At the heart of community The Methodist Church in town and country in and around Felixstowe, Ipswich and Woodbridge THE METHODIST CHURCH- IPSWICH CIRCUIT YEAR ENDED 31 AUGUST 2023 FINANCIAL STATEMENTS AND TRUSTEES REPORT (ACCRUALS BASIS) Registered Charity Number 1134363 Organisation address Circuit Office 17 Black Horse Lane IPSWICH Suffolk IPI 2EF Page I CONTENTS PAGE Trustees Report General Review Finance and Governance ststement of Financlal Actfvities Balance Sheet Ststement assets and liabilities by fund Fund movement by type Notes to the Accounts Declaratlons Independent Examiners Report Appendix l Trustees for 2022123 io 11- 13 14-18 19 20 21- 23 PaEe 2 TRUSTE￿. ANNUAL REPORT FOR THE YEAR ENOED 31 AUGUST 2021 Introdurtlon 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 desiTe to provide a loving, caring Christian welcome to èll who we mee( whether a worshipping believer or not. and to reach out to our l¢xal communities in a similar vtay. The Methodist Church is one of the largest Christiqn churches serving Great Britain. with oround 170,CW members ond regulor contoct with nearly 5Ci7.OCiJ people. It hos oround4,IIOchurche5 in Great Britain, gnd olso mointoins links with other Methodist churches with o Worldwide total membership of over80 million. Its octivities, both alone ond with ecumenicol and secularportneT5 ore bosed onfour aim5 known G5 Our Colling." To incret7se awarene55 of God's presence ond to celebmte God's love To help people to grow 17nd learn os Christian5 through mutuol5up￿rt ond care To be o good neighbour to people in need ond to chollenge injustice To make morefollower5 ofjesus Christ. The Ipswich Circuit has around 625 mernbers In its conststuent 22 churches. Its aCtNities are controlled by Ministerial and Lay stsff and Voluntary Officers appointed by and answerable to the Circuit Meeting. A Mission Policy and Reserves Policyi 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 updated and approved at the September 2022 meeting. The ReseNes Poliry need5 to be reviewed in light of the latest revision and updated as appropriate for ratification by the Circuit Meeting. Alms and OTwlsailon arcuit Mission Statement The Ipswich Methodist Circuit aims to SUPbY)rt the Methodist Churches in the area around 1psW￿h, Felixstowe and Woodbridge In their primary work of Worship. Leanin8 and carin& service and evangelism. Our Mission is.. To support and resource our methOd￿t comrnunities appropriately and encourage each one in ￿ Mission as effective church. We aim to.. -to be a discipleship movement shaped for mission. - support and resource our Methodist communities in fuffilline'our Calling.. The callln8 of the Methodlst Churth Is to respMd to the 805pel of God's love In Chrfst and to Il¥e Its dlsdpleshlp In worshlp •nd mlsslon., Worship. b. Learning and Caring. c. Service. d. Evangelism. 3. Encourage innovatNe partnership: with other Methodist communities. viith ecumenical partners. With setular partners Page 3 in 5pecrfic mission projects. 4. Resource and provide pastoral oversight for our Methodist Churches through ordained and lay stsff within the limits of available funding. 5. Resource specifK mission initiatives to meet the challen8es of our changin8 communities. 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 contribution5 frorn 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. In June 2022 Arundel Way manse was also let to provide supplementary income until required for an incoming minister anticipated in summer 2024. Expendlture trends Stipend expenditure is revised each financial year in line with Conference approved increases. The same increase is applied for both ministerial and lay stsff remuneration. In the reporting year this increase was 7.83 Lay Staff salaries are set in accordance with the guidance from the Living Wage Foundation as a minimum. In September 2022 the Foundation published a new minimum recommending a substantial increase due to the cost of living crisis and sudden increase in energy costs as a result of the war in Ukraine. Connexion urged all employers to implement this increase with immediate effect to support our valuable lay staff. This was higher than that awarded from September 2022 so an additional. unbudgeted. increase to lay salaries was made frorn November 2022 with consequent impact upon future reserves. The Clrcuit contribution to the District and Connexion was 16% of totsl 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/stipend5 and allied costs. Fund balances Geneml Funds As at 31 August 2023 the totsl assets of the Circuit were £3.(NJ4.184. Of these the Nett Current Assets of the Circuit were £263,059 the remainder being largely the value of the manses. During the tovid pandemic it was agreed to waive of the one quarter assessment contributions to lessen the impact on churches which led to a reduction in reserves in the GÈneral Fund. The sale. in the previous financial ytar ended August 2022, of Trinity manse. Felixstowe and purchase a more modern replacernent released some £98.861 of capitsl which bolstered the Model Trust reserves to some extent. It was anticipated that this would help secure adequate funds to support our ongoing ministry at least in the short to medium term. In recent years we have drawn on the Model Trust Fund annually to part fund our staff costs while lessening the load on churches via the assessment. The totsl expenditure of the Circuit was £415.487. up frorn the previou5 year. This increase was in part due to intreased stsff costs, as a result of higher inflation etc. and the cost of defending the Circuit against a claim of unfair dismissal. Also over the last 2 years there hès also been higher than anticipated expenditure on maintaining, repairing and upgrading some of our manses. This work tends to be somewhat cyclical in nature which is why we put money into the Manse Fund every year to ensure work can be carried out. However, the Manse Fund has become effectively "overdrawn" and may need replenishrnent ovef and above the budgeted £15.(K)) for 2023124 depending on how much work is necessary. The result of the various increase5 in recent expenditure ha5 been to seriously deplete our General Fund from which day to day spending is covered. The Reserves Policy states our aim is to hold 6 months average expenditure in our General Fund Reserves. This would require the General Fund to hold approx. £207,740 in reserve based on last yearfs Pa£e 4 expenditure. The year*nd balance of the General Funds Iwhich comprise the Unrestricted General Fund plus Designated funds for the Office, Educatr"on & Youth. Removal, Professional fees. Outreach and Manse funds) totslled £26,026 which is lower than the end of last year and only 12.5% of our tsr8et reserwe holding. The Circuit Model Trust Icmn, which comprised £136,697 of the totsl current assets at year end, though unrestricted, has historicall¥ been designated as a source of funding for particular rnission projects and to support church property schemes. In the past rt was not, therefore, been tsken Into considerats.on In relation to the general sustsinability of the circuit. It has. though, provided an additional"safety nef should our reserve5 be depleted. Of late we have had to withdraw funds annually frorn the cfrffr to 5UPPOrt our normal actiwties. It is now apparent that this will ¢ontinue to be necessary for the foreseeable future. provided adequate funds are held within the Model Trust. The Model Trust 15, however. a finite source of funds only replenished by the sale of property li.e. manses and ¢hurches1 and thu5 not a basis for supporting the work of the Circuit in the long term. The only other option would be for churches to significantly increase their assessment contributions would undoubtedly prove difficult for many. Anv such proposal would be subject to Circuit Meth"ng approval. In order to asslst with osh flow a trnnsfer of additronal fund5 from the Circuit Model Trust to General Fund . over and above those in the budget for 2023124, were approved by the September 2023 Circuit Meeting vthose approval for all transfers is required before transfers can be made. A recommendation to transfer some of these fund5 to the Designated Funds that are in defKit may be brought to the Marth 2024 meeting. 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 £14,591 The Riches Reeve Fund1£870) is at the disposal of the Local Preachers meeting to support trainin8 and development of local preachers. Mans lor 2023124 The Mission Policy and Vision Statement approved at the September 2022 Cirtuit Meeting outlined the intention to consolidate the enlarged Circuit while Icoking to creatively engage with and seNe the local communities. At the start of the new Connexional year 2023124 the four Churches in the Felixstowe peninsula area amalgamated to for one church in 4 locations known as Felixstowe Methodist Church and comprising Kirton, Trimley. Seaton Road and Trinity churches. In 2021122 it was agreed to reduce the ministerial estsblishment to 4 and to adjust the Mission Areas to establish fairly even distribution of oversight to complete the integration of the 4 churches previously part of the Lowestoft and E Suffolk Circuit It was anticipated that this would secure the financial well-being of the Circuit but this is now uncertain. Our Superintendent and one of our other ministers are moving in Summer 2024 and at the time of writing it was uncertain whether we would be fortunate in securing replacements for either post for year commencing I" September. This will impact existing staff who will be deployed as aPpropr￿le to work in the local communities and online. It may be necessary to seek short term or part time paid help to augment our artivitie5 pending the result of the 2024125 ststioning round next year. As a result of the uncertainty around stsffing levels and church viability there will be some form of circuit review durir)g early 2024, informed by the Mission Poliry and lessons from the T1anstormat￿naI Leadership programme, to consider how best to structure the circuit and fulfil our mission and ministry to encourage growth through imaginative team work as part of a dynamic new Church-wide focus on evangelism. We currently have 2 manses surplus to our requirements based on our ministerial estsblishment and it is intended to proceed with their sale to release further capitsl to support the ministry of the Circuit and its constituent churches. Page ) FINANCE AND GOVERNANCE Bas15 of prepar•tlon and le8al framework The Charitys annual report and accounts for the year ended 31 August 2023 have been prepared in accordance wrth the Charities Act 2011 and the Charities.. Ststement of Recomrnended Practice 2015 as applicable to the Financial Reporting StandardlFRS1102 Full Narne of Charity: IPSWICH m￿HoDIST CIRCUIT Registration Charity Number: 1134363 Date of registration IP February 2010 Main communication address: CIRCUITOFFICE. 17 BLACK HORSE LANE. IPSWICH. IPI 2EF The members of the Ipswich Methodist Circuit rneeting are the Chartty Trustees. membership being made up of circuit office holders. mintsters and representstives appointed by the local churches. Full membership for the reporting year is shown as Appendix A to this report. Orcult Mlnlsters and offictrs Active Circuit Ministers: Rev Derek Grimshaw Isuperintendentl Rev Abe Konadu-yiadom Rev Saul Tad2avshe Rev Stephen Mann Rev lan Gardner lèctive supemumerary 10 hourslweekl Rev Stephen Yelland (active supernumerary 8 hourslweekll Mr. Stephen Caley. Ms. Emma Bowyer Ms. Elizabeth Hepplethwaite. Mrs. Nicky SeabrooL Mr. Neil Hepplethwaite Or. Elizabeth Cope, Mrs. Judy Steward, Mr. Neil Hepplethwaite, Mrs. Margaret Gooderham, Mr & Mrs Robin & Mary Pattinson Isharedl Circuit Secretary & Administrator: Ms. Emma Bowyer Mike Stock arted as the principal officer (Treasurer) overseeing the day to day financial management and accounting for the circuit during the year. Independent examiner: CiTCUit Lay Workers.. Circuit Stewards.. Mts)re Green 22 Friars Street Sudbury COIO 2AA Investment Bankers.. Central Finance Board of the Methodist Church Trustees for Methodist Church Purposes Alms and or8anlsatlon Charity objertive is to act as a Resource provider within the area around Ipswich fr>r the Methodist Church: The purposes of the Meth(￿ISt Church are and shall be deemed to have been since the Date of Union the advancement of.. al The Christian faith in accordance with the dottrinal standards and discipline of The Methodist Church: bl Any charitable purpose for the time being of any Connexional. Distric¢ Circuit. Local or other organisation ofThe Methodist Church. Page 6 cl Any charitable purpose for the ts.me beine of any Society OT institution subsidiary or ancillary to The Methodist Church: dl Any purpose for the time b￿ng of any tharity being a charity subsidiary or ancillary to The Methodist Church 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 resourting of pastoral work including visitin8 the sitk and bereaved. Taking religious assemblies in Ic￿1 schools. Promotion of Christianity through the stsging of events and seryices. Provision of chaplaincy Services to the local university and othef insts"tutsons Publlc Beneflt We confirm the trustee5 have had regard to the Charity C(xnmission's guidance on publK benefft. Styuaure, Governano and Management The governing dsxument for the circuit is the Deed of un￿ (1932) and Methodist Church Act119761 t)etailed governance arrangernents are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference ICPDI. Day to day management of the Circuit is undertaken by the Circuit Stewards and Circuit Leadership team along with the Local Preachers meetin& TrusteeTralnln8 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 a5 induction to their rolè as trustees. Related Partles The Circuit is part of the East Anglia District and is also accountsble to the Methodist Conference. The following Methodist Churches are linked to the CirtuiL Alan Road (Ip5wichl, Bramford, Bramford Road (Ipswich). Biantham, Capel St Mary. Chantry Ilpswichl, Chelmondiston. Elmsett. Framlingham United, Holbrook, Kelsale, Kirton, Knodishall. Landseer Road Ilpswichl. Leiston, Museum Street (Ipswichl. Orford, Peasenhall, Seaton Road (Felixstowel. Trimleyl Trinity (Felixstowel and WLY)dbrid8e. Leiston church is a N)int MethodisVURC partnership and is largely subiett to URC ministerial oversight. At the start of the new Connexional year 2023124 the four Churches in the Felixstowe peninsula area amalgamated to for one church In 4 locations known as Febxstowe Methodist Churth and cornprising Kirton, Trimley. Seaton Road and Trinity churches. Rlsk M•naKement 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 tsken a5 required. There is a regular annual review process undertaken and recorded. Income and Expenditure is rnonitored 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 avotd unforeseen ¢a115 on resepies. Sofeguardlng Page 7 Every person hos a value ond dignity which comes direrttyfrom the creotion of mole andfemale in God's own imoge and likeness. Christions see this wtentiol as fulfilled by God's rethr R- 7.032 6.832 Rl¢hu R••v• PA•morial Trus¢ Riches R••ve Mgrnorial fund (ResI￿ted)- 870 870 J D•y &gU•St ITMCP 180701 J Day Bequest (Res1T￿te￿I - 2.199 2.199 2.137 P•opl•'s Hall Trust ￿H¢P 151811 Paopl•'5 Hall TNst IRestn(aedl- 5,360 5,300 5,365 1S2.157 167.295 stocks and Twork In progrn Clrcuit stocks Genoral lund IUnrestridedl- 29 Total for Stocks and Twork in pro9re•s Credttorn: Amounts tallin9 due in ¢)rn Sundry Cf•ditors Gentsral fund IUwlrirted)- 82.048 102,0481 80,332 180.3321 Accounis Payabl• General fund IUnrestrict•dl . Manse Fund {th$￿nated1_ Professional lees {Designated)- cir￿11 Office Res•rva {D•swJnat•dl_ 1439) (128) 12.2341 {251 11.396) 1662) 18701 1231 Total for Cr•dltoYs: Amgunts falfvng In on• y•ar 184.8751 183.21131 Grnnd tolal 3,004,184 3.053.075 Nthes." I) .SuFxty CrediiÉY.* 1.3. repre.fenLs deferredipruwe in oJCJMrch A.w.tVXe￿ receivedai ihe ernlrfA*gu.fiaMI IT￿tTed11￿0 ￿￿￿oI10￿1￿8}yOT 2023/24 2) Acc(nintsPawble repreSentsgc￿kkn reCeI￿d￿l￿)e￿ ékxkdA¥8vsI 2023 bui unfr'lfvllowing fiTh11￿lalye&r 2023,'24(Accnrtkn) 3) Totsl ￿lI￿e rfcircuii Prryyrlies are &emed th￿re￿￿￿ed0￿ 3J°Augxts2022 I¥￿don Zwlo 4) 7here bg minor di5crep7ncies due io roH* offigyres io Kare￿I￿nd.. Page 12 Fund movement by type Openin8 Incoming Ouf80iDg Tr*orfm Gainthstj CIositt8 Designated 2.826.000 2I24mO Designated 2,826.0 870 870 Res￿e￿ t(tsl forR41 Gon•ral. Qon•r•l fvnd Unre8trirt*d 361.614 3631J14 5.339 30￿J7 61,913 19.OB9 119,0891 De8ign•ted 30.616 10*16 De6waied 158 581 Pvrf. Profwioml f••5 2.514 14 9255 4241 Ed- E￿￿￿10n & Youth D￿gnated 263 4.437 IW71 De*nated 513 &thtc4al for (ATr• 115131 1924 -c1￿¥11￿0del T￿￿1 9.917 9J17 lo￿0 136,897 JOay.J Day Boqu•gt R88tth 2.137 199 P41•1. Peopl•'* H•M Tn#t 170 170 15 16 161 A4￿*1•.A H C*1• 219 219 19 1• 7.032 7.032 184 tsr￿d 366.07 NrteJ." l. Gm&s transfers inch*k dats enffie5 10 beNeen ￿1￿edÈmd8e￿TUlfvx1S I￿{￿rO￿ale IO t*¥l¢vre cty4nts01￿ io Fmke Wi trrfers. Acthal tr￿rfer5 he￿enfv%If were asJollows." Circyii M￿1¢1 Trnsi (CMD io General Fu￿]0T minis￿nals￿¥￿l £10.00 Intere￿ tr￿￿erfrOM Pe* s Hall io £ 161 Tothl £ io,ioJ 2. To&71 Athie of CircuiiPréprlies are d¢¢medwiuesas 31° Aug*¢ 2022 l￿d0￿ Zthw Page 13 Note5 lo the Accounts l Basls of accountlng The financial statements have been prepared under the Charities Art 2011 in accordance with the 2014 version of Accounting and Reporting by Charities.. Statement of Recommended Practice ISORPI applicable to tharities preparing their attounts in X¢Ofdance with FRS102 - the Charities SORP {FRS1021 and taking note of the Update Bulletin I issued in 2016. 2 Funds The funds held constitute-. General Funds lintluding 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 ￿tegoriSed as unrestricted. Restricted funds which are held for a narrower purpose. Detsils of each material fund are disclosed within these accounts. Any funds may be represented by more than just cash. 3 Accountln8 polldes Basls 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 Districvs financial position and activities. Income Reco8nltlon Income is included in the Ststement of Financial Activtties (SOFA) when the Circuit becomes entitled to the resources. and the trustees are reasonably certain they will reC￿ve 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 oblvgation arises, that results in the payment being unavoidable. knabilities are recognised as sts)n as an outnow of economic benefrt is considered more likely than not under the legal or constructlve obl￿atIOn commlitlng the Clrtult to pay out re50urce5. Grants Grants made by the Circuit frorn its ¢Thvn 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 paymenL When the grant is recurrent over more than one year the balance payable in futilfe years is treated as a provision for future commitments in the 8alan¢e 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 fegistered. all input VAT is charged with the expenses to which it refers. PaRe 14 Tanglble fixed assets for use by Ihe Qicult Tangible fixed assets are capitslised if they can be used for rnore than one year. and cost at least £5CKI. The freehold property is shown in the accounts at 2022 deemed value5. revalued at £2,826.CKKI as at 31 August 2022, the land component is deemed to be £1,130,400140X of totèll No depreciation is prowded on the buildings because the trustees consider the current residual fair value of the manse buildings lon the assumption that it had reached the end of it5 useful econornic lrfe by the year-endl to be not less than its current value. Any depreciation would not be material. The property has been reviewed for impairment. Investment ProppJtles Investment propertie5 - no property is currently deemed to not be held for the long term purpose5 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 or1055es on revaluatM)n at the year-end are shown in the SOFA. Debtor5 and Prepayments Attounts Recei￿dble relate largely to the payment of the September stipend in August together with manse insurance nd payment in advance for Minutes of Conference. There is no imrnediate impact upon the Circubvs ability to meet ts commitments. Kirton Methodist Church vlas loaned £15,(KK) to cover the cost of improving their toilet facilities and disabled access. £2.280 ha5 been repaid and it is anticipated that the balance will be recovered over the next few years. Due to the covid crisi5 and reduced church activities no repayment has been made since 2019120. The debtls retsined for recovery in the event of chapel closure and sale at some unspecified future date. Landseer Road Methodist Church received a loan of £4.315 for replacing windows. Repayments are being made to an agreed schedule over 3 years, the final repayment of £1,440 Wds due in the reportin8 year but will be repaid in 2023124. Credltors Creditors include expenses incurred before the year end and paid during 202ty22 IAccounts payable). 4. Payment to TTUStees There were no payments made to trustees for additional services provided to the Circuit by agreement wtth the Circuit Meetlng this excludes stipends and lay salaries. Trustees expenses Thls year Last year Number of trustees who were paid eypense5: Noture of the expenses Expense payments relate to reirnbursementfor travel & out of pocket expense5 Totsl amount paid S. Fees for examination or audlt of the accounts Independent examinerfs/auditors' fees for reporting on the account £3.464.15 £ 1.776.37 £930 £870 Page 15 Other fees {e.g.: adwce, accountrncy services) paid to the independent examiner or auditor ÉNIL £NIL 6. Pald employees Thls year st year stsff Costs paid during the yearwere: Gross wages, salaries and benefrts in kind £ 2(M),829 É 182,136 Employerfs National Insurance costs £ 14.161 £ 10,274 Pension costs £ 32.186 £ 25,422 Total staff costs £ 247,176 £ 217,832 Average number of full time equivalent stsff employed during the year were: 7. Capltal Commllments and C(mtln8eni Uabllliles At the 31st August 2023 there are no capitsl commitments. No Contingent liabilitie5 V￿re identified at 31st August 2023 8Tanglble Flxed Assets Cost or valuatlon The Circuit holds 6 man5e5 Manses Fixtures, fittings and •quipment Paymonts on account and aM•ts und•r construction Total buildings BalarKe bro￿aht foM8rd Additions Revaluations l+l-) Disposals l_l Transfers . BalancE carried forward Accumulated doprgciati( 2.826.￿0 2,826,OC 2,826,CK)) 2,826,lJ)O Balance bro hl forwwd Depreaation charge for ear Revaluations Dis sals Transfers" B818nca Carried loThrdrd Net book value Brou hl fcThard Carried fcyward The freehold properties were professionally Valued by P Wright BSC. IHONS.) MRICS of Fenn Wright Chartered Surveyors October 2016 at a cost of £2160. In view of the likelihood of a substsntial increase in cost, and to manage our resources effectively. the valuation was revised with reference to Zoopla in August 2022. 10 &ye8ated M•nse costs The total cost of manses including maintenance. council tsx. vrdter charges and insurance was £50.355. {2022123 £50,333) 11 InvestmMt assets The ryrcuit has no Investment propwb'es. Pa%e 16 14. Analysls of current assets Thls vear Debtors and prepayments other Debtors 14,155 14,154 Accrued income 16,829 11.168 Totsl debtOTS and Pfepayments 30.982 25,322 Analysls of cash at bank HS8C Current account 15.504 3,056 HSBC Deposit account 29,623 61,623 Central Finance Board 34,653 52.992 Petty Cash Totsl Cash and Bank 83 79,863 117,711 IS. Analysls of ¢￿￿ent Ilabiiiiles and I￿£ temi uedltors Trade Creditors 2.827 2.950 Other Creditors 82.048 80.332 Totsl Current Uabllliles 84.875 83,282 16. Capitsl Commltments and Conilngent Uabllltles At the 31st August 2023 the Circuit had no capital comrnitments. No Contingent liabilities were identified at 31st August 2023 PaRe 18 The clrcuit has no cornmon inve5trnent fund holdings 12 loans The Circuit currently has no loans 13 Investments The funds that support the Circuit Model Trust Fund and the Man5e5 Fund are held by TMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded a5 medium and lon8 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 managernent of trust property- TMCP ensure that, through providing guidance and arting under their dirertion. the Managing Trnstees comply with charrty law and Methodist law and polity as determined by the Methodist Conference. Analysis of investment movements Last year Investments listed on a recognised Stock Exchange Investments held in common investment funds. Securities not listed on a recognised Stock Exchange Other inve5trnents ITMCP held funds) 15,461 15,229 Totsl 15,461 15,229 Change In Inveslment ¥alues Carrying Imarketl value at beginning of year 15.232. 15.316 Add: additions to investments at cost 433 75 Less: disp05a15 at carrying value 204 Net gain/lloss) on revaluation 229 114 Carrying lrnarketl value at end of year 15.461 15,229 l. There be minor dlscrqx>￿.es lo rowrnlipwoJfigwes io I￿re￿P￿￿￿1 . lasijgar's carryAorMtydOm£￿*d io TeJ7eci ro*Mlingd1ff¢r¢￿e Ioprn70usye4 Page 17 Declarations and Scrutiny I confirm that these accruals-based accounts for the year to 31 August 2023 have been prepared from the records of the Circuit and thatthey indude all funds under the control of the Ipswith Circuit meeting. Signature of treasurer ..... Date... Name and address of treasurer: M W Stock, Elm Farm Whatfield Road, Elmsett, Ipswich. Suffolk, IP7 6LS Presentation to the Ipswich Circult meeting I confirm that the annual report and accounts for the year ended 31 August 2023 were/J•ll* presented to the Circuit meeting held on 11 April 2024 ILJL Signature of the Chair of the meetin8 ...... . Date ........ Name of the Chair of the meeting Rev Derek Grimshaw Page 19 Independent Examlnerfs Report to the Trustee5 of the Ipswlch arcuit Charity Number 1134363 Responslbllltles and basls 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 Circuiys trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Arf). I report in respect of my examination of the Circuirfs accounts carried out under sertion 145 of the Act and, in carrying out my examination. I have followed all the applicable Directions 8iven by the Charity Commission under section 145151{bl of the Act. Independent Examinerfs Statement The Clrculys 8ross income exceeded £250.(KK) and l am qualified to undertake the examination by bein8 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 grve me cause to believe that in. any material respett: the accountin8 records were not kept in accofdance with section 130 of the Act; or the accounts do not accord with the accounting records. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2CK18 other than any requirement that the accounts 8ive a 'true and fair, view. whith is not a matter considered as part of an independent examination the trustees, *nual report is not consistent with the accounts I have no concerns and have come auoss 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 £ o.(KX) (ten thousand pounds) at the balance sheet date. Signature of independent examiner Name of independent examiner Vincent Chandler Relevant professlonal qualification of independent examiner FCAIFCCA Moore Green 22 Friars Street Sudbury Suffolk COIO 2AA Date . 16.04.2024 PaRe 20