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← Wesley's Chapel And Leysian Mission

2024-08-31-accounts

WESLEY’S CHAPEL AND LEYSIAN MISSION REGISTERED CHARITY NO: 1137321

CITY ROAD CIRCUIT IN THE LONDON DISTRICT OF THE METHODIST CHURCH Circuit No. 35/1

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

WESLEY’S CHAPEL AND LEYSIAN MISSION

Contents
Page
Trustees’ Report 2 - 15
Auditors’ Report 16 - 19
Statement of Financial Activities 20
Balance Sheet 21
Statement of Cash Flows 22
Notes to the Accounts 23 – 40
Summary of Income and Expenditure (General) 41

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WESLEY’S CHAPEL AND LEYSIAN MISSION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees present their report and audited accounts for the year ended 31 August 2024, which comply with the Charities Act 2011 and have been prepared in accordance with Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The name of the Charity is Wesley’s Chapel & Leysian Mission. It is the City Road Circuit in the London District of the Methodist Church; Circuit number 35/1.

Background

Wesley’s Chapel & Leysian Mission is a thriving Methodist congregation and charity in the heart of London with a full programme of services and events throughout the week. The site is a complex of Georgian and Victorian buildings located in a fine Georgian courtyard near the financial district of London. John Wesley’s chapel, his house and the Museum of Methodism are all on site for visitors to see.

The charity was registered as a charity on the 6[th] August 2010; registered charity number 1137321.

Registered address 47,47a & 49 City Road, London EC1Y 1AU

Trustees

The following are the Trustees of the registered charity who served during the year and were the legally named Trustees at the date that this report was approved: -

Ex-officio/Clergy

Jennifer Smith - Chair Steven Cooper (resigned April 2024) Jongikaya Zihle (resigned March 2025) Stephen Poxon (appointed September 2024) Myrtle Poxon (appointed September 2024)

Property Trustees

Jerry Abankwah Samuel Appiah-Anderson Louis Colley Kingsley Kissi (resigned November 2024) Joel Akazarah (appointed October 2024)

Finance Trustees

Peter Forward - Treasurer/Gift Aid Secretary Ebenezer Jojo Annan Stephen Ludlow Ruth Lythe (resigned January 2025) Sylvester Mbeah Stella Eastwood Mothen Amuaku (appointed October 2024)

Mission Trustees

Josh Snape – Senior Circuit Steward Sagan Daniels Louise Harding-Murray Barnabas Masukume Gavin Sutter Gillian Brady ( appointed October 2024)

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Reference and administrative details

District Chair The Revd Dr Jongikaya Zihle_(to March 2025)_
Ministers The Revd Canon Dr Jennifer Smith (Superintendent)
The Revd Steven Cooper_(to April 2024)_
The Revd Stephen Poxon (from September 2024)
Deacon: Mrs Myrtle Poxon (from September 2024)
Associate ministers The Revd John Cooke (Supernumerary)
The Revd Paul Hulme (Supernumerary)
The Revd Dr John Lampard (Supernumerary)
The Revd Stephen Penrose (Supernumerary)
The Revd Ian Yates (Supernumerary)
Lay workers Thomas Smith (Leysian Missioner)
Jessy Mhone (Global Mission Fellow)– from January 2024
Museum Christian Dettlaff (Curator)
Charlotte Hay-Campbell (Learning & Community Engagement
Officer)– from May 2024
Office & administration
Tracey Smith (Manager)
Daphne Johnson (Finance Officer)
Beatrice Omane (Administration Assistant)
Banking HSBC Bank
1-3 Bishopsgate
London EC2N 3AQ
Lloyds Bank
60-64 Moorgate
London EC2R 6EJ
Solicitors Pothecary Witham Weld
84 Eccleston Square, Pimlico,
London SW1V 1PX
Investment management Greenbank Investments Limited
30 Gresham Street
London
EC2V 7NQ
Auditors Clay Ratnage Strevens & Hills
Suite D, The Business Centre
Faringdon Avenue
Romford, Essex
RM3 8EN

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Structure, governance and management

City Road is a Circuit of the Methodist Church in Great Britain and its constitution and policy are determined by that body’s Model Trust and Standing Orders. The Circuit has only one Church, Wesley’s Chapel, having merged with The Leysian Mission in 1989. As a result, the same Trustees are members of both the Church Council and Circuit Meeting and always meet as one body in their capacity as Managing Trustees. Mission, Finance and Property matters are delegated to separate Committees of Trustees, which each report to the meetings of the Church Council/Circuit for any decision making. All major decisions of the charity are proposed to Trustees for consideration and advice. Responsibility for the day-to-day running of the Charity lies with the Superintendent Minister.

The appointment of Trustees is governed by the Standing Orders of the Methodist Church. New Trustees are appointed by the existing body of Trustees and the Circuit Meeting. Trustees are chosen from the congregation, and other known associates through recommendations. All Trustees perform their roles as volunteers. No Trustees receive any benefits in service to the Charity. All Trustees are inducted and referred to Charity Commission guidance on their roles and responsibilities. It is the policy of the charity to undertake a yearly training session for all Trustees.

Trustees plan to meet six times per year. Agendas and papers are circulated in advance of meetings, with formal minutes being circulated after each meeting.

Key management remuneration

The charity undertakes yearly benchmarking of key management personnel remuneration compared to other circuits, churches and similar roles in the Greater London area. An annual appraisal process is undertaken of each staff member to provide feedback and assess their roles and performance. This is in line with Methodist Church operations, policies and practices, with the Board authorising final pay rates.

Risk management

Although the full Trustee Board is responsible for managing risks they request the Property and Finance Committees, which have the most appropriate skills and experience, and the Superintendent Minister, who is also experienced in this area, to advise them.

A short to medium term risk identified arises as a result of the potential loss or delays in weekly cash income or donations. To mitigate this risk, the Charity is moving to encourage members and supporters to donate regularly by bank transfer and introducing other forms of giving.

A longer term risk identified is the potential of reduced investment income. The charity has worked with Greenbank Investment to minimise this risk.

At present, there are no other risks identified which are considered to be material, based on the combination of likelihood of occurrence and seriousness of impact were they to occur. However, the key risks noted include:

  1. Damage to reputation: Incidents or events may damage or negatively impact the charity's reputation or operations (e.g. fraud, security, major incidents) Mitigation:

  2. Preventative policies and procedures in place —notably safeguarding and supervision policies of the Methodist Church, and risk assessments for church activity.

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Mitigation: 

  - Annual budget is maintained and regularly reviewed.

  - Regular reviews of trends in giving are undertaken by Trustees.

  - Finance Trustees undertake financial awareness campaign to membership.

  - Financial reserves enable services to be maintained even if donations fluctuate.

  1. Losing money through inappropriate investments: The charity holds various investment assets to ensure the long-term security of the Chapel premises, as well as to provide annual investment income to assist it in meeting its annual outgoings. Losing money through inappropriate investments would both affect its long-term security and the income generated from the assets.

  2. Mitigation:

    • Trustees have identified and agreed an investment policy which ensures that investment risk is widely spread and investments are readily realisable.

    • A professional firm of investment managers has been appointed to carry out the policy.

    • Reviews of investment performance are received and reviewed by the Finance Trustees.

    • Annual face to face presentation is made by the Investment Manager.

  3. Variability of income from investments: The charity relies on receiving income from its investment assets to balance its budget. An unexpected variance in the level of this income could impact the charity's finances adversely. Mitigation:

    • Annual budget including identification of annual investment income targets.

    • Discussions held with Investment Managers to identify the relevant policy to achieve the targeted ‘Total Return’ year-on-year in line with identified risk appetites.

    • Annual budgets are approved by the Board of Trustees.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

  1. Major damage to Chapel, Manse, Museum, an investment property or site: The charity's ability to operate effectively adversely and/or its income may be diminished. Mitigation:

  2. Trustees undertake regular review of key risk issues relating to each type of property.

  3. Compulsory independent quinquennial property inspections undertaken

  4. All properties are fully insured and revaluations regularly reviewed.

  5. Financial reserves sufficient to enable services to be maintained even in severe stress situations.

  6. Theft of items or cash: The charity's income may be affected adversely, its assets damaged or its ability to display heritage items diminished. Mitigation:

  7. Unbanked cash is maintained at a minimum and stored securely.

  8. Excess bank balances are banked promptly.

  9. Insurance cover is maintained for both cash and other contents, including heritage assets.

  10. Insurance cover is reviewed annually.

  11. Surplus heritage items available to be displayed in place of lost items.

  12. Financial reserves sufficient to enable services to be maintained despite losses.

Each of the risks are assessed on an annual basis by the Trustees, and are regularly monitored to ensure controls are in place and an effective risk plan is up-to-date. Policies and procedures are implemented and monitored against each risk. Any financial risks are reduced by regular review of the charity’s financial position and performance by the Trustees, monthly cash flow review, and by appointing designated Trustees with finance experience or interests to ensure the most efficient use of resources.

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the land, buildings, theft and investments, and are satisfied that systems are in place to control and mitigate their exposure to these risks.

Objectives and activities

The calling of the Methodist Church is to respond to the Gospel of God’s love in Christ and to live out its discipleship in worship and mission. Inspired by the calling, the aims are:

The Trustees have considered the Charity Commission’s general guidance on public benefit and have taken it into account when reviewing the Charity’s aims and objectives and in planning for its future activities. In this respect, their objective is to advance the Christian religion in the City Road Circuit of the London District of the Methodist Church and in the wider world for the benefit of the public. The Trustees are satisfied that the aims of the Charity are carried out wholly in pursuit of its charitable aims for the public benefit.

The Circuit’s more particular (and local) objectives are to promote and preserve Wesley’s Chapel as well as to develop and support ministry among those experiencing deprivation in Inner London and elsewhere.

In pursuit of these aims and objectives, the Circuit’s weekly programme is given on page 7. In addition, the Chapel and other buildings on the 49 City Road campus are an historic heritage site and the Circuit maintains a registered museum, consisting of the Museum of Methodism in the Crypt and John Wesley’s House, both of which are open Tuesday to Saturday. Note 11b to the accounts gives details of the

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

contribution made to these activities by volunteers. The Museum has secured full accreditation through the Arts Council England.

Wesley's Chapel serves its near neighbourhood in a large variety of ways. The Stay and Play group serves young families, child minders and carers in the immediate neighbourhood, as do our uniformed organisation - Boys' Brigade and Girls' Association.

Wesley's Chapel is situated in an area with a huge number of voluntary sector organisations and many of them use our facilities. We also host a Carol Service for these organisations at Christmas and keep them in touch with activities at the Chapel through a regular email update. Wesley’s Chapel also serves as the 'sanctuary' for a number of the local offices, when they have their fire evacuation alerts.

The charity relies on the generosity of local volunteers in order to carry out its mission and contribute to the running of activities, including providing tours, working in the museum or by devoting time to weekly services.

Weekly Programme

Sunday 9:45am Holy Communion (except first Sunday in the month)
11:00am Morning Service & Sunday School
12.30pm Wesley’s Chapel Ghana Fellowship (last Sunday in the month)
Methodist Women in Britain (first Sunday in the month)
5:00pm Zoom Fellowship
5:15pm Zoom Bible Study
6:00pm Zoom Evening Prayer
7:00pm Taizé Style Service (first Sunday in the month)
Monday 10:00am Morning Prayer
2:00pm Sisterhood
Tuesday 10:00am Morning Prayer
1:05pm Lunchtime Recital (except July, August, December)
6:30pm Boys’ Brigade & Girls’ Association
Wednesday 10:00am Morning Prayer
10:15am Stay & Play (under 5’s term-time only)
12:45pm Service of Holy Communion (30 mins)
Thursday 10:00am Morning Prayer
Friday 10:00am Morning Prayer
Saturday 10:00am Morning Prayer
5:00pm Choir practice (except Saturday following singing in morning service)

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WESLEY’S CHAPEL AND LEYSIAN MISSION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Achievements and performance
2024 2023
No. No.
Church membership – in October falling within the accounting year 460 446
Museum visitors – total during the accounting year 14,376 13,586

Set on the edge of the City of London, Wesley’s Chapel and Leysian Mission continues two and half centuries of Methodist commitment to this local neighbourhood, alongside a global welcome. People from all over the world gather in the congregation to worship God, learn, and grow together.

Over twenty thousand will visit the Museum of Methodism and John Wesley’s House in person this year with an additional ca. 1200 per week joining our online and learning programmes. For pilgrims visiting their ‘Mother Church,’ international Methodist church leaders, theologians, school groups, or just locals looking for prayer and quiet, the doors at City Road are open.

Our Offer: to God, to the City

“The Gospel of Christ knows no religion but social; no holiness, but social holiness.” John Wesley

Worship and Welcome

In worship we praise God, read the scriptures, consider God’s purposes, and pray for the world. With song, words, and silence we seek forgiveness, offer lament, give thanks, and encourage one another. Over a thousand people regularly worship at Wesley’s Chapel each week online and in person, including up to 200 each Sunday morning. We are a growing, justice-seeking, evangelistic, and inclusive church , and to hand on the Methodist traditions we bring from around the world as we inhabit the Wesleyan heritage of this place.

Every week in Holy Communion , we join the global church to be fed by God: we practice an open table with a welcome to all ages and people. Children (and their noises) are always welcome in worship, and a regular Sunday School is supplemented by in-worship activities and a ‘ Creche Corner’ play area in the sanctuary. Recently we have piloted free ‘fidget’ toys and other age appropriate activities for children and adults with neuro-diverse presentations in worship.

Up to 150 join for livestreamed Morning Prayer at 10am Monday to Saturday, and others participate in more intimate midweek services and monthly International Prayer in the style of the Taizé community. This is complemented by special occasional services, discipleship, and ecumenically shared study: we have received 24 new members by confession and transfer in 2023-24.

Alongside Superintendent Minister the Revd Canon Dr Jennifer Smith , two ministers have served half time September 2024 – July 2025. The Revd Stephen Poxon has pastoral charge as Minister of the Chapel, and Deacon Myrtle Poxon leads for pastoral care; all ministers share worship and work collaboratively to develop mission priorities. This intentional interim ministry has been a time to re-set priorities, thickening the diet of worship: first Sunday we have Communion, second ‘This Time Tomorrow’ (testimony), third a chance to come forward for intercessory prayer, and fourth a special focus on the Sunday School. From September 2025 the Revd Dr Claire Potter will join the Chapel as Minister.

A team of lay preachers and retired ministers works alongside the pastoral staff to offer a rich diet of worship and discipleship, including a midweek Communion , Sunday Evening Zoom Fellowship , with Bible study and Evening Prayer . We delight too to see new vocations for lay and ordained ministry and pastoral work flourish in the life of the Chapel, and to be a regular venue for student placements.

This year will see several events, not least a District-wide 3Generate Youth Conference reunion, developing a children and young people’s musical participation in the life of the Chapel and community. Choir Director Mikyung Kim and Organist Elvis Pratt continue to lead the music for weekly worship: the choir sings monthly and for special events. Our Worship is enriched by visiting choirs and other musicians who join us from all over the world.

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From 2022 Wesley’s Chapel has solemnised both weddings between a man and a woman, and those between two people of the same sex; God has made our community diverse in opinion about this, and we honour that diversity with this change. During the last year we have celebrated or taken part in 17 weddings.

Wesley Day Celebrations

On 24[th] May, 2024 we commemorated John Wesley’s conversion, walking in the footsteps of John Wesley to St Paul’s Cathedral via Aldersgate Street. We paused for prayer at Bunhill Fields burial ground, and at the ‘Aldersgate Flame’ sculpture by the Museum of London. District Chair the Revd Dr Jongi Zihle joined our President of Conference accompanied by Vice President .

For the first time we introduced an element of political advocacy to the celebration, asking the participating public to engage in a listening exercise around what issues are most important in our community. Accommodation, immigration, and cost of living were recorded.

Global Welcome at Wesley’s Chapel

This year saw the expansion of international groups visiting City Road, including global political leaders from several nations, among them the High Commissioner of Fiji. We were also pleased to welcome global Methodist leaders attending the Conference of the Methodist Church in Britain. Our own 202425 British President of Conference the Revd Helen Cameron and Vice President Carolyn Godfrey launched their connexional year from the Chapel in September 2024.

Our Journey: with God, with each other

Pastoral Care

28 Pastoral links serve Wesley’s Chapel, each one (or two) looking after a small group and working with staff to offer care in times of crisis or change , in addition to offering regular chances for growth, service, and discipleship . We have recently re-named and re-defined this role, and since been able to recruit a further 5 members: nevertheless, we have over 70 members lacking a pastoral link. This is an area of development for us and a focus of the year of interim ministry. A further piece of work is yet to be done to regularise the membership list and community role of the Chapel, as it has become apparent that our lists exclude some who were received into membership prior to the ransomware attack in 2018; the also include some who have not returned in person since the Covid lockdowns; we also have out of date information for others.

“I believe I shall see the goodness of the Lord in the land of the living.” Psalm 27:14

Work with Younger Adults

In Autumn 2024, a diverse group of 18-35 year olds have gathered to plan social and other events, convened by a member of the congregation and supported by staff. Global Mission Fellow Erick Hunter finished his placement in June 2023, and was replaced by Jessy Mhone from Malawi. This placement is supported both by the World Mission Fund of the British Methodist Conference, and the Global Board of Discipleship of the United Methodist Church. A further grant from the London District Advance Fund allows the payment of the Living wage. Jessy supports hospitality to Asylum Seekers and Refugees , facilitating weekly ESOL classes on site in partnership with Union Chapel, Islington , and supporting members who offer conversation in hotel foyers locally.

The whole church has also this year continued in membership of London Citizens , involving Wesley’s Chapel in unified community work for justice, political advocacy and action, and offering training for community development skills.

Boys’ Brigade and Girls’ Association

Up to twenty-five boys and girls from the age of 5 now meet in person every Tuesday night, led by Captain Matthew Smith and supported by 7 Officers drawn from the Church congregation. The girls and boys together develop leadership skills and experience, balancing weekly games and faith sharing with regular outings and trips. This year included kayaking, paddleboarding, and paintballing: the BB/GA is open to all aged 5-18, and is supported by a large network of former members. We give thanks for

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the Brigade’s continuing presence at City Road. A major bequest has secured the financial position of the Brigade, but the recruitment of new Officers and adult helpers remains a priority.

‘Stay and Play’ offers community support

Hosted by Leysian Missioner Thomas Smith, over 20 households meet on Wednesday mornings during school terms to offer support for parents and carers, and safe play for under-fives.

Wesley’s Chapel Recitals

Each Tuesday at 1:05pm, the Chapel hosts a short free recital , featuring musicians of many different kinds. We are glad to see this oasis in the midst of a busy working day draw new audiences and make culture accessible to everyone in our community.

‘Take one, leave one,’ and the Benevolent Fund

Leysian Missioner Thomas Smith and a group of volunteers have offered a ‘ Take one, leave one’ warm coat exchange outside the Chapel, where people can help themselves and help others without needing to draw attention to their need. There are two benevolent funds which allow small grants for immediate need: for residents of the EC1 post code, the Jordan Trust can help; for others (access via a minister) small grants are made from a church benevolent fund. In general grants normally not more than 200 pounds are made where they will transform a situation as when someone is waiting for benefits or a first pay check, or needs to replace stolen goods or purchase school uniform; grants are not generally made to subsidise monthly expenses. Where there is need, we refer those with financial for help with budgeting or benefits.

“God looked over all that he had made, and saw that it was very good.’”

Genesis 1:31

Our Offer: Heritage and Learning

The Museum of Methodism and John Wesley’s House

Curator Christian Dettlaff continues to expand the virtual tour and online collections. Christian coordinates over 50 volunteer heritage stewards to greet visitors from all over the world to City Road and has successfully recruited a new Learning and Community Engagement Officer Charlotte HayCampbell. We have seen an increase of schools visits on site and the groundwork to take our offer live with Methodist learning environments overseas. The Museum and House are open Tuesday to Saturday, 10:30am-4pm, and offer heritage material in 11 languages, with video resource in Korean and Portuguese in addition to English. Increasing numbers of large pilgrim groups mean that we are evaluating our visitor experience, with as many as 600 arriving together in one planned group.

Exhibition with the Leys School, Cambridge

The Museum nurtured its long-standing relationship with the Leys School through a student art display. This was exhibited in Wesley’s Chapel and John Wesley’s House through summer 2023. Each object was inspired by Methodist heritage and a unique response to the Methodist faith and ethos. We hope to accession the best pieces in future exhibitions into the Museum’s Collection, celebrating contemporary Methodism and young talent.

We are very pleased that our Trustee Stephen Ludlow will also serve as President of the Old Leysians Society in the 150[th] anniversary year of the school. Members of the OLS continue to support the Circuit in its financial and mission objectives.

Leadership on a Journey: Methodism and Migration

“As shoes for your feet, put on whatever will prepare you to preach the Gospel of peace.” Ephesians 6:15

The Chapel and Museum continued to promote the ‘Leadership on a Journey’ exhibition this year, hoping to inspire others in the Methodist Church – and in other Churches – to value Black British and global diaspora contribution to churches. I has toured to other Methodist sites this year including the New Room, Bristol. The project collected stories and objects to reflect on how leadership of Black and minority ethnic Methodists have shaped the Church and other walks of life. A response to the ‘Black Lives Matter’ movement, ‘Leadership on a Journey’ reflects on the challenges and opportunities for Black and minority ethnic leaders in the Methodist Church today.

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Redeeming our past: Wesley’s Chapel’s Memorials and global links

This year we worked with the United Church of Canada to revise display text and prayers of repentance alongside two memorials to a 19[th] Century Canadian Methodist at the Chapel, Egerton Ryerson. Ryerson was the architect of the Indigenous Schools Programme which forcibly removed Canadian children from indigenous families and sent them to Christian Boarding Schools. Many died of neglect, and the Canadian Truth and Reconciliation Process has declared that his policies amounted to ‘cultural genocide.’ We choose to keep the witness of this history visible, but to tell the full history and express our grief at his actions. We will continue to explore ways we can live out the call to repentance from sin, and new life in Christ.

In 2022-23 we have agreed the return of one ‘Gilbert’ font to the Methodist Church of the Caribbean and the Americas , and the retention of one font in the Chapel itself. Arrangements for this return are ongoing as part of our connexional reparations agenda.

British Library ‘Discovering Sacred Texts’ online resource

Expanding our learning presence, Wesley’s Chapel was proud to see the wide use and distribution of the British Library’s global online resource for Religious Education, ‘Discovering Sacred Texts’ . Representing British Methodism, our contribution includes a video glimpse of worship along with reflection on the global influence of Methodist hymns and spirituality, as part of the video on Christianity in Britain today. We saw this resource widely used distributed in the United Kingdom and internationally during lockdown.

Renewal of the Physic Garden Trail and Signage

Inspired by John Wesley’s ‘Primitive Physic’ , a garden trail of healing herbs and flowers was planted in the public gardens at City Road in March 2019; this has been maintained and marketed this year. This was done in partnership with St Luke’s Community Centre and volunteers from CMS Law . The trail is now available to guide visitors around the site, and to use our heritage to help with our mission today of well-being for all.

Our Thanksgiving: What God is doing

This church balances global welcome with local service, giving our members a chance to serve each other and the neighbourhood. In this we join our ecumenical partners, St Giles’ Cripplegate, Jewin Welsh Church, and St Joseph’s Roman Catholic Church , with whom we share two month-long small group study series, and occasional service and social events.

Church Fellowship and Groups

This year saw the re-gathering of The Wesley’s Chapel Ghana Fellowship and Methodist Women in Britain and the weekly Sisterhood for retired women, meeting on a Monday afternoon. The Wesley’s Men’s Fellowship has re-gathered and hosted a monthly men’s breakfast drawing up to 20 each month from all walks of life for prayer, fellowship, and food.

Wesley’s Chapel and Leysian Mission is a large church, and these groups help people get to know one another: they deliver a vital mission as part of our faith development. All generations joined in an August day out to Margate attended by over 150 church members and friends.

Board of Trustees and Staff

We give thanks for our lay leadership, the Board of Trustees who guide the Finance, Property, and Mission of this church and for the continued support and advice of the Old Leysian Society. The Trustees focus the mission and help different parts of the organisation work together, as well as supporting the Superintendent in leadership, and the lay preachers and other staff. In the Office, we give thanks for the continued leadership of Tracey Smith , our Manager, along with Daphne Thompson in Finance and Beatrice Omane on administration.

Property and Finance

Wesley’s Chapel and Leysian Mission is a registered UK Charity (no. 1137321) and undertakes a full audit of its accounts each year, available on request. (Full accounts available from the Charity Commission website.) We are working to find new sustainable income streams and to increase giving, including through estate giving.

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Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the 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 period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Investment policy, objectives and performance

The objective is to support the mission of the Methodist Church in the City Road Circuit London and to achieve that by producing real growth of income and preserving real value of capital.

Quarterly reports are received from the appointed Investment Managers giving assessments of the investment performance of the Charity's investment assets. These reports are made available to all the Finance Trustees which report in turn to the Church Council/Circuit Meeting. In addition, the Investment Managers meet with the Finance Trustees at least once annually.

The Charity operates an ethical investment policy in line with that of the Methodist Church nationally. The Investment Manager provides regular reports as to its voting record at company meetings, and also as to how it adheres to the stated ethical investment policy. The investment policy is to provide income which increases with inflation, while maintaining the real value of the portfolio.

Greenbank Investments, a subsidiary of Rathbones Group, one of the largest of the City fund managers is the Charity’s appointed Fund Manager. The performance of the investment portfolio for the year to 31 August 2024 was in line with our expectations. The Charity will continue to monitor the ethical position of our portfolio where we expect the current exclusions to be maintained. Like many other charities, we are now putting increased emphasis on total investment return rather than income return, and thus have the ability to utilise some of the additional potential return to supplement our operating budget.

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Finance review

Wesley’s Chapel and Leysian Mission has two distinct activities, the day to day running of the chapel and its wider Christian ministry and the operation of the Museum. In addition it maintains a number of restricted and endowed funds to support specific parts of its ministry and works.

Wesley’s Chapel and Leysian Mission is a registered UK Charity (no. 1137321) and undertakes a full audit of its accounts each year, available on request. These accounts give an overview of income and expenditure for 2023-24, with year-end 31 August.

The accounts for the year ended 31 August 2024 show a surplus of £435,778 (2023: £75,044 deficit) before investment gains of £375,774 (2023: £60,187 loss). Unrestricted income of £528,062 (2023: £476,333) was higher compared to the prior year, despite a reduction in donations, primarily from generous legacy gifts received and notified during the period. This resulted in an overall net surplus for the year of £1,138,603 (2023: £135,231 deficit), including a one-off £327,051 gain on the transfer of the Linton Street Manse to the Methodist Connexion. Total funds at 31 August 2024 were £11,750,334 (2023: £10,611,731).

The support of members and friends continues to be highly appreciated by all involved. The Trustees would like to thank all of the supporters of the charity, especially during another extremely difficult year. Regular donors, the church congregation, the Old Leysian’s, alumni of the Leys School, and supporters of the museum are all part of our wider family, and we thank them for enabling the charity to fulfil its mission and remain financially stable to continue its works.

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Reserves policy

Reserves are held to ensure that the Charity can continue to meet its commitments, mission and objectives in the event of short-term income shortfalls or unforeseen expenditure requirements.

(a) The Circuit has three categories of reserves (funds):

1.General and Designated Funds
2.Restricted Funds
3.Endowment Funds		 2024
2023
£
£
10,464,715
9,890,994
821,774
281,294
463,845
439,443
11,750,334
10,611,731

(b) Reserves policy for General Funds

These are available for any purpose of the Methodist Church and comprise:

2024
£		 2023
£
Those representing the carrying value of land, buildings and other fixed
assets		 3,026,396 4,432,267
Those designated for Property Endowment, House & Museum, Leysian
Mission purposes (as laid down by Conference), & Funds committed to
the purchase of a replacement Manse.		 6,327,088 4,534,101
Those invested, mainly unconditional legacies, to provide ongoing
income, thereby perpetuating the effect ofthe benefactors’generosity		 749,102 717,120
Liquid funds, readily available for day-to-day expenditure. The
Trustees’ policy is to build these funds until they reach approximately
six months’expenditure, or currently about £375,000.		 362,129 207,506
10,464,715 9,890,994

(c) Policy for Restricted Funds

These funds must be used only for special purposes of the Circuit or for specific purposes for which money was donated or bequeathed. They include Circuit Advance Fund (CAF) (Trusts 18787 & 18787A) which is restricted by standing orders of the Methodist Church.

which is restricted by standing orders of the Methodist Church.
2024
£		 2023
£
Circuit Advance Funds(18787) 11,492 15
Gibbs Fund – a donation from the Gibbs Trust to the House & Museum 129,112 121,843
Various other funds includinglegacies,clubs & societies 647,160 126,677
Kinnear Education Funds 34,010 32,759
821,774 281,294

(d) Terms relating to Endowment Funds held

The Trustees for Methodist Church Purposes act as a Custodian Trustee for the permanent endowment funds, the management of which is undertaken by the Investment Manager. The capital cannot be spent, but the income is available for the following purposes:

Capital 2024
£		 2023
£
Youth Council - Trust 22317 - Gabriel,Grosvenor & Cooper 10,359 9,558
General Fund – Various Trusts 453,486 429,885
463,845 439,443
Income
Youth Council - Trust 22317 - Gabriel,Grosvenor & Cooper 205 294
General Fund – Various Trusts 14,659 15,535
14,864 15,829

14

WESLEY’S CHAPEL AND LEYSIAN MISSION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Plans for the future

We will continue with strong financial planning and accountability, to resource ongoing projects:

This future we commit to the creativity of the people in this place, inspired by the grace of God.

Giving at Wesley’s

All who worship regularly or visit here can support the work of the church and Museum: see the website www.wesleyschapel.org.uk or type give.net/20115542 into your internet browser and follow the instructions to make a one-off or recurring gift. Please remember to Gift-Aid if you are a UK tax payer.

Even a small recurring gift is of great help: if you would like to speak about other ways to give, including through estate planning, please be in touch with the office.

The charity received no fundraising complaints during the year (2023: none).

The trustees of the charity can confirm that, as far as they are aware, there is no relevant audit information of which the charity’s auditors is unaware, and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

Approval

This report was approved by the Trustees on 27 March 2025 and signed on their behalf by:

Jennifer Smith Peter Forward Trustee Trustee

15

INDEPENDENT AUDITORS' REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION

Opinion

We have audited the financial statements of Wesley’s Chapel and Leysian Mission (the ‘charity’) for the year ended 31 August 2024 which comprise Statement of Financial Activities, the Balance Sheet, Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

16

WESLEY'S CHAPEL AND LEYSIAN MISSION

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

17

WESLEY'S CHAPEL AND LEYSIAN MISSION

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

18

WESLEY'S CHAPEL AND LEYSIAN MISSION

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF WESLEY'S CHAPEL AND LEYSIAN MISSION

Clay Ratnage Strevens & Hills

Chartered Accountants

& Statutory Auditor

Suite D, The Business Centre Faringdon Avenue Romford, Essex, RM3 8EN

Date:

Clay Ratnage Strevens & Hills is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

19

WESLEY’S CHAPEL AND LEYSIAN MISSION

STATEMENT OF FINANCIAL ACTIVITIES AT 31 AUGUST 2024

Permanent
Unrestricted Funds Restricted Endowment
General Designated Funds Funds 2024 2023
Notes £ £ £ £ £ £
Income and endowments
Donations and legacies 2 322,162 - 524,561 - 846,723 256,390
Investment income 3 159,032 111,022 16,250 12,520 298,824 335,220
Charitable activities 4 46,868 - - - 46,868 47,202
Other - - - -
-		 26
───── ───── ───── ───── ───── ─────
Total income and endowments
528,062 111,022 540,811 12,520 1,192,415 638,838
───── ───── ───── ───── ───── ─────
Expenditure
Raising funds 5 23,403 32,333 1,212 2,806 59,754 34,076
Charitable activities 6 694,493 - 2,390 -
696,883		 679,806
───── ───── ───── ───── ───── ─────
Total expenditure 7 717,896 32,333 3,602 2,806 756,637 713,882
───── ───── ───── ───── ───── ─────
Net income/(expenditure) before
gains and losses on investments (189,834) 78,689
537,209		 9,714 435,778 (75,044)
Net (losses)/gains on investments 21 47,427 292,987 10,958 24,402 375,774 (60,187)
───── ───── ───── ───── ───── ─────
Net income/(expenditure) for the year (142,407) 371,676 548,167 34,116 811,552 (135,231)
Transfers between funds 21 (1,403,910) 1,421,311 (7,687) (9,714) - -
Net gain on transfer of fixed assets 12 327,051 - - - 327,051 -
───── ───── ───── ───── ───── ─────
Net movement in funds (1,219,266) 1,792,987 540,480 24,402 1,138,603 (135,231)
Total funds brought forward 5,356,893 4,534,101 281,294 439,443 10,611,731 10,746,962
───── ───── ───── ───── ───── ─────
Fund balances carried forward 21 4,137,627 6,327,088 821,774 463,845 11,750,334 10,611,731
═════ ═════ ═════ ═════ ═════ ═════

The notes on pages 23 to 40 form part of these financial statements.

All of the above results are derived from continuing activities. There are no other recognised gains and losses other than those stated above. Movements in funds are disclosed above and in notes to the financial statements.

20

WESLEY’S CHAPEL AND LEYSIAN MISSION

BALANCE SHEET AT 31 AUGUST 2024

Notes
Fixed Assets
Tangible assets
12
Investment properties
13
Investments
14
Current Assets
Debtors
16
Cash at bank and in hand
17
Stock
18
Creditors:
Amounts falling due within one
year
19
Net Current Assets
Total Net Assets
Funds
Unrestricted
- General
20
- Designated
21
Restricted
21
Permanent endowment
21
Total Charity Funds		 2024
£
5,695
3,020,701
5,926,647
8,953,043
828,893
1,984,666
13,718
2,827,277
29,986
2,797,291
11,750,334
4,137,627
6,327,088
10,464,715
821,774
463,845
11,750,334		 2023
£
1,411,566
3,020,701
5,672,690
10,104,957
107,372
427,880
10,247
545,499
38,725
506,774
10,611,731
5,356,893
4,534,101
9,890,994
281,294
439,443
10,611,731

Approved by the Trustees and signed on their behalf on 27 March 2025:

Jennifer Smith Peter Forward Trustee Trustee

Registered Charity No. 1137321

The notes on pages 23 to 40 form part of these financial statements.

21

WESLEY’S CHAPEL AND LEYSIAN MISSION STATEMENT OF CASH FLOWS AT 31 AUGUST 2024

2024
£
Cash Flows from Operating Activities
Net cash (used by) Operating Activities
(329,223)
Cash Flows from Investing Activities,
Dividends, interest and rent from investments
253,380
Purchase of property, plant and equipment
-
Proceeds from transfer of fixed assets
1,510,812
Net proceeds from sale of investments
121,817
Net cash provided by Investing Activities
1,886,009
Change in cash and cash equivalents in the reporting period
1,556,786
Cash and cash equivalents at beginning of period
427,880
Cash and cash equivalents at end of period
1,984,666
Reconciliation of net expenditure to net cash flow from Operating Activities
2024
£
Net (expenditure)/income for the reporting period (as per the
Statement of financial activities)
811,552
Adjustments for:
Depreciation and amortisation charges
7,922
(Gain)/Loss on investments
(375,774)
Dividends, interest and rents from investments
(253,380)
(Increase) in stock
(3,471)
(Increase)/Decrease in debtors
(507,333)
(Decrease) in creditors
(8,739)
Net cash used in operating activities
(329,223)
Analysis of changes in net debt		 2024
£
Cash Flows from Operating Activities
Net cash (used by) Operating Activities
(329,223)
Cash Flows from Investing Activities,
Dividends, interest and rent from investments
253,380
Purchase of property, plant and equipment
-
Proceeds from transfer of fixed assets
1,510,812
Net proceeds from sale of investments
121,817
Net cash provided by Investing Activities
1,886,009
Change in cash and cash equivalents in the reporting period
1,556,786
Cash and cash equivalents at beginning of period
427,880
Cash and cash equivalents at end of period
1,984,666
Reconciliation of net expenditure to net cash flow from Operating Activities
2024
£
Net (expenditure)/income for the reporting period (as per the
Statement of financial activities)
811,552
Adjustments for:
Depreciation and amortisation charges
7,922
(Gain)/Loss on investments
(375,774)
Dividends, interest and rents from investments
(253,380)
(Increase) in stock
(3,471)
(Increase)/Decrease in debtors
(507,333)
(Decrease) in creditors
(8,739)
Net cash used in operating activities
(329,223)
Analysis of changes in net debt		 2024
£
Cash Flows from Operating Activities
Net cash (used by) Operating Activities
(329,223)
Cash Flows from Investing Activities,
Dividends, interest and rent from investments
253,380
Purchase of property, plant and equipment
-
Proceeds from transfer of fixed assets
1,510,812
Net proceeds from sale of investments
121,817
Net cash provided by Investing Activities
1,886,009
Change in cash and cash equivalents in the reporting period
1,556,786
Cash and cash equivalents at beginning of period
427,880
Cash and cash equivalents at end of period
1,984,666
Reconciliation of net expenditure to net cash flow from Operating Activities
2024
£
Net (expenditure)/income for the reporting period (as per the
Statement of financial activities)
811,552
Adjustments for:
Depreciation and amortisation charges
7,922
(Gain)/Loss on investments
(375,774)
Dividends, interest and rents from investments
(253,380)
(Increase) in stock
(3,471)
(Increase)/Decrease in debtors
(507,333)
(Decrease) in creditors
(8,739)
Net cash used in operating activities
(329,223)
Analysis of changes in net debt		 2024
£
(329,223)		 2024
£
(329,223)		 2023
£
(339,237)
253,380
-
1,510,812
121,817		 314,346
-
-
36,130
1,886,009 350,476
1,556,786
427,880		 11,239
416,641
1,984,666 427,880
2023
£
(135,231)
7,922
(375,774)
(253,380)
(3,471)
(507,333)
(8,739)		 12,641
60,187
(314,346)
(791)
40,533
(2,230)
(329,223) (339,237)
At year
end
£
1,984,666
427,880
At start of
year
£		 Cash
flows
£		 Other
non-cash
changes
£		 At year
end
£
At 31 August 2024
Cash at bank and in hand 427,880 1,556,786 - 1,984,666
At 31 August 2023
Cash at bank and in hand 416,641 11,239 - 427,880

The notes on pages 23 to 40 form part of these financial statements.

22

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS YEAR ENDED 31 AUGUST 2024

1. Accounting Policies

The Trust was registered as a charity in England and Wales, United Kingdom, on the 6[th] August 2010 and is governed by a Deed of Union under the Methodist Church Act 1976. The address of the charity is 47, 47a & 49 City Road, London, EC1Y 1AU.

1.1 Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are presented in and are rounded to the nearest £.

The financial statements have been prepared to give a ‘true and fair view’ and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 14 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return, continued impacts of inflation and ongoing cost of living pressures, and the performance of investment markets.

1.2 Tangible fixed assets for use by the charity and depreciation

Tangible fixed assets for use by the charity are stated at cost less depreciation. All assets costing more than £5,000 are capitalised and valued at historical cost.

Depreciation is provided at rates calculated to write-off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures, furniture & fittings - 5 to 10 years Freehold property - 50 years

1.3

Investment properties

Investment properties are stated at fair value. Any realised and unrealised gains/(losses) are shown in the Statement of Financial Activities.

1.4 Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

23

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

1.4 Income and endowments (continued)

Legacy gifts are recognised following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. These are only to be accounted for if received by the date of the accounts being approved. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity prior to the approval of the accounts.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

1.5

Heritage assets

The heritage assets represent the Grade 1 and Grade 2 listed church, stained glass, organ, and the Museum containing various artefacts, manuscripts and papers of John Wesley. The Museum consists of the Museum of Methodism, tracing the history of worldwide Methodism, in the Crypt of the Chapel and John Wesley’s House, which contains many original items of furniture.

The house was refurbished in 1992 and restored to a condition as much like the original as possible. The permanent collections contain manuscripts, photographs, letters and mementoes from his eventful life together and other objects totalling over 16,800 in number. The permanent collections are included in the balance sheet at market £nil valuation as they are historic in nature and have been fully written-off in previous accounts.

The Trustees believe that the costs to continually update the market value of the heritage assets would be onerous compared with the additional benefits derived by the Chapel and the users of the accounts. The latest estimated value of the building and organ is reported in note 12b. The Trustees believe the benefits of obtaining valuations for the remaining items would not justify the cost as these items are estimated to be of little monetary value and are not insured as are irreplaceable originals, although the collections include duplicate and facsimile items held for educational and research purposes. Therefore, these items are not recognised in the balance sheet as reliable cost information is not available.

Expenditure which is required to preserve or prevent further deterioration of the buildings and individual items within the archive is recognised in the Statement of Financial Activities when it is incurred. The Chapel’s management policy in respect of its heritage assets is summarised in Note 12b.

1.6 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Volunteers act as Church and Circuit Stewards and the Chapel also benefits from the time dedicated by its Treasurer, Trustees, Committee members and other helpers. This cost has not been included in the accounts [see note 11b].

The costs of generating funds consist of investment management costs and certain legal fees.

24

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

1.7 Support costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned based on income. The allocation of support costs is analysed in note 8.

1.8 Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Realised and unrealised gains and losses

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.11

Operating leases

1.12 Cash at bank and in hand

1.13

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

1.14 Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchases on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Financial Activities.

Creditors

Creditors are recognised where the charity has a present obligation resulting 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 can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

25

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Financial instruments

The charity contributes a proportion of the standard stipend to the Methodist Ministers Pension Scheme. The pension scheme trustees have advised that it is not possible to currently identify Wesley’s Chapel & Leysian Mission’s share of the underlying assets and liabilities of the scheme. The charity have therefore accounted for the pension scheme as if it was a defined contribution scheme. The total pension expense recognised in the Statement of Financial Activities in 2024 totalled £12,741 (2023: £14,582). At the period end, £Nil was included as owed to the scheme (2023: £Nil).

An Actuarial Valuation of the Scheme is carried out every three years. The Scheme’s last full actuarial valuation occurred as at 1 September 2023. The valuation results were produced using a set of actuarial assumptions which were agreed by the MMPS Trustee Board, including updated discount rates to current market conditions. The valuation results showed a surplus of assets relative to the Scheme’s liabilities for the past service benefits to around £44.7m.

Future Church contribution rate will remain at 26.9% of Stipends with any deficit met by an annual contribution from the Pension Reserve Fund. In addition Ministers pay a Members voluntary contribution of 9.3% by deduction from their Stipends. The next valuation is expected to be agreed as at 31 August 2026, with a target date set for summer 2027.

1.20

Judgments and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no material judgments or key sources of estimation uncertainty in these financial accounts.

26

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

2. Donations & legacies

3.

Current year
Ministry and Mission
Offerings and donations
Grants
Legacies
Heritage
Donations
Grants
Prior year
Ministry and Mission
Offerings and donations
Grants
Legacies
Heritage
Donations
Grants
Investment income
Current year
Ministry and Mission
Rents
Interest
Dividends
Heritage
Dividends
Prior year
Ministry and Mission
Rents
Interest
Dividends
Heritage
Dividends		 98,642
-
23,787
-
37,884
-
-
-
100,035
-
500,774
-
34,565
-
-
-
51,036
-
-
-
322,162
-
524,561
-
95,981
-
4,126
-
25,827
-
10,838
-
61,702
-
-
-
13,868
-
-
-
44,048
-
-
-
241,426
-
14,964
-
Permanent
Unrestricted Funds
Restricted Endowment
General Designated
Funds
Funds
£
£
£
£
139,305
-
-
-
3,019
-
12,093
-
16,708
111,022
714
12,520
-
-
3,443
-
159,032
111,022
16,250
12,520
170,329
-
-
-
649
-
112
-
16,701
125,808
2,608
15,829
-
-
3,184
-
187,679
125,808
5,904
15,829
Permanent
Unrestricted Funds
Restricted
Endowment
General Designated
Funds
Funds
£
£
£
£
Permanent
Unrestricted Funds
Restricted
Endowment
General Designated
Funds
Funds
£
£
£
£
Permanent
Unrestricted Funds
Restricted
Endowment
General Designated
Funds
Funds
£
£
£
£		 122,429
37,884
600,809
34,565
51,036
2024
£
846,723
100,107
36,665
61,702
13,868
44,048
2023
£
256,390
2024
£
139,305
15,112
140,964
3,443
298,824
170,329
761
160,946
3,184
2023
£
335,220

27

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

4. Charitable activities

5.

Current year
Ministry and Mission
Insurance recovered
Heritage
Museum and book sales
Prior year
Ministry and Mission
Insurance recovered
Heritage
Museum and book sales
Expenditure on raising funds
Current year
Donations and legacies
Other trading activities
Investment costs
Prior year
Donations and legacies
Other trading activities
Investment costs		 Permanent
Restricted Endowment
Unrestricted Funds
General Designated
Funds
Funds
£
£
£
£
20,179
-
-
-
26,689
-
-
-
46,868
-
-
-
Permanent
Unrestricted Funds
Restricted
Endowment
General Designated
Funds
Funds
£
£
£
£
16,851
-
-
-
30,351
-
-
-
47,202
-
-
-
Permanent
Unrestricted Funds
Restricted Endowment
General Designated
Funds
Funds
£
£
£
£
500
-
-
-
13,810
-
-
-
9,093
32,333
1,212
2,806
23,403
32,333
1,212
2,806
Permanent
Unrestricted Funds
Restricted
Endowment
General Designated
Funds
Funds
£
£
£
£
550
-
-
-
12,652
-
-
-
5,713
12,536
1,001
1,624
18,915
12,536
1,001
1,624		 2024
£
20,179
26,689
46,868
2023
£
16,851
30,351
47,202
2024
£
500
13,810
45,444
59,754
2023
£
550
12,652
20,874
34,076

28

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

6. Expenditure on charitable activities

Current year
Ministry and Mission
Heritage
Prior year
Ministry and Mission
Heritage
7.
Analysis of expenditure
Current year
Ministry and Mission
Heritage
Prior year
Ministry and Mission
Heritage		 582,943
-
111,550
-
694,493
-
529,497
-
118,248
-
647,745
-
Unrestricted Funds
General Designated
£
£
Unrestricted Funds
General Designated
£
£		 2,390
-
-
-
2,390
-
32,061
-
-
-
32,061
-
Direct
Support
Costs
Costs
£
£
284,377
346,900
94,428
30,932
378,805
377,832
269,597
313,385
88,039
42,861
357,636
356,246
Permanent
Restricted
Endowment
Funds
Funds
£
£
Permanent
Restricted
Endowment
Funds
Funds
£
£
Direct
Support
Costs
Costs
£
£		 585,333
111,550
2024
£

696,883
561,558
118,248
2023
£

679,806
2024
£
631,277
125,360
756,637
582,982
130,900
713,882
2023
£

Raising funds costs of £55,488 (2023: £34,076) has been categorised as Ministry and Mission activities.

8. Analysis of support costs

Current year
Ministry &
Mission
Heritage
Prior year
Ministry &
Mission
Heritage		 Staff
Related
£
Consulting &
Legal Fees
£
District
Levy
£
Governance
£
Office, IT
& Other
£
2024
£
123,783
15,488
56,612
66,181
84,836
346,900
13,305
1,394
-
7,114
9,119
30,932
137,088
16,882
56,612
73,295
93,955
377,832
Staff
Related
£
Consulting &
Legal Fees
£
District
Levy
£
Governance
£
Office, IT
& Other
£
2023
£
119,006
11,231
54,960
60,777
67,411
313,385
19,904
1,517
-
10,165
11,275
42,861
138,910
12,748
54,960
70,942
78,686
356,246

29

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

9. Grants payable

Grant making activities in total are not material in the context of the Charity’s overall charitable activities.

10. Net movement in funds for the year

The net movement in funds for the year is stated after
charging:
Auditors’ remuneration - audit work
11.
(a) Staff costs and emoluments
Salaries & contractors
Minister stipends & pension
Social security costs
Staff pension costs
Training & recruitment costs
The average weekly number of staff employed by the
Charity during the year was as follows:
Ministerial and administrative
Establishment		 2024
£
9,576
2024
£
224,974
69,923
17,027
11,777
2,389
326,090
2024
Number
9
1		 2023
£
8,400
2023
£
229,228
77,281
17,745
12,034
2,327
338,616
2023
Number
10
1

The charity considers its key management personnel comprise the Trustees and the ministers. The ministers are employed by the Connexion. Their stipend and pension costs are paid direct to the London District of the Methodist Church.

The total employment benefits including employer pension contributions of the key management personnel were £69,923 – 2 persons (2023: £77,281 – 2 persons). No employees had employee benefits in excess of £60,000 (2023: none).

The charity contributed £12,741 during the year (2023: £14,582), representing 26.9% (2023: 26.9%) of the standard stipend as pension contributions for its ministers. This is paid to the London District of the Methodist Church for the Methodist Ministers’ Pension Scheme, which is a final salary defined benefit scheme ( Note 1.19 ). The Ministers occupy housing owned by the Charity.

In addition, the charity offers lay staff the opportunity to contribute to a stakeholder pension scheme and the Charity matches any employee contribution up to a maximum of 7%. The charity contributed £11,777 during 2023 (2023: £12,034) to the stakeholder pension scheme.

30

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

11. (b) Volunteers

It has not been possible to calculate the number of hours contributed by volunteers, but they are estimated to be at least 1,500 hours during the year (2023: 1,500). If valued at the London Living Wage of £13.85 per hour, in line with policy, this would amount to a gift of £20,775 (2023: £19,725; £13.15).

In addition, there are currently 36 (2023: 36) volunteers who act as Heritage Stewards and work part time at the Chapel, covering John Wesley’s House and The Museum of Methodism and the visitor services aspect of the Chapel’s mission. There are normally three volunteers on duty Tuesday to Saturday, working from 10:30am to 4:00pm. On that basis the total hours estimated to have been worked in the current year is 2,860 (2023: 2,860). If valued at the London Living Wage of £13.85 per hour, this would amount to a gift of £39,611 (2023: £37,609; £13.15).

Neither of these gifts has been included in the statutory accounts.

12. Tangible assets

Cost
At 1 September 2023
Additions
Disposal
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
Disposal
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Furniture
& Fittings
Freehold
Property
Total
£
£
£
400,949
1,425,000
1,825,949
-
-
-
-
(1,425,000) (1,425,000)
400,949
-
400,949
391,183
23,200
414,383
4,071
3,851
7,922
-
(27,051)
(27,051)
395,254
-
395,254
5,695
-
5,695
9,766
1,401,800
1,411,566

(a) Organ

The organ is an integral part of the Chapel Building and has been treated in the same way as the Chapel and shown at insurance value, but fully depreciated.

31

WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

12. Tangible assets (continued)

(b) Heritage assets

Although it is known that the Chapel cost £7,000 to build in 1778, the cost of subsequent additions and improvements to the campus buildings is not ascertainable. The original cost of these assets have previously been written off completely and, while they continue to be used for the purposes of the Charity, are not realisable, therefore the Trustees have decided to continue to show them as fully depreciated.

Any valuation of buildings such as those on the 49 City Road campus is bound to be arbitrary and the Trustees believe that the costs to continually update the market value of the heritage asset would be onerous compared with the additional benefits derived by the Chapel and the users of the accounts. The Trustees have therefore decided that the most sensible figures to show as an estimate for the value of these assets for information purposes is the estimated rebuilding or reinstatement costs for which they are insured as follows:

2024 2023
£ £
Buildings and fixtures (including organ) 22,781,195 22,781,195
Glass windows 1,072,666 1,072,666

These figures are based on the most recent survey undertaken in 2024. The Trustees regularly undertake a Quinquennial survey of the property and assets which identifies the required maintenance requirements in order to be able to manage and plan the continual upkeep of these assets and to ensure they are insured at their rebuild costs. This also allows for the Chapel to plan and fundraise for any significant refurbishments that may be required and to effectively maintain the assets at their required condition.

The heritage assets are deemed inalienable as they are not able to be disposed of by the Chapel. The remaining artefacts are also maintained and their upkeep planned and scheduled. The Museum exhibits part of the collection of artefacts and they are accessible to the majority of users through education work, research into Methodism and displays in the Museum.

Researchers have access by appointment to items held in storage subject to the access and privacy policy of the Museum. The archive and storage area are maintained in the appropriate condition for the artefacts and in a secure environment. The Museum also occasionally receives items on loan, subject to the Museum's loans policy.

(c) Freehold property

The Freehold property at Linton Street, an offsite manse purchased on 2 August 2019 for £1.425m, was transferred to the ownership of the Methodist Connexion on 30 April 2024 at a market value of £1.725m. This realised a one-off profit on transfer of £327,051. The property was recorded at historical cost less depreciation over 50 years in line with the accounting policy.

Although a replacement manse had been identified at the accounting date, completion of the transaction did not take place until after the year end on 5 September 2024. The funds to complete this purchase were held at the year end in the Circuit Advance Fund 18787A.

32

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 13. Investment properties

TO ACCOUNTS (CONTINUED)
NDED 31 AUGUST 2024
Investment properties
Valuation
At 1 September 2023
Flat, 17 Farriers House
Trinity House, Tabernacle
Street
At 31 August 2024
At end of the year
At 31 August 2024
At 31 August 2023		 Land and
Freehold
£
-
2,560,701
2,560,701
2,560,701
2,560,701		 Buildings
Leasehold
£
460,000
-
460,000
460,000
460,000		 Total
£
460,000
2,560,701
3,020,701
3,020,701
3,020,701

In 2017 the terms of the lease were renegotiated, and the term extended to 155 years from completion to 2172. As part of the agreement, a lease extension premium was received by the charity of £925,000. The Methodist Connexion withheld £350,000 of the proceeds received by the Charity in accordance with Methodist Church Standing Orders, calculated as to £100,000 at 20% and £825,000 at 40%. 100% of this levy was recovered in 2019 contributing to the purchase of the offsite manse at Linton St.

Under the terms of the lease, ground rent of £17,500 per annum or 9% of the passing rent, whichever is the greater, is received by the Charity. The entitlement to income means the interest does have a value but this value may not necessarily follow the fluctuations in the general property market. Due to the points above, a professional valuation will be obtained every 5 years and the Trustees will value the property in the intervening periods.

The freehold interest in the property was revalued in March 2021 by Boultbee LDN Limited, who despite being the leaseholders are responsible for the recent renovation and have used separate in-house expertise to undertake the valuation. Their valuation of £2,560,701 is considered by the Trustees to represent the best current estimate of the current market value.

Further, leasehold property at 17 Farriers House, a flat which is let commercially, is currently valued at £460,000 (2023: £460,000). This represents the Trustees’ best estimate of the market value, on a conservative basis, given the most recent sales in the building, the condition of the flat, current market conditions and a desktop valuation received letting agents, Cluttons LLP in November 2022.

The Trustees consider that these two properties held should be treated as investment assets and the provisions of Section 16 of FRS102 apply.

33

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

14. Fixed asset investments

a) PERMANENT ENDOWMENT

Trust name
Fund
Mrs M A Grayson Bequest (11211)
CFB UK Equity Fund
CFB Global Equity Fund
CFB Property Investment
CFB Corporate Bond
Greenbank Strat Growth
Other bequests (564)
CFB UK Equity Fund
CFB Global Equity Fund
CFB Corporate Bond
CFB Property Investment
Greenbank Strat Growth
Gabriel, Grosvenor & Cooper Trust
(Youth Council)
CFB Managed Mixed Fund
Greenbank Strat Growth
b)RESTRICTED FUNDS
Wesley Chapel Crypt & Museum
(Gibbs Fund)
CFB UK Equity Fund
CFB Global Equity Fund
CFB Corporate Bond
CFB Property Investment
Greenbank Strat Growth
Robert Davies Bequest
CFB Managed Mixed Fund
Greenbank Strat Growth
Local Youth Club
CFB Managed Mixed Fund
Greenbank Strat Growth
c) DESIGNATED FUNDS
Sale Proceeds - Property Endowment
CFB UK Equity Fund
CFB Global Equity Fund
CFB Corporate Bond
CFB Property Investment
Greenbank Strat Growth
Museum of Methodism Fund
CFB UK Equity Fund
CFB Global Equity Fund
CFB Corporate Bond
CFB Property Investment
Greenbank Strat Growth		 Market Value
2024
£
2023
£
-
25,391
-
44,100
-
21,878
-
52,709
152,871
-
-
72,414
-
88,772
-
30,206
-
12,776
216,733
-
-
10,292
9,558
-
379,896
357,804
-
41,443
-
50,597
-
18,397
-
7,422
124,456
-
-
7,004
7,545
-
-
36,906
39,762
-
171,763
161,769
-
1,435,114
-
1,704,430
-
617,285
-
249,983
4,172,717
-
-
149,821
-
186,027
-
66,206
-
27,130
453,169
-
4,625,886
4,435,996

34

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

14. Fixed asset investments (continued) Fixed asset investments (continued)
Market Value
Trust name Fund 2024 2023
£ £
d) GENERAL FUNDS
Various Bequests (13777) CFB Property Investment - 34,802
CFB Global Equity Fund - 259,472
CFB Gift Fund - 19,041
CFB UK Equity Fund - 222,881
CFB Corporate Bond - 83,650
CFB Managed Mixed Fund -
 47,212
Greenbank Strat Growth 646,429
-
Local Mission Fund (22316) CFB UK Equity Fund - 34,205
CFB Corporate Bond - 15,075
CFB Property Investment - 5,790
Greenbank Strat Growth 102,673
-
749,102 717,121
Total investments 5,926,647 5,672,690
15. Analysis of movement in fixed asset investments
2024
 2023
£
 £
Carrying value (market value) at beginning of year
 5,672,690 5,769,007
Total net disposal proceeds (121,812)
 (36,130)
Net gain/(loss) on revaluation 375,769
 (60,187)
Carrying value (market value) at end of year
 5,926,647 5,672,690
16. Debtors
2024 2023
£ £
Prepayments and sundry debtors 229,284 50,670
Legacy gifts receivable 599,609 56,702
828,893 107,372
17. Cash at bank and in hand 2024 2023
£ £
Cash at bank 115,722 189,803
Petty cash and museum float 178 186
Interest bearing deposits 1,868,766 237,891
1,984,666 427,880
18. Stock 2024 2023
£ £
This has been valued at the lower of cost and
net realisable value
Museum shop stock 13,718 10,247

35

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

19.
Creditors
Amounts falling due within one year:
Trade creditors
Accruals & income in advance
Other creditors
20.
Unrestricted General Fund
(a) Capital account
Balance at 1 September 2023
Add/(Deduct):
Ministry & Mission (deficit)/surplus
Heritage (deficit)
Gain/(Loss) on revaluation of investments
Gain on transfer of fixed assets
Transfer of designated funds held for new Manse
Funds reclassification
Balance at 31 August 2024
Capital account		 2024
£
4,477
17,127
8,382
29,986
2024
£
5,356,893
(180,207)
(9,627)
47,427
327,051
(1,500,000)
96,090
4,137,627
4,137,627
4,137,627		 2023
£
6,543
30,319
1,864
38,726
2023
£
5,312,722
(150,964)
(39,363)
(8,047)
-
-
242,545
5,356,893
5,356,893
5,356,893

36

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

21.
Statement of Funds
Trust Name:
Tst No:
Unrestricted - Designated
Leysian Mission Fund (previously
‘Property Proceeds Fund’)
15005
House & Museum
15005B
CAF Reserve Projects
18787A
Total Unrestricted-Designated		 At 31 Aug
2023
£
4,096,745
437,356
-
4,534,101		 Gain/(Loss) in
Income
Expenditure
Valuation
£
£
£
101,208
(29,193)
266,451
9,814
(3,140)
26,536
-
-
-
111,022
(32,333)
292,987		 At 31 Aug
Transfers
2024
£
£
(72,015)
4,363,196
(6,674)
463,892
1,500,000
1,500,000
1,421,311
6,327,088		 At 31 Aug
Transfers
2024
£
£
(72,015)
4,363,196
(6,674)
463,892
1,500,000
1,500,000
1,421,311
6,327,088
6,327,088

Permanent Endowment

Mrs M A Grayson
11211
Other combined bequests
564
G Grosvenor & Cooper Trust 11799
Total Permanent Endowment		 221,356
208,529
9,558
439,443		 7,623
4,762
135
12,520		 (1,266)
(1,464)
(76)
(2,806)		 9,635
13,966
801
24,402		 (6,357)
(3,298)
(59)
(9,714)		 230,991
222,495
10,359
463,845

Restricted Funds

Circuit Advance Fund
18787
Gibbs Fund
18281
Kinnear Education Fund
Junior Church/Youth
Development
Music Development Fund
Museum Collection Fund
Alan Watts Legacy Fund
Other Funds
Total Restricted Funds		 15
121,843
32,759
65,591
242
15,734
-
45,110
281,294		 11,477
3,443
1,250
1,118
21,140
-
500,774
1,609
540,811		 -
(861)
-
(295)
-
-
-
(2,446)
(3,602)		 -
7,269
-
3,099
-
-
-
590
10,958		 -
(2,582)
-
(823)
-
-
-
(4,282)
(7,687)		 11,492
129,112
34,010
68,690
21,382
15,734
500,774
40,580
821,774
General Funds
Total Funds		 5,356,893
10,611,731		 855,113
1,519,466		 (717,896)
(756,637)		 47,427
375,774		 (1,403,910)
4,137,627
-
11,750,334

37

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

21. Statement of Funds (continued)

(continued)
Trust Name:
Tst No:
Unrestricted - Designated
Leysian Mission Fund (previously
‘Property Proceeds Fund’)
15005
Leysian Mission
15005A
House & Museum
15005B
Total Unrestricted-Designated		 At 31 Aug
2022
£
956,953
3,000,212
441,490
4,398,655		 Gain/(Loss) in
Income
Expenditure
Valuation
£
£
£
92,407
(2,727)
89,811
21,185
(8,551)
(125,976)
12,216
(1,258)
(4,134)
125,808
(12,536)
(40,299)		 At 31 Aug
Transfers
2023
£
£
2,960,301
4,096,745
(2,886,870)
-
(10,958)
437,356
62,473
4,534,101		 At 31 Aug
Transfers
2023
£
£
2,960,301
4,096,745
(2,886,870)
-
(10,958)
437,356
62,473
4,534,101
4,534,101

Permanent Endowment

Mrs M A Grayson
11211
Other combined bequests
564
G Grosvenor & Cooper Trust 11799
Total Permanent Endowment		 349,642
210,496
9,982
570,120		 9,710
5,825
294
15,829		 (996)
(600)
(28)
(1,624)		 1,714
(1,967)
(424)
(677)		 (138,714)
(5,225)
(424)
(144,205)		 221,356
208,529
9,558
439,443

Restricted Funds

Circuit Advance Fund
18787
Gibbs Fund
18281
Resthaven
Kinnear Education Fund
Junior Church/Youth
Development
Other Funds
Total Restricted Funds		 15
123,218
184,965
31,509
67,249
58,509
465,465		 -
3,270
1,306
1,250
1,116
13,926
20,868		 -
(346)
(1,804)
-
(110)
(30,802)
(33,062)		 -
(1,277)
(7,939)
-
(1,637)
(311)
(11,164)		 -
(3,022)
(176,528)
-
(1,027)
19,764
(160,813)		 15
121,843
-
32,759
65,591
61,086
281,294
General Funds
Total Funds		 5,312,722
10,746,962		 476,333
638,838		 (666,660)
(713,882)		 (8,047)
(60,187)		 242,545
5,356,893
-
10,611,731

38

WESLEY’S CHAPEL AND LEYSIAN MISSION

NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

22. Analysis of net assets

Analysis of net assets
Current year
Tangible fixed assets
Investment properties
Investments
Current assets
Current liabilities
Total net assets
Prior year
Tangible fixed assets
Investment properties
Investments
Current assets
Current liabilities
Total net assets		 Endowment
Funds
£
-
-
379,896
83,949
-
463,845
Endowment
Funds
£
-
-
357,804
81,639
-
439,443		 Restricted
Funds
£
-
-
171,763
650,011
-
821,774
Restricted
Funds
£
-
-
161,769
119,525
-
281,294		 Designated
Funds
£
-
-
4,625,886
1,701,202
-
6,327,088
Designated
Funds
£
-
-
4,435,996
98,105
-
4,534,101		 General
Funds
£
5,695
3,020,701
749,102
392,115
(29,986)
4,137,627
General
Funds
£
1,411,566
3,020,701
717,121
246,230
(38,725)
5,356,893		 2024
Total
£
5,695
3,020,701
5,926,647
2,827,277
(29,986)
11,750,334
2023
Total
£
1,411,566
3,020,701
5,672,690
545,499
(38,725)
10,611,731

23. Operating leases

Operating leases - lessee

As at 31 August 2024 the charity was committed under non-cancellable operating leases to make the following annual minimum payments (at present value):

2024 2023
£ £
Printing Equipment
Less than 1 year
 - 8,364
2 to 5 years
 - -
Greater than 5 years - -

The operating lease is in respect of printing equipment taken out with Siemens Financial Services for a period of 5 years. Total lease payments expensed during the year was £8,364 (2023: £8,364). The current reporting year represented the final year of the lease.

Operating leases – lessor

As at 31 August 2024 the charity had agreed commitments as a lessor under non-cancellable operating leases to receive the following minimum receipts:

2024 2023
£ £
Investment properties
Less than 1 year 17,500 17,500
2 to 5 years 70,000 70,000
Greater than 5 years 2,502,500 2,520,000

The above lease is for the Trinity House investment property behind the Chapel where the freehold is held by the Trustees for Methodist Church Purposes as custodian Trustees. The minimum base rent is £17,500 per annum. The lease was extended during the 2017 financial year to 155 years.

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WESLEY’S CHAPEL AND LEYSIAN MISSION NOTES TO ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

24. Related party transactions

The Charity considers its key management personnel comprise the Trustees and the ministers. No Trustee received any remuneration or benefits in their capacity as Trustee during the year (2023: none). The Ministers are Managing Trustees of the Circuit. In this capacity they are related persons receiving benefit. Their total employment benefits including employer pension contributions was £69,923 (2023: £77,281). This is paid direct to the London District of the Methodist Church as the ministers are employed by the Connexion.

The Charity contributed £12,741 during the year (2023: £14,582), representing 26.9% (2023: 26.9%) of the standard stipend as pension contributions for its ministers. This is paid to the London District of the Methodist Church for the Methodist Ministers’ Pension Scheme, which is a final salary defined benefit scheme. The Ministers occupy housing owned by the Charity.

In addition, two Trustees were reimbursed for travel and other out of pocket charity expenses amounting to £4,790 (2023: £6,902).

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FOR TRUSTEES’ INFORMATION ONLY

WESLEY’S CHAPEL AND LEYSIAN MISSION SUMMARY OF INCOME & EXPENDITURE (GENERAL) FOR THE YEAR ENDED 31 AUGUST 2024

FOR THE YEAR ENDED 31 AUGUST 2024
2024 2023 2022
£ £ £
Income
Dividends & Distributions 145,023 164,365 200,698
Donations & Giving 98,643 95,982 100,056
Grant Income 88,920 61,529 118,181
Insurance Recovered 20,179 16,851 16,612
Interest Income 3,019 649 339
Museum Net Income 47,444 32,619 10,827
Rent Received 123,917 152,771 154,687
Room Hire Income 15,388 17,559 13,397
Total Income 542,534 542,325 614,797
Operating Costs
Advertising& Marketing 631 617 354
Assets <£5,000 623 1,440 800
Audit & AccountancyFees 10,872 10,236 11,439
Bank Fees 3,211 2,273 1,950
Benevolence & CommunityWork 19,465 13,699 7,905
Church Supplies & Activities 3,466 5,573 3,702
ConsultingFees 14,364 10,585 8,200
District & ApprenticeshipLevies 57,829 56,276 47,690
Hospitality& Catering 3,786 5,417 3,933
Insurance 62,423 60,706 55,687
Investment & PropertyManagement Fees 45,444 20,874 23,340
IT & Software Costs 13,444 8,898 10,163
Learning& Development 1,321 5,506 3,860
Leadershipon a Journey - - 29,433
Legal Expenses 2,518 2,163 -
Museum Supplies - 1,016 152
Printing,Postage & Stationery 12,839 14,499 13,213
Rates & Council Tax 14,666 14,772 10,573
Recital Costs 500 550 490
Repairs,Maintenance & Cleaning 75,738 55,900 38,668
Quinquennial Expenses 11,850 - -
Security& Fire 13,644 13,018 13,373
Staff Recruitment 1,069 484 1,517
Subscriptions & Licences 5,531 5,111 5,043
Travel & Accommodation 665 2,450 1,314
Utilities 41,955 28,859 27,198
Wages & Stipends 307,461 316,660 282,356
Total Operating Costs 725,313 657,582 602,353
Operating Surplus/(Deficit) (182,779) (115,257) 12,444
Non-operating Income
Legacies Received 100,035 61,702 111,647
Profit on Transfer of Fixed Assets 327,051 - -
SundryIncome - 26 -
Total Non-operating Income 427,086 61,728 111,647
Non-operating Expenses
Depreciation & Amortisation Expense 7,922 12,641 14,736
New Manse Expenditure 7,200 - -
Total Non-operating Expenses 15,122 12,641 14,736
Net Surplus/(Deficit) 229,185 (66,170) 109,355

This page does not form part of the statutory information on which the auditors have reported

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