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Accruals AccountsCircuit 2023-2024
THE METHODIST CHURCH ) REPORT AND ACCOUNTS
for the year ended 31 August 2024
Tamworth and Lichfield Circuit
Registered Charity - Registration number
| Birmingham | District No / CircuitNo | 05/09 | ||
|---|---|---|---|---|
| RevdWendy Walker | ||||
| peenenneenecinennnnns——-_ | SSCON Joy Sykes | |||
| Circuit | Stewards | nn | “109Hambly | |
| wonnnn inennnnecceeeee AibertWright |
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| aannennn cee enecnennenne |
OEM Share | |||
| nnn ee |
AOEShare |
Tamworth and Lichfield Methodist Circuit Trustee's Annual Report for the year ended 31 August 2024
Introduction
The Trustees present their Report and Accounts for the year ended 31 August 2024
Aims and organisation
The purposes of the Methodist Church are and shall be deemed to have
been since the Date of Union the advancement of:
a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church;
b) Any charitable purpose for the time being of any Connexional, District, Circuit. local or other organisation of The Methodist Church;
c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church;
d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to The Methodist Church
The organisation and resourcing of regular public acts of worship open to members of the church and non members alike.
The teaching of Christianity through sermons, courses and small groups. The resourcing of pastoral work including visiting the sick and bereaved.
Taking religious assemblies in local schools.
Promotion of Christianity through the staging of events and services. Provision of chaplaincy services to the local university and other institutions.
Public Benefit
We confirm the trustees have had regard to the Charity Commission’s guidance on public benefit.
Structure, Governance and Management
The governing document for the circuit is the Deed of Union (1932) and Methodist Church Act (1976)
Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD).
Day to day management of the circuit is undertaken by the Circuit Leadership team along with the Local Preachers meeting and the Circuit Meeting.
Trustee Training
A range of guidance produced by Methodist Connexion to support the effective running of the circuit , specifically the leaflet ‘The Role of a Trustee in The Methodist Church’ is given to all new Circuit meeting members as induction to their role as trustees.
Related Parties
The Circuit is part of the Birmingham District and is also accountable to the Methodist Conference.
Tamworth and Lichfield Methodist Circuit Trustees’ Annual Report (continued)
Risk Management
The major risks have been identified and recorded by the Circuit Leadership Team with professional advice taken as required.
There is a regular annual review process undertaken and recorded.
Income and Expenditure is being monitored in total and is compared with the approved annual budget on a half yearly basis to detect trends as part of the risk management process to avoid unforeseen calls on reserves.
Safeguarding
Every person has a value and dignity which comes directly from the creation of male and female in Goa’s own image and likeness. Christians see this potential as fulfilled by God’s re-creation of us in Christ. Among other things this implies a duty to value all people as bearing the image of God and therefore to protect them from harm.
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Methodist Connexional practice outlines commitment to the following principles: * the care and nurture of, and respectful pastoral ministry with, all children, young people and adults e the safeguarding and protection of all children, young people and adults when they are vulnerable * the establishing of safe, caring communities which provide a loving environment where there is informed vigilance as to the dangers of abuse. ¢ We will carefully select and train all those with any responsibility within the Church, in line with Safer Recruitment principles, including the use of criminal records disclosures and registration with the relevant vetting and barring schemes. * We will respond without delay to every complaint made which suggests that an adult, child or young person may have been harmed, cooperating with the police and local authority in any investigation. ¢ We will seek to work with anyone who has suffered abuse, developing with them an appropriate ministry of informed pastoral care. ¢ We will seek to challenge any abuse of power, especially by anyone in a position of trust. * We will seek to offer pastoral care and support, including supervision and referral to the proper authorities, to any member of our church community known to have offended against a child, young person or vulnerable adult.
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In all these principles we will follow legislation, guidance and recognised good practice
The Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the circuit and in the churches. The Circuit commits itself to the provision of support, advice and training for lay and ordained people that will ensure people are clear and confident about their roles and responsibilities in safeguarding and promoting the welfare of children and adults who may be vulnerable.
Reserves Policy
The Reserves Policy for the Circuit is to hold a minimum sum equivalent to six months’ average expenditure. This should be sufficient to meet any unforeseen item of major expenditure on manses and / or to be able to continue, in the short term, funding planned activities in the event of any inability to raise the full Circuit Assessment from churches.
Review of the year
The financial position of the Circuit remains stable. The task of encouraging and equipping the churches within the Circuit to fulfil the mission of the Methodist Church has continued and is being further developed.
Tamworth and Lichfield Methodist Circuit
Statement of Financial Activities for the year ended 31 August 2024
| Note | Unrestricted funds | Unrestricted funds | |||||
|---|---|---|---|---|---|---|---|
| Circuit Model | Endowment | Total | |||||
| General | TrustFund | Funds | Total | 2023 | |||
| £ | £ | £ | £ | £ | |||
| Income from: | |||||||
| Assessments | 157,147 | 157,147 | 174,528 | ||||
| Investments | 4 | 7,020 | 12,824 | 19,844 | 8,294 | ||
| Other Total |
§ | 29,932 10,000 39,932 123,209 weEL EEOCUD 194,099 22,824 216,923 306,031 |
|||||
| Expenditure on: | |||||||
| Stipends, salaries, NIC& Pension costs | 5 | 130,916 | 130,916 | 128,819 | |||
| DistrictAssessment | 34,908 | 34,908 | 34,908 | ||||
| Methodist Church Funds | 2,197 | 2,197 | 2,528 | ||||
| Telephone& travel’ etc | 4,315 | 4,315 | 5,961 | ||||
| Insurance, utilities, etc | 15,935 | 15,935 | 9,368 | ||||
| Maintenance ofmanses | 2,505 | 2,505 | 4,647 | ||||
| Other Expenditure | 7,900 | 681 | 8,581 | 6,609 | |||
| Grantsand Donations | 1,350 | 1,350 | 400 | ||||
| Contributionsto DistrictAdvance Fund Total |
9,454 9,454 3,331 a a 71 2-2a 200,026 10,135 210,161 196,571 SSS |
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| Netincome/(expenditure) | -5,927 | 12,689 | 6,762 | 109,460 | |||
| Transfer betweenfunds | 40,200 | -40,200 | |||||
| Gains/(Losses) on investmentassets | 292 641 933 -537 ET |
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| Netmovement infunds | 34,273 | -27,219 | 641 | 7,695 | 108,923 | ||
| Reconciliation of funds: | |||||||
| Totalfunds broughtforward Totalfundscarriedforward |
603,636 239,067 9,574 852,277 743,354 oo IE 185,394 637,909 211,848 10,215 859,972 852,277 SSS SSS |
Tamworth and Lichfield Methodist Circuit
| Balance Sheet as at | Balance Sheet as at | 31 August 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Circuit Model | Endowment | Total | 2023 | ||||
| Trust Fund | Funds | |||||||
| (Unrestricted) | ||||||||
| £ | £ | £ | £ | £ | ||||
| Tangible Fixed Assets | ||||||||
| Notes | ||||||||
| Land& Buildings | : | 6 | 507,927 | 507,927 | 507,927 | |||
| Investments | 7 | 4,062 | 10,215 | 14,277 | 13,345 | |||
| Total | fixed | assets | 507,927 | 4,062 | 10,215 | 522,204 | 521,272 | |
| Current Assets | ||||||||
| Debtorsand Prepayments | 8 | 6,352 | 6,352 | 10,386 | ||||
| Other | ||||||||
| Trustees for Methodist Church | ||||||||
| Purposes deposits Central Finance Board Deposits |
153,431 | 207,786 | 207,786 153,431 |
235,296 127,570 |
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| Cash at Bankand in | hand | 5,850 | 5,850 | 1,291 | ||||
| Total currentassets | assets | 165,633 | 207,786 | 373,419 | 374,543 | |||
| Creditorsand Accruals (due | ||||||||
| withinoneyear) | 9 | 35,652 | 35,652 | 43,538 | ||||
| Netcurrentassets (liabilities) | 129,981 | 207,786 | 337,767 | 331,005 | ||||
| Total assets less current | ||||||||
| liabilities | 637,908 | 211,848 | 10,215 | 859,971 | 852,277 | |||
| a | ||||||||
| Funds ofthe Circuit | Netassets | assets | 637,908 | 211,848 | 10,215 | 859,971 | 852,277 | |
| Unrestrictedfunds Circuit Model Trust Fund |
11 | 637,909 | 637,909 | 603,636 | ||||
| (Unrestricted) Endowmentfunds |
211,848 | 10,215 | 211,848 10,215 |
239,067 9,574 |
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| Total | Funds | 637,908 | 211,848 | 10,215 | 859,972 | 852,277 |
Tamworth and Lichfield Methodist Circuit
Notes to the Accounts for the year ended 31 August 2024
1 Basis of accounting
The financial statements have been prepared under the Charities Act 2011 in accordance with the 2014 version of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities applicable in the UK (effective from 1 January 2015) — the Charities SORP (FRSSE) — in replacement for the SORP’s 2005 version specified in its related 2008 Regulations and in accordance with the ‘true and fair override’ provision contained therein.” 2 Funds : The funds held may include: General Funds held for any purpose of the Circuit which are Unrestricted. The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted funds which are held for a narrower purpose . There are also the following Endowment funds as listed. Details of each material fund are disclosed in the final note to these accounts. Any funds may be represented by more than just cash. 3 Accounting policies Basis These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year, on the accruals basis to show a true and fair view ofthe Circuit’s financial position and activities. Income Recognition Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the trustees are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient reliability. Resources Expended This is recognised whena liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources. Grants Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment. When the grant is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the Balance Sheet against the appropriate fund, the provision being released in future years as instalments are paid in accordance with the originally agreed terms.
VAT Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.
Tangible fixed assets for use by the Circuit
The freehold property is shown in the accounts at 2015 deemed values. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings to be not less than its balance sheet value. Any depreciation would not be material. The property has been reviewed for impairment.
Investments Investments are valued in the balance sheet at market value at the year end. Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are shown in the SOFA.
Debtors and Prepayments
Debtors include the paymentofthe September stipend in August. Creditors
Creditors include both sundry expenses and specifically the 1st quarter assessment received in August.
Tamworth and Lichfield Methodist Circuit Notes to the Accounts for the year ended 31 August 2024
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|i|Circuit|Model|2024|2023|
|4. Investment income|Unrestricted|Trust Fund|Restricted|Total|Total|
|£|£|£|£|
|Central|Finance|Board|6729|6,729|3,824|
|Other|291|12,824|13,115|4,470|
|Total|7,020|12,824|-|19,844|8,294|
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|5.|Paid|Employees|
|2024|2023|
|Staff costs|paid|during|the year were:|Total|Total|
|£|£|
|Gross|stipends|and|salary|98,606|96,697|
|Employer's|national|insurance|contributions|9,095|9,200|
|Pension|costs|22,656|22,446|
|Apprenticeship|levy|559|476|
|Total|130,916|128,879|
|Average|number|of staff employed|during|the|year|4|4|
|6.|Tangible|Fixed|Assets|
|Manses|Equipment|Total|
|£|£|£|
|Cost/valuation|brought forward|507,927|6,392|514,319|
|Cost/valuation|carried|forward|507,927|6,392|514,319|
|eeIES|
|Accumulated|depreciation|brought|forward|6,392|6,392|
|Depreciation|charge|for|the|year|
|Accumulated|depreciation|carried|forward|6,392|6,392|
|See|ee|
|TheNet Book:|Value|31|August 2024|1507,|9|27|1)507,9271|
|insurance|value|of the|three|manses was|£1 054,262|
|7|Investments|
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TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property. TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and polity as determined by the Methodist Conference.
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|---|---|---|---|---|
|Analysis|2024|2023|
|of investment movements|Total|Total|
|Investments|£|£|
|held|in common|investment funds|4,062|3,771|
|Changes|in|investment values|
|Market value|at beginning|of year|3,771|3,938|
|Net gain/(loss|on|revaluation|291|-167|
|Market value|at end|of year|4,062|3,771|
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Tamworth and Lichfield Methodist Circuit Notes to the Accounts for the year ended 31 August 2024
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8 Current Assets 2024 2023
£ £
Debtors and prepayments
Miscellaneous debtors 6,352 10,386
___ 6,352 10,386.
Cash at bank
Bank balance held at Lloyds Bank 5,850 1,291
5,850 7,297
9 Creditors and accruals
(due within one year)
Prepaid assessments 35,549 43,538
Other creditors 103
35,652 43.538
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10 Capital commitments and contingent liabilities
At 31 August 2024 the Circuit had no capital commitments and no known contingent liabilities.
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11 Fund Movements Opening Transfers & Closing
Balance Income Expended Revaluation Balance Purpose of fund
Unrestricted funds
General 603,636 194,099 200,026 40,200 637,909 General purposes
CMTF 239,067 22,824 10,135 -39,908 211,848 General purposes
842.703 216.923 210,161 292 849,757
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Endowment funds
Endowment Capital Annual Income
Name _ How Invested Value Income Used For
Arthur Roland Evetts Endowment 4,117 5 General Fund
Tolson Fund Endowment 4,427 115 General Fund
Mrs E Deakin Gift —_ Gift in Memory 471 12 General Fund
Various Bequests Model Trust Bequest 1,200 60 General Fund
10,215 192
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12 Pension Fund Commitment The Circuit has in the past participated in a multi-employer scheme for two past employees. This scheme is currently in deficit and the Circuit is paying an annual sum to meet its share of this deficit under an arrangement designed to eliminate the deficit by 2025. At 31 August 2024 the net present value of the payments to be made was £262 (2023 - £481)
Tamworth and Lichfield Methodist Circuit DECLARATIONS
Treasurer
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| confirm that these accrual based accounts for the year ended 31 August 2024 have been
prepared from the records of the Circuit and that they include all funds under the control of the
Circuit Meetina. ™
Signature: of Treasurer VRS: Date
Name of Treasurer P McDermott
Address
13 Blackthorne Road, Lichfield, WS14 9YJ
Presentation to the Circuit Meeting for approval.
| confirm that the annual report and accounts for the year ended 31 Aug 2023 were
presented to the Circuit Meeting at its meeting on
and were approved.
Signature of the Chair
of the meeting Cau Pr uD—
Naine of the Chair of Revd Joanna Thornton
the meeting
Date
29 1.98é
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Independent Examiner’s Report to the Trustees of the
Tamworth and Lichfield Methodist Circuit
This Report is on the Circuit Accounts for the year ended 31° August |2024
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Respective responsibilities of Trustees and Examiner
The Circuit's trustees are responsible for ensuring that the annual report and accounts for the year to 31 August 2023 present a true and fair view of the Circuit's income and expenditure for the year and of its assets and liabilities at the balance sheet date. The trustees consider that an audit is not necessary for this year under Section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
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It is my responsibility to:
° examine the accounts under section 145 of the Charities Act;
° to follow the procedures laid down in the general Directions
given by the Charity Commission under Section 145(5)(b) of the
e to state whether particular matters have come to my
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Tamworth and Lichfield Methodist Circuit
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items, in nature or scale, or disclosures in the accounts, seeking explanations from the Trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a true and fair view. My report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention (other than as disclosed below*)
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 130 of the Charities Act.
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
(3) | have not obtained independent verification of all investments with the Trustees for Methodist Church Purposes or held in other trusts, bank balances and funds at the Central Finance Board of the Methodist Church which are individually in excess of £10,000 (ten thousand pounds) at the balance sheet date.
Name of independent examiner
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A m
Signature of | 4
independent examiner /-] / An
V
Relevant Professional qualification of independert examiner
Chartered Accountant
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Name of firm (where appropriate)
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Address
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134 Beacon Park Village, Lower Sandford Street, Lichfield, Staffs. WS13 6JZ
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