,082 194 5,439 15,497 554	26,812 613 3,235 3,787 3,109
58,766					58,766	37,556

9 District Assessment and Levy

The District Assessment is charged to the Circuit by the Northampton District, in part for the District's expenses and in part for the Methodist Church Fund (MCF).

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

General Fund (Unrestricted)	Circuit Model Trusts (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£	£	£	£	£	£	£
37,522	9,174				37,522 9,174	34,014 9,456
37,522	9,174				46,696	43,470

3,840 12 515 - 1,716 458 413 - 581 54	665			11	3,840 12 515 - 1,716 458 413 - 581 54 676	3,840 13 441 - 1,511 412 - - 705 111 486
7,589	665			11	8,265	7,519 ~~P 10 /1~~

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

11 Other outgoings

Other outgoings
Local preachers' expenses Special contribution to The Methodist Ministers' Pension Fund appeal	2,157 15,000		2,157 15,000	474 -
	17,157		17,157	474

12 Investment management

During the year the circuit paid TMCP, the custodians of the Circuit's investments (Circuit Model Trust Fund and Endowment Funds) management charges based on a percentage of the value of the individual funds at the beginning of the year. The amount of charges concerned are referred to in note 10.

Realised and unrealised gains (losses) in the invested funds are listed below. More information can be found in Note 16 .

General Fund (Unrestricted)	Circuit Model Trusts (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£	£	£	£	£	£	£
	( 1,315)			(209)	( 1,315) (209)	3,246 (27)
	(1,315)			(209)	(1,524)	3,219

13 Property disposals/revaluations

Page 11 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

14 Reclassification of funds, and assumption of church property on closure for worship

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 (CMTF). This requires an adjustment and any such sales during the year are reflected below at the gross sale price, after deduction of agents' and legal costs. See also the reference to Stoke Mandeville Church in Note 13 above.

General Fund (Unrestricted)	Circuit Model Trusts (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£	£	£	£	£	£	£
-					-	-
-					-	-

15 Fixed Assets

- Buildings held during the year consist of:

i. 4 manses (4 - 2021), 3 (3 - 2021) of which are occupied by circuit ministers, and 1 (1 - 2021) let temporarily, as a fourth minister within the circuit at present does not require provision of accommodation, because he occupies his own property.
ii. In 2019/20 one church closed for worship, but has been retained pending a decision for its use by the circuit or one of the circuit churches, and/or letting. During 2020/21 and 2021/22 the premises were hired out to locally run organisations.

Cost / valuation

Investment properties £	Buildings £	Total £
- - - - -	2,497,505 - 195,205 - -	2,497,505 - 195,205 - -
-	2,692,710	2,692,710
- - -	- - -	- - -
-	-	-
- -	2,497,505 2,692,710	2,497,505 2,692,710
	Book value Carried fwd 514,500 726,000 659,000 565,300 227,910 2,692,710
	Book value Carried fwd

	514,500 726,000 659,000 565,300 227,910
	2,692,710

Page 12 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

16 Investment Assets (and Trustees for Methodist Church Purposes (TMCP))

The funds that support the Circuit Model Trust Fund (CMTF) and the Circuit's other funds (as listed below) are held by TMCP in Trustees Interest and/or Managed Equity Funds on which interest and dividends are credited to the accounts each month or quarter. They 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 management 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.

	Endowments	Endowments	Endowments	Endowments
CMTF Trust 8292	Stranks Bequest 799B	A.Rose Trust 4420	J.Walker Bequest 1280	Total	Grand Total	2021
	Numberofunits
3,735	659			659	3,735 659	3,735 659
£	£	£	£	£	£	£
19,612	1,193	300	98	1,193	20,805	22,329
204,172	2,094			2,492	206,664	215,038
204,172	2,094	300	98	2,492	206,664	215,038
(2021) £5.603 £2.128

17 Debtors and prepayments

Unless indicated as otherwise, amounts shown as debtors at the beginning of the year are expected to be received in the course of the following year. All sums paid in advance at 31st August 2021 were for activities that have been held during 2021/22. Similarly, it is expected that payments in advance at 1st September 2022 will be expensed in 2022/23.

General Fund (Unrestricted)	Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2020/21	Total 2019/20
£	£	£	£	£	£
9,546 - 1,056 3,250				9,546 - - 1,056 3,250	6,159 169 - - 3,250
13,852				13,852	9,578

18 Loans to Circuit churches

Loans to churches within the Circuit may be granted by the trustees for a variety of purposes, but are normally project based and interest free.

There were no loans outstanding at 31st August 2021 or 31st August 2022.

Page 13 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

19 Central Finance Board (CFB) and bank balances

Monetary balances held at the Central Finance Board of the Methodist Church and at NatWest Bank are all available on demand without loss of interest.

General Fund (Unrestricted)		Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£		£	£	£	£	£
148,092					148,092	129,596
148,092					148,092	129,596
1,621 51,278			1,270		1,621 51,278 1,270	16,070 28,315 1,219
52,899			1,270		54,169	45,604
200,991			1,270		202,261	175,200
	paid during	theyear to 31st August 2023
General Fund (Unrestricted)		Designated Funds (Unrestricted)	Restricted Funds	Endowment Funds	Total 2021/22	Total 2020/21
£		£	£	£	£	£
35,643 725
					35,643 725	36,139 675
36,368					36,368	36,814
- - 329 - 32 - 7 2,204 328
					- - 329 - 32 - 7 - 2,204 328	- - - - - - - - 89 851
2,900					2,900	940
39,268					39,268	37,754

20 Creditors, accruals and Income received in advance

21 Unrestricted funds

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 the value of this fund is held as freehold property, being manses for ministers, and from time to time churches closed for worship in the Circuit. Details of grants and donations made from the General Fund during the year can be found in Note 6.

The fund balance at 31st August 2022 was £2,868,285 (2021 £2,643,310 )

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

22 Circuit Model Trusts Fund

The purpose of the Circuit Model Trust Fund is for use at the discretion of the trustees in the furtherance of of the objectives of the Circuit. Its main source of income is formulaically determined contributions from the sale of manses and church buildings in the Circuit.

Although it is technically an Unrestricted Fund under the control of the Circuit Meeting, prior approval is still required from the District to utilise the funds. Methodist Standing Orders 930,931 and 917(2) are applicable.

The fund balance at 31st August 2022 was £223,784 (2021 £233,474 )

Page 14 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

23 Restricted and Endowment Funds

The Restricted and the Endowment Funds exist to support the causes listed below. All the Funds' assets, except the Education and Youth Fund which is managed locally, are managed by TMCP, and the net income after charges is paid direct to the administrators of the fund.

The Education and Youth Fund is currently funded by an annual transfer from the General Fund, which has amounted to £350 each year for the last several years. The funds can be used for any educational or young people's purpose within the Circuit.

The income from the Endowment Funds can be used for General Circuit purposes, but the capital of the Stranks Bequest and the Jane Walker Bequest are Permanent Endowments.

The funds' balances at 31st August 2022 were as follows:

Restricted Fund Education and Youth Fund Endowment Funds Stranks Bequest Jane Walker Bequest Alfred Rose Trust Subtotal Total of Restricted & Endowment	2021/22 2020/21 £ £ 1,270 1,219 3,288 3,495 98 98 300 300	2021/22 2020/21 £ £ 1,270 1,219 3,288 3,495 98 98 300 300
	3,686	3,893
	4,956	5,112

24 Summary of fund movements

Fund	Balance at 1/9/21	Income	Expenditure	Transfers & Reclassifi- cation	Gains/ (losses)	Balance at 31//8/22
General Circuit Model Trust Total unrestricted Education & Youth Total restricted Stranks Bequest Jane Walker Bequest Alfred Rose Trust Total Endowment Total restricted & Endowment Total of all funds	£	£	£	£	£	£
	2,643,310 233,474	272,299 1,464	( 242,189) (9,839)	( 340)	195,205 (1,315)	2,868,285 223,784
	2,876,784	273,763	(252,028)	(340)	193,890	3,092,069
	1,219	1	(300)	350		1,270
	1,219	1	(300)	350	-	1,270
	3,495 98 300	22 - 1	( 10) - (1)	( 10) - -	( 209)	3,288 98 300
	3,893	23	(11)	(10)	(209)	3,686
	5,112	24	(311)	340	(209)	4,956
	2,881,896	273,787	(252,339)	-	193,681	3,097,025

25 Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets Tangible fixed assets investments Other fixed assets investments Current assets incl.current ass't investm'ts Current liabilities Creditors due after one year	General	CMTF	Restricted	Endowm't	Total	2021
	£	£	£	£	£	£
	2,692,710 - - 214,843 ( 39,268) -	- - 19,612 204,172 - -	- - - 1,270 - -	- - 1,194 2,492 - -	2,692,710 - 20,806 422,777 ( 39,268) -	2,497,505 - 22,329 399,816 ( 37,754) -
	2,868,285	223,784	1,270	3,686	3,097,025	2,881,896

Page 15 /16

Vale of Aylesbury Methodist Circuit

Circuit no: 23/29

Notes to the accounts for the year ended 31st August 2022

26 Related parties

None of the Circuit trustees made direct donations to the Circuit during the year or preceding year. The Circuit trustees are members of one or another church within the Circuit and may be trustees in those churches.

Related parties include the Methodist Connexion, the Northampton District, churches within the Circuit, other Methodist Districts in Great Britain, CFB and TMCP. Reference to transactions with some of these parties can be found in Notes 3,4,6,9,10,12,16 and 18. All of these entities have their own trustees or directors.

27 Capital commitments and contingent liabilities

There were no capital commitments or contingencies at the year end (2021..Nil).

28 Lease commitments

The Circuit has no lease commitments apart from the rental element of manses' telephones. The amount involved is not considered material.

29 Independent examiner

No fees or remuneration has been accrued for in these accounts.

30 Stoke Mandeville premises taken over by Circuit - income and expenditure

Transactions during the year ended 31st August 2021, relating specifically to the premises at Stoke Mandeville, are summarised as follows, under the headings in which they are included in the SOFA pages under General Fund:

Income 2 Income from monetary investments (interest) 7 Other charitable income: Rentals Bank balances and cash taken over by circuit at 1/9/20 Further church cash funds received since 1/9/20 Expenditure 11 Property: Upkeep Insurance Utilities 10 Sundry: Bank charges Net income, including bank & cash balances taken over	2021/22 15 42,529 - - 42,544 15,497 194 5,439 42 21,172 21,372	2020/21
	15 42,529 - -	5 33,750 6,894 967
	42,544	41,616
	15,497 194 5,439 42	3,787 613 3,265 -
	21,172	7,665

	21,372	33,951

30 Stoke Mandeville premises taken over by Circuit - balances carried forward

Current assets: Debtors Central Finance Board Deposits Cash at Bank and in hand Total current assets Current liabilities: Creditors/income rec'd in advance Total current iabilities Net current assets	31/8/22 3,250 3,663 51,278 58,191 2,838 2,838 55,353	31/8/21
	3,250 3,663 51,278	3,250 3,648 28,315
	58,191	35,213
	2,838	1,232
	2,838	1,232

	55,353	33,981

Page 16 /16