THE MtrHODIST CHURCH - CHELMSFORD CIRCUIT Circuit No 34109 FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 Registered Charity Number 1134390 The Methodist Church - Chelmsford Circuit is part of the Bedfordshire, Essex & Hertfordshire District of the Methodist Church Circuit reference 34109
CONTENTS Pages Trustees, Report 2-10 Trustees and Administrative Details 11-13 Independent Examiner's Report 14-16 Financial Accounts and Notes 17-34
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Trustees, Report The Trustees of The Methodist Church-chelmsford Circuit are pleased to present their Annual Report and Accounts for the Methodist year ended 31 August 2024. Governing document and objertives The Circuit is governed by the Methodist Church Act 1976, the deed of Union and the Model Trusts of 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 the 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; {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 Circuit has taken into account the Charity Commission's public benefit guidance on advancing a Charity's aims when carrying out its range of activities. The trustees consider that these provide benefit to those who worship in our Churches and to the wider community in the Circuit. Mission Statement The Circuit updated its Mission Statement in 2023. and continues to review and update it. The Mission Statement for 2023124 is as follows: "The calling of the Methodist Church is to respond to the good news of Gl'S love in Christ and to live out its discipleship in worship and mission" In this, and in partnership with others wherever possible, Chelmsford Methodist Circuit will devote its prayers, resources, encouragement, and commitments on this priority: le sharin God's love rtin God's Peo Our vision is for a Christ-centred Circuit of vibrant. growing churches supporting each other in expressing God's love and sharing it with others. As ways towards realising this priority, the circuit will give attention to the following: Underpinning everything we do with God-centred worship and prayer Supporting community development and action for justice, especially among the most deprived and poor - in Britain and worldwide Making followers of Christ. Developing confidence in evangelism and in the capacity to speak of God and faith in ways that make sense to all involved Encouraging f resh ways of understanding church Nurturing an inclusive church which cares for all. Worshi The church exists to increase awareness of God's presence and to celebrate God's love. We will: Offer to the communities around us safe places for worship and acceptance Facilitate the worship of God in places other than our buildings {e.g. residential homes, new areas of housing) Help people grow a greater awareness of God's awesome presence, and to experience his love. at all stages of life
THE MtrHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Mission Statement (continued) Encourage and make available varied worship opportunities appropriate for people of all ages, during the week as well as on Sundays Encourage and support the use of technology in our churches to enable all to participate: Support access for all to prayer resources. Learnin Help people to grow and leam as Christians. We will: Support churches and resource members in continuing to grow and delight in Christian discipleship Support the training and development of our ordained and lay people including Local Preachers, Worship Leaders and others Encourage each other at all stages of the faith journey, through Bible study/fellowship/house groups Inform and inspire people to be passionate al)out justice, peace and integrity of creation Provide opportunities for experience and learning about faith sharing Support training required by the Connexion leg Safeguarding, EDI, Unconscious Bias) Carin & Service The church exists to be a good neighbour to peq)le in need and challenge injustice. We will: Create safe communities characterised by hospitality, generosity, welcome. care, acceptance and respect; Provide prayerful, caring support for our Ministry and leadership Inspire an outward looking focus to the life and service of the churches within the circuit Use our influence to have an impact on issues of equality, diversity and inclusion both locally and more widely Encourage everyone to regard being active in service as part of their Christian life. and find ways to witness to our faith through fulfilling needs in our communities and to do what we can to support those in need in the wider world Give generously, but with due thought and prayer, of time and money for God's work in the church and in the world Work for justice and peace Support churches in caring for the environment in the local area, the nation and the wider world. Evan elism The church exists to make more followers of Jesus Christ. We will.. Guard against being apologetic for our faith Provide more opportunities to explore the Bible and Christian faith, and the confidence to share it with others Engage in mission activities both inside and outside our buildings and to those we meet outside the church in daily life Use opportunities in community groups and at occasions such as baptlsms, weddings, funerals and Christmas and Easter to share our faith Work with other Christian churches to explore openings for evangelism in the community Encourage people to be able to pray with and for those who are working for peace and hope.
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Mission Statement (continued) To fulfil these priorities, as a circuit we will: Support each of the circuit churches in producing new versions of their mission statements and strategy that are Specific. Measurable. Achievable, Realistic and Timetabled (Sh14RT) Encourage work that ls ecumen?cal, people-centred, flexible and innovative Concentrate on the development of new visions and ways of being church relevant for the 21 century, through continued analysis of the circuit's resources of people, property and finance, and use them in ways that will most effectively further the work of God and the circuit. st Churches within the Methodist Church-chelmsford Circuit The Methodist Churches in the Circuit are Trinity, Moulsham Lodge and Broomfield, (all based in Chelmsford), Hatfield Peverel, Maldon. Witham and Halstead. Also included are five Local Ecumenical Partnerships in Braintree. Coggeshall, Great Notley, South Woodham Ferrers and North Springfield. The Methodist Church in Hall Street, Chelmsford closed on 31 December 2023. The Circuit acts as an umbrella organisation for these Churches and provides the staff to take services and care for members. It provides training and support to members of the Churches for mission to the communities around these Churches. Organisational Structure Overall control rests with the Methodist Conference. The Connexional office implements decisions made by Conference and is also responsible for the stationing of Ministers to this Circuit. Connexional decisions are passed to the Chair of the District and the appropriate Officers of the District for regional implementation. This Circuit is part of the Bedfordshire, Essex and Hertfordshire District. The District passes control down to Circuit level for local implementation by the Superintendent Minister, supported by ministerial staff and Circuit stewards. Authority ls delegated to the Circuit Meeting for the invitation to and appointment of Ministerial staff and lay employees. In addition to this, the Circuit meeting is charged with the care and maintenance of Ministerial housing and the agreement of the Circuit financial budget and the financial accounts. The Circuit meeting is also required to ensure all property and financial reports of the individual Churches are received in a timely fashion. All members of the Circuit meeting are Trustees to the Circuit and are listed at the end of this rerM)rt. Report for the Year Aims and objectives for 2023124 The main aims of the Circuit for 2023124 were as follows: To complete the Stationing process for September 2024 and the review of resources. To launch the Circuit mission statement and 5 year strategy with a 24 hour prayer event. To set up a Circuit prayer group. To support the churches in the Circuit to review their own mi55i0n Statement and 5 year strategy by 31 August 2024. To continue with pastoral care for our churches and the wider community. To continue work towards becoming an Eco Circuit and to assist churches and members in making relevant changes. To plan a Circuit wide Eco event for 2024. To continue the work with the school in Hatfield Peverel and extend the work done with schools and families when possible.
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Report for the Year (continued) Aims and objectives for 2023124 (continued) To establish a 5 year plan for manse management. To continue to strive to provide a welcoming, safe and loving environment for all we come into contact with. Progress during 2023124 The Circuit mission statement and 5 year strategic plan for 2023-2028 continue to be reviewed and updated following presentation of the first draft to the Circuit meeting in May 2023. A Circuit prayer event took in May 2024 at Witham Methodist Church. The Stationing PreSS for September 2024 was completed, with the appointment of Revd. Asif Karam as a presbyter within the Chelmsford Section, from September 2024. Most of the churches in the Circuit completed the review of their own mission statements during 2023124. Actions arising from these reviews will continue in 2024125 and subsequent years. After prayerful consideration, the members of the church in Hall Street, Chelmsford, took the decision to request permission to cease to meet. due to declining numbers. The church closed on 31 December 2023. The Circuit reviewed possible uses of the building, and decided that it should be sold. The sale was completed in July 2024. The remaining 3 Methodist churches in Chelmsford continue to discuss ways of working together more closely. Once a month, they meet together in one of the 3 churches for a joint Sunday morning seThice. They also have a monthly Prayer Walk together in Chelmsford. The work with the school in Hatfield Peverel had to be suspended in Autumn 2023 following the temporary closure of parts of the school due to building defects. The work was able to restart after Easter 2024, led by Ria Allen, the Circuit Schools Worker. In June 2024 Revd. Barry Allen organised a visit of the Counties evangelism organisation's 'Life Exhibition,, a multi-media experience for primary school age children. This examines key stories from the Gospels. Led by Revd. Barry & Ria Allen. and supported by volunteers from the local churches, 2 days were spent at the school in Hatfield Peverel and 2 days at the church in South Woodham Ferrers. All the pupils from years 3 to 6 were able to visit the exhibition. In November 2022 the Circuit set up a designated fund for donations to offer assistance with housing costs for refugees within the area of the Circuit, particularly those from Ukraine. The Circuit agreed to match any donations received up to a limit of £5,lJ)O. During the year five grantslloans were made. The work on our environmental responsibilities has continued across the Circuit. Members of the Circuit Leadership Team visited a church in Baildon, to see how they have improved the energy efficiency of their buildings. We are currently working towards the A Rctha UK ECO Circuit award. Of the 12 churches in the Circuit, 4 churches have the Silver Eco Award. 2 have the Bronze Eco Award, and 3 are registered with the Eco scheme, working towards an award. A new Circuit Safeguarding Officer wa5 appointed from september 2024. Aims and objectives for 2024125 The main aims of the Circuit for 2024125 are as follows: To review the Circuit staffing and complete the Stationing process for September 2025. To review the Circuit's Reserves Policy and the allocation of resources. To recruit new Circuit Stewards.
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Aims and objectives for 2024125 (continued) To appoint a Circuit EDI (Equality, Diversity. Inclusion) representative. To organise an annual Circuit prayer event. To continue to l(X)k with enquiring eyes and prayerful hope at the circumstances of our churches, their opportunities and challenges. To continue with pastoral care for our churches and the wider community. To continue work towards becoming an Eco Circuit and to assist Churches and members in making relevant changes. To plan a Circuit wide Eco event for 2025. To continue the work with the school in Hatfield Peverel and extend the work done with schools and families when possible. To establish a 5 year plan for manse management. To continue to strive to provide a welcoming, safe and loving environment for all we come into contact with. Staffing Revd. Mark Pengelly is the Circuit Superintendent and is responsible for the ministry of the Chelmsford section and at Halstead. In September 2023, the Circuit confirmed the extension of the period of invitation for Revd. Mark Pengelly, for a further 2 years from September 2024. However, in December 2024, Revd. Mark confirmed that he will be taking up a new post with effect from the end of March 2025. Revd. Barry Allen is responsible for the ministry of the Maldon Section. He is retiring at the end of August 2025. Revd. Asif Karam joined the Circuit from 1 st September 2024, in the Chelmsford section. Ria Allen is the Schools Worker for work in the school in Hatfield Peverel. Karen Murrell is the Circu7t Administrator, based in Chelmsford. Esther Burton resigned as Circuit Safeguarding Officer in January 2024. Barbara Daniels was appointed as Circuit Safeguarding Officer in August 2024. Alistair Jenkins was appointed as Finance Officer from mid September 2023, to undertake the detailed accounting work and Janis Croom, one of the Clrcuit Stewards, was appointed as the Circuit Treasurer from 17 September 2023. Training Training for local preachers is on-going as part of the Lctal Preachers and Leaders of Worship quarterly meetings. Representatives from the Circuit attended the District Synod in Spring 2024 and October 2024. Members of the Circuit continue to attend District Training events. Circuit and Church stewards undertook safeguarding and EDI (Equality, Diversity and Inclusion) training online or in person. Support Individual Circuit stewards attended Church Council meetings held throughout the year. They take note of issues raised at these meetings and report back to the Leadership team. The Circuit offers encouragement and advice to local Churches on the many and varied projects undertaken in their local communities. A regular Circuit Newsletter is produced which has helped churches to share what they do and how they have found new ways of reaching our local communities. Ministers are supported by the Circuit Stewards personally and in terms of the properties they Cupy.
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Risk Management The major risks are kept under review by the Circuit Leadership Team. Income and expenditure is monitored and compared with the approved annual budget. Safeguarding The Circuit has adopted the Connexional Safeguarding Policy. The Circuit is committed to providing support, advice and training for lay and ordained people that will ensure they are clear and confident in their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable. The provision of Safeguarding training is covered by the ongoing work of our Safeguarding Officer. Church safeguarding officers have been attending training in person and online. Connexional guidance about best practice for safeguarding during on line church activities has been adopted. Financial Review The Circuit is responsible for The ministerial oversight and pastoral care of the thirteen local churches in the Circuit. The support of a ministry team of 2 Presbyters (3 from September 2024) and 3 lay workers (pastoral and administrative support). Payment of the Circuit contribution to the District and Connexion, of which a significant part is used to fund the work of the wider Methodist Church. The maintenance of Circuit properties (3 manses & 1 investment property). Under Standing Orders the Circuit must meet its financial obligations in relation to the support of its ministers and the maintenance of the manses. In addition the Circuit has a financial obligation to the District to meet a share of its budget. The Circuit budget is reviewed annually and covers the costs of the above which are met by assessments from each church towards their share of the total cost. In 2023124 the Circuit continued to cover part of the annual costs from reserves, to mitigate the full cost of assessments for the churches wPK)se income had been significantly reduced following the Covid pandemic. The Circuit agreed to continue the Schools and Family Worker project for a further 3 years from 2022123- to 2024125 from grants and from funds within the Circuit mel Trust Fund. Funds have been set aside in a designated fund. General Fund-unrestricted The General Fund is avaiLable to be used for any or all of the purposes of the Circuit. The purpose of this fund is: 1. To secure and sustain the Circuit's viability and future. 2. To give assurance to the general public that the Circuit, which is a charity, intends to use all the money coming into its care for the purposes of the Charity. 3. To enable the Circuit to meet the objectives set out in its Mission Statement. This statement was reviewed in 2024. The total income of the General Fund in 2023124 wa5 £227.169 (2022123 £207,683) and costs were £188,730 (2022123 £227,244). £649 (2022123 £660) was received from the Harriet Walker Endowment Fund. £46,543 was transferred to the Circuit from the generat fund of Hall Street Methodist church on closure of that church. After these two transfers, the net surplus was £85,632 {2022123 deficit £15,421). The balance of the General Fund at 31 August 2024 was £1,699,326 (2023 £1,613,695>, of which £1,532,250 {2023 £1 ,532,250) is the book value of the properties, leaving £167,076 {2023 £81 ,445) as free reserves. The investment property is stated at current market valuation at the year end. In the opinion of the trustees, due to the volatility in the property market caused by the cost of living crisis, there was no change in the valuation at the end of the year.
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Financial Review (continued) Circuft Model Trust Fund {CMTF)-unrestricted This fund derives from sales of chapels and manses and is restricted by the Conference. This restriction is an internal regulation though the fund can be used for a variety of purposes, and for the purposes of charity accounting this is an unrestricted fund. An annual levy is made on this fund to go to the District Advance Fund. Income of the CMTF in 2023/24 was £8,514 (2022123 £5,488). In addition £254,464 was received from the sale of former Methodist churches (see note 16). Costs this year were £6,282 {2022123 £6,818). An unrealised gain on monetary investments of £583 was made (2022123: loss of E334). The balance of the CMTF at 31 August 2024 is £423,451 12023 £166,172). The fund holds cash and investments. Deslgnated Fund-schools & Family Worker project These are unrestricted funds that have been allocated for the purpose of employing a Family & Schools worker for the three years from September 2022 (£103,000). These have been designated by the trustees of the Circuit. This can only revert to general funds by the agreement of the same body. The fund has not been utilised in 2022123 or 2023124 and remains at £103,000. In 2023124 the khools Worker was unable to work with the school for 2 terms, as the school was closed and then operating in temporary classrooms due to issues with the concrete used in the school buildings. In 2022123 the Circuit was unable to recruit a Schools Worker until June 2023. Restricted Fund-schools Worker project The restricted fund represents the balance of grants of £9,500 received in 2021122 and £3,960 in 2023124, from the District Advance Fund IDAFI.This grant is restricted to meeting the running costs of the Schools Worker project in the Maldon section of the Circuit. The total income of the Restricted Fund in 2023124 was £3,960 (2022123 Nil) and costs were £4,169 (2022123 £1,868). The balance of the fund at 31 August 2024 is £4,333 {2023 £4,542). Restricted & Designated Funds-Refugee Support An appeal was made in 2022123 to raise funds to SUPPOrt Ukrainian and other refugees l7ving within the Circuit with loans and one-off grants for housing costs. The donations received less grants made are held in a restricted fund. Income received from donations & loan & grant repayments in 2023124 was £2,311 12022123 £8,126). Grants & loans made in 2023124 amounted to £7,053 (2022123 £1,715). The balance of the fund at 31 August 2024 is £1,669 (2023: £6,411). In 2022123 the trustees of the Circuit agreed to match any donations received up to a maximum of £5,000. These funds are held in a designated fund, and were not utilised in 2023124. The balance of the designated fund is £5,000. Endowment Funds - Harriet Walker Charity This is a permanent endowrnent with the capital invested through TMCP. The income for 2023124 was £716 (2022123 £7301 and costs were £67 {2022123 £70). The net surplus of £649 (2022123 £6601 was transferred to the General Fund. An unrealised gain on monetary investments of £1,834 was made (2022123 decrease of £1,051).The value of the endowment fund at 31 August 2024 is £25,541 (2023 £23,707). Reserves Policies General Fund-unrestricted The Reserves Policy is to hold at least six months. expenditure to meet the District assessment and Circuit manse expenditure. This assumes that churches in the Circuit will continue to meet their agreed contributions to the Circuit Ministerial costs.
THE MtrHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Reserves Policies (continued) Circuit Model Trust Fund-unrestricted The Charity Commission have agreed that it is appropriate for the trustees to set a separate policy for the management of this fund as follows: Money held in the Circuit Model Trust Fund that has not been allocated to any specific purpose can be retained for general Circuit purposes inclLKling property expenditure on the manses arising from Quinquennial Inspection Reports. Restricted Fund-schools & Family Worker project This fund is to be used for the Schools & Family Worker project in the Maldon section of the Circuit. This project commenced in October 2019. The Circuit Meeting agreed to continue and extend the project for a further 3 years from September 2022. A successful application was made for District funding in 2023124. Designated Fund-schools. family & community project As described above, the Circuit agreed to continue and extend the Schools, Family and Community project within the Maldon section for 3 years from September 202Z, subject to review. It was agreed to fund the costs, net of grants, from the proceeds of sale of Hatfield Peverel church. As a result of this decision, in 2021122 funds were transferred from the Circuit Model Trust fund to a new designated fund, to cover the budgeted cost of this project for 3 years. Restricted & Designated Funds-Refugee Support These funds are to be used to assist Ukrainian & other refugees living within the area of the Circuit with the cost of deposits for rented housing or other one-off costs linked to moving into independent rented accommodation. Funds received f rom external donations are held within a restricted fund. Endowment Funds - Harriet Walker Charity This is registered as a separate charity (charity registration number 222146), with trustees appointed by the Circuit. The income is to be used for the l(Kal Methodist ministry covering the village of Great Totham and is transferred to the General Fund for this purpose. Trustees, Recruitment Whilst the appointment of the Trustees is determined in accordance with the Methodist procedures, it is the aim to ensure that the Leadership team have a broad experience to include pastoral, financial and property matters. Training for Circuit stewards is available at District level. Trustees, responsibilities The trustees are required to prepare financial statements for each financial year which give a true and fair view of the Circuit's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the trustees have: -selected sultable accounting policie5 and applied thetn con515tently. Prepared accounts on an accrual basis. Followed applicable accounting standards. Prepared the financial statements on the going concern basis. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Circuit and enables them to ensure that the financial statements steps for the prevention and detection of fraud and other irregularities.
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 So far as each of the trustees is aware, there is no relevant information that has not been disclosed to the independent examiner and each of the Trustees believes that all steps have been taken that ought to have been taken to make him aware of any relevant information and to establish that the independent examiner has been made aware of that information. Approval The Trustees, Report and the Financial Statements were approved by the Circuit Meeting on 1Tr March 2025. Revd. Mark Pengelly Superintendent Nigel Murrell Circuit Leadership Team io
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 31 AUGUST 2024 The members of The Methodist Church-chelmsford Circuit are the Charity Trustees, membership being made up of circuit office holders, ministers and representatives appointed by the local churches. TRUSTEES OF THE CIRCUIT - year ended 31 August 2024 Circuit Ministers Revd. M7ke Pengelly Icircuit Superintendent Minister) Revd. Barry Allen Revd. Sue King Other Authorised Ministers and Su rnufneraries Revd. Tony Shrimpton (Not a trustee) Revd. Olufemi Cole-Njie Revd. Sue King Revd. Guy Goodall Revd. David Dickens (Not a trustee) (Not a trustee) Circuit Stewards Janis Croom Daisy Eleady-cole Gareth Crooks Nigel Murrell Sheridan Pengelly Eric Smart Circuit Treasurer from 17 September 202 (resigned 12 March 2024) Senior Steward Co-o ted onto CLT: David Hodgkinson Circuit Property Secretary Safe uardin Esther Burton Barbara Daniels Circuit Safeguarding Officer (not a trustee, resigned 17 January 2024) Circuit Safeguarding Officer (not a trustee, appointed August 2024) Church Re Broomfield resentatives David Hodgkinson Dianne Hodgkinson Les Steed David Drewett David Gask Adrian Romano Michelle Milliken Lisa Scott Diane Clemence Jerry Kavanagh Helen Catley Revd. Sue King William Lartey Rosemary Bailey Jane Clemo Jane Cook Jeff rey Hosking Christ Church Braintree Christ Church Coggeshall (Not a trustee) The Church in Great Notley Hall Street (church closed 31 December 2023) Halstead (to 31 December 2023) (to 31 December 2023 Hatfield Peverel Church li
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 31 AUGUST 2024 Maldon Julie Hill Maureen Crilley Susan Farrell Robert Griffin Glenda Griffin Martyn Edwards Malcolm Lees Clive Pickett J Douglas Hayton Pamela Scammell Carolyn Smith David Carter Elizabeth Hobbs Judith Radley Lynda Speak Tricia Tutin Janet Cassets Roger Fairclough Pamela French Jeffrey Green Gillian Harrington Nigel Murrell Sheridan Pengelly Janis Croom Michael Thompson Revd. Olufemi Cole-Njie (Not a trustee) Moulsham Lodge (resigned Jan 2024) (from 1 May 2024) (from 29 May 2024) North Springfield-st Augustine's (Not a trustee (resigned May 2024) (from 29 May 2024) South Woodham Ferrers Trinity (from 29 May 2024) (resigned May 2024) (resigned May 2024) Witham 12
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT TRUSTEES AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 31 AUGUST 2024 ADMINISTRATIVE DETAILS Principal Office clo Trinity Methodist Church Rainsford Road Chelmsford Essex CM12XB Bankers The Co-operative Bank P.0. Box 250 Delf House Southway 5kelmersdale WN8 6WT Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A 4PE The Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ Circuit Independent Examiner Mrs J Brace Mayor Cuttle & Co Aquarium Suite 7B 101 Lower Anchor Street Chelmsford CM2 OAU 13
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Name of Circuit: The Methodist Church-chelmsford Circuit No 34109 Declarations and Scrutiny I confirm that these accruals-based accounts for the year to 31 August 2024 have been prepared from the records of the Circuit and that they include all funds under the control of the Circuit meeting. Signature of Senior Circuit Steward ... Name: Nigel Murrell, clo Trinity Methodist Church. Rainsford Road, Chelmsford CM12XB Presentation to the Circuit meeting I confirm that the annual report and accounts for the year ended 31 August 2024 were presented to the Circuit meeting held on March 17th 2025. Signature of the Chair of the meeting.......-.... Name of the Chair of the meeting: Revd. Mark Pengelly Date .. 1712 14
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Name of Circuit: The Methodist Church-chelmsford Circuit No 34109 Responsibilities and basis of report I report to the trustees on my examination of the accounts of The MethodTSt Church-chelmsford Circuit for the year ended 31 August 2024 set out on pages 17 to 34. 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 I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below. ) 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 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,(KK) (ten thousand pounds) at the balance sheet date. delete or circle as appropriate Signature of independent examiner Name of independent examiner Joanne Brace............................ Relevant professional qualification of independent examiner FccI¥ 15
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Name of firm: Mayor Cuttle & Co Address: Aquarium Suite 7B, 101 Lower Anchor Street, Chelmsford CM2 OAU 16
THE METHODIST CHURCH-CHELMSFORD CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Clrcuft Model Trust Fund Unrest'd General Funds Unrest'd Deslgnat Restricted Funds Endowrn't Funds Note Total 2023-24 Funds Income Income from moneta investments Income from investment Assessments on Churches Grants received 8,379 43,225 171 707 8.514 716 ro rties 171 707 Other charitable income 3,858 227 169 Total Incorne 716 242 670 Ex endlture Grants and donations Salaries and associated costs Property maintenance & other costs 10 101,884 103 246 12 District Assessment & Le Office ex nses & resources Other out oin 13 46,884 5,809 14 2,807 1,467 188 730 473 67 Total charitable ex nditure Gains/(losses) on monetary investments 11,222 67 206 301 18 583 1,834 2,417 38.786 Net income/ ex enditure Transfers between funds Other ains -4.951 649 .649 16 46.543 254.464 257 279 Net movement in funds Total funds brou ht forward -4.951 10,953 339 793 1 922 527 1,613,695 1 699,326 166,172 423,451 108,OCK) Total funds carried forward 2 262 320 17
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES FOR THE PREVIOUS YEAR ENDED 31 AUGUST 2023 Circuit Model Trust Fund Unrestricted General Fund Unrest'd Design'd Funds Unrest'd RestrTCted Fund Endowment Funds Total 2022-23 Note Income Income from monetary investments Income f rom investment ro erties 5,488 730 11.224 20,447 175.658 Assessments on Churches 175,658 Grants received Other charitable income 2,245 207.683 8,126 8.126 Total income 5.488 730 222.027 nditure Grants and donations Salaries and associated costs Property maintenance & other costs District Assessment & Le Office ex enses & resources 1,620 782 10 133,858 134.640 12 43,564 44,232 43,564 13 6,316 14 991 4.761 2,487 237,620 Other out Total charitable ex enditure Gainsl(lossesl on monetary investments oin 1,820 227.244 502 95 70 6,818 3.488 70 18 -334 -1,051 -391 -1,385 Net Incomel Transfers between funds Other ains Net movement in funds Total funds brou ht foThYard Total funds carried forward ex enditure -19.561 4,140 -1.664 -8.480 -660 16 -15.421 1,629.116 1,613.695 -10,144 176,316 166,172 4.638 6,315 10.953 -1.051 24,758 23,707 -16,978 1,939,505 1,922.527 103,OC(I 108,000 18
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT BALANCE SHEEf AS AT 31 AUGUST 2024 General Fund Unrest'd Circuit Ak*Jd Trust Unre5td Oeswjn'd Funds unrest'd Rest'd Fun(1 En(k)w Funds Notes Total 2024 Total 2023 Fixed Assets Circuit Manses Investment Pro Total Fixed Assets 17 17 1,250,(XX) 282,250 1,532,250 rties 282,250 1,532,250 282,250 1 532 250 Current Assets Investments with TMCP Debtors & Pre ments Cash at Bank Total Current Assets 18 19 20 423,451 25,541 448,992 14,459 269 414 732,865 189,879 10,159 193,359 393 397 14,459 155,412 169,871 108.IXM) 108,CK)O 6,LK)2 6,IY)2 423 451 25,541 Current Liabilitles Creditors due in under 1 Total Current Liabilities ear 21 2,795 2,795 2,795 2,795 3,120 3,120 Net Current Assets 167,076 423,451 108,( 6,2 730,070 390,277 Total assets less current liabilities 1,699,326 423,451 108,1]) 6,LX)2 25,541 2,262,320 1 922,525 Long term liabilities (due after more than 1 ear Net assets 1 699.326 423.451 108,000 6,002 25.541 2,262,320 1,922,525 Funds of the Circuit General Fund (Unrestricted) General Fund Desi nated CMTF Unrestricted Total Unrestricted Funds 22-24 22-24 22-24 1,699,326 1,699,326 108,000 423,451 2,230,777 1,613,695 108,(XQ 166,172 1,887,867 108,(K)O 423,451 423,451 1.699,326 108.fyJ) Restricted Funds Endowment Funds Total Funds 22-24 22-24 6,)2 6,002 25,541 2,262,320 10,953 23,707 1,922,527 25,541 25,541 1,699,326 423.451 108,CM)O 6,002 The notes on pages 20 to 34 form part of these accounts Approved by the trustees of The Methodist Church-chelmsford Circuit and signed on their behalf. Revd. Mark Pengelly, Superintendent Minister... 19
THE METHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 1 Basis of accounting The financial statements have been prepared urKler 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 (FRS 102)October 2019 update. Note 2 Funds The funds held comprise: Unrestricted General Funds held for any purpose of the Circuit. The Circuit Model Trust Fund which has wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted funds are those held for a narrower purpose. The Circuit has two restricted fund, a grant received for the Family & Schools Worker project in the Maldon section, and donations received for the Refugee Support fund. Designated Funds -There are two such funds. The trust&s have voted to reserve funds for the Family & Schools Worker project in the Maldon section and also for the matching contribution f rom the Circuit for Refugee Support fund. Endowment funds are those for which the capital is invested, and the income may be used for specified purposes. The Circuit has one endowment fund. Note 3 Accounting policies Basis These accounts have been prepared on the basis of historical cost or valuation as at 2015, except that investments {including a property) are shown at their market value at the end of the year. The accruals basis has been used to show a true and fair view of the Circuit'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 that they will receive the resources; and the monetary value can be measured with sufficient reliability In accordance with the Charities SORP (FRS102), the time of volunteers is not recognised Expenditure 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. VAT Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers. Tangible fixed assets Tansible fixed assets are capitalised if they can be used for more than one year. and Individually cost at least £1 ,000. AIL properties are freehold and the estimated land component of all properties is shown in note 17 to the accounts. Fixtures and fittings within the properties are not valued separately from the building value. No depreciation is provided on buildings since the Trustees consider the current residual fair value of the manse buildings to be not less than their current value. Any depreciation would not be material. 20
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 3 Accounting policies (continued) Investment Property The Circuit owns one residential property (formerly a manse) which is surplus to Tts normal staffing requirements. This property is currently let on an Assured Shorthold Tenancy and is classified as an investment property. The property is valued in the accounts at fair val, being open market value, net of estimated costs of disposal. Monetary investment assets The investment assets of the Circuit Model Trust Fund and the Endowment Fund are held by the Trustees for Methodist Church Purposes (TMCP) a5 Custodian trustees. The valuations, at market value, are those provided by TMCP. Debtors Debtors include assessments due by the end of August and are stated at the amounts owed to the Circuit. The prepayment is the monthly ministerial stipends paid in advance to Methodist Church central payroll at the end of August, for stipends due on 1 September. Creditors Creditors include trade creditors and expenses incurred before the year end, at the amounts subsequently paid. Going concern To the best of their knowledge and belief the Trustees confirm that there are no material uncertainties that would call into question the Circuit's financial viability for at least 12 months from the date of the approval of these accounts. Consolidation The Circuit has denominational regulatory oversight in respect of work of the Churches within the Circuit but has no legal or operational control of those Churches and their governing bodies except in extreme circumstances. For this reason, the financial statements of Churches within the Circuit are not consolidated into these financial statements. Grants Grants made by the Circuit from its own funds are recognised in full at the time of agreement to make the grant without performance conditions or as and when the Circuit accepts that there is a legal or operational obligation to make the payment if it is subject to performance conditions. When the grant to be accrued is recurrent over more than one year the balance payable in future years, discounted to net present value where the difference is material. is treated as a provision being released in future years in accordance with the originally agreed terms. Ministers, manse costs The Circuit is required to provide accommodation for each minister in the Circuit and their families and this is seen as a benefit to the Church. Ministers are expected to (cupY the manse provided for them. The Circuit bears the cost of repairs, maintenance. buildings insurance, Council Tax and water charges. These figures are not separately disclosed as benefits-in-kind for ministers as HMRC doe5 not apply any tax charge. 21
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 4 Glossary of terms CFB: Central Finance Board of the Methodist Church manages a Common Deposit Fund and a series of p)led investment funds for the Methodist Church in Great Britain and provides investment advice to those entities. Church: Circult: Circuit Meeting: a group of members relating to a specific Church a group of Methodist Churches near each other. and overseen jointly The trustees of the Circuit. most of whom are appointed by their local Churches and the others by virtue of a role they undertake for the Circuit andlor their local Churches. CLT (Clrcufjt Leadership Team): A group (cornprising mostly, but not exclusively) of Circuit trustees responsible for the day to day administration and policy formulation of the Circuit. Generally the CLT comprises the Presbyters (Ministers) and lay staff stationed within the Circuit, the Circuit Stewards and the Circuit Treasurer Circuit Model Trust Fund The Methodist Church in Great Britain which includes the Head Office at Methodist Church House. all Methodist Districts, Circuits and Churches in Great Britain. CMTF: Connexion: Connexional Funds: The designated and/or Restricted Funds held and administered by the Connexion in furtherance of its charitable and mission objectives. Connexional Priority Fund a group of contiguous Circuits linked geographically. District Advance Fund Financial Reporting Standard Her Majesty's Revenue and Customs Personnel employed by the Circuit on generally accepted commercial employment terms. Methodist Minister5. Pension Scheme Pensions and Assurance Scheme for Lay Employees of the Chelmsford Methodist Church Presbyters (including Superintendent): Probationer or Ordained Methodist Ministers who have pastoral and administrative responsibility for the Churches within the Circuit Statement of Financial Activities Statement of Recommended Practice Trustees for Methodist Church Purposes, the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds CPF: District: DAF: FRS: HMRC: Lay Employees: MMPS: NEST: SOFA: SORP: TMCP: Note 5 Income from Investment Properties The trustees have determined that the property owned at 10 Wickfield Ash, Chelmsford is unlikely to be returned to use as a manse in the foreseeable future and have therefore classified it as an investment property. Note 6 Assessments on Churches The Circuit comprises 13112 from January 20241 churches and each is assessed for a contribution to meet the overall net costs of the Circuit. The Circuit aims to cover all its net core costs from the Assessment. The Assessment on Churches is determined annually and calculated as 50% on the membership of each Church and 50% on its income from offerings and Gift Aid. The amount due from the churches which are part of a Local Ecumenical Partnership (LEP) is reduced if another denomination fund5 the Minister for that church. 22
THE MtrHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 6 Assessment or share (continued) General Fund (unrestricted) General Fund (unrestricted) 2023124 2022123 Broomfield Christ Church, Braintree ILEP) Christ Church, Coggeshall ILEP) The Church at Great Notley (LEP) Hall Street, Chelmsford (closed December 2023) Halstead Hatfield Peverel Maldon Moulsham Lodge South Woodham Ferrers St Augustine, Springfield (LEP) Trinity, Chelmsford Witham 18,115 6,312 977 1,707 18,161 7.200 962 1,477 1,834 8,0(X) 7,032 14,971 30,OIY) 13.197 3,200 53,004 13,358 8.000 7,488 20,522 21,500 14,133 53,004 14,211 Total 171.707 175,658 These amounts are included in the accounts based on the due date of receipt by the Circuit. They include 1550 (2023 E500) to be received after the year end, included in debtors on the Balance Sheet. Note 7 Grants & Donations received Restricted General Fund Fund (unrestricted) 2023124 2022123 DAF-for Schools Worker Project 3,960 DAF-for new windows 4,327 Total 3,960 4,327 In 2023124 the Circuit received a grant of £3,960 from the District Advance Fund for the SCh)I Worker project in Hatfield Peverel (2022123 grant of £4,327 received from DAF towards the cost of new double glazed windows in the Park Avenue manse). 23
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 8 Other charitable income General Fund Restricted Fund- (unrestricted) Refugee Support Total 2023124 2023124 2023124 Solar energy rebate Disposal of Hall St contents Refugee fund donations & grants repaid Donations 2.325 1,259 2,325 1,259 2,311 2,311 274 274 Total other charitable income 3,858 2,311 General Fund Restricted Fund- (unrestricted) Refugee Support Total 2022123 2022123 2022123 Solar energy rebate Refugee fund donations Donations 2,193 2,193 8,126 52 8.126 52 Total other charitable income 2.245 .126 10.371 The Restricted fund is for Refugee Support and was set up in response to the refugees coming to the UK after the Ukraine invasion. Note 9 Grants & donations paid Restricted Fund- Refugee Support Restricted Fund- Refugee Support 2023124 2022123 Grants from the Refugee Support Fund 1,620 24
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 10 Stipends. salaries and associated costs General Fund Restricted (unrestricted) Fund-schools worker Total 2023124 2023124 2023124 Stlpends & salaries Stipends-ministers Salaries-Lay worker & admin Employers'pension contrib's Employers. N I Apprenticeship levy Supernumerary fees Professional fees-admin contracts Total stipends & salaries costs 61,372 6.240 15,624 5,959 360 1,176 61,372 7.602 15.624 5,959 360 1,176 1,362 6,959 97,690 6,959 99,052 1,362 Associated costs Ministers, travel PayroLI fees 3.714 480 3,714 Total stipends, salaries ft associated costs 101,884 1,362 103,246 General Fund (unrestricted) Restricted Fund Total 2022123 2022123 2022123 Stipends & salaries Stipends-ministers Salaries-Lay worker & admin Employers, pension contributions Employers. N I contributions Apprenticeship levy Supernumerary fees Professional fees-admin contract Total stipends & salaries costs 84,005 10.396 21.731 8,022 467 800 5,400 130,821 84,005 11,175 21,731 8,025 467 800 5,400 131,603 779 782 Associated costs Ministers, travel Lay employees, travel Payroll fees Total associated costs 2,386 171 480 3,037 2,386 171 3,037 Total stipends, salaries & associated costs 133 858 782 134 640 25
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 10 Stipen(ts. salaries and associated costs (continued) Stipends were paid to 2 Ministers in 2023124 (3 in 2022123). Salaries were paid to 2 part-time lay workers/administrative staff and 2 contractors (2 part time staff and 1 contractor in 2022123). The previous Family & SChl5 worker resigned at the end of 2022123, with a new Schools Worker appointed from Apri12024. The Family & Schools Worker cost was met from the Restricted Fund, using a grant received from the District. A home telephone and broadband connection is provided for Ministers solely for use on Circuit business and travel costs incurred on Circuit business are re-imbursed against expense claims. The full-time Ministers, manses are provided by the Circuit and the Circuit maintains and insures the properties and meets the cost of Council Tax and water charges. The amounts are not regarded by HMRC as benefits in kind. No employee received empLoyee benefits totalling more than £60.LMXI. There is no accrual for holiday pay as it is immaterial, the holiday year ends on 31 August. Pensions All ministers are members of the Methodist Ministers. Pension Scheme (MMPS). This is a defined benefit scheme. The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters) 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. The Connexion accounts for the MMPS pension scheme and shows the figure in the annual Methodist Church in Great Britain accounts. The hOMPS is in deficit but a plan for removal of the deficit has been proposed and is being implemented. The lay employees are eligible to join the pension scheme which the Circuit has arranged with NEST, a government scheme which allows for defined contributions. The Circuit contributes as an employer to this scheme. Note 11 Payments to trustees The Superintendent of the Circuit, the Presbyters and Deacon and the remaining members of the CLT are considered as Key Management Personnel. The Superintendent Minister and other presbyters undertake the primary executive roles within the Circuit. The Circuit Senior Steward chairs meeting of the CLT and the Superintendent chairs the Circuit Meetings. The members of the Circuit Meeting are the trustees of the Circuit. No trustee received any remuneration for their role as trustee. The Circuit policy is to reimburse members of the CLT and other trustees for expenditure properly incurred in carrying out their duties, including where appropriate travelling expenses and reimbursement of purchases on behalf of the Circuit such as maintenance of the manses. or where they have been requested to undertake certain activitie5 for the Circuit such as training. Trustees did not claim any expenses in respect of Circuit Trustee duties in 2023124. 26
THE METHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note12 Property expenses General Fund (unrestricted) General Fund (unrestrirted) Property costs-manses 2023124 2022123 Insurance Manse Council tax & water Maintenance-manses Quinquennial inspection fee- NIL (4 in 2022123) 2.632 6,712 11,378 1,066 9,539 23,403 2,795 Property costs-let properties Maintenance-Let properties Agents, fees Property C05ts-Hall Street church after church closed Insurance Heating & water charges Maintenance 3,855 2,754 4,007 1,142 2.996 160 Total property costs 34,875 43,564 The Circuit is Managing Trustee for two properties used as manses, (one in Chelmsford and one in Maldon). A third manse property in Chelmsford was temporarily let out on an Assured Shorthold Tenancy in 2023124 due to the vacant ministerial post. An investment property in Chelmsford is also let out on an Assured Shorthold Tenancy. Note 13 Connexional & District Assessment and Levy General Fund (unrestricted) General Fund (unrestricted) 2023124 2022123 District Assessment CMTF Fund- unrestricted CMTF Fund - unrestricted 2023124 2022123 District Advance Fund Levy The District Assessment is calculated relative to the proportion of church members, and staffing (Presbyters and Mission staff only) of all Circuits in the Beds, Essex & Herts District. 50% of the overall cost is calculated using relative membership proportions and 50% using relative staffing proportions. The assessment is mainly a contribution to Connexional costs for national support services, discipleship and mission but also includes funding towards the costs of the District office and staff. The levy for the District Advance Fund is calculated on a sliding scale percentage of the Circuit's CMTF Account balance as at 31 August in the previous accounting period. 27
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 14 Office expenses and resources General Fund (unrestricted) Restricted Schools Fund Total 2023124 1,855 831 337 597 2023124 2023124 1,855 831 337 3,404 Telephone & internet Printing, postage & stationery Other administrative expenses Preaching & sundry resources 2,807 Total 6,427 General Fund (unrestricted) Restricted Schools Fund Total 2022123 2,116 1.151 210 293 2022123 2022123 2,116 1,151 210 1,284 Telephone & internet Printing, postage & stationery IT costs Preaching & sundry resources 991 Total 3.770 991 4,761 Note 15 Other outgoings General Fund CMTF Fund Endowment (unrestricted) {unrestricted) Fund Total Total 2023124 81 586 2023124 2023124 2023124 81 586 2022123 960 155 Training Other Independent examiner's fee TCMP admin. fee 800 81)0 540 800 572 473 67 Total 1,467 473 67 28
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 16 Other gains General Fund CMTF Fund (unrestricted) (unrestricted) Total Total 2023124 2023124 2023124 2022123 Hall Street general fund transferred to Circuit on closure 46,543 46.543 Sale of church building-proceeds of sale, net of selling expenses CPF levy Net amount received by Circuit 384,106 -129,642 254,464 384,106 -129,642 301,007 46,543 The former Methodist Church in Hall Street was sold during this year. The proceeds of sale (net of selllng costs) were £384,100. In accordance with MethcKlist Standing Orders, a levy of £129,640 was paid to the Connexional Priority Fund levy. The net amount of £254.460 is held by the Circuit in the Circuit Model Trust Fund for Circuit use. The Ci rcuit also received £6 less £2 CPF levy from a refund of fees paid on the sale of Hatfield Peverel Methodist Church in 2021122. The Connexional Priority Fund is held centrally by the Methodist Church and is used for Mission work across the Connexion. Note 17 Fixed Assets-manses and Other Properties Manse Land Manse buildings Investment property Total Total 2023124 2023124 2023124 2023124 2022123 Balance brought forward 510,000 740,000 282,250 1,532,250 1,532,250 Disposals Balance carried forward 510,0(K) 740,000 282,250 1,532,250 1,532,250 Schedule of Manses and Investment Property Property Type Cost Valuation Total 30 Park Ave Chelmsford Manse 425,000 425,000 4 Rubens Gate Springfield Chelmsford Manse 475,000 475,OCM) 11 Mir05a Drive Maldon Manse 350,000 350.000 10 Wickfield Ash Chelmsford Investment 282,250 282,250 Total 775,000 757,250 1,532,250 29
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 17 Fixed Assets-manses and Other Propertles (continued) There are 3 manses (3 2022123), 2 located in Chelmsford and 1 in Maldon, which are valued at cost as defi ned by FRS102.The manse at Park Avenue. Chelmsford was stated at deemed historic cost as at August 2014 in accordance with FRS 102. The manse at Maldon is valued at purchase cost in June 2015. The house at Rubens Gate, in North Springfield, Chelmsford is valued at purchase cost in October 2014 plus the capital cost of improvements net of impairment in 2018119. This property was let on a short- term basis from mid August 2023. It is intended that this will be used a manse again in the future. The property at Wickfield Ash continues to be let on a short-term basis. As it is unlikely that this property will be required in future as a manse it is valued as an investment property at the potential net sale proceeds receivable by the Circuit of £282,250 (2022123 £282,250). This is based on a trustees, market valuation of £450,IX)O less the potential costs of sale of £167,750 (£7,750 professional fees and C160,000 payable for the Connexional Priority Fund Levy). 2022123 figures are: trustees, valuation of £450,000 less £167,750 costs of sale (£7,750 professional fees and £160,(X)O CPT Levy). No depreciation Is being provided for the manses as the trustees consider the current residual value of the properties in their present condition to be not less than their brought forward cost and, in the absence of any impairment, any depreciation provision for the buildings component of the properties would be immaterial. The Circuit has made use of the deemed cost option on transitioning to FR5102 as outlined above. Note 18 Monetary Investment Assets Investments held by Trustees for Methodist Church Purposes (TMCP) Year end valuation 2023124 CMTF fund 2023124 Endowment fund 2022123 CMTF fund 2021122 Endowment fund Common investment funds Trustees, Interest Fund 8,126 415,325 25,541 7,542 158,630 23,707 Total 423,451 25,541 166 172 23.707 Endowment fund Change in investment values Investments held in common investment funds CMTF fund 2023124 2023124 Carrying (market) value at beginning of year 7,542 23,707 Net gain on revaluation 1.834 Carrying (market) value at end of year 8.126 25,541 The funds that support the Circuit Model Trust Fund are held by TMCP in Trustees, Interest Fund on which interest is credited to the accounts each month. These are regarded as medium-term investments. 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 agents who are responsible for the day-to-day management of trust property. TMCP ensures that, through providing guidance and acting under their direction, the managing trustees comply with charity law and Methodist law and policy as determined by the Methodist Conference. 30
THE METHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 19 Debtors and prepayments General Fund (unrestricted) General Fund (unrestricted) 2023124 2022123 Debtors Assessments due Solar panel FIT payment due Hall Street insurance refund due Prepayments Ministers, stipends in advance Manse insurance Counci l Tax Letting agents'fees 550 942 1,017 5CK) 836 10,356 1,594 6,876 1,493 210 244 Total debtors & prepayments Note 20 Bank Balances CMTF (Un- rest'd) General {un- restricted) Designated Restricted Fund Fund Total Total 2023124 2023124 2023124 2023124 2023124 2022123 Central Finance Board deposit Co-op bank current account 73,062 43,386 108,IX)O 5,477 229,925 181,974 39,489 39,489 Total Bank 112551 269 414 193 357 The balance held at the Central Finance Board of the Methodist Church is available on demand without loss of interest, interest is credited monthly. Note 21 Creditors & accruals General Fund (unrestricted) General Fund (unrestricted) 2023124 1,195 2022123 470 1,850 800 Trade creditors & expenses Rent received in advance Accruals Total 31
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 22 Funds General Fund -unrestricted The purpose of this fund is for at the discretion of the trustees in the furtherance of the general objectives of the Circuit and which have not been designated for ottrkbr purposes. Following the closure of Hall Street church, the general funds of the church were transferred to the Circuit. The balance has been added to the Circuit general fund. Circuit Model Trust Fund (CMTF)-unrestricted The purpose of the fund is for use at the discretion of the trustees in furtherance of the general objectives of the Circuit. Its main source of income is legacies and formulaically determined contributions from the sale of manses and church buildings in the Circuit. Although this is technically an Unrestricted Fund under the control of the Circuit Meeting, prior approval is still required from the District to utilise these funds. Methodist Standing Orders 930, 931 and 917(2) are applicabLe. Designated Funds- unrestricted These are two unrestricted funds that have been allated as follows: £103,000 allocated in 2022123 for the purpose of employing a Family & Schools worker in the Maldon section of the Circuit, for the three years 2022123-2024125. £5,000 allocated in 2022123 as a matching donation to funds donated to the Circuit for the purpose of asslsting Ukrainian & other refugee families in the area. These funds have been designated by the trustees of the circuit meeting. The funds can only revert to general funds by the agreement of the same body. Restricted Funds These are two funds where donations have been received by the Circuit for a particular purpose as follows: Grants received in 2021122 and 2023124 from the District Advance Fund for the costs of the Schools Worker project within the Maldon section of the Circuit. The District has given permission for these funds to be carried forward; any funds not used for this purpose will required to be returned to the District. Donations received in 2022123 and 2023124 from individual personal donations received f rom around the Circuit for the purpose of assisting Ukrainian & other refugee families in the area. Endowment Fund This is a permanent endowment fund arising from a legacy given by Mrs H Walker. The income can only be used for local religious purposes. 32
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 23 Summary of fund movements Balances asat 31108123 Income & Gains Unrealised Balances as Expenditure Transfers gains at 31108124 General Fund 1,613,695 273,712 -188.730 649 1,699.326 CMTF Designated- Family & Schools Worker Designated- Circuit Refugee Support Restricted- Schools Worker Restricted- Ref ugee Support 166.172 262,978 -6,282 583 423,451 103.000 103.000 5,000 5.000 4,542 3,960 -4,169 4.332 6.411 2,311 -7,053 1,670 Endowment 716 -67 -649 1.834 Total 1,922,527 543,677 -206,301 2.417 2 262,320 33
THE MEfHODIST CHURCH-CHELMSFORD CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 24 Analysis of net assets between funds Fund balances at 31 August are represented by: General CMTF Fund Fund (unrest'd) (unrest'd) Designated Restricted Endo't Funds Funds Fund Total 2023124 2023124 2023124 2023124 2023124 2023124 Tangible fixed assets Current assets Current liabilities 1,532,250 169,871 -2,795 1,532,250 732,865 423.451 108,(K)O 6,002 25,541 Net assets 1 699 326 423 451 6 002 25 541 2 262 320 General CMTF Fund Fund (unrest'd) (unrest'd) Designated Restricted Endo't Fund Fund Total 2022123 2022123 2022123 2022123 2022123 2022123 Tangiblefixed assets Current assets Current liabilities 1,532,250 84.565 -3,120 1,532,250 393,397 -3,120 166.172 108,(X)O 10.953 23,707 Net assets 1 613 965 166.172 108,000 10.953 23,707 1 922,527 Note 25 Related Parties None of the Circuit trustees made donations direct to the Circuit during the year or in the preceding year. All of the Circuit trustees are members of one of the Churches within the Circuit and may be trustees of their Churches. Related parties include the Methodist Conference, the BE&H District and Churches within the Circuit, CFB and TMCP. No trustee currently has a related party connection to any supplier. Note 26 Volunteer Contribution Every entity (Connexion, District, Circuit and Church) within the Methcmjist Church in the UK 15 heavily reliant on volunteers who contribute their Skills, time and money in the furtherance of the work of the Church. In this Circuit the principal contribution is by serving on committees of the Circuit that deal with the mission, manses, finance. policy, grants and training. We are grateful to all of them for their help and commitment. No attempt has been made by this Circuit to value the non-monetary contributions to the Circuit in monetary terms. Note 27 Capital commitments and contingent liabilities. There are no capital commitments or contingent liabilities as at 31 August 2024 (2023 Nil). 34