## 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 2024
## **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 by fund**|**11‐12**|
|**Fund movement by type **|**13**|
|**Notes to the Accounts**|**14 – 18**|
|**Declarations**|**19**|
|**Independent Examiners Report**|**20**|
|**Appendix 1 Trustees for 2023/24**|**21‐ 23**|
_Page 2_
**TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024**
## **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:_
- _To increase awareness of God's presence and to celebrate God's love_
- _To help people to grow and learn as Christians through mutual support and care_
- _To be a good neighbour to people in need and to challenge injustice_
- _To make more followers of Jesus Christ._
The Ipswich Circuit has around 544 members in its constituent 19 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 the ongoing Circuit Review 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.
2. ‐ 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.’**
- a. Worship.
- b. Learning and Caring.
- c. Service.
- d. Evangelism.
3. Encourage innovative partnership:
- a. with other Methodist communities.
- b. with ecumenical partners.
- c. With secular partners
- d. in specific mission projects.
_Page 3_
4. Resource and provide pastoral oversight for our Methodist Churches through ordained and lay staff within the limits of available funding.
5. Resource specific mission initiatives to meet the challenges of our changing 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 contributions from some churches for specific projects. In the Reporting Year additional income from letting Leiston and Arundel Way manses has supplemented the income by some £22000. Leiston manse will be sold during year 2024/25 but Arundel Way will continue to be let as the incoming Superintendent does not intend to occupy it.
## **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 7.83%. Lay Staff salaries are set in accordance with the guidance from the Living Wage Foundation as a minimum, Conference approved increases are monitored to ensure compliance.
The Circuit contribution to the District and Connexion was 16% 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 2024 the total assets of the Circuit were £2,763,015. Of these the Net Current Assets of the Circuit were £230,993 the remainder being largely the value of the manses. The total expenditure of the Circuit was £404,423, down slightly from the previous year.
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. As the membership of churches has reduced over time it is anticipated that this will continue to be necessary for the foreseeable future.
The result of the various increases in recent expenditure has 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. £202,000 in reserve based on last year’s expenditure. 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, Outreach and Manse funds) totaled £49,117 which is approx. double that at the end of last year but still only 24% of our target reserve holding.
.
The Circuit Model Trust (CMT), which comprised £90,398 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 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.
Of late we have had to withdraw funds annually from the CMT to support our normal activities. It is now apparent that this will continue to be necessary for the foreseeable future, provided adequate funds are held within the Model Trust. 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. The only other option would be for churches to significantly increase their assessment contributions would undoubtedly prove difficult for many. Any such proposal would be subject to Circuit Meeting approval.
In order to assist with cash flow a transfer of additional funds from the Circuit Model Trust to General Fund , over and above those in the budget for 2023/24, were approved by the September 2023 Circuit Meeting whose approval for all
_Page 4_
transfers is required before transfers can be made. A recommendation to transfer some of these funds to the Designated Funds that are in deficit may be brought to the March 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 £15,064
The Riches Reeve Fund (£937) is at the disposal of the Local Preachers meeting to support training and development of local preachers.
## **Plans for 2024/25**
The Mission Policy and Vision Statement approved at the September 2022 Circuit Meeting outlined the intention to consolidate the enlarged Circuit while looking to creatively engage with and serve the local communities.
At the start of the Connexional year 2023/24 the four Churches in the Felixstowe peninsula area amalgamated to form one church in 4 locations known as Felixstowe Methodist Church and comprising Kirton, Trimley, Seaton Road and Trinity churches.
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. It was anticipated that this would secure the financial well‐being of the circuit but this is now uncertain.
The Superintendent and the Felixstowe minister moved in Summer 2024 and we were fortunate to be able to employ one full‐time minster and one part‐time supernumerary for one year to support the work of the circuit commencing 1[st] September 2024. The uncertainty around staffing levels made establishing a budget for 2024/25 difficult so the decision was taken to freeze the assessment during the year and draw additional support from the Circuit Model Trust as necessary.
A new Superintendent will join the Circuit in Summer 2025. It is understood that she will live in a manse in the neighboring Tendring Circuit with her husband where he too has been appointed as a Superintendent. This means the Arundel Way manse can continue to be let though any income may be shared with Tendring as will associated costs of the shared manse.
At time of writing we await advice as to whether a minister is available to be appointed to the Felixstowe Mission Area. The budget for 2025/26 will be finalised once this has been clarified.
A Circuit review began during early 2024, informed by the Mission Policy and lessons from the Transformational Leadership programme, to consider how best to structure the circuit for the future and fulfil our mission and ministry to encourage growth through imaginative team work as part of a dynamic new Church‐wide focus on evangelism.
As a result of the change to our ministerial establishment 2 manses (Leiston & Henley Avenue) are surplus to our requirements and the Circuit Meeting approved their sale which will take place during 2024/25 to release further capital to the Circuit Model Trust and can be used to support the ministry of the Circuit and its constituent churches.
_Page 5_
## **FINANCE AND GOVERNANCE**
## **Basis of preparation and legal framework**
The Charity’s annual report and accounts for the year ended 31 August 2024 have been prepared in accordance with the Charities Act 2011 and the Charities: Statement of Recommended Practice 2015 as applicable to the Financial Reporting Standard(FRS) 102
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
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 Stephen Mann (acting superintendent) Rev Saul Tadzaushe Rev Paulson Devasahayam Rev Steve Oliver (active supernumerary 20 hours/week) 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, Mr. Neil Hepplethwaite Circuit Stewards: Dr. Elizabeth Cope, Mrs. Judy Steward, Mr. Neil Hepplethwaite, Mrs. Margaret Gooderham, Mr. & Mrs. Robin & Mary Pattinson (shared)
Circuit Secretary & Administrator: Ms. Emma Bowyer
Mike Stock acted as the principal officer (Treasurer) overseeing the day to day financial management and accounting for the circuit during the year.
Independent examiner: Vincent Chandler FCA FCCA 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:
a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church; b) Any charitable purpose for the time being of any Connexional, District, Circuit. Local or other organisation of The Methodist Church;
_Page 6_
c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church;
d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to The Methodist Church
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
## **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, Felixstowe (amalgamation of Kirton, Seaton Road, Trimley & Trinity) Framlingham United, Holbrook, Kelsale, Knodishall, Landseer Road (Ipswich), Leiston, Museum Street (Ipswich), Orford, Peasenhall 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:
- The care and nurture of, and respectful pastoral ministry with, all children, young people and adults
_Page 7_
• The safeguarding and protection of all children, young people and adults when they are vulnerable
• The establishing of safe, caring communities which provide a loving environment where there is informed vigilance as to the dangers of abuse.
• 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.
• 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 in reserve 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
Interest and investment income
Lettings
Other income
**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**
Gains / losses on investment assets
**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|351,494
—
—
—
351,494
350,287
1,963
5,091
852
—
7,905
5,987
22,008
—
—
—
22,008
10,162
346
—
—
—
346
162|
||**375,811**
**5,091**
**852**
**—**
**381,753**
**366,597**
275,088
—
—
—
275,088
247,176
64,996
—
—
—
64,996
66,350
17,361
—
—
—
17,361
15,946
17,658
—
—
—
17,658
19,739
—
7,942
—
—
7,942
30,616
6,782
6,557
44
—
13,383
23,927
2,660
1,000
—
—
3,660
6,630
4,335
—
—
—
4,335
5,103|
||**388,879**
**15,499**
**44**
**—**
**404,423**
**415,487**
—
(218,500)
—
—
(218,500)
—|
||**(13,068)**
**(228,909)**
**808**
**—**
**(241,169)**
**(48,890)**
33,770
5,502
—
—
39,272
(63,913)
(5,502)
(33,502)
(268)
—
(39,272)
63,913|
||**15,200**
**(256,909)**
**539**
**—**
**(241,169)**
**(48,890)**|
||**50,513**
**2,938,211**
**15,461**
**—**
**3,004,184**
**3,053,075**|
||**65,713**
**2,681,302**
**16,000**
**—**
**2,763,015**
**3,004,184**
65,713
—
—
—
65,713
50,513
—
90,398
—
—
90,398
136,697
—
(3,970)
—
—
(3,970)
(4,437)
—
263
—
—
263
263
—
(12,031)
—
—
(12,031)
(19,089)
—
6,000
—
—
6,000
6,000
—
(5,875)
—
—
(5,875)
(4,241)
—
2,607,500
—
—
2,607,500
2,826,000
—
(983)
—
—
(983)
(2,983)
—
—
7,392
—
7,392
7,032
—
—
2,312
—
2,312
2,199
—
—
5,360
—
5,360
5,360
—
—
937
—
937
870|
_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 £50,000 Interest transfer from People’s Hall to General Fund £ 268 Total £ 50,268_
_2. Total value of Circuit Properties are deemed values as revalued on 31[st] August 2022 based on Zoopla, .except for those being sold which are revalued at current market valuation._
_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
Endowment
**Total**|2,607,500
2,826,000|
||**2,607,500**
**2,826,000**
83,948
136,697
7,392
7,032
937
870
—
—
96
55
—
—
2,312
2,199
—
—
5,360
5,360
4,986
15,504
48,403
29,623
48,284
34,653
214
83
14,155
14,155
14,908
16,829|
||**230,993**
**263,059**
—
—
72,946
82,048
2,532
2,827|
||**75,478**
**84,875**|
||**2,763,015**
**3,004,184**|
||(22,669)
(48,890)
3,004,184
3,053,075
(218,500)
—|
||**2,763,015**
**3,004,184**
65,713
50,513
2,681,302
2,938,211
16,000
15,461
—
—|
||**2,763,015**
**3,004,184**|
- _1) Sundry Creditors L3, represents deferred income in the form of Church Assessment received at the end of August and transferred into following financial year 2024/25_
- _2) Accounts Payable represents goods and services received during year ended August 2024 but not paid for until following financial year 2024/25 (Accruals)_
- 3) _Similarly Accounts Receivable comprise Minister’s Stipends paid in advance and payments for other goods and services made in 2023/24 but delivered in 2024/25(Prepayments)_
- 4) _Total value of Circuit Properties are deemed values as revalued on 31[st] August 2022 based on Zoopla, .except for those being sold which are revalued at current market valuation._
- _5) Circuit Meeting agreed to lend Kirton Chapel and Landseer Road funds to refurbish their facilities. L1 Loan to churches represents the remaining amount due to be repaid in the coming years. There is no immediate impact upon the circuit’s ability to meet its commitments._
- _6) There may be minor discrepancies due to rounding of figures to nearest pound._
_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**|2,607,500
2,826,000|
||**2,607,500**
**2,826,000**|
||**2,607,500**
**2,826,000**
4,986
15,504|
||**4,986**
**15,504**
48,403
29,623|
||**48,403**
**29,623**
6,000
6,000
64,880
56,751
(12,031)
(18,960)
(983)
(2,983)
(5,875)
(2,007)
263
263
(3,970)
(4,411)|
||**48,284**
**34,653**
214
83|
||**214**
**83**|
||**101,886**
**79,863**
14,155
14,155|
||**14,155**
**14,155**
14,908
16,829|
||**14,908**
**16,829**|
||**29,063**
**30,984**|
_Notes:_
- _1) Circuit Meeting agreed to lend Kirton Chapel and Landseer Road funds to refurbish their facilities. L1 Loan to churches represents the remaining amount due to be repaid in the coming years. There is no immediate impact upon the circuit’s ability to meet its commitments._
- 2) _Accounts Receivable comprise Minister’s Stipends paid in advance and payments for other goods and services made in 2023/24 but delivered in 2024/25 (Prepayments)_
_._
- 3) _There may be minor discrepancies due to rounding of figures to nearest pound._
_Page 11_
|**Investments**
**Circuit Model Trust (TMCP 9461)**
General fund (Unrestricted) -
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**|(6,450)
—
90,398
136,697|
|---|---|
||**83,948**
**136,697**
7,392
7,032|
||**7,392**
**7,032**
937
870|
||**937**
**870**
2,312
2,199|
||**2,312**
**2,199**
5,360
5,360|
||**5,360**
**5,360**|
||**99,948**
**152,157**
96
55|
||**96**
**55**|
||**96**
**55**
(72,946)
(82,048)|
||**(72,946)**
**(82,048)**
(2,532)
(439)
—
(128)
—
(2,234)
—
(25)|
||**(75,478)**
**(84,875)**|
||**2,763,015**
**3,004,184**|
_Notes:_
- _1) Sundry Creditors L3, represents deferred income in the form of Church Assessment received at the end of August and transferred into the following year 2024/25_
- _2) Accounts Payable represents goods and services received during year ended August 2024 but not paid for until following financial year 2024/25(Accruals)_
- 3) _Total value of Circuit Properties are deemed values as revalued on 31[st] August 2022 based on Zoopla, .except for those being sold which are revalued at current market valuation._
- _4) There may be minor discrepancies due to rounding of figures to nearest pound.._
_Page 12_
## **Fund movement by type**
**Opening Incoming Outgoing Transfers Gains/losses Journals Closing**
|**Out - Outreach**
Designated
**Sub-total for Out**
**Property - Property**
Designated
**Sub-total for Property**
**R-R - Riches Reeve Memorial**
Restricted
**Sub-total for R-R**
**General - General fund**
Unrestricted
**Sub-total for General**
**Manse - Manse Fund**
Designated
**Sub-total for Manse**
**Removal - Removal Fund**
Designated
**Sub-total for Removal**
**Prof - Professional fees**
Designated
**Sub-total for Prof**
**Ed - Education & Youth**
Designated
**Sub-total for Ed**
**Office - Circuit Office Reserve**
Designated
**Sub-total for Office**
**CMT - Circuit Model Trust**
Designated
**Sub-total for CMT**
**JDay - J Day Bequest**
Restricted
**Sub-total for JDay**
**P-Hall - People's Hall Trust**
Restricted
**Sub-total for P-Hall**
**A-H-Cade - A H Cade Bequest**
Restricted
**Sub-total for A-H-Cade**
**Grand total**|6,000
—
—
—
—
—
6,000|
|---|---|
||**6,000**
**—**
**—**
**—**
**—**
**—**
**6,000**
2,826,000
—
—
—
(218,500)
—
2,607,500|
||**2,826,000**
**—**
**—**
**—**
**(218,500)**
**—**
**2,607,500**
870
69
2
—
—
—
937|
||**870**
**69**
**2**
**—**
**—**
**—**
**937**
50,513
375,811
388,879
28,268
—
—
65,713|
||**50,513**
**375,811**
**388,879**
**28,268**
**—**
**—**
**65,713**
(19,089)
—
7,942
15,000
—
—
(12,031)|
||**(19,089)**
**—**
**7,942**
**15,000**
**—**
**—**
**(12,031)**
(2,983)
—
—
2,000
—
—
(983)|
||**(2,983)**
**—**
**—**
**2,000**
**—**
**—**
**(983)**
(4,241)
—
4,134
2,500
—
—
(5,875)|
||**(4,241)**
**—**
**4,134**
**2,500**
**—**
**—**
**(5,875)**
263
—
—
—
—
—
263|
||**263**
**—**
**—**
**—**
**—**
**—**
**263**
(4,437)
—
2,034
2,500
—
—
(3,970)|
||**(4,437)**
**—**
**2,034**
**2,500**
**—**
**—**
**(3,970)**
136,697
5,091
1,390
(50,000)
—
—
90,398|
||**136,697**
**5,091**
**1,390**
**(50,000)**
**—**
**—**
**90,398**
2,199
119
6
—
—
—
2,312|
||**2,199**
**119**
**6**
**—**
**—**
**—**
**2,312**
5,360
283
15
(268)
—
—
5,360|
||**5,360**
**283**
**15**
**(268)**
**—**
**—**
**5,360**
7,032
380
20
—
—
—
7,392|
||**7,032**
**380**
**20**
**—**
**—**
**—**
**7,392**|
||**3,004,184**
**381,753**
**404,423**
**—**
**(218,500)**
**—**
**2,763,015**|
## _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 £50,000_
_Circuit Model Trust (CMT) to General Fund for ministerial support £50,000 Interest transfer from People’s Hall to General Fund £ 268 Total £ 50,268_
_2. Total value of Circuit Properties are deemed values as revalued on 31[st] August 2022 based on Zoopla, .except for those being sold which are revalued at current market valuation._
_3. There may be minor discrepancies due to rounding of figures to nearest pound_
_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.
_Page 14_
**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 freehold property is shown in the accounts at 2022 deemed values except for those manses being offered for sale which are revalued at current market rates. The overall value has been revalued at £2,607,500 as at 31[st] August 2024, the land component is deemed to be £1,043,000 (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 has been made since 2019/20. The debt is retained 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 £1,435 was due in the reporting year but will be repaid in 2024/25.
## **Creditors**
Creditors include expenses incurred before the year end and paid during 2023/24 (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:|5|4|
|_Nature of the expenses_|||
|Expense payments relate to reimbursement for travel & out‐of‐pocket expenses|||
|Total amount paid|£3,464.15|£541.92|
|**5. Fees for examination or audit of the accounts**|**Last year**|**This year**|
_Page 15_
Independent examiner’s/auditors' fees for reporting on the account
||||
|---|---|---|
|Independent examiner’s/auditors' fees for reporting on the account|£ 930|£ 942|
|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|£ 200,829|£ 220,989|
|Employer’s National Insurance costs|£ 14,161|£ 16,940|
|Pension costs|£ 32,186|£ 37,160|
|Total staff costs|£ 247,176|£ 275,089|
|Average number of full‐time equivalent staff employed during the year were:|6.5|7.5|
## **7. Capital Commitments and Contingent Liabilities**
At the 31st August 2023 there are no capital commitments.
No Contingent liabilities were identified at 31st August 2023
## **8 Tangible Fixed Assets**
The Circuit holds 6 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|2,826,000|0|0||2,826,000|
|Additions|||||||
|Revaluations(+/-)||‐218,500||||‐218,500|
|Disposals(-)|||||||
|Transfers*(+/-)|||||||
|Balance carried forward|0|2,607,500||0||2,607,50|
|**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.
2 properties are currently on the market and were valued in 2024 by Hamilton Smith in Leiston and Ipswich by Luke Vale (MNAEA) and Adrian Scott (MNAEA, MRICS) respectively and the total value has been adjusted to reflect this. The remaining properties will be professionally valued following the disposals to reflect the up‐to‐date situation.
**10 Aggregated Manse costs**
_Page 16_
The total cost of manses including maintenance, council tax, water charges and insurance was £25,600. (2022/23 £50,355)
## **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)||15,461|16,000|
|**Total**||15,461|16,000|
## **Change in investment values**
|**Change in investment values**||||
|---|---|---|---|
|Carrying (market)value at beginningofyear||15,232|15,461|
|**Add:**additions to investments at cost||433|852|
|**Less:**disposals at carryingvalue||204|312|
|Netgain/(loss)on revaluation||229|540|
|Carrying (market)value at end ofyear||15,461|16,001|
_1. There may be minor discrepancies due to rounding of figures to nearest pound_
_Page 17_
|**14. Analysis of current assets**|**14. Analysis of current assets**|||**Last**
**year**||**This**
**year**||
|---|---|---|---|---|---|---|---|
||**Debtors and prepayments**|||**£**||**£**||
||Other Debtors|||14,155||14,155||
||Accrued income|||16,829||14,908||
||**Total debtors and prepayments**|||30,982||29,063||
|||||||||
||**Analysis of cash at bank**|||||||
|||||||||
||HSBC Current account|||15,504||4,986||
||HSBC Deposit account|||29,623||48,403||
||Central Finance Board|||34,653||48,284||
||Petty Cash|||83||214||
||**Total Cash and Bank**|||79,863||101,887||
|||||||||
|||||||||
|**15. Analysis of current liabilities and long term creditors**||||||||
|||||||||
||Trade Creditors|£||2,827||2,532||
||Other Creditors|£||82,048||72,946||
||**Total Current Liabilities**|£||84,875||75,478||
|||||||||
|||||||||
|**16. Capital Commitments and Contingent Liabilities**||||||||
|||||||||
||At the 31st August 2024 the Circuit had no capital commitments.|||||||
||No Contingent liabilities were identified at 31st August 2024|||||||
|||||||||
_Page 18_
Declarations and Scrutiny
I confirm that these accruals-based accounts for the year to 31 August 2024 have been prepared from the
record5 of the Circuit and that they include all funds under the control of the Ipswich 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 Ipswlch Clrcult meeting
I confirm that the annual report and accounts for the year ended 31 August 2024 ¥JeFe/will be,
th
presented to the Circuit meeting held on 11 April 2024
Signature of the Chair of the meeting ............................................
Name of the Chair of the meeting Rev Steve Mann
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 2024 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:
- the accounting records were not kept in accordance 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 2008 other than any requirement that the accounts give a ‘true and fair’ view, which is not a matter considered as part of an independent examination
- the trustees’ annual report is not consistent with the accounts
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
…FCA FCCA………………………..
Moore Green 22 Friars Street Sudbury Suffolk CO10 2AA
Date ………24/03/2025………………
_Page 20_