RICHMOND AND HOUNSLOW CIRCUIT OF THE fvIETHODIST CHURCH CHARITY NO.: 1134245 REPORT ANDACCOUNTS for the yèar ended 31 August 2024 Rlchmond and Hounslow Circuit of the Methodist Church status: Registered Charity no. 1134245 The charlty was established by a charitable trust deed on 10th Feb¥uary 2010. The charity's governing documerits are Èhe Deed ol Unlon119321 and ihe Methodist Church Act119761. Prlncipal addre5S: 13 Enm0￿ Road London SW15 6LL Clrcult Superlntendent.. Reverend G Farrar Trustees Mrs Jean Butther Mrs les5Ica Dalton Rev Geoffrey Farrar. Mrs lean Flann Mrs Lyneth Friday Deacon Richard GoldstrJw' Mr lan Haddow Miss Valerie Hearn Mr Alan Housdon Mrs Vivien Isaac Rev Heflln Jtsnl De&icon Kilthy Johnson. Mr Bismarck Laryèa Mr Andrew Logan Mr John Logan Mrs Margaret Logan Mr Stephen Ludlow Mrs lane Mcmahon Mrs Frances Moorhou5e Dr Margaret Moore Rev NTrcola Morrison Mrs Ralini Muthukumar Rev Adam Nyawo. Mr Charles Oppong-Akuoko Mr5 Maiy Patter50n Mrs Susan Penney Ms Carol Powers Mr Charles Rajkumar Mrs Gill Spdrkes Mr Moses Tandayi. Mlss Winifred ThLimpson Mr Brendan Wasmuth" Mr Geoffrey Waterhouse Ms 5ar3h Weeks M5 janet Wilson. Ciicuit Leadership Team Auditors.. Aiets Avdit Services Trinity Court 34 Wesl Street Sutton Surrey SMI ISH Banker5: Central Finance Kloard of the Methodist Church ICFBI 9 Bonhill Street London EC2A 4PE Charities Aid Foundation Bank Limited 25 Kings Hill Avenue West Malllng Kent ME19 41Q Investment advisers.. The Trustees for Methodrst Church Purposes Central Buildings Oldham Street Manchester Ml IIQ Richmond and Hounslow Clrcuit of the Methodist Church Page Trustees, report Auditors, report Statement of Flnancial Activlties 13 Balance Sheet 14 Cash flow statement 15 Notes to the accounts 16 Richmond and Hounslow Circuit of the Methodist Church Tru5tees' report for the year ended 31Au ust 2024 The trustees present their annual report and financial statements for the year ended 31 August 2024. The accounts have been prepared in accordance with the accountlng poliEie5 Set out in note I to the accounts and comply with the chafity's governing document, the Charities Act 2011 and the 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 IFRS 1021, effettlve from I lanyary 2019. Structurei governance and management The Richmond and Hounslow Circuit of the Methodlst Church I'the Circuit'l is an association of thurches grouped together in a geographical area. Ordained ministers are appointed to serve the Circuit. The Superintendent Minister oversee5 for the work of 311 the churche5 in the circuit. The Circtjit was established as a re8lStered charity by a charitable trust deed on 10th February) 2010. The Circuit's governSng documents are the Deed of Unlon1193213nd the Methodist Church Art 119761. The StandinE Order5 of the Methodist Church13S Set out the Constitutionul PriFCtice and Disciple of the Methodist Church) govern the way the Circuit is constituted including how trustees are appointed. The managing trustees at tho date of this report are the members of the Circuit Meeting. These comprise all Circuit officers las designated by $0 510 of the Constitutionrjl Pructice ond Disciple of the Methodist Church), ministers and representatives froiTI euth-West London. The God in I￿uS Christ deacon employed in thls role ha5 continued to remain fully enEaEed in according to their the life of the community, participating in numerous local groups and ontext and supporting initiativ&s such as the food bank, which operates out of the opportunities premises of Roehampton Methodist Chufch. The Circuit has agreed to explore more fully in the coming year how this mission might develop over the longer term. Richmond and Hounslow Circuit of the Methodist Church Trustees, report for the year ended 31Au ust 2024 Vislon Make our churches ¢entres for mission Actions thè Circuit is also supporting the work t>f another deacon, based In Barnes 3nd Richmond, who is seeking to engage with those on the fringes of Church and with the wider commL¢nitiÈs. In both cases, these appointments could not have been made without the generous flnanclal support of the Circuit and Oistrict. the Circuit has provided generous financial gupport to young people attendlng the 3Gen event in Birmingham. the Circult has also Indicated its willingness to provlde support to congregations with any inÉti3tiveg related to evangelism and youth work. Support churthes engaging with discipleship. especially amDng children and voung people arcult Llfe Manage our resour￿5 in a way that takes dccount of buth tlie need for sensible stewardship and serves our continuing mission the Circuit successfully recrttlted a paid part-time Finance OffI￿r to manage the d3V-to-day financial operations from Septeinber 2024, following a natl(Trridl reLrultr¥JenL exercise. Tliis Iiew p05t refleLts tlie commitment of the Circult meeting to ensLtre that Sts resource5 aro properly managed and that all nece55ary regulatlons are complied with. It also appointed a new Circuit Treasurer to take over from Janet Wilson as she sreps down after manv vears, servlce. the Circuit also developed a jpb description for a new Community Pastor role to work with the Gujèrati fellowship basÈd at Hounslow, and provide greater support for the exl%ting congregation there. Exteinal fundlng will be sought and it 15 hoped that an appointment will be made soon in 2024125. Working with others Mana8lnE our the Circuit oversaw the successful completion of the sale of the finances and property site of Brentford Methodist Churth, meeting all the requirements of good governance and charity law. The proceeds of this sale will be used to fijrther the charitable purposes of the Circuit. the Circuit eontinues to invest in its manses. tackling long-term maintenance issues and renewing its properties. This year. work COMMen￿d at the Lampton Park Road m3n5e in Hounslow, tackling a numbÈr of long-standing issues and renewing the outdated kltthen. The exterior of the manse in Enmore Road, Putney, was also re- painted. Further work will be carried out In comlng years, alongside routlne malntenance. Encourage a greater the Clrcuit held two joint services to celebrate its life together: an sense of identity and Easter Offering servl¢e In April, where the Re¢d Dr Jonathan Huster, cDmmunity within the Secretary of the Methodist Conference, preached- and a service to ClrcLJit celebrate the ministry of Rev'd Allison Waterhouse In June. members of the Circuit worked with archival students from the Univer51ty of Roehampton to go through some of the Circuit archiv@5, currently held at Putney Methodist Church. Relevant material will be deposited with the County archives in due course. Rlchmond and Hounslow Circuit of the Methodist Church Trustees, report for the year ended 31Au ust 2024 Financial review The accounts for the year show income of £325,19712023.. £246,789), expenditure of £408,765 12023.. £1,138,018), a gain on monetary investments of £25,44412023.. loss of £7,679) and aloss on disposal of investment property of £143,49212023.. loss on revaluation of property £1,063,000), resulting in a net decrease in funds of £201,61612023- decrease £1,961,908). Funds have been reclassified in the 2023-24 accounts to confirm to general Methodist practlce so that properties are included as part of the General Fund and the Circuit Model Trust Fund ICMTFI shown as an unrestricted fund. There is no effect on the total funds of the previous year. The general fund showed a net deficit of £30.359 before gains/losses and transfers, largely relating to redècoratbon at the Putney manse12023= net deficit £792,767 following significant refurbishment of two manses). The former Brentford church was sold in the year realislng proceeds of £886,508 after accounting for the Connexional levy. With the carrylng value of the property at £1,030,000 there was therefore a loss on disposal of £143,492. While the property was carried in the general fund* proceeds are direited to the CMTF resulting In a transfer from the general fund to the CMTF equivalent to the net proceeds. The movement on the CMTF in the year was an increase of £818,19312023.. decrèase of £70,536), primarily due to the proceeds from the Brentfc>rd church. Transfer5 of £48,500 were made to support specific ministries of the Circuit and £7,250 to the churches. At the end of the financial year the Circuit had total funds of £8,559,04312023.' £8,760,659). Endowment, restricted and desiBnated funds total £114,069. The CMTF holds £1.477,936 and the general fund5 £6,967,038. Designated funds have been set aside to cover future expenditure on manse repairs, training and children and youth work not otherwise covered by the Eeneral fund budget. Of the general funds, £6,305,000 comprises property (namely 4 manses occupied by Presbyters and Deacons) and a further £450,000 investmeiit pyoperty lone manse let to a tenant) leavin8 £212,038 of free reserves. This represents approximately 12 month5, Worth of general fund expenditure. Reserves pull The Circuivs pollcy for the gener81 funds 15 to hold at least six months expenditure. an amount of approximately E105,000. Actual reserves held currently exceed this figure. The use of these reserves is part of the medium term plan which the Circuit Meeting is drawing up. The Circuit Meetlng is actively discussing how best to utilise the increased CMTF to further mission within the Circuit over the medium term. Richmond and Hounslow Circuit of the Methodist Church Trustees, report forthe year ended 31Au ust 2024 Statement of Trustees, res onsibllitles In relatSon to the flnancial statements The trustees are responsible for preparing the Trustees, annual report and tl)e financial statements in accordance with applicable law and Unite¢J Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. The law 3pplicable to charities in England and Wales requires the trustees to prèpare flnancial 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 of the charity for that period. In preparing these flnanclal statements, the trustees are required to.. al select suitable accounting policles and apply them consistÈntlv; bl oljserve the methods and principles in the Charities SORP,. cl make judgments and estimates that are reasonable and prudent,. dl state whether applicable UK accountlng standards have been followed, subject to any materla5 departures disclosed and explained in the financial statements,. el prvpare the financial statement5 on the going concern basis unless it is inapproprlate to presume that the charlty will continue in operation. The trustees are responsible for keeping sufficient accountlng records that disclose with reasonable ccuracy at any time the flnanclal posltion of the charity, and enable them to ensure that the financial statements comply with the Charitlg% Act 2011, the Charity (Accounts and Report51 RegL¢lations 2008 and the provi55ons of the trust deed. They are also responsible for safeguardlng the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularitles. Each of the trustees has confirmed that there is no infomiation of which they are awarÈ which is relevant to the audlt but of which the auditor is unaware. They have further confirmed that thev have tekane appropriate steps to identify such releaant information and to establish the athte auditors is aware of such information. This report was appr¢>ved by thè trustees on 24 February 2025 and signed on its behalf. Rev'd Geoffrey Farrar Mrs M Logan INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE RICHMOND & HOUNSLOW METHODIST CIRCUIT Oplnlon We have audited the financial statements of Richmond & Hounslow Methodist Circuit I'thè charity'l for the year ended 31 August 2024 whieh comprise the statement of financial activities. balance sheet, Statement of cash flows and notes to the financial statements, including a summary of significant accounting policles. The financial reporting framework that has been applled their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Finoncial Reporting Stondard t7pplicable in the UK ond Republic Of Irejandlunited Kingdom Generally Accepted Accountlng Practice). In our oplnlon, the fSnancial statements., give a true and falr vlew of the State of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resource5, for the year then Ènded have been properly prepared ITr accordance with United Klngdom Generally Accepted AccountinE Practice,. and have been prepareé in accordance wlth the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAs IUKII and applicable law. Our responsibilities under those standards are further descTibed in theAuditor's responsibilitiesfor the oudit of thefinanciol statements section of our report. We are independent of the chèrity in accordance with the ethical requirèments that are relevant to our audit of the financial Statements in the UK, including the FRC'S Eihical 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 lo provide a ba515 for our opinion. Conclusions relatlng to going concern In auditinE the financial statement5, we have concluded that the trustees, use of the going toncern b85iS of accounting in the preparation of the financial statements is appropriate. Based on the wotk we have performed, we have not identified any matorial uncertainties relating to events or condltions that, individually or collectively, may cast significant doubt on the charity's ability to continue a5 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 goin8 concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the trustees, annual report other than the rinancial statements and our auditor's report thereon. The trustees are responsible for the other information contalned within the 3nnti31 report. Our oplnion on the financial statements does not cover the other information and we do not express any form of assurance Conclusion thereon. INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE RICHMOND & HOUNSLOW METHODIST CIRCUIT 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 materSally inconsistent with the flnancial st3ternents or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we Identify such materlal Ineonsistencies or apparent materlal misstatements, we are required to dÈtemiine whether thi5 give5 rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of thls other information, we are requlred to ￿port that fact. We have nothlng to report In thls regard. Matters on whlch we are requlred to report by exceptlon 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 financial statements is inconsistent In any material respect with the trustees, report: or - SLrffieient accounting records have not been kept; or - the financial statements are not in agreement with the accountln8 retttrds; or - we have not received all the information and explanations we require for our audit. Responslbllltles of trustee5 As explained more fully in the statem&nt of trustee5' responsibilities set out in the trustees, annual report, the trustees are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view. and for such internal control as the trusteÈs determine is necessary to enable the preparatien of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financlal ststements, the trustees are ￿SponsIble for assessing the charity's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of acwunting unless the trkjstees either intend to cease operations, or have no realistic alternative but to do 50. io INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE RICHMOND & HOUNSLOW METHODIST CIRCUIT Audltw's ￿SponSIbIlItIeS for the autht of ihe finantial styètemehts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in aecordance with the Act and relevant regulations made or having effect thereunder. Our objectives are tc obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance Is a hlgh level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misststemènt 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. A further description of our responsibilitles is available on the Financial Reporting Covncil's website at https'.//www.frc.org.uk/auditorsr&sponsibilities. This description forms part of our audit report. Extent to whlch the audit was considered capable of delectlng Irre8ularltle5. Includlng fraud Irregularities, includlng fraud, are instances of non-compliance with laws and regulations. We desSgn procedures in line with rèsponsibiliti@s, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, Including fraud. We obtain and update our understanding of the entlty, its activltles, Its control environment, and likely future developments, includlng in relation to the legal and regulatory framework appliGable and how the entlty is complying with that framework. Based on this understanding, we 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 eviden￿ that is sufficient and appropriate to provide a basis for our opinion. Thi5 includes consideration of the rlsk of acts by the entity that were contrary to applir4ble law5 and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud. we designed procedures which in¢luded: Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud- Reviewing minutes of meeting5 Qf those charged with governance; Assessing thÈ Èxtent of compliance with the laws and regulations considered to have a dlrect material effect on the financial statements or the operation5 of the entity through enquiry and inspection; REviewing financial 5taternent disclosures and testing to supporting documentatlon to asses5 compliance wlth applicable laws and regulations- Performing audit work over the risk of management bias and override of controls, including testing of Journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bia5. li INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE RICHMOND & HOUNSLOW METHODIST CIRCUIT Because of the inherent limitatltsns of èn audit, there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in the financial statements tsr non.¢ompliance with regulation. This risk increases the more that compliance with a law or regulation is removed froTll the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detectSng a material misstatement resulting from fraud is higher than for one resulting from error, as fraL¢d may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Use of our report This report is made solely to the charity's trustees, as a body• in accordancé with section 144 of the Charities Act 2011 and the regulations made under sectlon 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are rèquired to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body for our audit work, for this report, or forthe opinions we have formed. SamThomas (Senior ststutory auditor) Date: 14- ozf for aftd on behalf of Azets Audit Services Chartered Accountants Statutory Audltor Trinity Court 34 West Street Sutton SMI ISH Azets Audit Services is eligible for appointment as auditor of the charity by virtue of Its eligibility for appolntment as auditor of a company under section 1212 of the Companies Ath 2006. 12 Rlchmond and Hounslow Circuit of the Methodist Church statement of financlal activities and Income and expendlture account forthe year ended 31 August 2024 {restatedl Total funds 2023 Clrcult Model Designated Restricted since none of the properties has a known original cost. Revaluatlon5 occur at three yearly intervals, unle55 there Ss evidence of 3 material change in the value of the item. A revaluation of the proporrSes was carrlod out by Safjderson Weatherall LLP on 31st August 2023. The gain or loss arislng on the di5P05al of an asset is determined as the dlfference between the sale proceeds and the cèrrying value Df the asset, and is recognised in the Statement of financial activities. 17 Richmond and Hounslow Circuit of the Methodist Church Notes to the account5 for the year ended 31Au ust 2024 l Accounting polkles Icont'dl Iviiil Investment ro ertles From tlme to time the Clr£uit may hold resklentlal property whlch Is surplus to its normal Staffing reoulrements. Where this is tho case and It Ss 3ntl¢ipated that the p¥operty is unlikely to be used as z man52 Wlthln two years, the property is classified as Investment Property IwhetheT let out oi not) and any lets are at market rate unless there is a compelling reason not to do 50 itl furtherance of the Circuit's charitable objectives. Investment property Is measured at falr value at the reporting end date. Revaluations occur at three year Interva15, unle$5 there is evidence of a material change in the value of the propert¥. A revaluatlon of the properties was carried out by Sanderson Weatherall LLP on 31st August 2023. The Circuit m3y also be required to assume responslblllty for Church premises following c105ure and ce￿atIon of woiship. This re5uIt5 In the Clrcuir becoming Managing Trusteos for the Property. At that time the property Is recognlsed as an a55et at Its antlcipated sal& price as determined by a profe551onal valuatlon and after taking into consideration the levy to be charged by the Connexion. aitment of fixed èssets At each reporting end date, the charity ievsews the carrying amounts of Its tangible assets to determine whether there is any indlcation that those assets have suffered an impairment loss. If any such indication oxist, the recoveiable amount of the as5et5 15 estimated in orderto delermEne the extent of the Impairment loss lif anyl. Recoverable amotsnt ts the hlEher of fair value less costs to sell and value in use. In assesslng value in use, the estimated futu￿ cash Itows are discounted to thèir pres&nt value using a pre-tax discount rate that reflects current markot assessments of the time value of money and the risks specific to the asset for which the estlmates of future cash flows have not been adjusted. If the recoverable amount of an asset Is estimated to be le55 than it5 carrying am¢>unt, the t3rry>n8 amount of the asset is reduced to its recoverable arnount. An impairmerbt1055 15 reco6nlsed Immedlately In expenditure for the yoar, unless the rElevant asset Is carrled at a revalued amount, in which case the impairment loss Is treated as a revaluètlon decrease. Recognised impairment105ses are reversed if, and only it, the reasons for the impairment loss have ceased to apply. Wh£re an impairment loss subsequently ¥everses, the carry5r¢g amount of the asset is increased to the Tevi5ed estimate of its reccwerable amount, but so that the ittcreased carrying amount does not exceed the carrying amount that would have been detelmlned had no impairment1055 been r￿QgnIsed for the asset in prior years. A reversal of an impalrment loss is recognised immediately, unless the relevant asset is cairted out a revalued amount. in whlch case the revErsal of the ItnP2irment loss is treated as a revaluation increase. Ixl Moneti investments The Circuit's investments are in monetary assets classified as basic financial instruments under FRS 102 3nd are held by the Truslees for Methodlst Church Purp05e5 ITMCPI a5 Custodian trustees. The valuatlons, at market value, are those provided byTMCP. Ixil Cash at bènk and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments wlth a short matursty of three months or less Irom the date of acqulsition oropenlnE ol the deposit or similar account. 18 Richmond and Hounslow Circuit of the Methodist Church Notes to the accounls ft)r the year ended 31Au ust 2024 l Accountlng policies Icont'dl Ixiil Financlal instruments The charity only has flnancial assets and financial liabilities ol a kind that qualify as basic financial In5trurnents. Financial instruments are recognised in the charity's balante shept when the charity become5 party to the contractual provisions of the instiument. Financial assets and l¢abilltle5 are offset, with the net amounts presented in the financial statements, when th@re is a legally enforceable r￿ht to set ctrff the recognisèd amounts and there is an intentlon to Settle on a net basts or to realise the asset and Settle the liability simultaneouslv. Bositfinunciol ussets, whlth include debtors and cash and bank balances, are Inliially measured at transaction price including tran53Ction costs and are subsequently carried at amort15ed cost uslng thè èffective interest rnethod unles5 Ihe airangement constitutes a financlal transaction, where the transactlon is measured a the present valuè of the fsjture receipts dlscounted at a market rate of Interest. Financial assets classified as reteivable within one year are not amortlsed. gasicfinuncitslliobilltie5, includ*rg creditor5 and bank loans are initially reiognised at tr3n5action price vnle5S the Jrrangement consiitutes a financing transaction. wherE the debt inlerest is measured at the presenl value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Debt instruments are subsequèritly carried at amortised cost, Using the effectlve interest fat8 method, Trade creditors are obligations to pay for goods or service5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are cla55ified as current liabillties If paymenl is due within one year or less. If not, they are presented as nDn-current liabllities. Trade creditors are recognis@d initially at trafisartion price and subsequently measured at amortlsed cost using the effectlve interest r31È method. Financial liabilities are derecognised when the charity's contrattual obligations oxplre or are discharged orcancelled. Ixllll Pensions Ordained presbyfers and doacons ale membors of the Methodisr Mln*sters' PeJ)sion kheme IMMPSI. This 15 a defined benefit schetne operated by the Methodist Church In Great Britain. ThE Circuit ha5 nollabilities to the scheme over and above the contributions it makes in respect of its ordained mlnisters. The charity's lay employees are able to make conlrlbutlons Into a deflned contribtjtion penslon scheme. Eligible employee5 are automatically enrolled unles5 they have exercised their right to opt out ol scheme membershlp. Employees may ¢h005e to contribute 2% or MO￿ of theii 5al4ry and the charity contrlbutES 6%. Annual contributions are charged to Ihe statement of finar¥cial 3ctivitie5. 2 Re5taternent of 2022.23 118ures Prior year figures have been restated to prE5Pnt the prvperties a5 part of the General Fund and to reclas51fy ihe Circuit Model Trust Fund as unrestricted In accordènce with Methodist practice. There is no effect on the total funds at I Septembe¥ 2022 or 31 August 2023. 19 Richmond and Hounslow Clrcuit of the Methodist Church Notes to the accounts for the year ended 31Au ust 2024 3 Comparatlve Statement of Financlal Artlvitles- restated Clrcuit Model DeslBnatÈd General fund Trust fund5 lunre5tiictedl lunrÈstrlctedl lunrestrlctedl RestrStted & Endowment funds Total funds 2023 Incorne Irom: Donat10ns and legacies Charitable activitie5 othertiodlng actlvitle5 Investments 952 20,000 952 151,338 46,865 47,634 131.338 46,865 8,677 26,886 12,000 71 Totsl Income 186,880 26,886 12.000 21,023 246,789 Expendllure on.. Raising fund5 Charltable a¢tlvltles'. Grdnts & donatlon5 stlpends & salarles Property District Assessment & Levy PreachinE, training & mission Olher cost5 131 1,880 2,018 28,530 952 52,346 2,531 29,482 189,062 781,250 77,591 6,438 52,177 136,716 778,719 36,856 6.438 20,787 40,735 2,110 29.280 Totsl e)Ependlture 979,647 71.145 2,110 85,116 1,138,018 Net gainlllossl on monetary investments Not gainlllossl on Invesrment property dlsposalslrÈvaluations 11.0641 16,5131 11021 17,6791 1903,0001 1903,0001 Net Incomellexpenditurel 11,696.8311 150,7721 9,890 164,1951 11,801,908) Transfers between fund5 113.3911 119,7641 110,4641 43,619 11,710.2221 170,5361 15741 120,5761 11,801,908) Qther YetOEnlsÈd 8aSa)s and 105ses Revaluation of tangible fSxed as5et5 1160.OL)01 1160,0001 Net mDvement In funds 11,870.2221 170,5361 15741 120,5761 11.961.9081 Recondliation of funds Total fund5 brought forward Total funds carrled forward 9,846,120 7,975,898 730,279 659.743 59,069 58,495 87,099 66,523 JO,722,567 8.760.659 20 Richmond and Hounslow Circuit of the Methodist Church Notes to the accounts for the year ended 31Au Ust 2024 4 Income from charltatjle activlties Unrestrlcted funds Restrlcted fund5 Total 2024 Unrestrlcted fund$ Restrlcted fund5 Total 2023 Ass@5sments Performance related grants.. Urban Mission PioneeTing Ministry Lay Pastor Contributions from churches.. Plonettring Mlni5try Lay P3Stor other 164,616 164,616 131,338 131,338 21,000 15,000 20.000 21,rx)o 15,WO 20,CKJO 20,000 20,0 5.004 8,000 5,004 8,000 826 826 165,442 69,004 234.446 131,338 20,00 151,338 The Circuit comprised 7 churches and each Is assessed for a contribution to meet the overall rFet C05tS Df the Circuit U51ng a formula based on assessable income. 5 Income from other tradlng actlvltles Total 2024 Total 2023 Other income Salary rÉchÈrge5- lay pastor Salary recharge5- administrative stall Contraclor charges rebilled 27.873 17,588 1.404 20,013 20,013 46,865 The Circuit employs lay staff on behall of several of the churches and their costs are rechar8ed as 3pproprlate. All incomp from tr4dlng ?ctivitle5 relates to unrestricted funds. 21 Richmond and Hounslow Clrcult of the Methodist Church Notes to the atcounts for the year ended 31A ust 2024 6 Investment income Irestatedl Total fuftd$ 2023 Clrcull Model De￿gnated General fund Trust funds lunrestrl¢ted) lunrestrlctèdl lunrestrlcted Restrlfted & Endowment funds Total funds 2024 Rental income Income from unllsted investments Interest feceivèble Loan Interest receivable 12,550 12,550 7,924 12,00 8,285 725 7,130 69 14,310 33,835 48,145 1.650 27,349 1,650 Total 15,035 40,965 12.550 1.719 70,269 47,634 InvÈstmÈnt Income- pylor year Irestatedl Csrcuit Model General tund Trust lunrestrktedl lunre5trittedl Designated fund5 Uhrestrictedl Restrlcted & Endowment fund$ Total funds 2023 Rental income Income from unllstod investment5 Inte￿5t receivable loan interest receivable 12,000 12,0(Xl 8,285 739 7.475 71 7,938 19,411 27,349 Total 8,677 26,886 12.000 71 47,634 22 Richmond and Houn51ow Circuit of the Methodist Church Notes to the atcounts for the year ended 31Au Ust 2024 7 Stlpends and salaries Vnrestrlcted funds Restricted funds Total 2024 Un¥estrl£ted fund5 Restrlcted funds Total 2023 Stlpends Social Security costs Pension contrlbutlons Apprenticeshlp letry 61,372 5.959 15.624 307 58.468 5,558 15,624 293 119,840 11,517 31,248 GCKJ 56,901 5,341 14,487 288 38,324 3,568 10.262 192 95.225 8.909 24,749 480 loy staff Salaries and wages Soclal Security costs Pension contributions Apprentlceship l&vy 30,737 1.297 1,650 152 31,087 3,035 61,824 4,332 1,650 307 54.469 3,496 1,459 275 54.469 3,496 1,459 275 155 Total 111.098 114,??0 231,318 136.716 52,346 189.062 Tliere were no employees whose annual Yemuneration was more than £60,000. 'rhere is no accrual for holiday pay as Itls immaterial.. the holiday year end5 on 31 August. All staff are paid at or above the London Living Wage. Eath Pre5byte¥ is entitled to a 3 month sabbatical every 5 years and ihe expen5e5 incurred by the Presbyter are mei by the Connexion with the Circuit contlnuing to pay the stipend. During the year there have been fto12023.' no) sabbaticals. The Circuit does not accrue for holiday pay cover as the remainin8 Staff ¢tsv2r the sabbaticals as needed and without extra pay. 8 Staff number5 The average number of employees was as follows.. 2Q24 2023 Headt0￿￿t Headcount Presbyters Deacons Lay Pastor Administration- Clrcuit Adm%ni5tration & cleoning- ChurEhe5 The Circuit acts as the employèr for all Staff in the circuit whether based in the circult or the toeal thurche5. Staff cost5 for those staff working within local churches are rechar8ed to Iheir rÈspective churches. 23 Rtchmond and Hounslow Circuit of the Methodtst Church Notes to the accounts for the year ended 31Au ust 2024 9 Property expendlture The Circuit is Managing Trustee for 5 manses, 4 of which are occupied by mlnisters stationed in the Circuit. One manse Is let on an Assured Shorthold Ten3ncv. Until its sale In March 2024, the Clrcult a150 acted as Managing Trustees for the closed church at Brentford. Unre5trlcted fund5 Restrlcted funds Total 2024 Unrestrlcted fund$ Re5trlcted funds Totsl 2023 Manses Council Water 4,418 1,870 5,280 251 7,222 655 25,798 6,837 1,344 11,255 3,214 5,280 251 7,222 655 25,798 9,507 1.678 6,647 396 6,475 4,427 732.887 2.174 300 11.681 1,978 6.647 396 6,475 4,484 732.887 Insurance M8intena¥bce contracts Repatrs & malnlenance Other cDsts Refurbishment 57 Closed churches Insurance Su¥veyor other cDsts 5,299 1,800 622 5,299 1,800 622 10,774 4,200 1,728 10.774 4,200 1,728 53,215 8,181 61,396 778,719 2.531 7BI,250 24 Richmond and Hounslow Clrcuit of the Methodist Church Notes to the accounts for the yeai ended 31Au ust 2024 io other costs Unre5trlcted funds Restrltted funds Total 2024 Unre5trlcted funds Restrlrted funds Total 2023 Telephone & Broadband Travel Printing, PostaEe & Stationery Resources Recruirment Other office costs Farewell and oiher gifts Legal & professional fees Youth club A£countano/ Audit fees 11,000 Website 41 Rent of property during manse iefurbishment Removal CL)St5 1,632 1,191 1,186 13 I,iii 1.443 244 200 826 2.055 1.177 324 80 3,687 2,368 1,510 93 I,iii 1,687 244 200 826 1,646 1,221 1,372 127 1,367 649 239 41 3.013 1.870 1,611 168 244 1,276 20 1.276 20 480 1.404 4,200 9,LK)O 41 18.956 8,028 1,404 4.200 9,000 41 11.000 41 18,956 8,028 Subtotal (general fund) 18,887 20,787 LÈtttng costs.. management fee Letting costs: repairs 1,729 102 1,729 102 1.584 526 1.584 526 Subtotal IdÈsl6nated funds) 1,831 2,lJO 20,718 3,880 24,598 22,897 29,280 52,177 11 Trustees and Related party transa¢tions rhe Circuit Superintendent, Presbyters, Deacons alid the Circuit Stewards form ihe Circult Leadership Team and are considered as Key Management Personnel. None of the trustees receive any remuneratior> for their role as trusteÈ. Presbyters and Deacons are trustees and details Df their stipend5 and expenses are: Deacon Richard 2024 Deacon Rev G Farrar 2024 Rèv A Nyawts 2024 Kathy 2024 StEpend Pen510ri costs Computei èllowance Travel Telephone & internet Removal other expenses 31,978 7,812 194 749 29.040 7,812 194 370 29,040 7,812 194 230 904 29.040 7,812 194 687 1,205 605 499 25 Richmond and Hounslow CSrcult of the Methodist Church Note5 to the atcounts for the year ended 31Au U5t 2024 Deacon Richard 20Z3 Deacon Rev G Farrar 2023 Rev A Nyawo 2023 Kathy 2023 Stlpend Ponslon costs Computer allowance Travel Telephone & intemet Removal Other expenses 29,621 7,244 176 664 26,928 7,244 176 465 224 11,220 3,018 26,928 7.244 176 490 1,150 4.304 119 159 217 3,151 217 794 MaTgaiet Logan and Carol Powers were remunerated for thelr ioles as Clrcuit Administrator and Lay Pastor ¥espectivel¥. Lav Clrcult Lay Clrcult Pastor Admln Pastor Admln 2024 2024 2023 2023 Remunoration Pension costs Other benefits 34.277 12.524 ?si 312 25,916 12,028 697 312 34,277 13,587 25,91S 13,037 The legal authority for payment to tru5tÈes in theSr roles as mlnisters or employees of the Circuit is contalned withln the Mcxlel Trust5. Manses are provided by the Circuit for Pr￿bvterS and Deacons and the Clrcuit waintains the properties. The value or Council Tax and water charges paid by the Circuit 15 not (Jisclosed here as HMRC does not regard this as a benefit in ttrke hands of the minister. Lay staff received travel expenses in relatlon to thelr roles. but none in respect of their roles as trustees. One othèr trustee12023.. 11 recelved expenses of E12412023.. £B41 in respect of their Circuit role. The aggregate 2mount of donatlons to the Circuit received frorn trustees in the year was £nil12023.. £nill. All o*the trustees ère members of one or another church within the Circuit and may be tru5teos in thelr churthès. Related partle5 include the Methodist Connexion, the London Distiict and the churches within the Circuit which are listed below. Barnes Chiswlck Heston Houhslow PutnÈy Richmond ILEPI RoÈhampton 26 Richmond and Hounslow Clrcuit of the Methodist Church Notes to the accounts for the year ended 31Au ust 2024 Tho District A55e55ment is taltulated Igr Circuit5 Within the London Oi5trlct based on 2 formula which takes Into accoynt ministerial stafflng, membership, free leservesi geneF31 fund surpluses and cash balances. The Levy is calculated è 51idin¥ scale percentage of the Circuit's CMTF accouiit balance at 31 August of the prevlou5 financial year. General fund Clrcuit Model Trust Total 2024 General fund Clrcult Model Trust Total 2023 Dlstrlct Expense5 Methodist Church Fund Levy on CMTF funds 5,467 32,497 5,467 32,497 39,832 5.3Q8 31,548 5.308 31,548 40,735 39,832 40,735 37,964 39,832 77.796 36,856 40,735 77,591 rhe Circuit has a loan agreÈmÈnt with Barne5 church. Further details ol the ltran, togetherwith the amount outstanding at the year end. are in note 15. 12 Tanglble Ilxed assets Freehold land 3nd bulldln Volu¢7tion At I September 2023 Revaluation 6,305,000 At 31 Au8USt 2024 6,305.000 Land and buildings were revalued at 31 August 2023 by Sanderson Weaterall LLP, IndependeTrt valueY5 not connected with the charlty. on the basis ol market value. ThE valu4tion confoim5 to Internation31 Valuatlon 5tandard5 and wa5 based on recent market transactions on arms length term5 for sirnilar properties. rhe valuation af £6,305.000 15 split between Land values of £4,413.500 and building values of £1,891,500. 13 Investment propertv Fuir volue At I September 2023 Dlsposals Net gains tsr losses through fair value adjtsstments 1.480,000 11,030,0001 At 31 August 2024 450,00 Investment property at the Start of the year comprised one manse which is let out to tenants, and the former Brentlord church. The church was sold in March 2024 wlth proceeds after accounting for connexio¥J31 levy and fees of £886,508. The fair value of the manse ha5 been arrivpd at on the basi5 01 a v31uation carried out at 31 August 2023 by Sanderson Weatherall LLP, who are not connected with the charlty and then updated to reflect prope¥ty valuation trend5 In the local area. 27 Rlchmond and Hounslow Circuit of the Methodist Church Notes to the accounts for the year endèd 31Au ust 2024 14 FIMed asset investments Brentford Church Surplus funds Alfred Las5 Be uest Total 2024 Total 2023 CMTF At I September 2023 Unreallsed Ealn/llos51 Income Capltal income Charges and transfers 647.762 23,410 40,965 986,508 1193,8091 30.409 1,857 1.075 3,645 2,293 177 69 684,109 25,444 42,296 886,508 1194,9531 708.216 17,6781 28.362 187 11,0751 1691 144,7911 Market value at 31 Auoust 1,4D4,B36 32,266 3,832 2,470 1,443,404 684,11)9 Conslstin£ of.. Managed Mixed Fund Managed Equity Fund Trustees Interest Fund 196.431 82,358 1,126.047 25.855 2,470 224.756 82,358 1,136,290 208,617 73.055 402,437 6.411 3,832 1,404,836 32,266 3,832 2.470 1,443,404 684,109 Tho funds that suppoit the Circult Modèl Trust Fund 311d the Ctrcuit's othÈr funds are h@Id by fMCP. The Brentford Church and 5uTpIu5 funds may be used tor any purpose and form part of the General Fund. Fixed 455et Imiestments- prlor year Ire5tatedl rentford Church Surplus funds AlfrÈd Lass uest Total 2023 CMTF At I September 2022 Unrealised gain/llos51 Inco*ne Capltal income Charges and transfers 659,806 16.5131 26,886 42,473 11,0641 1,292 3,542 2,395 11021 71 708,216 17,6791 28,362 113 132,4171 112,2921 iioi 144,7901 Market value at 31 August fA7.762 30.409 3,645 2,293 684,109 Consisting of.. M3naged Mixed Fund Managed Equity Fund Tru5tee5 Intere51 Fund 182,325 73,055 392,382 23,999 2,293 208,617 73,055 402,437 6,410 3,645 647,762 30,409 3,645 2.293 684.109 28 Rlchmond and Hounslow Circuit of the Methodlst Church Note5 to the accounts for the year ended 31Au ust 2024 15 Oebtor5 2024 2023 Due within one year.. Trade debtors Prepayments and accrued Income Loan to 8arne5 church Other debtors 1,737 14,559 12,OQQ 959 223 64,614 12,000 40,118 29.255 116,955 Due after more than one year.. Loan to 8arnes church 37,650 48,fXJO Total debtors 66,905 164,955 The loan to Barnes church is repayable at £12,000 per year over 5 years. Interest Is added to the loan on an ann￿al, non cumulative basis. The interest rate in 2023-24 was 2.75% 16 Credltors.. amounts falling due wlthln one year 2024 2023 Trade creditor5 Other creditors Deferied income Accruals 364 5,904 36.519 67,757 46,376 6,283 11,000 Ttstal 17,647 156,556 Deferred Income ZQZ4 2023 Balance at beginning of year Amounts released to income Amounts deferred in the year 67,757 167,7571 6.283 75,220 175,2201 67,757 alano al the end of the year 6,283 67,757 Income Is defe¥red when It has been involced or recelved in advance of the relevaDt actlvlty belng cariied OLJt or lin the case (yf grant income) when performance-related condltion5 have not yet been met. 29 Richmond and Hounslow Circuit of the Methodist Church Notes to the accounts for the year ended 31Au st 2024 17 Movements In funds At I September 2023 Incomlng resources Outgoing resources Galns & losses At 31 August 2024 Transfers Endowment funds F Alfred l ass Bequest 2,293 69 171 177 1621 2,470 Re5trlcted furtds: Barnes Church loan 60,000 1,65D I12,￿0) 49,650 Ploneerlng Mlnistry Urban Mission l.ay Pastor Offerirlgs 1,500 2,730 20.004 21,000 28,000 469 145,6481 146,1051 134,9281 14691 26,000 26.719 6,500 1,856 4,344 14281 Total restrlrted funds 64.230 71.123 1127,1501 47.219 55,422 Unrestrlcted funds: DÈslgnated funds Manse fepairs Trainlng Children & Youth Closed chLFrch expei)ses Urban Mission 53,097 2,300 780 2.318 53,097 2,300 780 12.3181 110.7191 12,550 11.8311 Total deslgn3ted funds 58,495 12.550 11,8311 113,0371 S6,177 General fvnds Clrcuit Surplus fund Brentford church TMCP fund5 lrtve5tment property revaluation fund Flxed asset revaluation fund Circutt Modèl Trust Fund Grants paid in advance Owing to GF for manse repair 156,844 3,645 30,409 199,218 197 1,075 1230,7521 iioi 1871 1143.4921 194.122 175,940 3,832 32,266 1,857 19881 1,480,000 11,030,000) 450.000 6,305.000 647.762 48,500 136.5191 6,305,000 1.477,936 40,965 148,9281 23.41CI 814,727 148,5001 36,519 Total unrestricted funds 8,694,136 2S4,005 1281,6081 1118,2251 147,1571 8.501,151 Total funds 8.760,659 325,197 1408.765 1118.0481 8,559,043 30 Richmond and Hounslow Circuit of the Method15t Church Notes to the account5 for the year ended 31Au ust 2024 17 Movements in funds Icont'dl Movements in funds- prevlous year Irestatedl At l September 2022 Incomin8 resources Outioln8 resources Galns& losses At 31 August ZOZ3 Transfers Endowment funds F Alfred Lass Bequest 2295 71 11021 1641 2,293 Re5trkted fund5: Pioneering Ministry Urban Mission Barnes Church loan Offerin85 121,500 162.6571 23,000 40.683 120,0(M)I I,soo 2,730 60,000 4,704 80,000 20,OOC) 952 19521 Total restricted funds 84.704 20,952 185,1091 43,683 64,230 Unrestrl¢ted funds; Deslgnated funds Man5E rcpair5 45,749 2,300 7,348 53,097 2,300 780 Children & Youth COVID grants Closed church expenses Urban Mlsslon 780 3.000 8,020 13,0001 15,7021 19,8901 2,318 12,000 12,1101 Total designated funds 59,069 12,000 12.1101 110.4641 58,495 General fund5 Circuit Surplus fund Brentford church TMCP funds 135,011 3,541 42,474 185.475 114 1979,5161 iioi 11211 815,874 156,844 3,645 30.409 1.291 11,0641 112,1711 Investfftent property revaluation fL4nd Fixed asset ievaluation fund Clrcuit Model Trust Fund Grants paid in advance Owlng to GF for manse repalr 3,200.094 1903,0001 1817,0941 1,480,000 6,465,0 659,806 70,473 1160.OOCII 16,5131 6,305,000 647,762 48,500 136,5191 26,886 171,1451 38,728 121,9731 136,5191 Total unrestricted funds 10,635.468 225,766 11,052,902) IL070,5771 143,6191 8,694.136 Total funds 10,722,567 246,789 1,138.0181 11,070.6791 8,760,659 31 Richmond and Hounslow Circuit of the Methodist Church Notes to the accounts for the year ended 31Au st 2024 17 Movements in furKf5 Icont'dl Purposes of restricted funds Urban Mission, Pioneering Ministry, Lay Pastor these funds support pa¥ticular ministiies within the Clrcult. OfferTrng5- collected for specific Connexional funds. Purposes of deslgnated funds These funds have been set aslde by thÈ Circuit Meeting to serve specific purposes but are not restrltted by any document or deed to that purpose alone. Manse repairs- for major repairs or refurbishments not covèred by the annual amounts withln the general fvnd. Tnlnln8- unspent budget from prior years agreed to be set aside for future training needs. ChildFen & Youth- unspent budget fiom prloryear5 agreed to be set aside for future needs in this area of work. Urban Mission- receivos the rent Iless fee5 a￿d costs) from thé RoÈh3mpton manse whlch the trustees have agreed to be used to support thÈs particular ministry. General fund- for Lise at the discretion ol the trustees in the furtherance of the general objectives of the Circuit and which have not been deslgnated for other purposes. clrr.uli Mndel Trust Fund- lor USÈ at the di5crÈtioÈi of ihe trustees in the furtherance of the general objecElves of the Circutt. Its main Source of income is lega¢ie5 and proceeds (alter Fees and leviesl from the sale of manses and church buildings in the Circuit. Although this is an unrestricted fund under the cantrol of the Clrcuil Meeting, pilor approval Is still requlred fmm the Dlstrlct to utlllse these funds. Methodlst Standlng Orders 917, 930 and 931 are applicable. Clrcuit propèrty Is tèrrled In the General fund but upon sale the net proceed5 are processed through the Clrcuit Model Frust Fund. The sale during the year of the fotmer Brentford church gave rise to a transfer