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2022-08-31-accounts

At the heart of community

in town and country in and around Felixstowe, Ipswich and Woodbridge

THE METHODIST CHURCH - IPSWICH CIRCUIT

YEAR ENDED 31 AUGUST 2022

FINANCIAL STATEMENTS AND

TRUSTEES REPORT (ACCRUALS BASIS) Registered Charity Number 1134363

Organisation address Circuit Office 17 Black Horse Lane IPSWICH Suffolk IP1 2EF

Page 1

CONTENTS

PAGE
Trustees Report General Review 3 - 5
Finance and Governance 5- 8
Statement of Financial Activities 9
Balance Sheet 10
Statement assets and liabilities byfund 11-12
Fund movement bytype 13
Notes to the Accounts 14 – 18
Declarations 19
Independent Examiners Report 20
Appendix 1 Trustees for 2021/22 21- 23

Page 2

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Introduction

Welcome to the annual report of the Ipswich Methodist Circuit. We represent the Methodist Church in the area in and around Ipswich providing a Christian witness in the communities within which our constituent churches are based. It is our desire to provide a loving, caring Christian welcome to all who we meet, whether a worshipping believer or not, and to reach out to our local communities in a similar way.

The Methodist Church is one of the largest Christian churches serving Great Britain, with around 170,000 members and regular contact with nearly 500,000 people. It has around 4,110 churches in Great Britain, and also maintains links with other Methodist churches with a worldwide total membership of over 80 million. Its activities, both alone and with ecumenical and secular partners, are based on four aims known as Our Calling:

The Ipswich Circuit has circa 675 members in its constituent 22 churches. Its activities are controlled by Ministerial and Lay Staff and Voluntary Officers appointed by and answerable to the Circuit Meeting. A Mission Policy and Reserves Policy, which interprets the implications of our Mission Policy on our financial situation, are approved by this meeting and provide the foundation for decision making. The Mission Policy was updated and approved at the September 2022 meeting. The Reserves Policy will be reviewed in light of the latest revision and updated as appropriate for ratification by the Circuit Meeting.

Aims and organisation

Circuit Mission Statement

The Ipswich Methodist Circuit aims to support the Methodist Churches in the area around Ipswich, Felixstowe and Woodbridge in their primary work of Worship, Leaning and caring, service and evangelism.

Our Mission is:

To support and resource our Methodist communities appropriately and encourage each one in its mission as effective church.

We aim to:

  1. – to be a discipleship movement shaped for mission.

    • support and resource our Methodist communities in fulfilling ‘Our Calling.’

‘The calling of the Methodist Church is to respond to the gospel of God's love in Christ and to live out its discipleship in worship and mission.’

Page 3

REVIEW OF THE YEAR

Income trends

Circuit income is primarily drawn from the assessment paid by the circuit churches, on occasion this is supplemented by grants from East Anglia District of the Methodist Church and additional contributions from some churches for specific projects. Since March 2021 the Leiston manse has been let generating some £8,000 additional income in a calendar year to provide additional income pending possible sale.

Expenditure trends

Stipend expenditure is revised each financial year in line with Conference approved increases. The same increase is applied for both ministerial and lay staff remuneration. In the reporting year this increase was 1.16%.

The Circuit contribution to the District and Connexion was 18.4% of total expenditure in the reporting year a significant part of that contribution is used to fund the work of the wider Methodist Church. The bulk of the remaining expenditure is on salaries/stipends and allied costs.

Fund balances

General Funds

As at 31 August 2022 the total assets of the Circuit were £3,053,075. Of these the Nett Current Assets of the Circuit were £310,357. During the previous year, 2020/21, the waiver of the first quarter assessment contributions, to lessen the covid pandemic’s impact on churches, led to a reduction in reserves in the General Fund. The decision was taken to sell the Trinity manse in Felixstowe and purchase a more modern replacement which also released some £98,861 of capital to bolster the Model Trust reserves. The increase in the Model Trust from this capital receipt has secured adequate funds to support our ongoing ministry.

The total expenditure of the Circuit was £388,199, down slightly from the previous year. One factor in the reduction compared to the previous year was the call in 2021 from Connexion for an unbudgeted contribution towards replenishing the Pension Reserve Fund. The Circuit gave £17,000 in response from General funds. Originally it was intended to draw this from the Model Trust but to conserve that for the long term as much as possible General funds were used leading to a short term reduction in immediately available reserves but not impairing the ability to operate in the short term.

During 2021/22 £30,000 was transferred from the Model Trust as the final tranche of funding for one minister in the Circuit. When this financial support was originally approved it was only envisaged to be for one year. However, it became necessary to use Model Trust funds for the duration of the 3 year appointment.

The Reserves Policy aims to hold 6 months average expenditure in our General Fund Reserves. This would require the General Fund to hold some £195,000 in reserve. The year-end balance of the General Funds (which comprise the Unrestricted General Fund plus Designated funds for the Office, Education & Youth, Removal, Professional fees and Manse funds) totalled £53,782 which is lower than the end of last year and only 28% of our target reserve holding.

The Circuit Model Trust, which comprised £152,064 of the total current assets at year end, though unrestricted, has historically been designated as a source of funding for particular mission projects and to support church property

Page 4

schemes. In the past it was not, therefore, been taken into consideration in relation to the general sustainability of the circuit. It has, though, provided an additional “safety net” should our reserves be depleted.

In at least the short to medium term, we may well have to continue to call upon the Model Trust to support our day to day functions. Any such proposal would be subject to Circuit Meeting approval. The only other option would be for churches to significantly increase their assessment contributions which may prove difficult for many. The Model Trust is, however, a finite source of funds only replenished by the sale of property (i.e. manses and churches) and thus not a basis for supporting the work of the Circuit in the long term.

Restricted Funds

In addition to the Model Trust there are 3 small trusts held (J E Day, A H Cade & People’s Hall) which can be used for mission and outreach support which will be utilised when appropriate. They contain a total of £14,334.

The Riches Reeve Fund (£898) is at the disposal of the Local Preachers meeting to support training and development of local preachers.

Plans for 2022/23

The Mission Policy and Vision Statement approved at the September 2022 Circuit Meeting outlines the intention to consolidate the enlarged Circuit while looking to creatively engage with and serve the local communities.

In 2021/22 it was agreed to reduce the ministerial establishment to 4 and to adjust the Mission Areas to establish a fairly even distribution of oversight to complete the integration of the 4 churches previously part of the Lowestoft and E Suffolk Circuit. This should secure the financial well-being of the circuit. Two new ministers were appointed to serve the circuit from 1[st] September 2022 and a further appointment will start in September 2023.

Our Superintendent is also due to move on and once again we will enter the Stationing process with a view to appointing a new Superintendent for year commencing 2024/25. If successful this will secure our presbyteral oversight for the future and give the Circuit some long term stability.

As the new ministerial team bed down appropriate lay staff will be deployed to support the work in the local communities and online.

Having rationalised our manse portfolio during 2021/22 it will be further reviewed following the adjustment to the ministerial establishment to release further capital or income to support the ministry of the Circuit and its constituent churches.

We will continue to apply the lessons from the Transformational Leadership programme to our mission and ministry to encourage growth through imaginative team work as part of a dynamic new Church-wide focus on evangelism.

FINANCE AND GOVERNANCE

Basis of preparation and legal framework

The Charity’s annual report and accounts for the year ended 31 August 2022 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

Full Name of Charity: IPSWICH METHODIST CIRCUIT

Registration Charity Number: 1134363

Date of registration 17[th] February 2010

Main communication address: CIRCUIT OFFICE, 17 BLACK HORSE LANE, IPSWICH. IP1 2EF

Page 5

The members of the Ipswich Methodist Circuit meeting are the Charity Trustees, membership being made up of circuit office holders, ministers and representatives appointed by the local churches.

Full membership for the reporting year is shown as Appendix A to this report.

Circuit Ministers and officers

Active Circuit Ministers: Rev Derek Grimshaw (Superintendent) Rev Abe Konadu-Yiadom Rev Saul Tadzaushe Rev Andrew Sankey (2/3[rd] time) Rev Ian Gardner (active supernumerary 10 hours/week) Rev Stephen Yelland (active supernumerary 8 hours/week)) Circuit Lay Workers: Mr. Stephen Caley, Ms. Emma Bowyer Ms. Elizabeth Hepplethwaite, Mrs. Nicky Seabrook, Mrs. Rachael Wainwright, Mr. Neil Hepplethwaite Circuit Stewards: Mr. Richard Anderson, Dr. Elizabeth Cope, Mrs. Judy Steward, Mr. Neil Hepplethwaite, Mrs. Elizabeth Hepplethwaite. Mrs. Margaret Gooderham

Circuit Secretary & Administrator: Ms. Emma Bowyer

Mike Stock acted as the principal officer overseeing the day to day financial management and accounting for the circuit during the year.

Independent examiner: Moore Green 22 Friars Street Sudbury CO10 2AA Investment Bankers: Central Finance Board of the Methodist Church Trustees for Methodist Church Purposes

Aims and organisation

Charity objective is to act as a Resource provider within the area around Ipswich for the Methodist Church: The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of:

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

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

The resourcing of pastoral work including visiting the sick and bereaved.

Taking religious assemblies in local schools.

Promotion of Christianity through the staging of events and services.

Provision of chaplaincy services to the local university and other institutions

Page 6

Public Benefit

We confirm the trustees have had regard to the Charity Commission’s guidance on public benefit.

Structure, Governance and Management

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

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

Day to day management of the Circuit is undertaken by the Circuit Stewards and Circuit Leadership team along with the Local Preachers meeting,

Trustee Training

A range of guidance is produced by Methodist Connexion to support the effective running of the Circuit, specifically the leaflet ‘The Role of a Trustee in The Methodist Church’ is given to all new Circuit meeting members as induction to their role as trustees.

Related Parties

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

The following Methodist Churches are linked to the Circuit: Alan Road (Ipswich), Bramford, Bramford Road (Ipswich), Brantham, Capel St Mary, Chantry (Ipswich), Chelmondiston, Elmsett, Framlingham United, Holbrook, Kelsale, Kirton, Knodishall, Landseer Road (Ipswich), Leiston, Museum Street (Ipswich), Orford, Peasenhall, Seaton Road (Felixstowe), Trimley, Trinity (Felixstowe) and Woodbridge. Leiston church is a joint Methodist/URC partnership and is largely subject to URC ministerial oversight.

Risk Management

The major risks have been identified and recorded by the Circuit Leadership team in conjunction with the Circuit Finance Officer and Property Steward with professional advice taken as required.

There is a regular annual review process undertaken and recorded.

Income and Expenditure is monitored in total and is compared with the approved annual budget on a regular basis to detect trends as part of the risk management process to avoid unforeseen calls on reserves.

Safeguarding

Every person has a value and dignity which comes directly from the creation of male and female in God’s own image and likeness. Christians see this potential as fulfilled by God’s re-creation of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore to protect them from harm.

Methodist Connexional practice outlines commitment to the following principles:

• We will carefully select and train all those with any responsibility within the Church, in line with Safer Recruitment principles, including the use of criminal records disclosures and registration with the relevant vetting and barring schemes.

Page 7

• We will respond without delay to every complaint made which suggests that an adult, child or young person may have been harmed, cooperating with the police and local authority in any investigation.

• We will seek to work with anyone who has suffered abuse, developing with them an appropriate ministry of informed pastoral care.

• We will seek to challenge any abuse of power, especially by anyone in a position of trust.

• We will seek to offer pastoral care and support, including supervision and referral to the proper authorities, to any member of our church community known to have offended against a child, young person or vulnerable adult.

• In all these principles we will follow legislation, guidance and recognised good practice

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

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

Reserves Policy

The Reserves Policy for the Circuit is to hold a minimum sum equivalent to 6 months’ average expenditure. This should be sufficient to meet any unforeseen item of major expenditure on manses and / or to be able, in the short term, to continue funding planned activities in the event of an inability to raise the full Circuit Assessment from churches.

Page 8

Statement of Financial Activities

Unrestricted Designated
Restricted Endowment
Total
Prior year
funds
funds
funds
funds
funds
total funds
Incoming resources
Assessment
Capital receipts
Interest and investment income
Lettings
Other income (including unrealised gains on
property changes see Note 2)
Total income
Resources used
Stipends, salaries, NIC & Pension costs
District Assessment
Telephone & travel
Insurance, utilities etc
Maintenance on manses
Other expenditure
Grants & donations
Contributions to District Advance Fund
Total expenditure
Net income / (expenditure) resources before
transfer
Transfers
Gross transfers between funds - in
Gross transfers between funds - out
Other recognised gains / losses
Net movement in funds
Total funds brought forward
Total funds carried forward
Represented by
Unrestricted
General fund
Designated
Circuit Model Trust
Circuit Office Reserve
Education & Youth
Manse Fund
Outreach
Professional fees
Property
Removal Fund
Restricted
A H Cade Bequest
J Day Bequest
People's Hall Trust
Riches Reeve Memorial fund		 338,049
—
—
—
338,049
273,655
—
98,861
—
—
98,861
—
139
675
(36)
—
778
451
7,908
—
—
—
7,908
4,812
915
662,000
—
—
662,915
280,319
347,011
761,536
(36)
—
1,108,511
559,237
217,832
—
—
—
217,832
277,656
71,344
—
—
—
71,344
66,777
13,577
—
—
—
13,577
13,320
15,825
—
—
—
15,825
18,076
—
34,508
—
—
34,508
6,137
6,091
9,856
44
—
15,991
11,488
17,000
—
—
—
17,000
344
—
2,122
—
—
2,122
3,621
341,669
46,487
44
—
388,199
397,420
5,342
715,049
(80)
—
720,311
161,817
79,361
69,356
—
—
148,717
76,125
(69,356)
(79,356)
(5)
—
(148,717)
(76,125)
15,347
705,048
(84)
—
720,311
161,817
38,799
2,278,649
15,316
—
2,332,763
2,170,946
54,146
2,983,697
15,231
—
3,053,075
2,332,763
54,146
—
—
—
54,146
38,799
—
152,064
—
—
152,064
84,892
—
(2,513)
—
—
(2,513)
83
—
263
—
—
263
263
—
(472)
—
—
(472)
17,917
—
6,000
—
—
6,000
—
—
2,514
—
—
2,514
1,442
—
2,826,000
—
—
2,826,000
2,170,000
—
(158)
—
—
(158)
4,052
—
—
6,832
—
6,832
6,819
—
—
2,137
—
2,137
2,133
—
—
5,365
—
5,365
5,360
—
—
898
—
898
1,003

Notes:

1. Gross transfers include data entries to move funds between designated and general funds as appropriate to balance accounts and to make budget transfers. Actual transfers between funds were as follows: Circuit Model Trust (CMT) to General Fund for ministerial support £30,000 Interest transfer from People’s Hall to General Fund £ 5 Total £ 30,005

2. Total value of Circuit Properties were revalued on 31[st] August 2022 following sale of Trinity manse and replacement with a modern replacement. The total value of properties increased by £656,000.

3. There may be minor discrepancies due to rounding of figures to nearest pound

Page 9

Balance sheet

Class and code
Description		 This year
Last year
Fixed assets
D1
Circuit Properties
Total Fixed assets
Current assets
A1
Circuit Model Trust (TMCP 9461)
A11
A H CADE Trust (TMCP 21052)
A12
Riches Reeve Memorial Trust
A3
Sundry Debtors
A4
Circuit stocks
A5
Prepayments
A6
J Day Bequest (TMCP 18070)
A7
Great Glemham Trust (TMCP 9461a)
A9
People's Hall Trust (TMCP 15181)
B1
HSBC Current Account
B2
HSBC Deposit Account
B3
CFB Deposit Account
C1
Petty Cash
L1
Loan to churches
Z05
Accounts Receivable
Total Current assets
Liabilities
L12
Accruals
L3
Sundry Creditors
Z04
Accounts Payable
Total Liabilities
Net Asset surplus(deficit)
Reserves
Excess / (deficit) to date
Z01
Starting balances
Z02
Other gains/(losses)
Total Reserves
Represented by funds
Unrestricted
Designated
Restricted
Total		 2,826,000
2,170,000
2,826,000
2,170,000
152,063
84,891
6,831
6,819
897
1,003
—
—
28
22
—
—
2,136
2,132
—
—
5,365
5,360
3,056
5,351
61,623
44,653
52,991
67,041
39
47
14,154
15,594
11,168
14,007
310,357
246,926
—
—
80,332
82,117
2,950
2,045
83,282
84,162
3,053,074
2,332,763
720,311
161,817
2,332,763
2,170,946
—
—
3,053,074
2,332,763
54,145
38,798
2,983,697
2,278,648
15,231
15,315
3,053,074
2,332,763

Page 10

Statement of assets and liabilities

This year
Last year
Tangible assets
Circuit Properties
Property (Designated) -
Total for Tangible assets
Cash at bank and in hand
HSBC Current Account
General fund (Unrestricted) -
HSBC Deposit Account
General fund (Unrestricted) -
CFB Deposit Account
Outreach (Designated) -
General fund (Unrestricted) -
Manse Fund (Designated) -
Removal Fund (Designated) -
Professional fees (Designated) -
Education & Youth (Designated) -
Circuit Office Reserve (Designated) -
Petty Cash
General fund (Unrestricted) -
Total for Cash at bank and in hand
Debtors
Loan to churches
General fund (Unrestricted) -
Accounts Receivable
General fund (Unrestricted) -
Total for Debtors
Notes:		 2,826,000
2,170,000
2,826,000
2,170,000
2,826,000
2,170,000
3,056
5,352
3,056
5,352
61,623
44,653
61,623
44,653
6,000
—
45,803
42,160
190
18,172
(158)
4,052
3,384
2,300
263
263
(2,490)
95
52,992
67,042
40
47
40
47
117,711
117,094
14,155
15,595
14,155
15,595
11,168
14,007
11,168
14,007
25,323
29,602

.

Page 11

Investments
Circuit Model Trust (TMCP 9461)
Circuit Model Trust (Designated) -
A H CADE Trust (TMCP 21052)
A H Cade Bequest (Restricted) -
Riches Reeve Memorial Trust
Riches Reeve Memorial fund (Restricted) -
J Day Bequest (TMCP 18070)
J Day Bequest (Restricted) -
People's Hall Trust (TMCP 15181)
People's Hall Trust (Restricted) -
Total for Investments
Stocks and work in progress
Circuit stocks
General fund (Unrestricted) -
Total for Stocks and work in progress
Creditors: Amounts falling due in one year
Sundry Creditors
General fund (Unrestricted) -
Accounts Payable
General fund (Unrestricted) -
Manse Fund (Designated) -
Professional fees (Designated) -
Circuit Office Reserve (Designated) -
Total for Creditors: Amounts falling due in one year
Grand total		 This year
Last year
152,064
84,892
152,064
84,892
6,832
6,819
6,832
6,819
898
1,003
898
1,003
2,137
2,133
2,137
2,133
5,365
5,360
5,365
5,360
167,295
100,208
29
22
29
22
29
22
(80,332)
(82,117)
(80,332)
(82,117)
(1,396)
(921)
(662)
(255)
(870)
(858)
(23)
(12)
(83,283)
(84,163)
3,053,075
2,332,763

Notes:

Page 12

Fund movement by type

Opening Incoming Outgoing Transfers Gains/losses Journals Transfers Gains/losses Journals Transfers Gains/losses Journals Closing
Out - Outreach
Designated — 6,000 — — — — 6,000
Sub-total for Out — 6,000 — — — — 6,000
Property - Property
Designated 2,170,000 656,000 — — — — 2,826,000
Sub-total for Property 2,170,000 656,000 — — — — 2,826,000
R-R - Riches Reeve Memorial
Restricted 1,003 (103) 3 — — — 898
Sub-total for R-R 1,003 (103) 3 — — — 898
General - General fund
Unrestricted 38,799 347,011 341,669 10,005 — — 54,146
Sub-total for General 38,799 347,011 341,669 10,005 — — 54,146
Manse - Manse Fund
Designated 17,917 — 33,388 15,000 — — (472)
Sub-total for Manse 17,917 — 33,388 15,000 — — (472)
Removal - Removal Fund
Designated 4,052 — 4,210 — — — (158)
Sub-total for Removal 4,052 — 4,210 — — — (158)
Prof - Professional fees
Designated 1,442 — 1,428 2,500 — — 2,514
Sub-total for Prof 1,442 — 1,428 2,500 — — 2,514
Ed - Education & Youth
Designated 263 — — — — — 263
Sub-total for Ed 263 — — — — — 263
Office - Circuit Office Reserve
Designated 83 — 5,096 2,500 — — (2,513)
Sub-total for Office 83 — 5,096 2,500 — — (2,513)
CMT - Circuit Model Trust
Designated 84,892 99,536 2,364 (30,000) — — 152,064
Sub-total for CMT 84,892 99,536 2,364 (30,000) — — 152,064
J Day - J Day Bequest
Restricted 2,133 10 6 — — — 2,137
Sub-total for J Day 2,133 10 6 — — — 2,137
P-Hall - People's Hall Trust
Restricted 5,360 25 15 (5) — — 5,365
Sub-total for P-Hall 5,360 25 15 (5) — — 5,365
A-H-Cade - A H Cade Bequest
Restricted 6,819 32 19 — — — 6,832
Sub-total for A-H-Cade 6,819 32 19 — — — 6,832
Grand total 2,332,763 1,108,511 388,199 — — — 3,053,075
es:
1. Gross transfers include data entries to move funds between designated and general funds as appropriate to balance
accounts and to make budget transfers. Actual transfers between funds were as follows:
Circuit Model Trust (CMT) to General Fund for ministerial support £30,000
Interest transfer from People’s Hall to General Fund £ 5
Total £ 30,005

Notes:

2. Total value of Circuit Properties were revalued on 31[st] August 2022 following sale of Trinity manse and replacement with a modern replacement. The total value of properties increased by £656,000.

Page 13

Notes to the Accounts

1 Basis of accounting

The financial statements have been prepared under the Charities Act 2011 in accordance with the 2014 version of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS102 – the Charities SORP (FRS102) and taking note of the Update Bulletin 1 issued in 2016.

2 Funds

The funds held constitute:

General Funds (including Designated 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.

Details of each material fund are disclosed within 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 District’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.

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Tangible fixed assets for use by the Circuit

Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £500.

The value of Manse portfolio revalued at £2,826,000 as at 31[st] August 2022, the land component is deemed to be £1,130,400 (40% of total)

No depreciation is provided on the buildings 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

Accounts Receivable relate largely to the payment of the September stipend in August together with manse insurance and payment in advance for Minutes of Conference. There is no immediate impact upon the Circuit’s ability to meet its commitments.

Kirton Methodist Church was loaned £15,000 to cover the cost of improving their toilet facilities and disabled access. £2,280 has been repaid and it is anticipated that the balance will be recovered over the next few years. Due to the covid crisis and reduced church activities no repayment was made during 2020/21 or 21/22.

Landseer Road Methodist Church received a loan of £4,315 for replacing windows. Repayments are being made to an agreed schedule over 3 years, £1,440 having been received during the reporting year. The final repayment is due in 2022/23

Creditors

Creditors include expenses incurred before the year end and paid during 2021/22 (Accounts payable).

4. Payment to Trustees

There were no payments made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting this excludes stipends and lay salaries.

Trustees expenses Last year This year
Number of trustees who were paid expenses: 2 5
Nature of the expenses
Expense payments relate to reimbursement for travel & out of pocket expenses
Total amount paid £479.20 £ 1,776.37
5. Fees for examination or audit of the accounts

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Independent examiner’s/auditors' fees for reporting on the account £ 858 £ 870
Other fees (e.g.: advice, accountancy services) paid to the independent
examiner or auditor £ NIL £ NIL
6. Paid employees Last year This year
Staff Costs paid during the year were:
Gross wages, salaries and benefits in kind £ 227,862 £ 182,136
Employer’s National Insurance costs £ 13,668 £ 10,274
Pension costs £ 36,126 £ 25,422
Total staff costs £ 277,656 £ 217,832
Average number of full time equivalent staff employed during the year were: 9 7.5

7. Capital Commitments and Contingent Liabilities

At the 31st August 2022 there are no capital commitments.

No Contingent liabilities were identified at 31st August 2022

8 Tangible Fixed Assets

The Circuit holds 5 manses

Cost or valuation

Cost or valuation
Land
£		 Manses
£		 Other
buildings
£		 Fixtures,
fittings
and
equipment
£		 Payments
on account
and assets
under
construction
£		 Total
£
Balance brought forward 0 2,170,000 0 0 2,170,000
Additions 447,000 447,000
Revaluations(+/-) 684,000 684,000
Disposals(-) 475,000 475,000
Transfers*(+/-)
Balance carried forward 0 2,826,000 0 2,826,000
Accumulated depreciation
Balance brought forward 0 0
Depreciation charge for
year (-)		 0 0
Revaluations (+/-)
Disposals (-)
Transfers*(+/-)
Balance carried forward 0 0
Net book value
Brought forward 0 0 0 0 0
Carried forward 0 0 0 0 0

The freehold properties were professionally valued by P Wright BSC. (HONS.) MRICS of Fenn Wright Chartered Surveyors October 2016 at a cost of £2160. In view of the likelihood of a substantial increase in cost, and to manage our resources effectively, the valuation was revised with reference to Zoopla in August 2022.

10 Aggregated Manse costs

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The total cost of manses including maintenance, council tax, water charges and insurance was £50,333. (2020/21 £24,213)

11 Investment assets

The circuit has no Investment properties.

The circuit has no common investment fund holdings

12 Loans

The Circuit currently has no loans

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. The circuit has no Investment properties

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

Lastyear
Thisyear		 Lastyear
Thisyear
Investments listed on a recognised Stock Exchange
Investments held in common investment funds,
Securities not listed on a recognised Stock Exchange
Other investments(TMCP held funds) 15,316 15,229
Total 15,316 15,229

Change in investment values

Change in investment values
Carrying (market)value at beginningofyear 15,313 15,316
Add:additions to investments at cost 40 75
Less:disposals at carryingvalue 37 48
Netgain/(loss)on revaluation 3 114
Carrying (market)value at end ofyear 15,316 15,229

1. There may be minor discrepancies due to rounding of figures to nearest pound

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14. Analysis of current assets 14. Analysis of current assets Last
year		 This
year
Debtors and prepayments £ £
Other Debtors 15,617 14,154
Accrued income 14,007 11,168
Total debtors and prepayments 29,624 25,322
Analysis of cash at bank
HSBC Current account 5,352 3,056
HSBC Deposit account 44,653 61,623
Central Finance Board 67,042 52,992
Petty Cash 47 40
Total Cash and Bank 117,094 117,711
15. Analysis of current liabilities and long term creditors
Trade Creditors £ 2,046 2,950
Other Creditors £ 82,117 80,332
Total Current Liabilities £ 84,163 83,282
16. Capital Commitments and Contingent Liabilities
At the 31st August 2022 the Circuit had no capital commitments.
No Contingent liabilities were identified at 31st August 2022

Page 18

Declarations and Scrutiny

I confirm that these accruals-based accounts for the year to 31 August 2022 have been prepared from the records of the Circuit and that they include all funds under the control of the Ipswich Circuit meeting.

Signature of treasurer

Name and address of treasurer: M W Stock,

Elm Farm Whatfield Road, Elmsett, Ipswich, Suffolk, IP7 61S

Presentation to the Ipswich Circuit meeting

I confirm that the annual report and accounts for the year ended 31 August 2022 ~~were~~ /will be* presented to the Circuit meeting held on 23[rd ] March 2023

Signature of the Chair of the meeting Date

Name of the Chair of the meeting Rev Derek Grimshaw

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Page 19 Independent Examiner’s Report to the Trustees of the Ipswich Circuit Charity Number 1134363

Responsibilities and basis of report

I report to the trustees on my examination of the accounts of the Ipswich Methodist Circuit for the year ended 31 August 2022 set out on pages 9 to 18. As the Circuit’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Circuit’s accounts carried out under section 145 of the Act and, in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

The Circuit’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

I have not obtained independent verification of all investments with the Trustees for Methodist Church Purposes or held in other trusts, bank balances and funds at the Central Finance Board of the Methodist Church which are individually in excess of £10,000 (ten thousand pounds) at the balance sheet date.

Signature of independent examiner ………………………………………………………………………………………… Name of independent examiner …………………………………………………………………………………........ Vincent Chandler

Relevant professional qualification of independent examiner

ACA FCCA

…………………………………………..

Moore Green 22 Friars Street Sudbury Suffolk CO10 2AA

16.03.2023 Date …………………………………………

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