Clrcult Number 2801 Wolverhampton Methodlst Clrcult REPORT A14D FINANCIAL STATEMENTS For the year ended 31 August 2025 {Ch•rlty Number 1135146) Muras Baker Jones Llmlted Chartered Accountant$ Wolverhampton Wolverhampton Methodist Circuit Contents For the year Ended 31 August 2025 Administrative Informatlon Trustees, Annual Report ststement of Trustees, Responslbilitles 13 Audltors, report 14 Statement of Flnancial Artlvltles 18 Statement of Flnancial Positlon 19 Cash Flow Statement 20 Notes to the finandal statements 21 Wolverhampton Methodlst Clrcuit Admlnlstrative Inforniatlon Registered Charity Nurnber 1135146 Superintendent Minlsters.. Revd Paul Nzacahayo and Revd Rosemary Nash Ministers In the actlve work: Revd. Steve Jackson. Revd. Ildlko Haras Revd. Teddy Siwila Deacon Lbnda Gilson Senior Steward: Davld Crook Clrcult Stewards: Denis Beaumont Alan Eccles Gabriel Gidl Lesley Cook Clrcult Treasurer.. Rob Turton FCA Other Trustees.. Revd. Glenny5 Bamforé Revd. Steve Singleton Revd. Robert Readshaw Revd. Trevor Pratt Together with 51 other Trustees Revd. Donald Ryan Revd. Margaret Helm Revd, Ivor Sperrlng Reglstered Offlce., Beckmlnster Methodbst Church Birches Barn Road Penn Flelds Wolverhampton West Mldlands WV3 7BQ CharSty'. 1135146 Audltors Muras Baker Jones Llmlted Regent House Bath Avenue Wolverhampton West Mldlands WVI 4EG Banker5: Lloyds Bank PIC Queen Square Wolverhampton West Mldlands Wvi ITF Barclays Bank PIC Queen Square Wolverhampton West Midlands HSBC Bank PIC Queen Square Wolverhampton West Midlands Wolverhampton Methodist Circult Admlnlstrative Znformation Bankers (continued): Central Finance Board of the Methodlst Church 9 Bonhlll Street London EC2A 4PE Investment advisors: Trustees for Methodlst Church Purpose5 {TMCP) Central Buildings Oldham Street Manchester Ml IJQ Sollcltors: Anthony Collins LLP 134 Edmund Street Birmlngham B3 2ES Wolverhampton Methodlst Clrcult Trustees Report For the year ended 31 August 2025 Objects and Activities of the Circult The purposes of the Methodbst Church are and shall be deemed to have been SIn￿ the date of Union the advancement of: The Christian faith In accoréance wlth the doctrinal standards and the dlscipllne of the Methodist Church; Any charitable purpose for the time belng of any Connexional. distrlct, clrcubt, local or other or9anlsatlon of the Methodist Church,. Any charltable purpose for the time being of any soclety or Institutlon subsldlary or anclllary to the Methodlst Church; Any purpose for the tlme being of any charlty belng a charlty sub5idlary or ancillary to the Methodlst Church, b) d) The obJectives outlined above are achieved through the strategic direction of the Clrcuit Leadership team and the Clrcuit meetlng. The Leadership team meet at least 6 times a year and the Circuit meetlng at least 3 times a year to review and implement objectives, monltor our disclpleshlp and to receive regulatory informatlon elther from the Methodlst Church or ¢ther means. Publlc Beneflt We conflrm the trustees have had regard to the Charlty Commlsslon's 9uldance on publlc beneflt. The work whlch we carry out wlth our Churches and the Communltles In whSch they a￿ sltuated Is designed for the beneflt of all. It not only supports our Church members but also provides the resources required to deliver rnission and outreach to the most needy In our Society. This Is aehleved In various ways through the use of our Church bulldlngs to work wlth people and organlsatlons, through support of local food bank and homelessness projects and also through other forms of partnershlp worklng wlthln our Local Communitles, Structurn, Governance and Managèment The governlng document for the clrcult Is the Deed of Unlon {1932) and Nethodlst Church Act119761, Detailed governance arrangements are outlined wlthln the Constitutlonal Practlce and Dlsclpline (CPDI of the Methodlst Church by order of the annual conference. These are updated annually. Day to day management of the circult Is undertaken by the Clrcuit Leadershlp team, whlch comprises of the Superintendent MSnlster, the Ministerial Team, the Clrcult Stewards and the Honorary Treasurer, To9ether they represent the key management team. They are supported by the Local Preachers meeting. The Circuit Leadershlp team Is accountable to the Members of the Clrcult meetlng who are also Trustees of the Clrcuit. Trustee Tralnlng A range of guidance is produced by the Methodist Connexion to support the effectlve runnlng of the clrcult, speclfically the leaflet'The Role of a Trustee In The Methodist Church, Is given to all new Circult meeting members as induction to thelr role as trustees. Wolverhampton Methodlst Clrcuit Trustees Report For the year ended 31 August 2025 Related Parties The Clrcuit was part of the Wolverhampton and Shrewsbury Distrlrt of the Methodist Church up to 31 August 2025, On I September 2025 the Dlstrlct merged with the Birmingham District to form the new West Midlands Dlstrlct of the methodist Church and accordlngly is now a member of that larger District. The cirojit and District remain accountable to the Methodlst Conference. The followlng Methodist Churches are members of the clrcuit., Beckminster Bradley Brewood Codsall Cranmer Coven East Park {ceased to worshlp durlng the year) Falllng5 Park Hurst Hill Lanesfleld Rakegate Springdale St Johns Stratton Street Upper Ettlngshall Wombourne In additlon to the above, St Andrews Unlted Reformed/Methodlst Church based In Sedgley remalns part of the Clrcuit under a sharing arrangement wlth the Unlted Reformed Church. Revlew of Artlvltléi In deslgnlng and monitoring the actlvitie5 of the Charityi the Trustees have pald due regard to the Charity Commisslons guidance on public beneflt as further detailed on page 4. The revlew of actlvlties In the following sections demonstrates how the Charity has provlded beneflt dlreLtly to the churches whlch comprlse the Cireult and thereby to the local congregatlons and wlder local communitles Involved wlth those churches. Gèneral Revlew The Circult contlnues to be an actlve and major member of the Methodlst Dlstrlct. Locallyi and wlthln our own Circuit boundaries, the Clrcuit has continued to support the congregations and communltles that our Churches serve. It has achieved thls Wlth the support of 7 ordained Presbyters who received stipends for their roles. The Circult also employs several key lay support workers who are paid for from Church contrlbutlons, donatlons and Circuit funds. Addbtlonal support contlnued to be provided by retlred ministers who contlnued to have closer day to day involvement wlth several of our smaller congregations. The local churches continue to provlde programmes of worshlpi pastoral care and community involvement under the leadershlp of Minbsters. lay employees and local Church Trustees. Durlng the year Reverend Christopher Parkes retired from the Circult and we thank him for hls dedication and Ministry whilst amongst us. Our Superintendent Minister, Rev Jo Cox- Darling* reache Wolverhampton Methodlst Clrcult Trustees Report For the year ended 31 August 2025 General Revlew (Contlnued) the end of her appointment on 31 August 2025 and left to take on a similar role in Manchester. We thank her for her Ministry and work on our behalf and wish her well in her new appolntment. Flnally, on I September 2025 we welcomed Into the Clrcuit a new probatloner mlnister in Ildiko Haraszti. with regard to the superintendency vacated when Rev Cox -Darling left on 31 August, the leadershlp team are pleèsed to conflrm that movlng forward the superlntendency of the Clrcuit is tts be shared between Rev Paul Nazacahayo and Rev Rosemary Nash. The shared roles havlng been approved by the Methodist Church Distrlct. Activities and Future Plans As part of the on-golng development of the Mlsslon of the Circult and of its objectives, the Circuit conducted a Structural revlevy several years ago. The Circuit Leadershlp Team have c¢ntlnued to take thls forward during the year. The alm belng to Improve our use of resources, to provlde misslonal leadershlp to support growth and to ease the current burden on our Presbyters and Leadershlp Team, all of thls whilst acknowledglng that our problems are the same as those the Church faces generally in the Ilght of a general lack of people able to carry out the roles that Church Trusteeship requlres In the modern world. A hub stwcture reflectlng the above was agreed upon by the Circuit meeting during the year, Two new hubs came Into being on I September 2025. These belng Crossways and Connexus. The Crossways hub comprlses the church eongregatlons of 8eckmlnster, Cranmer, Springdale and Wombourne wlth the Connexus hub cornprislng the congregatlons at Codsall, Rakegate, 8rewood and Coven. The other Churches In the Circult have, at the moment, declded to remaln as they are but conversatlons wlll contlnue between those Churches wlth regard to the formatlon of further hubs. The Clty Centre mlsslonal work rernains outslde the hub structure as a beacon of outreach. The creatlon of thls structure wlll see a further Investment of model trust monles Into the Clrcult as It develops and Increases outreach, A5 an LEP St Andrews wlll remaln as part of the Clrcult but wlll not be part ofa hub. Both the Connexus and Crossways hubs have been regbstered as Charltles wlth the Chèrlty commlsslon. East Park Methodlst Church ceased to meet In late 2024 and slnce then the protection and management of the Church bulldings has been undertaken by the Circuit whilst retalnlng an active outreach to the dlsadvantaged communStles of the area contlnulng from the Church bulldbngs. The Leadership team contlnued to pursue opportunlties for the ongolng use of the Bilston Church buildlngs. Thls has resulted In the formatlon of a new Church community in Bllston centred around the Zimbabwean Methodlst Fellowshlp. The new Church became a full member of the Circuit, under the name of All Souls, on I September 2025. The Clrcult are grateful for the work of the Fellowship and the Bilston steering group In bringing th15 to fruition. The Circult has also continued its work in respect of the dlsadvantaged communltles of Bilston and continues to work with a homelessness charity and to develop responses to the needs of people in In an ever-changlng envlronment. The Minlsters, Trustees and senior leadership team continue to believe that the implementation of the Strategic Vision for the Circuit as described above will leave it better placed to react to areas of need Wolverhampton Methodist Circuit Trustees Report For the year ended 31 August 2025 Activities and Future Plans {Continued) in the future across an area where there are slgnlflcant dlfferences In wealth wlth many of our Communities located in areas of significant deprivation and diverse belief5 where currently the cost of living crlsis is further exacerbatlng matters, Safeguardlng Every person I￿5 a value and dionity whlch come5 directly fronj the creatlon of male and female In God s own Image and Ilkeness, Christians see thls potentlal as ftilfilled by God s re-creation of us in Christ. Among other thlngs this implles a duty to value all people a5 bearing the ima9e of God and therefore to protect thern from harm. Methodlst Connexional practice outlines commltment to the followlng prSnclples'. The care and nurture of, and respectful pastoral minlstry wlth, all chSldren, young people and adults; The safeguardlng and protectlon of all chlldren. young people and adults when they are vulnerable; The establlshlng of safe, caring communltles whlch provlde a lovlng environment where there Is informed vigilance as to the dangers of abuse,. We wlll carefully select and traln all those wlth any responslblllty wSthln the Church, In Ilne wlth Safer Recruitment princlples, Including the use of crimlnal records dlsclosures and regbtratlon with the relevant vettln9 and barring schemes,. We will respond without delay to every complaint made whlch suggests that an adult, chlld or youn9 person may have been harmed, co-operating wlth the pollce and local authorlty In any Investigation; We wlll seek to work wlth anyone who has suffered abuse, developlng wlth them an approprlate mbnlstry of Informed pastoral care,. We wlll seek to challenge any abuse of power, especially by anyone In a posltlon of trust,. We wlll seek to offer pastoral care and support, Including supervlslon and referral to the proper authorities, to any member of our church communlty known to have offended against a chlld, young person or vulnerable adult,. In a51 these prtnclples we wlll follow leglslatlon, guldance and recognlsed good practke. Safeguarding contlnues to be an Important area of consideratlon for the Church and we contlnue to work wlth the District and the wlder connection in order to ensure that our pollcles, tralnlng and prattice5 meet all of the statutory and legal requlrements Sn thls area. Major Actlvltles The year to 31 August 2025 continued to present significant financial challenges operationally whSch the Circuit has had to deal wlth. The effects of some of these, which In part are belng caused by the COSt of living and energy crisis, are still being felt within our Communltles and we contlnue to carry out work to help In these areas. Further, there continues to be several Churches within the Circult who are struggling to cope financlally and the Clrcult continues to work with those churches, both through short temi support and longer- term plannlng {through our vision work), in order to find sustainable solutions for the future which further the objects that we have as a Methodist Circuit whilst continulng to help our local congregatlons and communities. Wolverhamptofi Methodlst Clrcult Trustees Report For the year ended 31 August 2025 Ma5or A¢tivities {Continued) Our City Centre Mission work, led by Deacon Llnda Gilson, continues to develop and grow. Funding for this comes from the Model Trust monies held following the sale of Darlingttsn Street together with the balan￿ of the rnonies held within WPM at the point of the transfer of responsiblllty. These amounted to just over £330,000. This continues to be an exciting and growing area of our Mission. Risk Management The major rlsks have been identlfled and recorded by the Clrcuit Leadership Team and Circuit meetlng wlth professlonal advbce taken as required. These eentre around, the General economlc climate, risks associated wlth our properties (Manses and Churches), In partlcular maintenance costs and finally the need to stay up to date with safeguarding protocols and procedures and GDPR leglslation. Income and Expendlture contlnues to be monltored throughout the year both In total and In detall and Is compared wlth the approved annual budget on a half yearly basls to detert trends as part of the rlsk management process and to avold unplanned calls upon reserves. The Wolverhampton Methodlst Clrcult has commltted Itself to ensuring the Implementatlon of the Connexlonal Safeguarding Pollcyi government leglslatlon, guldance and safe prartlce In the circult and In the churches. It has also committed Stself to the provislon of support, advice and training for lay ané ordalned people that wlll ensure people are clear and confident about their roles and responsibllltles In safeguardlng and promoting the welfare of children and adults who may be vulnerable. Wolverhampton Methodlst Clrcuit Trustees Report For the year ended 31 August 2025 Financlal Report The result for the year show5 an overall deficit of £225,38S 12024 surplus - £149.772). The result Ss spllt across funds as follows: General fund Circuit Model Trust Fund Designated Funds Restrirted Funds £15,183 ¢Jeficit12024 - Deflcbt £163,964} £210,539 deficit 12024 - Surplus £310,487) £ Nil {2024 - Deficlt É2.024} £337 surplus {2024 - Surplus £5,273) The prlncipal elements afferting the result for the year are as follows.. Al The General Fund produced a deficlt for the year of £15,183 (2024 - deficbt É163,9641 after transfers from other Funds. Before transfers the fund was In deflclt by £194,524 (2024 £186,524. The pre-transfer result Is after depreclatlon of £23,290 {2024 £26,762) has been tharged. Thls result Is explalned by the declslon the Clrcuit took in previous years to fund a deficlt budget and to fund the Clty Centre mission from the proceeds of sale of Darllngton Street. Thls Is the case In the current year too, In total net transfers of £179,341 (2024 £ 22,560) were made from other funds. These were largely monles wlthdrawn from Model Trust Funds to support the ongoing work of the Circult and the Clty Centre Mlsslon post. At the end of the year the General reserves stood at É1,400,120 {2024 - £1,415,303) and prlncbpally comprlsed Flxed assets (belng manses and related costs) and net current assets held for worklng capltal purposes, 8) The Circuit Model Trust fund produced an operating deflclt before transfers of £32,380 12024 £327,660} princlpally the result can be attrlbuted to the dlstrict levy net of interest earned on funds invested. The princlpal transfers durlng the year were to cover the ongolng expendlture wlthln the general fund, At the year end the Model Trust Fund stood at £ 1,009,87612024 - £1,220,415). These monles are held on behalf of the Circult by TMCP wlthln Investment and deposlt accounts and are admlnlstered by them. Cl The restrlcted fund produced a surplus of £1,305 {2024 - Surplus £3,087) before transfers of £1,142 12024 - E2,473). Income for the year arose largely due to the receipt of interest and divldends on monies held within TMCP and surpluses arising largely as result of Investment gains12024 - Gains). Wolverhampton Methodlst Circult Trustees Report For the year ended 31 August 2025 Flnanclal Report (Continued) The Circuit Trustees are satisfied with the overall result achieved for the year against the backdrop of the economic Constraints whith affect us all. The Budget set for 2025126 Is once agaln for a deficit posltion, which will be covered from Model TnASt monies, as Churches continue to struggle to meet the levels of assessment that the Clrcult requI￿s. Trustees continue to monitor this. Golng Concern The Trustees have prepared detabled forecasts through to 31 August 2028. These have been reviewed, and stress tested, partlcularly for a fall In income durlng that period resulting from the inability of Churches to meet assessments fully In the year ended 31 August 2026. Based upon the forecasts and thelr revlew the Trustees belleve that the Circult has adequate flnanclal resources avallable to enable It to carry on operatlng as a Golng concern for the foreseeable future. Jnve$tment Pollcy and Performance To comply with Methodlst standlng Orders, monles for short and long term investment are lodged wlth the Trustees for Method15t Church Purposes {TMCP}. In addltlon, TMCP acts a5 Custodlan trustee for all real estate held by Cbrcults and for all large Ilndlvldually over £20k) bequests and for the proceeds of sale of any property formerly owned by the Circult. These sums are invested in unitlsed Investments or held on deposit. The capital returns are close to trackbng the movement5 In the FfsEIOO Index. The income mirrors the deposit rates avallable elsewhere. Both the Central Flnance Board ICFB) and TMCP take into conslderatlon soclal, envbronmental and ethlcal conslderatlons, both negatlvely and posltlvttly, In establlshlng Investment pollcy. Short term dep051ts are lodged dlrectly wbth the CFB and attract good rates of Interest. There are no benchmarks for the expected returns or appreclati¢n on Investments at TMCP and CFB. It Is the Clrcult's pollcy to manage the cash and Investment resources of the CSrcult so that a rate of return on Investment - both by way of dlvidend and capltal appreclatlon Is obtalned at least as goo as market rate conslderlng our low appetlte for risk. io Wolverhampton Methodlst Clrcult Trustees Report For the year ended 31 August 2025 Re$erve$ pollcy The Clrcult has a reserve5 pollcy covering Its unrestrlcted funds which Ss ￿vieWed annually. Our pollcy is to ensure that there are sufficient free reserves available to maintain and secure the vlability and future of the Circuit vyhilst ensuring through openness and transparency that Its resources a￿ being used for Its charitable purposes. The Twstees are of the vlew that at 31 August 2025 free rese￿eS rneet these criterla. The reseNes held at the end of the year were as follows: Unrestrlcted funds General Fund Model Trust Fund 1,400.120 1,009,876 2,409,996 Deslgnated funds Wednesfleld Methodlst Church Funds 2,409,996 Total unrestrlcted funds 2.409,996 Surplus Funds Endowed Funds from Wednesfleld Methodlst Church 5,037 60,592 Total restrlcted funds 65,629 Total funds 2,475,625 Less.. Tled up In freehold property and flxtures Restricted Funds {1,221,539) 165,629) (1,287, 1681 Total readlly avallable re$erve$ 1,188M57 All funds are separately invested either with CFB or TMCP. No money 15 dirertly invested in propertyi securltles or other forms of investment. li Wolverhampton Methodlst Clrcult Trustees Report For the year ended 31 August 2025 Reserves pollcy (continued) The finanoal position of the Clrojlt remalns healthy in that its resources are not only sufflcbent to meet future known Ilabllitles but alsg sufficient for the Clrcult to carry out its plans for the following year. Purposes of the funds General Fund: thls provldes the working capital necessary for the day-to-day operatlon of the Circult. Model Trust Fund.. this money Is held In reserve to SUPPOrt capStal and revenue projects wlthin the Clrcult Includlng the purchase of and major Items of maintenance within manse properties. Monies can only be used wlth the agreement of Trustees of the Circult through TMCP. Designated reserves.. these reserves are held to support the mlsslon work assoclated wlth Wednesfleld Methodist Church. Restricted Funds., are held for use on speclflc projects related to those funds and they can only be used for these purposes wlth the approval of Trustees and TMCP. statement of Dlsclosure to Audltors So far as the Trustees believe there Is no relevant audlt Informatlon of whlth the charlty'5 audltors 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 informatSon and to establish that the charity's audltors are aware of that informatlon. Thls report Is slgned on behalf of the Trustees by Reverend Paul Nazaca ayo Jolnt Superlntendent Mlnlster Date.. 11:,Ib 12 Wolverhampton Methodlst Clr¢uit Statement of Clrcult Member$. Responslbllltles For the year ended 31 August 202S Trustees. Responslbllltles The members are responsible for preparlng a trustees, annual report and financial statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praciice), The law applicable to charities Sn England & Wales requires the members to prepare finandal statement5 for each flnancial year which give a true and falr vlew of the state of affalrs of the charfty and of the Incoming resources and application of resources of the charlty for that period, In preparing these nnancial statements, the members are required to.. Select suitable accounting pollcies and then apply them conslstentlyi Observe the methods and principles In the Charltbes SORP; Make judgments and estlmates that are reasonable and prudent; State whether appllcable accounting stsndards have been followed, subject to any materlal departures dbsclosed and explalned in the fi'nancial statements; Prepare the financial statements on the going concern basis unless it is Inapproprlate to presume that the charlty wlll continue in operation. The members are responsible for keeping accountlng records that dlsclose with reasonable accuracy at any tlme the flnancial posltbon of the charity and enable them to ensure that the financlal statements comply wlth the Charltles Art 2011, the Charitles IAccounts and Reports) Regulations 2008 and trust deed. They are also responslble for safeguarding the assets of the charity and hence for taklng reasonable steps for the preventlon and detertion of fraud and other Irregularltles. The trustees are responslble for the rnalntenance and Integrlty of the charlty and flnanclal Informatlon Included on the charlty's webslte. LegSslatlon in the Unlted Kln9dom governing the preparatlon and dissemlnatlon of flnanclal statements may differ from legislatlon in other jurisdictlons. 13 Wolverhampton Methodlst Clrcult Independent Avditors, Report to the members of Wolverhampton Methodist Circuit F(Trr the year ended 31 August 2025 Opinlon We have audited the financial statements of Wolverhampton Methodist Clrcuit for the year ended 31 August 2025 which comprise of the Statement of Financial Activities, including Income and Expenditure Account, the Statement of Financial P051tion, the Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied to their preparation is applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Induding FRS 102"The Finandal Reportlng standard applicable In the UK and Republic of Ireland". Thls report Is made solely to the Circult Members, as a bodyi in accordan￿ with regulations made under section 154 of the Charbtles Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are requlred to state to them In an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsbbllity to anyone other than the charity and its trustees as a body. for our audit work, for thls report, or for the oplnions we have formed. In our oplnlon the flnanclal statements.. give a true and falr view of the state of the charlty's affalrs as at 31 August 2025, and of Its Incoming resources and application of resources, for the year then ended; have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Actt*untlng Practice; and have been prepared In accordance with the requlrements of the Charltles Act 2011. Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng IVKI IISAS IUKII and appllcable law. Our responslbllities under those standards are further descrlbed in the auditor's responslbillties for the audlt of the flnancial statements section of our report. We are Independent of the company In accordance wlth the ethical reqLJirements that are relevant to our audit of the flnanclal Statements In the UK, including the FRC'S Ethlcal Standard, and we have fulfllled our other ethical responslbilitles In accordance wlth these requirements. We belleve that the audit evldence we have obtalned Is sufficlent and approprlate to provlde a basls for our oplnlon. Conclu$lon$ relatlng to golng concern In auditing the financial statements, we have concluded that the dlrectors, use of the golng concern basls of accountlng in the preparation of the financial statements is approprlate. Based on the work we have perfomed, we have not Identlfled any material uncertalntles relatlng to events or conditlons that, Indivbdually or collectlvely, may cast significant doubt on the company's abS1Sty to continue as a going concern for a perlod of at least twelve months from when the fin anclal statements are authorised for Issue. Our responsibllltles and the responsibilities of the directors with respect to golng concern are described in the relevant sections of this report. 14 Wolverhampton Methodlst Clrcult Independent Audltors. Report to the members of Wolverhampton Methodlst Circuit For the year ended 31 August 2025 other informatlon The other information comprfses the informatlon Included In the annual report, other than the financial statements and our audltorfs 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 concluslon thereon. In connection with our audlt of the flnancial statements, our responslblllty is to read the other information and, In doing so, consider whether the other informatlon is materially inconsistent wlth the financbal statements or our knowledge obtained In the audit or otherwise appears to be materially mlsstated. If we Identify such material inconsistencies or apparent material misstatements, we are requlred to determine whether there is a material misstatement in the financial statements or a materlal misstatement of the other Information. If, based on the work we have performed, we conclude that there Ss a materlal mlsstatement of this other infonnatlon, we are requlred to report that fart. We have nothlng to report In this regard. Matters on whlch we are required to report by exception We have nothlng to report In respect of the followlng matters where the Charlties Art 2011 requlres us to report to you Sf, In our opinlon: the Informatlon glven in the Trustees, Annual Report Is inconsistent In any materlal respect wlth the financial statements; or sufflclent accountlng records have not been kept; or the flnanclal statements are not In agreement wlth the accountlng records and returns.. or certaln dlsclosures of Trustees, remuneratlon Specified by law are not made; or we have not recelved all the InformatSon and explanatlons we requlre for our audlt. Responslbllltles of Clrcult Members As explalneé more fully In the Circult Members, Responsibllltles Statement, the members are responslble for the preparation of the financial statements and for being satlsfied that they glve a true and fair vlew. and for such Internal control as the members determlne is necessary to enable the preparatlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assesslng the charlty's ablllty to contlnue as a going concern, disclosbng, as applicable, matters related to golng concern and using the going concern basls of accountlng unless the directors either Intend to Ilquldate the charlty or to ease operations. or have no reallstic altematlve but to do so. 15 Wolverhampton Methodlst Clrcult Independent Audltors. Report to the members of Wolverthampton Methodist Circult For the year ended 31 August 2025 Audltor's responsibilitie$ for the audlt of the flnanclal statements Our objectives are to obtaln reasonable assurance about whether the flnanclal statements a5 a whole are free from materlal misstatement, whether due to fraud or error, and to issue an audltor's report that includes our opinion. Reasonable assurance is a hlgh level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (LIK} wlll always detect a materlal mi55tatement when it exists. Misstatements can arise from fraud or error and are considered rnaterial if, individually or In the aggregate, they could reasonably be expected to influence the economlc deosions of users taken on the basis of these financial statements. Irregularltles, Including fraud, are Instances of non-compllance with laws and regulatlons. We deslgn procedure5 Sn line wlth our responsibilities, outlined above, to detect matertal mlsstatements in respect of Irregularlties, Includlng fraud. The extent to which our procedures are capable of detectlng Irregularltles, Including fraud Is detalled below. In plannlng and deslgnlng our audlt tests we identify and asses5 the risks of material mlsstatement wlthln the flnanclal statements, whether due to fraud or error. Our assessment of these rlsks Includ es conslderatlon of the nature of the industry and sector, the control environment and the charity performance along Wlth the results of our enqulries of mana9ement about their own Identification and assessment of risks and Irregularltles. Ln comrnon wlth all audlts under ISAS (UKI, we are a150 required to perform specific procedures to respond to the risk of management overrlde. We also obtalned an understandlng of the legal and regulatory frameworks that the charitable company operates In, focusing on provlslons of those laws and regulations that had a dirert effect on the detemilnatlon of materlal amounts and dlsclosures In the financlal statement5. The key laws and regulatlons we consbdered in thls context included the UK Companies Att, Charlties Act, UK tax legislation and other laws and regulatlons Identlfled as rlsk areas Identlfled from our discussions with managernent. We communlcated relevant identified laws and regulatlons and potentlal fraud rfsks to all engagement team members Includlng internal speclalbsts, and remained alert to any indications of fraud or non- compllance wlth laws and regulatlons throughout the audlt. After consideratlon of the above r15ks, v¥e then carrled out audlt procedures includlng the followlng: performlng analytlcal procedures to Identlfy any unusual or unexpected relatlonships that may Indlcate rlsks of materlal mlsstatement due to fraud; readlng mlnutes of tru5tees' meetings; revlewlng correspondence wlth H M Revenue & Customs. enqulring of management and revSewing any correspondence wlth legal advlsors concerning actual and potential litigatlon and clalms. reviewlng the financlal staternent dbsclosures and testing to supportlng documentstlon to assess ompllance wlth provlslons of relevant laws and regulations described as having a direct effect on the flnancial statements; In addressbng the rlsk of fraud through management override of controls, testlng the appropriateness of journal entries and other adjustments; assesslng whether the Judgements made In making accounting estimates are indicative of a potential bias; and evaluatlng the business rationale of any significant transattlons that are unu5val or outside the normal course of business. 16 Wolverhampton Methodist Circult Independent Audltors. Report to the members of Wolverhampton Method15t Circuit For the year ended 31 Avgust 2025 Auditor's responssbilities for the audlt of the fintyneial statements {contlnued) There are inherent Ilmitatlons in our audlt 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 Ilmit the audit procedures requlred to identify non-compliance with laws and regulations to enquiry of the trustees and other mana9ement and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arlse from error as they may involve deliberate concealment or colluslon, A further description of our responsibilitles for the audit of the flnanclal statements is located on the Flnancial Reportlng Councll's webslte at www.frc.org.uk/auditorsresponsibilities. Thls descriptSon forms part of our audltor's report. We communicate with those charged wlth governan￿ regardlngi among other matters, the planned scope and timing of the audit and slgnlficant audlt flndlngs, Includlng any slgnlflcant deflclencles In Internal control that we Identlfy during our audit. Muras Baker Jones Llmlted Chartered Accountants and Statutory Auditor Regent House Bath Avenue Wolverhampton West Mldlands WVI 4EG 17 Wolverhampton Methodlst Clrcult statement of Flnanclal Actlvltles (SOFA) For the year ended 31 August 2025 Clrcult Model General Fund Trust Fund Deslgnated Iunrestrfctedl iunrestrittedl Funds Restricted Funds Totsls 2025 Totsls 2024 Note In¢om• Donatlons and le9acle5 ChJritJble activities.. Asses5rnent or share Grants other Incorne Investment Income.. Inceme from mnetsry Investments Property dlsposal 169 169 2.558 330.699 28,969 121,258 330,699 28.969 121.258 347,820 17.281 137.034 8,056 50,991 1.533 fj0,580 64.99Y 1,399 1.399 476.979 Totsl Incorne 489,151 51390 1,53J 543,074 1,046,669 ExpendI￿rn on Charltable actlvlt*s'. Salarles and assoclated cost5 Dlstrlct asses5rneTht MTF levy Property Costs Offlce Expense5 Depreclatlon other outgolws Grlnts and donatlons 12 442,304 95,487 442,304 95,487 80,B21 71,059 18,422 23,290 20,8•7 16,423 4J2,511 94,967 60,431 63,856 13,570 26,782 211,73S 80,821 14 15 71,059 18,422 23,290 16,690 16,423 16, 17 3,949 228 Yotal Expendltuv• N•t In¢ixne/ {•xpendltur•) 683,675 84.770 228 7fj8,073 903,052 (194,524) (32,J80) 1.305 1225,599) 142,817 Galnslldeftltsl on Investments Tr)nsfers between funds 40 174 214 6,9S5 18 179,341 1178,1991 11,1421 N•t movement in fund (15.183) {210,539) 337 <225.385) 149,772 Totsl fvnds brought forward 1,415,303 1,220,41S 65,292 2.701.010 551,238 Tot•1 I￿n￿% cjrrled fonyard •t end of ye•r 1,400.120 1,009,876 65,629 2,475,625 2.701.010 18 Wolverhampton Methodlst Clrcuit Statement of financial posltlon As at 31 August 2025 Cir¢uit Model Deslgnated General Fund Trust FurKI Funds {unrest￿Ctedl {UnrestrSctedl Iunrestrldedl Restricted Funds Total$ 2025 Totals 2024 Note Flxfjd Awots Tanglble nxed assets Investment5 wlth TMCP 19 20 1,221,539 1,221.539 94,563 1,244,001 94.206 33,509 61,054 1.221.539 33,509 61,054 1,316,102 1,338,207 Current Aswts Debtors Investments wlth TNCP Central Flnance Board Oeposlts Cash at Bank aTrJ In hand 21 22 31,317 31,317 980,942 Z8,Z76 A,191,501 976,367 4,575 22 22 183,042 4.459 183,042 4,459 184,771 5,533 218,818 976.367 4,575 J,199,760 1,410,081 CMdltOM'. Amounts falllng due wlthln one year 25 40,237 40.237 47,178 Net current 88••ts 178,581 976,367 4,575 I,X59.523 1.561.803 Total ai$et$ les$ C￿rrent Ilabllltl•• 1,400,120 I,￿9.376 65.629 &475,625 &701,010 N¢t I￿•ts 1,400,120 1,009,876 65,629 2.475.025 701.010 Fund• of th¢ dr¢ult G•h•ral Fund IUnr¢¥trlrf*d) Clrcuii Model Trust Fund IUnre#trlet•d) Revaluatlon Fund IUnr¢#trldédl D•$lgn•t•d Fund Iunrestrirted) other Fund¥ (Rt*trid•d) Revaluatlon Fund (Re*trlrt•d) 26.1 1,400,120 1,400.120 1,415.303 26.2 1.002.863 1,002.863 1,213,442 26.2 7,013 7,013 6.973 26.2 27 56,530 56,530 56,367 27 9.099 9,099 8,92S Total Fund$ 28 1,4QQ,liO 1,009M76 65,629 2.475.625 2,701.010 and sbgned on their behalf by.. Mr R Turton - Treasurer 19 Wolverhampton Methodlst Circult Cash flow statement For the year ended 31 August 2025 2025 2024 Notes Cash from operating activities Surplus / (Deflcbtl for the year 1225,599) 142,817 Adjustment5 for.. Depreclation Decrease/{increase) in debtors Increase/ldecrease) in creditors Surplus on Fixed Asset dlsposal 23,290 (3,0411 {7,041) {1,3991 26,782 36,789 16,166) {476,979) 11,809 (419,574) Net cash generated by l (used In) operating actlvltles (213,790) (276,757) CJ$h flows from Investlng actlvltla$ Purchase of tanglble assets Purthase of fixed asset investments Proceeds from Fixed Asset dlsposal {828) (143> 1,399 11,990) 658,959 Nat cash (used In) / from Invostlng actlvltles 428 656,969 Change In Cash and cash equlvalents In the period Cash and cash equlvalents at start of perlod {213,362) 1,381,805 380,212 1,001,593 Cash and cash equlvalents at the ènd of the perlod 22 1,168,443 1.381,805 20 Wolverhampton Methodist Clrcult Notes to the flnanclal statements For the year ended 31 August 2025 statement of compllance These flnancial statements have been prepared In compliance with Accountlng and Reportlng by Charlties.. Statement of Recorllmended Practice ISORPI applicable to charbtles preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective from l January 2015} - (the Charities SORP {FRS 102). The Wolverhampton Methodist Clrcuit meets the deflnltlon of a publlc beneflt entity under FRS 102. Accountlng pollcles Bas1¥ of preparing the flnanclal statements The Financial Statements have been prepared In accordance wlth appllcable Accounting Standards and the Statement of Recommended Practice, Accounting and Reportlng by Charltles Charitles SORP {FRS102). These accounts have been prepared on the accruals basls and on the basls of hlstorfca5 cost except that Investments are shown at their market value at the end of the year in order to show a true and fair view of the Clrcult's financial posltlon and actSvltles, Content The flnanclal Informatlon presented Is relevant, reliable, comparable and complete. Where estlmates are used these are based on experlence, research and Judgement, The accounts are expressed In £ Sterllng, rounded to the nearest pound. Funds The fund5 held constitute General Funds held for any purpose of the Clrcult whlch are unrestricted, The Clrcuit Model Trust Fund has wlde purposes deflned In standlng orders and Is categorized as unrestrlcted. Restricted fund5 are held for a narrower purpose and Snclude Endowment funds whleh represent gifts, the capital normally belng unavallable for spending and the incorne from whlch Is elther Restrlcted or Unrestricted. Detalls of each materfal fund are dlsclosed In note 28 to these accounts. Any funds may be represented by more than Just cash. Taxatlon The charityi is a registered charlty and has no taxable actlvitles. Penslon costs The Circult Is a member of the Connexional penslon scheme {MMPS} which covers presbyters and deacon5 of the Methodist Church. The contribution rates are set each year by the Nethodist Conference. The MMPS is a multi-ernployer scheme and in accordance wlth the guldance Issued by the cha￿tY Commission, the Circuit accounts for these contributions as If it were a deflned ontrlbutlon stheme. The Clrcult also has two lay employees enrolled in a defined contribution pension scheme administered by Nest Pension. Employer contrlbutlons are made at a rate of 60/0 to this scheme on behalf of emp5oyees who are members. 21 Wolverhampton Methodist Clrcult Notes to the financial statements For the year ended 31 August 2025 Accountlng pollcles (continued} Going concern Based upon operatlonal budgets and cash flow projections together with the close monitorlng of the contlnuing effect of Covld-19 restrlctlons upon the income raislng ability of Churches, the trustees believe that the Circuit has adequate financial resources available to continue in operatlonal exlstence for the foreseeable future. The Financial Statements therefore continue to be prepared using the going concern basls of aecountlng. Con￿lIdatIOn The Circuit oversees the work of ministers and lay workers In Churches wlthln the Circult but does not have control over those Churches, Mlnlsters or lay workers except In extreme cIrcumStan￿5, none of which were appllcable. For this reason, the flnanclal statements of the Churches withln the Clrcult are not consolidated into these financial statements. Income recognltlon Income Is brought Into account when it is more likely than not that the economic benefit of the Income will accrue to the Circult. No attempt is made to measure the value of servlces donated by volunteers. Indivldual amounts categorised as Other Income in the SOFA are shown separately If they are consldered to be material. Donatlons are recogn15ed In the statement of flnancbal actlvltles when they are recelvable. Interest on funds held on deposlt Is Included upon notlflcatlon of the Interest pald or payable by the Bank, The Clrcult arts as agent In one matter: the collectlon from churche5 and payment over of thelr contrlbutlons to varlous funds admbnlstered and controlled by The Methodlst Church In England and Wales. In these clrcumstances the transactlons are not reflected In the SOFA because there Is no obllgatlon on the Clrcult, Expendlture This Is recognlsed when a Ilabillty is incurred, or a construciive obli9ation 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 applicable expendlture headlngs In the statement of financlal artivitles as approprlate. Llabllltles are recognlsed as soon as an outflow of economlc benefit is consldered more likely than not under the legal or constructive obligation committing the Circult to pay out resources. Grants Grants a￿ recognised in full when the award is made and ontt the Clrcult accepts that there Is an obligatlon to make the payment and that payment Is probable. VAT Since the Circuit is not VAT regbstered, all Input VAT Is charged within the expense headlngs upon which It was paid. 22 Wolverhampton Methodist Circuit Notes to the flnanclal statements For the year ended 31 August 2025 Accountlng pollcles (continued) Tanglble flxed assets Tangible fixed assets are capitalised if they can be used for more than one year, and Indlvbdually cost at least £1,000. The freehold propertyi belng church manses, is shown In the accounts at its deemed historical cost at I September 20 15, being the properties insurance relnstatement value as calculated by the Circult's Insurers, Methodlst Insurance Limited, less any subsequent depreciation. No depreclatlon Is provided on the land element of the manses whllst the bulldlng element Is depreciated stralght Ilne over a useful economle1Sfe of 75 years. There is one exceptlon to thls where the cost of Improvement works to a manse IS being wrltten off over a 5-year period to accord v¥lth Its estlmated useful life. All propertles have been reviewed for Impalrment. Depreoation Is provided on flxtures hnd fittings at the rate of 20010 per annum from the date that the fixtures are brought Snto use by the Circuit. Investments The Investments of the Clrcult are held by the Trustees for Methodist Church Purposes ITMCP) as custodian 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. Recelvables and Payablesj Barnk and Cash Debtors are stated at the amounts owed to the Circuit or the amount prepald, Creditors are Initially recognlsed at settlement amount after any related dlscounts, where normal credlt terms applyi or the amount advanced to the Clrcult. Subsequently credltors that are current Ilabilltles are measured at the cash or other conslderatlon expected to be paid. The liquid funds comprlsing of bank balances and deposlt account balances are shown at their reallsable values. Glossary of terms CFB: Central Finance Board of the Methodlst Church manages a Common DeposSt Fund and serles of pooled Investment funds for Methodlst entities in Great Brltain and provldes Investment advlce to those bodies. Church: a group of members from fewer than 10 to more than 300. Clrcult: a group of Methodlst Churches near each other, typically between 10 and 30. MTF: Circuit Model Trust Fund. Connexlon: The Methodlst Church In GB whlth Includes the Head Offlce at Methodlst Churd) House, all Meth¢)dist Districts, arcults and Churches in Great Britain. District: a group of contlguous Clrcults, L15ually between 15 and 30. SOFA: Statement of Financial Activities. SORP: Statement of Recommended Prartlce. TMCP: Trustees for Methodlst Church Purp05es, the legal owner and Custodian Trustee of all Methodist Model Trust property, indudlng Legacies, Endowments and Accumulated Funds. 23 Wolverhampton Methodlst Clrcult Notes to the flnanclal statemeDtS For the year ended 31 August Z02S Payment to Trustees None of the Trustees received any remuneratlon during the year (2024 - £nil}. Trustees were reimbursed expen5e5 during the year, consisting of reimbursement of travel and sundry office costs. 2025 2024 Number of trustees who were paid expenses 2025 2024 Total arnount pald 59 195 Fees for oxamlnjtlon or audlt of the accounts 2025 2024 Included within 'other expendlture, are the followlng: Auditors, fee for reportbng on the account5 3.690 5,222 Assessments on Churches The Clrcult comprises the Churches referred to wlthln the Trustees report. ChLbrch Assessments are determlned annually and approved by the Clrcult meeting uslng a formulalc methodology whlch takes Into account the slze of the Church, the ablllty of the Church to pay and Its Income. In addition, St Andrews Methodlst/URC church In Sedgley is also part of the Clrcult 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 responsibllity of the Methodlst Circult under the same sharlng agreement. Under this agreement It pald £43,092 (2024 - £43,092) which is Included In the total assessments of £ 330,699 (2024 - £347,820) included wlthln these accounts. At the year end, amounts totalllng £796 {2024 £nill were owed to the Circuit in respect of assessments. Proflt on Sale of Flxed Assets Durlng the year the Circuit disposed of no empty Churches or manse properties (2024 - 2). The disposals in 2024 reallsed a total surplus over book value of £476,979. TMCP also took a levy on those sale proceeds of É189,451. Under Methodlst conventlon the net proceeds of sale were pla￿d into the Clrcuit Model Trust Fund for future use. A further small adJustir)g amount was received durlng the year of £1,399 In respect of one of the rnanses disposed of in 2024. 24 Wolverhampton Methodlst Clrcult Notes to the financial statements For the year ended 31 August 2025 Grants The Circult was In recelpt of grants from Dlstrlrt Funds totalling É28,969 (2024 £17,281). Donations and legacies Small Donations and legacles totalllng E169 {2024 - £1,850) were recelved Into the General Fund and Enll 12024 - £7081 into the Model Trust Fund during the current year. 10. other Charltable Income The Clrcult was In recelpt of the followlng other Income.. 2025 Total 2024 Total General Deslgnated Church lay contributlons 69,278 69,278 66,375 Rent from empty manses 12,077 12,077 20,172 Income generated from Bllston Methodist Church after Cessation to meet 13.851 13,851 5,153 Shared Costs of Mlnlster sha￿d wlth Queens College 26,052 26,052 26,296 Donatlons toward Clty Centre mlsslon work 19,038 121,258 121,258 137,034 Ix. Grants and donatlons Durlng the year the Cbrcult made grants to Churches and others as follows.. 2025 Total 2024 Total Trbnlty Codsall Springdale for youth weekend 15,000 1,423 16,423 25 Wolverhampton Methodist Circuit Notes to the financial $tatementS For the year ended 31 August 2025 12. Stsff cost$ 2025 2024 staff costs pald durlng the year were: Gross wages, salarles and beneflts In kind Employer's Natlonal Insurance costs Penslon costs Other non-payroll costs 336,190 28,013 43,990 34,111 330,009 21,080 53,528 27,894 Total staff costs 442,304 432,511 Average number of full-tlma equlvalent employees In the year were: 19 21 No employee earned more than £60,000 In the year. The costs can be summarlsed between mlnSstry and lay worter support as follows: 2025 2024 Mlnlstry Gross cost of lay support 300,419 141,885 287,831 144,680 44¥304 431511 Gross lay support costs are part funded through Church lay and donations toward clty centre mlssion contributions as detalled In note 10 above totalllng £69,278 12024 £85,413). In addition, a connexional grant was recelved In the sum of £27,555 {2024 - £15,000} towards the cost of Clty Centre Mi551gn. The Cost of lay support therefore funded directly by the Circult was £45,052 {2024 É44.267). The presbyters and the Clrcult Leadership Team ICLT) are also Trustees of the Clrcult. Other than presbyters no member of the CLT received any payment for work undertaken on behalf of the Circuit although certain travelllng and adminlstration costs were relmbursed relating to speclflc meetlngs or projects. 13. Penslons Most ordained presbyters and deacons are rnembers of the Methodlst Ministers, Pension Scheme (MMPSI. This is a deflned benefit scheme. The Supreme Court held in 2014 that Methodlst mlnlsters {which term includes presbyters and deacons) are not employees of the Church. For slmpllcbty, however, when dealing wlth National Insurance Contributions and pension contrlbutlons, the temis 'employer' and 'employee' are used as they would be in an employlng body, 26 Wolverhampton Methodist Circult Notes to the flnanclal statements For the year ended 31 August 2025 13. Pensions (Continued) On the other hand, lay employees are contractually employees and have the option of Joining a penslon scheme. At the year end, there were 2 12024 - 21 employees who were members of such a scheme, the scheme being provided by NEST which is a defined contribution scheme. The MMPS contributlons were reduced In the year following actuarlal valuations and reports to Conference, Details of the schemes can be found In the Annual Report and Accounts of The Methodist Church at www.methodlst.org.uk. 14. Property costs 2025 2024 Property Malntenance Rental of manses rnsuranee Utilltles (princlpally rates, Ilght and heat at Bllston and water rates) 23,109 18,669 10,302 12,340 17,397 7, 185 18,979 26,934 71,OS9 63.856 The above Costs Include £Nil 12024 - £1,406} Incurred In ￿$pert of the Wednesfleld property and thls has been charged to the Deslgnated Fund. The above costs also Include £13,818 {2024 £12,807) In respect of the Clrcult's responsiblllties (other than caretaking costs included In lay pay) for 8115ton Methodlst Church fter Its congregatlon ceased to meet. The costs also Include £Nil (2024 £1,322) in respert of the Church at Stowlawn whlch was dlsposed of during the 2023124 financlal year. 15. Offlce expen$e$ 2025 2024 Printbng, postage and stationery and Use of office and facllities Audit fee Training 12.420 10,348 3,690 2.312 3,222 18,422 13,570 27 Wolverhampton Methodlst Circuit Notes to the flnancial statements For the year ended 31 August 2025 16. Other outgoings 2025 2024 Pulplt supply Professlonal fee5 Sundry outgolngs Mission and outreach TMCP levies (charged to MTF and Restrirted Fund) 1,819 11,071 559 3,241 4,177 2,275 18,150 128 1,731 189,451 20,867 211,735 The TMCP levy of £4,177 (2024 - £189,451) represents amounts paid on the net sale proceeds reallsed upon the sale of manses and churches durlng the year together with amounts for admin charges. 17. Investment management Durlng the year the Clrcult pald £4,177 (2024 £2,765) to TMCP. the custodlans of the Cbrcult's Investments wlthln the MTF. 18. Transfers between funds A sum of £1, 14212024 - £2,473) was wlthdrawn from the Restrlcted Surplus Funds account to contrlbute to the mlsslon work of the Clrcult and £Nil 12024 - £Nill to contribute to ongolng Clrcults Costs. A net sum of £178, 199 (2024 - £19,469) was transferred from the Model Trust Fund to the General Fund in respect of monles required to support the work of the Clty Centre Mission and the wlder Clrcult. 28 WolverhamptoTr Methodist Circult Notes to the flnanclal statements For the year ended 31 August 2025 19. Tangible fixed assets Cost or valuatlon Flxtures, fittings and Equipment Manses Total At I Septernber 2024 Additions Dlsposals 1,365.572 89,400 828 1,454,972 828 At 31 August 2025 1,365,572 90,228 1,455,800 Depreclatlon At I September 2024 Charge for year Dlsposals 129,673 19,384 81,298 3,906 210,971 23,290 At 31 August 2025 149,057 85,204 234,261 Net book value At 31 August 2025 1,216,515 5,024 1,221,539 At 31 August 2024 1,235,899 8.102 1,244,001 20. Flxed Asset Investments 2025 2024 C05t brought forward 94,206 87,253 Addltlons {dlsposalsl 143 Unrealised Ilosses)1galns on revaluatlon 214 6,953 Cost carried forward 94,563 94,206 29 Wolverhampton Methodlst Clrcult Notes to the flnanclal statements For the year ended 31 August 2025 zi. Debtors 2025 2024 Trade Debtors Prepayments and other debtors Short term loans 796 27,101 3,420 25,491 2,785 31,317 28,276 22. Cash and ¢ash équlvalents Cash and cash equlvalents cornprtse the followlng: 2025 2024 Investments wlth TMCP Central Flnance Board deposlts Cash at bank and In hand 980,942 183,042 4,459 1,191,501 184,771 5.533 1,168,443 1,381,805 23. Trustees for Methodlst Church Purposts al The funds that support the Model Trust Fund and the Restrlcted Fund are held by TMCP in Trustees Interest Funds and In CFB mlxed funds. Interest is credited to the Trustee nterest funds each month and Is regarded as a short-term investment in these accounts. b) The monles held in the CFB Mixed funds are regarded as long-term Investments and are revalued at mld-market value at each year end. TMCP Is the legal owner and Custodlan Trustee of all Methodist Model Trust propertyi Includlng Legacles, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managlng Trustees who are responsible for the day-to-day management of trust property. TNCP ensure that, through providbng guidance and attlng under their dlrection, the Managing Trustees comply with charlly law and Methodbst law and pollcy as deterrnined by the Methodlst Conference. 24. Central Flnance Board (CFB} and Cash at Bank The Circult has two current accounts at Lloyds Bank plc and Barclays Bank P5c, both of which are authorised institutions. The sums held on these aecounts are Immediately avallable. In addition, the Clrcuit has a deposit account at CFB, a common deposit fund. Interest Is earned on that account and eredited monthlyi the sums deposlted can be withdrawn without notice and without loss of Interest. These sums are vlewed as being liquld. 30 Wolverhampton Methodlst Circuit Notes to the financial statements For the year ended 31 August 2025 25. Creditors- amounts falllng due wlthln one year 2025 2024 Accruals Assessments in advance 19,892 18,140 14,343 30,306 Other Credltors 2,205 2,629 40,237 47,278 Itls experted that all sums accrued at 31 August 2025 wlll be pald durlng the year to 31 August 2026. Induded wlthin other credltors Is an amount of £2,062 (2024 £2,487) held wlthln the Wolverhampton Methodist Circuit benevolent fund which is used to meet cases of need arislng within the Circuit and which Is controlled by the Clrcuit Meeting through the Clrojlt Leadershlp Team. 26. Unre$trl¢ted Fund* 26.1 General Furbd - balance of £1,400,120 at 31 August 2025 {2024 - £1,415,303) The purpose of the fund is for use at the dlscretlon of the trustees In the furtherance of the general objectlves of the Clrcuit and whlch have not been deslgnated for other purposes, About 87¥0 12024'.900/D) of this fund Is held as freehold propertles for the use of Presbyters. 26.2 other unrestrlcted Funds £1,220,415) balance of £1,009,876 at 31 August 2025 (2024 These compdse the followlng four elements.. Model Trust Fund - balance of £1,002.863 at 31 August 2025 {2024- £1,213,442) These monies are not restrlcted In purpose but can only be used for projects that pass through the approprlate Circult and TMCP authorisatlons. Included withln thls fund Is £167,785 (2024 £261, 158) held for the purposes of supportlng the Clty Centre Mlssion work withln the Clrcult Revaluation Fund balance of £7,013 at 31 August 2025 (2024 - £6,973) These are the unreallsed galns on the fixed asset Investments held wlth TMCP, Once reallsed, these monles will be included as part of the Model Trust Fund and will be used in line wlth the purposes of that fund as outlined above. 31 Wolverhampton Methodist Clrcult Notes to the financial statements For the year ended 31 August 2025 26.2 Unrestricted Funds (Contlnued) Deslgnated Fund - Monles recelved on the ceaslng to meet of Wednesfield Methodist Church - balance of £nll at 31 August 2025 (2024- É618) These monies have now been utilised for misslon by the Circuit after the dlsposal of Wednesfield Church. 27. Restrlcted Funds These comprlse the followlng.. a) Surplus Funds £4,864 (2024 - £4.876) The restricted funds are the residual surplus funds left after the merger of the three Clrcults some years ago. They can only be used for projects wlthin the enlarged Clrcuit at the dSscretlon of the Clrcult meetlng and TMCP. b) Endowed funds £51,666 (2024 - £51,491) Endowed Funds Revaluatlon Fund É9,099 (2024- £8,925) 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 monles are currently restrlrted for use by the Trustees of the Clrcult for pro)ects related to the Wednesfield church bulldings and surroundlng area. 28. Funds Unrestrlctèd funds - Current year Openlng balance Incomlng resources Resources Expertded Galnsl (Losses) TraAslers Closlng Balance Unre•trIrt￿ Pund N•m* General Fund Clrcult Model Trust Fund Revaluation Fund 1,415,303 1,213,442 6,973 489.ISI 52.390 1683,6?5} 184,7701 179,341 1178,1991 1,400,120 1.002,863 7,013 40 Totals 2.635,718 541,S41 1769,141) 1.142 1,4119,996 Unrègtrlcted funds - Prevlous year Openlnp Incoming baLince AesourTr5 Resources Expended Galnsl IL0s5esl Transfers Clo$1ng Ba￿nce Unr•*tYlrteil Fund Njrne General Fund Clrojlt Nodel Trust Fund Revakjatlon Fund 1,579,267 905,251 4,677 517,388 526,035 1703,9121 1198,3751 22,560 119,4691 1.415,303 1,213,442 6,973 2,296 Tota 2,489,195 1,043.423 {902,287) 2.296 3,091 2,635.718 32 Wolverhampton Methodist Clrcult Notes to the flnanclal statements For the year ended 31 August 2025 28. Funds (contlnued) The Clrcuit Model Trust Fund: conslsts of Income from legacy churches and property sales. They have wlde purposes as defined 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 building projects or to support the mission in general. Deslgnated funds - Current year Openlno balarce Incom¢ThJ resouros Resour