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← Southwark And Deptford Circuit

2024-08-31-accounts

Southwark and Deptford Circuit

Charity Registration Number: 1134402

Report & Accounts 31 August 2024

Skyrock Accountants Ltd. Chartered Certified Accountants The Business Terrace Maidstone ME15 6AW

Southwark and Deptford Circuit

Report and Financial Statements 2024 Contents

Page
Legal and administrative information 2-3
Report of the Trustees 4
Independent Examiner’s Report to the Circuit 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12

1

Southwark and Deptford Circuit

Legal and Administrative Information For the year ended 31 August 2024

Charity Name Charity Name Southwark and Deptford Circuit Southwark and Deptford Circuit
Charity No 1134402. The Circuit was established by the Deed of Union 1932 and the
Methodist Church Act (1976) and is a charity which was formally
registered with the Charity Commission on 19 February 2010.
Principal Address Walworth Road London SE5 0EW.
Governing Deed of Union (1932) and the Methodist church Act (1976).
Document
Members of the The Members of the Circuit who served during the year or who were
Circuit serving at the date of this report were:
Superintendent Revd Rachael Wilson
Superintendent Revd Rachael Wilson
Ministers. Revd Ling Yu Ji
Revd David Markay
Revd David Gillman
Secretary Joy Nnanami
Circuit Staff Peter Baffoe
Winnie Baffoe
Circuit Stewards Abena Baffoe
Evelyn deGraft
Vidal Sumner (Treasurer)
Roxanne Parker
Dolly Grant
Lovette Kargbo
Edith Okon
Preacher’s Secretary Olu Akinyemi
Safeguarding Officer Caroline Ogunsola
Lloyds Bank,
Banks
Charity Aid Foundation
Independent Examiner Mr Ransford Grey FCCA, MBA, B.Sc (Hons)

2

Southwark and Deptford Circuit

Legal and Administrative Information For the year ended 31 August 2024

Trustees
Bermondsey Ayo Odumade Steward
Sammy Abbey Treasurer
Stephanie Stevenson Representative
Vacant Representative
Eric Bediako Representative
Christ Church Peter Bondzie Steward
Elizabeth Morgan Representative
Sandra Lanquaye Treasurer
Deptford Steve Asare Ansong Steward
Bola Nzekwe Treasurer
Theodora Abbey Tetteh Representative
Herne Hill Jackie Plumridge Steward
Thomas Beko Treasurer
Joanthan Dolling Representative
Manor Samuel Awuah Steward
Pamela Williams Treasurer
Felix Otabil Representative
Peckham Ernest Young Steward
Ernest Hagan Treasurer
Henry Needham Representative
Walworth Road Evelyn King Steward
Vidal Sumner Treasurer
Leke Dada Representative
Caroline Ogunsola Representative
Jonna Coker Representative
Nii Annan Asumang Representative
Ann Pratt Representative

3

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2024

The Southwark and Deptford Circuit submits its report and the financial statements for the year ended 31[st] August 2024 . The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

1. Structure, Governance & Management

1.1 Trustees

The governing document for the Circuit is the Deed of Union (1932) and the Methodist Church Act (1976). Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD). Day to day management of the Circuit is undertaken by the Circuit Leadership team (comprising the presbyters and Circuit Stewards) and the Local Preachers meeting.

1.2 Training of Trustees

The Methodist church connexion provides a range of guidance to support the effective running of the Circuit, including the leaflet “The Role of a Trustee in the Methodist Church”

1.3 Risk Management

Major risks, both physical and financial, are identified, recorded and professional advice taken as required. There is regular annual review process undertaken and recorded. Income and Expenditure is monitored in total and is compared with the approved annual budget to detect trends as part of the risk management process to avoid unforeseen calls on reserves.

1.4 Safeguarding

Every Person has a value and dignity which comes directly from the creation of male and females in God’s own image and likeliness. Christians see this potential as fulfilled by God’s re-creation of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore to protect them from harm. The Methodist Connexional practice outlines commitment to the following principles:

4

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2024

The Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the circuit and in the churches.

The Circuit commits itself to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable

2. Public Benefit

The Trustees of the Methodist church had due regard to the public benefit guidance published by the charity commission in compliance with its duties under section 17 of the Charities Act 2011. The guidance sets of 2 key principles:

  1. The Organisation must have an identifiable benefit

  2. The benefit must be to the public or a section of the public

The Church exist, inter alia to

The trustees consider that for these reasons the charity meets these public benefits requirements

3. Achievements and Performance

The Southwark and Deptford Circuit, comprising seven churches, continues to serve the needs of communities in the boroughs of Southwark, Lewisham and Greenwich. Its membership lives more widely and has its roots in many parts of the world. Our commitment to worship, mission and service extends through the individual witness of members and the activities we do together. We meet in person and virtually (which has the benefits of wider participation), though value the opportunities for face-to-face encounters that strengthen relationships and develop a broader sense of belonging.

We continue to face increased costs in energy and utilities, building maintenance and services together, and we are aware of the pressures that our members face which include the squeezing of personal income. We also face challenges in meeting our obligations to the Methodist District and Connexion. We continue to try and maximise our income from property and members while remaining sensitive to the difficulties faced by the organisations and individuals who make use of our buildings, and aware of the needs of our membership.

5

Report of the Trustees For the year ended 31 August 2024

SOUTHWARK AND DEPTFORD CIRCUIT

The Circuit continues to make one spare manse available for a refugee family in conjunction with Peckham Refugee Sponsoring Group. This reflects our priorities in responding to ‘ those who need us most ’ , which is also evident in our pastoral work and in the regular activities we run to support some of the practical issues faced by people in our communities.

We are currently operating with a reduced staff team as we were not able to appoint an ordained minister to the Circuit. This has brought challenges for churches and for the current ministry team, and we are working hard to meet needs and expectations while also caring for the mental health and well-being of ministers. This has also left us with two vacant manses and work is in place to gain a rental income from these.

The Circuit is thankful for the work of its stewards and other volunteers who exercise leadership and oversight. We appoint officers for safeguarding and facilitate training to maintain awareness of the protection of children, young people and others who are vulnerable. Most churches work with ecumenical and other partners as a desired method to engage with the community.

Each year there are opportunities for baptism and confirmation. There are a significant number of funerals and fewer marriages, though other services of blessing and memorials. Services are led by ministers and other accredited preachers and preachers in training with many others participating in worship through music and word. We value the contribution of our young people and continue to explore how this work can be developed given the competing constraints of other responsibilities.

The circuit supports the work of each local church, all of which serve distinct communities and have their own history and identity. We value our place within the Methodist Church and utilise its resources to widen our vision and challenge the expression of the work for which we have been entrusted.

…………………………………………………. Rachael Wilson (Superintendent)

4. Financial Review

The Circuit prepares accrual accounts. They are not a consolidation of the accounts of churches in the circuit. The Circuit budget is prepared by first anticipating the expenditure for the forthcoming year and then determining how that sum will be raised. About 95% of the income for the year ended 23/24 came from the individual churches assessment whilst the remaining fund was from investments, lettings and donations .

6

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2024

4.1 Financial Activity and Financial Position

The statements of Financial Activities and Balance Sheet can be found on Pages 10 and 11 respectively. Total reserves at the yearend is £1,906,756. This is represented by Unrestricted Funds of £1,854,715 and restricted funds of £52,041

4.2 Reserves Policy

The reserves of the circuit are dependent on the extent that its ongoing cost can be funded from the assessment levied on the individual churches. The Circuit seeks to operate its financial affairs each year on an ongoing basis. At the year-end, the actual readily available reserves of the circuit were £113,834 (2022/3: £118,857) after allowing for Fixed assets, restricted funds and liabilities.

4.3 Investment Policy

Funds in excess of immediate working capital requirement are placed in a bank deposit account, investments are valued at fair values.

4.4 Grants Policy

Grant are recognised in full when the award is made once the Districts accept that there is a legal or constructive obligation to make the payment and that such payment is probable.

5. Plans for Future Periods

We are currently running with a reduced number of staff, and we had hoped to be able to appoint a deacon to join us in September 2025, however this has not been possible. We continue to explore the future pattern of ministry in the Circuit, particularly as we are aware that one of our ministers is moving on in August 2026 and so we need to appoint at least two ministers in order to effectively retain the teams that work in the north and south of the Circuit. The Circuit Leadership Team continues to engage with all the churches to explore mission priorities and ministry needs, and to seek creative solutions for the challenges we face.

6. Responsibilities of Trustees for the Financial Statements

The Trustees are responsible for preparing the Trustees’ Annual Report and the accounts in accordance with applicable law and United Kingdom Standards (UKGAAP).

The Law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which gives a true and fair view of the charity’s financial activities during the year and its financial position at the end of the year.

In preparing those financial statements, the Trustees are required to:

7

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Trustees For the year ended 31 August 2024

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables 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 governing document. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

7. Approval

The Trustees’ Annual Report was approved by the trustees on ………………06/03/25 and signed on their behalf by

………………………………………………………….

Rev Rachael Wilson Superintendent Minister and Chair of Trustees

\E— Vidal Sumner Treasurer

………………………………………………………

8

SOUTHWARK AND DEPTFORD CIRCUIT

Report of the Independent Examiner to The Southwark and Deptford Circuit

I report on the accounts of the Southwark and Deptford Circuit for the year ended 31 August 2024, which are set out on pages 10 to 17.

Respective responsibilities of the Circuit and examiner

The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. The charity’s gross income exceeds £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Accountants in England and Wales.

Basis of independent examiners’ report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiners’ statement

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

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

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached

Ransford Grey FCCA, MBA, B.Sc (Hons) Chartered Certified Accountant

…………………….

06/03/2025

9

Southwark and Deptford Circuit

Income Statement For the year ended 31 August 2024

Statement of financial activities for the year ended 31 Aug Statement of financial activities for the year ended 31 Aug ust 2024 ust 2024
Notes
2
Expenditure
Expenditure on:
4a
4
4b
Other cost
Tax payable
Net gains/(losses) on
investments
Prior Year Adjustment
Other gains/(losses)
Reconciliation of
funds:
5
Grants
Charitable Activities
District Assessment levy (Notes
Staff cost
Property
Total
Income
from:
Donations and legacies
Other
Total funds carried forward
Total
Net income/(expenditure)
Net income/(expenditure)
Transfers between funds
Net movement in funds
Total funds brought forward
Other recognised
Net income/(expenditure)
before tax for the reporting
period		 Unrestricted
funds
Restricted
funds
Endowment
funds
£
£
£
8,604
-
-
239,868
-
-
4,907
-
-		 Total funds
2024		 Total Funds
2023
£
8,329
226,935
1,909
£
8,604
239,868
4,907
253,379
-
-		 253,379 237,173
-
-
-
143,549
-
-
19,480
-
-
101,556
-
-
5,702
-
-		 12,214
157,480
26,592
100,102
11,551
-
143,549
19,480
101,556
5,702
270,287
-
-		 270,287 307,939
(16,908)
-
-		 (16,908) (70,766)
-
-
-		 - -
(16,908)
-
-		 (16,908) (70,766)
- -
(16,908)
-
-		 (16,908) (70,766)
-
-
-
-
-
-
1,507
451
2,349		 -
-
4,307		 -
-
(1,958)
(15,401)
451
2,349		 (12,601) (72,724)
1,870,116
10,964
38,277		 1,919,357 1,992,081
1,854,715
11,415
40,626		 1,906,756 1,919,357

10

Southwark and Deptford Circuit

Balance Sheet For the year ended 31 August 2023

Fixed assets
Tangible assets
TMCP Investments
Total fixed assets		 6
7		 Unrestricted
funds
£
1,724,959
1,724,959		 Restricted
income
funds
£
11,415
11,415		 Endowment
funds
£
40,626
40,626		 Total Funds
2024
£
1,724,959
52,041
1,777,000
~~7~~		 2023
Funds
£
1,724,959
49,241
1,774,200
Current assets
Debtors
TMCP Investments
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one year		 8
7
9		 25,574
61,957
58,147
145,678
15,922		 -
-
-
-
-		 -
-
-
-
-		 25,574
61,957
58,147
145,678
15,922
~~=~~		 15,724
60,450
95,283
171,457
26,300
Net current assets/(liabilities) 129,756 - - 129,756 145,157
Total assets less current liabilities 1,854,715 11,415 40,626 1,906,756 1,919,357
Creditors: amounts falling due after one year - - - - -
Provisions for liabilities - - - - -
Total net assets or liabilities 1,854,715 11,415 40,626 1,906,756 1,919,357
Funds of the Charity (notes 5)
Endowment funds 7 40,626 40,626 38,277
Restricted funds 7 11,415 11,415 10,964
Unrestricted funds 5 1,792,758 1,792,758 1,870,116
Designated 7 61,957 61,957
Total funds 5 1,854,715 11,415 40,626 1,906,756 1,919,357

The Financial statements were approved by the Circuit on 06 /04/2024……. Signed on their behalf by

……………………. Mr Vidal Sumner Treasurer

11

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102)). The financial statements are drawn up on the historical cost basis of accounting.

The financial statements include all transactions, assets and liabilities for which the circuit is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The circuit meets the definition of a public benefit entity under FRS 102.

Going Concern

Each year it is the Trustee’s responsibility to state whether or not the annual accounts have been drawn up on a going concern basis (see the accounting policy note on page 12). Going concern is the assumption that an entity, in this case, the Circuit, has the resources (financial or otherwise) needed to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the Trustees of these annual accounts. If the going concern principle did not apply, then the accounts would be drawn up on an insolvent basis. Clearly, as part of this year’s going concern review, the Trustees have had to consider the likely impact of the cost of living crisis on its ministry. It has concluded that the financial risks to the ministry have increased slightly as a result of increased economic costs which has affected income from churches, although churches in the circuit continue to pay assessments, which is the main source of income for the Circuit. It is therefore appropriate to prepare the 2022 Accounts on a going-concern basis and it is not necessary to make any adjustments to these accounts. The Trustees will continue to keep both the short-term and longer-term impact under review

Income recognition

Income is recognised in the Statement of Financial Activities when the charity has entitlement to the funds, any performance conditions attached to the items(s) of income have been met, it is probable that income will be received and the amount can be measured reliably. Donations are accounted for gross when received. Rental income is accounted for on accrual basis. In accordance with the charities SORP (FRS102), the time of volunteers us not recognised. Further information on this matter is provided in the Trustees Annual Report.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

12

Notes to the Financial Statements For the year ended 31 August 2024

Southwark and Deptford Circuit

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The circuit is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Charitable expenditure includes those costs in fulfilling the circuit principal objects, as outlined in the Report of the circuit. These include grants payable, governance costs and an apportionment of support costs.

Taxation

As a charity, the circuit is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the circuit.

Tangible Fixed Assets

Tangible fixed assets are capitalized if they can be used for more than one year, and cost at least (say) £1000. They are valued at cost or a reasonable value on receipt. Where cost is not available, the Church Council may provide a reasonable estimate of cost or of the buildings’ current value to the church. An estimate based on insurance value should take account of the fact that cover will be based on demolition and reinstating the current building and not the original cost less accumulated depreciation.

Provision is made for depreciation where appropriate

Investments

Investments are valued in the balance sheet at market value at the year end. Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year-end are shown in the SOFA

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

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

13

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Fund accounting

The funds held by the charity are either:

Ministers’ manse costs

The Circuit is required to provided accommodation for each minister in the Circuit and their families and this is seen as a benefit to the Circuit. Ministers are expected to occupy the manse provided to them. The Circuit bears the cost of repairs, maintenance, buildings insurance, council tax and water charges. These figures are not separately disclosed as benefit in kind for ministers as HMRC does not seek to tax these receipts in the hands of ministers.

Methodist Connexional Funds

The Methodist Church Connexion raise assessments against Circuit and these are paid quarterly to their Districts. The Circuit raise assessments against Churches in the Circuit. The District remits to the Methodist Church Fund quarterly most of the sums received from Circuits. A small sum is retained by the Districts to meet its own cost.

Financial Instruments

The Charity only has financial assets and 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 date.

14

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

2. Income

Bermondsey
Christ Church
Deptford
Herne Hill
Manor
Pekham
Walworth
Others
Donations & Legacies
Total income		 Assessment on Churches
General
CMTF
Restricted Endowment
60,000
-
-
-
24,500
-
-
-
28,000
-
-
-
34,368
-
-
-
20,000
-
-
-
15,000
-
-
-
58,000
-
-
-		 2024
Total
60,000
24,500
28,000
34,368
20,000
15,000
58,000		 2023
Total
60,000
24,504
28,000
21,431
20,000
15,000
58,000
239,868
-
-		 239,868 226,935
4,907
-
-
-
8,604
-
-
-		 4,907
8,604		 1,909
8,329
253,379
-
-
-		 253,379 237,173

3. Grants and donations paid

Total grants in 2023/24 – Nil (2022/23) £12,214

4. Expenditure on Property

Insurance
Council Tax
Water rates
General Maintenance
General exp		 2024
£
3,432
8,975
2,864
4,209		 2023
£
5,397
9,876
2,895
8,424
19,480 26,592

4a. Expenditure – staff costs

The Circuit met the stipends and expenses of all the ministers working in the Circuit during the year. The ministerial stipends are as per the guidelines. None of the employees earned more than £60,000. The total paid to key management is £143,549 (2022/23 - £157,480)

15

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

4b. Expenditure – Missionary & Charitable Giving

District Assessment & Levy
Methodist Church fund (MCF)
District Expenses
Levy on CMF funds
Total
Other outgoings
Youth Work
Administration		 General
CMTF
Restricted Endowment
Total
2024
Total
2023
101,556
-
-
-
101,556
98,596
-
-
-
-
-
-
-
-
-
-
1,506
101,556
-
-
-
101,556
100,102
General
CMTF
Restricted
Total
2,023
-
-
-
-
10,520
5,702
-
-
5,702
1,031
5,702
-
-
5,702
11,551

5. Fund Movement

Fund Movement

Unrestricted
General Fund
Designated
Total unrestricted funds
Restricted Funds
Restricted
Endowment
Total Restricted funds
Total funds		 Balances at
01/09/ 2023
1,809,666
60,450		 Income Expenditure Transfers
253,379
270,287
-
3,191
1,684
-		 Balances at
31/08/2024
1,792,758
61,957
1,870,116 256,570
271,971
-		 1,854,715
10,964
38,277		 476
25
-
3,774
1,425
-		 11,415
40,626
49,241 4,250
1,450
-		 52,041
1,919,357 260,820
273,421
-		 1,906,756

16

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

6. Tangible Fixed Assets

All of the fixed assets are used for charitable purposes.

Cost or valuation
Freehold land
& buildings		 Fixtures,
fittings and		 Total
£ £ £
At the beginningof theyear 1,724,959 - 1,724,959
Additions - -
Revaluations - - -
Disposals - - -
Transfers * - - -
At end of theyear 1,724,959 - 1,724,959
Basis
Rate
At beginning of the year
Disposals
Depreciation
Impairment
Transfers
At end of the year
Net book value at the
beginning of the year
Net book value at the end
of the year
Net book value
Depreciation and impairme*
SL or RB SL or RB SL or RB Straight Line
("SL") or
Reducing
Balance("RB")
- - -
- - -
- - -
- - -
- - -
- - -
1,724,959 - 1,724,959
1,724,959 - 1,724,959
1,724,959 - 1,724,959
1,724,959 - 1,724,959

17

Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

7. Fixed Asset Investments

Circuit Model Trust Fund – balances £61,957 (2023/24: £ 60,450) . The purpose of the fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit. Although this is technically Unrestricted Fund under the control of the Circuit Meeting, Prior approval is still required from the District to utilize these funds. Methodist Standing order 930, 913 and 917 (2) are applicable.

Searle, Bernard - Bequest
Fisher, Phyllis
De Bourcier B- Bequest
De Bourcier D - Bequest
De Bourcier E- Bequest
CMTF
Endowment
Total		 Capital
Gains
/Losses
Total
Investment
Interest
Admin
Charge
D
Net Invetment
31/08/2024
Model Trust Bequest
802
0
802
43
2
843
Model Trust Bequest
148
0
148
8
0
156
Model Trust Bequest
2,161
0
2,161
0
0
2,161
Model Trust Bequest
1,635
0
1,635
88
5
1,719
Model Trust Bequest
6,218
0
6,218
336
18
6,536
Model Trust Bequest
10,964
0
10,964
476
25
11,415
CMTF Fund
60,450
0
60,450
3,191
1,684
61,957
-
Endowment Fund
38,277
0
38,277
3,774
1,425
40,626
-
Total
109,691
0
109,691
7,441
3,134
113,998

8. Debtors

Trade debtors
Prepayments and accrued income
Other debtors
Total		 2024
£		 2023
£
25,574 15,724
- -
- -
25,574 15,724

9. Creditors - Amounts Falling Due Within One Year

Trade creditors
Accruals and deferred income
Taxation and social security
Other creditors
Total		 Amounts falling due within
oneyear		 Amounts falling due within
oneyear
2024
£		 2023
£
15,122 25,500
800 800
- -
- -
15,922 26,300

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Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

10. Restricted Funds

The Restricted Fund and Endowment Fund held at the balance sheet date is £40,626.

11. Unrestricted Funds

General Fund balances at 31[st] August 2024 is £1,906,756 (2022/23: £1,919,357 ). The purpose of the fund is used at the discretion of the trustees in the furtherance of the general objective of the Circuit and has not been designated for other purposes. 93% of this fund is held as freehold properties.

Central Finance Board (CFB) and Cash at Bank : £120,104 (2022/23:£155,733 ) . The Circuit has current accounts with Lloybs and CAF. The sum held on those accounts are immediately available. In addition, the Circuit has a deposit accounts at CFB a common deposit fund. Interest is earned on these accounts and credited monthly; the sums deposited can be withdrawn without notice and without loss if interest. These sums are viewed as being liquid

12. Related Party Transactions

The Circuit is part of the London District and is also accountable to the Methodist Conference. The Following Methodist Churches are linked to the Circuit:

Bermondsey Central Hall Christ Church Dulwich Deptford Mission Herne Hill Manor Peckham Walworth

The total amount of related party transactions as at 31/08/2024 is £239,868 (2022/23 £226,935)

13. Fee to External Examiner: The External Examiner was paid £800 to examine and prepare the Circuit accounts.

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Southwark and Deptford Circuit

Notes to the Financial Statements For the year ended 31 August 2024

Glossary of Terms

CFB: Central Finance Board of the Methodist Church manages a common Deposit Fund and a series of pooled investment finds for Methodist entities in Great Britain and Provides Investment advice to those entities.

Church : a group of members from fewer than 10 to more than 300

CAF: Charity Aid Foundation

Circuit: a group of Methodist Churches near each other, typically between 1- to 30 TMCP: Trustees for Methodist Church Purposes , the Legal owner and Custodian Trustees of all Methodist Model Trust Property, including Legacies , Endowments and Accumulated Funds

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