Circuit Number 2801
Wolverhampton Methodist Circult
REPORT AND FINANCIAL STATEMENTS
For the year ended 31 August 2024
(Charlty Number 1135146)
Muras Baker Jones Limited
Chartered Accountants
Wolverhampton

Wolverhampton Methodist Circuit
Contents
For the year Ended 31 August 2024
Administrative Information
Trustees, Annual Report
Statement of Trustees, Responsibilities
13
Auditors, report
14
Statement of Flnanclal Actlvltles
18
statement of Flnanclal Position
19
Cash Flow Statement
20
Notes to the financial statements
21

Wolverhampton Methodist Circuit
Administrative Information
Registered Charity Number
1135146
Superintendent Minister:
Revd. Dr Joanne Cox-Darling
Ministers in the active work:
Revd. Steve Jackson
Revd. Christopher Parkes
Revd. Rosemary Nash
Revd. Paul Nzacahayo
Revd. Teddy Siwila
Deacon Linda Gilson
Senlor Steward;
David Crook
Clrcult Stewards:
Denls Beaumont
Andre Burns
Alan Eccles
Gabrlel Gidi
Lesley Cook.
Edward Bridgwood
Clrcult Treasurer:
Rob Turton FCA
Other Trustees:
Revd. Glennys Bamford
Revd. Steve Singleton
Revd. Robert Readshaw
Revd. Trevor Pratt
Together with 51 other Trustees
Revd. Donald Ryan
Revd. Margaret Helm
Revd. Ivor Sperring
Registered Office:
Beckminster Methodist Church
Birches Barn Road
Penn Fields
Wolverhampton
West Mldlands
WV3 7BQ
Charity:
1135146
Auditors
Muras Baker Jones Limited
Regent House
Bath Avenue
Wolverhampton
West Midlands
WVI 4EG
Bankers;
Lloyds Bank PIC
Queen Square
Wolverhampton
West Midlands
WVI ITF
Barclays Bank PIC
Queen Square
Wolverhampton
West Midlands
HSBC Bank PIC
Queen Square
Wolverhampton
West Midlands

Wolverhampton Methodist Circuit
Administrative Information
Central Finance Board of the Methodist Church
9 Bonhill Street
London
EC2A 4PE
Investment advisors:
Trustees for Methodist Church Purposes (TMCP)
Central Buildings
Oldham Street
Manchester
Ml IJQ
Solicitors:
Anthony Collins LLP
134 Edmund Street
Birmingham
B3 2ES

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
Objects and Activities of the Circuit
The purposes of the Methodist Church are and shall be deemed to have been since the date of Union
the advancement of:
The Christian falth in accordance with the doctrinal standards and the discipllne of the Methodist
Church;
Any charitable purpose for the time being of any Connexional, distrlct, circuit, local or other
organisation of the Methodist Church;
Any charitable purpose for the tlme being of any society or Institution subsidiary or ancillary to
the Methodist Church.
Any purpose for the tlme belng of any charity belng a charity subsidiary or anclllary to the
Methodist Church.
b)
d)
The objectives outlined above are achleved through the strategic direction of the Circult Leadership
team and the Circuit meeting. The Leadershlp team meet at least 6 times a year and the Circuit
meeting at least 3 times a year to revSew and implement objectives, monitor our discipleship and to
recelve regulatory Information either from the Methodlst Church or other means.
Public Benefit
We conflrm the trustees have had regard to the Charity Commission's guldance on public benefit.
The work which we carry out with our Churches and the Communities in whlch they are situated is
deslgned for the benefit of all. It not only supports our Church members but also provides the
resources required to deliver mission and outreach to the most needy In our Society. This Is achleved
in various ways through the use of our Church buildings to work with people and organisations,
through support of local food bank and homelessness projects and also through other forms of
partnership working within our Local Communlties.
Structure, Governance and Management
The governlng document for the circuit is the Deed of Unlon (1932) and Methodlst Church Act (1976).
Detalled governance arrangements are outlined within the Constltut5onal Practice and Dlsclpline (CPD)
of the Methodist Church by order of the annual conference. These are updated annually.
Day to day management of the clrcuit Is undertaken by the Clrcult Leadership team, whlch comprlses
of the Superlntendent Minister, the Mlnisterial Team, the Circult Stewards and the Honorary Treasurer.
Together they represent the key management team. They are supported by the Local Preachers
meetlng.
The Clrcuit Leadership team is accountable to the Members of the Circuit meeting who are also
Trustees of the Circuit.
Trustee Training
A range of guidance is produced by the Methodist Connexion to support the effective running of the
circuit, specifically the leaflet'The Role of a Trustee in The Methodist Church, is given to all new Circuit
meeting members as induction to their role as trustees.

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
Related Parties
The Circuit is part of the Wolverhampton and Shrewsbury District of the Methodist Church and is also
accountable to the Methodist Conference.
The following Methodist Churches are members of the circuit:
Beckmlnster
Bradley
Brewood
Codsall
Cranmer
Coven
East Park
Fallings Park
Hurst Hill
Lanesfield
Rakegate
Springdale
st Johns
stratton Street
Upper Ettingshall
Wombourne
Further to thls the Clrcuit managed two Churches for part of the year ,these being Wednesfield
Methodist Church ,whose congregation ceased to meet several years ago, and Stowlawn Methodist
Church, whose congregation ceased to meet in 2022.These properties were disposed of durSng the
years further detailed in Note 7 to the Financial Statements.
In addition to the above St Andrews United Reformed/Methodist Church based In Sedgley remains
part of the Clrcuit under a sharlng arrangement with the United Reformed Church.
Revlew of Activities
In designlng and monltorlng the actlvitles of the Charityi the Trustees have paid due regard to the
Charity Commissions guidance on public benefit as further detailed on page 4. The review of activities
In the followlng sections demonstrates how the Charlty has provided benefit directly to the churches
which comprise the Circuit and thereby to the local congregations and wider local communities
Involved with those churches.
General Revlew
The Clrcuit continues to be an active and major member of the Wolverhampton and Shrewsbury
District. Locallyi and within our own Circult boundaries, the Circuit has continued to support the
congregations and communities that our Churches serve. It has achieved this with the support of 7
ordained Presbyters who received stipends for their roles. The Circuit also employs several key lay
support workers who are paid for from Church contributions, donations and Circuit funds.
Additional support continued to be provided by retired ministers who continued to have closer day to
day involvement with several of our smaller congregations.
The local churches continue to provlde programmes of worship, pastoral care and community
involvement under the leadership of Ministers, lay employees and local Church Trustees.

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
On I September 2023 we welcomed Rev Christopher Parkes to the Circuit on a reduced hour's basis.
Activities and Future Plans
As part of the on-going development of the Misslon of the Circuit and of its objectives, the Clrcult
conducted a structural review several years ago. The Circuit Leadership Team have taken this forward
during the year and have developed a circuit vision for the future which has been shared with our
Clrcuit meeting and Churches. The aim being to Improve our use of resources, to provide missional
leadershlp to support growth and to ease the current burden on our Presbyters and Leadership Team,
all of this whilst acknowledging that our problems are the same as those the Church faces generally
in the light of a general lack of people able to carry out the roles that Church Trusteeship requires in
the modern world,
A 3 hub structure for Churches was agreed upon by the Circult meetlng during the year. The Clty
Centre missional work remains outside the hub structure as a beacon of outreach.
The CLT and
Circuit meeting are now planning for the new the structure to be operational from I September
2025.The creatSon of this structure will see a further Investment of model trust monies into the Clrcult
as 5t develops and Increases outreach, As an LEP St Andrews will remaln as part of the Circuit but wlll
not be part of a hub.
The hub structures wlll eventually see each hub registered as a Charity wlth their own Trustee body
who wlll oversee the runnlng and finances of the Churches In the hub.
Bllston Methodlst Church ceased to meet in November 2023 and since then the protection and
management of the Church buildings has been undertaken by the Circuit. The Leadershlp team are
actively pursuing opportunities forthe ongoing use of the building and currently they are being utilised
by the Zimbabwean Methodlst Fellowship and by a local homeless charity. In addition a number of
smaller lettings take place from time to time.
The empty manse at Lewls Street, Bllston was sold by auction during the year.
The disposal of properties referred to above has taken a considerable burden away from the Circuit
finances and leadership team and also reduced the outgoings of the Circuit whilst increasing our model
trust reserves for use in future missional activity.
The Ministers, Trustees and senlor leadershlp team continue to believe that the implementatlon of the
strategic Vlsion for the Circuit as described above will leave it better placed to react to areas of need
In the future across an area where there are significant dlfferences in wealth with many of our
Communities located in areas of significant deprivation and diverse beliefs where currently the cost of
living crisis is further exacerbating matters.
Safeguarding
Every person has a value and dignity which comes directly from the creation of male and female in
God s own image and likeness. Christians see this potential as fulfilled by God s re-creation of us in
Christ. Among other things this implies a duty to value all people as bearing the image of God and
therefore to protect t17em from harm.
Methodist Connexional practice outlines commitment to the following principles:
The care and nurture of, and respectful pastoral ministry with, all children, young people and
adults.
The safeguarding and protertion of all children, young people and adults when they are
vulnerable.

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
The establishing of safe, caring communities which provide a loving environment where there
Is informed vigilance as to the dangers of abuse.
We will carefully select and train all those with any responslbility within the Church, in line with
Safer Recruitment principles, including the use of criminal records disclosures and registration
wlth the relevant vetting and barring schemes"
We will respond wlthout delay to every complaint made whlch suggests that an adult, child or
young person may have been harmed, cooperating with the police and local authority in any
Investigation;
We will seek to work with anyone who has suffered abuse, developing with them an appropriate
ministry of informed pastoral care;
We will seek to challenge any abuse of power, especially by anyone in a position of trust;
We wlll seek to offer pastoral care and support, including supervision and referral to the proper
authorities, to any member of our church community known to have offended against a child,
young person or vulnerable adult.
In all these prlnclples we wlll follow legislationi guidance and recognlsed good practice.
Safeguarding continues to be an important area of conslderation for the Church and we contlnue to
work with the Wolverhampton and Shrewsbury District and the wider connectlon in order to ensure
that our pollcies, training and practices meet all of the statutory and legal requirements in this area.
Major Actlvltles
The year to 31 August 2024 continued to present significant financial challenges operationally which
the Circuit has had to deal with. The effects of some of these, some of which are being caused by the
cost of livlng and energy crisis, are still being felt withln our Communities and we continue to carry
out work to help in these areas.
As already referred to one of our Churches, Bilston Methodist Church, took the decision during the
year to cease to meet and Its final service was held on 30 November 2023. The responsibility for the
Church has accordingly now transferred to the Circuit meeting. As explained above potential uses of
the Church buildings are currently under consideratlon and, as yet, no firm decision has been taken
on retention or disposal of the buildings. This will be done In the coming months.
Further to the above there continue to be several other Churches within the Circuit who are struggllng
to cope flnancially and the Clrcult continues to work wlth those churches, both through short term
support and longer term plannlng (through our vision work), in order to flnd sustainable solutions for
the future which further the objects that we have as a Methodist Circuit whilst continuing to help our
local congregations and communitles.
Our City Centre Mission work, led by Deacon Linda Gllson, continues to develop and grow. The minlstry
operates as part of the Missional work being undertaken by Deacon Llnda Gilson. Funding for thls
comes from the Model Trust monies held following the sale of Darlington Street together with the
balance of the monies held within WPM at the point of the transfer of responsibility. These amounted
to just over £33000.This is an exciting development for the Circuit and its Mission and we are already
seeing signs of how this mlsslonal work is benefiting the City.
Risk Management
The major risks have been identified and recorded by the Circuit Leadership Team and Circuit meeting
with professional advice taken as required. These centre around, the effects of Covid-19 (where risk
assessments and opening protocols for each property have been put in place by local Trustees after
approval by the Circuit leadership team) property (Manses and Churches) maintenance costs and
finally the need to stay up to date with safeguarding protocols and procedures and with GDPR
legislation.

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
Income and Expenditure continues to be monltored throughout the year both in total and in detall and
is compared with the approved annual budget on a half yearly basis to detect trends as part of the
rlsk management process and to avoid unplanned calls upon reserves.
The Wolverhampton Methodist Circuit has committed itself to ensurlng the implementation of
Connexional Safeguarding Policy; government legislation, guidance and safe practice in the circuit and
in the churches.
It has also committed itself to the provlsion of support, advice and tralning for lay and ordained people
that will ensure people are clear and confident about their roles and responsibilities In safeguarding
and promoting the welfare of children and adults who may be vulnerable.

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
Flnancial Report
The result for the year shows an overall surplus of £149,772 (2023 surplus
split across funds as follows:
£571,205). The result is
General fund
Circuit Model Trust Fund
Designated Funds
Restricted Fu nds
£(163,964)
£310,487
£(2,024)
£5,273
(2023 - £16,258)
(2023 - £565,249)
(2023 - £(1,635))
(2023 - £(8,667))
Surplus
Surplus
Deficit for both years
Surplus / (Deficlt)
The princlpal elements affectlng the result for the year are as follows:
A)
The General Fund produced a deficit for the year of £163,964 (2023
surplus £16,258) after
transfers from other Funds. Before transfers the fund was In deficlt by £186,524 (2023
£58,080). The pre-transfer result Is after depreclation of £26,782 (2023 - £27,200) has been
charged.
The actual result before depreclatlon was a deficit of £159,742 (2023 - £30,880 surplus). This
is explained by the decision the Circuit took in previous years to fund a deficit budget and to
fund the City Centre mission from the proceeds of sale of Darllngton Street. Thls Is the case in
the current year too.
In total net transfers of £22,560 (2023 - £74,338) were made from other funds. These were
largely monles withdrawn from Model Trust Funds to support the ongoing work of the Circuit
and the City Centre Mission post.
At the end of the year the General reserves stood at £1,415,303 (2023 - £1,579,267) and
principally comprised Flxed assets (being manses and related costs) and net current assets
held for working capital purposes.
B)
The Circuit Model Trust fund produced an operating surplus before transfers of £327,660 (2023
-£565,249) principally as a result of the receipt of monies from the sales of Wednesfield and
Stowlawn churches, and the disposal of the Lewis Street manse. These amounts were received
after deduction of the levy taken on sale proceeds and the annual levy on the value of the
funds held at TMCP. The prlnclpal transfers during the year were to cover the ongoing
expenditure referred to above.
At the year end the Model Trust Fund stood at £1,220,415 (2023 £909,928). These monies
are held on behalf of the Clrcult by TMCP within investment and deposlt accounts and are
administered by them.
c)
The deslgnated funds relate to Wednesfield Methodist Church. Actlvltles at Wednesfield
produced a deficit of £2,024 (2023 - £1,635). This arose largely as a result of ongoing routine
expenditure prior to disposal. During the year net transfers out were made of £618 (2023
£9,382)
D)
The restricted fund produced a surplus (2023 Deficit) after transfers of £5,273 (2023
£8,667). Income for the year arose largely due to the receipt of interest and dividends on
monies held within TMCP and losses arose largely as result of investment gains (2023 - Deficits)
on endowed Funds and transfers of £2,473 (£ 7,950) made to other funds

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
Financial Report (Cont.)
The Circuit Trustees are satisfied with the overall result achieved for the year against the backdrop of
the economic constraints which affect us all.
The Budget set for 2024/25 is once again for a deficit position as Churches continue to struggle to
meet the levels of assessment that the Circult requires. Trustees continue to monitor this.
Going Concern
The Trustees have prepared detailed forecasts through to 31 August 2025. These have been reviewed,
and stress tested, particularly for a fall in Income during that period resultlng from the Inablllty of
Churches to meet assessments fully In the year ended 31 August 2025.
Based upon the forecasts and their review the Trustees believe that the Clrcuit has adequate flnanclal
resou rces available to enable It to carry on operatlng as a Going concern for the foreseeable future.
Investment Pollcy and Performance
To comply with Methodist Standing Orders, monies for short and long term Investment are lodged
with the Trustees for Methodist Church Purposes (TMCP). In addltion TMCP acts as custodlan trustee
for all real estate held by Circults and for all large (Individually over £20k) bequests and for the
proceeds of sale of any property formerly owned by the Circuit. These sums are invested in unitised
Investments or held on deposit. The capital returns are close to tracking the movements in the
SEIOO Index. The income mirrors the deposit rates available elsewhere. Both the Central Finance
Board (CFB) and TMCP take into consideration social, envlronmental and ethical consideratlons, both
negatively and positivelyi in establishlng investment policy.
Short term deposits are lodged dlrectly with the CFB and attract good rates of Interest.
There are no benchmarks for the expected returns or appreciation on investments at TMCP and CFB.
It Is the Circuit's policy to manage the cash and investment resources of the Circuit so that a rate of
return on investment - both by way of dividend and capital appreciation
is obtained at least as good
as market rate consldering our low appetite for rlsk,
10

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
Reserves pollcy
The Circuit has a reserves policy covering Its unrestricted funds which is reviewed annually.
Our policy is to ensure that there are sufficient free reserves avallable to maintain and secure the
viability and future of the Circuit whilst ensurlng through openness and transparency that its resources
are being used for its charitable purposes. The Trustees are of the view that at 31 August 2024 free
reserves meet these criteria. The reserves held at the end of the year were as follows:
Unrestricted funds
General Fund
Model Trust Fund
1,415,303
1,220,415
2,635,718
Deslgnated funds
Wednesfield Methodlst Church Funds
Total unrestricted funds
2,635,718
Surplus Funds
Endowed Funds from Wednesfield Methodist Church
4,876
60,416
Total restrlcted funds
65,292
Total funds
2,701,010
Less.. Tled up In freehold property and fixtures
Restricted Funds
(1,244,001
(65,292)
(1,309,293)
Total readily available reserves
1,391,717
All funds are separately Invested either with CFB or TMCP. No money is directly invested in property,
securities or other forms of investment.
11

Wolverhampton Methodist Circuit
Trustees Report
For the year ended 31 August 2024
Reserves policy (continued)
The financial position of the Circuit remains healthy in that its resources are not only sufficient to meet
future known liabilitles but also sufficient for the Circuit to carry out its plans for the following year.
Purposes of the funds
General Fund: this provides the worklng capital necessary for the day to day operatlon of the Circult.
Model Trust Fund: this money Is held in reserve to support capital and revenue projects within the
Circuit Including the purchase of and major items of maintenance within manse propertles. Monies
can only be used wlth the agreement of Trustees of the Circuit through TMCP.
Deslgnated reserves: these reserves are held to support the mlssion work assoclated with Wednesfield
Methodist Church.
Restrlcted Funds: are held for use on specific projects related to those funds and they can only be
used for these purposes with the approval of Trustees and TMCP.
statement of Disclosure to Auditors
So far as the Trustees believe there Is no relevant audit Informatlon of which the charlty's auditors
have not been made aware.
The Trustees have taken all the steps they ought to have taken as Trustees In order to make
themselves aware of any relevant audit information and to establish that the charity's auditors are
aware of that informatlon.
Thls report is signed on behalf of the Trustees.
Reverend Dr Joanne Cox-Darling
Superlntendent Minister
Date: 2713 | ?J L
12

Wolverhampton Methodist Circuit
Statement of Circuit Members. Responsibilities
For the year ended 31 August 2024
The members are responsible for preparing a trustees, annual report and financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the members to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of the charity
and of the incoming resources and application of resources of the charity for that perlod. In preparing
these financial statements, the members are required to:
Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charitles SORP.
Make Judgments and estlmates that are reasonable and prudent;
State whether applicable accountlng standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
Prepare the flnanclal statements on the going concern basls unless It Is Inapproprlate to
presume that the charity will contlnue In operatlon.
The members are responsible for keeping accounting records that dlsclose with reasonable accuracy
at any time the financial position of the charity and enable them to ensure that the financial statements
cornply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and trust
deed. They are also responsible for safeguarding the assets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial informatlon
Included on the charity's website. Legislation in the Unlted Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
13

Wolverhampton Methodist Circuit
Independent Auditors, Report to the members of Wolverhampton Methodist Circuit
For the year ended 31 August 2024
Opinion
We have audited the financial statements of Wolverhampton Methodist Circuit for the year ended 31
August 2024 which comprise of the Statement of Financial Activities, including Income and
Expenditure Account, the Statement of Financial Position, the Cash Flow Statement and the related
notes, Including a summary of significant accounting policies. The financial reporting framework that
has been applled to their preparation Is applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting
standard applicable in the UK and Republic of Ireland"
Thls report is made solely to the Clrcuit Members, as a bodyi in accordance with regulations made
under section 154 of the Charities Act 2011. 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 permitted by law, we do not accept or assume
responsibility to anyone other than the charity and its trustees as a bodyi for our audit work, for this
report, or for the oplnlons we have formed.
In our opinion the financlal statements:
give a true and fair vlew of the state of the charity's affairs as at 31 August 2024, and of Its
Incoming resources and appllcation of resources, for the year then ended.
have been properly prepared In accordance with Unlted Kingdom Generally Accepted
Accounting Practice; and
have been prepared In accordance with the requirements of the Charities Act 2011.
Basis for oplnlon
We conducted our audit In accordance with Internatlonal Standards on Auditing (UK) (ISAS (UK)) and
appllcable law. Our responsibilitles 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 company 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 other ethical
responslbllities In accordance with these requirements. We believe that the audlt evidence we have
obtained is sufficlent and appropriate to provlde a basis for our oplnlon.
Concluslons relatlng to going concern
We have nothing to report In respect of the following matters in relation to which the ISAS (UK) requlre
us to report to you where:
the trustees use of the golng concern basis of accounting in the preparation of the financial
statements is not appropriate. or
the trustees have not disclosed in the financial statements any identified material uncertainties
that may cast significant doubt about the company's ability to continue to adopt the going
concern basis of accounting for a period of at least 12 months from the date when the financial
statements are authorised for issue.
14

Wolverhampton Methodist Circuit
Independent Auditors, Report to the members of Wolverhampton Methodist Circuit
For the year ended 31 August 2024
other information
The other information comprises the information included in the annual report, other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other information.
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 form 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 otherwlse appears to be materially
mlsstated. If we identify such material inconsistencies or apparent material mlsstatements, we are
required to determine whether there is a material mlsstatement in the financial statements or a
material mlsstatement 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 nothlng to report in this regard.
Matters on whlch we are requlred to report by exception
We have nothlng to report in respect of the following matters where the Charities Act 2011 requires
us to report to you If, In our oplnlon:
the Information given in the Trustees, Annual Report Is Inconsistent in any materlal respect
with the financial statements; or
sufficient accounting records have not been kept. or
the financial statements are not in agreement wlth the accounting records and returns; or
certaln dlsclosures of Trustees, remuneration specified by law are not made; or
we have not received all the Informatlon and explanations we requlre for our audlt.
Responsibilities of Clrcuit Members
As explained more fully in the Circuit Members, Responslbilities Statement, the members are
responsible for the preparatlon of the financial statements and for belng satisfied that they give a true
and fair view, and for such Internal control as the members determlne Is necessary to enable the
preparation of financial statements that are free from materlal misstatement, whether due to fraud or
error.
In preparing the financial statements, the members are responsible for assesslng the charlty's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basls of accounting unless the directors either intend to liquidate the charity or to
cease operations, or have no realistic alternative but to do so.
15

Wolverhampton Methodist Circuit
Independent Auditors. Report to the members of Wolverhampton Methodist Circuit
For the year ended 31 August 2024
Audltor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from materlal misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance wlth 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 influence the economic decisions of users taken
on the basls of these financlal statements.
Irregularltles, Includlng fraud, are Instances of non-compliance wlth laws and regulatlons. We design
procedures in line wlth our responslbilities, outllned above, to detect materlal mlsstatements in respect
of Irregularities, including fraud. The extent to whlch our procedures are capable of detecting
Irregularltles, including fraud Is detalled below.
In plannlng and designing our audlt tests we identify and assess the risks of materlal mlsstatement
within the financial statements, whether due to fraud or error. Our assessment of these risks Includes
conslderation of the nature of the industry and sector, the control environment and the charity
performance along with the results of our enquiries of management about thelr own Identification and
assessment of risks and irregularities. In common with all audits under ISAS (UK), we are also required
to perform speclfic procedures to respond to the risk of management override. We also obtained an
understanding of the legal and regulatory frameworks that the charitable company operates in,
focusing on provisions of those laws and regulations that had a dlrect effect on the determlnation of
material amounts and disclosures in the financial statements. The key laws and regulations we
considered in this context included the UK Companies Act, Charities Act, UK tax legislation and other
laws and regulations identified as rlsk areas identified from our discussions with management.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement
team members including internal specialists, and remained alert to any Indlcations of fraud or non-
compllance with laws and regulations throughout the audlt.
After consideration of the above rlsks we then carried out audit procedures Including the following:
performing analytical procedures to identify any unusual or unexpected relatlonships that may
indicate risks of material misstatement due to fraud.
reading mlnutes of trustees meetings;
reviewing correspondence wlth H M Revenue & Customs.
enqulring of management and revlewing any correspondence with legal advlsors concerning
actual and potential Iltigation and claims;
reviewing the financial statement disclosures and testing to supportlng documentation to assess
compliance wlth provisions of relevant laws and regulations described as havlng a dlrect effect
on the financial statements.
In addressing the risk of fraud through management overrlde of controls, testing the
approprlateness of journal entries and other adjustments; assessing whether the Judgements
made in making accounting estimates are indicative of a potential bias; and evaluating the
business rationale of any significant transactions that are unusual or outside the normal course
of business.
16

Wolverhampton Methodist Circuit
Independent Auditors. Report to the members of Wolverhampton Methodist Circuit
For the year ended 31 August 2024
Auditor's responslbllltles for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. The more removed that the
laws and regulations are from financial transactions the less likely it is that we would be aware on
non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance
with laws and regulations to enqulry of the trustees and other management and the inspection of
regulatory and legal correspondence, if any. Material misststements that arise due to fraud can be
harder to detect than those that arlse from error as they may involve deliberate concealment or
collusion.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsiblllties. Thls descriptlon
forms part of our auditor's report.
We communlcate wlth those charged with governance regardlngf among other matters, the planned
scope and timlng of the audit and significant audlt flndlngs, Including any signlflcant deficiencles In
Internal control that we identify during our audit.
Muras Baker Jones Limited
Chartered Accountants and Statutory Auditor
Regent House
Bath Avenue
Wolverhampton
West Midlands
WVI 4EG
Date:
1fy.120U-
17

Wolverhampton Methodist Circuit
Statement of Financial Activities (SOFA)
For the year ended 31 August 2024
Circuit Model
General Fund
Trust Fund Deslgnated
(Unrestrlcted) (Unrestricted)
Funds
Restricted
Funds
Totals
2024
Totals
2023
Note
Income
Donatlons and legacies
Charitable actlvltles:
Assessment or share
Grants
Other Income
Investment Income:
Income from monetary
investments
Property dlsposal
1,850
708
2,558
347,820
17,281
137,034
347,820
17,281
137,034
362,707
305,030
157,608
io
7,012
6,391
55,447
470,588
2,538
64,997
476.979
29,992
507,991
Totsl Income
517,388
526,035
3,246
1,046,669
1,363,328
Expendlture on
Charltable actlvltles..
Salarles and assoclated
Costs
Dlstrlct assessment
MTF levy
Property Costs
Office Expenses
Depreclatlon
Other outgoings
Grants and donatlons
12
432,511
94,967
432,511
94,967
60,431
63,856
13,570
26,782
211,735
382,425
90,737
16,294
61,923
11,763
27,200
196,916
1,000
60,272
159
14
15
62,450
13,570
26,782
73,632
1,406
16, 17
li
138,103
Total Expendlture
Net Income/
(expendlture)
703,912
198,375
1,406
159
903,852
788,258
(186,524)
327,660
(1,406)
3087
142,817
575,070
Galns/(deflclts) on
investments
2,296
4,659
6,955
(3,865)
Transfers between funds
18
22,560
(19,469)
(618)
(2,473)
Net movement In funds
{163,964)
310,487
(2.024)
5,273
149,772
571,205
Total fund5 brou9ht
forward
1,579,267
909,928
2,024
60,019
2,551,238
1,980,033
Total funds carried
forward at end of year
1,415,303
1,220,415
65,292
2,701,010
2,551,238
18

Wolverhampton Methodist Circuit
statement of financial position
As at 31 August 2024
Clrcult Model Designated
General Fund
Trust Fund
Funds
(Unrestricted) (Unrestrlcted) (Unrestricted)
Restricted
Funds
Totals
2024
Totals
2023
Note
Fixed Assets
Tangible fixed assets
Investments with TMCP
19
20
1,244,001
1,244,001
94,206
1,450,771
87,253
34,034
60,172
1,244,001
28,276
34,034
60,172
1,338,207
28,276
1,191,501
Current Assets
Debtors
Investments wlth TMCP
Central Flnance Board
Deposlts
Cash at Bank and in
hand
21
22
65,065
882,694
1,186,381
5,120
22
184,771
184,771
111,454
22
5,533
5,533
7,445
1,066,658
218,580
1,186,381
5,120
1,410,081
Credltors: Amounts
falling due wlthln one
year
25
47,278
47,278
53,444
Net current assets
171,302
1,186,381
5,120
1,362,803
1,013,214
Total asset5 less
current Ilabllltle$
1,415,303
1,220,415
65,292
2,701,010
2,551,247
Net as$et$
1,415,303
1,220,415
65,292
2,701,010
2,551,238
Fund$ of the clrcult
General Fund
(Unrestricted)
Clrcult Model Trust
Pund (Unrestrlcted)
Revaluatlon Fund
(Unrestrlrted)
Deslgnated Fund
{Unrestrlcted)
other Funds
(Restrlrted)
Revaluation Fund
(Restrirted)
26,1
1,415,303
1,415,303
1,579,267
26.2
1,213,442
1,213,442
905,251
26.2
6,973
6,973
4,677
26.2
2,024
27
56,365
56,365
55,751
27
8,927
8,927
4,268
Total Funds
28
1,415,303
1,220,415
65,292
2,701,010
2,551,238
The financial statements were approved by the Trustees on 27.biu and signed on their behalf by:
Mr R Turton - Treasurer
19

Wolverhampton Methodist Circuit
Cash flow statement
For the year ended 31 August 2024
2024
2023
Notes
Cash from operating activities
Surplus(Deficit) for the year
142,817
575,070
Adjustments for..
Depreciation
Decrease/(increase) In debtors
Increase/(decrease) in creditors
Surplus on Fixed Asset disposal
26,782
36,789
(6,166)
(476,979)
27,200
(33,548)
{4,243)
(507,991)
(419,574) (518,581)
Net cash generated by (used In )operatlng
activities
(276,757)
56,489
Cash flows from investing activltles
Purchase of tanglble assets
Purchase of fixed asset Investments
Proceeds from Fixed Asset disposal
(1,990)
(745)
(236)
507,991
658,959
Net cash (used in)/f rom investlng activitles
656,969
507,010
Change in cash and cash equivalents in the
perlod
Cash and cash equivalents at start of perlod
380,212
1,001,593
563,499
438,094
Cash and cash equivalents at the end of the
period
22
1,381,805
1,001,593
20

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
Statement of compliance
These financial statements have been prepared in compliance with Accounting and Reporting
by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective from l January 2015)- (the Charities SORP (FRS 102).
The Wolverhampton Methodist Circuit meets the definition of a public benefit entity under FRS
102.
Accounting policies
Basls of preparlng the flnanclal statements
The Financlal Statements have been prepared in accordance with appllcable Accounting
Standards and the Statement of Recommended Practlce, Accounting and Reporting by Charities
Charities SORP (FRS102).
These accounts have been prepared on the accruals basls and on the basls of historical cost
except that Investments are shown at their market value at the end of the year in order to
show a true and falr vlew of the Circuit's financial posltion and activities.
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 £ Sterllngi rounded to the nearest pound.
Funds
The funds held constitute General Funds held for any purpose of the Circuit which are
unrestricted. The Circuit Model Trust Fund has wide purposes defined in standing orders and Is
categorized as unrestricted. Restricted funds are held for a narrower purpose and Include
Endowment funds which represent gifts, the capital normally being unavailable for spending
and the income from which is either Restricted or Unrestricted. Details of each material fund
are disclosed in note 28 to these accounts. Any funds may be represented by more than just
cash.
Taxatlon
The charlty, Is a registered charity and has no taxable actlvltles.
Pension costs
The Circuit Is a member of the Connexlonal pension scheme (MMPS) which covers presbyters
and deacons of the Methodist Church. The contribution rates are set each year by the Methodist
Conference. The MMPS is a multi-employer scheme and in accordance with the guidance issued
by the Charity Commission, the Circuit accounts for these contributions as if it were a defined
contribution scheme.
The Circuit also has two lay employees enrolled in a defined contribution pension scheme
administered by Nest Pension. Employer contributions are made at a rate of 60/0 to this scheme
on behalf of employees who are members.
21

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
Accounting policies (contlnued)
Going concern
Based upon operational budgets and cash flow projections together with the close monitoring
of the continuing effect of Covid-19 restrictions upon the Income raising ability of Churches,
the trustees belleve that the Circuit has adequate financial resources available to continue in
operational existence for the foreseeable future. The Financial Statements therefore continue
to be prepared using the going concern basis of accounting.
Consolidation
The Clrcult oversees the work of minlsters and lay workers In Churches within the Clrcult but
does not have control over those Churches, Mlnlsters or lay workers except in extreme
clrcumstances, none of whlch were applicable. For thls reason, the financlal statements of the
Churches wlthin the Circuit are not consolldated into these flnancial statements.
Income recognition
Income Is brought into account when It Is more likely than not that the economlc benefit of the
income will accrue to the Clrcuit. No attempt Is made to measure the value of services donated
by volunteers.
Individual amounts categorlsed as Other Income in the SOFA are shown separately if they are
considered to be materlal.
Donations are recognised in the statement of financial artivitles when they are receivable.
Interest on funds held on deposlt Is Included upon notification of the interest paid or payable
by the Bank.
The Circult arts as agent in one matter:
the collection from churches and payment over of thelr contributions to varlous funds
admlnlstered and controlled by The Methodist Church In England and Wales.
In these circumstances the transactions are not reflected in the SOFA because there is no
obligation on the Clrcult.
Expenditure
Thls Is recognised when a Ilablllty Is Incurred, or a constructive obligatlon arlses, that results
In the payment being unavoidable. All expenditure Is accounted for on an accruals basls. All
costs are allocated or apportioned to the appllcable expendItU￿ headings in the statement of
financial activlties as approprlate.
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,
Grants
Grants are recognised in full when the award is made and once the Circuit accepts that there
is an obligation to make the payment and that payment is probable.
VAT
Since the Circuit is not VAT registered, all input VAT is charged within the expense headings
upon which it was paid.
22

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
Accounting policies (continued)
Tangible fixed assets
Tangible fixed assets are capitalised if they can be used for more than one year, and individually
cost at least £1,000. The freehold property, being church manses, is shown in the accounts at
Its deemed historical cost at I September 2015, being the properties insurance reinstatement
value as calculated by the Clrcuit's Insurers, Methodist Insurance Llmited, less any subsequent
depreciation.
No depreciation is provided on the land element of the manses whilst the building element Is
depreciated straight line over a useful economic life of 75 years. There Is one exception to this
where the cost of Improvement works to a manse is being wrltten off over a 5 year period to
accord with its estimated useful life. All properties have been revlewed for Impalrment.
Depreciation is provided on fixtures and fittings at the rate of 200/0 per annum from the date
that the fixtures are brought Into use by the CircuSt.
Investments
The Investments of the Clrcult are held by the Trustees for Methodlst Church Purposes (TMCP)
as custodlan trustees. The valuations, at market value, are those provlded by TMCP. The
unrealised gains and deficits arising on investments at the end of the year are shown In the
SOFA.
Receivables and Payables. Bank and Cash
Debtors are stated at the amounts owed to the Circuit or the amount prepaid. Creditors are
initially recognised at settlement amount after any related discounts, where normal credit
terms applyi or the amount advanced to the Circuit. Subsequently credltors that are current
liabilities are measured at the cash or other consideration expected to be paid. The Ilquld funds
comprislng of bank balances and deposit account balances are shown at their realisable values.
Glossary of terms
CFB: Central Finance Board of the Methodlst Church manages a Common Deposit Fund and a
series of pooled Investment funds for Methodlst entities In Great Britaln and provldes
Investment advlce to those bodles.
Church: a group of members from fewer than 10 to more than 300.
Circuit: a group of Methodist Churches near each other, typically between 10 and 30.
MTF: Clrcult Model Trust Fund.
Connexion: The Methodist Church in GB which includes the Head Office at Methodist Church
House, all Methodist Districts, Circuits and Churches in Great Britain.
District: a group of contiguous Circuits, usually between 15 and 30.
SOFA: Statement of Financial Activities.
SORP: Statement of Recommended Practlce.
TMCP: Trustees for Methodist Church Purposes, the legal owner and Custodian Trustee of all
Methodist Model Trust propertyi including Legacies, Endowments and Accumulated Funds.
23

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
Payment to Trustees
None of the Trustees received any remuneration during the year (2023 - £nil).
Trustees were reimbursed expenses during the year, consisting of reimbursement of travel and
sundry office costs.
2024
2023
Number of trustees who were pald expenses
2024
2023
Total amount paid
195
202
Fees for examlnatlon or audit of the accounts
2024
2023
Included wlthin 'other expendlture, are the followlng:
Audltors, fee for reporting on the accounts
3,222
2,460
Assessments on Churches
The Clrcuit comprises the Churches referred to wlthln the Trustees report.
Church Assessments are determined annually and approved by the Circuit meeting using
formulaic methodology which takes into account the size of the Church, the ability of the Church
to pay, Its income and the ministerial input to it.
In additlon, St Andrews MethodlsVURC church In Sedgley is also part of the Circuit but untll 31
August 2021 was under the responsibility of the URC under a sharing Agreement. From I
September 2021 the Church has been the responsibility of the Methodist Circuit under the same
sharing agreement. Under this agreement it paid £43,092 (2023 - £39,672) which is included
in the total assessments of £347,820 (2023 £362,707) Included wlthln these accounts.
At the year end, amounts totalling £nil (2023 - £796) were owed to the Circuit in respect of
assessments.
Profit on Sale of Fixed Assets
During the year the Clrcuit disposed of 2 (2023 - 1) empty Churches and one manse realising
a total surplus over book value of £476,979 (2023 £507,991). TMCP also took a levy on sale
proceeds of £189,451 (2023 £179,197). Under Methodist convention the net proceeds of sale
were placed into the Circuit Model Trust Fund for future use.
24

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
Grants
The Circuit was in receipt of grants from District Funds totalllng £17,281(2023 £nil).
Donations and legacies
Donatlons and legacles totalling £1,850 (2023 £nil) were recelved into the General Fund and
£708 (2023 - £nil) into the Model Trust Fund during the current year. These monies arose from
the cessation to meet of Bilston Methodist Church durlng the year.
10.
other Charitable income
The Clrcult was In recelpt of the followlng other income:
2024
Total
2023
Total
General
Deslgnated
Church lay contributions
Rent from empty manses
66,375
20,172
66,375
20,172
66,725
12,650
Income generated from Bilston
Methodist Church after
Cessation to meet
Shared Costs of Minlster
shared
with Queens College
Donations toward City Centre
mission work
Sundry Income
5,153
5,153
26,296
26,296
25,024
19,038
19,038
44,673
8,536
137,034
137,034
157,608
11.
Grants and donations
Durlng the year the Clrcult made grants to Churches and others as follows:
2024
Total
2023
Total
Trinity Codsall
1,000
1,000
25

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
12.
staff costs
2024
2023
Staff costs paid during the year were:
Gross wages, salarles and benefits in kind
Employer's National Insurance costs
Pension costs
other non-payroll costs
330,009
21,080
53,528
27,894
287,484
21,581
51,223
22,137
Total staff costs
432,511
382,425
Average number of full-time equlvalent employees In the
year were:
21
18
No employee earned more than £60,000 In the year.
The costs can be summarised between ministry and lay worker support as follows:
2024
2023
Ministry
Gross cost of lay support
287,831
144,680
283,327
99,098
432,511
382,425
Gross lay support costs are part funded through Church lay and donatlons toward clty centre
misslon contributions as detalled In note 10 above totalllng £85,413 (2023 £65,848). In
addltlon a connexional grant was recelved In the sum of £15,000 towards the cost of Clty
Centre Mission. The Cost of lay support therefore funded directly by the Clrcuit was £44,267
(2023 - £33,250).
The presbyters and the Clrcuit Leadership Team (CLT) are also Trustees of the Circuit. other
than presbyters no member of the CLT received any payment for work undertaken on behalf
of the Circuit although certain travelling and administration costs were reimbursed relating to
specific meetings or projects.
13.
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
employlng body.
26

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
On the other hand, lay employees are contractually employees and have the option of Jolning
a pension scheme. At the year end, there were 2 (2023 - 1) employees who were members of
such a scheme, the scheme being provided by NEST which is a defined contribution scheme.
The MMPS is in deficit but a plan for removal of the deficit has been proposed and is being
implemented. Detalls of the deficit on the schemes can be found in the Annual Report and
Accounts of The Methodist Church at www.methodist.org.uk.
14.
Property costs
2024
2023
Property Malntenance
Rental of manses
Insurance
utilltles (prlnclpally rates, light and heat at Bilston, Wednesfleld,
Stowlawn and water rates)
12,340
17,397
7,185
8,137
16,581
13,252
26,934
23,953
63,856
61,923
The above Costs include £1,406 (2023 £11,265) incurred in respect of the Wednesfield
property and thls has been charged to the Designated Fund.
The above costs also include £ 12,807 (2023 - £nil) In respect of the Circult's responsibilities
(other than caretaking costs included in laypay) for Bilston Methodist Church after its
congregation ceased to meet. The costs also include £ 1,322 (2023 - £3,082) in respect of the
Church at stowlawn which was disposed of during the year
15.
Office expenses
2024
2023
Prlntlng, postage and statlonery and
Use of office and facilities
Audit fee
Training
10,348
7,903
3,222
3,460
400
13,570
11,763
27

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
16.
Other outgoings
2024
2023
Pulpit supply
Inspections and legal fees
Sundry outgoings
Mission and outreach
TMCP levies (charged to MTF and Restricted Fund)
2,275
18,150
128
1,731
189,451
5,185
11,716
156
495
179,364
211,735
196,916
The TMCP levy of £189,451 (2023 £179,364) represents amounts paid on the net sale
proceeds reallsed upon the sale of manses and churches durlng the year together a small
amount of admln charges.
17.
Investment management
During the year the Circuit pald £2,765 (2023- £1,011) to TMCP, the custodians of the District's
Investments within the MTF.
18.
Transfers between funds
A sum of £2,473 (2023 £6,396) was withdrawn from the Restricted Surplus Funds account to
contribute to the mission work of the Circuit and £nil (2023 - £877) to contribute to ongolng
Circuits costs. A net sum of £19,469 (2023 -£75,770) was transferred from the Model Trust
Fund to the General Fund in respect of monles required to support the work of the City Centre
Mission. This represented a £ 152,250 withdrawal from the Methodist Trust Fund for ongolng
missional work and £132,781 In respect of the monies realised on the sale of the manse out of
the general fund. Those funds have to be pla￿d into the Model Trust Fund.
A sum of £ nil (2023 £9,382) was transferred from the General Fund to the designated fund in
order to cover the running costs of the Wednesfield Church
28

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
19.
Tangible fixed assets
Cost or valuation
Fixtures,
fittings and
Equipment
Manses
Total
At I September 2023
Additions
Disposals
1,562,660
87,410
1,990
1,650,070
1,990
(197,088)
(197,088)
At 31 August 2024
1,365,572
89,400
1,454,972
Depreclatlon
At I September 2023
Charge for year
Dlsposals
121,721
23,062
(15,110)
77,578
3,720
199,299
26,782
(15,110)
At 31 August 2024
129,673
81,298
210,971
Net book value
At 31 August 2023
1,440,939
9,832
1,450,771
At 31 August 2024
1,235,899
8,102
1,244,001
20.
Fixed Asset Investments
2024
2023
Cost brought forward
87,253
90,882
Additions
236
Unrealised (losses)/gains on revaluation
6,953
(3,865)
Cost carried forward
94,206
87,253
29

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
21.
Debtors
2024
2023
Trade Debtors
Prepayments and other debtors
Short term loans
796
61,484
2,785
25,491
2,785
28,276
65,065
22.
Cash and cash equivalents
Cash and cash equlvalents comprise the followlng:
2024
2023
Investments with TMCP
Central Flnance Board deposits
Cash at bank and In hand
1,191,501
184,771
5,533
882,694
111,454
7,445
1,381,805 1,001,593
23.
Trustees for Methodist Church Purposes
The funds that support the Model Trust Fund and the Restricted Fund are held by TMCP
In Trustees Interest Funds and in CFB mixed funds. Interest is credited to the Trustee
interest funds each month and is regarded as a short term investment in these accounts,
b) The monies held in the CFB Mlxed funds are regarded as long term Investments and are
revalued at mld-market value at each year end,
TMCP Is the legal owner and Custodian Trustee of all Methodist Model Trust property,
Includlng 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 provldlng guidance and actlng under their
direction, the Managing Trustees comply with charity law and Methodist law and policy
as determined by the Methodist Conference.
24.
Central Flnance Board (CFB) and Cash at Bank
The Circuit has three current accounts at Lloyds Bank plc, Barclays Bank PIC and HSBC Bank
PIC all of which are authorised institutions. The sums held on these accounts are immediately
avallable. In addition the Circuit has a deposit account at CFB, a common deposit fund. Interest
is earned on that account and credited monthly. the sums deposited can be withdrawn without
notice and without loss of interest. These sums are viewed as being liquld.
30

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
25.
Creditors - amounts falling due within one year
2024
2023
Accruals
Assessments in advance
14,343
30,306
19,429
30,807
other Creditors
2,629
3,208
47,278
53,444
It is expected that all sums accrued at 31 August 2024 wlll be paid during the year to 31 August
2025.
Included wlthln other creditors Is an amount of £2,487 (2023 £3,065) held wlthin the
Wolverhampton Methodist Circuit benevolent fund which is used to meet cases of need arising
within the Circuit and which is controlled by the Circuit Meeting through the Circuit Leadership
Team.
An amount of £- (2023 £5,000) is held In respect of a grant made to Stratton Street that Is
due for payment in the coming year.
26.
Unrestricted Funds
26.1 General Fund - balance of £1,415,303 at 31 August 2024 (2023 - £1,579,267)
The purpose of the fund Is for use at the discretion of the trustees In the furtherance of the
general objectives of the Circuit and whlch have not been designated for other purposes. About
900/0 of this fund is held as freehold properties for the use of Presbyters.
26.2 Other unrestrlrted Funds
£911,952)
balance of £1,220,415 at 31 August 2024 (2023
These comprlse the followlng four elements:
Model Trust Fund - balance of £1,213,442 at 31 August 2024 (2023 - £905,251)
These monies are not restricted in purpose but can only be used for projects that pass through
the appropriate Circuit and TMCP authorisations.
Included within this fund is £261,158 (2023 £303,179) held for the purposes of supporting the
City Centre Mission work within the Circuit
Revaluation Fund - balance of £6,973 at 31 August 2024 (2023 - £4,677)
These are the unrealised gains on the fixed asset investments held with TMCP. Once realised,
these monies will be included as part of the Model Trust Fund and wlll be used in line with the
purposes of that fund as outlined above.
31

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
26.2 Unrestricted Funds (Continued)
Designated Fund - Monies received on the ceasing to meet of Wednesfield Methodlst
Church- balance of £618 at 31 August 2024 (2023 - £2,024)
These monies will now be used by the Clrcuit after the disposal of Wednesfield Church.
27.
Restricted Funds
These comprise the following:
a) Surplus Funds £ 4,876 (2023 - £4,166)
The restrlcted funds are the resldual surplus funds left after the merger of the three
Circuits some years ago. They can only be used for projects within the enlarged Clrcuit
at the discretion of the Clrcuit meeting and TMCP. Added thls year has been a small
account held at TMCP by Bllston Methodlst Church.
b) Endowed funds £ 51,491 (2023 - £51,585)
Endowed Funds Revaluatlon Fund £8,925 (2023 - £4,266)
The funds at (b) and (c) above were transferred to the Clrcult by the Trustees of
Wednesfield Methodist Church when they ceased to meet in the summer of 2017. These
monies are currently restricted for use by the Trustees of the Circuit for projects related
to the Wednesfield church buildings and surrounding area.
28.
Funds
Unrestrirted funds - Current year
Openlng balance
Incomlng
resource5
Resources
Expended
Gains/
(Losses)
Transfers
Closlng
Balance
Unrestrfcted Fund Name
General Fund
Clrcuit Model Trust Fu nd
Revaluatlon Fund
1,579,267
905,251
4,677
517,388
526,035
(703,912)
(198,375)
22,560
(19,469)
1,415,303
1,213,442
6,973
2,296
Totals
2,489,195
1,043,423
(902,287)
2,296
3,091
2,635,718
Unrestricted funds - Previous year
Opening
Incomlng
balance
Resources
Resources
Expended
Galns1
(Losses)
Transfers
Closlng Balance
Unrestrlcted Fund Name
General Fu nd
Circuit Model Trust Fund
Revaluation Fund
1,563,009
338,614
6,065
523,253
837,900
(581,333)
(195,493)
74,338
(75,770)
1,579,267
905,251
4,677
(1,388)
Tota Is
1,907,688
1,361,153
(776,826)
(1,388)
(1,432)
2,489,195
32

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
28.
Funds (continued)
The Circuit Model Trust Fund: this consists of income from legacy churches and property sales.
They have wide purposes as defi ned by the Trustees for Methodist Church Purposes (TMCP)
and are categorized as unrestricted. Permission must be sought from TMCP to call on money
for specific buildi ng projetts or to support the mission in general.
Deslgnated funds - Current year
Opening
balance
Incomlng
resources
Resources
Expended
Galnsl
(Losses)
C1051ng
Balance
Transfers
Deslgnated Fund Name
Wedne5field Designated
Funds
2,024
(1,406)
(618)
2,024
(1,406)
(618)
Designated funds - Previous year
Openlng
balance
Incomlng
sources
Resources
Expended
Galns
(Losses)
Closlng
Balance
Transfers
Deslgnated Fund Name
Wednesfleld Deslgnated
Fund
3,659
249
(11,266)
9,382
2,024
3,659
249
(11,266)
9,382
2,024
Restricted funds - Current year
Openlng
balance
Encomlng
resources
Resources
Expended
Galns/
(Losses)
Closing
Balance
Transfers
Réstricted Fund Name
Surplus Funds Account
Wednesfield Endowed Funds
Wednesfleld Endowed
Revaluation Fund
4,168
51,585
708
2,538
4,876
51,491
(159)
(2,473)
4,266
4,659
8,925
Totals
60,019
3,246
(159)
4,659
{2,473)
65,292
Restricted funds - Previous year
Openlng
balance
Incoming
resources
Resources
Expended
Gains/
(Losses)
C105ing
Balance
Transfers
Restricted Fund Name
Surplu5 Funds Account
Wednesfleld Endowed Funds
Wednesfield Endowed
Revaluation Fund
10,358
51,585
(6,190)
(1,760)
4,168
51,585
1,926
(166)
6,743
{2,477)
4,266
Totals
68,686
1,926
(166)
{2,477)
(7,950)
60,019
33

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
28.
Funds (continued)
Surplus Funds Account: represents monies invested with TMCP which arose at the point the
three Circuits came together to form the Wolverhampton Circuit some years ago. These monies
are available for use to support mission and outreach projects within the Circuit.
29.
Analysis of net assets between funds
Circult Model
Deslgnated
Restricted
Trust Fund
Funds
Funds
(Unrestricted) (Unrestrlcted) {Restricted)
General Fund
(Unrestrlcted)
Totals
2024
Flxed Assets
Tang ible fixed assets
Flxed asset Investments
Current Assets
Debtors
TMCP Investments
Deposlt accounts
Cash at Bank and In hand
Credltors: Amounts falllng
due wlthln one year
1,244,001
1,244,001
94,206
34,034
60,172
28,276
28,276
1,191,501
184,771
5,533
(47,278)
1,186,381
5,120
184,771
5,533
(47,278)
Total
1,415,303
1,220,415
65,292
2,701,010
30.
Related Party Transactions
As part of its normal operational structure, The Clrcult makes contrlbutlons to the District and
receives contributions from its member churches (details as per SOFA).
All of the Circuit trustees are members of one or another Church wlthln the Circuit and may be
Trustees In their own churches.
Connected organlsatlons Include the Methodlst Connexion, other Clrcuits and Churches wlthln
the Wolverhampton and Shrewsbury District, CFB and TMCP. All of these entltles have their
own trustees or dlrectors and autonomous administratlon such that the Clrcult has no
significant influence over any of them, nor they over the Clrcult. They are, therefore, not
consldered related parties.
Transactions wlth con nected parties during the year are as follows:
Names of Connected Organisations
Receipts
Payments
Donee.. District Advance Fund
Donor.. Churches within the Circuit in respect of assessments
Donee: Grants to churches within the Circuit
17,281
347,820
In addition to the above the Circuit paid the District assessment to the Wolverhampton and
Shrewsbury District. This is detailed in the face of the statement of financial activities. There
were no other related party transactions.
34

Wolverhampton Methodist Circuit
Notes to the accounts
As at 31 August 2024
31.
Volunteer contributions
Every entity (Connexion, District, Circuit, and Church) within the Methodist Church in GB is
heavily reliant on volunteers who contribute their skills, time and money in the furtherance of
the work of the Church. Principally this contribution is by serving on committees of the Circult
that deal with mission, manses, finance, policy, grants, training and development. We are
grateful to all of them for their help and commitment.
32.
Capltal commitments and contlngent Ilabilities
There were no capital commltments or contingent liabilities as at 31 August 2024 (2023 - £nll).
35