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2021-08-31-accounts

Oxford Methodist Circuit

Charity Number: 1134618

Trustees Annual Report

and

Accounts

for the period

1 September 2020 to 31 August 2021

1

Oxford Methodist Circuit Annual Report 2020-21

Introduction

The Oxford Circuit serves the city of Oxford, its suburbs, and villages and market towns from Woodstock to Watlington. Public worship is offered in thirteen places, including Holy Family LEP in Blackbird Leys and St Mary’s Chalgrove. Staff and volunteers also lead worship in several residential homes in the area. Within the Circuit, eleven local Methodist Societies (churches) operate as centres of worship, outreach, fellowship and community service, each under the management of its own Church Council. The Circuit supports the local churches by providing ordained and salaried lay ministry, by training and deploying Local (lay) Preachers to lead Sunday worship, by giving grants for property and mission projects, by linking local churches to the wider life of the Methodist Church regionally and nationally, and by acting as a forum for strategic planning.

During 2020-21, the Circuit continued to respond to the restrictions and risks associated with the Covid-19 pandemic by offering both pre-recorded and “live” acts of worship online, complementing the initiatives of local churches to maintain their common life of worship, learning, caring, service and evangelism in radically changed – and ever-changing – circumstances. A new post of Circuit Administrator was created and appointed, and a new website launched. The Trustees approved grants to support building projects at Kidlington and Rose Hill and sold one of its manses in order to replace it with a more modern, energy-efficient and suitable property, while at the same time releasing funds for mission.

In the summer we bade farewell to Revs Stephen Maunder and John Anderson, as they retired from the active ministry, and welcomed Rev Stephen Spain as probationer minister working in the east of the circuit.

Purpose and Priorities

The Oxford Circuit’s Purpose[1] is to encourage and resource churches to be confident, creative, courageous and committed as they proclaim the love of God in worship, witness and service.

The Trustees and Circuit Leadership Team have been working to priorities agreed for the three years to August 2021. A summary of progress is provided below, together with a refreshed set of priorities for the next three years.

1 Methodist Standing Order 500 (1) defines the Nature and Purposes of a Circuit as follows: The Circuit is the primary unit in which Local Churches express and experience their interconnexion in the Body of Christ, for purposes of mission, mutual encouragement and help. It is in the Circuit that presbyters, deacons and probationers are stationed and local preachers are trained and admitted and exercise their calling. The purposes of the Circuit include the effective deployment of the resources of ministry, which include people, property and finance, as they relate to the Methodist churches in the Circuit, to churches of other denominations and to participation in the life of the communities served by the Circuit, including local schools and colleges, and in ecumenical work in the area including, where appropriate, the support of ecumenical Housing Associations.

2

Oxford Methodist Circuit: Progress on Priorities 2019-21

Priorities for 2019-2021 Progress to date
1 Resourcing.We will support local churches to take forward the hopes and plans identified
in the ‘Planningfor Fruitfulness’process by:
1.1 Appropriately deploying and
supporting the ordained ministers
stationed in the Circuit to provide
leadership and pastoral care, noting
the need to review and reorganise
stations ahead of the departures of
current ministers.		 During this three-year period, three ministers have
either moved on to new roles or “sat down” and three
new appointments have been made:
•
Superintendent with pastoral charge of Wesley
Memorial, Rose Hill and Kennington;
•
Methodist Chaplain at Oxford Brookes University
(supported by Westminster College Oxford Trust)
with pastoral charge of Cowley Road;
•
Probationer with pastoral responsibility for Lime
Walk, Watlington and Great Milton, and Methodist
involvement at St Mary’s Chalgrove.
1.2 Recruiting and developing lay staff
with complementary skills for specific
roles or projects.		 The scope of the role of Children’s, Families’ and
Outreach worker based at Wesley Memorial has
expanded to support and encourage those working
with children and young people across the Circuit.
The Circuit Administrator, appointed in 2020, is
enabling staff and stewards to work more effectively
and has greatly improved the sharing of information
around the Circuit.
Redeployment of the former Rose Hill Community
Chaplain and the addition of further lay roles are under
review.
1.3 Providing funding for projects and
initiatives that further the mission of
the churches.		 Since September 2018, the Circuit has provided £338K
in grants and loan funding for projects at Wesley
Memorial, Kidlington, Watlington and Rose Hill. A
further £100K loan previously made to Bladon for
redevelopment of its buildings has been converted to
grant.
1.4 Facilitating the exchange of advice,
skills and volunteer time between
churches.		 Regular meetings of church treasurers.
Sharing of expertise across churches around property
projects, fundraising and work with children.
2 Belonging.We will build up a stronger sense of Circuit identity and of sharing in one
mission together by:
2.1 Sharing good news and successes, as
well as struggles and needs, that we
may rejoice together and support one
another better.		 Circuit Stewards attend church council meetings.
New Circuit Newsletter follows each Circuit Meeting.
New Circuit website developed and launched.
2.2 Organising events and initiatives that
help to bring Methodists in the Circuit
together for worship, mission or
fellowship.		 Regular Circuit worship provided online since early
2020, along with special services to mark the arrival
and departure of ministers, and admission of new local
preachers.
Establishment of a weekly ‘Bread Church’, initially
online.

4

Online series of thematic talks and discussions on
aspects of poverty and the environment.
Eco-Circuit initiative launched.
2.3 Reviewing worship services across the
Circuit to ensure a range of times and
styles are offered.		 Worship sustained online during lockdowns.
Using technology to enable people to participate in
services and meetings whether in person or online.
2.4 Linking up those engaged in children’s
and youth ministry for mutual support
and learning.		 Forum created for those working with children and
young people, with occasional meetings and regular
email contact. Organised first Circuit trip to 3Generate.
3 Enabling.We will help people across the Circuit to respond to our calling ‘to serve the
present age’ by:
3.1 Enabling conversations around
important issues in our Church and
society – including mandated
Connexional conversations about
marriage and relationships, the
Methodist-Anglican covenant, and
ministry in the Methodist Church –
helping people to ‘disagree well’.		 Facilitated and encouraged conversations on the report
“God in Love Unites Us”.
3.2 Encouraging, supporting and training
more people to become Local
Preachers and Worship Leaders, and
providing training for those leading
worshipbylocal arrangement.		 Two new local preachers have completed training and
been formally admitted and welcomed.
Four people currently in training to be Local Preachers
or Worship Leaders.
3.3 Thinking together about how we can
respond creatively to changes in our
communities, especially new housing
developments.		 Member of staff involved with the National Estate
Churches Network, Connexional Digital Church training
and CTE New Housing Areas Hub.

4

Oxford Methodist Circuit

Priorities for 2021-2024

Resourcing

We will continue to support local churches to take forward the hopes and plans identified in the ‘Planning for Fruitfulness’ of 2019 process by:

Belonging

We will build up a stronger sense of Circuit identity and of sharing in one mission together by:

Enabling

We will help people across the Circuit to respond to our calling ‘to serve the present age’[1] by:

As agreed at the Circuit Meeting, 15 December 2021

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Oxford Methodist Circuit Annual Report 2020-21

Financial review

Income trends

Total income, excluding capital receipts, increased by 5% to £324,232 (£308,115). Assessments paid by circuit churches, which make up the bulk of regular income, increased to £277,000 (£269,000). The accounts include restricted grant income of £25,000 from Westminster College Oxford Trust to fund a part-time chaplain at Oxford Brookes University and £4,845 (£5,700) from the District Advance Fund in support of the Rose Hill chaplaincy. Rental income declined to £14,000 (£28,280) as the property at Westbury Crescent was brought back into use as a manse.

Expenditure trends

The three main categories of regular expenditure are: ministerial stipends and other employment costs, property maintenance, and contributions (assessments and levies) paid to the District and Connexion to support the wider work of the Methodist Church.

Total employment costs increased to £200,698 (£161,360), reflecting additions to the ministerial and lay staff teams. Property expenditure reduced to 60,602 (£82,908), including £9,528 of costs attributable to abortive attempts to purchase a replacement manse. Amounts payable to the District and Connexion were broadly stable at ££66,021 (65,010), including a levy of £15,546 (£21,135) paid to the District Advance Fund.

New grant commitments of £100,927 (£120,000), consisted principally of a further £100,0000 towards Kidlington Methodist Church’s Transformation project. In addition, a loan of £100,500 previously awarded to Bladon Methodist Church was converted into a grant.

Total charitable expenditure was £553,448 (£449,766). Excluding grant commitments and levies and before gains on investments or property, the deficit for the year was -£12,743 (-£516).

Gains and losses on investments

Sale of the manse at Upland Park Road generated proceeds after costs of £1,451,103 and a gain on book value, net of a levy paid to the Connexional Priority Fund, of £751,047.

Gains on monetary investments were £17,684.

Fund balances

Total funds carried forward increased by £539,515 to £2,762,309 (£2,222,794).

Of this total, £1,385,027 (£1,842,642) is represented by the carrying value of four (five) manse properties, £2,606 (£3,126) by a restricted fund for the upkeep of the churchyard adjacent to the former Headington Quarry Chapel and £50,000 (£100,500) by loans advanced to churches.

Excluding these items, net current assets were £1,324,616 (£276,526).

Plans for 2021/22 onwards

The budget for the current financial year anticipates a breakeven result in the unrestricted General Fund. Income is expected to be similar to 2020/21. The same applies to total expenditure on staff, with a reduction of 0.5 in the number of full-time equivalent ministers off-setting inflation and an anticipated increase in travel costs. Property expenditure is expected to be lower, before costs associated with the purchase of a replacement manse. However, assessments paid to the District and Connexion will increase.

The revised reserves policy points to a target level of unrestricted reserves of £148K. This compares with adjusted net current assets noted above of £1,325K. The Circuit has been actively seeking to replace the Upland Park Road manse since early 2021. Three planned purchases have fallen through but a fourth is now at an advanced stage. The property has been leased on a short-term basis, pending completion of the purchase at a total anticipated cost of about £805K. A levy of £70K on balances held in the Circuit Model Trust Fund was paid to the District Advance Fund in September. These actual and anticipated outflows imply that a balance of approximately £302K is available to invest in projects that further the Circuit’s purpose and priorities.

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Oxford Methodist Circuit Annual Report 2020-21

Basis of preparation and legal framework

The Charity’s annual report and accounts for the year ended 31 August 2021 have been prepared in accordance with the Charities Act 2011 and the Charities: Statement of Recommended Practice 2015 as applicable to the Financial Reporting Standard(FRS) 102

Full Name of Charity: Oxford Methodist Circuit

Charity Registration Number: 1134618

Date of registration: 3 March 2010 (previously excepted)

Main communication address: Wesley Memorial Church, New Inn Hall Street, Oxford, OX1 2DH.

The members of the Oxford Methodist Circuit Meeting are the Charity Trustees, membership being made up of Circuit office holders, ministers and representatives appointed by the local churches. Full membership is shown as Appendix A to this report.

Circuit Ministers and officers active during the year

Active Circuit Ministers: Rev. John Anderson (to July 2021)

Rev. Paul Carter Rev. Stephen Maunder (to July 2021) Rev. Miriam Moul (from September 2020) Rev. Peter Powers (from September 2020)

Circuit Lay Workers: Mrs Elizabeth Hawkness-Smith Mrs Melanie McCulloch Mrs Joanna Godfrey (from November 2020)

Circuit Stewards: Mr Christopher Butler Mrs Beverley Clack (to October 2021) Mr Simeon Mitchell Mr John Winterbottom

Name of Treasurer who acted as the principal officer overseeing the day to day financial management and accounting for the circuit during the year: Christopher Butler

Independent Examiner: Haines Watts, Sterling House, 19/23 High St., Kidlington, OX5 2DH Investment Bankers: Central Finance Board of the Methodist Church Trustees for Methodist Church purposes Bankers: Barclays Bank, Leicester

Aims and organisation

Charity objective is to act as a Resource provider and co-ordinator within the area around Oxford for the Methodist Church. The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of:

a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church;

b) Any charitable purpose for the time being of any Connexional, District, Circuit, local or other organisation of The Methodist Church;

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.

Locally, these purposes are worked out through:-

The organisation and resourcing of regular public acts of worship open to members of the church and nonmembers alike;

The teaching of Christianity through sermons, courses, publications and small group discussion;

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Oxford Methodist Circuit Annual Report 2020-21

The resourcing of pastoral work by stipendiary, salaried and voluntary workers, including visiting the sick and bereaved;

Taking religious assemblies in local schools.

Promotion of Christianity through the staging of events and services.

Provision of chaplaincy services to the local universities and other institutions.

Public Benefit

We confirm the Trustees have had regard to the Charity Commission’s guidance on public benefit.

Structure, Governance and Management

The governing document for the Circuit is the Deed of Union (1932) and Methodist Church Act (1976) Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church ( CPD ) by order of the annual Methodist Conference.

Managing trusteeship and overall governance responsibility rests with the Circuit Meeting, which meets at least twice a year.

Day to day management of the circuit is undertaken by the Superintendent Minister, Circuit Stewards and Circuit Leadership Team, in partnership with other officers and committees as appropriate.

Trustee Training

A range of guidance produced by Methodist Connexion to support the effective running of the circuit is distributed to Trustees, including a paper circulated by the Northampton District: “Financial Governance and good practice for Church and Circuit Trustees”.

Related Parties

The Circuit is part of the Northampton District and is also accountable to the Methodist Conference. The following Methodist Churches are part of the circuit:-

Bladon; Cowley Road; Great Milton; Kennington; Kidlington; Lime Walk; Rose Hill; Tackley; Watlington; Wesley Memorial; Woodstock.

The Methodist congregation at Chalgrove has joined St Mary’s (Church of England) through a Declaration of Ecumenical Welcome.

There is also a Methodist involvement in the Church of the Holy Family, Blackbird Leys, a Local Ecumenical Partnership.

The Circuit is in receipt of a five-year grant from the Westminster College Oxford Trust Ltd, whose board is appointed by Conference to oversee the continuing relationship between the Methodist Church and Oxford Brookes University, following the merger between Westminster College and Oxford Brookes University in 1999.

Safeguarding

Every person has a value and dignity which comes directly from the creation of all people in God’s own image and likeness. Christians see this potential as fulfilled by God’s re-creation of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore to protect them from harm.

Methodist Connexional practice outlines commitment to the following principles:

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Oxford Methodist Circuit Annual Report 2020-21

The Oxford 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 Oxford 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.

Risk Management

The major risks have been identified and recorded by the Circuit Leadership Team with professional advice taken as required. The Circuit Leadership Team undertakes a regular annual review of risks, the findings of which are presented to the Circuit Meeting for approval. The table below is a summary of the most recent risk management review:

management review:
Risk Mitigation
Failure to protect vulnerable people Safeguarding policy, training and monitoring
Major unplanned property repairs Quinquennial surveys; reserves policy
Continued decline in active church members and
related income		 Strategic planning with churches; reserves policy
Insufficient volunteers to meet statutory
requirements or mission objectives		 Employment of ordained and lay staff and of
professional advisors

Income and Expenditure are monitored and compared with the approved annual budget on a quarterly basis to detect trends as part of the risk management process to avoid unforeseen calls on reserves.

Reserves Policy

Reserves Policy
Risk Reserve Level £
Manse Repairs Work recommended in most recent quinquennial inspections £ 40,000
Churches unable to sustain
assessments		 Four months’ expenditure £108,000
Total £148,000

Signed on behalf of the Charity’s Trustees

Name Signature Office Date
Rev Peter Powers Chairman 4 April 2022
Mr Christopher Butler Trustee 4 April 2022

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Oxford Methodist Circuit Annual Report 2020-21

Appendix A: Trustees of the Oxford Methodist Circuit during 2020-21 and to present.
Trustee name Office (if any) Dates acted if not
for whole period		 Name of person (or body)
entitled to appoint trustee (if
**any) **
Rev Peter Powers Chairman From Sep2020
Rev Stephen Maunder To Jul 2021
Rev Miriam Moul From Sep2020
Rev Paul Carter
Rev John Anderson To Jul 2021
Rev Stephen Spain From Sep2021
Mr Simeon Mitchell Circuit Steward
Mr John Winterbottom Circuit Steward & Property
Secretary
Mr Christopher Butler Financial Steward
Prof BeverleyClack Circuit Steward To Oct 2021
Rev Jean King
Mrs Mel McCulloch
Mrs Joanna Godfrey From Nov 2020
Mrs Elizabeth
Hawkness-Smith
Mrs K Dobson Wesley Memorial Methodist
Church
Mr Malcolm Dodds ditto
Mr Derek Rawson ditto
Mrs MaryLines ditto
Mrs Marilyn King Kidlington Methodist Church
ditto
Mr Graham Kirby
Dr John Lenton ditto
Mr John Verity Woodstock Methodist Church
Mr David Jones ditto
Mrs Patricia Clapton Bladon Methodist Church
Mr PhilipRumsby ditto
Mrs Alicia Rumsby ditto
Mr Tim Bailey TackleyMethodist Church
Mrs Vi Banbury ditto
Mrs Barbara Russell Lime Walk Methodist Church
Mrs MaryRoss ditto
Mrs BryonyThomas ditto
Mr JeremyDawe Rose Hill Methodist Church

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Oxford Methodist Circuit Annual Report 2020-21

Oxford Methodist Circuit Annual Report 2020-21
Mr JeremyBurgess ditto
Miss Jackie Wright ditto
Mr John Boylan Cowley Road Methodist
Church
Mrs Jan Boylan ditto
Mr Andrew Quigley Kennington Methodist Church
Mr Barrie Edwards Great Milton Methodist Church
Yvonne Cartwright ditto
Mr Phil Crockett Watlington Methodist Church
Mrs Kathleen Gomm ditto
Mrs JudyCrockett ditto
Dr Simon Blainey Local Preachers Secretary
Mrs Joanna Tulloch Local Preachers
Mr Paul Spray Ditto
Mrs Alison Matthews SafeguardingOfficer
Mrs Emma Huber Action for Children
Mrs Ann Leck

Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name
Trustees for Methodist Church Purposes Custodian Trustees

11

Circuit Accruals Accounts 2020-2021

THE METHODIST CHURCH ACCOUNTS (ACCRUALS BASIS) for the year ended 31 August 2021

Registered Charity - Registration number
Oxford
Circuit		 Registered Charity - Registration number
Oxford
Circuit
1134618
District No /
Circuit No		 23/01
Ministers
Circuit Stewards
Circuit Treasurer
Rev Peter Powers
Rev Miriam Moul
Rev Paul Carter
Rev Stephen Spain
Mr Christopher Butler
Mr Simeon Mitchell
Mr John Winterbottom
Mr Christopher Butler

Name of Circuit

Oxford

Circuit No

23/01

Statement of Financial Activities (SOFA) for the year ended 31 August 2021

Income
1 Donations and legacies
2 Income from monetary investments
3 Income from investment properties
4 Assessments on Churches
5 Capital Receipts
6 Grants received
7 Other charitable income
8Total income
Expenditure
9 Grants and donations
10 Salaries and associated costs
11 Property maintenance
12 Connexional assessment and levy
13 District Assessment & Levy
14 Depreciation
15 Office expenses
16 Other outgoings
17Total charitable expenditure
18 Gains/(losses) on monetary investments
19 Gains/(losses) on investment properties
20Net income/(expenditure)
21 Transfers between funds
22 Other gains/(losses)
23Net movement in funds
24 Total funds brought forward
25 Total funds carried forward		 Notes to
the
accounts		 General Fund
(Unrestricted)
Circuit Model
Trust
(Unrestricted)
Designated
Funds
(unrestricted)
Restricted
Funds
Endowment
Funds
Total
2020-21
£
£
£
£
£
£
520
520
155
2,712
2,867
0
3 277,000
277,000
751,047
751,047
29,845
29,845
14,000
14,000
291,675
753,759
-
29,845
-
1,075,279
4
5
6
100,700
100,227
200,927
170,853
29,845
200,698
60,082
520
60,602
40,880
40,880
9,595
15,546
25,141
0
9,066
9,066
15,486
648
16,134
406,662
116,421
0
30,365
0
553,448
7
8
9
10
10
11
12
17,684
17,684
-114,987
655,022
0
-520
0
539,515
397,842
-
397,842
0
-512,829
1,052,864
0
-520
0
539,515
2,018,921
200,747
3,126
2,222,794
1,506,092
1,253,611
-
2,606
-
2,762,309

Name of Circuit

Oxford

Circuit No

23/01

Statement of Financial Activities (SOFA) for the year ended 31 August 2020
Notes to
the
accounts
General Fund
(Unrestricted)
Circuit Model
Trust
(Unrestricted)
Designated
Funds
(unrestricted)
Restricted
Funds
Endowment
Funds
Total
2019-20
£
£
£
£
£
£
Income
1 Donations and legacies
375
375
2 Income from monetary investments
873
3,862
4,735
3 Income from investment properties
0
4 Assessments on Churches
3
269,000
269,000
5 Capital Receipts
0
6 Grants received
5,700
5,700
7 Other charitable income
4
28,305
28,305
8Total income
298,553
3,862
-
5,700
-
308,115
Expenditure
9 Grants and donations
6
3,000
117,000
120,000
10 Salaries and associated costs
8
155,660
5,700
161,360
11 Property maintenance
9
82,768
140
82,908
12 Connexional assessment
10
35,718
35,718
13 District Assessment & Levy
10
8,157
21,135
29,292
14 Depreciation
0
15 Office expenses
11
5,506
5,506
16 Other outgoings
12
14,184
797
14,982
17Total charitable expenditure
304,993
138,932
0
5,840
0
449,766
18 Gains/(losses) on monetary investments
3,655
-
-3,655
19 Gains/(losses) on investment properties
20Net income/(expenditure)
-6,440
-138,726
0
-140
0
-145,306
21 Transfers between funds
0
22 Other gains/(losses)
23Net movement in funds
-6,440
-138,726
0
-140
0
-145,306
24 Total funds brought forward
2,025,361
339,473
3,266
2,368,100
25 Total funds carried forward
2,018,921
200,747
-
3,126
-
2,222,794		 Statement of Financial Activities (SOFA) for the year ended 31 August 2020
Notes to
the
accounts
General Fund
(Unrestricted)
Circuit Model
Trust
(Unrestricted)
Designated
Funds
(unrestricted)
Restricted
Funds
Endowment
Funds
Total
2019-20
£
£
£
£
£
£
Income
1 Donations and legacies
375
375
2 Income from monetary investments
873
3,862
4,735
3 Income from investment properties
0
4 Assessments on Churches
3
269,000
269,000
5 Capital Receipts
0
6 Grants received
5,700
5,700
7 Other charitable income
4
28,305
28,305
8Total income
298,553
3,862
-
5,700
-
308,115
Expenditure
9 Grants and donations
6
3,000
117,000
120,000
10 Salaries and associated costs
8
155,660
5,700
161,360
11 Property maintenance
9
82,768
140
82,908
12 Connexional assessment
10
35,718
35,718
13 District Assessment & Levy
10
8,157
21,135
29,292
14 Depreciation
0
15 Office expenses
11
5,506
5,506
16 Other outgoings
12
14,184
797
14,982
17Total charitable expenditure
304,993
138,932
0
5,840
0
449,766
18 Gains/(losses) on monetary investments
3,655
-
-3,655
19 Gains/(losses) on investment properties
20Net income/(expenditure)
-6,440
-138,726
0
-140
0
-145,306
21 Transfers between funds
0
22 Other gains/(losses)
23Net movement in funds
-6,440
-138,726
0
-140
0
-145,306
24 Total funds brought forward
2,025,361
339,473
3,266
2,368,100
25 Total funds carried forward
2,018,921
200,747
-
3,126
-
2,222,794		 Statement of Financial Activities (SOFA) for the year ended 31 August 2020
Notes to
the
accounts
General Fund
(Unrestricted)
Circuit Model
Trust
(Unrestricted)
Designated
Funds
(unrestricted)
Restricted
Funds
Endowment
Funds
Total
2019-20
£
£
£
£
£
£
Income
1 Donations and legacies
375
375
2 Income from monetary investments
873
3,862
4,735
3 Income from investment properties
0
4 Assessments on Churches
3
269,000
269,000
5 Capital Receipts
0
6 Grants received
5,700
5,700
7 Other charitable income
4
28,305
28,305
8Total income
298,553
3,862
-
5,700
-
308,115
Expenditure
9 Grants and donations
6
3,000
117,000
120,000
10 Salaries and associated costs
8
155,660
5,700
161,360
11 Property maintenance
9
82,768
140
82,908
12 Connexional assessment
10
35,718
35,718
13 District Assessment & Levy
10
8,157
21,135
29,292
14 Depreciation
0
15 Office expenses
11
5,506
5,506
16 Other outgoings
12
14,184
797
14,982
17Total charitable expenditure
304,993
138,932
0
5,840
0
449,766
18 Gains/(losses) on monetary investments
3,655
-
-3,655
19 Gains/(losses) on investment properties
20Net income/(expenditure)
-6,440
-138,726
0
-140
0
-145,306
21 Transfers between funds
0
22 Other gains/(losses)
23Net movement in funds
-6,440
-138,726
0
-140
0
-145,306
24 Total funds brought forward
2,025,361
339,473
3,266
2,368,100
25 Total funds carried forward
2,018,921
200,747
-
3,126
-
2,222,794
3 269,000
269,000
0
5,700
5,700
28,305
28,305
298,553
3,862
-
5,700
-
308,115
4
3,000
117,000
120,000
155,660
5,700
161,360
82,768
140
82,908
35,718
35,718
8,157
21,135
29,292
0
5,506
5,506
14,184
797
14,982
304,993
138,932
0
5,840
0
449,766
3,655
-
-3,655
-6,440
-138,726
0
-140
0
-145,306
0
6
8
9
10
10
11
12
-6,440
-138,726
0
-140
0
-145,306
2,025,361
339,473
3,266
2,368,100
2,018,921
200,747
-
3,126
-
2,222,794

Name of Circuit

Circuit No 23/01

Oxford

Balance Sheet as at 31 August 2021

Fixed Assets Notes to the
Accounts
General Fund
(Unrestricted)
£		 Circuit Model
Trusts
(Unrestricted)
£		 Designated
Funds
(Unrestricted)
£		 Restricted
Funds
£
Endowment
Funds
£		 Totals 2021
£		 Totals 2020
£
Circuit Manses & Equipment 13 1,385,027 1,385,027 1,842,642
Investmentproperties 0 0
Investments 0 0
1,842,642
Total fixed assets 1,385,027 0 0 0 0 1,385,027
Current Assets
Debtors 14 32,336 26,000 58,336 13,960
Loans bythe Circuit 15 50,000 50,000 100,500
Investments with TMCP 1,397,611 1,397,611 323,947
Central Finance Board Deposits 16 93,704 2,666 96,370 133,520
Cash at Bank and in hand 26,718 26,718 30,384
602,311
Total current assets 202,758 1,423,611 0 2,666 0 1,629,035
Current liabilities
Creditors(due in under 1year) 17 81,693 60 81,753 98,959
Grantspayable within 2020-21 18 170,000 170,000 120,200
Total current liabilities 81,693 170,000 0 60 0 251,753 219,159
Net current assets/liabilities 121,065 1,253,611 0 2,606 0 1,377,282 383,152
Total assets less current
liabilities		 1,506,092 1,253,611 0 2,606 0 2,762,309 2,225,794
Long term liabilities
(due after more than one year)
3,000
Grantspayable after 2020-21 0
Loans 0 0
0 0
2,222,794
Net assets 1,506,092 1,253,611 0 2,606 0 2,762,309
Funds of the Circuit
General Fund(Unrestricted) 1,506,092 2,606 1,506,092 2,018,921
200,747
0
2,219,668
Circuit Model Trust Fund
(Unrestricted)		 1,253,611 1,253,611
Designated Funds(Unrestricted) 0 0
Total Unrestricted Funds 2,759,703
Restricted Funds 2,606 2,606 3,126
Endowment Funds 0 0 0
Total Funds 1,506,092 1,253,611 0 2,606 0 2,762,309 2,222,794

Signed

Circuit Treasurer

Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

1. Basis of accounting and accounting policies.

1.1 Accounting standard

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective from 1 January 2015) – (Charities SORP (FRS 102)).

1.2 Public Benefit entity

The Oxford Methodist Circuit meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) below.

1.3 Basis

These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year. The accruals basis has been used and the trustees present accounts that show a true and fair view of the Circuit’s financial position and activities.

1.4 Content

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

1.5 FRS102 (SORP2015)

These accounts are compliant with FRS102 and with the FRS102 SORP2015. The accounts have been prepared in accordance with applicable charity law in England, this being the Charities Act 2011 and SI 2008/629 (Charities Accounting and Reporting Regulations) and, pending the making of replacement regulations specific to SORP2015 in accordance with Reg.8(4)(d) of SI 2008/629, the charity trustees have departed from the requirement of Reg.8(5) by following SORP(FRS102) instead of SORP 2005 to the extent necessary to give a true and fair view of the circumstances.

1.6 Going concern

Based on the monetary assets and human resources available at 31 August 2021, the trustees believe that the Circuit is a going concern

1.7 Consolidation

The Circuit has denominational regulatory oversight in respect of the 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 the Churches within the Circuit are not consolidated into these financial statements.

1.8 Income recognition

Income is brought into account when there is entitlement and the amount is reliably measurable, once it is more likely than not that the economic benefit of the income will be forthcoming.

Individual amounts categorised as Other Income in the SOFA will be shown separately in the Notes if they are considered material.

The Circuit acts as agent in the administration (application, collection and disbursement) of grants requested by Churches within the Circuit from, but not limited to, the District and Connexion. In these matters the transactions are not reflected in the SOFA because they are the income of the Churches.

In accordance with the Charities SORP (FRS102), the time of volunteers is not recognised. Further information on this matter is provided in the Trustees’ Annual Report. If goods are donated, a value will be shown in the SOFA or Notes where the value is considered material.

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2021 Notes to the Accounts

Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

1.9 Expenditure

This is recognised when a liability is incurred, or a constructive obligation arises, where the amount is reliably measurable and it is considered more likely than not that there will be an outflow of economic benefit.

1.10 Grants

Grants made by the Circuit from its own funds are recognised in full at the time of agreement to make a 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 for future commitments in the balance sheet against the appropriate fund, the provision being released in future years in accordance with the originally agreed terms. In cases where the grant has been charged to one fund but for ease of payment has been transferred to another fund any future payment provision is applied to the fund from which the grant will ultimately be paid.

1.11 VAT

Since the Circuit is not VAT registered, all input VAT is charged with the expense to which it refers.

1.12 Tangible fixed assets

These are capitalised if they can be used for more than one year, and individually cost at least £1,000.

The freehold and/or long leasehold residential property is shown in these accounts at deemed historical cost representing each property’s gross carrying value as at 1 September 2015, being that property’s insurance reinstatement value or, if acquired after that date, at its insurance reinstatement value at the date of acquisition. No depreciation is provided because the trustees consider the current residual value of the property in its present condition to be not less than its historical cost and, in the absence of any evidence of impairment, any depreciation provision for the buildings component of the property would be immaterial.

From time to time the Circuit may be required to assume responsibility for Church premises following closure and cessation of worship. This results in the Circuit becoming Managing Trustees for the property. At that time the property is recognised as an asset at its anticipated new sale price as determined by a professional valuation and after taking into consideration the levy to be charged by the Connexion. Any expenditure on such assets, if held for reinvestment of the proceeds, as the trustees determine, that it is likely to enhance sale value is capitalised at the time the expenditure is incurred. Where the proceeds are intended to be spent on activities, the property is included in current assets at the lower of cost and realisable value.

1.13 Monetary investments

The Circuit’s investments are in monetary assets classified as basic financial instruments under FRS102 and are held by the Trustees for Methodist Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. The unrealised gains arising on investments at the end of the year are shown in the SOFA.

Investment Property

From time to time the Circuit may hold residential property (formerly manses) which is surplus to its normal staffing requirements. Where this is the case and it is anticipated that the property is unlikely to be used as a manse within a period of five years, the property is classified as an Investment Property (whether let or not) and any lets are at market rates unless there is a compelling reason not to do so in furtherance of the Circuit’s charitable objectives. Any such cases would be specified in a later Note.

1.14 Bank and Receivables and Payables; Cash (Basic Financial Instruments)

Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors are initially recognised at settlement amount after any trade discounts, where normal credit terms apply, or at the amount advanced to the Circuit. Subsequently creditors that are current liabilities are measured at the cash or other consideration

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

expected to be paid. The liquid funds of bank balances and deposit fund balances are shown at their realisable values.

1.15 Loans as Basic Financial Instruments

Where concessionary loans (i.e. at below market rates of interest) are made to (or received by) the Circuit to further its charitable purposes, and are repayable after more than one year, they are initially recognised at the amount paid (or received), with the carrying value adjusted in subsequent years to reflect repayments and any accrued interest, adjusted for any impairment, if necessary.

Where there is objective evidence of impairment, an immediate impairment loss is recognised in the SOFA. Subsequent reversals of impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in the SOFA.

Where loans require the calculation of discounted cash flow valuation, this will also be recognised.

1.16 Methodist Connexional Funds

The Methodist Connexion raises assessments against Circuits and these are paid quarterly to their Districts. The Circuit raises assessments against Churches in the Circuit. The District quarterly remits to The Methodist Church Fund most of the sum received from the Circuits, retaining a small sum to meet its own costs. The Circuit may act as agent for ad hoc collections for various funds controlled and administered by The Methodist Church. Any such collections will be detailed in a later note.

1.17 Funds

The trustees have adopted a policy for all unrestricted reserves which is attached as a separate document.

1.18 Endowment funds

Where the Circuit holds money that may not be spent and must be retained (as capital) to generate an income the money or assets to be retained are classified as an Endowment Fund. The capital will be shown in the balance sheet in the column for endowment funds. The income may be restricted or unrestricted depending on the terms of the endowment.

1.19 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 Circuit. Ministers are expected to occupy 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 does not seek to tax these receipts in the hands of ministers.

2. Glossary of terms

CFB : The Central Finance Board of the Methodist Church manages a Common Deposit Fund and a series of pooled investment funds 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.

Circuit : a group of Methodist Churches near each other, typically between 10 and 30.

Circuit Meeting : The trustees of the Circuit, most of whom are appointed by their local Churches, and others by virtue of a role they undertake for the Circuit and/or their local Churches. All trustees are members of the Methodist Church.

CLT (Circuit Leadership Team) : A group (comprising 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 Ministers stationed within the Circuit and the Circuit Stewards.

CMTF : Circuit Model Trust Fund.

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

Connexion : The Methodist Church in Great Britain which includes the Head Office at Methodist Church House, all Methodist Districts, Circuits and Churches in Great Britain.

Connexional Funds : The Designated and/or Restricted Funds held and administered by the Connexion in furtherance of its charitable and mission objectives.

CPF : Connexional Priority Fund

District : a group of contiguous Circuits, usually between 15 and 30.

DAF : District Advance Fund.

FRS : Financial Reporting Standard.

HMRC : Her Majesty’s Revenue and Customs.

Lay Employees : Personnel employed by the Circuit on generally accepted commercial employment terms.

MCH : Methodist Church House (Finance Section).

MMPS : Methodist Ministers’ pension Scheme.

PASLEMC : Pensions and Assurance Scheme for Lay Employees of the Methodist Church.

Pensions Trust : The Pensions Trust, the organisation through which the Circuit arranges a pension scheme for its Lay Employees.

Presbyters : Probationer or Ordained Methodist Ministers who have pastoral and administrative responsibility for the Churches in the Circuit.

SOFA : Statement of Financial Activities.

SORP : Statement of Recommended Practice.

TMCP : Trustees for Methodist Church Purposes, the legal owner and custodian Trustee of all Methodist Model Trust Property, including Legacies, Endowments and Accumulated Funds.

3. Assessments on churches

The Circuit is comprised of 11 churches and each is assessed for a contribution to meet the overall net cost of the Circuit. The Circuit aims to cover all of its net core costs from the assessments. An Assessment on Churches is determined annually by a formula which takes into account the relative number of members and average adult attendees in each church, and its relative income (after deduction of certain actual and notional expenses). Assessments on churches are received quarterly or monthly in advance and are treated as prepayments on a receivable basis. If any church has not paid its assessment by the due date the sum in question is also treated as a creditor. The churches concerned and the assessments for the years 2020-21 and 2019-20 were:

Church 2020-21
2019-20
Bladon 5,213
5,055
Cowley Road 15,025
14,182
Great Milton 7,370
6,852
Kennington 11,132
10,690
Kidlington 28,994
28,144
Lime Walk 35,138
32,802
Rose Hill 10,962
12,126
Tackley 9,840
9,297
Watlington 13,933
14,052
Wesley Memorial 114,835
112,486
Woodstock 24,558
23,314
Circuit total 277,000
269,000

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

4. Capital receipts

These relate to the sale of a manse. Proceeds are shown net of professional fees and commissions. In addition, all sales of Methodist property are subject to a levy paid to the Connexional Priority Fund, calculated on a sliding scale. The levy assumes that a replacement manse will be purchased at a net cost of £720,000.

Sales of manse at 26 Upland Park Road £
Net sale proceeds 1,451,103
Connexional Priority Fund (CPF) levy -242,441
Net book value -457,615
Total gain 751,047

5. Grant income

Grants were received towards the cost of providing chaplaincy services to students and staff at Oxford Brookes University and the community in Rose Hill.

2020-21 2019-20
Westminster College Oxford Trust 25,000 0
District Advance Fund (Rose Hill Chaplaincy) 4845 5700
Total 29,845 5,700

6. Other charitable income (unrestricted)

This income consists principally of rent received from manses temporarily let.

2020-21 2019-20
Rents received 14,000 28,280
Misc. 25
Total 14,000 28,305

7. Grants and donations

Grants made or committed 2020-21 2019-20
Bladon - conversion of loan to grant 100,500
Kidlington (Transformation) 100,000 50,000
Rose Hill 5,000 25,000
Watlington -4,773 25,000
District Benevolence Fund 200
Wesley Memorial Mission & Heritage 11,000
Wesley Memorial - Rainbow House 9,000
Total 200,927 120,000

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

8. Stipends, salaries and associated costs

The Circuit paid 5 ministers (one part-time) in 2020-21 (4 in 2019-20), plus small amounts to supernumerary ministers who undertook preaching appointments. One of the ministerial roles includes part-time chaplaincy at Oxford Brookes University, funded by a grant from Westminster College Oxford Trust.

2020-21 2019-20
Stipends 115,283 87,396
Allowances 1,095 859
N.I. 9,483 7,890
Pension contribution 27,464 20,056
Preaching fees 525 500
Total 153,850 116,701

The Circuit began the year with two part-time lay employees and ended the year with three:

Salaries 47,951 36,186
N.I. 3,172 1,999
Pension contribution 2,877 2,187
Less Wesley Memorial share -8,775
Total 45,224 40,372

Travel expenses were incurred primarily by ordained and lay staff.

Travel expenses 1,624 4,287
Total Salaries and associated costs 200,698 161,360

The ministers and lay employees are members of the Circuit Meeting.

9. Property costs

These costs were incurred on maintenance and running costs of manses, either occupied by presbyters or temporarily let. The Circuit also pays for the quinquennial inspections of its constituent churches. In 2019-20, major refurbishment work was carried out on the manse at Westbury Crescent in preparation for occupation by a minister.

General Fund 2020-21 2019-20
Occupied manses 41,313 69,928
Let manses 6,217 10,446
Manse purchase costs (abortive) 9,528
Church expenditure, incl. quinquennials 3,024 2,394
Total 60,082 82,768

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

Note 9a. Costs of Ministers and Trustees

The members of the Circuit Meeting are the trustees of the Circuit. The stipends, employer’s NIC and employer’s pension contributions and other expenses of the Ministers of the Circuit are paid by the Circuit (administered by MCH). The lay employees are employed by the Circuit (administered by MCH).

The manses are provided by the Circuit and the Circuit maintains the property. The values of Council Tax and water charges paid by the Circuit (included in the table above) are not separately disclosed here as HMRC does not regard this as benefit in kind in the hands of the minister.

Apart from the above no trustees receive payment for the duties that they undertake on behalf of the Circuit. Members of the CLT are reimbursed for some travel expenses and for small items of expenditure properly incurred in furthering the smooth working of the Circuit.

10. District and Connexional Assessments & Levies

The District and Connexional Assessments (Northampton District) are calculated using a formula that takes account of the relative numbers of ministers in the Circuit, liquid funds and unrestricted reserves of the member churches. These assessments are assigned here to the General Fund.

Balances held with TMCP in the CMTF are subject to a levy by the DAF.

In addition, sales of Methodist Church Property are subject to a levy by the CPF (see note 4).

2020-21 2019-20
Connexional Assessment 40,880 35,718
District Assessment 9,595 8,157
District Levy on Model Trust Fund 15,546 21,135
Total 66,021 65,010

11. Office expenses

2020-21 2019-20
Wesley Memorial office and IT support 1,446 2,085
Stationary, phone (net of contributions for personal
use), postage, copying, etc.		 5,362 3,421
Internet services 439
Office equipment 2,250
less Wesley Memorial share -431
Total 9,066 5,506

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

12. Miscellaneous expenditure and other outgoings

2020-21
General		 2020-21
CMTF		 2019-20
General		 2019-20
CMTF
Garden maintenance 2,835 3,432
Relocation, removal expenses of ministers 7,144 4,859
Fees of Independent Examiner 1,800 1,740
Conference Minutes, Circuit preaching plans and
similar		 708 773
Payroll charge, incl. Apprenticeship levy 1,346 1,074
Other unallocated expenditures 1,354 1,662
TMCP admin charge 0 648 0 797
Web services 480
Training, recruitment 299 164
Total 15,486 648 14,184 797

13. Fixed assets

Fixed assets at 31 August 2021 comprise four manses (five) and the Quarry Churchyard.

Manse 2020-21 2019-20
Ramsay Road 361,167 361,167
Upland Park Road 457,615
Oxford Road, Kidlington 312,946 312,946
Westbury Crescent 380,037 380,037
Watlington 330,876 330,876
Quarry Churchyard 1 1
Total 1,385,027 1,842,642

14. Debtors & advance payments

Item 2020-21 2019-20
Advance payment of stipends 11,968 12,724
Connexional Priority Fund refund 26,000
Grants receivable 855
Grant refund (Watlington) 9,773
Wesley Memorial share of Circuit admin and office
equipment		 6,839
Assessment due from churches 3,756
Other 381
Total 58,336 13,960

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

15. Loan advances

Loan Advances 2020-21 2019-20
Bladon (loan converted to grant) 100,500
Wesley Memorial 50,000 0
Totals 50,000 100,500

At a meeting on 14[th] September 2021, the Trustees approved conversion of the loan previously made to Bladon Methodist Church into a grant.

16. Restricted and endowment funds

The Circuit has a restricted fund for the upkeep of the Churchyard adjacent to the former Headington Quarry Chapel. Income was £0 (£0) and expenditure £520 (£140). Grant funding and any other income received for a specified purpose is also treated as restricted. The Circuit has no endowment funds.

17. Creditors due within one year

Item 2020-21
General		 2020-21
Restricted		 2019-20
First Quarter assessments received in advance from
churches		 52,472 63,929
Grant received in advance 25,000
Employment costs 1,169 502
Property costs 19,928 60 3,578
Other 8,124 5,951
Totals 81,693 60 98,959

The restricted grant of £25,000 is the first of five equal annual instalments towards the cost of providing a part-time ordained member of the chaplaincy team at Oxford Brookes University.

18. Grants payable

Grant payable < 1 year
University of Durham (Underground Story - biblical
literacy project)		 9,000 Contingent on
fundraising
Kidlington (Transformation) 150,000
Rose Hill 5,000
Wesley Memorial - Rainbow House 6,000
Total 170,000

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Oxford Methodist Circuit – Notes to the accounts for the year ending 31 August 2021

19. Related parties

None of the Circuit Trustees made donations direct to the Circuit during the year or in the previous year, other than collections administered by the Circuit for leaving members of staff. All Circuit Trustees are members of the Methodist Church (and hence related to the Circuit, District and Connexion); almost all are Trustees of one or more of the Churches in the Circuit, and a small number may also be Trustees of other Connexional bodies. Such related parties identified as donors to, or recipients from, the Circuit in the year 2020-21, and the amounts involved (excluding loans) are:

Connected organisation From
Circuit		 Received by
Circuit
Methodist Church Fund (note 10) 40,880
Connexional Priority Fund (note 4) 242,441
Northampton District (note 10) 25,141 4845
Circuit Churches (notes 3, 6, 11) 202,373 286,206
Westminster College Oxford Trust (note 15) 25000
Totals 536,835 316,051

No other material related party transactions were identified by the trustees.

20. Capital commitments and contingent liabilities

Of the £15,000 grant towards the Underground Story project, £9,000 is included in current liabilities and is contingent on the project team securing sufficient funds for this second phase of the project.

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RESERVES POLICY

Report on behalf of

Oxford Circuit Meeting (*Church Council/ Circuit Meeting/District)

To

Northampton District

(*Circuit Meeting/District)

We submit our annual report in accordance with the requirements of the Methodist Conference and the Charity Commission guidance in CC19.

----- Start of picture text -----
To be completed by Receiving Body
The
Circuit Meeting/District received the RESERVES POLICY of
Church Council/Circuit Meeting/District
Policy accepted and acknowledgement sent to the trustees YES /NO
Policy noted and the following enquiries made of the trustees
Responses received and any further action taken
Circuit/District
Signatures ……………………………………. ……………………………………. Date…………
 Please delete as appropriate
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RESERVES POLICY of Oxford Circuit Meeting 23/01

Oxford Circuit Meeting 23/01 Oxford Circuit Meeting 23/01 Oxford Circuit Meeting 23/01 Oxford Circuit Meeting 23/01 Oxford Circuit Meeting 23/01 Oxford Circuit Meeting 23/01 Oxford Circuit Meeting 23/01
(*Church Council /Circuit Meeting /District )


1.
GeneralFunds held at Y/E 31/08/2021		 £1,324,676
2.
RestrictedFunds held“		 £2,606
3.
EndowmentFunds held“		 £

4. Reserves policy for General Funds

General Funds noted above are unrestricted net current assets, excluding loans to churches.

The Trustees consider it reasonable and prudent to maintain unrestricted reserves to mitigate the following risks (current £ values in brackets): manse repairs (£40,000); churches unable to sustain assessments (£108,000). Target unrestricted reserve level is therefore £148,000.

The Trustees intend to replace the manse sold in 2020-21 as soon as possible and at an anticipated cost of £805,000. A further £70,000 has been set aside to cover the District Advance Fund levy on the Model Trust Fund in the current year. “Free” reserves are therefore considered to be £301,676.

5. Policy for Restricted Funds

The Circuit has a Restricted Fund for the upkeep of the Churchyard adjacent to the former Headington Quarry Chapel: £2,606 (£3,126).

The Circuit has been in receipt of restricted grant funding from the Northampton District over two years towards the cost of the Rose Hill Chaplain appointment. This has now been fully recognised as income.

The Circuit is also in receipt of restricted grant funding from Westminster College Oxford Trust over five years towards the cost of providing an ordained member of the chaplaincy team at Oxford Brookes University.

6. Terms relating to Endowment Funds held

This Reserves Policy has been approved by Circuit Meeting Circuit Meeting Circuit Meeting Circuit Meeting Circuit Meeting Circuit Meeting Circuit Meeting Circuit Meeting
(*Church Council /Circuit Meeting /District )


Treasurer Trustee
Full nameChristopher Butler Full NameRev Peter Powers
Signature Signature