Reg1stw•d c￿TIty Numbw. 1134891 BASINGSTOKE & READING METHODIST CIRCUIT ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2023 BASINGSTOKE & READING METHODIST CIRCUIT Annual Rel￿ and Financial Statements For the year •nd8d 31 August 2023 CONTENTS Pages Report of the Truslees Report of the IndeK*n(lent A 9-11 Statement of Financial Ae Year ended 31 August 2023 Year ended 31 August 2022 12 13 BaLanc8 Sh901 14 Cash IkN 5tatemont 15 Notes ¢omiing part of the Fin￿￿81 Statemants 16-25 Basingstokè & R8ading Methodist Clrcult Southampton District. Circuii number 2614 Annual r•port forth• y•ar •nd•d 31# August 2023 REFERENCE AND ADMINISTRATIVE DEfAILS The Circu5t 83gngstoke and Rthgirb3 klethodtst &"rcaJrt wa5 fc¥1￿ rm 1 SeF*eNthr 2014 as a result ol the merger of Basingstoke Methodist Circuit and Reading & Skhester Methc¥Jist circu￿ The Circuit is a 58parate legal ents.ty within Ihe MethodLStChurch and Is rquwEd underchanty ￿ to pfepare separale xcounts. The Circurt is a registered charty IEroland & wa￿5) numtw 1134891. There are 21 churches Wth￿ the cl￿1[ wtth a lolal rr*mtwship of 926. The churCr￿ are spread around Readirtg #nd 88singstoke and Ihe rw)ht)ourry trxyns and Vbll4es of Bradfield, SUrghf￿Id Commoft. M0rb'r￿r, Tadley ar¥J &thester. have kvl acumen￿1 partnerships with An9fi¢an, Bapts'5t andlor United Reh)m&l thvrcl*s. Trust••s Tha CircU￿S trust80& ofthe Cirujit Meeling. ¥• kstad on page 2. Ex•eutlw Ind l•ad•rshlp funclk>ns The C￿cUlt Stewards Iwho are ex Off￿.0 members of the Circuit Me¢ting1 are responsible for ensuring th81 the decL5￿n3 of the Circuit Ilrting ale execArted. Thè I￿￿￿"ng 8e￿j as CirGuit Slawards dunng the yw. Peter 8oaTdley la￿0 as Fina￿1 Secrelary) June Hardcastle Margaret Hayes Mananne Sa￿$ m￿hael Parker Terence Rowell The Circuit Leadershp Team gives kjnger-term wsp)n to the Circuiys affairs and ¢ompns&s a mix of slipÈnd18ry and lay members ol the Circuit MeetyThJ The fdk)wmg, who are also mèmbers ofthe Circu M¢elin9, serv¥d on CLT this year Reverends Beuke5. Shaw, fvowne, Watson, Jenkins and Fish•r. and Oeacon Maria Howard.. all aTCUrt St￿tardS. two ftwesentsng hxal preach&rs and worship lea¢Jers (June H¥rd¢o$1kn and P*Jdy Josel,. and Mary Ludk)w and Petw Frank, representing 18y employae$ Marnn Young. who is also a rnn*•r of the Circuit Meeting. is ￿retary to CLT Cu•todl•n tru•t••• The cuslodK8n trustees are the Trugtèes for Methctht Church Purposes Cont•ellng th• Coreult The Circurt's principal oifu is 84 Queen's Road. Re8din9 RG14BW. ts18phone 0118 958 1505. The Circuit's Wèbsiie Bank•rn The Circuil's bankgrs *e thè Cèntral Fiiartè Board of the kl•thodisl Church. 9 Bonhill Street, London EC2A 4PE," and CAF Benk Lld. 25 Kings Hill Avert￿. K*st Malling. Kont ME19 4JQ. Audltorn and wof¢•slon•l *dvi8•r The Circuit's auditw w• JanMs Cvwper Kreth Audit, R￿ding Brhdg• House. Georye str￿1, Reading. RG1 8LS. The Circurt engages a￿￿8￿5 ts legal affaws arwj woperty services as requiied. Baslngstoke & Readlng PAethodist CiTruIt Southampton DistricL circuit number 2614 Annual report for the year ended 3141 August 2023 Managlng trust••o The managing trustees, are all of the Circuit Meeliry are as follows.. Dr Stephen Appi Rev John Banks Mrs Diane Bath Ms Angela Bell Rev Marb'n Beuke5 Mr Peter Boardley Mr Ketth CaNe Mrs B￿nda Cal)om Rev Jackie Case Mr Ray Chalk Mr Peter Chapman Ms J08ephine Childs Mr Jonathon Clark Mr Cyril ClaTk Mr David Clrffe Mrs Kim Crawley Mrs Jacqui Dav Ms Tracy Davis Mrs Jennrfer Dimff￿k Rev Jenny Dowding Mrs Chrisb'ne Emblet Rev Chris Evans Rev Valene Fisher Mr Ken Fordjour Mr Peter Frank Mr Donald Fraser Mr Martin Gwjwin Mr Neil Graham Ms Pan Guy Mr Alan Hadand Mrs ChaTmian Harrison Mrs Margaret Hayes Mr$ Linda Hoe Mr Alan Holloway Mrs Bevertey Holbway Ms Kathleen Houghton Mr Andrew House Mr Colin How Ms Sue Jackson Rev DavKI Jenkins Mr Simon Johnson Mrs Paddy Jose Miss Helen Khan Rev Jeon9sook Kim Mr Michael Kimber Mrs Patitkq kn'nchinglon Mr5 LirKla Langndge Mrs Gill L￿0￿ Mrs Jennrfer Le￿hton Mrs Rosemary Lister Ms firtvashe Manhera Mr Chris Marsh Mrs Sandra M¢Kenzie Mr Aban Meakin Mrs Grace Mercer Mr Mike Mercer Rev Dr Ruth MKlcalf Mr Michael Parker Mfs Ann Peddle Mr lan Pollard Mrs Barbara Rayner MTS Hilary Re&J Mr Martin Riley Mr Tery Row811 Miss Marriane Sabes Rev Jonathan Salmon Ms Claiffj Simpson Mrs Margaret Simpson r Vishal Siftgh Mr Jonathon Skeet Mr Sleven Skelton Mr Mike Smth Rev Dr John Sumrira Mrs Heather Symonds Mrs Gina Ta Mrs Ruth Taylor Mrs Christine Valli8 Mr Keith Waite Rev Helen Watson Mr Robert IRobin) Vlatson Mrs SaTah Vthithom Mrs Ma￿n Young Mr Peter Young Basingstoke & Rèadlng PAethodlst Clrcult SoUthaMptr￿ DistricL circuit numb•r 2614 Annual ￿POrt for the y¢ar ¢nd¢d 31" August 2023 The members of the Cwjii meeb.ng las ManagN￿ INskesl have plDasure in presenb.ng thew annu report and the audited ￿rA)Unts frx the yew. l. Obiecti¥•¥ •FW aetiviti The Circurt's vksion statewEnl is "InspuBd and 18d by Haly S¢¥n"I, shall love, resou￿ gnd encour8g& one anotlw. sh8m ChTrst our ￿IghboUr and grnv God's kingdom. In doing that. shall placg p8ople I￿rore btJldiro4 missw before maint8nanrx, and Gc*l ov6r chU￿h . In February 2020 the Circuit &JoptwJ a strategy entthd 'N￿JnShed Fed. Rewjy lo Share, The Circurt's purm is to wovKle resources to support ministy in kKal churches The Circuit does thi5 through the provision of OTdwned ministers and dea¢crt. lay stsff and Circutt officers to support service and mini51ry Irom Ihe Circuit's 21 churc1￿5 to their tsal corr¥nuntrs The Circurt also has responsibilty for the upkeep and maintenance of 13 manses and Inves1ff*nl PfOPWt"es Th* Circurt produce5 a quarteth preaching plan to ￿SUre regular acts ofworship tske pl￿ 8t eBch of the 18 Methodist Churches and 3 Local EuJrr*nKal Partnefships in ts gwraphi¢al arèa. These are availab￿ to all people wilhout charge The CITCUrt is aL80 direclty invofved with outr8ad) work, with partulw emphasls on ¢h{k1￿n arx1 familN?s. s¢hools, SUPF*Nt lor foodbanks. The trustees confiftn thel they releryed to the guikne COnt￿ned in the Chanty Comm¢s8￿'S general guidance on public b6nefiL indydin9 th& gLtidanc6 'Pubbc benefit running a charity IP821'. when reviewing the Circuiys aims and obJeth"ves. The Circurt * pursuing its obiects.ves ttrough the following Strateg￿ by prov¥JirvJ'. Stalfing r8styJrces and olher assi£lan¢& to chur¢hgs fry ff4ni8ty to their communiti&$". Gran15 frx OUt￿￿h 8ctN￿eS and wnprovements lo churches. Pfemises thal w¢ll facilrtate acce5S to ministry, Training throLbgh stiity, mnlDnr4J and ex￿Mat￿ lay kv•ach8rs ￿)ISh￿l lèaders, Training and supm In safeguarding awareness.. Opportunrt*s lor slaff arvj ff*mb8ts of church cOngregatiC￿ to for (•llowship, worship And arning. and Cara for ItKAe WIKJ hwe reb"r8d Irom fuiklirr* ser¥Th In Ihe MolhodK*l Church. 2. Achl•v•m•nts •nd wlorn The Circuit has contsnued to benefft frcth strong and effecbve minister*l And lay k•adership. This 18 now ussed trroiigh the CLT, wh￿h was fr*rr*d m Septemt*r 2015 and comprlses representatives from ordained staff. the circurt stewards. lay rremtws of the artuit meeting #s noted on Paga 1 CLT'S brtef Is to tske a more strategt vlvw In lèading the Cw(xAt through a wvJd of than9tr and gui¢Jln9 th• allocation ol resources in the nN)st effethe direcli The Circuit has also ￿ntInu&j to benefft from its I￿8 group of establtshed IcKal wvchers. Currenlty three Indiv￿U81$ are 'on note. as Intending kxal preachers and ¢urT￿l￿ none are'on tnal, whilsl they undertèke Irainry. Three IfKIMduals have conwbeled trainiThJ as W￿$￿1p leaders, and one is undertaking the Connexional cjxjtse. Two of the CW¢￿Il,$ tutors have been training worship leaders in other cwcurts. Th• Circuit Meets'ng appTh8d grants to Methodist and Christ Church WoodlÈy in eonneetion wrth wemises works and wryship ts¢ilibes The Circurt a￿0 committ¥d to making grants to Tibhursl MethrxlJ5t Church towards the cost of its ky empbye8. and it made 8 9rant 01 £500 to support thfr work of the Re&ling Vniversty Chaplancy Servth. Further detsi15 are provided in Note 10 to the Accounts. The Circuit woduced devol*￿#1 resour￿ for Advent 2022 that were dtstribul•d to all the Circuit's churches for use by IndNh1uais, small groups, or in worship The Circurt Is ￿tsvety involved throLtgh lay Staff with OLtreath proJ8ds in Basrysloty ¥*ith yo￿9 peop￿ aWKI thè T(f•vn Centre Chapl*ncy. As the restrictions for the CO¥￿ eased and Yrtrè then lffted, chuiehes were adapted to be c0vvj-￿urè so that Ihey ￿ contsnue to be fr)r worship or for activilÈs organtsed or sponsored by the churches cales. Buys. or Girls. youth ¢lut6. Basing$toke & Rt•diny Idethodist C1￿Ul1 Southampton Districl circuit number 2614 Annual report lor the year ended 31" August 2023 Local comrnunty organisalions notaw IfM)se ptomo*ro fthess and I￿lIh. MUS￿ and dance use church premises, and ￿COrne from extemal letti￿ m*es a ¥attwl ¢onkn"butK*n tr￿ardS upkeep of church premises Churches. finances had been stretched by the I￿$ of th.ngs income during the Much use is m&Je of Zoom and siffilar pLglforrrts lor broadcastsng servtts xross tt)e intsmel. Many churches arrange and hokj tha'r o•m serv￿. aThJ 0th8rs LW the service organise by the Circuit each week. Churches have inves￿￿ in technokgy to film seThw, and this ha5 OPPOrtunthS for use for exarrple wrfh c(￿certS hekl atchurths bw.ng m•Je a¥a￿able to a wider audience. The churches continue todeveknp ￿ays and mears lor outreac* into hxal ￿￿￿tK)UrhoOds. for gxample the quyat gardan and R•tr&* Centro at Sikh*w and corrthunity cafés. Severdl churches have Messy Church, lunch, holiday and after-schod clLth', cw tsih)Ted chiKlren. familiBs and y¢)Uth work. Some churches have acled as a cdi¢cts)n p)int t(*xes 0[erats￿ chr￿ Ch￿. Much work Is beir¥J done to sup￿1 fO¢￿bankS a¢rts5 the Circurt's Coffthun￿e$. Many outreach proj•cts ar• carried wl ￿ pgrtrbwshpwrfti churches trom other denominath*)s, such as th• REIn$pIr￿ 8nd'Own thè B￿k. prc•3rammès for deiNering relvjious educab'on in s¢hw18. a wèèkly lunch club bn wh11￿, and the.LOn￿lr￿ Proi8ct' in Cavetsham. W Methcxyisl Churth participated In '8ed for the Nighv, an ecurr*nical initratNti PrO￿l￿g 7Kcomrndal￿n #nd food lor the hom8less in Re)JiThJ. Trinty Basingstoke's Lunch ha5 de¥elorEd ¢onlacts with fc(KJbanK us8r3. In May the Ctr¢uit tegan conversations wilh the Kennet and Test Valky Iicrv) Circuit about the poss•bility of the Circuts amawmating, whKh In legal tern￿ woul(J mean Circuit's assets and undertakings being absorbed into the Basin9sloke & Reading Cirujit. This ha$18d to fruthl exploration ol how best to supp)rt IcJm8 ft)r thè year was £1.172.689 betor• in¥•str*nt galns {2022'. nel expendrtur• ot £62,336) The ir￿reaSe of£1,235.035 rnsulbj frryn ts tolkhwrvj.. Churches, assess￿nts were incrtssed Investrw)l incomè and bonk W8s hKJher Rental income from marsses wa5 hwher wrth fewer voids an¢)thgr property being L*1 Propety and Modd Trust Funds translerred from ck)sed Ghurth•s Connexional fundirs was receryed in respect of a $l•ff mèmb•r on long.term l•• Manse rnaintenance 8nd othèr ¢o$ts were h¥h Mofe was paid out to chu￿heS in grants Administrative expenses were hryher 21.642 17.707 30,6C6 1,228.838 21.469 41.233 -15.520 -7,5S9 -915 1 235.035 After recognisiThJ losses on inves1Th￿l propert￿ other assets of £3,716. net income for th• year was £1,168.98312022.' net In￿rrE of£230.051 after investrrtnl 98ins of£292.3871. Upwarf revaluation of treehold propety I￿reaSed funds by £30.00012022 £270,C(10) Basingstoke & Reading Methodlst Circuit Southampton Di¥tric( circuit number 2614 Annual report for tthg year ended 31- August 2023 Thè Balance Sheet sWnrr4￿ as$8ts. liabmths. and Net assgts lend thu$ Èggr8gate fvndsl at 310 August 2023 £8,526.700121X22". £7.327,7171. The increase in net assets of £1,198,983 r6sutts charvJes lo assets and liabilitie5 as f￿￿*S.. Investment valualKsn hxses Investmènt So￿ W purchases Revaluth"on Of0F¢rat￿aI proFerbes ProFerty and transferred from ck)sed (*urche5 Net income pas&ng through M(thl Tnjst Fund In¢orne in net csjrrent assets. including Funds to be tran5ferwpd from dosed churches IrK¥e8se in net assets -3,716 -1.303 30,000 1,165.000 5,919 3,083 1 198,983 The Circurt's n•t assets art held in eilher end(￿n￿L restr￿￿ or unrestriGtsd funds. A full anatysis of tha indNKlual fvnds. and thè obj&tives for whth ir￿0M0 andlor capilal may bg appljad, is provided in Notes 20 to 22 in these finanud statemènts. Th•s• funds summarised as follows". Endowment The IncorrE from th￿ fLmds ts ¥M)lied to ministy within the The capilal ￿ not availab18 lor use" Restricted funds Available for financing caylal SChen￿- AJ1hur Newbery Trusr Availabl¢ for fundirg ￿Venue eXFeThj￿￿r• as speo"f*d by donors 232.457 2tr2,948 14 762 217,710 nr ans• eapital fvnd lequiv8benl to the value ol manse and Investrnent proFerth•s} Circuit M￿le1 Tnjsl Fur￿. for f￿arKffig churches. Fwryrty and mk8s￿Tr schemes throu9h grants" Funds available for finandng Circult octas•)nal expendrtuTe'. Circuil devèk)pm8nt lu1￿. ts tsining and rrth55w w0j￿ts Youth work fund Kents¥oc%l luntj. for SUPF¢rtiig chwd* small t￿￿d1Th3 7.605.000 119.438 32.336 42,309 FuTh1s lor fth•ncang CwcJJit annual opw8bry ex￿￿￿bj G¥n&r•l funds. for all purposes Manse maintenance lund. for repm, Thinl8nanc• r￿urbi￿hrnen1 259.540 50.246 309 786 8 526 700 4. RM•rvM polkl•• The Circurt is r8quir8d to hav8 regarfing thÈ ￿Val ol resèrvas lo be held In respect of ftjnds lor finanTrng Circuit 8nntJal ow8ting oxpendrture. Polt￿ 8re nol ￿qUIred in respect ofothef fvnds since these are not he￿ primarity for rtsVen￿ pu￿￿*$¥5 and thèrè are restr￿￿$ on how the funds may be Ltsed. The funds marted I'l PJ• mw)aged by the TNs*¥$ for WthodK8t Church Purp06es. The Cirturt'5 annual operabn9 expendthsre includes the ¢o$l ol min15tènal and lay staff, provision ol manses. travel and administratNe expens8& and ￿nInt￿R￿)nS to the Methodist Soulharnpton Distr¢t and Methodist Church cèntral fijnds This expen(Jrture ts lunded by asse55men15 On the Circuit's ehur¢hes. invesbi*nt wwrre. rents on surplus manses. and contnbutytsn$ from tha Model Trust Fund. Assessments on ehurehÈs a￿ cakuEated as wt of the Circuivs annual budget pr￿sS Incre8ses in assessnwts on churches a￿ lirrthte(J lo 10%. and NJI than 95% of a church's In￿me(70% if the ¢hurch has no kttings ineon* from rts I￿lId1r￿JSI. Thècircuit's budget tsfieets thè Imp3¢tofanbty"pat&Y ch¥n9ès in staffing levels. the m3inlen¥nce nèèds of its reshlential propty p￿1[01*3, and any arr•xnts ttj bè drawn from reserves to support thè planned expendrture. The Circuit Megb'ng approve8 the ￿￿1g￿l ond as$8ssn*nts, and Ihe xrrx)unts to be carried Basingstoke & Readlng Methodist Circuit Southampton Dlstrie( ¢ir¢uit number 2614 Annual r•port f¢f the year ended 31" August 2023 Proposed draW￿9S from the resInc￿ lunds of thè Cireuit to assist ehurthes wth buildin9 ImprovemÈnts Ir￿)rOwer￿S lo M￿SeS are c(￿s￿re¢l and apwed on a easÈ-by<8s¢ basis by thè Circuit MÈeb"rwJ. In seth.ng its reseNes Foly th& Cirujrt meeb.ng o)ns¥Jets the firbancyal health of the churches in the Circurt whith has impacted on Ihew at4lity to fund the anrn￿ Circuit asswn*nt The Circu￿5 reseryes policies are to mainlarn al least A general lund baLar￿ 01 £150.C¥X). sufkEnt to cover three mcffiths. running costs., and A mansè rrAintenan¢e lund IMHÉan￿ of at least £S0,OOD, su￿ent also for thf88 months, running 5ts of 8pproximatety £20,0￿ £30.t(Q for Unexp￿ rep8Ws lo m?nses The balances on these reserves al 31 August 2023 were £259.540 and £50.246 respethety. The ex￿$8 on Gert￿￿ Fund over the of £150.(KK) wll be over the next three years in fvnding expectèd bu(Igel deficd3. The CiTcurfs budg&t ￿ thè yw commencing 1 September 2023 Sh￿ nel expenditUTe of£77,566 on Gèneral Fund and 8 suwus of £18.948 on Manse Maintenance Fund. The General Fund deficit wll be pèrtty ￿l￿Ved by a transfer (rom Mar￿e maIntenar￿ Fund of £t9,IM)O. being the an1￿1pated excess over the 01 £50,IJC(S. Inotees oJns*Jer the Circuit to be a wng corwn. J5. InvMtm•nt pollcl•• In accordanc• with th¢ stsndifig Ordersofthe Methodist Church, the Circuifs investw￿￿t$ are managed on rts b&haLI by Ihe Trustees for Metwist Church Pufposes (fMCP). Cenlral Buildings, Oldham Street Man¢h￿ter M1 1JQ TMCP as custcx1on tru$te& ts am held by Circuits. for all large bequests I￿ over£20,0001 and forthe ofs* ofany property where the CiroJitwas managing trustee. These sums a￿ ur¥lA8ed inves1Th￿nts or W on deposit. Short lem d8pw.ts are *rfJged wth Central FIn￿￿e 8owd {CFB} of the Methojist Church. Thè Circurf$ Investr￿n1 po￿￿ 81¥nerJ of TMCP 8nd the CFB because Ihase organisalion5 take into conshkntK)n ts scoal, environrrtntsl ethKal Issues, both negatively and po*tivety. that make ￿VeSt￿￿nts sUrtab￿ lty the IAethodLsl Chu¥¢h. 6. Pay and r•mun•r•tlon poNclOB Min151er5 are ststion811 in the Circuit by the Mellyyjist Confere1￿e. Miftislers, remuneration is sel nBtionally by the methOd￿t Church. Ministers are Tr￿Mbers of the Methc¥Jist Ministers Pènsion S¢hem•. Conlributrjn rateB are 8et nationalty by th• M•thcrfltst C￿rch. Lay amploygtr5 •r¢ directy erWed by the Circuit Lay emFloyee remur*ratyon is based on the Methodist Church's guKlanc• for t￿ setting of w r¥tes tr * W￿pK￿*t$. Lay •mpknyè• pay rat•s are ￿ excess of the Nats)na LNty Wage. Tht Circuit off•ts a Fénsion scheme to its lay employees. The Circurt m*ches * wry)k)yee contrthbons up to 10% of s*ry The minimum employer contn'￿tIon rale is 6% No member ol staff is p8KI In exee8s 01 £60.000 pei annum. Infomthn ￿ the paynwnl ol eXFer￿ lo trustees aThJ remunera￿ of key management personnel is discktsed In the not•s to ts Cir¢uil'8 •>>wn 7. Stryeturo •nd gov•m•n¢• The CircuÈtwasestsbkshed in ¥x*r(larKe with the Constilut￿￿ ofthe Methodtsl Church 1tsorganlsat￿n 15 Structured around its bb4nnual circurt Tr￿￿"ng. The Circurt also hdds b￿annUal gatherirNs to which mbers of all churches afe inwted for worship. di¥ussK)n. prayer and athrties. The ofthe c￿￿rt 14qeetW￿ the tNsl88s of Ih8 Cirumt. The CirC￿rt Meeling ￿)mpriSeS tha Circuit staff and officers. and tepresentslNes from chLsrch in th8 Cirojrt and the ttal preachers, meeting. Each chutth (x)un¢d and Ihe p￿h￿r¥ FrEeb"ng eléct reKKesentatives to the C¥cuit Me81iThJ annualty. The Circuil offK*rs are apNNnted annualty by Circurt Meeting. Basit)gStok• & R•ading Methodlst c1￿￿1t Southampton Distri¢( ctscyit number 26M Annual r9PQrt for the year endgd 3111 August 2023 en apwnted. tr￿te8S are to corwe a related party questKJnnaFre and, at the start ol each The Circurt meeb.ng ts supported by separate T￿nIhty meeb.ngs of ordained staff and fArcuit slewards to conduct daY-tr￿&Y and conswjer matters to be bro￿h1 to the attention ol the Circurt Meeting. The Cifruit Leadership Team's resFrf)n&thlrt￿s inGlude circurt strategy and vision, resource planning and overs￿h1 ol prob&On￿5 and candwjates. A numter of fows*J 'Gettthig 11 t)one' and 'Speci81 Interesl. Groups foc{Js￿ prayer, prewation ofworshy materia15. airanging Circuit gathèrings 8. Admlnislr*lve dolal These details are provId￿ on page 1 to th888 firwKi81 State￿ts. 9. Princi￿1 •nd une•rfainli•• The major rlsks to whth the Cirtyjrt ts èxposed h8ve been l(lents￿ by tho Circuit Me8trng 8nd arè listed bel￿¥. A mapx iisk is defmed as one Ihat, rf r&￿Ised coukl fvnd8rrentslty offxt Iha way in which the Circuit o￿aleS or *hwes ts outeomes in the ne* ￿)e io three ears Risk Ev8luab"on Commènta Churches cannol afford to th8ir Mcrfjefate Th8 Gircuil tak6$ into %counl church ' assessments This would affect the whèn sèth'ng assessments on of the CirGUlt to fijnd Staffin thurches. The Cirojil Cannot mairttsin r¥sKlenbal Surveyors carry out inspecb'ons every fve years to 8SSi5t planning repairs and m•ntenance. There 15 6uifici8nl In the M(MJel TTUSI Fund for works n••(1ed In the medium temi There is a ConnexioAal $hortag• 01 presbyters, and sometimes v8canues (gnnot bg fi119d Immediatel Thè Circuit v6 heavFly de￿ndent on su¢h iThJNiduals and t￿ tim& thalthey commil to the Cir¢urt's lifè and work. At present rrost Ex)sts are filsed. 11 churches ￿$8 ￿ operate, thè Clrcuil may ne8¢ to bgcorn m#n•ging Irusl80 for the srte Lty¥ The CTrrDJit ts unable to Stat￿n$ wrth 1141cxlarate p￿St¢ytets, d&Kons or lffji stsff wl)•re ropnale Th¥ Cir¢urt 1$ urta￿e to attr￿ CIr￿1rt stewards and other 0￿ hohjers appropriate Skil￿ and expwknse Churc1￿ ¥re un8bl& to olhce , Motter* holders with sufficient tiTh, skj'lls and I eXpe￿se to enab￿ them to conkn'nue i eratin 10. Furth•r Infern￿tIon Iflurth•r infomMtKJn Is wuired on th• Ctrcuifs lrfe •nd vAIn￿, first contact Mr3 M￿On Youn9, at the Cil￿rt olfice15ee page 1}. 11. Stsl•m•nt oltru•tM•' rn•pon•lbSlltle• Chanty requires the Cireurt Meeting to Wep8￿ financial ststerr£nts for eath fin8no81 yeaT. which gNe a true and f￿'r vie* of the stste ol the Circuit as at Ihè balance sheet date and of its incomin9 reswrces and applubon of resources. including Incorre and expendrture. lor the finanu81 year In p￿r￿nn9 those f￿8￿81 statam8nls. Circuit Me8ting are requiTed to". seleci suitable ￿0)untIng and then appty them Consistent￿.. make Judg￿nts and eslimates Ihat are reasonable and pwdent". slate whether ap￿￿at￿e acc(NJnbng slaThJaft1s have been folky•MI, subl￿t to any matèrial dèpartures disdosed and expi4in&J in the finar￿1 5taterrtnts", and prepare Ihe financial staterr￿ts on the w"r¥J concem l)a5i5 unlèss it is inapwopriate to presume that the charity wiu ¢onb"nue ￿ that bssts. 8asingstoke & Reading Ilethodist Circuit Southampton DlstricL clrcult numb•r 2614 Annual report for th• year end•d 31¥1 August 2023 The Circuit M8eting ar• T8$[￿1bha M￿￿trin1r￿j pw ￿cOUntIng recc(ds which disc105e with reasonable aCCUfacy at any b.me Ihe finanGKAI posth.on oflhe tharty enable them to en5￿￿ that the financial staterrents wilh the ChantbesAct2011. They *e also res￿n￿ble for5afeguarding Ihe asset5 of the charity and hence ts taking reasonablè stèps ft>rthè pr￿n1￿)n and dèt8CtK)n offraud or other irr8gukant*. SvJned o Cir¢uit Meetmg n Beukes hair ot Meebng 28 F•bruary 2tr24 Basingstokè & Reading Methodist Circuit Southampton District, eirtuii number 2614 Anrlual rnport forthè year ended 31# August 2023 lfidependgnt Auditorf¥ Rwito tho Trust￿ of Baslngstokn & Reading Mgthodist Ciwcuit Oplnion have audited Ihe financwl statements of Basingstoke 8 Re•YiThJ Methodi51 Circuit lthe'charity'l for the year ended 31 August 2023 ¥A)Kth cowprEe the St*mert of Finwcial A¢IN￿e$. Balance Sheftl and the Cash Flow Statement aThJ noles to the f￿ar￿￿1 ststerrEnts, wjdudirg a summary ol signrfjcanl eounkn.ng pol￿. The ffinana* repyb'ng frame4th that has tttn aWied in thèir prepaTalion applicable law United kng(hyn Attounting Standafd5. irKludmg FRS 102 Yhe Financial Reporting Stsadwd apptscable in the UK and Rewblic ol IreLaThf Iuntsj lQngJom Ger￿Tal￿ Accepted AccountirvJ Prath"cel. In our opinion the fmor¥>al Stater￿ give a true and ofthe stats of thè ch*ty's affaws as at 31 AugL￿t2023 and ofits incoming have been property prepared in xcordance wth Unitthl ￿'ngdOM Ger*r81ty Acceptsd A¢¢ounting Pr?￿Ice., and have been prepared in accor￿ wth th• rwbr•rnnt8 of the Act 2011. Bast8 for opinion nducted our aLKlit in a¢cordaThx with Intemat*Jnd Standards on A￿Jiting IUKI IISAS IUKII and applicabte law Our lesponsth1rt￿ uNJer Ihose sland*ds arn further descnbed in the Audittsrfs rèsponsibilitw for lh8 audrt of the finanual ststewits Sect￿ of wr report. We are Independent of th• charity in accordanct with thè rw4UireTh￿rtts U)at aw rtslèvant to our audit of th8 financial 3tatements in the UK, Indudlng the FRC'S Ethul Standard. and we have lulfilled our glht¢sl responsibili￿$ In ￿dance wrth these requ￿ments We believe that th¢ audrt •vK1enc• we have obtain8(I s sU￿1￿t and approprth to pro¥KIo • b*$ 8udrt Opin￿•. Conclusions r•latSng to goln9 conc•m In auijiling the financ¢al stslenwts. ￿ Itave c£rtJ￿jed that the Truslees. us• of Ihè gth'ng concam ba$b of o¢countir•3 fin th• F*ep•r¥tb)n of ffinanclal slatsments N appropTsate. Base(l on the wort w• have perfom)ed, ￿ tth• not ljentified any materi81 uncertainties relaliftg 10 events crf ¢￿￿￿10n$ thaL indiYKI￿Ity oi cdlethety. rroy casl sKJnikant doubt on ihe charity's ability to continue a5 8 g￿n9 concern for a per￿ olat o￿th5 from Wh￿ the financial staiemènts are 8ulhorwd for Bsue. Our respon$ibil*w and Ihg res￿nsIbIlI18$ of thg TnJ#t80s ¥Ath rèspect to golro concgm are d8scnb8d in th8 rd8¥ant S8ctions of ths reFUt Oth•r Inforniatbon The trustees are rosponsible for Ihe other informatson. The other informal￿n comprises the inforrnalion Included in the annual rewrt. other than the fthanoal slatewrts and our audrtcjfs report thereon Our opIn￿n on the finane*l st*ments dces not ￿ the other tnfrNmat￿)n and. except lo the extent oth8Thvs8 •xpl￿1￿y ststwj in our rem we do not express any forn ol assurancè ￿ndus4on ihereon In eonnectKJn wrth our aL*Jitof the financial staterrents. our responsibilty is to read the other information and, in doiThJ 50. whether ￿ other inforffodon ts malerialty wKonsi%tenl wrth the financial ststements or ¢)ur knowlèdge ¢)trrtaM)ed the audrt of othe￿Ise ap￿ats kn be m8ten.alty misstated. 11 We KI￿tfy such matenal irthnS￿lenc￿ ty appwent matefial rrthsstatements, we are reqUI￿d to detemiine whether there is a matenal M￿laternent in finanual statements Of 8 maledal misstaleff*nl olthe olhgr infr)rnwlion.11, basgd on the w)rk we h￿e performod, w• conclude that thefe is a material ff#sstatewEnt olthi5 other infoms5ix)n. we are requi￿ to reF*Jt th&t lacl. We have nothing to f•Kx*t in thi% r8gard. 88sing5toke & Readlng Ilethodlst ¢I￿￿1t Southampton Districl circuit number 2614 Annual report forthe y￿r ended 31" August 2023 Matt•Ys on which we are requirnd to report by exception We have nothing to reFth in respect ol the follwrs mattets *there the Charth5 Act 2011 requires us lo report to you rf, in our opinKJn' the inf0m)at￿ given in theTrustees' Annual ReFrt)rt 6 irK¢ytsthnt in any matenal resF¢¢t with the financial smements., Sulk￿￿1 acrAJunting r￿￿S havè ￿t bèèn kept or we have not recwed all the fftfwrr•bon and explanat'orys we require for ￿r audit. Rospon$lblllll8• oltru•tw• As expkined r￿e luW in the trustees, ￿[￿￿)￿bl￿t*S staterrEnt set out on page 7. the trustees are re5pon51ble lor the pwaralpjn of the finBn¢o1 staterr￿ts and for bew sab5W th81 they give a true and fair view, and lor such Internal Contr￿ a5 thè Irustees (lelermine ts r￿ceSSary to enab* the pr¶t￿n ol fjnatKral staterrwts that arg free fr{￿ rnatersl mtsststen*nl, whether due to fraud or error. In weparing the finBncwl statem￿, the trusttes ¥w rosponsbl8 lor assessin9 th¢ ¢h8rity's ability to continuè as a going concern, dthwng. as appI￿able, matters rgbt•d to goirrtj concem and usin9 the ng Con￿rn bags of accountsng unless the trustees ether intend lo liqu￿ate the charity or to cease Opernt￿n8. or h&¥0 no WIIS￿ 4twntho bul to do go. AudltoV• r￿pOn81b1jltl￿ f)O 32.394 16,704 120 othor outwr•Js R*8ir+g bJnd8 27.870 1,686 2,915 SC6.725 174.576 213 1.686 683,200 N•t Incom•ll•xp•ndltw•) l>•lorn Invostm•nt g•Sn•llo• Investsrent rèalised a Ur￿80￿"8ed 32.103 1.140,150 840 13941 1.172.699 15 16 8.$00 112.2181 Other 17.131) 15.0851 N•t In¢omthll•xp•iidliurèl b•fov• 32.103 1.148.650 162911 IS,4791 1.168,983 Transfern tetrt￿ fuThJ• 114.5(Kl) 14.500 30,OLKI 14 30,000 17.603 1.193.fSO (62911 {5.4791 1.198.983 Tot81 hjnds ￿Mfo￿¥•d 241.937 6.623.843 224.￿)1 237.936 7.327.717 Tot•1 lund• •131 AuW2023 259,$40 7.816.993 217,710 232,457 8,526,7QO The n¢)tes on pago¥ 14 t$24 fLYm pwt of1￿? FinaNial Slatem&ts. 72- BASINGSTOKE & READING METHODIST CIRCUIT STATEMENT OF FV4ANCIAL ACTMTIES For the yvar•nded 31 August2022 Not8s Unro8tii¢W Funds R•Str￿ Endowm•nt Total General Designat8d Futhds Funds 2022 Funds Funds INCOME AND ENDOIVMENTS t)onations and bJacEs Cttaritab￿ income Assessments on chuths Other income Investments Lètbngs inWIIO Investmenl in¢oTh aThJ intsrest 607 607 408.987 408,987 7.607 7,PJ)7 104.439 104.439 11,149 10.199 154 189 Tot*1 Ineom• •rtd •ndowm•nl• 419.186 113.260 154 189 532.789 EXPENDITURE charitab￿ expenditLtr8 Stipends. $8lanes 8nd 85gx*ted costs Assessments and bvies Mansè running ¢osts Grgfits and donation5 Adminisiralion and trav Other outgyngs Raising funds Inv*$thitrnl man¥gement ¢c4ts Total •xpendlturn 329,093 110.284 329.093 116.106 68.975 15,500 24.835 37,497 68.975 31.eoo 10 116.1001 24.835 15.761 21.736 858 474 93 1.694 3,119 464.731 128.607 93 1.694 595,125 N•t In¢om•ll•xp•ndllurn) bolorn Imi￿lmont galngllom Investment realised & unl￿1￿1 g•HWlk)88e81 Investment propertms Other inveslmerts 145.545) {15.347 61 11.5051 182,3361 318,750 318,750 126,3631 16 111.2561 {15.1071 N•t Incom•ll•xpendlturn) Ixlor• tr•n•f•rn 145.545} 303,403 111,1951 116.6121 230,051 Ttsnsfers behveen fvnds Rèvalu81]on ol Ireeholo proF*ty 43.271 143,2711 270,( 270,000 N•t mov•m•nt In funds 12.2741 530,132 111.195) 116,6121 500.051 Total funds ￿ht foThMd 244,211 6.093.711 235.196 254,548 6.827.666 Totsl lund* •131 Augu812022 241.937 6.623.843 224,¢)01 237.936 7.327,717 The ststemenl of financial thities incfudes all gains and losses recc8nistid the year. The nole5 on pages 14 to 24 form pwt of these Finanoal Statements 13- BASINGSTOKE & READING MEfHODIST CIRCUIT BALAIICE SHEEr As at31 August 20Z3 2023 2022 FIXED ASSEf8 Freehokl proFert*", marms Investrnent proFert Investments 14 1S 16 2.875,( 4.730,0 566.040 2,430.000 3,971,500 573.640 ,171.040 8.975,140 CURRENT ASSETS Debtors Contral Boanj depo Cash at b8nk 8nd in hand 17 132.703 296.342 16,187 33.550 8,510 16.985 445,232 419.045 Cr•dlto Amounts l¥llirrfJ due wthin on8 year 18 89.572 e6,468 N•t Cuff•nl Asoots 352,577 NET ASSETS 19 8,526,7C¥) 7,327,717 FUNDS Endowm•nt fitnd• R•strkt•d lund• 20 21 232,457 217.710 8.076.533 237,936 224,001 6.865.780 Unr••trlct•d fund• 8,526.700 7.327,717 Th& FinancTral stai•M•￿ aFvovad ty th• Managry Tnjs1e￿ on 28 Fe￿ 2024 •rKI ¥r* sgnèd on their behaff by- v Mgrbn Beukes Chair of Meeb'rvJ Peter Board Cirtubt ste•Mrd & fmarKe sewlary The notes on F•ges 14 to 24 lom otthese FH)w￿￿￿l *tements 14- BASINGSTOKE & READ114G IAEfHODIST CIRCUFT CASH FLOW STATEAIENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Ca8h uwl In operadng acllvlues 25 (232.2511 1191,1551 Dividtrnds, Inte￿St and rents frrrfn inve8trnwts Proceeds trom sale of pro￿rty Expenditure ￿nded through investrn￿ FQrtfol Purchase of investmfjnts Inv•stmonl sale woc*8ds 163.901 115.588 {5.9191 112.5141 13.817 52.633 15,4351 5,308 Cash pmldod by Inv•thg •ctlvlU•• 159.285 168,094 IRe)st Depreu*ion is cabJIa￿ on th& strawjht ITh basts * 20% on cffte equyrwl and other pLqnt but is not provi(led on freehofvj pro¢￿ ynce this revalued annual￿. Invostmfrnt prop•rtl•• PrOpert￿S that 8re no bnger fequired as martsts at• hdd os invest￿1 pYopert*s. Th$y *re stated at mark•t valug. is annuaty. Fln•ncl*l In6twm•nts The Circuit onty has finandèl Assets and of a kind that qualify as basic financial instruments. 8•sK financial instruments are inibalty r*cognised at trans8ctKJn valutr and subsequenuy measur8d at thwr settlement value vthh the ex¢apt￿n ol bank klans arn subsequenly measure(l at amorbsed ctsst lJ5ing the effeclNe intetesl meth*. Inv•slm•nts Invssbnents are indud8d at market valu¢ at the 3alar￿ Sheet date I1)￿lment Income 1$ includ•d in the accounts vthen ￿e￿able and any or k788tt on r•valuatKffi at the year end aro inelutJ•d in the Statement of Financial AcbVit￿s. The investments we in monetary assets Exeffjt tha 8ryg$ Tw51 ￿ndS wh￿h are man8ged by Lloyd8 Bank, the Circuivs investment assets are hekl ty the Twstees for Methodist Church Purposes ITMCPI as custc*Yian Irusle88. Th& Valuat￿8. 01 m8thet v4uè. arn Ihos• •8 prov•Je¢l ty Lws Bank and TMCP as at 31 August 2023. St#ff ¢o•ts The ministers we W strpends at rates $91 Methc*Yl8t Conferen￿. Th* lay empkly￿S are paid salan9s 41 r8les sel by tha Circu The Ciicurt makes payments to the K48thodist Mw?i3ters Pènsion FurKI and into a pertsh)n 8ch•m8 for its l•y empbyees. The charge wesents ￿ amount payable in resr*ct of the year. The Circurt ts requir&J to wov*Je acCommo￿tron for e￿h minister and their familEs. and ministers ar• expected to r￿UpY Ihem The CiTCUrt tears the c•)st ol repal'rs a￿1 mainlenance. wemises insurance, council tax and watèr ¢harges. Th8sa are not regarded as benefits in kmd by HM Revenue & Customs CRITICAL ACCOUNTING ESTIIIATES AND JUDGEMENTS Eslim*es judgemrt 8re ttfjtinu#ty ev8lu*d 8nd #re bas•d on histoital expeTience and cUr￿nt la¢tors, inclut1irKJ expectsti)ns of lUtU￿ events that are telwe¢ lo be ￿Sonab￿ under the circUmStar￿$. The Cir￿lt Iruslees make estimales and 3ssurylKrfJS corKeming the future. The resullJn9 accounting estimates and assumptKX)$ VAI. ty definitson,seklom equ￿ the rdated xtual The onty ests"mates and assumpb.ons th81 have s￿n￿rant of causing a material adjusbnenl to the Cartyng an￿nts of assèts and liatslths vrithin the next a￿ dts¢uss&Y Land and buildings The Car￿n9 values of land and ￿Ik11r￿S wthin larKJibSe fixèd assets and wtvestment PTopertEs have been rev*wed by the trustees bas8d on a 5)rofess￿al vabJatTh for *o)unts balance sheet dale. 17- BASINGSTOKE & READING METhODIST CIRCUIT I￿rE$ FORWNG PARTOF THE F￿(￿1¢LAL STATEMEiirs 3 INTEREST & IPIrfESThlEMTVK Tot•1 2022 FwKIs 2023 Bank mkrest 11. 10,8 1.502 9.647 16.892 28.856 11.149 4 OTHER INCOME Total 2022 Funds Furyl• 2023 Fundmg for 8l•ff rr￿￿r on 21. 21.469 Grant ofevderwl •1 Trinty B•w'ryw￿* Grant repaky by Tthy Chwfth Cktéd cnurctrth trzn#fèft•d 10 Circuil Funds Ir•rdferr•d from Trinity B•$ry*c*e 1.165.tt¢J 1.165.(K 63,868 85.337 1,176.032 1,261,369 7,607 Vnr•¥thct•d Fund¥ fj sT￿F COSTS Totsl 2023 Total 2022 Fund Fuhd• Sllreryjs and sa*r*s Naib)Ml Irw8n¢• P•Mion tDnlrth*w$ AweDbce8hip R•1(￿1￿ expen R•dund$n¢y pay 247.1 247.185 20.029 47.373 1.140 13.817 247.117 19.236 60.174 1.3C 47.373 13.817 329.$24 329.524 329,093 The ry*ni8tsrs Ore tho CffDJit by thè M##￿d￿t confernr￿ *)d 84• Sl*oThJs at r8ts1 8gre8d by tho ConfoTenct The lay emtyoyees are emF4DrnS ol CtsrJJN are paKI 881•th at raios s•1 by the ¢*￿rt. Th• vy Costy of thÈ rninisters and lay emr4oyees arn rnfieeted fft thÈ Tho rwnvnerniw of thosè metyknrs of &t8ff ￿ Sen￿jr managwnent posit￿n5 lie on tha Cirojit Le8d8r9hy Yewnl **re É198.936 12022 £159.$02>, *)d th• and N•lioMI Insu￿t• contnbuihim v•a8 £261,28913)22." £213,4C@I. 12 8 ASSESSMENTS AND LEVES Totll 2022 FundÈ F￿ndS 2023 1&178 18.178 .3 17,295 88.281 5,822 MethJdk8t Churc* FurKI Contributswffj to D￿tr￿1 FurKI ¢k)nr*￿￿81 Prwrty FuTrJ Iwrycffj 4,418 312 4.416 312 4.388 320 109. 112.555 116.106 18- BASINGSTOKE & READING METHODIST CIRCUIT IKITES FORM11￿ PART OF THE FINANCIAL STATEIIENTS 7 MA￿sE RUNNING COSTS Total 2023 Total 2022 Fuw•ts FuThJs Funds 27,458 19.2fJ) 27.458 19.2fy) 83.550 20.825 19.200 22.￿0 Rent pay8t* 1302OB I￿.2r 68.975 Total 2023 To￿1 2022 Fund• Fund8 Fund8 7.451 7,451 5,652 3.827 1,422 3,650 10.284 AdmIr￿str8￿• expen Publ*￿t￿S Clrcust offic* renl Trjvel experkses 1.974 1,974 10.587 10,567 32,394 24,835 g OThÈR OUTGOING8 G•nernl Pund• D•¥lgn•i•tl R••lrfcl•d EThlowm•nt Funds Funds Fund• Tot*1 2023 2022 Audil le•s Professv)n41 168$ Property rnanagemeftt S* ol ransom $lr¥* Othar •xwdrtur• 8.780 8.760 8.100 25.￿• 28.197 22.312 7.137 9.817 7.085 16.704 27.870 44.574 37.497 10 GRANTS AJID DI￿AT11)N$ The fc4kyhkng grants aweed F*J dLrykn9 the •KI ¢*¥9gd lo ts l￿d8 concarned (See No1é6 19. Tot•1 Tot•l A¢¢nwd or Ir•l•M•d) P•ld 2023 2022 G•n•rnl fvndl lunr••trle Re8ding Unwersty Chap T*hu￿1 IA8th(wJk%t Churth ft* **iiylyo8 17.5 18.¢))) D•#lon•hd f¥nd¥ N*)del Tru51 Fur¥J of 8d Queens Road crther use 10,riyJ 10.0ts) 16,600 4,500 Ke[th￿0d Fund Smal grarrts p* to ¢Nwches Cir¢uit Deveppnent FurMI 12. 12, 24,1(J) PayThnts 120 120 1&52 17.S(Kl 31,Oal 24.700 BASINGSTOKE & READING METHODIST CIRCUIT IIOTES FORIIING PART OF THE FINANCIAL STATEMENTS 11 VOLUNTEER CONTRIBUTIONS The CIT￿lt B h88wty relBnt on w)hJnteets ¢ontr*uto Iheir and time in the fvrtherance ol the wts¥k of tr￿ Cycuit p￿r￿lty Ihts ojntribution is by seryirMJ as cycuit and manse stwdrds 8nd serving on groups that ￿an ar¢uit events and meeb"n9S, SUPF¥)rt the c*cU￿5 safeguarding work and the Circuifs stratsg￿ Executive Gmup. No attampt has t)een by the TnBtees lo v*Je the cQntrt￿IknnS madè by v(Auntegrs in 12 PAYMEp¥fs TO TRUSTEES Sevèral of the Circurt stsff are also tmst•os ot th• CireJJit. Tr Min￿￿1¥ we pabj stipgnds and travel expenses at ihe ral&s agreed annualty by the MethodY6t C(#)lereTrce The lay empWe&s who are Trustèes artr in lire wrth the wwwles of the Meth(vJk%l Church's F4)Jicy kn payment of lay empbyees The ministers Re¥/t1s Shaw. Br¢p•ne. Jenkins, Beukes. FBher 8nd Watson and D8a¢on Mana H¢>wgrd re¢•Ned sknpeTrds totallu)g £163.524. and Ihe * empbyees Mary Ludlow, Lee Frost. Peter Frank and Marion Young received $818ry pay￿￿nts of £70.041: tr* total was thus £233.56S12022.. £220.8071. Som• of th• members of Circuit may have rtcei¥e p#￿ents frvm the Circuit in their capacity as manse or property stewards where elther mainten8nce work Bl manse8 Trther than empk>ying 8 contractor or Ir￿rred expenses connected with thetr roie. Other members ol the Circuit meetin9 m8y bg &mpW as a contr¥tor in conrKtion their ir¥de or business. Th￿ amounted lo £rMI duiing the year12022' £ntll. Exper4•s PaKI trj membw5 of th8 Cwcuit M•8ty"wJ as lo￿￿. 2023 2022 Tra¥81 •K￿n$8$ Pulpit siippty costs Office equipment and fvmiture Manse expenses reimtNJrsed Adm1ntslral￿n and other expenses re￿I￿[Sed 8.460 4,075 1.408 1,950 2,477 18 360 7.374 3,4 2,203 1,284 14.261 Numtef of trustees were pa￿ expenses 16 21 BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS Fo¥tho)wendBd 31 Aullvst3033 (eontd.) 13 PENSIONS Circiwt pays 8 e4fttr1t￿ of 36.9% Crfslw￿ to ts stheme. It is ncl po￿tAtIO Ihe Circufs shar8 of assets and tsa￿￿"68. Th8 resuhs d thè latest cunplel•Y vak*b￿ 8$ at 31 August 2020. a Bub5eqwrt interirn valuatic￿ as at 31 AW 2021. LwJth assumll)g Ihal Ihe Sc*wn8 cofit8iu￿ into the fu1u￿. We￿ as $017 4B7.5 -142 #7.16% 4985 5743 75.8 115.19% Actual valu8 ol assets sjrplu￿sh(*trIII.l n¥ssets Fur¥j￿ l•¥ As tl* Stheme defiot at 31 AW 2020. • recrnry pbn wa6 Thtiated". and. in vi6w ol the recovery in finwLIW m•rk81s, on ￿rterTh **thalKm wa8 as al 31 AugLtsI 2021 and 8hrMed a rnuch irnprovvd tw. The mrAI wec•rt wds Luthrtaen as * 31 AwJusl 2023. and the Frfow*onal rèsults (based on an unaudrfod as*t valu0} ¥ funthJ The Sc*em•'s Aclu•ry •xpe¢ts tha final rasull also lo •hN 8 Jurplus. Cwcurts had been paying totsl ￿nt￿l￿JtsC¥}8 * 26.Th of swd rBmunerabtin since S•p*mber 2013. and cCrtrit*Jl￿ rate 31 Auwst 2023. Th8 C*cuit bekngs to a d&knJ rért¥)n ￿ operated by Thg P8ft8￿ Trusi In lir*e vjilh FRS102 28.38. thw• is tha cost rwiiMd li equ•l to th• )ntribthins payable fiy Iha kWK*J. 14 TANGIBLE FIXED *MErs L*r BuikllnH• TotAI Valua￿an Al 1 S•pt¢mbar 2022 Rev•lu#iion L*•ng• 005.cw 1.625,OCQ 2.430,W) 15.ClJQ 15,0fy) 140.Cts) 275,CO) 415,000 At 31 2023 960,(¥JQ 1.915.0 2.875,CQ) Depreclatlon At 1 Septerthr 2022 Provi8th for Ihe ￿r At 31 Aiiw 2023 N•t Botsk V•1 At 1 Septeft*er %Y22 805.CrfXJ 1.62S,OW 2.430,otK) At 31 August 2023 ge￿.(*￿) 1.915.r 2.875.OC Th• martw ￿ le¥a￿d ty the triAees ai 31 August 2023. a profeSS￿D81 vahtlltion for ar£ounts purp088s a8 at Ihat date by Has18ms, ChwterEd Sweyty8 ￿ hithcal value ol and buildings il Ihey had nc4 beon rev8W was £2.209,435131 Augusl 2022.. £1.870.6551. INVEsThlE1￿ PROPERMES L•nd Bullding• Totsl val￿110￿ At 1 S9￿eMber 2022 Cthed churche$ IrwMkned to the C￿111 RevBlu*ion d)aNJe TraThsferred I[￿t) to ftyed 4*1tets At 31 Aug￿1 2CQ3 1.328.X 2.645.2C 777.DXI 3.971.500 1.165.OJO 8.500 1415.Q)01 4.730.fX)O (140.[ t.575,￿1) ￿75.¢￿) 3.154.5C poses a5 al Ihai dale ty H8slams. Chartered SurveyL¥s. tMbJe of land and btjllthngs if t been r•¥alL￿ was £3.442.￿l31 A￿￿12022". £2.616.3491. BASINGSTOKE & READING MEfHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATÉMEtr4TS Forlheyewended31 August2023 (eont. 16 INVESTMEIITS 2023 2022 B¥l8¥xe * 1 sept￿ts 2Q22 Additions 'W5aLs Unre81ised g￿￿(1¢*#•8) 364,2S2 12.514 113.8221 12,21 350,727 215,313 390.488 5,435 15,3081 26.383 364.252 209.388 ash held 8•l•n¢o •1 31 Au9U•t 21Y23 566,040 573.640 Inv8stm•nts IL$t￿ on a rwThs&J Stctk Excharse or hehj in 350,727 95,876 119.437 364,252 Other in¥e8tments CiKurt Modd Trust cash hr*J 115,386 573,640 17 OEBTORS 2023 2022 SuThYry detr 25.103 s,ec6 Stspends paKI in advan¢e 21.048 22.884 I7.4￿) 10,dS4 33,SSO 132,703 18 CREOITORS 2023 2022 33,732 11,573 19.OC*) 25.267 34,488 3,861 1,500 28,619 (Xher credito Grants Pgy*)ie to ¢hurch&s Accruols 89.572 86,468 19 ANALYSIS OF NEf ASSEfs BET￿EN FUNDS Flxed kn¥•Atm Curr•nt Inv•thh•M A••ots In•tl Total Fund$, y*•r er• 31 Au9U&t 2023 End¢y*ment fur￿1$ Restnthd fu 232.457 214.146 119.437 232,457 217.710 8,076.533 2,87S,CO) 4.730.OCI) 352.096 2.875,OCQ 4.730.1 $66.040 355.680 8,526.700 Funds. year ended 31 AuBu¥l 2022 En(￿￿￿￿￿ lunds Rostrthd furtda 237,938 220.318 115,388 237.938 224.001 8.86S.780 2.430.fXKI 3,971,SCQ 348.894 2.430.IXKI 3,971,5 573.840 352.$77 7.327.717 8ASINGSTOKE & READING METHODIST CIRCUIT I￿TE$ FORIIING PARTOFTrIE ANANCIAL STATEMENTS 3ei 31.595 Athur NvAtsry TA#14345 ITIFI IllwJ Fund6 & TIF) Trus15447 In Arthur Ne%thry Tr￿ 3eoo (TIF) AJ Bws TnAI Imanaged Prl¥al& BWWI 14.0121 J,557 337 102.407 237.9 99,763 232.457 13941 15,0851 NvA4)ery Tfu$I 4345 (fiF) urNethry Tru￿ 4783 IM•fv(hlkt•¥B•d Mixed Funth & TIF) ui 14wA*ery Tnjsi 5447 ITIFI ur a￿9 ITIFI AJ Bty91 {m•n8g•d ty B•*) 30.641 30.697 16.3321 94.$69 337 337 16 112. .77S 102 407 237 936 Tr• hMstrf*nl garwaw ty bJrnlJ 5448. 4703 ￿ 3Mg pj b) knj th• C*r*rfs d•rf lo ¢J•y runn¥N Th• Inv•ibrnni ty *&*4345 •ThJ Th• by thoAJ TnAt r4 to in ai AesTrK7eD FUP40S 11201 318 Edhh Baikryy 8wu•sl IswpJkn9 p•c¥•l 10. 11.2tr) Ihe 20B.437 7,1311 17.1311 202.948 224.W1 217.710 8eNJVo￿O lund Ih B•ikny B•qu•st p•*> 10. 10.892 Ihe CITDJh} 41 111,VAI 209.437 235.193 61 111.2561 224.001 B•r￿¥01•￿• FLmd by n••* Ethth W Bffjutst WJ to 8LPPOrt InthvKlu811 thé £o&i ol thss pt41 bul hx ntyw b•tn dt4ed. BASINGSTOKE & READING IAETHODIST CIRCUIT IIOTES FORIMIIG PARTOF THE FIIIAMCi4L STATEIAE14TS Gèrt￿11￿nd (day to4*rw¥Yqc<*ts) 241.937 .1(kl 114.5001 239,540 .767 6.401.5fyJ 14.500 50,246 7.605,{￿0 1.1$5.C {2AW) (11.4 YrMJth ¥wNkfutKJ 120) 32.336 9.973 119.438 C*(>JrtAlcthl TnJE1fi￿j 115.387 4.051 6.W.780 8,078.533 O•Tr*AI frjnd costs) 244211 145.545) 43271 241.937 18.333 {14.1)CO) 50.707 8,401,500 2,500 43,716 ,973 115,387 MIr￿ l¥qk*oIff￿1SI 5.812.7X) e*fj8.79) (6.8911 (3.fLKII ?1.78&1 K•nkn4wd F￿j Igr•rf• Wo￿￿$) 12.9TJ le*.447 Pg3711 6.337.922 (9).892) 588,750 6.￿5.7$0 2J 7RAP4SFEIIS BEf4YEEN FUND8 AGENCY COLLECTIONS AMD PAIYEllfS Fthd Fur￿$ fw F￿rty 2,1 15) 1JO HL¥rto ISO 150 11XS ?.4 BASINGSTOKE & READING MEfHODIST CIRCUIT NOTES FORMING PART OF THE FII4ANCIAL STATEMENTS For the 31 August 2023 (confd.) 2S RECONCILIATK)N OF ioufGOINGV INCOMING RESOURCES TO NET CASH INFLOWS FROM OPERATIONS 2023 2022 Nel movement th funds {Gains)lTr)sses on ￿vestrnentS Investrnent kyopertjes Othèr invostmgnts Investment ￿Corne aThJ rent from lnvesbY￿ Ck)sed churches transf￿rad to Circuit at no cost Ilncre8seydecfea5* in debtots Increas￿￿￿ecTea3e￿ In creditorn 1.168,983 230.051 18,5001 1318,7501 12,216 26.363 1163,9011 1115.5881 11,185.0001 199.1531 23,104 5.014 118.2451 Not ea•h u••d In op•ratlng ath#l•8 1232.2511 1191.1551 Anaty•lB of c••h •nd u•h •quhtaknts CF8 dgPOSrts Cash at bank arKI in hand 296,342 16,187 368,510 16,985 312.529 385,495 stoke & 41 . * c;hange'" Clrcuit Office, 84 Queens Road, Reading RG148W Telephone 0118 926 2910 or 07801374338 Email: hboardlo btintemeLcom )Ixiplr¥hsp Heb 10 v2&25 ethodist CirGIS James Cowper Kreston Audit Reading Bridge House, George Streel. Reading RG18LS Dèar James Cowp8r Kreston Audrt The following representa￿n8 are rnade on the basis of enquiries of management and staff with relevant knowledge and expenenc8 such as we consider necessary In connection with your audrt of the charty's finan￿al statewits for the year ended 31 August 2023 These enquiries hav6 included inSpeCt￿n of suprM)rb"ng dC¢urr￿tatr.on where appropriate and are 8Lrfficient to satisfy ourselves that we can make each of the follo￿"n9 repreSentat￿n$. All r8presentatk)ns are made to the best of our kncNAadge and belief. General 1. INe have luffilled our responsItstst￿ as trbAtees as set (yJt in the terrn8 of your engagerr￿t letter dated 14 Febnwy 2023, urKler the Charrt￿ kt 2011 for p￿pa￿ng financial statements in accoidance with apF4icable law and United ngdom Accounbng Standards (Unrted Kingdom Generally Accepted Accountsng Pradw), for being satisfied that grie a true and fair view and for making accurate representations to you. 2. Ail the transact￿n5 undertaken ty the ¢harty have been prrwly Tell￿ted and 3. All the accounting records have been mde availab￿ to you for the purpose of your audrt. have provKled you wrth unrestricted access to all appropnate persons thin the chanty. ar¥J wrth all other records and related informats.on requested, including minutes of all rrkqnagement and trustoo meetlngs and correspondencè with The Chanty CoffThission. 4. The financial staterr￿ts are free of wAterial mlss1aten￿ts, I￿uding omis$ion8. Int•mal contvol and fraud 5. We ￿knOwledge our resp)nsits'lrty for the desyn. implementation and maintenan of internal control sysletr6 to wevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial stateTh￿ts may be misstated as a resuli of tra￿￿. 6. We have dBcktsed to you all instances of known or suspected fraud affecting the entity Invofving managemen( employees who have a s￿nificant robe in inlernal control or Othe￿ that c(MJld have a nwterial effect on the financial statements. 7. We have also disclosed to you all inforrrAiion in relation to allegatsons of fraud or suspected fraud affecting the enbty's fM)ancial statements C(￿Mun￿at?j by current or former enwtyees. anatysts, regukitots or others. Circuit Offi￿. 84 Queens Road Reading RG14BW Assets and liabililios 8. The dBrrty has satisfactory liue to all assets * there are no liens or er￿1Mbrances on Ihe Charity's assets, except for those that are disthsed in the notes to the financial statements. 9. Al actual liabilrlies. contiNJent liabiliiEs aThJ guarantees given to thitd parties have 10. We have no plans or intenttons that may materially alter the canying value and, where relevanc the fair value measurements or classrf￿kn of assets ancl liabilrt Tetlected in Ihe financial stat￿￿ts. Aceountlng •8lknat88 11. The methods. data and sign"fficant assumptions used by us in making accounts'ng ests'mates. arKI their related disclosu￿$, are approprots to aCh￿e recognrtion, measurement and disclosure that is F&3sonable ￿ the context of the applicable financial re￿ting franw>r Loans and arrang•fflents 12. The charity has not granted any thances or credits to, or TfAde guarantees on behalf of. directors other than those discbsed in the financial statements. Logal clalms 13.vk have disckthd to you all claims m connethn with that have b88n, or are exr*ctsd to be, recerrfed and s￿h matters. as approw*, have been prowrfy accounted for and dtydosed fft the finanual statements. Law8 and regulatlons 14. We have disclosed to you all kno*n instances of nonsure m ¢)rder to t(￿n￿ wrth and accounbng standards reqU1rerr￿nts. Sub8•qu•nt •v•nts 16. All events subseqwrt to the date of the finwKial statements Wh￿ require adjuSt￿￿nt or dis¢h)sure have been proFerty accwnted for aThJ di8closed, Golng conc•m 17. We telwe that the ¢hariVs financial stale￿ents shouhj be prepared on a going concern basis on the grounds that current and ftrture sources of funding or support will be more than adequate for Ihe charty's needs. We also o)nfirni our plans for futu￿ action(s) required to enabbe the chanty's to Contrn￿ as a g￿ng concem are feasible. INe have ccffjsidered a per￿ of twelve from the date of approval of the financial statements. INe bel￿e that no further discklsures relats.ng to the charity's ability to O￿lInUe as a wng corKem need to be m* in the financ￿1 state￿nts. Grants and donations 18. Abl grants. doTra￿ns cthr Hio)n*. Ihe feceipt of is subj.ect to speci temts or ¢ondit*Jn$, have been notsfied to you. The￿ have been no b￿a¢he5 of tern￿ or c￿KIllIOnS in the appl￿1￿￿ of such income. Circuit Offi￿. 84 QU￿nS Road ReadiThJ RG14BW 19. ackn￿￿edge our legal respcmsibt"lits5 regarding dts¢k>su￿ of information to you as auditors and confirm that so far as we are awa￿. thwe is no relevant audit infr*matwi needed by you w) ¢(ffine¢ttrm wilh preparing your audit re[￿ ofwhKh you are unaware. 20. Each director has taken all the step5 that they ought to have taken as a director in order to make therr6elf aware of any ￿levant audit infcffith and to e8tabli8h that you are aware of that Inlmti￿. Ywrs frdithfvlty I,. dv( F Signed on behalf of the TfU$tees c*jz 1.20 Circuit offi￿: 84 Queens Road Reading RG14BW