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2022-08-31-accounts

REGISTERED CHARITY NUMBER: 1134236

Report of the Trustees and

Financial Statements for the Year Ended 31 August 2022

for

CARDIFF METHODIST CIRCUIT

Martin Waterworth Limited Statutory Auditor Bronwylfa Llangunnor Road Carmarthen SA31 2PB

CARDIFF METHODIST CIRCUIT

Contents of the Financial Statements for the year ended 31 August 2022

Page
Report of the Trustees 1 to 9
Report of the Independent Auditor 10 to 12
Statement of Financial Activities 13
Statement of Financial Position 14 to 15
Statement of Cash Flows 16
Notes to the Statement of Cash Flows 17
Notes to the Financial Statements 18 to 29
Detailed Statement of Financial Activities 30 to 31

CARDIFF METHODIST CIRCUIT

Report of the Trustees for the year ended 31 August 2022

The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Cardiff Methodist Circuit is the primary unit in which the local Methodist churches within Cardiff and Caerphilly express and experience their interconnection in the Body of Christ, for purposes of mission, mutual encouragement and help. It is in the Circuit that the ministers are stationed and local preachers are trained, admitted and exercise their calling. The purposes of the Circuit include the effective deployment of the resources of ministry, which include people, property and finance, as they relate to the Methodist churches in Cardiff & Caerphilly to churches of other denominations and to participation in the life of the communities served by the Circuit, including local schools and colleges and in ecumenical work in the area.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The purposes of the Methodist Church are and shall be deemed to have been since the Deed 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, Synod, 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.

Significant activities

(i) The Circuit produces a quarterly preaching plan to ensure regular Acts of Worship take place at each of the Methodist Churches and Local Ecumenical Partnerships in its geographical area. These are open to all people without charge. Worship is also provided for Young People at Youth Space.

(ii) The Circuit aims to maintain Student Work based at Cathays (which is our nearest church to the majority of the University's faculties and also an area where many students live). The Circuit aims to encourage the nurture of and witness to families through the local churches and also to young people through Youth Space.

The Children & Family Work offers an opportunity to nurture the witness of families and young people.

(iii) To deliver worship to every church in the circuit each week. We deliver worship by appointing Ministers and training Local Preachers. There is also a regular meeting of all preachers to encourage in-service development.

(iv) The Children's and Youth work is achieved through the employment of a Lay Worker who works alongside volunteers across the circuit delivering accessible worship and other youth work. This is currently funded by the Circuit with an annual grant from the Wales Synod and appropriate training is offered.

Public benefit

The trustees of the Methodist Church had due regard to the public benefit guidance published by the Charity Commission in compliance with its duties under section 17 of the Charities Act 2011. This guidance sets out 2 key principles:

  1. The organisation must have an identifiable benefit

  2. The benefit must be to the public or a section of the public.

The church exists, inter alia to:

  1. Increase awareness of God's presence and to celebrate God's love;

  2. Help people to learn and grow as Christians, through mutual support and care; and

  3. Be a good neighbour to people in need and challenge injustice.

The trustees consider that for these reasons the charity meets these public benefit requirements.

Page 1

CARDIFF METHODIST CIRCUIT

Report of the Trustees

for the year ended 31 August 2022

OBJECTIVES AND ACTIVITIES

Grantmaking

An agreed amount is set aside in the budget towards Mission Projects, including pioneering work, and assistance is given when approved for young people to be able to attend Synod and Connexional youth events.

Volunteers

Many of the jobs in the circuit/circuit churches are done by volunteers, and although formal records are not kept as to the number of hours contributed, it must be said that work relies to a great extent on the contribution of volunteers (to whom the trustees express their thanks and gratitude).

ACHIEVEMENT AND PERFORMANCE

Charitable activities

(a) The Trustees had previously decided to return to the model of a Superintendent minister with pastoral charge of at least one church. When the time for stationing came, one of the ministers already in the circuit was invited to take on the Superintendent's role and continue with pastoral charge of her already held churches. During the year under review, after careful consideration of the circuit's finances and the ability of its constituent churches to contribute, the Trustees agreed not to seek replacement of both ministers who were moving on in August 2022. Consequently, the circuit will begin the 2022-23 Church Year with five ministers.

Further consideration will be given to staffing levels and how they can be resourced in the coming year.

(b) The Trinity Centre "Sanctuary for All" project has been developed over the year under review and recognition has dawned that the effect of the pandemic on building materials and costs has caused the project costs to mushroom to an estimated £2.4 million. Following deep reflection and discussion the Executive Committee proposed to the Trustees that we proceed with the project which is so in tune with our charitable purposes and desperately needed in the area in which it is located. Following the recent decision of the Methodist Church at the connexional level to stop funding capital projects via grants, the circuit Trustees were approached to consider allocating 10% of the total cost of the project - something required by many grant awarding bodies. This was debated and agreed in June 2022 and the circuit has earmarked £230,000 from the sale of property to the project.

[c] The Church of the Resurrection continued to be overseen by the work of a Baptist minister, while Pontprennau was overseen by a Methodist circuit minister who was given pastoral charge. As he was leaving the circuit in August 2022, and given that the circuit was reducing ministers further, it was agreed that the United Reformed Church would offer ministry in Pontprennau. The Methodists will still remain involved as one fifth of the ecumenical partnership and owners of the Pontprennau Church building.

(d) Since September 2019 the circuit ministerial staff has included one minister who is 50% circuit and 50% pioneer. Her pioneering role was initially focussed on a fast-developing new housing estate named Plasdwr in the Radyr area of Cardiff. This work was significantly affected by the covid pandemic but has thrived nonetheless. Other pioneering work has developed as offshoots of the work on the housing estate and has reached many people who would not easily engage with "traditional" or "established" church.

Page 2

CARDIFF METHODIST CIRCUIT

Report of the Trustees

for the year ended 31 August 2022

FINANCIAL REVIEW

Principal funding sources

70% of the Circuit's unrestricted income was provided by the local churches. Other sources of unrestricted income are from rental income and grants from the Methodist Church or Wales Synod.

Other than a small amount of interest all of the restricted income relates to the Trinity Centre which has been expended on its various projects and cannot be used for general Circuit matters. Inclusion of the Trinity Centre's results in the Circuit's accounts has been directed by the Methodist Church.

The charity's principal source of funds is the Annual Covenant Offer from each local church in the Circuit (no separate public fundraising outside churches) and these funds are used to pay stipends to ministers and salaries to lay workers (part-time administrator, and Children and Youth Worker), the upkeep of manses and other Circuit property, and to support the work of the wider Methodist Church (Synod and Connexion) and small grants for Mission Projects.

Surplus funds are placed in an interest bearing account with the Central Finance Board of the Methodist Church.

Page 3

CARDIFF METHODIST CIRCUIT

Report of the Trustees

for the year ended 31 August 2022

FINANCIAL REVIEW

Reserves policy

In outline, the Circuit Model Trust and Charles Trust had a combined balance of £144,140 in TMCP accounts at 31st August 2022. These funds, which derive from the sales of chapels and manses, are restricted by Conference. This restriction is an internal regulation though the funds can be used for a variety of purposes. In addition, monies of £54,743 are held by the Trinity Centre which are treated as restricted funds in these accounts.

In general, the Reserves Policy for the Circuit is to hold a minimum sum equivalent to between three and six months’ average expenditure in reserve. 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 planned activities in the event of any inability to raise the full Circuit Assessment from churches.

In detail, the Circuit Stewards have drawn up a reserves policy which has been accepted by the Circuit Meeting in May 2014 and updated to include actual expenditure & balances as at 31st August 2022 and staffing changes.

This document includes all funds held by the Circuit Meeting as charity trustees. Our reserves policy relates to our general (un-restricted) funds which are freely available to be used for any or all of the purposes of the Circuit. Other funds are also included for the sake of clarity and openness and to show that the Circuit has policy for the management of all its money and not simply those which are defined as reserves.

Our aim is threefold:

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

(2) To develop the Church's work in the Cardiff area and Caerphilly.

(3) 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.

3 Step Process:

(1) Mission Policy

The Circuit's Mission Policy is based on a document approved on 9/6/2005. Essentially it provides for:-

(a) The ministerial oversight and pastoral care of the local churches in the Circuit and the Trinity project

(b) The support of a paid ministry team , a lay administrator and a children's and families' worker.

c) The maintenance of Circuit manses.

(2) Development Aims

The Cardiff Circuit has identified four areas of development on which to concentrate its efforts:

2.1) Youth work: an appointed minister will have oversight of youth work in the Circuit

2.2) Local communities: outreach work by local churches is encouraged and supported

2.3) University students: ministry to the students in Cardiff is currently undertaken by the University Chaplain, which is a Synod appointment. We seek to enable an integrated approach to student work with Chaplaincy and Circuit working closely together.

2.4) The Trinity Project: work with asylum seekers, refugees and the culturally diverse community

(3) Financial Plans

The Circuit Assessment is reviewed annually and covers the cost of 1(a) and (b) above and is based on offers from each church towards a share in the total cost.

We make provision for our property maintenance programme by designating £21,500 per annum.

As at 31 August 2022 funds readily available for unrestricted purposes are £135,199 (discounting a bridging loan of £150,000 only repayable when properties currently on the market are sold) and include in the main monies held in CFB and bank accounts. Restricted funds total a further £198,883. Under Standing Orders the Circuit must meet its financial obligations in relation to the support of its ministers and the maintenance of the manses. The total costs for the last financial year amounted to £488,416.

Page 4

CARDIFF METHODIST CIRCUIT

Report of the Trustees

for the year ended 31 August 2022

FINANCIAL REVIEW

Funds in deficit

There are none.

FUTURE PLANS

The effect of the coronavirus pandemic across the circuit has been significant and much of the year under review has involved adjusting to working in new ways due to various restrictions. This meant that certain plans were unable to come to fruition, but others were taken up in their place:

[a] Churches gradually reopened from September 2020 but a return to normal levels of attendance and income has been slow and, in some cases, has still not stabilised.

[b] Many circuit activities such as worship, bible studies, business meetings and youth work, remained mainly online during the year as the covid situation remained uncertain. This has proved both challenging and gratifying for those involved in delivering and participating in such online gatherings. Care has been taken to ensure those persons who do not have access to technology have not been too disadvantaged, and we have made use of the Methodist Church's materials for "Worship at Home" among other things to reach out by post.

[c] The work of the Pioneer Minister on the Plas Dwr housing estate has continued to develop, even with covid restrictions. Within the local guidelines packages have been delivered to new homes on the estate for Harvest, Christmas and Easter and people invited to join in online services. The local established church at Radyr has been fully involved in supporting this work.

[d] The Circuit Leadership Team and the Circuit Meeting continues to consider the circuit's future.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

Type of governing document: Deed of Union (1932) and Methodist Church Act (1976) How constituted: as an unincorporated charity under an Act of Parliament

Recruitment and appointment of new trustees

Trustee selection methods: Appointed by local churches & existing trustees. Ministers are automatically trustees.

Organizational structure

  1. Overall control rests with the Methodist Conference.

  2. The Connexional Office implements decisions made by Conference and is also responsible for the stationing of Ministers in individual Circuits.

  3. Connexional decisions are passed to the Chair of the District (for Wales read Synod) and the appropriate Officers of the District for regional implementation

  4. The Districts pass the control down to Circuit Level for local implementation by the Superintendent Minister, Ministerial Staff and Circuit Stewards and authority is delegated to the Circuit Meeting for certain matters.

  5. The Circuit Meeting passes control down to Church Councils for local implementation by the Minister, the Church Stewards and other officers and authority is delegated to Church Councils acting as Managing Trustees.

  6. The Circuit Superintendent chairs meetings of the Circuit Leadership Team (Staff and Stewards all of whom are expected to attend) and the Circuit Meeting, which trustees are expected to attend. Policy decisions are taken at the Circuit Meeting.

  7. The Connexional Year runs from the 1 September to 31st August

Induction and training of new trustees

Range of guidance produced by the Methodist Connexion Leaflet "The Role of a Trustee in The Methodist Church" given to each trustee.

Page 5

CARDIFF METHODIST CIRCUIT

for the year ended 31 August 2022

Report of the Trustees

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

A review of the Risk profile has identified the following four key areas:

Property

Major risks have been considered by the Circuit Stewards. Security and safety of our churches is largely for those churches to determine. However, during the year the Welsh Government had in place specific legislation and advice for places of worship taking into account the risk from coronavirus. Churches were supported in their implementation of these regulations and the production of risk assessments specific to each building and its use at different times.

All manses and churches are the subject of quinquennial inspections and the reports on the manses are reviewed by the Superintendent and the Circuit Stewards and the church reports are reviewed by their respective trustees. A monitoring system is in place to ensure actions for Manses are complied with. A similar system is encouraged for Churches.

Safeguarding

The Circuit follows the Connexional policy on safeguarding as detailed in Creating Safer Space. A Circuit Safeguarding Officer is appointed and each Church in the Circuit has a local safeguarding officer. Safeguarding is an agenda item at the Circuit Meeting and Church Council meetings. Safeguarding Training is rolled out across the Circuit. The Circuit Meeting and Church Council meetings review their Safeguarding Policy on an annual basis and carry out an audit to check training and DBS checks are up to date. Training will remain ongoing for new people undertaking roles and for others as their current training becomes four years old. This year we commenced Advanced Safeguarding Training for over sixty people and a residual group of eight people will be trained next year. A limited group of people are now required to complete an Advanced Safeguarding Course and everyone identified as requiring the training has completed it. This training will need to be refreshed every four years.

Financial

The majority of the Circuit income comes from the individual churches in the Circuit and when churches consider their covenant offer to the Circuit they are asked to confirm their offer for the coming Connexional year and in order that we can plan staffing levels they are also asked to indicate what their offer will be in a year's time and to consider any risk that might prevent them from making their payments. The year under review has been a challenging one due to the coronavirus pandemic and, in particular, the reduction of use of church buildings generating a rental income. The circuit responded to this by having quarterly meetings with all the church treasurers to look at how finances were holding and being prepared, if necessary, to offer churches relief on their quarterly assessments. At the end of the year we agreed that the circuit would use reserves to pay for the equivalent of one minister in the next (2021-22) church year in order to give the churches some relief and an opportunity to replenish their reserves.

Human Resources

The circuit has reduced from seven to six ministers and will be considering the viability of this staffing complement over the next year.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1134236

Principal address

Cyncoed Methodist Church Westminster Crescent Cardiff CF23 6SE

Page 6

CARDIFF METHODIST CIRCUIT

Report of the Trustees

for the year ended 31 August 2022

Trustees

Mrs W Barwise Revd C Gale

The trustees during the year were:

Rev Catherine Gale Rev Kofi Amissah Rev Judith Holliman Rev Alana Lawrence to 31 August 2022 Rev Alexis Mahoney Rev Paul Martin to 31 August 2022 Rev Irfan John Mrs Wendy Barwise Mrs Bethany Jane Barry Mrs Marie Edwards Mrs Muriel Fisher Mr Steve McElveen Mrs Janet Rees Mr Paul Demery Mr Martin Ronald Hunt Mr Stuart Cane Mrs Susan Morris Mr John Powell Mrs Heather Cox Mr Derek Perkins Mr Martin Rees to 01 November 2021 Mrs Carol Elizabeth Plumridge Mr John Plumridge Mr Terry Wing Mr Roger Palmer Mrs Debbie Paul Mr Gareth John Hill Mrs Sandra Palmer Mrs Alison Valerie Hill Mrs Janice Perris Mr John Vivian Elias Mrs Pearl Criddle to 01 June 2022 Mr Peter David George Richards Mr Neil Lyle Mrs Liz Crispie Mrs Diane Lesley Richards Mrs Susan Elizabeth Beavis Mrs Christina Margaret Crow Dr Catherine Taylor Mrs Sylvia Catherine Hewett Ms Barbara Ward Mr Christopher Markall Mrs Lisa Medina Mrs Helen Tyler Mr Jim James Mrs Roslyn Mary Forster Mr Peter Smith Mrs Karen Smith

Minister/Chair Minister Minister Minister Minister Minister Synod Enabler Steward/ Treasurer Circuit Steward Circuit Steward Circuit Steward Circuit Steward Circuit Steward Safeguarding Officer

Page 7

CARDIFF METHODIST CIRCUIT

Report of the Trustees

for the year ended 31 August 2022

Mrs Irene Welsby
Mr Sidney Chandler
Mrs Ann Elizabeth Bracey to 08 November 2022
Mrs Ann Thomas
Mr Paul Raymond Knight
Mr Graham Hosgood
Mr Andrew Cross
Mrs Ann Cross
Mr Murray James Taylor
Mr Clive Carpenter
Mrs Allison Patricia Hill
Ms Gauri Taylor-Nayar Local Preachers Secretary
Mr Anthony Paul Thomas Local Preachers Rep
Dr Maurice Arthur Wentworth Local Preachers Rep
Ms Catherine Dodd Circuit Meeting Secretary
Dr Matthew Angilley
Christine Stanley
Hannah Armah Ofoe
Elizabeth Clare Blacklidge to 31 August 2022
Ann Thomas
Gillian Griffiths
Monica Symonds
Carol Pym
Peggy Lau
Rev Evelyn Bhajan from 01September 2022 Minister
Mrs Debbie Witts from 01 June 2022
Mrs Vera Ruddock from 01 June 2022
Mrs Wendy Doble
Mr Alan Doble

Auditor

Martin Waterworth Limited Statutory Auditor Bronwylfa Llangunnor Road Carmarthen SA31 2PB

Solicitors

Merrilsede, Herbert Terrace, Penarth CF64 2AH

Advisers

Bankers - Lloyds Bank plc, PO Box 1000 BX1 1LT Central Finance Board of the Methodist Church, 9 Bonhill Street, London EC2A 4PE Trustees for Methodist Church Purposes, Central Buildings, Oldham Street, Manchester M1 1JQ

Legal, Financial, Property - TMCP, Trustees for Methodist Church Purposes

Connexional Matters, Governance, Safeguarding - The Methodist Church, 25 Marylebone Rd, London, NW1 5JR

Governance, Stationing, Safeguarding - The Methodist Church in Wales, Wales Synod at Cyncoed Methodist Church, Westminister Crescent, Cyncoed, Cardiff CF23 6SE

Page 8

CARDIFF METHODIST CIRCUIT

Report of the Trustees

for the year ended 31 August 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 20 December 2022 and signed on its behalf by:

Revd C Gale - Trustee

Page 9

Report of the Independent Auditor to the Trustees of Cardiff Methodist Circuit

Opinion

I have audited the financial statements of Cardiff Methodist Circuit (the 'charity') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of my report. I am independent of the charity in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard and its Provisions Available for Audits of Small Entities, whereby in common with many other entities of this size I have been used to assist with the preparation of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and my Report of the Independent Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Page 10

Report of the Independent Auditor to the Trustees of Cardiff Methodist Circuit

Matters on which I am required to report by exception

I have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires me to report to you if, in my opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

My responsibilities for the audit of the financial statements

I have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the trustees. However, we will plan our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations, but our examination should not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the Independent Auditor.

Page 11

Report of the Independent Auditor to the Trustees of Cardiff Methodist Circuit

Use of my report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My audit work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my audit work, for this report, or for the opinions I have formed.

Martin Waterworth Limited Statutory Auditor Bronwylfa Llangunnor Road Carmarthen SA31 2PB

20 December 2022

Page 12

CARDIFF METHODIST CIRCUIT

Statement of Financial Activities

for the year ended 31 August 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Christian Ministry
Trinity Centre
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
Christian Ministry
Costs relating to rental income
Trinity Centre
Total
Net gains on investments
NET INCOME
Transfers between funds
17
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
-
272,630
-
57,195
-
329,825
371,946
21,323
-
393,269
130,000
66,556
101
275,000
341,657
5,283,542
5,625,199		 Restricted
funds
£
29,487
-
60,067
29,461
1,719
120,734
2,773
-
92,374
95,147
-
25,587
(101)
-
25,486
173,397
198,883		 31.8.22
Total
funds
£
29,487
272,630
60,067
86,656
1,719
450,559
374,719
21,323
92,374
488,416
130,000
92,143
-
275,000
367,143
5,456,939
5,824,082		 31.8.21
Total
funds
£
43,071
318,322
71,541
73,787
3,289
510,010
340,958
9,389
180,979
531,326
40,000
18,684
-
245,000
263,684
5,193,255
5,456,939

The notes form part of these financial statements

Page 13

CARDIFF METHODIST CIRCUIT

Statement of Financial Position

31 August 2022

Notes
FIXED ASSETS
Tangible assets
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS		 Unrestricted
funds
£
4,225,000
1,415,000
5,640,000
34,693
168,618
203,311
(218,112)
(14,801)
5,625,199
5,625,199		 Restricted
funds
£
-
-
-
1,740
219,789
221,529
(22,646)
198,883
198,883
198,883		 31.8.22
Total
funds
£
4,225,000
1,415,000
5,640,000
36,433
388,407
424,840
(240,758)
184,082
5,824,082
5,824,082		 31.8.21
Total
funds
£
4,195,000
810,000
5,005,000
24,518
522,234
546,752
(94,813)
451,939
5,456,939
5,456,939

The notes form part of these financial statements

continued...

Page 14

CARDIFF METHODIST CIRCUIT

Statement of Financial Position - continued

31 August 2022

FUNDS
17
Unrestricted funds:
General fund
Manses & Churches fair value fund
Investment Property fair value fund
Restricted funds
TOTAL FUNDS		 763,619
3,476,944
1,384,636
5,625,199
198,883
5,824,082		 826,962
3,676,944
779,636
5,283,542
173,397
5,456,939

The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2022 and were signed on its behalf by:

W Barwise - Trustee

C Gale - Trustee

The notes form part of these financial statements

Page 15

CARDIFF METHODIST CIRCUIT

Statement of Cash Flows

for the year ended 31 August 2022
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of investment property
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.8.22
£
94,965
-
94,965
(230,000)
-
1,208
(228,792)
(133,827)
522,234
388,407		 31.8.21
£
(354,873)
(6,524)
(361,397)
-
545,000
499
545,499
184,102
338,132
522,234

The notes form part of these financial statements

Page 16

CARDIFF METHODIST CIRCUIT

Notes to the Statement of Cash Flows

for the year ended 31 August 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.8.22 31.8.21
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 92,143 18,684
Adjustments for:
Gain on investments (130,000) (40,000)
Interest received (1,208) (499)
Interest paid - 6,524
Chapel Aid Bridging Loan 150,000 (340,000)
(Increase)/decrease in debtors (11,915) 6,327
Decrease in creditors (4,055) (5,909)
Net cash provided by/(used in) operations 94,965 (354,873)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.9.21 Cash flow At 31.8.22
£ £ £
Net cash
Cash at bank 522,234 (133,827) 388,407
522,234 (133,827) 388,407
Debt
Debts falling due within 1 year - (150,000) (150,000)
- (150,000) (150,000)
Total 522,234 (283,827) 238,407

The notes form part of these financial statements

Page 17

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements

for the year ended 31 August 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Manses and churches are shown at fair value using the Revaluation Model. It is the policy to carry out a professional valuation of these properties every five years. The trustees carry out a fair value and impairment review for each reporting period (alongside any professional valuations). Where this results in a carrying value which differs materially from that at the beginning of the period, adjustment is made to the carrying value and corresponding entry in the revaluation reserve.

It is considered that the residual values of the properties at the end of their useful lives will be at a similar level as their current fair values. Costs of disposal are estimated at 5% of value. The land element is estimated at one-third of total value. The life of the buildings is estimated at 100 years. Given these factors, it is considered that any resulting depreciation would be immaterial on an annual basis.

Further justification for adopting this policy is that it gives a more meaningful result than charging an immaterial amount of depreciation on the buildings element of the properties, only to value the properties back to fair value each year informally, and every five years when professionally revalued. It is also the policy to maintain all buildings in good condition, a basis for asserting no loss in residual values.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 18

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

After reviewing the Circuit's future plans, the trustees have a reasonable expectation that the Circuit has adequate resources to continue in operational existence for the foreseeable future. The Circuit therefore continues to adopt the going concern basis in preparing its financial statements.

2. DONATIONS AND LEGACIES

2. DONATIONS AND LEGACIES
31.8.22 31.8.21
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Donations - Trinity Centre - 29,487 29,487 43,071
3. INVESTMENT INCOME
31.8.22 31.8.21
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Rents received 56,820 28,628 85,448 73,288
Deposit account interest 375 833 1,208 499
57,195 29,461 86,656 73,787

Of the restricted rental income of £28,628 all of it, and of the restricted deposit account income £157 belongs to the Trinity Centre fund. The balance of deposit account income of £676 belongs to the various TMCP accounts held by the Circuit.

4. INCOME FROM CHARITABLE ACTIVITIES

Assessment from Churches
District share from Assessment
Synod fund from Assessment
Grants
Synod contribution to rates
Synod contribution to Youth Circuit
Synod contribution to Assistant Chair
Pontprennau Community contribution
Contribution Pioneer Ministry		 Christian
Ministry
£
282,759
(64,454)
(8,773)
44,650
2,601
1,550
8,797
5,000
500
272,630		 Trinity
Centre
£
-
-
-
60,067
-
-
-
-
-
60,067		 31.8.22
Total
activities
£
282,759
(64,454)
(8,773)
104,717
2,601
1,550
8,797
5,000
500
332,697		 31.8.21
Total
activities
£
328,880
(61,746)
(2,549)
109,041
2,539
-
8,698
5,000
-
389,863

continued...

Page 19

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

4. INCOME FROM CHARITABLE ACTIVITIES - continued

The Assessment from churches is shown as part of the income from the charitable activity of Christian Ministry on the Statement of Financial Activities net of amounts paid to the Methodist District Fund and Synod Fund totalling £64,454 and £8,773 respectively. These amounts come out of monies collected from the churches to pay out their share to the District Fund and Synod. The resultant income is the "gross" income which belongs outright to the Circuit.

Grants received, included in the above, are as follows:

Grants received, included in the above, are as follows:
Circuit - Methodist/ Synod grants
Trinity Centre - General (including Methodist grants)
Trinity Centre - National/ Big Lottery for Global Gardens
Trinity Centre - National Lottery Property Development grant		 31.8.22
£
44,650
23,280
16,836
19,951
104,717		 31.8.21
£
37,500
29,918
14,308
27,315
109,041

Circuit grants

Ongoing grants included £5,000 (£16,000 last year) for the PlasDwr Project (of which £5,000 was used in the year and a further £10,000 was used from carry forward last year); £10,000 (£10,000 last year) for the Children & Youth Worker; £7,650 (£7,500 last year) for the Synod Mission Enabler and Wales Synod grant of £6,000 (of which none was used in the year, with £6,000 for carry forward at 31 August 2022)

Wales Synod grants of £12,000 were receivable and used in the year (£14,000 last year).

Trinity Centre grants (extract)

A grant of £20,000 from the Methodist Church Welsh Synod was paid to the Trinity Project in 2020, and was fully used last year.

A grant of £12,500 from Methodist Mission Grant was paid to the Trinity Project in 2020, but is still as yet unspent at 31 August 2022. As such no income has been recognised, having been treated as a deferred grant.

The National Lottery Community Fund granted £10,000 in the year (£24,976 last year) for the Global Gardens Project, of which £16,836 was used this year (£14,308 last year) and £3,832 was unspent at 31 August 2022.

A Heritage National Lottery Grant of £31,973 was received in the year, out of which £19,951 was spent and £12,022 was unspent at 31 August 2022. A grant of £27,315 from the National Lottery for the Development Project was received and fully used last year.

continued...

Page 20

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

5.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Christian Ministry
371,919
Costs relating to rental income
21,323
Trinity Centre
92,374
485,616
6.
SUPPORT COSTS
Christian Ministry
Support costs, included in the above, are as follows:
Auditors' remuneration
Auditors' remuneration for non audit work
7.
AUDITORS' REMUNERATION
Fees payable to the charity's auditor for the audit of the charity's financial
statements
Auditors' remuneration for non audit work
Assistance with accounts preparation
Total non-audit fees
Total fees payable		 Support
costs (see
note 6)
Totals
£
£
2,800
374,719
-
21,323
-
92,374
2,800
488,416
Governance
costs
£
2,800
31.8.22
31.8.21
Christian
Total
Ministry
activities
£
£
2,500
2,500
300
300
2,800
2,800
31.8.22
31.8.21
£
£
2,500
2,500
300
-
-
300
300
300
2,800
2,800

continued...

Page 21

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

8. TRUSTEES' REMUNERATION AND BENEFITS

Each of the ministers of the Circuit received a stipend for their services. The Circuit Administrator also received a salary for her services. Please refer to the related party note.

Trustees' expenses

Each of the ministers, the Administrator and two others, a total of nine trustees, have incurred expenses on behalf of the Circuit for travel/ office costs and ministry in the main. The total amount of expenses reimbursed to trustees in this way was £18,707 (2021: £13,733)

9. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 31.8.22
£
203,691
14,917
41,680
260,288		 31.8.21
£
203,001
14,667
41,196
258,864

The average monthly number of employees during the year was as follows:

31.8.22 31.8.21
Ministers 6 6
Administrator 1 1
Children, Families & Youth Worker 1 1
Trinity Centre workers 2 2
10 10

No employees received emoluments in excess of £60,000.

Of the above costs £158,552 relate to stipends paid to the minsters, £41,680 for their pension costs and £14,917 social security.

A further £17,314 relates to staff costs for the Trinity Centre paid out of its funds.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Christian Ministry
Trinity Centre
Investment income
Other income
Total		 Unrestricted
funds
£
-
318,322
-
60,236
-
378,558		 Restricted
funds
£
43,071
-
71,541
13,551
3,289
131,452		 Total
funds
£
43,071
318,322
71,541
73,787
3,289
510,010

continued...

Page 22

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

EXPENDITURE ON
Charitable activities
Christian Ministry
Costs relating to rental income
Trinity Centre
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
340,788
9,389
-
350,177
40,000
68,381
(116,734)
245,000
196,647
5,086,895
5,283,542		 Restricted
funds
£
170
-
180,979
181,149
-
(49,697)
116,734
-
67,037
106,360
173,397		 Total
funds
£
340,958
9,389
180,979
531,326
40,000
18,684
-
245,000
263,684
5,193,255
5,456,939

11. RESTRICTED FUNDS

The restricted funds are split into two main categories, those held by the Circuit directly and the Trinity Centre.

The Trinity Centre is treated as a restricted fund in its own right, since it runs its own operations known as the Trinity Centre Project. It derives its own income and controls its own bank accounts and other net assets or liabilities, all of which must only be used with regard to expenditure relating to the Trinity Centre Project.

The restricted funds of the Circuit are held centrally in "Trustees for Methodist Church Purposes" accounts. There is generally little activity within these funds.

In the normal course of its operations the Circuit maintains manses and other properties and rents out any properties surplus to those used as manses. The properties are generally available for use by the charity in this way, and for this reason have been treated as fixed assets/ investments within unrestricted reserves (together with the fair value reserves for the same).

However, when a property is sold, any proceeds have to be transferred to the CMT restricted fund, out of which only another property can be purchased.

continued...

Page 23

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

12. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 September 2021
Additions
Revaluations
Reclassification
At 31 August 2022
DEPRECIATION
At 1 September 2021 and 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
Cost or valuation at 31 August 2022 is represented by:
Valuation in 2022		 Freehold
property
£
4,195,000
230,000
275,000
(475,000)
4,225,000
-
4,225,000
4,195,000
Freehold
property
£
4,225,000		 Fixtures
and
fittings
£
4,361
-
-
-
4,361
4,361
-
-
Fixtures
and
fittings
£
4,361		 Totals
£
4,199,361
230,000
275,000
(475,000)
4,229,361
4,361
4,225,000
4,195,000
Totals
£
4,229,361

Land and buildings comprise Manses and two churches which have ceased to meet.

(a) For Manse properties which existed prior to 1 September 2000 their historical cost has not been ascertained. Subsequent cost of purchases and improvements amounts to £748,056 (2021: £518,056)

The Manses were last professionally valued at open market value by Croft Davies & Co NAEA in October/ November 2020. In their considered opinion this valuation is £3,725,000 at 31 August 2022.

(b) Trinity and Splott Churches in Cardiff, which have ceased to meet, were last professionally valued by Bruton Knowles RICS on 19 May 2021at a total value of £500,000. Their historical cost has not been ascertained.

It is the considered opinion of the trustees that for both types of property these professional valuations represent a fair value at 31/08/22.

The properties are not owned outright by Cardiff Methodist Circuit but by the Trustees for Methodist Church Purposes (TMCP), but it is a requirement of the Methodist Church that the properties are included in the accounts of the Circuit.

continued...

Page 24

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

13. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 September 2021
Revaluation
Reclassification
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
Fair value at 31 August 2022 is represented by:
Valuation in 2022		 £
810,000
130,000
475,000
1,415,000
1,415,000
810,000
£
1,415,000

For investment properties which existed prior to 1 September 2000 their historical cost has not been ascertained. Subsequent cost of purchases and improvements amounts to £30,364 (2021: £30,364).

The investment properties were last professionally valued at open market value by Croft Davies & Co NAEA in October/ November 2020 and reconsidered at 31 August 2022. It is the considered opinion of the trustees that the carrying values represent a fair value at 31/08/22.

The properties are not owned outright by Cardiff Methodist Circuit but by the Trustees for Methodist Church Purposes (TMCP), but it is a requirement of the Methodist Church that the properties are included in the accounts of the Circuit.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22 31.8.21
£ £
Other debtors 14,091 1,625
Prepayments 22,342 22,893
36,433 24,518

Debtors include £17,146 for stipends paid in advance (2021: £17,801)

Page 25

continued...

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued

for the year ended 31 August 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans (see note 16)
Accruals and deferred income
Accrued expenses
Grants paid in advance		 31.8.22
£
150,000
55,925
6,187
28,646
240,758		 31.8.21
£
-
53,638
4,675
36,500
94,813

Creditors includes £55,925 Assessment income received in advance (2021: £53,638).

16. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Other loans
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Manses & Churches fair value fund
Investment Property fair value fund
Restricted funds
Charles Street Trust
Circuit Model Trust
Trinity Centre
TOTAL FUNDS		 At 1.9.21
£
826,962
3,676,944
779,636
5,283,542
50,844
94,375
28,178
173,397
5,456,939		 Net
movement
in funds
£
(63,444)
275,000
130,000
341,556
94
(1,072)
26,565
25,587
367,143		 31.8.22
£
150,000
Transfers
between
funds
£
101
(475,000)
475,000
101
(101)
-
-
(101)
-		 31.8.21
£
-
At
31.8.22
£
763,619
3,476,944
1,384,636		 31.8.21
£
-
5,625,199
50,837
93,303
54,743
198,883
5,824,082

17. MOVEMENT IN FUNDS

Page 26

continued...

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Manses & Churches fair value fund
Investment Property fair value fund
Restricted funds
Charles Street Trust
Circuit Model Trust
Trinity Centre
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Manses & Churches fair value fund
Investment Property fair value fund
Restricted funds
Charles Street Trust
Circuit Model Trust
Trinity Centre
TOTAL FUNDS		 Incoming
resources
£
329,825
-
-
329,825
239
1,556
118,939
120,734
450,559
At 1.9.20
£
788,075
3,431,944
866,876
5,086,895
50,837
2,529
52,994
106,360
5,193,255		 Resources
expended
£
(393,269)
-
-
(393,269)
(145)
(2,628)
(92,374)
(95,147)
(488,416)
Net
movement
in funds
£
28,381
245,000
40,000
313,381
70
49
(49,816)
(49,697)
263,684		 Gains and
losses
£
-
275,000
130,000
405,000
-
-
-
-
405,000
Transfers
between
funds
£
10,506
-
(127,240)
(116,734)
(63)
91,797
25,000
116,734
-		 Movement
in funds
£
(63,444)
275,000
130,000
341,556
94
(1,072)
26,565
25,587
367,143
At
31.8.21
£
826,962
3,676,944
779,636
5,283,542
50,844
94,375
28,178
173,397
5,456,939

continued...

Page 27

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued for the year ended 31 August 2022

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Manses & Churches fair value fund
Investment Property fair value fund
Restricted funds
Charles Street Trust
Circuit Model Trust
Trinity Centre
TOTAL FUNDS		 Incoming
resources
£
378,558
-
-
378,558
172
117
131,163
131,452
510,010		 Resources
expended
£
(350,177)
-
-
(350,177)
(102)
(68)
(180,979)
(181,149)
(531,326)		 Gains and
Movement
losses
in funds
£
£
-
28,381
245,000
245,000
40,000
40,000
285,000
313,381
-
70
-
49
-
(49,816)
-
(49,697)
285,000
263,684

18. RELATED PARTY DISCLOSURES

The main costs of the Circuit are the payment of stipends to the ministers and for the provision of Manses for them, the very modus operandi of the organisation. The six ministers are named as the first six on the list of trustees in the Trustees' Report.

During the year stipends totalling £129,975 were paid equally to five of the ministers at £25,995 each and £28,577 for the Superintendent Minister, C Gale. Pension contributions totalling £41,680 were also paid on their behalf, paid equally at £6,947 each.

The utility costs of all the manses totalled £32,956 and maintenance £29,923, most of which relates to those provided for the ministers. It would serve no purpose to divide these individually between the ministers.

The Administrator, L Medina (Trustee) was paid a salary of £9,886 and pension contributions of £593 were paid on her behalf.

continued...

Page 28

CARDIFF METHODIST CIRCUIT

Notes to the Financial Statements - continued

for the year ended 31 August 2022

19. OTHER FUNDS NOT INCLUDED IN ACCOUNTS

During the year funds totalling £5,486 were collected and paid over to the Methodist Church Connexional Funds as follows:

The Mission in Britain Fund £1,556
Fund for the Support of Presbyters & Deacons £810
The Property Fund £1,150
The World Mission Fund £1,970

In addition £443 was paid out of the Benevolent Fund to the Methodist Church in South Africa.

Page 29

CARDIFF METHODIST CIRCUIT

Detailed Statement of Financial Activities for the year ended 31 August 2022

Detailed Statement of Financial Activities
for the year ended 31 August 2022
31.8.22 31.8.21
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations - Trinity Centre - 29,487 29,487 43,071
Investment income
Rents received 56,820 28,628 85,448 73,288
Deposit account interest 375 833 1,208 499
57,195 29,461 86,656 73,787
Charitable activities
Assessment from Churches 282,759 - 282,759 328,880
District share from Assessment (64,454) - (64,454) (61,746)
Synod fund from Assessment (8,773) - (8,773) (2,549)
Grants 44,650 60,067 104,717 109,041
Synod contribution to rates 2,601 - 2,601 2,539
Synod contribution to Youth Circuit 1,550 - 1,550 -
Synod contribution to Assistant Chair 8,797 - 8,797 8,698
Pontprennau Community contribution 5,000 - 5,000 5,000
Contribution Pioneer Ministry 500 - 500 -
272,630 60,067 332,697 389,863
Other income
Sundry income - 1,719 1,719 3,289
Total incoming resources 329,825 120,734 450,559 510,010
EXPENDITURE
Charitable activities
Stipends & salaries 186,377 17,314 203,691 203,001
Social security 14,917 - 14,917 14,667
Pensions 41,680 - 41,680 41,196
Manse utilities 32,956 - 32,956 33,982
Manse repairs/furnishings 29,923 - 29,923 19,920
Manses rented out repairs 17,578 - 17,578 5,099
Staff travel 8,114 - 8,114 3,005
Telephone & internet 5,488 - 5,488 5,974
Circuit office costs 1,521 - 1,521 1,064
Removal expenses 4,346 - 4,346 -
Carried forward 342,900 17,314 360,214 327,908

This page does not form part of the statutory financial statements

Page 30

CARDIFF METHODIST CIRCUIT

Detailed Statement of Financial Activities

for the year ended 31 August 2022

Detailed Statement of Financial Activities
for the year ended 31 August 2022
31.8.22 31.8.21
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Charitable activities
Brought forward 342,900 17,314 360,214 327,908
Staff & LP training & development 530 - 530 518
Pulpit supplies 922 - 922 659
Printing, stationery, postages 3,026 - 3,026 2,983
Property quinquennials 9,840 - 9,840 6,414
Sundries 1,564 - 1,564 354
St Paul's Loudon Square expenses 238 - 238 326
Splott costs 512 - 512 392
Agent costs deducted from rent 3,745 - 3,745 4,290
Mission and Outreach 6,310 - 6,310 1,002
Legal and professional costs 10,989 - 10,989 7,026
Synod Mission Enabler 9,893 - 9,893 7,186
District levies - 2,359 2,359 63
TMCP charges - 414 414 107
Accommodation costs Trinity Centre - 27,965 27,965 22,816
Administrative & project costs Trinity Centre - 47,095 47,095 139,958
Loan interest - - - 6,524
390,469 95,147 485,616 528,526
Support costs
Governance costs
Auditors' remuneration 2,500 - 2,500 2,500
Auditors' remuneration for non audit work 300 - 300 300
2,800 - 2,800 2,800
Total resources expended 393,269 95,147 488,416 531,326
Net (expenditure)/income (63,444) 25,587 (37,857) (21,316)

This page does not form part of the statutory financial statements

Page 31