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2025-08-31-accounts

Circuit Accruals Accounts 2024-25

THE METHODIST CHURCH

REPORTS AND ACCOUNTS

for the year ended 31 August 2025

Somerset Mendip Methodist Circuit Circuit no *07/16
Registered Charity - Registration number 1134237
Ministers
Circuit Stewards		 Rev Tina Swire - Superintendent
Rev Andrew Prout
Rev Collin Moore
Rev Andrew Bell
Judith Cole
Lois Emm
Barry Speddings
Jacqui Cobb
Malcolm Gale
Lay Employees - Deborah Towner (Admin), Anne-Marie
Walker (Bookkeeper), Bethan Foister, Leanne Hibberd
and Mary Clark (Outreach - MC From Nov 2024)

Circuit Treasurer

Circuit Stewards

Circuit No 07/16

Name of Circuit

SOMERSET MENDIP CIRCUIT

Statement of Financial Activities (SOFA) for the year ended Statement of Financial Activities (SOFA) for the year ended Statement of Financial Activities (SOFA) for the year ended Statement of Financial Activities (SOFA) for the year ended 31 August 2024
Notes to Circuit Model Designated
the General Fund Trust Funds Restricted Endowment Total
accounts (Unrestricted) (Unrestricted) (unrestricted) Funds Funds 2023-24
1,2,3 £ £ £ £ £ £
Income
1 Donations and legacies 4 0 0
2 Income from monetary investments 6 26,603 11,985 71 38,659
3 Other trading activities 5 27,378 27,378
4 Assessments on Churches 192,300 192,300
5 Capital Receipt 8 0 0 0
6 Grants received 0
7 Other income 7 860 860
8Total income 247,141 11,985 0 71 0 259,197
Expenditure
9 Grants and donations 420 420
10 Stipends and related costs 11 225,905 225,905
11 Property maintenance 65,622 1,248 1,465 68,335
12 District Levy 13,510 13,510
13 District Assessment 54,528 54,528
14 Insurance & Utilities 18,450 18,450
15 Telephone & Travel 16,466 16,466
16 Planning Application Sandford 7,708 7,708
17 Admin Charges 1,253 846 5 2,104
18 Ministry Costs 8,232 746 8,977
19 Accounts Examination Fee 3 840 840
20Total charitable expenditure 399,003 16,024 0 2,216 0 417,244
21 Gains/(losses) on monetary investments 632 846 1,478
22 Gains/(losses) on investment properties 0
23Net income/(expenditure) (151,862) (3,407) 0 (1,299) 0 (156,568)
24 Transfers between funds 135,775 (135,775) 0
25 Other gains/(losses) 0
26Net movement in funds (16,086) (139,182) 0 (1,299) 0 (156,568)
27 Total funds brought forward 2,189,606 296,804 200,000 32,474 2,718,884
28 Total funds carried forward 2,173,519 157,622 200,000 31,175 0 2,562,316

Circuit No 07/16

Name of Circuit

SOMERSET MENDIP CIRCUIT

Statement of Financial Activities (SOFA) for the year ended Statement of Financial Activities (SOFA) for the year ended Statement of Financial Activities (SOFA) for the year ended Statement of Financial Activities (SOFA) for the year ended 31 August 2025
Notes to Circuit Model Designated
the General Fund Trust Funds Restricted Endowment Total
accounts (Unrestricted) (Unrestricted) (Unrestricted) Funds Funds 2024-25
1,2,3 £ £ £ £ £ £
Income
1 Donations and legacies 4 0
2 Income from monetary investments 6 20,399 7,157 0 2,529 30,085
3 Other trading activities 5 28,363 28,363
4 Assessments on Churches 204,645 204,645
5 Capital Receipt 8 15,878 183,039 198,917
6 Grants received 18,802 18,802
7 Other income 7 1,123 1,123
8Total income 289,210 190,196 0 2,529 0 481,934
Expenditure
9 Grants and donations 19,500 19,500
10 Stipends and related costs 11 251,013 251,013
11 Property maintenance 35,664 509 36,173
12 District Levy + Levy on Capital Sales 54,597 54,597
13 District Assessment 57,964 57,964
14 Insurance & Utilities 21,192 21,192
15 Telephone & Travel 20,918 20,918
16 Agents Commission on Lets 2,184 2,184
17 Admin Charges 1,376 512 0 50 1,938
18 Ministry Costs 8,674 8,674
Accounts Examination Fee 900 900
20Total charitable expenditure 419,385 55,109 0 559 0 475,053
21 Gains/(losses) on monetary investments 16 (10) 7
22 Gains/(losses) on investment properties 0
23Net income/(expenditure) (130,176) 135,103 0 1,960 0 6,888
24 Transfers between funds 160,317 (100,000) (60,000) (317) 0
25 Other gains/(losses)
26Net movement in funds 30,142 35,103 (60,000) 1,643 0 6,888
27 Total funds brought forward 2,173,519 157,621 200,000 31,175 2,562,316
28 Total funds carried forward 2,203,660 192,725 140,000 32,818 0 2,569,203

Circuit No 07/16

Name of Circuit

SOMERSET MENDIP CIRCUIT

Balance Sheet as at 31 August 2025

Fixed Assets Notes to the
Accounts		 General Fund
(Unrestricted)
£		 Circuit Model
Trusts
(Unrestricted)
£		 Designated
Funds
(Unrestricted)
£		 Restricted Funds
£		 Endowment
Funds
£		 Totals 2025
£		 Totals 2025
£		 Totals 2024
£
Circuit Manses & Equipment 12 1,931,734 1,931,734 1,931,734
Investmentproperties 0
Investments 13 8,819 8,819 8,803
Total fixed assets 1,931,734 8,819 0 0 0 1,940,553 1,940,537
Current Assets
Debtors and Prepayments 14 12,996 12,996 17,877
Loans bythe Circuit 17 0 0
Investments with TMCP 18 223,329 183,906 140,000 15,369 562,604 587,475
Central Finance Board Deposits 60,861 17,449 78,310 53,003
Cash at Bank and in hand 14/18 24,506 24,506 11,383
Total current assets 321,692 183,906 140,000 32,818 0 678,416 669,738
Current liabilities
Creditors (due in under 1 year) 15 49,765 49,765 47,959
Grants(due in next financialyear)
Total current liabilities 49,765 0 0 0 0 49,765 47,959
Net current assets/liabilities 271,927 183,906 140,000 32,818 0 628,651 621,779
Total assets less current liabilities 2,203,661 192,725 140,000 32,818 0 2,569,203 2,562,316
2,569,203
2,203,661
192,725
140,000
2,536,385
32,818
Long term liabilities
(due after more than one year)
Grantspayable after 2025-26
Net assets 2,203,661 192,725 140,000 32,818 0 2,569,203 2,562,316
Funds of the Circuit
General Fund(Unrestricted) 2,203,661 192,725
140,000
32,818		 2,203,661 2,173,519
Circuit Model Trust Fund (Unrestricted) 192,725 192,725 157,621
Designated Funds(Unrestricted) 140,000 140,000 200,000
Total Unrestricted Funds 2,536,385 2,531,140
31,175
Restricted Funds 32,818 32,818
Endowment Funds 0 0
Total Funds 2,203,661 192,725 140,000 32,818 0 2,569,203 2,562,316

Somerset Mendip Methodist Circuit

Notes to the Accounts

1. Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective from 1 Jan 2015) (SORP FRS102).

2. Funds

The funds held constitute: General Funds held for any purpose of the Circuit which are unrestricted; The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted funds which are held for a narrower purpose: There are no endowment funds under the strict definition of this term as access to the capital of said funds (G. Dyer and Seymour bequests) remains under certain conditions as set out by TMCP. Details of each material fund are disclosed in the final note to these accounts. Any funds may be represented by more than just cash.

3. Accounting policies

Basis

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

Income Recognition

Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the trustees are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient reliability.

Resources Expended

This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources.

Grants

Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment. When the grant is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the Balance Sheet against the appropriate fund, the provision being released in future years as instalments are paid in accordance with the originally agreed terms.

VAT

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

Tangible fixed assets for use by the Circuit

These are capitalised if they can be used for more than one year, and individually cost at least £1,000. The freehold property is shown in the accounts at 2015 deemed cost values. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The property has been reviewed for impairment.

Investment Properties

Investment properties - no property is currently deemed to not be held for the long term purposes of the charity. Investments Investments are valued in the balance sheet at market value at the year end. Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are shown in the SOFA. Debtors and Prepayments Debtors and prepayments primarily relate to the payment of the September stipend in August. Creditors Creditors include both sundry expenses and specifically the 1st quarter assessment received in August. Going Concern These accounts have been prepared on the Going Concern basis. Ocassionally a minor adjustment might be needed to the prior year's figures. This year includes a £140 adjustment re an understatement of the independent examiners fee for year 23-24.

Circuit Designated
Unrestricted Model Trust Funds Restricted 2025 2024
4. Donations and legacies Fund (Unrestr'd) Total Total
£ £ £ £ £ £
Donations 0 0 0 0 0 0
Legacies 0 0
Total 0 0 0 0 0 0
Circuit Designated
Unrestricted Model Trust Funds Restricted 2025 2024
5. Other trading activities Fund (Unrestr'd) Total Total
£ £ £ £ £
Lettings (Frome Manse) 18,200 18,200 16,500
Lettings(Street MC) 10,163 10,163 10,878
Total 28,363 0 0 0 28,363 27,378
Circuit Designated
Unrestricted Model Trust Funds Restricted 2025 2024
6. Investment income Fund (Unrestr'd) Total Total
£ £ £ £ £
Central Finance Board 20,399 7,157 0 2,529 30,085 38,659
Total 20,399 7,157 0 2,529 30,085 38,659
Note Backdated Interest from 22/23 of £2110 re Ruth Tucker Bequest was transferred from
Unrestricted to Restricted Fund as per instruction of Independent Examiner
Circuit Designated
Unrestricted Model Trust Funds Restricted
2025
2024
7. Other Income Fund (Unrestr'd) Total Total
Other Income (Misc)
1,123		 0 0 0 1,123 860
8. Capital Receipt
Tfrd Trust fund/Sale of chapels
15,878		 183,039 0 0 198,917 -
Proceeds from sale of Wedmore MC and Receipt of Funds from Axbridge and Wedmore Churches
9. Payment to Trustees Thisyear Lastyear
Payments made to trustees or related family members for
additional services provided to the Circuit by agreement
with the Circuit Meeting £ 0 0
Number of trustees who were paid expenses 18 18
Nature of the expenses
Expense payments primarily relate to reimbursement for travel, stationery, postage and computing costs
Total amount paid £ 21,348 17,293
10. Fees for examination or audit of the accounts
Independent examiner’s or auditors' fees for reporting on
the accounts £ 900 840
Other fees (eg: advice, accountancy services) paid to the
independent examiner or auditor £ 0 0

11. Paid employees

11. Paid employees
£
Supernummeries and Preaching fees
£
Admin Charges and Apprentice Levy
£
Average number of staff employed during
the year were:
£
£
Employer’s National Insurance costs
Pension costs
Total staff costs
Gross wages, salaries, stipends and benefits in kind
£
Stipends and related costs paid during the year were:		 204,341
20,420
22,901
1,800
1,551
251,013
9
174,460
15,018
34,401
1,490
536
225,905
9 8

No employee received employee benefits that totalled more than £60,000. There is no accrual for holiday pay as it is not carried forward.

12. Tangible Fixed Assets

The buildings now comprise of 5 Manses located in Castle Cary, Churchill, Frome (x2) & Coxley. Castle Cary, Churchill and one of the Frome Manses are currently occupied by serving Presbyters. The other two Manses are currently let on a commercial lease. The Manses have been valued as at 31/8/15 on the 'Deemed Cost Basis' or actual cost if purchased since then. Values of potential sale prices for each manse were compared on "Zoopla" in 2022 and found to be in excess of recorded values by at least 28%, it is considered that no impairment is considered necessary this year.

Cost or valuation

Residential
Land
£		 Other Land
£		 Manses
£		 Other
buildings
£		 Other fixed
assets
including
motor
vehicles
£		 Fixtures,
fittings and
equipment
£		 Payments on
account and
assets under
construction
£		 Total
£
Balance brought forward 1,931,734 0 1,931,734
Additions 0
Revaluations(+/-) 0
Disposals(-) 0
Transfers(+/-) 0
Balance carried forward 0 0 1,931,734 0 0 0 0 1,931,734
Accumulated Basis
Depreciation Rate		 SL or RB SL or RB SL or RB SL or RB
Balance brought forward 0
Depreciation charge for year(-) 0
Revaluations(+/-) 0
Disposals(-) 0
Transfers(+/-) 0
Balance carried forward 0 0 0 0 0 0 0 0
Net book value
Brought forward - - 1,931,734 - - - - 1,931,734
Carried forward - - 1,931,734 - - - - 1,931,734

13. Investments

The funds that support the Circuit Model Trust Fund and the Manses Fund are held by TMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded as medium and long term investments.

TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property. TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and polity as determined by the Methodist Conference.

Analysis of investment movements Analysis of investment movements Thisyear
Lastyear
8,819
8,803
8,819
8,803
8,803
8,171
16
632
8,819 8,803
This year
Last year
£
£
10,148
13,263
1618
4,614
1230
0
12,996
17,877
24,506
11,383
24,506
11,383
2,230
1,949
47,535
46,010
49,765
47,959		 Thisyear
Lastyear
8,819
8,803
8,819
8,803
8,803
8,171
16
632
8,819 8,803
This year
Last year
£
£
10,148
13,263
1618
4,614
1230
0
12,996
17,877
24,506
11,383
24,506
11,383
2,230
1,949
47,535
46,010
49,765
47,959		 Thisyear
Lastyear
8,819
8,803
8,819
8,803
8,803
8,171
16
632
8,819 8,803
This year
Last year
£
£
10,148
13,263
1618
4,614
1230
0
12,996
17,877
24,506
11,383
24,506
11,383
2,230
1,949
47,535
46,010
49,765
47,959
Investments listed on a recognised Stock Exchange
Investments held in common investment funds,
Securities not listed on a recognised Stock Exchange 8,819 8,803
Other investments
Total 8,819 8,803
Change in investment values
Carrying (market)value at beginningofyear 8,803
8,171
Add:additions to investments at cost
Less:disposals at carryingvalue
Netgain/(loss)on revaluation 16 632
Carrying (market)value at end ofyear 8,819 8,803
£
£
£
Assessments in Advance
Total Current Liabilities
Bank balance held in Co-operative Bank plc
Total Cash and Bank
15. Analysis of current liabilities and long term creditors
Creditors
Analysis of cash at bank
14. Analysis of current assets
Debtors and prepayments
Pre paid Stipends
Other prepayments
Other debtors
Total debtors and prepayments		 This year
£
10,148
1618
1230
12,996
24,506
24,506
2,230
47,535
49,765
13,263
4,614
0
17,877
11,383
11,383
2,230 1,949
47,535 46,010
49,765 47,959

16. Capital Commitments and Contingent Liabilities

At the 31st August 2025 the Circuit had no capital commitments. No Contingent liabilities were identified at 31st August 2025.

17. Loans

Church Purpose of loan Purpose of loan Amount
brought
forward		 New
borrowings
**Loan interest **		 Repayable in
the year		 Balance at
year end
0
0
0
Repayment due Totals 0 0 0 0 0
Due within 12 months 31/08/2026
Due between 1 and 5 years 31/08/2027 31/08/2028 31/08/2029 31/08/2030
Due later than 5years

18. Detailed analysis of individual fund movements

Unrestricted Funds

Unrestricted Fund Name Opening
Balance		 Income Expenditure Transfers
Gains on
revaluation		 Closing
Balance		 Purpose of the fund
General Fund 1,950,190 271,416 418,009 176,735 1,980,331
Trust 14855 Long Term
Development Reserve (GF)		 154,414 14,567 1,152 (13,415) 154,414 Property Model Trust
Bequests
Trust 6874 Unrestricted
Bequests Reserve (GF)		 68,915 3,227 224 (3,003) 68,915 Amalgamated previous Model
Trust Bequests
Designated - Trust 14855 Long
Term Development Reserve		 200,000 0 0 (60,000) 140,000 Designated Funds for Lay
Workers
Designated - Circuit Model Trust
Fund		 157,621 190,196 55,109 (100,000) 16 192,725
Totals 2,531,140 479,405 474,494 317 16 2,536,385
Restricted Funds
Restricted Fund Name Opening
Balance		 Income Expenditure Transfers
Gains on
revaluation		 Closing
Balance		 Purpose of the fund
Trust 13535 - Training &
Development Fund		 1,158 55 4 1,210 Training of Circuit Staff -
Internal Organisation
Trust 10117 George J Dyer 6,923 146 23 (124) 13 6,936 Support of Circuit Activities
Trust 3666 Seymour Bequest 7,246 217 24 (194) (23) 7,223 Support of Youth work
Ruth Tucker Bequest 15,848 2,110 509 17,449 For upkeep of Wedmore
graveyard until sold / £2110
transferred to account re
backdated interest to 22/23 as
per IE recommendation
Totals 31,175 2,529 559 (317) (10) 32,818
Endowment Name How the capital is
invested		 The current value of the
capital		 Annual income What the income was used
for

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