R•gisterod Charity Number: 1134891 BASINGSTOKE & READING METHODIST CIRCUIT ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2024 Rev4
BASINGSTOKE & READING METHODIST CIRCUIT Annual Report and Financial Statements For the year ended 31 August 2024 CONTENTS Pages Report of the Twstees Report of the Independent Auditors 9-11 Statemenl of Financial Activities Year ended 31 August 2024 Year ended 31 August 2023 Balance Sheet 14 Cash flow statement 15 Notes fomiing part of the Financial Ststements 16-25
Basingstoke and Reading Methodist Circuit Southampton District, Circuit Number 2614 Annual report for the year erHJing 31° August 2024 REFERENCE AND ADMINISTRATIVE DETAILS The Circuit Basingstoke and Reading Methodist Circuit was formed on 1 September2014 resulting from the merger of Basingstoke Methodist Circuit and Reading & Silchester Methodist Circuit. The Circuit is a separate legal entity within the Methodist Church and is required under Charity lawto prepare separate accounts. The Circuit is a registered charity (England & Wales} number 1134891. There are 21 churches within the Circuit, with a total membership of 926. The churches are spread around Reading and Basingstoke and the neighbouring towns and villages of Bradfield, Burghfield Common, Mortimer, Tadley, and Silchester. Several have local ecumenical partnerships with Anglican, Baptist, andlor United Reformed churche5. Trustees The Circuit's trustees are all members ofthe Circuit Meeting and are listed on page 2. Executlve and leadorshlp functlons The Circuit stewards (who are ex officio members of the Circuit Meeting) are responsible for ensuring that the decislons of the Circuit Meeting are executed. The following served as Circuit Stewards during the year.. Peter Boardley (also as Financial Secretary) June Hardcastle (until 23 Nov '23) Michael Parker Terence Rowell Stephen Appiah Donald Fraser {from July 2024) The Circult Leadership Team gives a longer-temi vision to the Circuit's affairs and comprises a mix of stipendiary and lay members ofthe Circuit Meeting. The following, also members of the Circuit Meeting, served on CLT this year.. Reverends Beukes, Simpson, Watson, Kim, Banks, and Jenkins. and all circuit stewards., two representing local preachers and worship leaders (June Hardcastle and Paddy Jose)., and Mary Ludlow and Peter Frank, representing lay employees. Marion Young, a member of the Circuit Meeting, is secretary to CLT. Custodlan tru8ts08 The custodian trustees are the Trustees for Methodist Church Purposes Contactlng the Circuit The Circuit's principal office is 84 Queen's Road, Reading RG14BW, telephone 0118 958 1505. The Circuit's website is www.basin stokereadin methodi8ts.uk Bankers The Circuit's bankers are the Central Finance Board of the Methodist Church, 9 Bonhill Street, London EC2A 4PE', and CAF Bank Ltd, 25 Kings Hill Avenue, West Malling, Kent ME19 4JQ. Auditors and professlonal advlsers The Circuit's auditors are James Cowper Kreston Audit, Reading Bridge House, George Street, Reading, RG1 8LS. The Circuit engages advisers for legal affairs and propety services as required.
Basingstoke and Reading Melhodist Circuit Southampton District, Circuit Number 2W4 Annual report for the year ending 31° August 2024 Managing trustees The managing trustees, who are all members of the Circuit Meeting are as follows-. The following, as members of the Circuit Meeting, are registered with the Charity Commission as managing trustees.. Stuart James Armstrong Revd John Paul Banks Mrs Jennifer Mary Bartter Mrs Jacqueline Diane Bath Helen Batterby Revd Man Pieter Beukes Mr Andrew John Billington Peter Howard Boardley Martsn Keith Borgars Revd Rachel Jane Borgars Mr Keith Cable Mrs Brenda Caborn Revd Jacqueline Anne Case Mr Raymond William Chalk David Edwin Cliffe Kim Suzanne Crawley Stuart Mills Daughters Mrs Tracy Davis Revd Jennifer Susan Dowdlng Mr Richard Melvyn Elston Revd Christopher Evans Revd Andrew David Fitchet Mr Kenneth Adjei Fordjour Peter Jonathan Frank Donald Kaye Fraser Karen Anne Frost Joan Rosemary Greenhalgh David Michael Gunton Pamela Dawn Guy Alan James Harland Charmian Harrison Margaret Ann Marina Hayes Linda Irene May Hoe Kathleen Houghton Andrew John House Alison Margaret Hutchins Revd David Glyn Jenkins Mrs Sally Elizabeth Johnson Patricia Mary Jose Richard John Kelly Miss Helen Khan Revd Jeongsook Kim Michael Albert Kimber Patricia Dorothy Kinchington Linda Ann Langridge Gillian Mary Lawson Tirivashe Manhera Mrs Sandra McKenzie Mrs Grace Mercer Revd Ruth Katherine Midcalf Mrs Joanne Lesley Murray Mr Michael Thomas Parker lan Stuart Pollard Sarah Joy Ross Terence John Rowell Revd Jonathan Salmon Revd Claire Frances Simpson Mrs Lesley Jean Skeavington Jonathan Leslie Skeet Jeanette Louise Smith Heather Elaine Symons Georgina Valentina Tagoe Ruth Mabel Taylor Christine Vallis Revd Helen Watson Mrs Christina Ann Westcombe Mrs Sarah Jane Whithorn Patricia Wilce Marion Joy Young Mrs Mrs Mrs Mrs Mrs Mrs Mr Mrs Mrs Mrs Mrs Mrs Mrs Mrs Mr The members of the Circuit Meeting (as managing trustees) have pleasure in presenting their annual report and the audited accounts for the year.
Basingsloke and Reading MelhthYIs1 CircuTi Southampton District. Circuit Number 2614 Annual reptsrt forthe year ending 31" AUg$t 2024 1. Objectives and activities The Circuit stnves to proclaim and reflect the love of God as a justice-seeking Church. In doing this we shall place people before buildings, mission before maintenance, and God over church. We seek to enable our churches to develop their local mission the skills and support the Circuit Mission Groups and the provision of resources. The Circuit's purpose is to provide resources to support ministry in local churches. The Circuit does this through the provision of ordained ministers and deacons, lay staff, and Circuil officers to support service and ministry from the Cir¢uit'$ 19 churches to their local communities. The 19 Churches include the online Church of the Living Stream and counts the 2 Churches in Caversham as separate entities. The Circuit also has responsibility for the upkeep and maintenance of 13 manses and investment properties. The Circuit produces a quarterly preaching plan to ensure regular acts of worship take place at each of the 16 Methodist Churches and 3 Local Ecumenical Partnerships in its geographical area. These are available to all people without charge. The Circuit is also directly involved with outreach work, wtth particular emphasis on children and families, schools, and support for food banks. The trustees confirm that they have referred to the guidance contained in the Charity Commission, general guidance on public benefit, including the guidance 'Publi¢ benefit.. running a charity (PB2)', when reviewing the Circuit's aims and objectives. The Circuit is pursuing its objectives through the following strategies by providing.. the 19 Churches include the online Church of the Living Stream Staffing resources and other assistance to churches for minislry to their communities., Grants for outreach activities and improvements to churches, premises that will facilitate access to ministry., Training through study, mentoring, and examination for lay preachers and worship leaders; Training and support in safeguarding awareness., Opportunities for staff and members of church congregations to meet for fellowship, worship and learning., and Care for those who have retired from full-time service in the Methodist Church. 2. Achlevements and porformance The Circuit has continued to benefit from strong and effective ministerial and lay leadership. This is now focussed through the CLT, which was formed in September 2015 and comprises representatives from ordained staff, the circuit stewards, and lay members of the circuit meeting as noted on Page 1. CLT'S brief is to take a more strategic view in leading the Circuit through a period of change and guiding the allocation of resources in the most effective direction. The Circuit has also continued to benefft from its large group of established local preachers. Currently, three individuals are 'on note, as intending local preachers and are 'on trial, whilst they undertake training. Three individuals have completed training as worship leaders, and one is undertaking the Connexional course. Two of the Circuit's tutors have been training worship leaders in other circuits. The circuit made grants and donations to Churches of £13,728 These went to Oakridge to support their food bank project, to Mortimer Church for their Welcome Mission, and their solar panels project. A transfer of funds was made to St Andrews Church as part of their Model Trust Fund Trust. Further detsils can be found in Note 10 to the accounts. The Circuit produced devotional resources for Advent 2023 that were distributed to all the Circuit's churches for use by individuals, small groups, or in worship. The Circuit is actively involved through lay stsff with outreach projects in Basingstoke, wÈth young people and the Town Centre Chaplaincy.
Basingsttske ènd Reading Methl$t Circurft Southampttsn District, Cireuit Number 2614 Annual reFM)rt for the year ending 31"August 2024 Local community organisalions notably those promoting fftness and health, music and dance use church premises. and income from extemal lettings makes a valued contribution towards upkeep of church premises. Much use is made of Zoom and similar plattomis for broadcasting services across the inlemel. Many churches arrange and hold their own services, and others use the Servi organise by the Circuit each week Churches have invested in technology to film servIs, and this has opportunities for use for example wrth concerts held at churches being made available to a wider audience. The Church at Kempshott decided to become an online Church and streams services during the week The churches continue to develop ways and means for oulreach into local neighbourhoods, for example, the quiet garden and Retreal Centre al Silchester and communty cafés. Several churches have Messy Church.. lunch, holiday. and after-school club5.' or tailored children. families, and youlh work. Some churches have acted as a collection point for shoe boxes for Operation Christmas Child. Much work is being done to support foodbanks across the Circuf('s communities. Activities to support National Charities are a feature of some Churches as well as"Come and Meev groups. Ecumenical as well as local Bible Study Groups are also a feature. The summer months allow Cream Teas lo be served in the more rural areas of the Circuit. A number of Churches have or are progressing on the ECO Church programme with the development of Eco-friendly gardens where possiblè. Many outreach projects are carried out in partnership with churches from other denominations, such as the REinspired and 'Open the Book, programmes for delivering religious education in schools. Wesley Methodist Church participated in 'Bed frjr the Night,, an ecumènical inrtiative providing accommodation and food for the homeless in Reading. Oakridge Church Warm Hub and Soup Lunches and the Pantry at Wesley h8ve developed contacts with foodbank users. Agreement was reached regarding the merger of the two Circuils, which passed through Synod and Conference during the year The new Circuit called the Hampshire and Berkshire Borders Circuit was Inaugurated in September 2024. {See also Note 26 to the Statement of Financial Activities.} 3. Flnancial revlew The attached Statement of Flnan¢ial Affalrs (SOFA) summarlses the Clrcull's InMe and expendlture for the year, supplemented by the Cash Flow statement and the Notes to the Financial Statements. The Balance Sheet shows the Circuit's assets, liabilities, arsd reseNes. The net expenditure for the year was £27,124 before Investment g8ins (2023.. net income of £1.172,699). The reduction of £1,199,823 resulted from the following.. Churches, assessmenls were reduced Investment Income and bank Interest was hlgh8r Rental income now also includes lettings from closed churches held by the Circuit Property and Model Trust Funds were transferred from closed churches In 2023 Maintenance and other costs for manses and closed churches were lower Less was paid oul to ¢hur¢he5 in grants Other variations, nel -21,272 12,059 15,090 -1,228,838 13,742 14,792 -5,308 -1 199,823 After recognlslng gains on investment properties and other assets of £238.764, net income for the year was £211,840 (2023.. net income of £1,168,983 afier investment losses of£3.7161. Upward revaluation of freehold prop8rty increased funds by £5,000 (2023.. £30,000).
Basingstoke and ReaL%ing Melhodisl Circuf( Soulhampton District, Circuit Number 2614 Annual report for the year ending 31" August 2024 The Balance Sheet summarises the Circuit's assets, liabilities, and funds. Net assets (and thus aggregate funds) at 3151 August 2024 were £8,743,340 (2023.. £8,526,700). The increase in net assets of £216,640 results from Changes to assets and liabilities as follows: Investment valuation gains Investment purchases less sales Revaluation of operational properties Model Trust and endowment funds transferred from Closed churches Net expenditure passing through Model Trust Fund Reduction in net current assets Increase in net assets 238,764 1,848 5,000 51,324 -51,758 -28,538 216 640 The Circuit's nel assets are held in either endowment, restricted or unrestricted funds. A fvll analysis of the individual funds, and the objectives for which income andlor capital may be applied, is provided in Notes 20 to 22 in these financial statements. These funds may be summarised as follows.. Endowment ftjnds The income from these funds is applied to ministry within the Circuit but the capital is not available for use" Restricted funds Available for financing capital schemes- Arthur Newbery Trust. Available for funding revenue expenditure as specified by donors 249,386 216,542 15,481 232,023 Unrestricted funds Manse capital fund {equivalent to the value of manse and investment properties) Circuit Model Trust Funds, for financing churches, propety and mission schemes through grants" Funds available for financing Circuit occasional expenditure.. Circuit development fund, for training and mission projects Youth work fund KenbNood fund, for supporting churches small bullding schemes 7,820,000 118,371 30,882 1,051 9,973 41,906 Funds for financing Circuit annual operating expenditure General funds, for all purposes Manse maintenance fund, for repairs, maintenance and refurbishment 231,451 50,203 281,654 8 743,340 I funds 4. Reserv88 pollcles The Circuit is required to have policies regarding the level of reserves to be held in respect of funds for financing Circuit's annual operating expenditure Policies are not required in respect of other funds since these are not held primarily for revenue purposes and there are restrictions on how the funds may be used. The funds marked (") are managed by the Trustees for Methodist Church Purposes. The Circuit's annual operating expenditure includes the cost of ministerial and lay staff, provision of manses, travel and administrative expenses, and contributions to the Methodist Southampton District and Methodist Church Central funds. This expenditure is funded by assessments on the Circuit's churches, investment income, rents on surplus manses, and contributions from the Model Trust Fund. Assessments on churches were calculated as part of the Circuit's annual budget process. Increases in assessments on churches are limited to 100kn. and not more than 950/0 of a church's income (70'h if the church has no lettings income from its buildings} This will be reconsidered during the year 2024-25 because the merged Circuit wll need to develop and agreed procedure The Circuit's budget reflects the impact of anticipated changes in staffing levels, the maintenance needs of its residential property portfolio, and any amounts to be drawn from reserves to support the planned expenditure. The Circuit Meeting approves the budget and assessments, and the amounts to be carried fomard in reserves.
8asingstoke and Reading Methodist Circuit Southampton Districi. Circuit Number 2614 Annual report for the year ending 31" August 2024 Proposed drawings from the restncted funds of the Circuit to assist churches with building improvements and fund Improvements to the manses are considered and approved on a case-by-case basis by the Circuit Meeting. In setting its reserves policy the Circuit Meeting also considers the financial health of the churches in the Circuit which has impacted on their abilty to fund the annual Circurt assessment. The Circuit's reserves policies are to maintsin at least.. A general fund balance of £150.000. sufficient to cover three months, running costs,. and A manse maintenance fund balance of at least £50,000, sufficient also for three months, running costs of approximately £20.000 plus £30,000 for unexpected repairs to manses The balances on these reserves at 31 August 2024 were £231,451 and £50,203 respectively. The excess on General Fund over the policy of £150,000 wll be used over the next three years in funding expected budget deficits, The Circuit's budget for the year commencing 1 September 2024 was prepared before the merger with the Kennet and Test Valley Circuit was approved and shows net expenditure of £77,566 on General Fund and a surplus of£18,948 on Manse Maintenance Fund based solely on Basingstoke and Reading Circuit KTV Circuit éid the same The General Fund deficit will be partly relieved by a transfer from Manse maintenance Fund of £19,000, being the anticipated excess over the policy of £50,000. The trustees consider the Circuit to be a going concern. 5. Investment policies In accordance with the Standing Orders ofthe Methodist Church, the Circult's investments are managed on its behalf by the Trustees for Methodist Church Purposes (TMCP), Central Buildings, Oldham Street Manchester M1 1 JQ. TMCP acts as Custodian trustee for all properties held by Circuits, for all large bequests (ie over £20,000), and for the proceeds of the sale of any propety where the Circuit was managing trustee. These sums are unitised investments or held on deposit. Short tem deposits are lodged with the Central Finance Board {CFBI of the Methodist Church. The Circuit's investment policies are aligned wlth those of TMCP and the CFB because these organisations take into consideration the social, environmental and ethical issues, both negatively and positively, that make investments suitable for the Methodist Church. 6. Pay and remuneratlon pollcles Ministers are stationed in the Circuit by the Methodist Conference. Ministers, remuneration is set nationally by the Methodist Church. Ministers are members of the Methodist Ministers Pension Scheme. Contribution rates are set nationally by the Methodist Church. Lay employees are direetly employed by the Circuit. Lay employee remuneration is based on the Methodist Church's guidance for the setting of pay rates for lay employees. Lay employee pay rates are in excess of the National Living Wage. The Circuit offers a pension scheme to its lay employees. The Circuit matches lay employee contributions up to 100/0 of salary The minimum employer contribution rate is 6 %. No member of staff is paid in excess of £60,000 per annum. Infomiation on the payment of expenses to trustees and muneratIon of key managemenl personnel is disclosed in the notes to the Circuit's accounts. 7. Structure and governance The Circuitwas established in accordancewith the constitution ofthe Methodist Church. Its organisation is structured around its bi-annual circuit meeting. The Circuit also holds gatherings to which members of all churches are invited for worship, discussion, prayer and activities. The members of the Circuit Meeting are the trustees of the Circuit. The Circuit Meeting comprises the Circuit staff and officers, and representatives from each church in the Circuit and the lo¢al preachers, meeting Each church council and the local preachers meeting elect representatives to the Circutt Meeting annually. The Circuit officers are appointed annually by Circuit Meeting.
Basingsloke and Readlng Melh(Kllst Clrcutt Southampton District. Circuit Number 2614 Annual pOrt for the year ending 31" August 2024 Vvhen appointed, trustees are asked to complete a related party questionnaire and, at the start of each Circuit Meeting, to declare any new Conflicts of interest. No declarations were made this year. The Circuit Meeting is supported by separate monthly meetings of ordained staff and circuit stewards to conduct day-to-day business and consider matters to be brought to the attention of the Circuit Meeting. The Circuit Leadership Team's responsibilities include circuit strategy and vision, resource planning and oversight of probationers and candidales A number of focussed Mission Groups and 'Special Interest, Groups focus on prayer, preparation of worship materials, arranging Circuit gatherings and managing our property portfolio. 8. Administrative details These details are provided on page 1 to these financial ststements. 9. Principal risks and uncortainties The major risks to which the Circuit is exposed have been identified by the Circuit Meeting and are listed below. A major risk is defined as one that, if realised could fundamentally affect the way in which the Circuit o erates or achieves its outcomes in the nexl one to three ears. Risk Evaluation Commenta Churches cannot afford to pay their Moderate The Circuil takes into account church assessments. This would affect the income when setting assessments on abili of the Circuit to fund staffin churches. The Circuit cannot maintain residential Surveyors carry out inspections every properties to appropriate standards five years to assist planning repairs and maintenance. There is sufficient in the Model Trust Fund for works needed in the medium term There is a Connexional shortage of presbyters, and sometimes vacancies cannot be filled immediatel The Circuit is heavily dependent on such individuals and the time that they commit to the Circuit's life and work. At present most osts are filled, If churches cease to operate, the Circuit may need to become managing trustee for the site. Low The Circuit is unable to fill ststions with presbyters, deacons or lay staff where ro riate. The Circuit is unable to attract circuit stewards and other office holders with appropriate skills and expertise Moderate Moderate Churches are unable to attract office holders wrth sufficient time, skills and expertise to enable them to continue eratin Moderate 10. Further inforniation If further information is required on the Circuit's life and witness, please first contact Mrs Manon Young, at the Circuit office (see page 1). 11. Statement of trustees, responslbilities Charity law requires the Circuit Meeting to prepare financial statements for each financial year, which give a true and fair view of the state of the Circuit as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Circuit Meeting are required to.. select suitable accounting policies and then apply them consistently., make judgments and estimates that are reasonable and prudent. stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial stalements on the going concern basis unless tt is inappropriate to presume that the charity wi51 continue on that basis.
Basingstoke and Reading Methodist Circuit Southampton District, Circuit NumbeT 2614 Annual report for the year ending 31st August 2024 The Circuit Meeting are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. Signed on behalf of the Circuit Meeting Martin Beukes Chair of Meeting 12 March 2025
Basing5toke and Reading Melhodisl Circuit Southampton District, Circuit Number 2614 Annu81 report for the y8ar ènding 31" August 2024 Independent Auditor's Report to the Trustees of Baslngstoke & Reading Methodist Circuit Opinion We have audited the financial statements of Basingstoke & Reading Methodist Circuit {the 'charity') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, Balance Sheet and the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland {Unrted Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements.. give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with international Standards on Auditing (UK) (ISAS (UK}> and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorlsed for Issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other Infomiation The trustees are responsible for the other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, Consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If . based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on vthich we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion..
Basingsloke and Reading Methodisl Circuit Southampton District, Cir¢LJiI Number 2614 Annual report for the year ending 31° August 2024 the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements, or sufficient accounting records have not been kept., or the financial statements are not in agreement wth the accounting words and retums., or we have not received all the information and explanatsons we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the ¢harity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whose are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to intluence the economic decisions of users taken on the basis of these financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional Concealment, forgery, collusion, omission or misrepresentation. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.. Enquiry of management, those charged with governance and the entity's solicitors lor in- house legal team) around actual and potential legislation and claims., Enquiry of entity staff in tax and compliance functions to identify any instsnces of non- Compliance with laws and regulations., Reviewing minutes of meetings of those charged with governance., Reviewing internal audit reports., Reviewing financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management override of controls, including journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at. ww.frc.org.uklauditorsresponsibilities. This description forms part of our Auditors, Report. 10
8asingstoke and Reading Methodist Circuit Southampton Dislrlct, Cir¢uil Number 2W4 Annual report for the year ending 31° August 2024 Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the chartty and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Darren O'connor Bsc (Hons) FCCA FCA, Senior Statutory Auditor For and on behalf of James Cowper Kreston Audit, Statutory Auditor James Cowper Kreston Audit is eligible to act as an auditor in terms of secb'on 1212 of the Companies Act 2006 Reading Bridge House George Street Reading Berkshire RG18LS Date.. 17 March 2025
BASINGSTOKE & READING METHODIST CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 August 2024 Notes Unrestricted Funds General Designated Funds Funds Restricted Endowment Funds Funds Total 2024 INCOME AND ENDOWMENTS Donations and legacies Charitable income Assessments on churches Other income Investments Lettings income Investment income and interest 409,357 16,230 409,357 26,654 10,424 150,135 7,543 150,135 40,915 29,301 1,832 2,239 Total Income and endowments 454,888 168,102 1,832 2,239 627,061 EXPENDITURE Charitable expenditure Stipends, salaries and associated costs Assessments and levies Propety running costs Grants and donations Administration and travel Other outgoings Raising funds Investment management costs Total expenditure 325,593 108,816 325,593 112,288 116,736 16,228 34,824 45,525 3,472 116,736 4,454 10 11,774 34,824 17,710 27,815 775 486 96 1,634 2,991 499,492 152,963 96 1,634 654,185 Not incomel(expendlture} before Investment gainsllosses Investment realised & unrealised gainsl(losses) Investment properties 15 Other investments 16 (44,604) 15,139 1,736 605 (27,124) 210,000 210,000 28,764 12,440 16,324 Net incomel(expenditure) before transfers (44,604) 225,139 14,176 16,929 211,640 Transfers beeen funds Revaluation of freehold propety 16,515 (16,652} 5,000 137 14 5,000 Net movement in funds (28,089) 213,487 14,313 16,929 216,640 Totsl funds brought forward 259,540 7,816,993 217,710 232,457 8,526,700 Total funds at 31 August 2024 231,451 8,030,480 232,023 249,386 8,743,340 The statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 24 form part of these Financia5 Swements.
BASINGSTOKE & READING METHODIST CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 August 2023 Notes Unrestricted funds General Deslgnated Funds Funds Restricted Endowment Funds Funds Total 2023 INCOME AND ENDOWMENTS Donations and legacies Charitable income Assessments on churches Other income Investments Lettings income Investment income and interest 430,629 85,337 430,629 1,261,369 1,176,032 135,045 3,649 135,045 28,856 22,862 1,053 1,292 Total Income and endowments 538,828 1,314,726 1,053 1,292 1,855,899 EXPENDITURE Charitable expenditure Stipends, salaries and associated costs Assessments and levies Manse running costs Grants and donations Administration and travel Other outgoings Raising funds Investment management costs 329,524 109,296 329,524 112,565 130,208 31,020 32,394 44,574 3,269 130,208 12,900 10 18,000 32,394 16,704 120 27,870 807 329 93 1,686 2,915 Total expendlture 506,725 174,576 213 1,686 683,200 Net Incomel{expendlturel before Investment galnslloss8S Investment realised & unrealised gainslllosses) Investment properties 15 Other 16 32,103 1,140,150 840 {394) 1,172,699 8,500 8,500 112,216) (7,131) (5,0851 Net Incomel{expendlture) before transfers 32,103 1,148,650 (6,2911 {5,479} 1,168,983 Transfers been funds Revaluation of freehold property (14,500) 14,500 30,000 14 30,000 Net movement In funds 17,603 1.193,150 16,291) (5,4791 1,198,983 Total funds brought foward 241,937 6,623,843 224,001 237,936 7,327,717 Totsl funds at 31 August 2023 259.540 7.816,993 217,710 232.457 8.526,700 The statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 24 fomi part of these Financial Statements.
BASINGSTOKE & READING METHODIST CIRCUIT BALANCE SHEET As at 31 August 2024 2024 2023 Notes FIXED ASSETS Freehold properties,. manses Investment properties Investments 14 2,880,000 4,940.000 596.218 2,875,000 4,730,000 566,040 16 8,416,218 8,171,040 CURRENT ASSETS Debtors Central Finance Board deposits Cash at bank and in hand 17 33,218 335,737 30,941 132,703 296,342 16,187 399,896 445.232 Cradltors Amounts falling due within one year 18 72,774 89,572 Net Current Assets 327,122 355,660 NET ASSETS 19 8,743,340 8,526,700 FUNDS Endowm8nt fund8 Restricted funds 20 21 249,386 232,023 8,261,931 232,457 217,710 8,076,533 Unrestrlcted fund8 22 8,743.340 8,526,700 The Financial Statements We approved by the Managing Twstees on 12 March 2025 and are signed on their behalf by:" Rev artin Be kes air of Meeting Peter Boardley Circuit steward & finance secretary The notes on pages 14 to tl form part of these Financial statements 14.
BASINGSTOKE & READING METHODIST CIRCUIT CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash used in operatsng activities 25 (188.811) (232,251) Cash flows from investing activities Dividends, interest and rents from investments Proceeds from sale of property Expenditure funded through investment portfolio Purchase of investments Investment sale proceeds 191,050 163,901 51,758 12,648) 800 (5,919) (12,514) 13,817 Cash provided by Inv08ting actlvitles 240,960 159,285 {Reduction)fincrease in cash and cash equivalents in year 54,149 172,9661 Cash and cash equivalents at the beginning of the year 312,529 385,495 Total cash and cash equlvalents at th8 end of year 366,678 312,529 15-
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 STATEMENT OF ACCOUNTING POLICIES Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1 January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as updated by Bulletin 1, and the Companies Act 2006. These statements are denominated in Sterling, rounded to the nearest £. The Basingstoke and Reading Methodist Circuit meets the definition of a public benefit entity under FRS 102. The accounts have been prepared on the basi5 of histonc cost except that investments and properties are shown at their market value. Based on the monetary assets and human resources available to the Circuit at 31 August 2024 the trustees believe that the accounts should be prepared on a going concem basis. Fund Accountlng The funds constitute: Unrestncted funds which include general funds held for any purpose of the Circuit., the Circuit Mod81 Trust Fund which has wide purposes defined in Standing Orders and is categorised as unrestricted, and other designated funds that are held for purposes agreed by the Circuit Meeting. Restricted funds are funds that can only be used for specific restncted purposes as laid down by the donor. Endowment funds which represent gifts that are held as capital to generate income that is available for either restricted or unrestricted purposes. Income and ondowments ASI incoming resources are included in the Statement of Financial Activities when the Circuit becomes entitled to the resources, the trustees are virtually certain they will receive the resources, and the monetary value can be measured with sufficient reliability. Expenditure Resources expended are accounted for on an accruals basis. Expenditure is recognised when a liability is incurred or a constructive obligation arises that results in the payment being unavoidable. The Circuit is not VAT register8d so expenditure is stated inclusive of VAT where applicable. Grants Grants by the Circuit are recognised at the time of agreement to pay (wthout performance conditions), or when it is accepted there is an obligation to pay (if subject to performance conditions). Where grants are payable over more than one year, the accrual is discounted to net present valu8 if the difference is material. Connexional donations - acting as agent The Circuit acts as agent in ¢ollecling from churches and then paying over their contributions to various Methodist Connexional funds and other external organisations. These transactions are therefore not reflected in the SOFA but are disclosed in Notes to the Accounts as required by the SORP IFRS1021, module 19.12. Ownership of Methodist property Under the Methodist Church Act 1976 the ownership of Methodist property in England, Wales and Scotland was on 16 Apnl 1977 automatically transferred to the Trustees for Methodist Church Purposes (TMCP). Propety includes stocks, shares, unit trust investments and all other securities as well as land. buildings and chattels. TMCP holds such property as custodian trustees. The management of this propety is vested in the relevant managing trustees who must act in accordance with the Model Trusts and the Standing Orders made und8r them. The propety for which the Circuit are managing trustees is included in the Circuit's accounts. 16-
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 {cont d) STATEMENT OF ACCOUNTING POLICIES (continued) Tangible fixed assets Assets are capitalised if they can be used for more than one year and cost more than £2,500. Freehold property is stated at market value, which is reviewed annually. Office equipment and other plant is stated at cost. Depreciation is calculated on the straight line basis at 20% on office equipment and other plant but is not provided on freehold property since this is revalued annually. Investment properties Properties that are no longer required as manses are held as investment properties. They are stated at market value, which is reviewed annually. Financial Sn8truments The Circuit only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Invostmonts Investments are included at market value at the Balance Sheet date. Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are included in the Statement of Financial Activities. The investments are in monetary assets. Except for the Briggs Trust funds which are managed by Lloyds Bank, the Circuit's investment assets are held by the Trustees for Methodist Church Purposes (TMCPI as custodian trustees. The valuations, at market value, are those as provided by Lloyds Bank and TMCP as at 31 August 2024. Stsff costs The ministers are paid stipends at rates set by the Methodist Conference. The lay employees are paid salaries at rates set by the Circuit. The Circuit makes payments to the Methodist Ministers Pension Fund and into a pension scheme for its lay employees. The charge represents the amount payable in respect of the year. Ministers, mans8 costs The Circuit is required to provide accommodation for each minister and their families, and ministers are expected to occupy them. The Circuit bears the cost of repairs and maintenance, premises insurance, council tax and water charges. These are not regarded as benefits in kind by HM Revenue & Customs. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and current factors. including expectations of future events that are believed to be reasonable under the circumstances. The Circuit trustees make estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition,seldom equal the related actual results. The only estimates and assumptions that have significant risk of Causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Land and buildings The carrying values of land and buildings within tangible fixed assets and investment properties have been reviewed by the trustees based on a professional valuation for accounts purposes at the balance sheet date. 17-
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (cont d.) 3 INTEREST & INVESTMENT INCOfvIE Unrestricted Funds General Designated Restricted Endowment Funds Funds Funds Funds Total 2024 Total 2023 Bank interest Investment income 17.784 11,517 17,784 23,131 11,964 16,892 7,543 1,832 2,239 29,301 7,543 1,832 2,239 40.915 28,856 4 OTHER INCOME Unrestrlcted Funds General Deslgnated Restrlcted Endowment Funds Funds Funds Funds Total 2024 Total 2023 Funding for staff member on sick leave Ransom strip sale proceeds Contributions towards 3Generate costs Staffing and shared manse costs Grant repaid by Tadley Common Church Closed churches transferred to Circuit Funds transferred from TrSnity Basingstoke 10,184 10,164 21,469 5.500 5,403 2,021 3,000 5,403 8,087 3,000 6.066 4,032 1,500 1,165.000 63,868 16.230 10,424 26.654 1,261,369 Unrestrlcted Fund8 General Deslgnated Restrlcted Endowment Funds Funds Funds Funds S STAFF COSTS Total 2024 Total 2023 Stipends and salaries National Insurance Pension contributions Apprenliceshlp levy Relocation expens85 252,048 21,224 50,600 1,314 405 252.048 21.224 50,800 1,314 405 247,165 20,029 47,373 1,140 13,817 325,591 325,591 329,524 The mini$lers are stationed in the Circull by tho Methodist Conferance and are paid stipends al rates agreed by the Conference. The lay employees are employee$ of the Circuit and are paid salaries al rates set by the Circuit. The pay ¢o$ts of both the minister5 and lay employees are reflected In the accounts. The remuneration of those members of stsff in senior management positions lie on the Circuit Leadership Teaml were £206.644 12023.. £198,936)", and the full cost including employer pension and National Insurance conlribulions was £273,14212023' £261,289) Salaries and pension contributions are in line with guidance providèd by the Methodist Church. The number of staff dunng the year was No members of stsff received emoluments amounting lo over £60,000 in the year. Duririg the year. no tfuslee received any remuneration for the role of Irusl80. 14 12 6 ASSESSMENTS AND LEVIES Unrostrl¢tod Funds Ganeral D&slgnatod Restri¢tad Endowment Funds Funds Funds Funds Total 2024 Total 2023 District assessment Methodist Church Fund Contribut'ons to District Advanc8 Fund United Reformed Church assessments Church of England assessm8nts 16.651 88,073 16.651 88,073 3,472 4.092 18.178 86,390 3,269 4.416 312 3,472 4.092 108,816 3,472 112,288 112,565
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (contd.) 7 MANSE AND OTHER PROPERTY RUNNING COSTS Unrestrlcted Funds General Designated Restricted Endowment Funds Funds Funds Funds Total 2024 Total 2023 Insurance and utilities Rent payable Repairs and maintenance 48,024 5,850 62.862 48,024 5.850 62.862 27,458 19.200 83.550 116,736 116.736 130,208 8 ADMINISTRATION AND TRAVEL Unre8tri¢tsd Funds General Designated Re8trictsd Endowmènt Funds Funds Fund8 Funds Totsl 2024 Total 2023 Telephone costs Administrative expenses Publication5 Circuit office rent Travel expenses 7,865 8,957 2,740 3,600 11,662 7,865 8,957 2,740 3,600 11,662 7.451 8,802 1,974 3,600 10,567 34,824 34,824 32,394 9 OTHER OUTGOINGS Unr08tricted Fund8 General Deslgnatad R•8tr1et•d Endowment Funds Funds Fund8 Fund8 Total 2024 Total 2023 Audit fees Professional foes Property management Other expenditure 9,276 9,276 8.760 23,463 4.352 23.463 12.786 26,197 9,617 8.434 17,710 27.815 45,525 44,574 10 GRANTS AND DONATIONS The following grants were agreèd andlor paid during the year and charged to the funds concerned (see Notès 19 221. Associated support cosls are insignificant and hav• not been disclosed separately Totsl Total A¢¢ru•d or Ireloasedl Pald 2024 2023 G•neral fund8 lunr8strfctsd} Reading University Chaplaincy Churches Together in Berkshire Citizens UK Fund5 from Trinity Basingstoke transferred lo Sl Andrews Burghfield Common Church project lapsed Til8hurst Methodist Church for lay employeè 500 15001 15001 3.000 12.544 11,5001 1,770 11,774 3,000 12.$44 11.5001 17,500 15,730 31274 17.500 D•$ignatsd funds {unr•stri¢t•dl Model Trust Fund Wesley Methodist Church for refurbishment of part of 84 Queens Road for other use Circuit Development Fund Small grants paid to churches 10,000 4,454 4.454 4.454 4,454 2,900 12.900 Benevolence fund Ire8trictedl Payments 120 35,728 119,500} 16,228 31,020 19-
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (cont'd.) 11 VOLUNTEER CONTRIBUTIONS The Circuit is heavily reliant on volunteers who contribute their skills and time in the furtherance of the work of the Circuit. Principally this contribution is by serving as circuil and manse stewards and serving on groups that plan circuit events and meetings. support the Circuit's safeguarding work and the Circuit's Strategic Executive Group. No attempt has been made by the Trustees to value the non monetary contributions made by volunteers in monetary temis. 12 PAYMENTS TO TRUSTEES Several of the Circuit staff are also trustees of the Circuit. The ministers are paid stipends and travel expenses at the rates agreed annually by the Methodist Conferen. The lay employees who are Trustees are paid in line with the principles of the Methodist Church's policy for payment of lay employees. The ministers Rev'ds Simpson, Jenkins. Beukes, Jeongsook Kim, Banks, Watson and Deacon Maria Howard received stipends totalling £165,847., and Ihe lay employees Mary Ludlow, Lee Frost, Peter Frank and Marion Young received salary payments of £62,823., the total was thus £228,670 (2023.. £233,565). Some of the members of the Circuit may have receive payments from the Circuit in their capacily as manse or property stewards where they have either carried out maintenance work at manses rather Ihan employing a contrador or incurred expenses connected with their role. Other members of the Circuit meeting may be employed as a contraclor in connection with their trade or business. These amountad to £nil during the year (2023.. £nil). Expenses paid to members of the Circuit Meeting were as follows.. 2024 2023 Travel expenses Pulpit supply costs Offi¢e equipment and furniture Manse expenses reimbursed Administration and other ministry expenses reimbursed 10,112 6,175 1,813 2,139 3,776 24,015 8,450 4,075 1,408 1,950 2,477 18,360 Number of trustees who were paid expenses 19 16 20-
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (cont'd.) 13 PENSIONS The ministers belong to the Methodist Ministers, Pension Scheme, which is a defined benefit scheme. The Circuit pald a conlribution of 26.9D/o of stipend to the scheme in recent years. It is not possible to identify the Circuit's share of assets and liabilities. The results of the latest completed valuation as at 31 August 2023, and the previous interim valuation as at 31 August 2021, both assuming that the Scheme continues into the future. were as follows.. 2021 2023 Target level of assets Actual value of assels Surplus in assets Funding level 498.5 574.3 75.8 115.190/ 362.1 395.8 33.7 109.30% As the SGheme was in deficit at 31 August 2020, a recovery plan was initiated, and, in view of the recovery in the financial markets, an interim valuation was undertaken as at 31 August 2021 and showed a much improved position. The most recent valuation was undertaken as at 31 August 2023 and shows a funding surplus. Circuits had been paying total contributions at 26.9010 of stipend remuneration, but this rat8 reduced to 20.OD/ from 1 September 2024. Th8 Circuit belongs to a multi-8mployer defined contribution pension scheme operated by The Pensions Trust which is offered to lay employees. The Circuit matches their contributions lo the scheme up to 1 00/0 of pay, Irb line wilh FRS102 28.38, there is no ¢ontractual agreement and therefore the cost reGognised is equal to the contributions payable for the period. 14 TANGIBLE FIXED ASSETS Land Bulldlng8 Total Valuatlon Al 1 September 2023 Revaluation change At 31 August 2024 Depreclatlon At 1 September 2023 Provision for the year 960,000 5,000 965,000 1,915,000 2,875,000 5,000 1,915.000 2,880,000 At 31 August 2024 Net Book Value At 1 September 2023 960,000 1,915,000 2,875,000 At 31 August 2024 965,000 1,915,000 2,880,000 The manses were revalued by thé trustees at 31 August 2024, following a professional valuation for accounts purposes as al that date by Haslams, Chartered Surveyors. The historical value of land and buildings if they had not been revalued was £2,209,435 (31 August 2023. £2,209,435). 15 INVESTMENT PROPERTIES Land Buildings Total Valuatlon At 1 Sepiember 2023 Revaluation change At 31 August 2024 1,575,500 72,000 1.647,500 3,154,500 138,000 3.292,500 4,730,000 210,000 4,940,000 The manses were revalued by the trustees at 31 August 2023, following a professional valuation for accounts purposes as at that date by Haslams, Chartered SuNeyors. The historical value of land and buildings if they had not been revalued was £3,442,569 {31 August 2023.. £3,442.569). 21
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (Cont'd.) 16 INVESTMENTS 2024 2023 Balance at 1 September 2023 Additions Disposals Unrealised gainsl(losses) 350,727 800 12,648) 28,764 377,643 218,575 364,252 12,514 (13,822> 12,217 350,727 216,313 Cash held Balanc8 at 31 August 2024 596,218 566,040 Analysls of investments Investments listed on a recognised Stock Exchange or held in common investment funds, unit trusts or other collective investment schemes Other investments Circuit Model Trust cash holdings 377,643 100,204 118,371 350,727 95,876 119,437 596,218 566,040 17 DEBTORS 2024 2023 Sundry debtors Funds being transferred from Trinity Church Basingstoke after closure Stipends paid in advance Prepayments 3,673 25,103 63,868 21,048 22,684 132,703 24,795 4,750 33,218 18 CREDITORS 2024 2023 Assessments for September paid in advance Other creditors Grants payable to churches Accruals 35,074 15,125 33,732 11,573 19,000 25,267 22,676 72,774 89,572 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assèts Investment Propèrty Other Investments Current Assets (net) Total Funds, year ended 31 August 2024 Endowment funds Restricted funds Unrestricted funds 249,386 228,461 118,371 249,386 232,023 8,261,932 3,562 323,561 2,880,000 4,940,000 2,880,000 4,940,000 596,218 327,123 8,743,341 Funds, year onded 31 August 2023 Endowment funds Restricted funds Unrestricted funds 232,457 214,146 119,437 232,457 217,710 8,076,533 3,564 352,096 2,875,000 4,730,000 2,875,000 4,730,000 566,040 355,660 8,526,700
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (cont'd.) 20 ENDOWMENT FUNDS Opening balances Net incomel Investment Transfers {expendlturel galnsll10s8081 Closlng balances Movements In year ended 31 August 2024 Arthur Newbery Trust 5446 (Trustees Investment Fund: TIF Arthur Newbery Trust 4345 (TIF} Arthur Newbery Trust 4763 (Methodist Managed Mixed Funds & TIF) Arthur Newbery Trust 5447 (TIF} Arthur Newbery Trust 3669 ITIFI AJ Briggs Trust (managed by Lloyds Bank Private Banking) 361 31,595 361 33,212 1,617 90,557 337 9,844 99,763 232,457 6,997 97,554 337 10,348 107.574 249,386 504 1,516 605 9,327 16,324 Movements In year ended 31 August 2023 Arthur Newbery Trust 5446 (Trustees Inveslmenl Fund.. TIF Arthur Newbery Trust 4345 ITIFI Arthur Newbery Trust 4763 (Methodist Managed Mixed Funds & TIF) Arthur Newbery Trust 5447 {TIFI Arthur Newbery TrL¢sI 3669 ITIFI AJ Briggs Trust (managed by Lloyd$ Bank Private Banking) 362 30,697 {11 898 361 31,595 94,569 337 9.564 102,407 {4,0121 90.557 337 9,844 99,763 232,457 280 1.571 394 1,073 5,085 The investment income generated by funds 5446, 4763 and 3669 is used lo fund the Circuit's day to day running costs. The investment income generated by funds 4345 and 3669 is held in the fund. The income generated by the AJ Briggs Trust is used lo fund mini$try in 21 RESTRICTED FUNDS Movements In year ended 31 August 2024 Benevolence fund Trinity Church Devèlopment Fund Edith Bailey Bequest (supporting people) Arthur Newbery Trust {financing capital schemes in the Circuill 3,562 3,562 146 11,773 140 11,200 573 202,948 1,155 12,439 216,542 217,710 1,734 12,439 140 232,023 Movements In year ended 31 Augu•t 2023 Benevolence fund Edith Bailey Bequest (supporting people) Arthur Newbery Trust Ifinancing capital schemes in the Circuill 3,682 10,882 11201 318 3.562 11,200 209.437 642 17,131} 202,948 224,001 840 17,1311 217,710 The Benevolence Fund is held by the Circuit to support individuals in need. The Edith Bailey 8equest is to be used to support individuals in need. The Arthur Newbery Trust is available lo fund capital scheme5. The Fund for the Worker with the Deaf reseTve contributed towardg the cost of this post but has now been closed. 23-
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (cont'd.) 22 UNRESTRICTED FUNDS Opening balances Net income or Investment Transfers expenditurel-l GainslLosge¥ Closing balances Movgmgnts in year ended 31 August 2024 Gengral fund (day to day running costs) Designated Funds.. Manse Maintenance fund Manses capital (value of manses) Youth work fund Circuit development fund Ilraining, outreach, small proje¢l$ Kentwood Fund (grants for buildings projects) Circuit Model Trust funds 259,540 (44,6041 16,515 231,451 50,246 7,605,000 17,957 112,0001 50,203 7,820,000 1,051 30,882 9,973 118,371 215,000 1,051 11,4541 32,336 9,973 119,438 3,585 14,6521 8,076,533 129,4651 215.000 {137} 8.261,931 Movoments in yèar ended 31 August 2023 Ganeral fund (day lo éay running costs) Deslgnated Fund8'. Manse Maintenance fund Manses capital {value of manses) Youth work fund Circuit development fund (training, outrgach, small Pfojects Kentwood Fundlgrants for buildings projects) Circuit Model Trust fund 241,937 32.103 114,5001 259,$40 50.767 6,401.500 2,500 43,716 9,973 115.387 115,0211 1,165,000 {2.480> 111.400) 14,500 50.246 7,605,000 38,500 1201 20 32,336 9.973 119.438 4,051 6,865,780 1,172,253 38,500 8,076.533 23 TRANSFERS BETWEEN FUNDS The transfers b8Men funds represent amoun18 drawn down by aulhori8allon of the Clrcuil Meeting 24 AGENCY COLLECTIONS AND PAYMENTS The CiTCUIt a¢led as ogenl In either the collection oi facili18tion of the monies tabulat below. None of these collection$ were for related partles as defined In Note 1 and do not 8ppe8r 8188where In these accounts. men Balanc 31 202 elh Methodist Church Fund Fund$ for.. Propety Mission in Britain World Missions MethodSst Homes PreacheTS and Leaders of Worship All We Can Support foi Pre$byter$ and Deacon$ 5,750 1,450 4.300 90 243 300 200 50 90 210 33 300 200 so 6,633 1.800 4,833 The balance at 31 August 2024 is Included in Other Creditors (see Note 18} 24-
BASINGSTOKE & READING METHODIST CIRCUIT NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (cont d.) 25 RECONCILIATION OF NET {OUTGOING)I INCOMING RESOURCES TO NET CASH INFLOWS FROM OPERATIONS 2024 2023 Net movement in funds {Gains)Ilosses on investments Investment properties other investments Investment income and rent from investrnents Closed churches transferred to Circuit at no cost Ilncrease)Idecrease in debtors Increasel{decrease) in creditors 211,640 1,168,983 {210,000} {28,764} (191,050) (8,500) 12,216 (163,901) 11,165,000) (99,153) 23,104 48.181 (16,798) Net cash used in operating actlvltles {186,811} (232,251) Analysls of cash and cash equlvalents CFB deposits Cash at bank and in hand 335,737 30,941 296,342 18,187 366,678 312,529 26 POST BALANCE SHEET EVENT This Circuit merged with the Kennet & Test Valley Circuit IKTVI wlth effect from 1 September 2024. The merger was effected by transferring all the assets and liabilities from KTV into this Circuit so that KTV charity became simply a shell to be closed down as soon as practicable. The new enlarged Circuit becam8 the Berkshire & Hampshire Borders Circuit with effect from 1 September 2024. The net assets and funds thus transferred from the former KTV Circuit on 1 September 2024 were as follows.. Fixed assets Current assets Less current liabilities Net assets 1,855,426 337,833 6,940 2,188,319 Represented by-. Unrestricted funds Restricted funds Endowment funds 1,994,634 1,259 190,426 2.186.319 -25-