NEW RIVER METHODIST CIRCUIT LONDON Charity Registration Number: l 135316 Circuit Number: 35122 Annual Report and Financial Statements 31 August 2024 Tandem Accounting Ltd Chartered Accountants 17 Heathville Road London N19 3AL
NEW RIVER METHODIST CIRCUIT LONDON Annual Report and Financial Statements 2024 Contents Page Legal and Administrative Information Annual Report of the Trustees Independent Examiner's Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements
NEW RIVER METHODIST CIRCUIT LONDON Annual Report of the Trustees For the year ended 31 August 2024 Charity Name New River Methodist Circuit London. Principal Addres5 Palmerston Road, Palmers Green. London N22 8RA. Governing Document Deed Of Union (19321 and Methodist Church Act {19761- Objectives The charity's main objective is to act as a resource provider for 9 churches, within the are around North Lorsdon, covering the borough$ of Haringey 2nd a small section of Enfield for the MeEhodist Church. The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of.. al The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church., bl Any charitable purpose for the time being of any Connexional, Distric( Circui4 local or other organi5ation of The Methodist Church., cl Any charitable purpose for the time being of any society or institutior) subsidiary or ancillary to The Methodist Church.. d) Any purpose for the time being of any chariry being a charity subsidiary or ancillary to The Methodist Church. Key Management Personnel Those in charge of directing, controlling, running and operating the charity on a day-to-day ba515 were: Active Circuit Ministers: Rey. T Samuel, Rev. M Lunn. Rev. S Poxon, Deacon M Poxon, Rev. F M'ltiiri. Rev. R Weekes Circuit Stewards: Mr T Addo. Ms L Blenman, Ms E Cameron, Ms B Fenning, Mr J Koomson Adminlstrator: Mr N Tharumarnj2h lJan24-Mir24), Ms B Combe5 (Apr24-lu124) Treasurer. Ms L Thompson Lloyds Bank 25 Gresham Street London EC2V 7HN Bankers john Helm ACA Tandem Accounting Ltd 17 Hearhville Road London N19 3AL Independent Examiner
NEW RIVER METHODIST CIRCUIT LONDON Annual Report of the Trustees For the year ended 31 August 2024 Trustees The Trustees who served during the year or who were serving at the date of this report were: Rev. T. Samuel Rev. C. Haines Rev. M. Lunn Rev. F. M'ltiiri Rev. S. Poxon Deacon M. Poxon Rev. R. Weekes Student C. Frimpong-manso (Chairlsuperintendent) (Appointed I September 2024) {Appointed I September 2023) (Resigned 31 August 20241 (Resigned 31 August 20241 (Appointed I September 2023) C. Agyeman-Duah G. Akrobettoe C. Allen J. Arhin-mensah J. Asenso J. Beckford Berko S. Blenman Brou J. Charles G. Christie C. Dadey D. Dongsieri P. Eedle S. Ellis C. Fakeye B. Fenning M. Glynn Guthrie K. Hagan M. Harding L. Hercules T. Hercules P. King . Koomson S. Koomson P. Masuku Nimako E. Olayinka E. Opoko-Abebreseh B. Simpson A Thomas L. Thompson S. Vijayakumar D. Watson The following trustees resigned on 31 August 2024.. E. Aidoo C. Ambrose C. Arhin J. Arhin R. Ankomah T. Addo L. Blenman S. Baidoo S. B2nton S. Boakye E. Cameron K. Coates B. Combes E. Donkor E. Dufour U. Duberry G. Elli5 G. Jamerah D. Jiagge E. Mingo S. Maginley Y. Maginley A. Nartey . Owusu-Antwi O. Phipps T. Power D. Wade The followng trusiees were appointed from I September 2024-. J. Agyeman8 D. Amponsah E. Ampon5ah L. Baffour Awuah L Bonsu A. Duah L Ellis N. Gatvla W.Jamerah S. A Koomson P. Richards J. Vanhorne
NEW RIVER METHODIST CIRCUIT LONDON Annual Report of the Trustees For the year ended 31 August 2024 The Trustees submlt thelr annual report and the firbancial statements of New River Methodist Circuit London ("the Circuit") for the year ended 31 August 2024. The financial ststements have been prepared in the format prescribed by the Statement of Recommended Practice.. Accotjnting and Reporting by Charities ISORP2019 (FRS102)l- The legal and administrative information set out earlier in this document forms part of this report. l. Structure, Governance & Management The governing document for the Circuit Is the Deed of Union (1932) and the Methodist Church Att I1976)- Detailed governance arrarigements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference {CPD). The Circui£ Meering is ihe trusiee body and consisrs of office holders and represenTatives of the local churches within the Circuii who are all anntjjY appointed by Church Councils. The Circuit Superintendent is ex officio chair of the Circuit Meeting Day to day management of the Circuit is undertaken by the Circuit Leadership Team as well as specific committees for Circuit Finance, Circuit Property and Circuit Policy Committee. The Circuir is part of Ihe London Discrict 2nd is made up of 9 churcheg- Finsbury Park, Holly Park, Middle Lane. Miller Memorial, Mu5well Hill, Raven5dale, St Marks, Trinity-At-Bowes and Willoughby. 2. Activities & Public Benefit The principal purpose of the Circuit is to act as a supporting body between churches 2nd the District and Connexion. The Circuit doe5 not seek and in large measure, doe5 not attain dirett contatt with the public. The direct contact is by the individual churches. Ic is these that the Circuit supports in their desire to provide benefit to the public. The Circuit's nine churches have 2 vibrant urban multi-ethnic evangelical congreg3tion wich a membership of over 850. The Trustees have given due regard to the Charity Commissions, guidance on public benefit. During the year the circuit churches continued to carry out the following acrivities in order to promote the Gospel in their local neighbourhoods: Sunday Worship Children & Youth's ictivitie$ Bible Study and prayer meeting Christian coun5elling Pa5£0ral Yi5its 3. Superintendent's Report - Revlew of Progress & Achievements The New River Circuit {NRC) serves and represents nine churches in Enfield. Harringay and HackrTrey boroughs. The prime r2sk of the NRC is to work together in Chrisiian sacramental ministry ar)d social action. Our Christian faith requires that we work together, 'that they may be one,. Our vision is to be transformative and progressive. Our values are based on sharing our strength and weaknesses to achieve our rni5sion and ministry in love. Our mission and ministry depend on the effective management of our resources such as human, finance and bulldings. In the Methodist year 2023-2024, the ministerial strength consisted of five presbyters, one Deacon and one student minister, making seven in total. The tQTal membership of the Circuit was reported to be 851. The Circuit was able 10 susrain the Circuit sraff ministry and the churches life through its prudent financial managemeni and Considerate human relationship.
NEW RIVER METHODIST CIRCUIT LONDON Annual Report of the Trustees For the year ended 31 August 2024 The Circuit income from unrestrid funds for this year was £ 375,946. The source of income falls into three area5. 1. Asses5ment5 from 9 churches, 2. Rental Income, 3. Donations and other.. l. Assessments from 9 churches.. 2. Gross Rental and CFB interesL' 3. Donation5 and other.. £323,820 £51,490 £636 86.1% 13.7% 0.2% The Circuii expenses from unresiricted funds for this year was £ 367,973. The Circuit's main commitments are based on four areas. Presbyter's Stipends, District and Connexional Assessments, Presbyter's expendiiures, and The Circuit expen5e5. Thi5 financial year the spending has followed as.. l. Presbyters Stipend% (Salary): 2. District & Connexional Assessments.. 3. Ministry Expenses (administrator and other).. 4. Property (Manse & Church) expenditures: £199,163 £94,080 £23,788 £50,942 25.6% 6.5% 13.8% Thi5 financial year the NRC is facing intense change5 and challenges. The first change is for the NRC to reduce the number of presbyters. Secondly, the nine churches. assessments have not been raised as pledged in this year's btjdget. It is our strong desire for otjr churches to remain steadfast to their commicmenLs the Gospel, so we are determrned to meet the challenges together, now and in the years ahead. The NRC seeks to serve and support its members to speak up on issues that matter to the local churches. It also seeks to bring members together to make commstments that make Je5US to be known to us and in the community. The Circuit's hope, thac in Ihis financlal year, this report encourages the nine churches to become more committed to the Circuit's Mission. The Circuit also hopes that the membership join to share together on this journey. In the year under review the following events occurred: Mtddle L2ne and Willoughby Rev Frnncis M'ltiiri joined the circuit in September 2023, taking the pastoral leadership oversight of Middle Lane and WillouO)by. With the SUPPO of Senior stewards and the local church councils, the financial accounts for 2021-2022. & 2022-2023 haye been financially examined and filed in the Circuit Offi. 2. Holly Park and Muswell Hill Rev Matt Lunn continued to serve a5 their pastoral minister. The Muswell Hill Church successfully continued its Sunday afternoon service for Lego and Messy church. The garden musi¢ programme has been maintained. The Church services continued to have a good number of refugees as attendants. Holly Park has Praise & Worship Service once a month during the week. St Marks and Ravensdale Rev Stephen and Sister Myrrle Poxon conrÉnued as part-time active supernumeraries. These tsvo churches have successfully joined its Church councils to become one. The Haringey loc21 authority's 'Haringey Heritage Development Projett. started its pace one programme. The schemes have already given a face lift to the Church facade. 4. Finsbury Park and Miller Memori Rev Rupert Weekes continued as their pastoral minister and Depury Circuit Superintendent The membership of these two churches have been maintained and they have courageously contribtjted towards their future programme.
NEW RIVER METHODIST CIRCUIT LONDON Annual Report of the Trustees For the year ended 31 August 2024 Trinity at Bowes ffaB) Rev Thurairajah Samuel continued as pastoral minister for TaB Church and Centre Plus. He was then appointed as the incoming superintendent minister for NRC. TaB continued to support the vulnerable people in the communiry by its food-sharing programme. So far, prayerful and prudent management h2s helped to steady the ship (the Circuit). Therefore, li is hoped that the appropriate resources (human, finance and properties) will be maintained and developed to wirhstand the varioLES change5 that the Circuit is bound to face in the future. To God be the Glory. The Superintendent Minister 4. Financlal Review 4.1 Financial Activity and Flnanclal Position The Circuit is funded by each of rhe nine churches contributing an annual assessment paid quarterly. There is also iricome from one investrnent properry and a small amount from interest income. The Statement of Financial Attivitie5 and the Balance Sheet can be found on page5 9 and I I respectively. The Circuit's financial resources decreased by £37,914 during the year (2023: increased by £796,435}. The Balance Sheet shows totsl funds of £3,038,680 {2023.. £3,076,594). 4.2 Reserves Policy The Trus£ees have examined the requirements for gener21 reserves and consider, given the nawre of the Circuit's work that the general reserves should be equivalent to cover at least three months normal expenditure. This is deemed sufficient, if in the event the Circuit Assessment from a church within the circuit is not met or to meet any unforeseen items of major expenditure on manses and so to be able to continue, in rhe short term. the funding of normal daily expenditure. At 31 August 2024 the Circuit hid net free reserves of £30.911 (2023: net free reserve5 of £69,169) as follows: 2024 Total Circuit Funds 3,038,680 {2,951,9031 (55.866) 3.076.594 (2,945,000) (62.778) Less.. Non-current Assets Less.- Designated & Restricted furhds Free Reserves 30,911 69,169 Free Reserves Requlrement: 3 month's budgeted routine expenditure 85,000 93.700 The trusrees are aw2re that the current free reserves are below the free reserves requirement and are actively looking at ways in which parity can be restored. 4.3 Investment Policy The Circuit currently invests spare funds in an Interest bearing bank account.
NEW RIVER METHODIST CIRCUIT LONDON Annual Report of the Trustees For the year ended 31 August 2024 4.4 Grants Policy The Circuit makes specific grants to support the ongoing work of churches within the circuiL The policy of the Circuit is to give grants on the basis that they are subject to annual review and only renewed on the basis of meeting set criteria. Grants were granted to four churches (2023- 2) in the current financial year to fund building work S. Plans for Future Periods The Circuit plans to continue with its existing Christian activicies by providin8 support to its nine member churches. However. the Circuit continues to face financial challenges due to falling church membership and the need to help finance urgent building work on 2 number of church manses as well as several churches. The majority of this expenditure has now been completed and any future surplus will be used to rebuild general reserves. Whilst there is also the possibility of inother small deficit, there is at present sufficient cash reserves to absorb this deficit. Accordingly, the trustees have concluded it is appropriate to prepare the 2024 Accounts on a going concern basis. 6. Responsibilities of Trustees for the Financial Statements The Trustees are responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the Trustees 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 year. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently- observe the methods and principles of the Charities SORP; make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any deparrures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue. The Trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 201 I, the Charity {Accouncs and Report5) Regulations 2008 and the provisions of the governing document. The Trustee5 are also responsible for safeguarding the asset5 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 Circuit's financial information included in the Circuit's website. 7. Approval The Annual Report of the Trustees was approved by che Circuit Council on 23, June 2025 and signed on its behalf by.. Rev. irajah Sa Ir
NEW RIVER METHODIST CIRCUIT LONDON Report of the Independent Examiner to the Trustees of New River Methodist Circuit London For the year ended 31 August 2024 I report on the financial statements of the New River Methodist Circuit Londorb for the year ended 31 August 2024. set out on pages 9 to 23. This report Is made solely to the TrLbStee5 in accordance with settion 145 of the Charities Act 2011 (the Act). My independent examination has been undertaken so that I might state to the Circuit Council those matters l am required to State to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by the law. I do not accept responsibility to anyone other than the Trust and the Trustee5 for my independent examination, for this reporo or the opinions I have formed. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The Trustees considers that an audit is not required for this year (under section 144(2) of the Act) and that an independent examination is needed. It 15 my responsibility to: Examine the accounts (under section 145 of the Act). To follow the procedures laid down in the General Direttion given by the Charity Commission (under section 14515)(b) of the Act),. and To State whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My examination was carried out in accordance with General Directions gsven by the Charity Commissioners. An examination include5 a review of che accounting records kept by the chariry and 3 comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. The procedure5 undertaken do not provide all the evidence thar would be required in an audit, and consequently I do not express an audit opinion on the accounts. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respecL l. accounting records were not kept in respect of the circutt as required by section 130 of the kn. or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the applicable requirements cor¢cerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. John Helm ACA 23 June 2025
NEW RIVER METHODIST CIRCUIT LONDON Statement of Financial Activities (SOFA) For the year ended 31 August 2024 Unrestricted Designated Funds Restricted Total Nots5 Fund$ Funds 2024 Income From: Donarions & Legacies Charitable Activittes 636 1,241 1,877 323.820 323,820 Investments 51,490 1,620 53,110 Total Income 375,946 1.620 1,241 378,807 Expenditure On: Raising Funds Charitable Activitles 7,763 360.210 87 7,850 47,067 1,594 408.871 Total Expenditure 367.973 47.154 1,594 416,721 Net Incomel(Expenditure) 7,973 (45.534) (353) (37.914) Transfers Between Funds (38,975) 38.975 Net Movement in Funds (31,002) (6,559) (353) {37,914) Total Fund5 Brought Forward 3,013,816 62.425 353 3,076,594 Total Funds Carried Forward 2.982,814 55,866 3,038,680
NEW RIVER METHODIST CIRCUIT LONDON Statement of Financial Activities (SOFA) Comparatives for the year ended 31 August 2023 Unrestricted Designated Funds Restricted Total 2023 Notes Fund$ Funds Income From: Donaiions & LecleS Charitable Activities 7,400 353 7,753 336,819 336.819 Investments 31.331 991 32,322 Total Income 375.550 991 353 376,894 Expenditure On: Raising Funds Charttable Activities 3.816 11.451 15,267 388,792 26,400 415.192 Total Expenditure 392,608 37,851 430,459 GwnsllL055e5} Investment Properties 850,000 850,000 Net Incomel{Expendtture) 832,942 {36,860) 353 796.435 Transfers Between Funds {5,000) 5,000 Net Movement in Funds 827.942 (31,860) 353 796,435 Total Funds Brought Forward 2,185,874 94,285 1280,159 Total Funds Carried Forward 3,013,816 62,425 353 3,076,594 10
NEW RIVER METHODIST CIRCUIT LONDON Balance Sheet As At 31 August 2024 Unrestricted Designated Restricted Funds Funds Fund5 Total Total 2024 2024 2024 2024 2023 Note Fixed Assets Tan&ble Fixed A5set5 Investment Property 1,730.000 1,200,000 1,730,000 1,200,000 1,730,000 1,200,000 2,930,000 2,930,000 2.930,000 Current Assets Debtors & Prepayments Investments with Trustees for 18,961 18,961 15,995 Methodist Church Purposes Deposits 31,460 31,460 30,695 Methodisc Central Finance Board Deposlts Cash At Bank & On Hand 94.311 24,406 118,717 3,595 157,378 3,595 18,812 116,867 55,866 172.733 222,880 Creditors- Amounts Falling Due Within One Year 85.956 85,956 91,286 Net Current Assets 30,911 55.866 86.777 131,594 Loans Receivable After More Than One Year 21.903 21,903 15,000 Net Assets 2,982,814 55,866 3,038,680 3,076.S94 Funds of the Circuit Represented by Unrestricted Funds 2,982,814 2,982,814 55,866 3,013,816 62,425 Designated Funds (Unrestricted) 55,866 Total Unrestricted Funds 2,982,814 55,866 3.038.680 3,076,241 Restricted Funds 353 Total Funds 2.982,814 55,866 3,038,680 3,076.594 The financial statements were approved by the Trustees on 23. June 2025 and signed on its behaff by: Lorna Thompson Treasurer
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 l. Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainry in the preparaoon of the financial sutements are as follows- Basis of Accounting The financial starements have been prepared under the Charicie5 Act 201 l and in 2ccordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 1021} and Financial Reporting Standard 102 (FRS 1021- The financial Statements are drnwn up on the hi5tDrical c05t ba515 of accounting except for the revaluation of freehold land and builéings which are shown at fair value. The financi21 statements include all transactlOWls. assets and liabilities for which the Circuit is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of Circuir members. The Circuit meets che definitbon of a public benefit entity under FRS 102. Going Concern There are no material uncertainties about the charity's ability to Continue as a going concern and accordingly the accounts have been drawn up on a going concern basis. Income Recognition Volunt2ry income and donations (including legacies) are accounted for once the Circuit has entitlement to the income, it IS probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted lor in the period to which the relevant donation 15 received. Grant income is recognised on i receivable basis. The income from trading activities includes renfal income from the letting of Circuit premises and freehold land and buildings which is accounted for when eirned. Interesc on funds held on deposit is included when receivable and the amount can be measured reliably by the Circuit- this is normally upon notification of the Inre5c paid or payable by the bank Expendlture Recognition Expenditure is accrued as soon 2s 2 liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The Circuit is not regis£ered for VAT and accordingly expenditure includes VAT where appropriate. Charitable expenditure includes ihose costs in fulfilling the Circuit's prir¢cipal objects, as outlined in the Report of the Circuit These include grants payable and ggvern2nce costs.. Grants plyable are paymenTS made to third partie5 in furtherance of the Circuit'5 objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification give5 the recipient a reasonable expectation that they will re¢eSve the gran£. Gr2nts awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that gratFt is outside of the control of the Circuit. Governance costs comprise all costs Involving the public accountability of the Circuit and compliance with regulation and good practice. These costs include cost5 related to the independent examination and legal fees. 12
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 l. Accounting Policies (continued) Tangible Fixed Assets Tangible fixed assets are accounted for a5 follows.. The Circuit land and buildings are stated at historic cost. Depreciation 15 not provided as the estimated residtjal v21ue is considered to be the same or higher than the carrying v21ue of the property in the accounts. The cost of furniture, fittings and equipmenl of a Yalue greater tharb £ 1,000, less any expected residual value are GlPitalised 2nd depreciated on a straight-line ba51s over the effective useful life of the asse¢ which has been estimaTrd at five years. Investment Properties Investment Properties are professionally valued at market value. Debtors Debtors are included at the settlement amount due. Prepayments are Yalued at the amount prepaid. Loans Where concessionary loan5 (i.e., free of interest) are made to {or received by) the Circuit to further its charitable purposes. ar*d are repayable after more than one yeir, they are initially recognised at the amount paid [or received], with the carrying value adjusted in SLtbsequenr years to reflect repaymenrs and any accrued inieres4 adjusied for any impairmen( if necessary. Where there is objective evidence of impairment, an immediate impairment loss is recogni5ed in the Sraiement of Financial Activities. Subsequenr reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recogni5ed immediaiÈly in the Staiemenr of Financia5 Acrivities. Cash at Bank and on Hand Cash at bank and in hand includes ¢ash and short term highly liquid investments with 2 short maturity of three months or less from the date of opening of the deposit. Creditors and Provisions Creditors and provisions are recognised where the chariry has a present obligation arisTrng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation ¢an be measured or estimated reliably. Creditors and provision5 are reeognised at their settlement amount. Fund Accounting The fund5 held by the chariry are either- Unrestricted general funds are funds which can be used in accordance with the charitable objects at the di5tretion of the trustees. Di5crerionary Funds are funds which trustees have eannarked for a parcicular project or tjse. without restricting or committing the funds legally. The designation may be caneellÈd by the trustees if they liter decide that the tharity should not proceed or c05)tinue with the use or project for which the funds were designited. Resiricted funds - these are funds that can only be used for p2rticu12r restricted purposes within the objects of th¢ charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. There were no Endowment Funds. 13
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 2. Donations & Legacie5 Unre5trlcted Designated Restrl¢ted Funds Funds Funds Total Total 2024 2024 2024 2024 2023 Donations 636 1.241 1,877 7,753 Legacies 636 1,877 7,753 3. Charitable Activities The New River Methodist Circuit London assessments due from Churches to the Circuitfor the year were as follows.. Unrestricted Designated Restricted Funds Fund$ Fund5 Total Total 2024 2024 2024 2024 2023 Church Name Finsbury Park Holly Park Middle Lane 25.000 25.000 25,000 20,824 20.824 20,824 21.902 21,902 21,902 Miller Memori21 36.360 36.360 36,360 Muswell Hill 55,000 55,000 65.754 Rayensdale 16.216 16.216 16.216 SL Mark's 73.942 73.942 73.942 Trinlty-at-Bowes Willoughby 59,S76 59.576 59,576 15,000 15.000 17.145 323.820 323,820 336.819 Indsvidual church assessments are reyiewed annually when preparing the nextyear's financial forecasL The assessment ley for each ohurch 15 determined by the number of its member5, if (here are other Income srreams Imalnly church rentals) and whether irkdividual church fund5 need to be deployed elsewhere (building repaS15 and renovation workl. 14
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 4. Investments Unrestricted Designated Funds Funds Restricted Funds Total Total 2024 2024 2024 2024 2023 Interest Income Inyestmenrs with Trustses for Methodist 1.620 1,620 991 Church Purposes Deposits Methodist Central Finance Board Deposits 6,098 6,098 4,956 Rental Income 41 Ashford Avenue 45.392 45.392 26.375 51,490 1,620 53,110 32,322 5. Raising Funds Unrestylcted Deslgnated Rertrlcted Funds Funds Funds 2024 Total 2024 Total 2024 2024 2023 Rerrtal Property Build%ng Renovation & Repairs Rental Agent's f4anagement Fees 2.316 5.447 2,316 5,447 11.364 3,816 Trustees for Methodist Church Purpose5 ITMCP) Administrative Fees 87 87 87 7,763 87 7,850 I S,267 6. Charitable Activities Unrestricted De%gnated Fund5 Fund5 Restricted Funds Total Total 2024 2024 2024 2024 2023 Grants & Charitable GÈving (Note 6a.) Salaries & AssocIad Expenditure (NO 6b.) DistrirtAssessment Manse Relatsd Expenses (Notr 6c.) Ministry Expense5 (Note 6d.I Miscellaneous Expenses Governance Expense5 20.150 205,005 94,080 23.179 13,992 2,844 960 1.594 21.744 205,005 94.847 18.000 240,217 92,101 48.957 10,677 4,280 960 767 46.300 69.479 13.992 2344 960 360,210 47,067 1,594 408,871 415,192 15
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 6a. Charitable Activities - Grants & Charitable Giving The Circuit made grants to the following churches as a financial contributions towards their respecvve building works. Unrestricted Designated Funds Fund5 Restr5cted Funds Total Total 2024 2024 2024 2024 2023 Finsbury Park Holly Park M4ddle Lane 5,000 5,000 5,000 s.000 5,000 5,000 5,000 5,000 Miller Memorial SL Mark's Willovghby i 0.000 8,000 20,000 20,000 18,000 The Circult made the following charitxble donations 2nd gifrs to individuals. Unrestricted Designated Fund5 Fund5 2024 Restricted Funds 2024 Total Totsl 2024 2024 2023 Giving to Organisations All We Can World Mission Fund 353 1,241 353 1,241 1.594 1594 Gifts to Individuals 150 150 150 1.594 1,744 6b. Charitable Activities - Salaries & Associated Costs Unrestricted Designated Rertrf¢ted Funds Funds Fund5 Total Total 2024 2024 2024 2024 2023 Minister Stipends & Allowances Circuir Administrator Employer's National Insurance Contribuoorts Pension Contribution5 Apprenvceship Levies 148,073 5,842 13,948 36.403 739 148,073 5.842 13.948 36,403 739 173,009 6,146 16,724 43,462 876 205.005 205.005 240.217 J6
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 6b. Charitable Activities - Salaries & Associated Costs (continued) No Employee12023.. received enK>luments In excess of £60.000 during the year. Avernge number of full time equivalent staff employed during the year were: 2024 2023 6c. Charitable Activities - Manse Related Expenses unrestricted Designated Funds Funds Restricted Funds Total Total 2024 2024 2024 2024 2023 Building & Contents Insut7nce Council T3X Properry Repair & Maintenance Removal Expenses Water Charges 4,458 15.175 4,458 15.175 40.085 6.215 3.546 4,186 16.935 25,635 40,085 6.215 3,546 2.200 23,179 46,300 69.479 48.956 6d. Charitable Activities - Ministry Expenses Unrestrl¢ted De51gnated Restricted Funds Funds Fund$ Ttstsi 2024 Totsi 2023 2024 2024 2024 Computsr & Tethnology Relar£d Expenses Prinung, Starionery & Postage Publications & Reading Matsrials Telephone Expenses Travel Expenses 735 735 496 913 913 601 1,679 5.555 5,110 1,679 5.555 5.110 2.378 4.499 2.704 13,992 13.992 10.678 7. Net Incomel{Expenditure) This is sTrd after ¢harging 2024 2023 Independent examiner's fees for reporting or¥ the accounts Other accountancy or consultsncy fees paid to the independent examiner 960 960 17
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 8. Tangible Fixed Assets Circuit Mans Costlvaluation At I Septsmber 2023 Addiuons 1,730.000 Disposals Trdnsfers At 31 August 2024 1,730,000 Accumulated Depreciation At I September 2023 Charge For Year Disposals At 31 Augutt 2024 Net Book Value At 31 August 2024 1,730,000 At 31 Augusr 2023 1,730,000 The Circuii manses are valued at historic c05t as their primary function is to accommodats ordained sraff. No depreciation is provided on the buildings as the trustees consider the current rÈsidual fair value of the manse buildings lon the assumption that it had reached the end of its useful economic life by the year-endl to be not less than its curreTrt value. Any depreciation would not be matsrial. The manse properties maintained by the Circuit are.. 13 Broomfield Lane, London, N13 4HB 49 Pages Lane. London, N10 IQB 312 Philip Lane, London, N15 4AB 56 Redston Ro2d. London N8 7HE 5 Whidey Road. London, N17 6RJ These properries are under the legal OWFEership of the Trustees for Methodist Church Purposes. 18
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 9. Investment Property 41 Ashford Ave London C05tlvxluation At I September 2023 Additions 1,200.000 Disposals Transfer5 Investment Revaluatygn At 31 August 2024 1,200,000 Accumulated Depreciation At I September 2023 Charge For Year Disposals At 31 August 2024 Net Book Value At 31 August 2024 1,200,000 At 31 August 2023 1,200,000 The investment propery, situated at 41 Ashford Avenue London N8 8LN. was valued in June 2024. by the rentsl agents managing the property, at a market value berween £1.200,000 and £1.300,000. The Trustees, valuation policy is to be conseryative and use the lower range of the valuation in the accounts. 10. Debtors & Prepayments 2024 2923 Debtors Circuit Assessments Receivable Rental Income Accrned 2,164 621 Prepayments Manse Building & Contents Insurance Rentsl Agent's M2nagement Fee5 September Stipends 1.241 371 13.460 17.099 18,961 15,995 19
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 I l. Cash At Bank & On Hand 2024 2023 Lloyds Current Account Santander Current Accotjrjt 3.438 157 18,791 3,595 18,812 12. Creditors- Amounts Falling Due Within One Year 2024 2023 Church Assessments Received In Advance Circuit Member Church Grdnt Payable Manse Expenses Accrued Miniscry Experises Payable & Accrued Renr21 Agency Fees Accrued Renrals Received In Advance 78,200 74,404 10,000 2,000 1,793 844 6,837 75 3,089 85,956 91,286 13. Loans Receivable After More Than One Year 2024 2023 Deferred Interest Free Building Loans to Circuit Mernber Churches St Mark's Trinity-at-Bowes Willoughby Church 4,000 5,000 12,903 4,000 5,000 6,000 21,903 15.000 All loans a interesrfree with payment deferred until 3 1st August 2028. The Tru5rees had agreed to lend Willoughby Church £18,000 for urgent roof repairs. As at Augutt 2024, Willoughby Church had borrowed £11903 arTrd there are no plan5 to borrow further funds. 20
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 14. Detailed Analysis of Individual Fund Movements 14a For the year ended 31 August 2024 Atl At31 September 2023 August 2024 Recelved Expenditure Transfer% (i) Unrestricted Funds Generdl Fund Rèserves Fund 1.016 3.012,800 375.946 (347,9731 120,0001 {28,9751 (i o,000} 14 2,982,800 Unrestricted Funds Total 3,013,816 375.946 1367,9731 (38,9751 2,982.814 (li) Desiated Funds Circuit Model Tw5t 10799 Manse Repairs & Renewals Fund Music Bursary Fund Removals Fund Training Fund Youth Work Fund 30,696 1,287 376 10,837 8.761 10,468 1,620 18551 140,0841 31,461 178 376 4,622 8.761 10,468 38.975 {6,2151 Designated Funds Total 62,425 1.620 147,1541 38,975 55,866 (iii) Restricted Funds Donations for Exrnal Charitie5 353 1,141 11.5941 (iv) Total Funds 3.076.594 378.807 (416.721) 3.038.680 Fund Movement5 Summary UnrÈstricted Designated Restricted Funds Fund$ Funds Total Totxl 2024 2024 2024 2024 2023 Fund Balances Brought Fotward Net IncomellE¥penditure) Fund Transfers 3,013,816 62.425 353 3,076.594 2,280,159 7.973 145.5341 1353 137.9141 796.435 138,975} 38.975 Fund Balances Carrd FovNard 2,982.814 55,866 3.038.680 3.076.594 Notes regarding transfers: The Manse Repairs & Renewa15 Fund received £38,975 from Unrestrictrd Fund5 {£28.975 General Fund, £10.000 Reserves Fund), to fund ongoing manse rep2ir wod<. 21
NEW RIVER METHODIST CIRCUIT LONDON Notes to the Financial Statements For the year ended 31 August 2024 14. Detailed Analysis of Individual Fund Movements (continued) 14b For the year ended 31 August 2023 Atl At31 September 2022 Au8llSt 2023 Recelved Expendlture Transfers (i) Unrestricted Funds General Fund Reserves Fund 74 2.185.800 375,550 850,000 {374.6081 118.0001 1.016 3,012.800 15,000} Unrest*icted Funds Total 2.185,874 1,225.550 1392.6081 15,0001 3.013.816 (li) Designated Funds Circuit Model Trust 10799 Manse Rep3irs & Renewals Fund Music Bursary Fund Removals Fund Training Fund Youth Work Fund 30,556 8.287 376 lo37 8,761 35,468 991 30.696 1.287 376 10,837 8,761 10,468 137,0001 30,000 125,000) Designated Funds Total 94,285 991 {37,8511 5,000 62,425 (ill) Restricted Funds Do¥sations for Extsrnal Charitie5 353 353 (iv) Total Funds 2,280.159 1,226,894 (430,459) 3.076.594 Fund Movements Summary Unrestricted Designated Ftsnds Funds Restritted Fund$ Total Total 2023 2023 2023 2023 2022 Fund Balances Broughc FoFward Net IncomellExpenditure} Fund Tran5fer5 2.185.874 94285 2,280.159 2,390,729 832,942 136,860} 353 796.435 1110,570} 15.0001 5,000 Fund Balances Can7ed Foard 3,013.816 62.425 353 3.076,594 2,280,159 Notes regardin8 transfe. The Manse Repair5 & Renewa15 Fund received £30,000 from the Reserves Fund, to fund ongoing manse building mainrenance 2nd the complerton of d)e renova0 work ai 41 Ashford Avenue. The Youth Fund transferred £25.000 to the Re$er¥es Fund to help finance the £30,000 tyan5fer to the Manse Repatrs & Renewals Fund. As this was a tynsfer from a desigrtatsd thnd to an unrestrietrd fund, li wa5 agreed by a VO at a Circuit meeting. The net impact on the Reserves Fund was a £IS.000) fund dueOrt. 22
NEW RIVER METHODIST CIRCUIT LONDON
Notes to the Financial Statements
For the year ended 31 August 2024
14. Detailed Analysis of Individual Fund Movements (continued)
Dèscriptions of the Designated Funds are a5 follows:
(l) Cirtuit Model Trust: 10799: The tnjst j5 administrated by The Trustees for Methodist Church Purposes (TMCP).
The main purpose of this trust is to fLtnd granrs for church building work. Funds arise from the sale of church properties
ad the proceeds are held in intrre5t bearing money accounts.
(il) Manse Repairs & Renewals Fund: Fund5 for the purpose of maintaining the Circuit manses and invests))ent property.