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← Telford Methodist Circuit

2024-08-31-accounts

REGISTERED CHARITY NUMBER: 1134372

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

TELFORD METHODIST CIRCUIT

Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG

TELFORD METHODIST CIRCUIT

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 21
Detailed Statement of Financial Activities 22 to 23

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

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. It does this through: Worship, Learning and Caring, Service and Evangelism.

The circuit includes 13 Methodist churches and 3 LEPs. The circuit provides ministerial oversight, through the support of 3 full time Presbyters, 2 part time Presbyter, 4 supernumerary presbyters and a number of lay workers.

The Circuit provides a benefit to the public by supporting both financially and practically, through the churches across the area. The churches provide a venue for many varied activities throughout the week as well as worship on a Sunday.

FINANCIAL REVIEW

Financial position

An Annual Budget Review is undertaken to consider the current level of funds held, the anticipated expenditure for the forthcoming 12 months, and how this is to be met by contributing churches. The voluntary Share Contribution method to meet this figure had been put on hold in the light of Covid 19 and churches were invited to make payments to the Circuit as their finances allow. Work is currently ongoing in preparation of the 25/26 budget to reassess the method of calculating contributions to ensure fairness across all churches.

Reserves policy

The Reserves Policy for the Telford Circuit is to hold a sum equivalent to 3 months annual expenditure in the General Fund in order to meet any unforeseen planned activities in the event of the closure of a church or an inability to raise the full income required from churches.

Our restricted funds are held by the Trustees for Methodist Church purposes and we have access to them as appropriate but do not manage the capital.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Safeguarding

Safeguarding continues to be an important area of consideration for the Church and we continue to work with the Wolverhampton and Shrewsbury District and the wider connexion in order to ensure that our policies, training and practices meet both moral and all of the statutory and legal requirements in this area.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1134372

Principal address

Dawley Christian Centre High Street Dawley Telford Shropshire TF4 2EX

Page 1

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024

Trustees Superintendent Minister

Marcus Torchon

Ministers

Roger Dunlop Nik Wooller Fiona Brown Derrick Lander David Lavender

Lay Workers

Jo Kudlacik* Diane Parkin John Parkin

Lay Workers (but not trustees)

Helen Hayward Sharon Hanson Richard Lockley

Circuit Stewards

Marcelle Kite Jo Kudlacik Effie Appiah Eric Boachie Val Smith*

Officers & Committee Representatives

LP Secretary David Corden

LP Representatives Christine Rayner

Admaston

John Addison Bill Tomlinson Jane Holden Angela Kidd

Albrighton

Bryan Beech Alison Lang Chris Harrison

Bridgnorth

Ruth Cole John Pratley Diane Radford Gillian Lindley

Broseley

Marcus Branson Rita Powell

Dawley CC

Robert Yapp Val Smith

Page 2

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024

Donnington Celia Talbot Philip Owen Eileen Owen

Dunwell (Ketley)

Effie Appiah Eric Boachie

Hadley

Shirley Toze Esi Adams Eudalia King

Horsehay

Margaret Reynolds Jennifer Tarrier Jan Bennett

Leegomery

John Bowdler David Collington Shirley Stevens Val Beasley

Much Wenlock Brian Oakley Joyce Pridmore Mary Rudge Anne Lloyd

Newport Margaret Mantripp Lesley Busby-Waltho Jim Carroll Richard Langley Annie Cuthbert

Oakengates Sylvia Bailey Andrew Evans Angela Evans

Rodington Tom Currie

Shifnal Barbara Lamkin Janet Lander

Wellington

Diane Parkin Alastair Battrick Roger Jones Mary Donaldson

Page 3

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Ian Cattell FCA Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG

Solicitors

Clarkes Solicitors Hazeldine House Telford Centre Telford TF3 4JL

Advisers and Bankers The Co-operative Bank plc, PO Box 101 1 Balloon Street Manchester M60 4EP

Richard Hustwick - Manses Surveyors

2 St. James Crescent Stirchley Telford TF3 1BL

Andrew Dixon and Company - Churches Surveyors

Grosvenor House Central Park Telford TF2 9TW

Christophers - Quinquennial inspections Adrian Mole Midtrees The Green Hambridge Langport Somerset TA10 0AT

Tempertons Lettings - Lettings

23 - 25 High Street Newport Shropshire TF10 7AT

Superintendent Minister is now the Rev Adrian Burdon who can be contacted via the circuit office: Dawley Christian Centre, High Street Dawley TF 01952 505108

Page 4

TELFORD METHODIST CIRCUIT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

Approved by order of the board of trustees on 7 May 2025 and signed on its behalf by:

Rev A Burdon - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TELFORD METHODIST CIRCUIT

Independent examiner's report to the trustees of Telford Methodist Circuit

I report to the charity trustees on my examination of the accounts of Telford Methodist Circuit (the Trust) for the year ended 31 August 2024.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

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.

Ian Cattell FCA

Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG

7 May 2025

Page 6

TELFORD METHODIST CIRCUIT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Assessments on Churches
Sale of churches
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
District Assessment
Support costs
Stipends, NIC & Pensions
URC Mission & Ministry
Office & manse expenses
Property Repairs
Grants to churches
Profit on sale of manse
Accountancy and legal fees
Connexional levy
Total
Net gains/(losses) on
investments
NET INCOME
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds

£
-
231,965
390,676
4,183
49,600
676,424
2,979
51,523
-
181,295
16,180
42,022
48,834
2,000
(40,151)
3,840
248,230
556,752
-
119,672
2,212,554
2,332,226		 Restricted
funds
£
-
-
-
10,000
2,094
12,094
-
-
-
-
-
921
-
-
-
-
-
921
-
11,173
50,523
61,696		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,534
2,534
56,580
59,114		 2024
Total
funds
£
-
231,965
390,676
14,183
51,694
688,518
2,979
51,523
-
181,295
16,180
42,943
48,834
2,000
(40,151)
3,840
248,230
557,673
2,534
133,379
2,319,657
2,453,036		 2023
Total
funds
£
200
240,332
384,277
1
24,805
649,615
2,388
49,262
5,059
192,202
8,477
44,648
36,257
660
(62,420)
3,196
4,078
283,807
(277)
365,531
1,954,126
2,319,657

The notes form part of these financial statements

Page 7

TELFORD METHODIST CIRCUIT

BALANCE SHEET 31 AUGUST 2024

Notes
FIXED ASSETS
Tangible assets
14
Investments
15
CURRENT ASSETS
Prepayments and accrued
income
Cash at bank
CREDITORS
Amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
funds

£
1,467,015
-
1,467,015
(1,571)
869,722
868,151
(2,940)
865,211
2,332,226
2,332,226		 Restricted
funds
£
-
-
-
-
61,696
61,696
-
61,696
61,696
61,696		 Endowment
fund
£
-
58,837
58,837
-
277
277
-
277
59,114
59,114		 2024
Total
funds
£
1,467,015
58,837
1,525,852
(1,571)
931,695
930,124
(2,940)
927,184
2,453,036
2,453,036
2,332,226
61,696
59,114
2,453,036		 2023
Total
funds
£
1,717,015
56,303
1,773,318
2,248
547,031
549,279
(2,940)
546,339
2,319,657
2,319,657
2,212,554
50,523
56,580
2,319,657

The financial statements were approved by the Board of Trustees and authorised for issue on 7 May 2025 and were signed on its behalf by:

A Burdon - Trustee

The notes form part of these financial statements

Page 8

TELFORD METHODIST CIRCUIT

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
1
62,319
Net cash provided by operating activities
62,319
Cash flows from investing activities
Purchase of tangible fixed assets
-
Sale of tangible fixed assets
290,151
Interest received
32,194
Net cash provided by/(used in) investing activities
322,345
Change in cash and cash equivalents in
the reporting period
384,664
Cash and cash equivalents at the
beginning of the reporting period
547,031
Cash and cash equivalents at the end of
the reporting period
931,695		 2023
£
288,753
288,753
(347,015)
327,420
8,812
(10,783)
277,970
269,061
547,031

The notes form part of these financial statements

Page 9

TELFORD METHODIST CIRCUIT

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
(Gain)/losses on investments
Profit on disposal of fixed assets
Interest received
Decrease in debtors
Decrease in creditors
Net cash provided by operations		 2024
£
133,379
(2,534)
(40,151)
(32,194)
3,819
-
62,319		 2023
£
365,531
277
(62,420)
(8,812)
2,036
(7,859)
288,753

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£ £ £
Net cash
Cash at bank 547,031 384,664 931,695
547,031 384,664 931,695
Total 547,031 384,664 931,695

The notes form part of these financial statements

Page 10

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial information presented is relevant, reliable, comparable and complete. Where estimates are used these are based on experience, research and judgement. The accounts are expressed in £ Sterling, rounded to the nearest pound.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

These are capitalised if they can be used for more than one year, and individually cost at least £1,000. The freehold property is shown in the accounts at 2017 revaluation. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The properties have been reviewed for impairment and are being maintained in good repair.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 11

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

2.
DONATIONS AND LEGACIES
Donations
3.
OTHER TRADING ACTIVITIES
Other income
4.
INVESTMENT INCOME
Rents received
Deposit account interest
Rents received relate to the letting of temporarily surplus manse accommodation.
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Assessment on churches
Assessments on Churches
Sale of churches
Sale of churches		 2024
£
-
2024
£
14,183
2024
£
19,500
32,194
51,694
2024
£
231,965
390,676
622,641		 2023
£
200
2023
£
1
2023
£
15,993
8,812
24,805
2023
£
240,332
384,277		 2023
£
200
2023
£
1
2023
£
15,993
8,812
24,805
624,609

Assessments on Churches

At the beginning of the year, the Circuit comprised of 17 churches and each was assessed for a contribution to meet the overall net costs of the Circuit.

6. RAISING FUNDS

Investment management costs

Investment management costs
2024 2023
£ £
Property letting costs 2,979 2,388

continued...

Page 12

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024

7. CHARITABLE ACTIVITIES COSTS

District Assessment
Stipends, NIC & Pensions
URC Mission & Ministry
Office & manse expenses
Property Repairs
Grants to churches
Profit on sale of manse
Accountancy and legal fees
Connexional levy		 Direct
Costs
£
51,523
181,295
16,180
42,943
48,834
-
-
-
248,230
589,005		 Grant
funding of
activities
(see note
8)
£
-
-
-
-
-
2,000
-
-
-
2,000		 Support
costs (see
note 9)
£
-
-
-
-
-
-
(40,151)
3,840
-
(36,311)		 Totals
£
51,523
181,295
16,180
42,943
48,834
2,000
(40,151)
3,840
248,230
554,694

District Assessment & Levy

In common with other circuits in the District, the Circuit pays an annual assessment, which is based on the number of Methodist Presbyters and Lay Workers within each circuit. The Levy is calculated on a sliding scale percentage of the balance of the Circuit's CMTF at 31 August in the previous accounting year.

URC Mission & Ministry

The URC Synod makes an annual charge relating to its general costs.The total cost for the year ended 31st August 2024 was £16,180 (2023: £8,477).

8. GRANTS PAYABLE

2024 2023
£ £
Grants to churches 2,000 660
The total grants paid to institutions during the year was as follows:
2024 2023
£ £
Donations to churches
2,000 660

continued...

Page 13

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

9. SUPPORT COSTS

Profit on sale of manse
Accountancy and legal fees		 Governance
Finance
costs
£
£
(40,151)
-
-
3,840
(40,151)
3,840		 Totals
£
(40,151)
3,840
(36,311)

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Certain trustees are remunerated as employees of the Circuit. All payments to trustees are at normal market rates and are subject to review by independent members of the trustee body. Total annual amounts paid to trustees were as follows:

Stipends and salaries - £146,809 Employer's national insurance contributions - £10,050

Employer's superannuation contributions - £24,436

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:		 2024
£
146,809
10,050
24,436
181,295
2024		 2023
£
153,220
11,208
27,774
192,202
2023

No employees received emoluments in excess of £60,000.

continued...

Page 14

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
200
-
Charitable activities
Assessments on Churches
240,332
-
Sale of churches
384,277
-
Other trading activities
-
1
Investment income
23,781
1,024
Total
648,590
1,025
EXPENDITURE ON
Raising funds
2,388
-
Charitable activities
District Assessment
49,262
-
Support costs
5,059
-
Stipends, NIC & Pensions
192,202
-
URC Mission & Ministry
8,477
-
Office & manse expenses
43,420
1,228
Property Repairs
36,257
-
Grants to churches
660
-
Profit on sale of manse
(62,420)
-
Accountancy and legal fees
3,196
-
Connexional levy
4,078
-
Total
282,579
1,228
Net gains/(losses) on investments
(277)
-
NET INCOME/(EXPENDITURE)
365,734
(203)
RECONCILIATION OF FUNDS
Total funds brought forward
1,846,820
50,726
TOTAL FUNDS CARRIED FORWARD
2,212,554
50,523
Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
56,580
56,580		 Total
funds
£
200
240,332
384,277
1
24,805
649,615
2,388
49,262
5,059
192,202
8,477
44,648
36,257
660
(62,420)
3,196
4,078
283,807
(277)
365,531
1,954,126
2,319,657

Page 15

continued...

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

13. FUNDS

The funds held constitute:

Unrestricted Funds

General Fund

The purpose of this fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit.

Circuit Model Trust Fund

Consists of money held by the Trustees for Methodist Church purposes for use in the circuit. This money is derived from the sale of churches, and is available for grants towards mission and property schemes in the circuit.

Restricted Funds

Circuit Mission fund

The money in this fund is available for mission initiatives in the circuit.

Children and young people fund

This fund was set up as a designated fund and was used to provide support for children and young people.

Graveyard fund

The purpose of this fund is for maintenance of graveyards associated with closed churches.

Madeley fletcher

This was a separate fund set up relating to a possible project in a closed church in Madeley.

Restricted fund

This is a general restricted fund for any restricted money from grants, for training fund, manse and removals etc.

Sabbatical fund

This fund is for money towards ministers' sabbaticals.

Training fund

The purpose of this fund is to provide support for training initiatives.

Endowment Funds

Endowment Trust Funds is from legacies where only the interest is available for use.

During the year the circuit made a prior year adjustment to correct the opening position of the monies held in the circuit model trust fund (CMTF). Previously, certain funds subject to the CMTF (which includes funds arising from the sale of circuit properties) had been incorrectly included within the General Fund. The opening balance adjustment corrected the opening position, and the closing balance on the CMTF within the accounts is now correct and in accordance with funds held within the CMRF by the Trustees For Methodist Church Purposes.

Page 16

continued...

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024

14. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 September 2023
Disposals
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
Cost or valuation at 31 August 2024 is represented by:
Valuation in 2024
15.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 September 2023
Revaluations
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
There were no investment assets outside the UK.
Cost or valuation at 31 August 2024 is represented by:
Cost		 Manses
£
1,717,015
(250,000)
1,467,015
1,467,015
1,717,015
Manses
£
1,467,015
Unlisted
investments
£
56,303
2,534
58,837
58,837
56,303
Unlisted
investments
£
58,837

Fixed asset investments are held by the Trustees for Methodist Church Purposes, and are held on deposit and in fixed interest securities.

continued...

Page 17

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2023
£ £
Other creditors 2,940 2,940

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Circuit model trust fund
Restricted funds
Circuit mission
Children and Young People Fund
Grave yard fund
Madeley Fletcher
Sabbatical Fund
Training Fund
Restricted Fund
Endowment funds
Endowment funds
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Circuit model trust fund
Restricted funds
Circuit mission
Grave yard fund
Restricted Fund
Endowment funds
Endowment funds
TOTAL FUNDS		 as follows:
Incoming
resources
£
257,304
419,120
676,424
806
445
10,843
12,094
-
688,518		 At 1.9.23
£
1,777,233
435,321
2,212,554
16,654
3,415
4,439
12,407
1,324
1,703
10,581
50,523
56,580
2,319,657
Resources
expended
£
(567,432)
10,680
(556,752)
-
(921)
-
(921)
-
(557,673)		 Net
movement
in funds
£
(310,128)
429,800
119,672
806
-
(476)
-
-
-
10,843
11,173
2,534
133,379
Gains and
losses
£
-
-
-
-
-
-
-
2,534
2,534		 At
31.8.24
£
1,467,105
865,121
2,332,226
17,460
3,415
3,963
12,407
1,324
1,703
21,424
61,696
59,114
2,453,036
Movement
in funds
£
(310,128)
429,800
119,672
806
(476)
10,843
11,173
2,534
133,379

continued...

Page 18

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Circuit model trust fund
Restricted funds
Circuit mission
Children and Young People Fund
Grave yard fund
Madeley Fletcher
Sabbatical Fund
Training Fund
Restricted Fund
Endowment funds
Endowment funds
TOTAL FUNDS		 At 1.9.22
£
1,705,667
141,153
1,846,820
15,915
3,415
5,381
12,407
1,324
1,703
10,581
50,726
56,580
1,954,126		 Net
movement
in funds
£
369,812
(4,078)
365,734
739
-
(942)
-
-
-
-
(203)
-
365,531		 Transfers
between
funds
£
(298,246)
298,246
-
-
-
-
-
-
-
-
-
-
-		 At
31.8.23
£
1,777,233
435,321
2,212,554
16,654
3,415
4,439
12,407
1,324
1,703
10,581
50,523
56,580
2,319,657

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Circuit model trust fund
Restricted funds
Circuit mission
Grave yard fund
TOTAL FUNDS		 Incoming
resources
£
648,590
-
648,590
739
286
1,025
649,615		 Resources
expended
£
(278,501)
(4,078)
(282,579)
-
(1,228)
(1,228)
(283,807)		 Gains and
Movement
losses
in funds
£
£
(277)
369,812
-
(4,078)
(277)
365,734
-
739
-
(942)
-
(203)
(277)
365,531

continued...

Page 19

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Circuit model trust fund
Restricted funds
Circuit mission
Children and Young People Fund
Grave yard fund
Madeley Fletcher
Sabbatical Fund
Training Fund
Restricted Fund
Endowment funds
Endowment funds
TOTAL FUNDS		 At 1.9.22
£
1,705,667
141,153
1,846,820
15,915
3,415
5,381
12,407
1,324
1,703
10,581
50,726
56,580
1,954,126		 Net
movement
in funds
£
59,684
425,722
485,406
1,545
-
(1,418)
-
-
-
10,843
10,970
2,534
498,910		 Transfers
between
funds
£
(298,246)
298,246
-
-
-
-
-
-
-
-
-
-
-		 At
31.8.24
£
1,467,105
865,121
2,332,226
17,460
3,415
3,963
12,407
1,324
1,703
21,424
61,696
59,114
2,453,036

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
905,894
Circuit model trust fund
419,120
1,325,014
Restricted funds
Circuit mission
1,545
Grave yard fund
731
Restricted Fund
10,843
13,119
Endowment funds
Endowment funds
-
TOTAL FUNDS
1,338,133		 Resources
expended
£
(845,933)
6,602
(839,331)
-
(2,149)
-
(2,149)
-
(841,480)		 Gains and
Movement
losses
in funds
£
£
(277)
59,684
-
425,722
(277)
485,406
-
1,545
-
(1,418)
-
10,843
-
10,970
2,534
2,534
2,257
498,910

continued...

Page 20

TELFORD METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

18. RELATED PARTY DISCLOSURES

Churches within the Circuit: Admaston Albrighton Bridgnorth Methodist-URC LEP Broseley Dawley Donnington Hadley Horsehay Ketley Leegomery Much Wenlock Oakengates United Methodist-URC LEP St Georges, Rodington Methodist-Anglican LEP Trinity, Newport Methodist-URC LEP Trinity, Shifnal The Rock Wellington

Page 21

TELFORD METHODIST CIRCUIT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Other income
Investment income
Rents received
Deposit account interest
Charitable activities
Assessment on churches
Sale of churches
Total incoming resources
EXPENDITURE
Investment management costs
Property letting costs
Charitable activities
Stipends and allowances
Social security
Pensions
Light and heat
Telephone
Insurance, council tax etc
Repairs and maintenance
Sundries
Travelling
Office expenses
URC mission and ministry
Ecumenical Mission Enabler
Direct assessment
Grants to churches
Support costs
Finance
Loss on sale of tangible fixed assets		 2024
£
-
14,183
19,500
32,194
51,694
231,965
390,676
622,641
688,518
2,979
146,809
10,050
24,436
1,309
2,622
14,541
48,834
12,968
6,567
4,936
16,180
-
299,753
2,000
591,005
(40,151)		 2023
£
200
1
15,993
8,812
24,805
240,332
384,277
624,609
649,615
2,388
153,220
11,208
27,774
2,891
2,919
18,354
36,257
3,798
12,674
4,012
8,477
5,059
53,340
660
340,643
(62,420)

This page does not form part of the statutory financial statements

Page 22

TELFORD METHODIST CIRCUIT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
Finance
Governance costs
Accountancy and legal fees
Total resources expended
Net income		 2024
£
3,840
557,673
130,845		 2023
£
3,196
283,807
365,808

This page does not form part of the statutory financial statements

Page 23