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← York Methodist Circuit

2024-08-31-accounts

Charity number: 1134381

YORK METHODIST CIRCUIT

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

HPH Chartered Accountants 54 Bootham YORK YO30 7XZ

YORK METHODIST CIRCUIT

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

CONTENTS Page
Trustees' report 1 - 8
Independent auditor's report on the financial statements 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 27

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees present their annual report together with the audited financial statements of the York Methodist Circuit for the year 1 September 2023 to 31 August 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CIRCUIT, ITS CIRCUIT MINISTERS AND ADVISERS

The Trustees who served the charity during the period and to the date of this report were as follows:

Circuit Ministers

Revd David Bidnell, Superintendent Revd Elizabeth Cushion Revd Rory Dalgliesh Revd John Hayward Revd Andy Lindley (resigned August 2024) Revd John Schofield Deacon Judith Stoddart

Circuit Stewards

Mrs Janet Bowling, Senior steward Mrs Ruth Morrison, Joint senior (resigned September 2023) Mr Nick Dawson, Treasurer Mr Vic Paylor Mrs Ann Smallwood Mrs Sally Gall (appointed December 2023) Ms Sue Gill (appointed December 2023)

Church Representatives to Circuit Council

Circuit Council Sectetary – Stephen Leah Acaster Malbis - Graham Langton Acomb – Janet Holdaway (resigned September 2023), Richard Grosberg (appointed September 2023) Bishopthorpe - Mandy Brewer (resigned September 2023), Malcolm Parker (appointed September 2023) Central – Philip Paul (resigned October 2023). Vacant thereafter. Clifton - Christopher Rouse Clifton Moor - Emma Dearlove (resigned September 2023), David Anderson (appointed September 2023) Copmanthorpe - Russ Smallwood Easingwold – Sue Gill Haxby & Wigginton - John Freeman Heslington - Ruth Schofield Hessay - Kathryn Wright Heworth - David Thompson (resigned September 2023), Peter Kitchin (appointed September 2023) Holgate - Mark Bevan (resigned September 2023), Richard Storer (appointed September 2023)

1

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CIRCUIT, ITS CIRCUIT MINISTERS AND ADVISERS (continued)

Church Representatives to Circuit Council (continued)

Huntington – Peter Harrison (resigned September 2023), George Garbutt (appointed September 2024) Lidgett - Rosamond Carter Poppleton - Sheila Middleton Rufforth - Karen Valentine Sheriff Hutton - Eric Hayhurst (resigned September 2024), Gail Lazenby (appointed September 2024) Southlands - David Whittaker Strensall - June Taylor Villages Together* – Sally Gall West Thorpe - Chris Jarratt

Charity registered number

1134381

Principal office

York Methodist Circuit Hub, Melbourne Terrace Methodist Church, Cemetery Road, YORK, YO10 5AF

Independent auditor

HPH, Chartered Accountants, 54 Bootham, YORK, YO30 7XZ

Bankers

CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, KENT, ME19 4JQ

Central Board of Finance of the Methodist Church, 9 Bonhill Street, LONDON, EC2A 4PE

Investment managers and custodian trustees

Trustees for Methodist Church Purposes, Central Buildings, Oldham Street, MANCHESTER, M1 1JQ

OBJECTIVES AND ACTIVITIES

Policies and objectives

The purposes of the Methodist Church are and shall be deemed to have been since the date of the union the advancement of:

In setting our objectives and planning our activities for the year, the Circuit Council meets about four times in each year and as managing trustees have considered the Charity Commission’s guidance on public benefit and, the specific guidance on charities for the advancement of religion and conforms to the Charities Act 2011.

Details on how the Circuit carries out its activities for the public benefit are given in the sections on Achievements and Performance and Plans for the Future below

2

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

OBJECTIVES AND ACTIVITIES (continued)

Grant making policies

There are three types of grants paid by the Circuit, all of which are approved based on the applicants meeting certain criteria.

ACHIEVEMENTS AND PERFORMANCE

Main achievements of the Circuit

York continues to be a busy and lively Circuit, with a number of specialist working groups which assist the Circuit Council and Circuit Stewards in particular areas of the Circuit’s life. These include property, lay employment, care and repair of manses and safeguarding. In addition, we form other groups where necessary, for example to organise events.

The Circuit Hub continues to operate in Melbourne Terrace and is fully opened up regularly now to host meetings and support staff. Parts of the Melbourne Terrace building are rented out to Blueberry Academy which is an organisation supporting people with learning difficulties. Also, the building is used by Refugee Action York to support those living in the city and seeking asylum, and York Learning (part of the city council) to support both refugees and local families. Activities include language classes and opportunities for practical help and advice.

The former Stillingfleet Methodist Church was sold in early 2024, and the former church properties at Trinity Methodist Church and New Earswick Methodist Church have both been sold in the latter half of 2024. The former Stamford Bridge Methodist Church property is currently on the market.

Two of our surplus manses continue to be rented out via City of York Council for use by a Syrian family and a family with the Afghan resettlement scheme. The manse at Easingwold is now empty and being prepared for a minister to move in in 2025.

Several of our smaller churches have worked together to achieve a ‘Villages Together’ church to better support each other and their local communities. A decision has now been made to sell the chapel at Stillington. As Villages Together, they will now be worshipping in two buildings rather than three and they look forward to the future together.

The Circuit has set up a Circuit Eco Task Force to work towards achieving Eco Circuit status and support local churches who want to become eco churches.

Plans for the future

The Circuit Leadership Team continues to review work in the Circuit and bring proposals for changes based on the findings of the Circuit Consultation. The Circuit Council directed that planning for the resourcing of the Circuit from 2025 should be based on a reduced number of Church Governing bodies. Work is ongoing to affirm church buildings in their current use or to be sold or other uses explored.

The process of selling some of our properties is ongoing and that will assist in financing future projects. Two of our unused manses will continue to be rented to City of York Council for housing refugee families. The Hub is available for other city centre needs.

Staffing (Lay and ordained) will be organised in ways that encourages use of specialist gifts and passions. Churches have been grouped together to encourage thinking about decisions regarding future work, people, governance and buildings. 2025 will bring changes to the staff team, and we are sad that our Superintendent, one Presbyter and a Deacon will be moving on to new Circuits. However, we are pleased that we are welcoming two new Presbyters and a City Centre Deacon.

3

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Carecent based at Central Methodist Church continues to work with homeless people in York, providing a daily breakfast service and support. Around 40-50 customers attend each day supported by around 80 volunteers working different shifts each week.

‘Growing in Christ’ continues to be our challenge. Churches work hard to try to meet the needs of local communities as far as they can. Activities include community cafes and film shows. A number of churches have ‘Warm spaces’ to help people in colder weather during this cost-of-living crisis.

We give thanks for the ongoing work of people and churches in our Circuit and appreciate the prayer support. We pray and seek God’s guidance with our plans for the future.

FINANCIAL REVIEW

Review of results

The Circuit Account includes:

There were no significant events during the year and the trustees of the Circuit have every reason to believe that the Circuit is a going concern, principally because Churches continue to meet the majority of the assessment and the Circuit has adequate reserves to cover a shortfall in anticipated income. The Trustees do not foresee any factors that will significantly affect the financial performance or position in the next year or two and for these reasons they continue to adopt the going concern basis in preparing the financial statements.

As at 31 August 2024 the Circuit held 16 (17 in 2023) freehold properties being 10 manses; 30 The Village, Haxby; the former Melbourne Terrace Methodist Church buildings, and the former Methodist Church buildings at Trinity, Dunnington, New Earswick, and Stamford Bridge.

Subsequent to the year-end the former Methodist Church Buildings at New Earswick and Trinity have been sold. As Trinity was designated a City Centre Church the proceeds from the sale have gone to the Yorkshire North and East District to be used for work in the city. The York Circuit has successfully applied for a portion of these funds to fully finance the appointment of a City Centre Deacon for the duration of the five-year term from September 2025.

The Circuit has the following principal sources of funds:

These sums are used to administer and facilitate the work of the Circuit

Incoming resources for the year amounted to £988,406 (2023: £821,576). The total resources expended were £908,715 (2023: £1,070,382). After taking account of a gain on investment assets of £7,269 (2023: loss £1,405) and the property valuation being unchanged (2023: loss £46,000), the Circuit has a net surplus for the year of £86,960 (2023: net deficit £296,211)

4

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW (continued)

After taking into account property acquisitions and disposals in the year, net cash incoming totalled £79,065 (2023: 335,380). The free reserves held by the Circuit as at 31 August 2024 totalled £659,281 (2023: £620,781).

Reserves level and policy

The reserves policy for the York Methodist Circuit is to hold a sum equivalent to 6 months average unrestricted expenditure. Taking into account that some of the expenditure in the year is directly recharged to other Churches and the District, this amount is estimated to be in the region of £400,000. This is believed to be sufficient to meet any unforeseen item of major expenditure and/or be able to continue in the short term funding planned activities in the event of an inability to raise the full circuit assessment from churches. It is also necessary to hold sufficient funds to enable the payment of stipends and expenses for the ministers and lay workers and our contribution to the District and Connexion.

Free reserves, being those funds which are not restricted by the donor, designated as functional fixed assets by the Trustees or designated for a particular purpose by the Trustees, amounted to £659,281. The Trustees recognise that this is higher than the reserves policy and will ensure these are applied to the charitable purposes.

All funds are separately invested either in CFB (Central Finance Board) or TMCP (Trustees for Methodist Church Purposes). No money is directly invested in property, securities or other forms of investment. The Circuit Model Trust Fund, which primarily arises from the sale of buildings no longer required within the Circuit, can be used for any purpose supporting the mission of the Church. Applications have to be made to the Circuit Council.

Collaborative arrangements with connected charities

The Circuit's main source of funding is the assessment obtained from each Church within the Circuit based on membership, offerings, gift aid and lettings which is used to defray most of the cost of administering the Circuit.

It also meets the District and Connexional assessments.

There is a District levy on the Circuit Model Trust Fund based on the size of the fund at the start of the connexional year (1 September) and on manse replacement projects. In 2023/24 this sum was £36,384 (2022/23: £9,379) and was credited to the District Advance Fund.

Investment policy and performance

To comply with Methodist standing orders, monies for long term investment are held by the Trustees for Methodist Church Purposes (TMCP) who also act as Custodian Trustees for Circuit property, for all large bequests and for the proceeds of sale of any property formerly owned by the Circuit or Churches. These sums are invested in unitised investments or held on deposit. The investment returns are close to tracking the movements in the FTSE100 index. The deposit income mirrors the deposit rates available elsewhere. The Circuit Trustees' investment policy is aligned with that of the Central Finance Board (CFB) and TMCP because these organisations take into consideration the social, environmental and ethical considerations, both negatively and positively, that make investments suitable for the Methodist Church.

Short term deposits are lodged directly with the CFB and attract good rates of interest.

There are no bench marks for the expected returns or appreciation on investments at TMCP and CFB. It is the Circuit's policy to manage the cash and investment resources of the Circuit so that a rate of return on investment - both by way of capital appreciation and income - is obtained at least as good as market rate considering the Circuit's low appetite for risk.

5

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW (continued)

Going concern

The Trustees have prepared forecasts of income and expenditure for the period to 31 August 2025 and beyond and subjected these forecasts to sensitivity analysis which shows that they have sufficient reserves to be able to continue for the foreseeable future. They will continue to monitor the impact on income and take appropriate action as necessary.

For the reasons set out above the trustees therefore continue to adopt the going concern basis of preparation for these financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Circuit is an unincorporated charity and is governed under Deed of Union (1932) and the Methodist Church Act (1976) and was registered with the Charity Commission in 2010.

Methods of appointment or election of Trustees

The management of the Circuit is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution.

Induction and training of Trustees

A range of guidance is produced by the Methodist Connexion and the leaflet 'The Role of a Trustee in The Methodist Church' is given to each Trustee.

In this year the Circuit was staffed by 7 (6.1 full time equivalents) Ministers (7 in 2022-23) and 8 (5.5 full time equivalents) Lay Employees (7.8 FTE in 2022-23).

Structure

The Circuit is part of the Yorkshire North & East District and is accountable to the Methodist Conference. It pays the stipends of the ministers and employs lay staff. The Methodist Conference meets once each year as the supreme denominational body for all Methodist Churches.

The following Methodist Churches were linked to the Circuit during the year: Acaster Malbis, Acomb, Bishopthorpe, Central, Clifton, Clifton Moor LEP, Copmanthorpe, Easingwold, Haxby & Wigginton, Heslington LEP, Hessay, Heworth, Holgate, Huntington (including Thornton-Le-Clay), Lidgett Grove, Poppleton, Rufforth, Sheriff Hutton, Southlands, Strensall, Villages Together, and West Thorpe.

Villages Together Methodist Church was formed from a merger on 1[st] September 2022 of the former Alne, Huby, Stillington and Tholthorpe Methodist Churches.

Purpose of the Circuit

The Circuit is an expression, over a wider geographical area than the local Church, of the Connexional character of the Church.

The primary purpose of this Circuit is to advance the mission of the Church in York and the surrounding area:

6

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The Circuit serves the Local Churches and the Conference in the support, deployment and oversight of the various ministries of the Church, and in programmes of training.

Governance

The Circuit operates within a statutory framework of regulation and seeks to ensure that it follows Methodist Standing Orders. It relies on the Connexional Office at 25 Marylebone Road, LONDON, NWI 5JR to provide guidance on changes that could affect the Circuit and its Churches.

The Circuit operates within standing orders Section 58 (Circuits with Modified Constitutions) set up in September 2013 for the running of the York Circuit of the Methodist Church and which was updated in July 2018. The Circuit Council which replaced the Circuit Meeting includes an elected representative from each Church. This group meets every three months and is the decision making body for the circuit.

The Trustees are appointed by local churches and existing trustees. Ministers and Circuit Stewards are automatically trustees.

Risk management

The Trustees have assessed the major risks to which the Circuit is exposed, in particular those related to the operations and finances of the Circuit, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

The Circuit identifies and monitors the key risks it faces, which are held on a risk register. The main risks and mitigations have been identified as follows:

Responsibilities of the Circuit

Information on fundraising practices

The charity has not carried out any fundraising activities in the year nor has it instructed any persons on its behalf to do this .

7

YORK METHODIST CIRCUIT ANNUAL TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Circuit and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Circuit's transactions and disclose with reasonable accuracy at any time the financial position of the Circuit and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Circuit and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

Revd David Bidnell, Superintendent Date: 12 March 2025

8

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YORK METHODIST CIRCUIT

Opinion

We have audited the financial statements of York Methodist Circuit for the year ended 31 August 2024, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

9

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

YORK METHODIST CIRCUIT

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities SORP (FRS102) 2019 and The Constitutional Practice and Discipline of the Methodist Church 2024. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were Employment legislation, Charity Commission regulations and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and income recognition. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, proof in total testing of assessment income, detailed substantive testing on the completeness of other sources of income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

10

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YORK METHODIST CIRCUIT

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

......................................

HPH Chartered Accountants 54 Bootham YORK YO30 7XZ

Date: 21 March 2025

HPH is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

11

YORK METHODIST CIRCUIT

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income and endowments from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Expenditure on:
Charitable activities
8
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
17
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Total income and endowments
Net movement in funds before other
recognised gains/(losses)
Losses on revaluation of fixed assets		 Unrestricted
Funds
2024
£
76,036
617,125
97,476
46,788		 Restricted
Funds
2024
£
137,617
4,332
-
9,018		 Endowment
Funds
2024
£
-
-
-
14
14
1
1
36
49
(12)
37
-
£ 37
467
37
£ 504		 Total
Funds
2024
£
213,653
621,457
97,476
55,820		 Total
Funds
2023
£
161,076
541,101
84,296
35,103
837,425 150,967 988,406 821,576
804,272 104,442 908,715 1,070,382
804,272 104,442 908,715 1,070,382
4,297 2,936 7,269 (1,405)
37,450 49,461 86,960 (250,211)
1,050 (1,038) - -
38,500 48,423 86,960 (250,211)
- - - (46,000)
£ 38,500 £ 48,423 £ 86,960 £ (296,211)
6,840,756
38,500		 355,066
48,423		 7,196,289
86,960		 7,492,500
(296,211)
£ 6,879,256 £ 403,489 £ 7,283,249 £ 7,196,289

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 27 form part of these financial statements.

12

YORK METHODIST CIRCUIT BALANCE SHEET

AS AT 31 AUGUST 2024

2024
Note
£
Fixed assets
Tangible assets
12
6,066,226
Investments
13
82,477
6,148,703
Current assets
Debtors
14
35,250
Cash at bank and in hand
1,236,767
1,272,017
Creditors: amounts falling due within one year
15
(137,471)
Net current assets
1,134,546
Total net assets
£ 7,283,249
Charity funds
Endowment funds
16
504
Restricted funds
16
403,489
Unrestricted funds:
Free reserves
16
659,281
Designated funds
16
6,219,975
Total funds
£ 7,283,249		 2024
Note
£
Fixed assets
Tangible assets
12
6,066,226
Investments
13
82,477
6,148,703
Current assets
Debtors
14
35,250
Cash at bank and in hand
1,236,767
1,272,017
Creditors: amounts falling due within one year
15
(137,471)
Net current assets
1,134,546
Total net assets
£ 7,283,249
Charity funds
Endowment funds
16
504
Restricted funds
16
403,489
Unrestricted funds:
Free reserves
16
659,281
Designated funds
16
6,219,975
Total funds
£ 7,283,249		 2024
£
6,066,226
82,477		 26,153
1,157,702		 2023
£
6,066,226
75,208
6,141,434
1,054,855
1,183,855
(129,000)
£ 7,283,249 £ 7,196,289
504
403,489
659,281
6,219,975		 467
355,066
620,781
6,219,975
£ 7,283,249 £ 7,196,289

The financial statements were approved and authorised for issue by the Trustees on 12 March 2025 and signed on their behalf by:

Revd David Bidnell, Superintendent

The notes on pages 15 to 27 form part of these financial statements.

13

YORK METHODIST CIRCUIT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the sale of tangible fixed assets
Net cash provided by investing activities
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year		 2024
£
(41,419)
55,820
64,664
120,484
79,065
1,157,702
£ 1,236,767		 2023
£
(318,971)
35,103
619,248
654,351
335,380
822,322
£ 1,157,702

The notes on pages 15 to 27 form part of these financial statements

14

YORK METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1. GENERAL INFORMATION

The York Methodist Circuit is an unincorporated charity registered in England and Wales. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the Circuit's operations and activities are those of a Methodist Circuit.

2. ACCOUNTING POLICIES

a) Basis of preparation of the financial statements

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

York Methodist Circuit meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Going Concern

The Trustees have prepared forecasts of income and expenditure for the period to 31 August 2024 and beyond and subjected these forecasts to sensitivity analysis which shows that they have sufficient reserves to be able to continue for the foreseeable future. Furthermore, the Trustees have not identified any material uncertainties which in their view cast a significant doubt over the going concern of the Circuit. They will continue to monitor the impact on income and take appropriate action as necessary. The Trustees therefore continue to adopt the going concern basis of preparation for these financial statements.

c) Income

All income is recognised once the Circuit has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Circuit has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy is recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Circuit, can be reliably measured.

Income from the activities of Carecent have been split out in more detail and the comparatives have been restated.

15

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

2. ACCOUNTING POLICIES (CONTINUED)

d) Expenditure

Expenditure is recognised when a liability is incurred, or a constructive obligation arises that results in the payment being unavoidable. Resources expended include attributable VAT which cannot be recovered.

Expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Circuit's objectives, as well as any associated support costs.

Expenditure for the activities of Carecent have been split out in more detail and the comparatives have been restated.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Circuit; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

f) Taxation

As a charity, York Methodist Circuit is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No direct tax charges have arisen in the Circuit. The Circuit suffers VAT on expenses which is not recoverable.

g) Tangible fixed assets and depreciation

Freehold property:

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal with reference to local, similar property sales and the ONS Property Index. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, fair value is estimated using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Statement of Financial Activities (SOFA), with a separate revaluation reserve being shown in the Statement of funds note 17.

Depreciation is not provided on freehold properties as it is the Circuit's policy to maintain the property in good repair. Consequently, the trustees consider the life of the properties to be so long that there is no significant annual depreciation.

Items costing less than £5,000 are written off as an expense as acquired and are not capitalised.

h) Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘gains/(losses) on investments’ in the SOFA.

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.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months of less from the date of acquisition or opening of the deposit of similar account.

16

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

2. ACCOUNTING POLICIES (CONTINUED)

k) Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Creditors and provisions are recognised at the amount that the Circuit anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

l) Financial instruments

The Circuit only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

m) Employee benefits

When employees have rendered service to the Circuit, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Circuit operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Circuit to the fund in respect of the year.

n) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Circuit and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Circuit for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are expendable funds which are held on trust to be retained for the benefit of the Circuit as a capital fund. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Investment income, gains and losses are allocated to the appropriate fund.

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Circuit makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The main assumption concerning the future of the Circuit is that the assessment income will continue to be sufficient to meet the costs of stipends, salaries and manse maintenance. The annual budget, approved by the Circuit meeting, includes sums necessary for covering these costs. This is then allocated among each Church in the Circuit, hence the income is dependent upon the Churches' ability to meet the assessment.

17

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

4. INCOME FROM DONATIONS AND LEGACIES

Assets transferred from ceasing churches
Donations, including Gift Aid
Grants
Legacies		 Unrestricted
Funds
£
76,036
-
-
-
£ 76,036		 Restricted
Funds
£
-
115,737
12,380
9,500
£ 137,617		 2024
£
76,036
115,737
12,380
9,500		 2023
£
33,842
107,232
9,500
10,502
£ 213,653 £ 161,076

In 2023 income from donations and legacies amounting to £116,732 related to restricted funds.

5. INCOME FROM CHARITABLE ACTIVITIES

Circuit assessment
Recharge for Lay Workers
Carecent services		 Unrestricted
Funds
£
523,783
-
93,342
£ 617,125		 Restricted
Funds
£
-
4,332
-
£ 4,332		 2024
£
523,783
4,332
93,342		 2023
£
476,915
4,047
60,139
£ 621,457 £ 541,101

In 2023 income from charitable activities amounting to £nil related to restricted funds.

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Lettings
Other income		 Unrestricted
Funds
£
92,754
4,722
£ 97,476		 2024
£
92,754
4,722		 2023
£
78,092
6,204
£ 97,476 £ 84,296

In 2023 all income from other trading activities related to unrestricted funds.

7. INVESTMENT INCOME

Central Finance Board
Other investments		 Unrestricted
Funds
£
2,263
44,525
£ 46,788		 Restricted
Funds
£
-
9,018
£ 9,018		 Endowment
Funds
£
-
14
£ 14		 2024
£
2,263
53,557		 2023
£
7,222
27,881
£ 55,820 £ 35,103

In 2023 income from investments amounting to £3,369 related to restricted funds and £14 to endowment funds.

18

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

ummary by fund type
Unrestricted Restricted Endowment
Funds Funds Funds 2024 2023
£ £ £ £ £
Stipends, salaries, NIC & pension costs 490,830 38,790 - 529,620 530,412
District assessment 135,732 - - 135,732 146,280
Administration, telephone & travel 30,631 3,267 - 33,898 30,464
Insurance, utilities, etc 72,499 807 - 73,306 64,918
Maintenance of manses 49,986 - - 49,986 26,575
Expenditure on other Circuit property 41,309 369 - 41,678 39,030
Other expenditure (74,000) 108 1 (73,891) 23,694
Grants & donations 9,735 - - 9,735 6,355
Contribution to District Advance Fund 36,384 - - 36,384 9,379
Connexional Priority Fund Levy 11,166 - - 11,166 143,879
Rent - 26,646 - 26,646 26,516
Carecent services - 34,455 - 34,455 22,880
£ 804,272 £ 104,442 £ 1 £ 908,715 £ 1,070,382

In 2023 expenditure amounting to £92,268 related to restricted funds and £14 related to endowment funds.

9. AUDITOR'S REMUNERATION

UDITOR'S REMUNERATION
2024 2023
Auditor's remuneration - audit £ 7,180 £ 6,972

10. TRUSTEES' REMUNERATION AND EXPENSES

During the year, 7 Trustees, who are Circuit Ministers, have been paid remuneration amounting to £261,443 (2023: 7 Trustees - £247,642).

During the year ended 31 August 2024, expenses totalling £13,652 were reimbursed or paid directly to 6 Trustees (2023: £16,334 to 7 Trustees) in relation to travel and other expenses incurred on Circuit work.

19

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

11. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
he average number of persons employed by the Circuit during the year was as follows:
Stipendiary clergy
Other Circuit staff		 2024
£
427,457
37,608
64,555		 2023
£
432,243
37,040
61,129
£ 529,620 £ 530,412
2024
No.
7
12		 2023
No.
8
12
19 20

The average number of persons employed by the Circuit during the year was as follows:

No employee received remuneration amounting to more than £60,000 in either year.

The total key management personnel remuneration for the year totalled £43,130 (2023: £39,963). The Circuit considers its key management personnel comprises of the Superintendent and Circuit Stewards.

12. TANGIBLE FIXED ASSETS

Cost or valuation
At 1 September 2023
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
£
6,066,226
6,066,226
£ 6,066,226
£ 6,066,226

Freehold land and buildings have been revalued at the year end to fair value. The fair value of residential property is calculated with reference to local property markets and changes to property values in line with the ONS Property Index. Where there is not an active market for freehold property, for example in relation to chapels held by the Circuit, a fair value has been arrived at based on surveyors' reports undertaken by Stephensons Estate Agents LLP dating between 2016 and 2020.

The Circuit has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the carrying values would have been as follows. Where actual historic costs are unavailable, a deemed cost equivalent to the 31 August 2015 insurance rebuild valuation has been adopted in line with guidance on the introduction of SORP (FRS 102).

2024 2023
Freehold property £ 3,684,406 £ 3,684,406

20

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

13. FIXED ASSET INVESTMENTS

Cost or valuation
At 1 September 2023
Revaluations
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023
The historic cost of investments held at the year end was £57,312 (2023: £57,312).
14.
Due within one year
Other debtors
Prepayments
DEBTORS
Loans		 2024
£
26,801
8,449
-		 Other
Investments
£
75,208
7,269
£ 82,477
£ 82,477
£ 75,208
2023
£
23,653
-
2,500
£ 35,250 £ 26,153

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals
Income in advance
Other creditors		 2024
£
1,103
10,247
123,183
2,938		 2023
£
6,756
6,972
115,272
-
£ 137,471 £ 129,000

21

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

16. STATEMENT OF FUNDS

Statement of funds - current year

Unrestricted funds
Designated funds
Shipton Mission and
Transformation Fund
Property cost
Revaluation reserve
General funds
Total Unrestricted funds
Endowment funds
Endowment fund
Supernumerary House Fund
Total of funds
Restricted funds
Carecent
All Churches Trust Limited
Approved Circuit Model Trust
Funds
Walk to Talk York		 At 1
September
2023
£
128,749
3,724,113
2,342,113
25,000
6,219,975
620,781
6,840,756
467
37,950
311,716
4,750
650
355,066
£ 7,196,289
 Income
£
-
-
-
-
-
837,425
837,425
14
1,146
149,821
-
-
150,967
£ 988,406		 Expenditure
£
-
-
-
-
-
(804,272)
(804,272)
(1)
(108)
(104,334)
-
-
(104,442)
£ (908,715)		 Transfers
in/(out)
£
-
-
-
-
-
1,050
1,050
(12)
(1,038)
-
-
-
(1,038)
£ -		 Gains
£
-
-
-
-
-
4,297
4,297
36
2,936
-
-
-
2,936
£ 7,269		 At 31
August
2024
£
128,749
3,724,113
2,342,113
25,000
6,219,975
659,281
6,879,256
504
40,886
357,203
4,750
650
403,489
£ 7,283,249

22

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

16. STATEMENT OF FUNDS (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Shipton Mission and
Transformation Fund
Property cost
Revaluation reserve
Approved Circuit Model
Trust Funds
General funds
General funds
Total Unrestricted funds
Endowment funds
Endowment fund
Supernumerary House Fund
Total of funds
Restricted funds
Carecent
All Churches Trust Limited
Walk to Talk York		 At 1
September
2022
£
128,749
4,056,090
2,693,636
25,000
6,903,475
259,621
7,163,096
488
39,633
277,883
10,750
650
328,916
£ 7,492,500		 Income
£
-
-
-
-
-
701,461
701,461
14
1,169
118,932
-
-
120,101
£ 821,576		 Expenditure
£
-
-
-
-
-
(978,100)
(978,100)
(14)
(1,169)
(85,099)
(6,000)
-
(92,268)
£ (1,070,382)		 Transfers
in/(out)
£
-
(331,977)
(305,523)
-
(637,500)
637,521
21
(21)
-
-
-
-
-
£ -		 Gains
£
-
-
(46,000)
-
(46,000)
278
(45,722)
-
(1,683)
-
-
-
(1,683)
£ (47,405)		 At 31
August
2023
£
128,749
3,724,113
2,342,113
25,000
6,219,975
620,781
6,840,756
467
37,950
311,716
4,750
650
355,066
£ 7,196,289

Fund descriptions

Unrestricted funds

The General Fund is the main operating account through which the expenditure and revenue for both operational and strategic purposes are handled.

Approved Circuit Model Trust Funds are monies which have been approved by the Circuit Council to be paid out to Churches as MTM grants.

23

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

16. STATEMENT OF FUNDS (continued)

Fund descriptions

Unrestricted funds

The Revaluation reserve represents the difference between property held at valuation and its associated historic cost to the Circuit.

The Shipton Mission and Transformation Fund provides finance for local Church, small-scale mission projects, for circuitled new forms of worship and Church, and for facilitating the work of the Circuit through information technology.

Endowment funds

The income from the Endowment is expendable. The net income after expenditure is transferred to unrestricted funds. The capital of very small endowment funds may be expended with Connexional approval.

Restricted funds

Carecent is an internal organisation helping disadvantaged members of the community.

All Churches Trust Limited relates to a grant received to be spent on developing the digital capacity of Churches.

The Supernumerary House Fund is for the support of a lay worker in the Circuit.

Walk to Talk York Fund relates to a grant received to help fund the creation of a podcast.

Transfers

Transfers were made out of the Endowment fund and Supernumerary House Fund into the General fund in relation to the surplus made on each fund during the year in relation to the investment income received.

Transfers were made in to and out of the revaluation reserve in relation to the disposals and revaluations of property.

Transfers were made from General Funds to Approved Circuit Model Trust Funds in relation to grants payable approved by the Circuit Council.

17. SUMMARY OF FUNDS

Summary of funds - current year

Designated funds
Restricted funds
General funds
Endowment funds		 At 1
September
2023
£
6,219,975
620,781
467
355,066
£ 7,196,289		 Income
£
-
837,425
14
150,967
£ 988,406		 Expenditure
£
-
(804,272)
(1)
(104,442)
£ (908,715)		 Transfers
in/(out)
£
-
1,050
(12)
(1,038)
£ -		 Gains/
(losses)
£
-
4,297
36
2,936
£ 7,269		 At 31
August
2024
£
6,219,975
659,281
504
403,489
£ 7,283,249

24

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

17. SUMMARY OF FUNDS (CONTINUED)

Summary of funds - prior year

Endowment funds
Restricted funds
Designated funds
General funds		 At 1
September
2022
£
6,903,475
259,621
488
328,916
£ 7,492,500		 Income
£
-
701,461
14
120,101
£ 821,576		 Expenditure
£
-
(978,100)
(14)
(92,268)
£ (1,070,382)		 Transfers
in/(out)
£
(637,500)
637,521
(21)
-
£ -		 Gains/
(losses)
£
(46,000)
278
-
(1,683)
£ (47,405)		 At 31
August
2023
£
6,219,975
620,781
467
355,066
£ 7,196,289

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
-
Fixed asset investments
41,087
Current assets
755,665
Creditors due within one year
(137,471)
Total
£ 659,281
alysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
-
Fixed asset investments
36,791
Current assets
712,990
Creditors due within one year
(129,000)
Total
£ 620,781		 Designated
funds
2024
£
6,066,226
-
153,749
-
£ 6,219,975
Designated
funds
2023
£
6,066,226
-
153,749
-
£ 6,219,975		 Restricted
funds
2024
£
-
40,886
362,603
-
£ 403,489
Restricted
funds
2023
£
-
37,950
317,116
-
£ 355,066		 Endowment
funds
2024
£
-
504
-
-
£ 504
Endowment
funds
2023
£
-
467
-
-
£ 467		 Total
funds
2024
£
6,066,226
82,477
1,272,017
(137,471)
£ 7,283,249
Total
funds
2023
£
6,066,226
75,208
1,183,855
(129,000)
£ 7,196,289

Analysis of net assets between funds - prior period

25

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the period (as per Statement of Financial Activities)
Adjustments for:
Dividends and interest from investments
Increase/(decrease) in creditors
Net cash used in operating activities provided by/(used)
(Gains)/Losses on investments
(Gain)/Loss on the sale of freehold property
Decrease/(increase) in debtors
Losses on revaluation of fixed assets		 2024
£
86,960
(7,269)
-
(55,820)
(64,664)
(9,097)
8,471
£ (41,419)		 2023
£
(296,211)
1,405
46,000
(35,103)
18,252
(1,896)
(51,418)
£ (318,971)

20. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Central Finance Board
TMCP deposits
Total cash and cash equivalents
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand		 At 1
September
2023
£
1,157,702
£ 1,157,702		 2024
£
380,120
77,152
779,495
£ 1,236,767
Cash flows
£
79,065
£ 79,065		 2023
£
363,615
99,198
694,889
£ 1,157,702
At 31
August
2024
£
1,236,767
1,236,767
£

21. ANALYSIS OF CHANGES IN NET DEBT

22. PENSION COMMITMENTS

The ordained presbyters and deacons are members of the Methodist Ministers' Pension Scheme (MMPS). This is a defined benefit scheme where ministers contribute 9.3% of stipend and the Circuit 26.9% to this scheme. The Connexional accounts show the figures in the annual Methodist Church in Great Britain account.

Note: The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters and deacons) are not employees of the Church. For simplicity, however, when dealing with National Insurance contributions and pension contributions, the terms 'employer' and 'employee' are used as they would be in an employing body.

Lay employees are contractually employees and where applicable are auto-enrolled into the Circuit's pension scheme arranged with The Pensions Trust. This is a defined contribution scheme where employees contribute 6% of salary and the Circuit 6% to this scheme.

The assets of both schemes are held separately from those of the Circuit in independently administered funds. The pension cost charge represents contributions payable by the Circuit to the funds and amounted to £53,901 (2023: £51,037). No contributions were payable to the funds at the balance sheet date in either this or the previous year.

26

YORK METHODIST CIRCUIT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

23. RELATED PARTY TRANSACTIONS

During the year the Circuit received assessment income totalling £523,783 (2023: £476,915) from the various churches within the Circuit.

The Circuit also incurred assessment costs of £135,732 (2023: £146,280) payable to the District.

24. OPERATING LEASES

As at 31 August 2024 the Circuit had future minimum lease payments under non-cancellable operating as follows:

Equipment
Within one year
Within two years
Within five years		 2024
£
1,402
1,402
1,753
£ 4,557		 2023
£
1,402
1,402
3,155
£ 5,959

27