2024-08-31-accounts

THE METHODIST CHURCH

STANDARD FORM OF ACCOUNTS ACCRUALS BASIS for the year ended 31 August 2024

Liskeard & Looe Methodist Circuit

Circuit no 12/19

Registered Charity - Registration number

1135023

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Rev L Mellor
G R Peters, A J Simmonds, J I Chenoweth
S Beeke, A M Searle, A Courtier-Nicholson
T D Pickard, M R Wigley, M Hodgkinson
P J Rowe, J Waterman, C Waterman, J Cole
M J Keast, M Cole, M J Gilbert, B Hocking
D Taylor, P Worth, J Rowe, A Barnicoat
W Barbery, J H Roose, L Wigley, C Husk
A S Tamblyn, B Bishop, J Husk, S J Jory
[7] 1
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Circuit Superintendent Rev L Mellor Circuit Trustees G R Peters, A J Simmonds, J I Chenoweth S Beeke, A M Searle, A Courtier-Nicholson T D Pickard, M R Wigley, M Hodgkinson P J Rowe, J Waterman, C Waterman, J Cole M J Keast, M Cole, M J Gilbert, B Hocking D Taylor, P Worth, J Rowe, A Barnicoat W Barbery, J H Roose, L Wigley, C Husk A S Tamblyn, B Bishop, J Husk, S J Jory

Name of Circuit: Liskeard & Looe Methodist Circuit

12/19

Statement of Financial Activities (SOFA) for the year ended 31 August 2024

Notes to the accounts Income from Donations and legacies 2 Grants received 2 Assessments on churches Income from investments Income from investment properties Capital receipts 2,11 Other charitable income 2 Internal organisations Total income Expenditure Grants and donations 3 Stipends, Salaries and associated costs 4,5 Property Maintenance 6 Connexional assessment & Model Trust Fund District assessment & levy Depreciation Office expenses 7 Other outgoings 8 Internal organisations Total expenditure Net income/(expenditure) before gains and losses on investments Net gains/(losses) on monetary investments Net gains/(losses) on investment properties Net income/(expenditure) Transfers between funds 10 Net gains/(losses) on fixed assets 11 Revalutation of investments properties Other gains/(losses) Net movement in funds Total funds brought forward Total funds carried forward

General Fund (Unrestricted) Circuit Model Trust Fund (Unrestricted) Designated Funds (unrestricted) Restricted Funds Endowment Funds Total 2023-24 £ £ £ £ £ £ 200 200 1,500 1,500 88,082 88,082 2,035 23,468 25 25,528 36,933 36,933 114,164 114,164 8,860 8,860 0 251,774 23,468 0 0 25 275,267 27,100 27,100 12,627 12,627 19,059 19,059 7,310 7,310 25,548 25,548 0 4,866 758 1 5,625 26,694 26,694 0 115,894 8,068 0 0 1 123,963 135,880 15,400 0 0 24 151,304 (2,677) (2,677) 0 135,880 12,723 0 0 24 148,627 82,233 (82,209) (24) 0 (131,904) (131,904) 202,257 202,257 0 288,466 (69,486) 0 0 0 218,980 2,437,178 265,478 0 0 464 2,703,120 2,725,644 195,992 0 0 464 2,922,100

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Name of Circuit: Liskeard & Looe Methodist Circuit

12/19

Statement of Financial Activities (SOFA) for the year ended 31 August 2023

Notes to the accounts Income from Donations and legacies 2 Grants received 2 Assessments on churches Income from investments Income from investment properties Capital receipts 2 Other charitable income 2 Internal organisations Total income Expenditure Grants and donations 3 Stipends, Salaries and associated costs 4,5 Property Maintenance 6 Connexional assessment & Model Trust Fund District assessment & levy Depreciation Office expenses 7 Other outgoings 8 Total expenditure Net income/(expenditure) before gains and losses on investments Net gains/(losses) on monetary investments Net gains/(losses) on investment properties Net income/(expenditure) Transfers between funds 10 Other gains/(losses) Net movement in funds Total funds brought forward Total funds carried forward

General Fund (Unrestricted) Circuit Model Trust Fund (Unrestricted) Designated Funds (unrestricted) Restricted Funds Endowment Funds Total 2022-23 £ £ £ £ £ £ 200 200 1,000 1,000 89,927 89,927 673 8,568 1 9,242 31,772 31,772 13,720 13,720 1,618 1,618 0 138,910 8,568 0 0 1 147,479 1,200 1,200 50,960 50,960 22,902 22,902 10,293 1 10,294 27,448 27,448 0 4,395 4,395 24,091 24,091 130,996 10,293 0 0 1 141,290 7,914 (1,725) 0 0 0 6,189 2,258 2,258 1,079,351 1,079,351 1,087,265 533 0 0 0 1,087,798 (11,573) 11,573 0 0 1,075,692 12,106 0 0 0 1,087,798 1,361,486 253,372 0 0 464 1,615,322 2,437,178 265,478 0 0 464 2,703,120

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Narn of Clru Llsk•ard and Loo• M•thodlst C1￿￿tt Clrcuh no. 12119 Balance Sheet a3 at 31 August 2024 Nalu to Gener Fund IUnre5trlctedl Clrcult Model Tnt Fund ¥trf4• De￿On￿ad Funds IUnr•#lrfct•dl Re￿￿4¢d Fithd$ Totsl¥ 2023124 Funds 2022123 Hxed ABsets Qrojit man•M & eqLipm•rt 11 48S148 1220.341 Cuir•rtA¥Mts Debtor8 and prnpaymwts Loun8 byth Cl￿t IrhY8kn•nts wih TMCP C•ntrd FirArKe Board e4•h w B•rk •ThJ in h•nd 12 473 8,473 13 14 196,456 18. 14 BO,6Jg 1•0.992 276.906 319,B92 rAeditty% (due 1 ￿1) Grartts pay•t40 in under one ￿r 15 &013 8.013 41)tJ 74520 1,013 2M982 1M.892 314052 In5,844 1922,100 4701120 Loryt•rni IlablMtI•% du• aft•r mom th•n on• Qrlrts payatrle in overono Loatxto Ihe orciit Tof4iow t•rni Ilat411d 2.724644 194992 1922,11XI 2.703,120 Fund• off￿ G#MraE FuTrl IUnr¢thdedl "ric Advance FuThJ IhwgM•d FthJ¥ IUy¥2strKt2dl 16 Z72&644 2.rA,6M 1￿.992 1437,178 312 195,992 16 19tl.631 Rathrt•d FuThJ¥ EndrI￿7trt FLM 16 16 9,186 Tol•l Fund• 1724644 194992 1922.100 2,703.120 Signed Cirojit st8waT

LISKEARD AND LOOE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting framework and accounting policies

i Accounting framework

The financial statements have been prepared under the Charities Act 2011 in accordance with the 2014 version of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS102 – the Charities SORP (FRS102) and taking note of the Update Bulletin 1 issued in 2016.

ii Public benefit entity

Liskeard and Looe Methodist Circuit meets the definition of a public benefit entity under SORP (FRS 102).

iii Basis

These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) below. The accruals basis has been used and trustees present accounts that show a true and fair view of the Circuit’s financial position and activities. The accounting policies adopted are those outlined in Note 2.

iv Content

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

v Going concern

Based on the monetary assets and human resources available at 31 August 2024, the trustees believe that the Circuit is a going concern.

vi Consolidation

The Circuit has denominational regulatory oversight in respect of the work of the 9 Church Councils within the Circuit but has no legal or operational control of those Church Councils and their governing bodies except in extreme circumstances. For this reason, the financial statements of the Churches within the Circuit are not consolidated into these financial statements.

vii Income recognition

Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the trustees are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient reliability.

viii Expenditure

This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources.

ix Grants

Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment.

x VAT

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

xi Tangible fixed assets

Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £1,000. Manses are included in the accounts at cost. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year for impairment.

xii Investments

Monetary Investments

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

Investment Property

Investment properties are shown at 75% of the 2024 insured values. No depreciation is provided on the building because the trustees consider the current residual fair values are not less that their current values. Any depreciation would not be material. These properties have been reviewed for impairment.

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LISKEARD AND LOOE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

xiii Debtors and creditors; bank and cash

Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors are initially recognised at settlement amount after any trade discounts, where normal credit terms apply, or amount advanced to the Circuit. Subsequently creditors that are current liabilities are measured at the cash or other consideration expected to be paid. The liquid funds of bank balances and deposit account balances are shown at the realisable values.

xiv Ministers' manse costs

The Circuit is required to provide accommodation for each Minister and their families. The Circuit bears the cost of repairs, maintenance, building insurance, Council Tax and water charges. These costs are not shown separately as benefits-in-kind for Ministers as HMRC does not seek to tax these receipts in the hands of the Ministers.

2 Income

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2023-24 2022-23
Donations and legacies £ £
Donations 200 200
Total donations and legacies 200 200
Grants received
District grant (Warm Spaces, passed on to churches) 1,500 1,000
Other grants - -
Total grants received 1,500 1,000
Other charitable income
-
Rebate of manse council tax on sale of manse 7,805
Other income 1,055 1,618
Total other charitable income 8,860 1,618
Capital receipts
-
Inclusion of Bethany Chapel as asset 114,164
-
Capital receipts - related to sale of Tredinnick Chapel 13,720
Total other charitable income 114,164 13,720
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3 Grants, donations and related Support costs

Grants from the District Advance Fund for Warm Spaces were passed on to Churches and are listed below. Grants and donations of £25,600 (2022-23 £200) from the General Fund are listed below.

District Advance Fund grants allocated to churches As received from District Advance Fund: Warm Spaces Grants and donations from General Fund Polperro Methodist Church - property project Support for Local Preacher studying with Cliff College All We Can Methodist Women in Britain Total	2023-24 2022-23 1,500 1,000 25,000 - 600 - - 50 - 150 27,100 1,200

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LISKEARD AND LOOE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

4 Stipends, salaries and associated costs

Gross salaries paid to ministers and lay employees were as follows:

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2023-24 2022-23
£ £
Ministerial staff
-
Stipends, National Insurance and Employer's pension contributions 36,634
-
Total cost for 0 ministers (2023: 1) 36,634
Lay employees
Gross pay, National Insurance and Employer's pension contributions 12,627 14,326
Total cost for 2 lay employees (2023: 2) 12,627 14,326
Total staff costs 12,627 50,960
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No employees received employee benefits that totalled more than £60,000. There is no accrual for holiday pay as it is immaterial; the holiday year ends on 31 August. All staff are paid at or above the living wage.

The two part time lay employees were engaged as follows: Administrator and Treasurer

5 Pensions

Most ordained presbyters and deacons are members of the Methodist Ministers’ Pension Scheme (MMPS). This is a defined benefit scheme. The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters and deacons) are not employees of the Church. For simplicity, however, when dealing with National Insurance Contributions and pension contributions, the terms ‘employer’ and ‘employee’ are used as they would be in an employing body.

On the other hand lay employees are contractually employees. In this Circuit, as at 31 August 2024, no employees are enrolled in a pension scheme.

The Connexion accounts for the MMPS and shows the figures in the annual Methodist Church in Great Britain accounts.

6 Property costs

Manse repairs and maintenance Manse utilities, council tax and water Cemetery maintenance Expenses for closed churches Church quinquennials Total property costs	2023-24 2022-23 £ £ 9,186 7,209 2,551 2,741 3,845 3,990 146 6,747 3,331 2,215 19,059 22,902

7 Office expenses

Office rent TMCP charges Bank charges Other office costs Total office expenses Stationery, postage, printing and telephone	2023-24 2022-23 £ £ 3,820 3,070 600 1,268 757 - 63 57 385 - 5,625 4,395

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LISKEARD AND LOOE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

8 Other outgoings

Shared ministry contributions Staff travel Legal fees Accountancy and bookkeeping Insurance CCLI Licence Supernumerary fees Relocation expenses Pulpit materials Training, Development and Evangelism Prior year correction (from December 2021) Sundry outgoings Total	2023-24 2022-23 £ £ 8,226 1,860 3,252 1,054 10,373 4,858 1,162 840 2,230 7,305 1,155 1,162 780 625 2,780 - 853 4,592 - 331 5,000 - - 883 1,464 26,694 24,091

None of the remaining individual amounts (aggregated as 'Sundry outgoings' above) is considered material and none is listed separately.

9 Collections for external organisations

The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is summarised below:-

Action for Children Total Transfer between funds The following amounts were transferred between funds From Endowment funds to General Funds From Circuit Model Trust Fund to General Funds Total Transfers	Opening balance Received Paid Closing balance £ £ 350 350 - 350 350 - during the yea 2023-24 2022-23 £ £ 24 - 82,209 11,573 82,233 11,573

10 Transfer between funds

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LISKEARD AND LOOE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

11 Manses and other property

Manses and other property
Cost or valuation	At 31/8/2024	At 31/8/2023
	£	£
Manses:
Wesley Manse Liskeard	-	485,148
9 Pendean Avenue	432,777	-
Investment Properties:
Barbican Looe	1,370,096	1,323,750
Old Orchard	232,221	183,034
18 Penarth	503,860	397,136
Bethany Methodist Church	114,164	-
Total manses and other property	2,653,118	2,389,068

Wesley Manse Liskeard was sold in October 2023 for £353,244 having been valued in the previous accounts at £485,148. The resultant loss of £131,904 shows in the Statement of Financial Affairs.

12 Debtors and prepayments

All sums shown as Debtors at 31 Aug 2023 were received during the following year. All sums shown as Debtors at 31 Aug 2024 were received during the following year.

Debtors were made up as follows:

Assessment outstanding from Polperro Methodist Church Deposit due for return from TDS Insurance refunds due Total (net)	2023-24 2022-23 £ £ 2,936 - 950 - 4,587 8,473 -

13 Trustees for Methodist Church Purposes

TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property. TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and policy as determined by the Methodist Conference.

Circuit Model Trust Fund (unrestricted) Trustees Interest Fund General Reserve (unrestricted) Trustees Interest Fund General Reserve (unrestricted) CFB Managed Mixed Fund Roy Writer bequest (unrestricted) Trustees Interest Fund William Tamblyn Bequest (endowment) Trustees Interest Fund William Tamblyn Bequest (endowment) Trust Income (Earning Interest) Henry Welch Legacy (endowment) Trustees Interest Fund POS for Upkeep (unrestricted) Trustees Interest Fund Margaret P Roberts Bequest (unrestricted)Trustees Interest Fund Margaret P Roberts Bequest (unrestricted)Barclays and BP shares Total (net) 9

2023-24 2022-23 £ £ 128,928 196,206 14,665 14,665 4,686 4,349 9,635 9,166 250 250 4 4 210 210 2,605 2,605 2,208 2,208 33,265 36,279 196,456 265,942

LISKEARD AND LOOE METHODIST CIRCUIT

FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE ACCOUNTS

14 Central Finance Board (CFB) and cash at bank

The Circuit has one current account at CAFbank, an authorised institution. The sums held on this account are immediately available. In addition the Circuit has a deposit account at Central Finance Board, a common deposit fund. Interest is earned on these accounts and credited monthly; the sums deposited can be withdrawn without notice and without loss of interest. These sums are viewed as being liquid.

15 Creditors and accrued expenses

Creditors due within one year: Shared ministry due to Liskeard PCC Other accruals Independent examination Total of creditors and accrued expenses Deferred income - assessment paid in advance Prior year missposting corrected in 2023-24 correction	2023-24 2022-23 £ £ 5,372 - 753 - 1,048 840 840 - 5,000 8,013 5,840

It is expected that all sums accrued at 31 Aug 2024 would be paid during the year to 31 Aug 2025.

16 Summary of movements on individual funds

Unrestricted Funds General Fund (not including property) Manses for the charity's own use Investment property Circuit Model Trust Fund (CMTF) General Reserve (Additional CMTF) Margaret P Roberts Bequest (Additional CMTF) POS for Upkeep (Additional CMTF) Roy Writer Bequest (Additional CMTF) Total Unrestricted & Designated Funds Endowment Funds William Tamblyn Bequest Totals Total Endowment Funds Henry Welch Legacy

Balance at 1/9/23 Income Expenditure Transfers/ Revaluations Balance at 31/8/24 48,110 137,610 115,894 2,700 72,526 485,148 -52,371 432,777 1,903,920 114,164 202,257 2,220,341 196,206 20,124 7,870 -79,533 128,927 19,014 907 54 -516 19,351 38,487 1,804 110 -4,707 35,474 2,605 138 8 -130 2,605 9,166 495 26 9,635 2,702,656 275,242 123,962 67,700 2,921,636 254 14 1 -13 254 210 11 -11 210 464 25 1 -24 464 2,703,120 275,267 123,963 67,676 2,922,100

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LISKEARD AND LOOE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

17 Analysis of net assets among funds

Fund balances at 31 August 2024 are represented by:

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Unrestricted - Restricted Total funds
general, DAF including
and Endowment
designated funds
funds
£ £ £
Tangible fixed assets 2,653,118 - 2,653,118
Fixed asset investments
Current assets 276,531 464 276,995
Current liabilities - 8,013 - - 8,013
Payables due after one year - -
Total 2,921,636 464 2,922,100
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18 Capital commitments and contingent liabilities

There were no capital commitments or contingent liabilities at the year end (2022-23: nil).

19 Lease commitments

The Circuit had no material lease commitments as at 31 August 2024.

20 Trustees

In the year, no trustees received stipends (2023: £36,634, 1 minister) for their roles as ministers in the year.

Two trustees received remuneration from the Circuit for their employment in the year. This is in accordance with Law and Standing Order 314 as detailed by the governing documents. The relevant costs were £12,627 (2023: £14,326).

None of the above are deemed to be paid on terms preferential to those that would be accorded to a member of the public with the same qualifications or experience.

The Circuit has a policy that all trustees may claim for appropriate expenses in the course of their duties on behalf of the Circuit. Total travel expenses paid to ministers, lay employees, supernumeraries and volunteers are included in Note 8. One volunteer trustee claimed and received expense payments in relation to their travel on Circuit business. These are summarised below.

Type of expenses reimbursed Travel Number of trustees reimbursed (exclusive of ministers and lay employees) Office expenses (stationery, postage, books) Total	2023-24 2022-23 £ £ 1,116 613 68 293 1,184 906 1 1

21 Independent examiner

An accrual has been made for the fee of the independent examiner in the sum of £840 for the year (2022-23: £840) The independent examiner provided no additional services during the year.

11

Name of Circuit: Liskeard and Looe Methodist Circuit......... ...... No: 12119 Declarations and Scrutiny I confirm that these accrualsknbased accounts for the year to 31 August 2024 have been prepared from the records of the Circuit and that they indude all funds under the control of the Circuit meeting. Signatureoftreasurer..................... Date: 11 June 2025 Name and address of treaSu￿r. M Hodgkinson, Pendean, East Taphouse, Llskeard, Comwall PL12 4NH Pre8entatlon to the Clrcuft meetlng I confinn that the annual report and accounts for the year ended 31 August 2024 were presented to the Circuit meeting held on: 11 June 2025 Signature of the Chair of the meeting: Name of the Chair ofthe meeting: . . Rev Jonathan P Budd......... Date: 11 June 2025 Independent Examinerfs Report to the Trustees of the Llskeard & Looe Methodlst Circult Charlty Number 1135023 Respon8lbllltles and basls of report I report to the trustees on my examination of the accounts of the Liskeard & Looe Methodist Circuit for the year ended 31 August 2024 set out on pages 2 to 11. As the Circuit's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Circuit's accounts carried out under section 145 of the Act and, in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the ACL 12

Name of Circuit: Liskeard and Looe Methodist Circuit No: 12119 Independent Examiner's Ststement The Circuit's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of Association of Chartered Certified Accountants. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination ( ) which give me cause to believe that in, any material respect.. the accounting records were not kept in accordan￿ with section 130 of the Act., or the accounts do not accord wrth the accounting records; or the accounts do not comply with the applicable requirements cOn￿mIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view, which is not a matter considered as part of an independent examination; the trustees, annual report is not consistent wrth the accounts I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. I IM¥•lhave not" obtained independent verification of all invesbnents with the Trustees for Methodist Church Purposes or held in other trusts, bank balances and funds at the Central Finance Board of the Methodist Church which are i dividually in excess of £10,000 (ten thousand pounds) at the balance sheet date. Signature of independent examiner Name of independent examiner: Andrew Farr Relevant professional qualification of independent examiner: FCCA Name of finn (where appropriate): Dawe, Hawken & Dodd Address: 52 Fore Street, Callington, Cornwall. PL17 7AJ Date: delete or circle as appropriate