**CHARITY REGISTRATION NUMBER: 1134236** ## **Cardiff Methodist Circuit Financial Statements 31 August 2024** ## **GORDON DOWN & PARTNERS** Accountants & statutory auditor 144 Walter Road Swansea SA1 5RW ## **Cardiff Methodist Circuit** ## **Financial Statements** ## **Year ended 31 August 2024** ||**Page**| |---|---| |Trustees' annual report|**1**| |Independent auditor's report to the members|**9**| |Statement of financial activities|**13**| |Statement of financial position|**14**| |Statement of cash flows|**15**| |Notes to the financial statements|**16**| |**The following pages do not form part of the financial statements**|| |Detailed statement of financial activities|**32**| ## **Cardiff Methodist Circuit** ## **Trustees' Annual Report** ## **Year ended 31 August 2024** The trustees present their report and the financial statements of the charity for the year ended 31 August 2024. ## **Chair's report** 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 Church 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 the 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. ## **Reference and administrative details** **Registered charity name** Cardiff Methodist Circuit **Charity registration number** 1134236 **Principal office** Cyncoed Methodist Church Westminster Crescent Cardiff CF23 6SE **1** ## **Cardiff Methodist Circuit** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 August 2024** ## **The trustees** L Evans - Minister Rev S Wigley - Minister A Bailey - Cyncoed J Powell - Whitchurch Mrs W Barwise C Gale - Minister J Holliman - Minister A Mahoney - Minister I John - Minister B J Barry - Circuit Steward M Edwards - Circuit Steward A Thomas - Wesley Caerphilly S McElveen - Circuit Steward J Rees - Circuit Steward P Demery - Safeguarding Rep M R Hunt - Cathays S Cane - Cathays S Morris - Cathays J Powell - Conway Road H Cox - Circuit Treasurer D Perkins - Conway Road C E Plumridge - Cyncoed J Plumridge - Cyncoed T Wing - cyncoed J Perris - Llandaff North J V Elias - Llandaff North P D G Richards - Llandaff North L Crispie -Llanishen D L Richards - Pontprennau C M Crow - Radyr C Taylor - Radyr S C Hewett - Radyr C Markall - St. Andrew's L Medina - St. Andrew's H Tyler - St. Andrew's P Smith - Taffs Well K Smith - Taffs Well I Welsby - Taffs Well S Chandler - Wesley Caerphilly P R Knight - Wesley Canton G Hosgood - Wesley Canton A Cross - Wesley Canton A Cross - Wesley Canton A P Hill - Whitchurch G Taylor-Nayar - Local Preacher Rep A P Thomas - Local Preacher Rep M A Wentworth - Local Preacher Rep C Dodd - Circuit Meeting Secretary M Angilley - Cathays **2** ## **Cardiff Methodist Circuit** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 August 2024** H A Ofoe - Llanishen A Thomas - Llanishen G Griffiths - Wesley Caerphilly M Symonds - Whitchurch C Pym - Wesley Caerphilly P Lau - Cyncoed E Bhajan - Minister D Witts - Llandaff North V Ruddock - Llanishen P Tang - Radyr J Delf - St Andrew's M Mathias - Wesley Canton E Nash - Whitchurch **Auditor** Gordon Down & Partners Accountants & statutory auditor 144 Walter Road Swansea SA1 5RW ## **Structure, governance and management** ## **Structure and governance** Cardiff Methodist Circuit is a registered charity. The registered charity number is 1134236. **3** ## **Cardiff Methodist Circuit** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 August 2024** ## **Objectives and activities** ## **Aims and Organisation** The purposes of the Methodist Church are 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 encourage the nurture of and witness to families through the local churches and also to young people through Youth Space. 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. (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 Circuit is involved in a wide range of outreach activities, in accordance with its charitable purposes, mainly through the work of individual churches. There is a Circuit-wide project in the Trinity Centre which provides services for refugees and asylum seekers residing in Cardiff. More will be said about the Trinity Centre below. (v) The Circuit is involved in the work of the Church of the Resurrection and Pontprennau Community Church through work with ecumenical partners who are part of the Covenanted Churches in Wales group. Both these churches are 5-way ecumenical partnerships in which the Methodist Church is one participating denomination. The Methodist Church owns the Pontprennau building. **4** ## **Cardiff Methodist Circuit** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 August 2024** ## **Objectives and activities** _**(continued)**_ ## **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. ## **Achievements and performance** ## **Charitable Activities** a) The Trinity Centre "Sanctuary for All" project is now fully funded with construction having commenced in January 2024 and estimated completion by March 2025. The Circuit has earmarked £230,000 from the sale of property for the project. The refurbished building will be used as a base for mission in the local area particularly with refugees and asylum seekers. b) 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. **5** ## **Cardiff Methodist Circuit** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 August 2024** ## **Financial review** The Circuit had an overall unrestricted deficit for the year, before transfers, of £167,924. This has two elements: i) A loss on the sale of the Rectory Road manse of £62,994 together with professional fees of £24,588 ii) A continued planned deficit of around £80,000 giving churches time to rebuild their reserves after the struggles of Covid and high levels of inflation. This is the final year of any planned deficits and the 2024-5 budget has incorporated assessment levels to ensure the annual budget is sustainable. The overall unrestricted funds of the Circuit of £5,512,489 include the Trinity Project - a Centre in Adamsdown serving the local community where a high level of refugees and asylum seekers reside. This building currently has a large ongoing, fully funded refurbishment project which has continued throughout the whole of 2023-24 with completion expected in March 2025. As at 31 August 2024 the Trinity Building Improvements fund balance was £748,658. ## **Income Trends** Circuit income is primarily drawn from the assessment paid by the Circuit churches which amounted to £292,733 in 2023-4. Funds are also received through the rental of six properties that were previously manses. The Trinity Centre income comes from donations and letting income from the groups who use the premises. ## **Expenditure Trends** Stipend expenditure, which makes up 40% of the Circuit's expenditure, has increased each financial year in line with conference approved increases - rate of increase for 2023-4 was 3.06%. The Circuit contribution to the District and Connexion is 13.6% of total expenditure, of which a significant part is used to fund the work of the wider Methodist Church. Other significant Circuit expenditure related to maintenance of property in the Circuit. **6** ## **Cardiff Methodist Circuit** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 August 2024** ## **Financial review** _**(continued)**_ ## **Fund Balances** As at 31st August 2024 the net current assets of the Circuit were £1,045,699. This increase in the level of assets is primarily due to the sale of two of the Circuit's churches. ## **Reserves Policy** Total unrestricted reserves at 31st August 2024 are £5,512,489 of which £4,637,238 are held as property. The remainder is allocated as set out below. (i) A reserve for the maintenance of manses of £60,000 to which an annual amount will be added each year to ensure there are sufficient funds to keep the manses in good condition (ii) A mission fund of £600,000 to be allocated to the Circuit Churches or groups within the Circuit for mission and eco projects. A Mission and Grant Policy has been set up by the Circuit Meeting to administer these grants. The final element of this is as a result of the Reserves Policy for the Circuit, which is to hold a minimum sum equivalent to 4 months' average expenditure. 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. ## **Plans for 2024-25** Circuit financial plans for the coming year have been prepared on the basis that there will be 4.5 ministers in the Circuit. Assessment levels have been set at a level which will ensure the budget for 2024-25 is sustainable for the Circuit. Churches and members within the Circuit will be encouraged to make use of the Mission Fund as set out above. ## **Basis of Preparation and Legal Framework** The Charity's annual report and accounts for the year ended 31st August 2024 have been prepared in accordance with the Charities Act 2011 and the Charities: Statement of Recommended Practice 2015 as applicable to the Financial Reporting Standard (FRS) 102. ## **Trustees' responsibilities statement** The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each 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, of the charity for that period. **7** Cardiff Methodist Circuit Trustees. Annual Report (conkn Year ended 31 August 2024 In preparing these financial statements. the trustees are required to: select suitable accounting policies and then appfy them consistenlly" observe the methods and principles in the applicable Charrties SORP: make judgments and acD)unting estimates that are reasonable and prudent: stale whether applicable UK Accwnting Stsndards have been folk)wed. 5ubjeL* to any material departures disclosed and eX￿ained in the financial statements: prepare the finanLial statements on the going concem basis unless it is inappropriate to presume that the charity will ￿ntinue in bu51r￿SS. The Iruslees are reswnsibl8 for keeping adequale accounting reojrds that are sufficient to show and explain the charity's trar￿CtiOnS and disdose vthh reasonable ac(yJracy al any time the financial tx)sition of the charity and enable them lo ensure that the finanual ststements comply wrth the Charities Act 2011, the applicable Charities {Accounts and Reports) Regulations. and the provisions of the Trust Deefj. They are also responsible for safeguarding the a&8ets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irwularities. 1116llS The InJste&s' annual rep￿1 was approved on .............................. and $bJn&J on behaw of the board of Iruslees by.. C Gale- Minister Trustee ## **Cardiff Methodist Circuit** ## **Independent Auditor's Report to the Members of Cardiff Methodist Circuit** ## **Year ended 31 August 2024** ## **Opinion** We have audited the financial statements of Cardiff Methodist Circuit (the 'charity') for the year ended 31 August 2024 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we 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 we have performed, we 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. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. **9** ## **Cardiff Methodist Circuit** **Independent Auditor's Report to the Members of Cardiff Methodist Circuit** _**(continued)**_ ## **Year ended 31 August 2024** ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: - the information given in the trustees' report is inconsistent in any material respect with the financial statements; or - adequate accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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. **10** ## **Cardiff Methodist Circuit** **Independent Auditor's Report to the Members of Cardiff Methodist Circuit** _**(continued)**_ ## **Year ended 31 August 2024** ## **Auditor's responsibilities for the audit of the financial statements** Our 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 an auditor’s report that includes our 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our audit procedures were designed to respond to the identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included, but were not limited to: - remaining alert to any indications of non-compliance throughout our audit; - considering the risk of acts by the Charity which were contrary to applicable laws and regulations, including fraud; -  making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud; - gaining an understanding of the internal controls established to mitigate the risks related to fraud and - addressing the risks of fraud through management override of controls by performing journal entry testing. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. **11** Cardiff Methodist Circuit Independent Auditorfs Report to the Members of Cardiff Methodist Circuit Year ended 31 August 2024 Evaluate the overall presentalion. structure and content of the financial statements, including the disclosu￿s, and whether the financ￿1 statements represenl the undertying trans*ions and events in a manner that achieves fair presentation. We commUn￿te wrth those charged with govemance regarding. among other matters, the planned scope and timing of the audrt and signrfunt audit findings, including any sunrkarbt def￿v￿ncles in intemal control that we ￿entIty during our audit. Use irf our report This report is made solety lo the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and wulalions made under section 154 of th* Act. Our audit work has been undertaken so that we mKJhl slate lo the ch8rty's membeTS those matters we are required to stsle to them in an auditorfs report and for no other PUTpose. To the fullest exient pemitted by law, we do not accept or assume responsibilty lo anyone other than the charty and the charity's members as a body, for our audit work, for this report. or for the opinions we have fomied. Gordon Down & Partners Accountants & statutory auditor 144 Waf(er Road Swansea SA15RW 12 ## **Cardiff Methodist Circuit** ## **Statement of Financial Activities** ## **Year ended 31 August 2024** |Unrestricted
funds
**Note**
**£**
**Income and endowments**
Donations and legacies
**4**
16,552
Charitable activities
**5**
292,733
Investment income
**6**
76,082
Other income
**7**
30,983
**Total income**
416,350
**Expenditure**
Expenditure on charitable activities
**8,9**
521,280
Other expenditure
**10**
**Total expenditure**
521,280
Net losses on investments
**11**
(62,994)
**Net income/(expenditure)**
(167,924)
Transfers between funds
639,547
**Other recognised gains and losses**
Losses from revaluation of fixed assets
(65,000)
Fair value movements
(123,000)
**Net movement in funds**
283,623
**Reconciliation of funds**
Total funds brought forward
5,228,866
**Total funds carried forward**
5,512,489|**2024**
2023
Restricted
funds
**Total funds**
Total funds
**£**
**£**
£
638,506
655,058
153,968
13,053
305,786
312,703
37,935
114,017
80,171
714,014
744,997
600
1,403,508
1,819,858
547,442
129,319
650,599
639,913
103,521
129,319
650,599
743,434
(62,994)
1,274,189
1,106,265
(195,992)
(639,547)
(65,000)
(95,000)
(123,000)
(15,000)
634,642
918,265
(305,992)
289,226
5,518,092
5,824,082
923,868
6,436,357
5,518,090| |---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. **The notes on pages 16 to 30 form part of these financial statements.** **13** Cardiff Methodlst Circuit Statemant of Flnanclal Posltlon 31 August 2024 2024 2023 Flx¢d assèts T8TrJible ftxed assets 15 5.39J.658 5,230,LKO CuTT•nt assets Debto Cash al bank 8nd in haThd 16 54,400 1,966.004 2.020,404 20,419 613,351 633.770 Crodltor8: amounts falllng duo wllhln one year Net ¢un¥nt assots 17 974,70S 1,045,699 288,090 6,436,357 6&18,090 6,436,357 5.518.090 Totsl as••ts Iw ¢UFront Ilablllth• Funds of th• ¢h•rhy Restiicteé fvnds Unrestricted funds: Revaluabon r 23,868 49.811 1.620,910 3.891.579 1,985,910 3,482.369 5,468.279 T¢)tal unrnstrl¢t•d fun 5,512,489 Totsl charlty funds 6.436.357 5.518.090 The9e finan¢i818tatements were approv&Y by the knrd of trustaas and 8Uthti￿￿ for issue on i.x.l.(Xl.￿& and are 81gned on behalf of the bogr(l ty. C Gal8- Minlstsr Trustee H Cox- Tmsur Trustse The not•$ on pagtr$ 18 to 30 form pvt of th080 flnancltl 8tat•Thnts. 14 ## **Cardiff Methodist Circuit** ## **Statement of Cash Flows** ## **Year ended 31 August 2024** ||**2024**|2023| |---|---|---| ||**£**|£| |**Cash flows from operating activities**||| |Net income/(expenditure)|1,106,265|(195,992)| |_Adjustments for:_||| |Impairment of tangible fixed assets|25,000|| |Net losses on investments|62,994|| |Dividends, interest and rents from investments|(114,017)|(80,171)| |Loss on disposal of tangible fixed assets||103,521| |Accrued expenses/(income)|6,566|(3,758)| |_Changes in:_||| |Trade and other debtors|(33,600)|16,086| |Trade and other creditors|772,078|108,609| |Cash generated from operations|1,825,286|(51,705)| |Net cash from/(used in) operating activities|1,825,286|(51,705)| |**Cash flows from investing activities**||| |Dividends, interest and rents from investments|114,017|80,171| |Purchase of tangible assets|(748,658)|| |Proceeds from sale of tangible assets|375,000|| |Proceeds from sale of other investments|(62,994)|| |Net cash (used in)/from investing activities|(322,635)|80,171| |**Cash flows from financing activities**||| |Proceeds from borrowings|(150,000)|| |Net cash used in financing activities|(150,000)|| |**Net increase in cash and cash equivalents**|1,352,651|28,466| |**Cash and cash equivalents at beginning of year**|613,351|388,406| |**Cash and cash equivalents at end of year**|1,966,002|416,872| **The notes on pages 16 to 30 form part of these financial statements.** **15** **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** ## **Year ended 31 August 2024** ## **1. General information** The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Cyncoed Methodist Church, Westminster Crescent, Cardiff, CF23 6SE. ## **2. Statement of compliance** These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. ## **3. Accounting policies** ## **Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. ## **Going concern** There are no material uncertainties about the charity's ability to continue. ## **Judgements and key sources of estimation uncertainty** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. **16** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **3. Accounting policies** _**(continued)**_ ## **Incoming resources** All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Grants that are subject to performance-related conditions are recognised as income only when the conditions have been met. Where income is received in advance of the charity meeting such conditions, the income is deferred and recognised as a liability until the charity becomes entitled to the income. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. ## **Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. **17** **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **3. Accounting policies** _**(continued)**_ ## **Tangible 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. ## **Impairment of fixed assets** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. ## **Financial instruments** A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. **18** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **3. Accounting policies** _**(continued)**_ ## **Financial instruments** _**(continued)**_ Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. ## **Defined contribution plans** Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. ## **4. Donations and legacies** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2024**| ||£|£|**£**| |**Donations**|||| |Donations - Trinity Centre||26,437|26,437| **19** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **4. Donations and legacies** _**(continued)**_ ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2024**| ||£|£|**£**| |**Grants**|||| |Wales Synod Cymru|13,552||13,552| |TMCP - Plas Dwr|3,000||3,000| |Mission Alongside the Poor||7,500|7,500| |TMCP - other|||| |Ashley Foundation||5,925|5,925| |National Lottery Community Fund - Global Gardens|||| |Trinity Centre grants - other|||| |Ninevah||2,600|2,600| |Cardiff and Vale ULHB||2,790|2,790| |Other Global Gardens grants||16,715|16,715| |Welsh Community Facilities Programme||300,000|300,000| |National Lottery Community Fund - People and|||| |Places 3||442,860|442,860| |National Lottery Heritage Fund||214,562|214,562| |National Churches Trust||101,891|101,891| |James Pantyfedwen Trust||10,000|10,000| |Wales Cymru Synod Advance Fund||105,000|105,000| |Listed Places of Worship Grant Scheme||109,589|109,589| |Garfield Weston||30,000|30,000| |Beatrice Laing||30,000|30,000| |Benefact Trust||50,000|50,000| |Building fund grants received in advance||(817,363)|(817,363)| ||16,552|638,506|655,058| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2023| ||£|£|£| |**Donations**|||| |Donations - Trinity Centre|753|51,566|52,319| **20** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **4. Donations and legacies** _**(continued)**_ ||Unrestricted|Restricted|Total Funds| |---|---|---|---| ||Funds|Funds|2023| ||£|£|£| |**Grants**|||| |Wales Synod Cymru|21,840||21,840| |TMCP - Plas Dwr|||| |Mission Alongside the Poor|||| |TMCP - other|2,601||2,601| |Ashley Foundation||843|843| |National Lottery Community Fund - Global Gardens||3,832|3,832| |Trinity Centre grants - other||19,292|19,292| |Ninevah||400|400| |Cardiff and Vale ULHB||2,110|2,110| |Other Global Gardens grants||6,737|6,737| |Welsh Community Facilities Programme|||| |National Lottery Community Fund - People and|||| |Places 3||31,972|31,972| |National Lottery Heritage Fund||12,022|12,022| |National Churches Trust|||| |James Pantyfedwen Trust|||| |Wales Cymru Synod Advance Fund|||| |Listed Places of Worship Grant Scheme|||| |Garfield Weston|||| |Beatrice Laing|||| |Benefact Trust|||| |Building fund grants received in advance|||| ||25,194|128,774|153,968| ## **5. Charitable activities** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2024**| ||£|£|**£**| |Assessments on Churches|292,733||292,733| |Rental income||13,053|13,053| ||292,733|13,053|305,786| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2023| ||£|£|£| |Assessments on Churches|280,900||280,900| |Rental income||31,803|31,803| ||280,900|31,803|312,703| **21** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **6. Investment income** |||Unrestricted|Restricted|**Total Funds**|**Total Funds**| |---|---|---|---|---|---| |||Funds|Funds||**2024**| |||£|£||**£**| ||Income from investment properties|71,303|||71,303| ||Income from monetary investments|4,779|37,935||42,714| |||76,082|37,935||114,017| |||Unrestricted|Restricted|Total Funds|| |||Funds|Funds||2023| |||£|£||£| ||Income from investment properties|71,404|||71,404| ||Income from monetary investments|6,506|2,261||8,767| |||77,910|2,261||80,171| |**7.**|**Other income**||||| |||Unrestricted|Restricted|**Total Funds**|| |||Funds|Funds||**2024**| |||£|£||**£**| ||Other charitable income|30,983|714,014||744,997| |||Unrestricted|Restricted|Total Funds|| |||Funds|Funds||2023| |||£|£||£| ||Other charitable income||600||600| |**8.**|**Expenditure on charitable activities by fund type**||||| |||Unrestricted|Restricted|**Total Funds**|| |||Funds|Funds||**2024**| |||£|£||**£**| ||Christian Ministry|496,283|129,319||625,601| ||Support costs|24,997|||24,998| |||521,280|129,319||650,599| |||Unrestricted|Restricted|Total Funds|| |||Funds|Funds||2023| |||£|£||£| ||Christian Ministry|471,543|168,370||639,913| ||Support costs||||| |||471,543|168,370||639,913| **22** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **9. Expenditure on charitable activities by activity type** ||Activities|||| |---|---|---|---|---| ||undertaken||**Total funds**|Total fund| ||directly|Support costs|**2024**|2023| ||£|£|**£**|£| |Christian Ministry|625,601||625,601|639,913| |Governance costs||24,998|24,998|| ||625,601|24,998|650,599|639,913| |**Other expenditure**||||| ||Unrestricted|
**Total Funds**|Unrestricted|Total Funds| ||Funds|**2024**|Funds|2023| ||£|**£**|£|£| |Loss on disposal of tangible fixed||||| |assets held for charity's own use|||103,521|103,521| |**Net losses on investments**||||| ||Unrestricted|
**Total Funds**|Unrestricted|Total Funds| ||Funds|**2024**|Funds|2023| ||£|**£**|£|£| |Gains/(losses) on investment property|(62,994)|(62,994)||| |**Net income/(expenditure)**||||| |Net income/(expenditure) is stated after charging/(crediting):||||| ||||**2024**|2023| ||||**£**|£| |Loss on disposal of tangible fixed assets||||103,521| ## **10. Other expenditure** ## **11. Net losses on investments** ## **12. Net income/(expenditure)** |**13.**|**Staff costs**||| |---|---|---|---| ||The total staff costs and employee benefits for the reporting period are analysed as||follows:| |||**2024**|2023| |||**£**|£| ||Wages and salaries|205,753|212,014| ||Social security costs|13,926|14,712| ||Employer contributions to pension plans|39,618|39,990| |||259,297|266,716| Of the above costs £154,671 relate to stipends paid to ministers (£152,289 2023), £39,618 for their pension costs (£39,990 2023) and £13,926 social security (£14,700 2023). A further £19,303 relates to staff costs for the Trinity Centre paid out of its funds (£23,317 2023). **23** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **13. Staff costs** _**(continued)**_ The average head count of employees during the year was 10 (2023: 10). The average number of full-time equivalent employees during the year is analysed as follows: ||**2024**|2023| |---|---|---| ||**No.**|No.| |Ministers|6|6| |Administrator|1|1| |Children, Families & Youth Worker|1|1| |Trinity Centre workers|2|2| ||10|10| No employee received employee benefits of more than £60,000 during the year (2023: Nil). ## **14. Trustee remuneration and expenses** Each of the ministers of the Circuit received a stipend for their services. The Circuit Administrator also received a salary for her services. ## **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 and such expenses are reimbursed by the Circuit. ## **15. Tangible fixed assets** ||Freehold|Fixtures and|Investment|| |---|---|---|---|---| ||property|fittings|property|**Total**| ||£|£|£|**£**| |**Cost**||||| |At 1 Sep 2023|2,410,000|4,361|2,820,000|5,234,361| |Additions|748,658|||748,658| |Disposals|||(375,000)|(375,000)| |Revaluations|(90,000)||(123,000)|(213,000)| |**At 31 Aug 2024**|3,068,658|4,361|2,322,000|5,395,019| |**Depreciation**||||| |**At 1 Sep 2023 and 31 Aug 2024**||4,361||4,361| |**Carrying amount**||||| |**At 31 Aug 2024**|3,068,658||2,322,000|5,390,658| |At 31 Aug 2023|2,410,000||2,820,000|5,230,000| **24** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **15. Tangible fixed assets** _**(continued)**_ ## **Tangible fixed assets held at valuation** 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 £54,330 (2023: £54,330). 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 2024. It is the considered opinion of the trustees that the carrying values represent a fair value at 31 August 2024. The properties are not owned outright by the 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. ## **16. Debtors** ||**2024**|2023| |---|---|---| ||**£**|£| |Trade debtors|4,288|1,474| |Prepayments and accrued income|18,899|18,945| |Listed Places of Worship VAT reclaim|31,213|| ||54,400|20,419| ## **17. Creditors: amounts falling due within one year** ||**2024**|2023| |---|---|---| ||**£**|£| |Bank loans and overdrafts||150,000| |Payments received on account|59,842|58,658| |Trade creditors|84,031|| |Accruals and deferred income|830,832|137,022| ||974,705|345,680| ## **18. Deferred income** ||**2024**|2023| |---|---|---| ||**£**|£| |At 1 September 2023|134,522|28,646| |Amount released to income|(134,522)|(28,646)| |Amount deferred in year|821,385|134,522| |**At 31 August 2024**|821,385|134,522| **25** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **18. Deferred income** _**(continued)**_ The deferred income totalling £821,385 as at 31st August 2024 (£134,522 2023) represents grants received in advance of meeting performance related conditions attached to those grants. Total deferred income as at 31st August 2024 comprises of: - Wales Synod Cymru £920 - 3Generate 2024 - The Ashley Family Foundation £3,102 - Trinity Centre Global Gardens project - Various funders £817,363 - Trinity Centre Building fund deferred income is calculated for the total Building Fund project. ## **19. Pensions and other post retirement benefits** ## **Defined contribution plans** The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £39,618 (2023: £39,990). **26** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **20. Analysis of charitable funds** |**Unrestricted funds**||||||||| |---|---|---|---|---|---|---|---|---| ||At||||Gains and|||At| ||1 Sep 2023|Income|Expenditure|Transfers|losses||31|Aug 2024| ||£|£|£|£|£|||£| |General funds|777,286|416,350|(521,280)|265,889|(62,994)|||875,251| |Circuit Model Fund||||||||| |Manses &||||||||| |Churches||||||||| |revaluation reserve|1,685,910||||(65,000)||1,620,910|| |Investment property||||||||| |fair value reserve|2,765,670|||(375,000)|(123,000)||2,267,670|| |Building||||||||| |Improvements Fund||||748,658||||748,658| ||5,228,866|416,350|(521,280)|639,547|(250,994)||5,512,489|| ||At||||Gains and|||At| ||1 Sep 2022|Income|Expenditure|Transfers|losses|31||Aug 2023| ||£|£|£|£|£|||£| |General funds|763,619|185,294|(572,466)|100,837||||477,284| |Circuit Model Fund|144,140|198,710|(2,598)|(100,837)||||239,415| |Manses &||||||||| |Churches||||||||| |revaluation reserve|3,476,944|||(1,396,034)|(95,000)||1,985,910|| |Investment property||||||||| |fair value reserve|1,384,636|||1,396,034|(15,000)||2,765,670|| |Building||||||||| |Improvements Fund||||||||| ||5,769,339|384,004|(575,064)||(110,000)||5,468,279|| **27** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **20. Analysis of charitable funds** _**(continued)**_ ## **Building Improvements Designated Fund** Cardiff Methodist Circuit has received restricted funding for building improvements to the Trinity Centre. The building can be used for the Charity's general activity, the restriction has been satisfied upon full expenditure and completion of the project, therefore the fund was transferred to an unrestricted designated fund as at the year end. The total value of Building Improvements Designated Fund as at 31 August 2024 was £748,658, representing the value of SOFA funding received and expended on capital improvement expenditure. ## **Restricted funds** |**Restricted funds**||||||| |---|---|---|---|---|---|---| ||At||||Gains and|
At| ||1 Sep 2023|Income|Expenditure|Transfers|losses|31 Aug 2024| ||£|£|£|£|£|£| |Trinity Centre|49,811|674,926|(119,166)|(518,658)||86,913| |Trustees for||||||| |Methodist Church||||||| |Purposes|239,415|728,582|(10,153)|(120,889)||836,955| ||289,226|1,403,508|(129,319)|(639,547)||923,868| ||At||||Gains and|
At| ||1 Sep 2022|Income|Expenditure|Transfers|losses|31 Aug 2023| ||£|£|£|£|£|£| |Trinity Centre|54,743|163,438|(168,370)|||49,811| |Trustees for||||||| |Methodist Church||||||| |Purposes||||||| ||54,743|163,438|(168,370)|||49,811| **28** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **20. Analysis of charitable funds** _**(continued)**_ 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 the expenditure relating to the Trinity Centre Project. The restricted funds of the Circuit are held centrally in "Trustees for Methodist Church Purposes" accounts. 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 the use by the charity in this way, and for this reason have been treated as fixed asset 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. ## **21. Analysis of net assets between funds** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2024**| ||£|£|**£**| |Tangible fixed assets|5,390,658||5,390,658| |Current assets|494,971|1,525,433|2,020,404| |Creditors less than 1 year|(70,209)|(904,496)|(974,705)| |**Net assets**|5,815,420|620,937|6,436,357| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2023| ||£|£|£| |Tangible fixed assets|5,230,000||5,230,000| |Current assets|211,022|422,748|633,770| |Creditors less than 1 year|(212,158)|(133,522)|(345,680)| |**Net assets**|5,228,864|289,226|5,518,090| ## **22. Analysis of changes in net debt** |At 1 Sep 2023 Cash flows
**31**
£
£
Cash at bank and in hand
613,351
1,352,653
Debt due within one year
(150,000)
150,000
463,351
1,502,653|**At**
**Aug 2024**
**£**
1,966,004| |---|---| ||1,966,004| **29** ## **Cardiff Methodist Circuit** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **23. Related parties** 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: Rev. C Gale Rev. J Holliman Rev. A Mahoney Rev. E Bhajan Deacon L Evans Rev. S Wigley **30** **Cardiff Methodist Circuit** **Management Information** ## **Year ended 31 August 2024** **The following pages do not form part of the financial statements.** **31** ## **Cardiff Methodist Circuit** ## **Detailed Statement of Financial Activities** ## **Year ended 31 August 2024** ||**2024**|2023| |---|---|---| ||**£**|£| |**Income and endowments**||| |**Donations and legacies**||| |Donations - Trinity Centre|26,437|52,319| |Wales Synod Cymru|13,552|21,840| |TMCP - Plas Dwr|3,000|| |Mission Alongside the Poor|7,500|| |TMCP - other||2,601| |Ashley Foundation|5,925|843| |National Lottery Community Fund - Global Gardens||3,832| |Trinity Centre grants - other||19,292| |Ninevah|2,600|400| |Cardiff and Vale ULHB|2,790|2,110| |Other Global Gardens grants|16,715|6,737| |Welsh Community Facilities Programme|300,000|| |National Lottery Community Fund - People and Places 3|442,860|31,972| |National Lottery Heritage Fund|214,562|12,022| |National Churches Trust|101,891|| |James Pantyfedwen Trust|10,000|| |Wales Cymru Synod Advance Fund|105,000|| |Listed Places of Worship Grant Scheme|109,589|| |Garfield Weston|30,000|| |Beatrice Laing|30,000|| |Benefact Trust|50,000|| |Building fund grants received in advance|(817,363)|| ||655,058|153,968| |**Charitable activities**||| |Assessments on Churches|292,733|280,900| |Rental income|13,053|31,803| ||305,786|312,703| |**Investment income**||| |Income from investment properties|71,303|71,404| |Income from monetary investments|42,714|8,767| ||114,017|80,171| |**Other income**||| |Other charitable income|744,997|600| |||| |**Total income**|1,819,858|547,442| **32** ## **Cardiff Methodist Circuit** ## **Detailed Statement of Financial Activities** _**(continued)**_ ## **Year ended 31 August 2024** ||**2024**|2023| |---|---|---| ||**£**|£| |**Expenditure**||| |**Expenditure on charitable activities**||| |Wages and salaries|205,753|212,014| |Employer's NIC|13,926|14,712| |Pension costs|39,618|39,990| |Repairs and maintenance|8,063|347| |Other motor/travel costs|9,685|9,905| |Telephone|5,967|7,517| |Other office costs|2,154|2,415| |Impairment|24,998|| |District asessment levy|8,708|8,676| |Connexional assessment and model trust levy|73,519|66,141| |Training|517|2,861| |Manse utilities|50,236|69,990| |Manse repairs / furnishhings|46,573|34,171| |Rented out property expenses|40,708|32,482| |Circuit - Mission & Outreach|3,752|| |Trinity administration & project costs|42,669|33,327| |Bank charges and interest Payable|4,283|6,166| |Sundry expenses|30,713|16,303| |Pulpit supplies|1,058|1,094| |Property quinquenials|4,080|4,680| |Legal and professional|25,448|69,461| |Audit fees|3,200|2,500| |Youth work|4,103|837| |Pioneer ministry|868|3,570| |Gifts and donations||754| ||650,599|639,913| |**Other expenditure**||| |Loss on disposal of tangible fixed assets held for charity's own use||103,521| |||| |**Total expenditure**|650,599|743,434| |**Net losses on investments**||| |Gains/(losses) on investment property|(62,994)|| |||| |**Net income/(expenditure)**|1,106,265|(195,992)| **33**