Charity number: 1137450 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 &LGriffin Chdrtsr•d A¢lll Rev Leon Dundas Mar8aret EA8ksham Martln Easton Mari Enda￿tt Marqwet Foq Hè*heJ Fry thris Fuler Martln Fu￿Ing Nèll G￿10[ John Gannon Hèath Gould ft￿d Wayne Grewcock PBUI Grfmes Stephen Hqdd•4 Brlan Hadfiebj Marion Hall Mwtln Khrisilne 8iollwy Davkl Mwy Paullne R0der￿k Rosemwy Te Valerie Gerald Mke Barbara Jo•Tr BarbarA Janlce Nort¢)n Nott Nunn Nunn Palmer Palmer Peek Philly5 Pflldge PAMdEe Popple Prlte Piivett Revjeanette Rlth¥d50n Janet Robin*n Ken Rothwel AndTeW sd15 Re￿1 steve S￿ry Scott Shlrt Sknmons Thomos Thorpe Tucker Tucker Turner Turner VanderwoltE Vlncent Vlolet woll￿0tt Davkl Mwgaret Dahd Re￿ Ben thristine Sh¥on Je Hasl Jo John Brenda Tina Glen John Huthe5 Jwvis Jones StephÈn Paul Stephèn D￿niS Elizabeth Jennife knn Long Lynn MacGregor Matthews Page 4 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectlves and activiti86 (continued Revigw of the Year 202312024 . Ge￿rat The circuii held the statutory Circurt Meetings to ensure that we continue to observe Methodist Practice and Dlsclpllne wlth regard to lay and Ministerial appointments. The drfficulties since Covid remain in the fomi of smaller congregations and less money being given regularty. Circuit Meeting agreed to reduce the number of Ministers to 5 in order to help balance the financial books but this has resulted in a greater burden of work for each Minister. The success of Shoreline online community has further reduced the Circuit work of one Minister, leading to challenge5 in arranging adequate Pastoral care for those fellowships no longer under his care. The Superintendent Minister left for retirement in August 2024, and a new Superintendent is in place from September 2024. Looking fonmard from the end of the 2024 year, we anlicipate the selling of further property in order to ensure that what we have is where it is needed for a smaller number of Ministers, and does not become a liability to the Circuit funds. Funds thu5 raised can be used for the care of existing churches and Manses a6 deemed necessary. We continue to try to improve communication across the Circuit and encourage greater use of our Circuit website. httP:IlexeterccmethodisLorg.uk b. Proporty Maintenance, alterations and improvements to local churches are overseen by the Property Group relying on professional quinquennial inspeclions. The Commlttee considers and approves development projects that are required to adhere to the Methodist Church Propety Consents Process. Maintenance, alterations, and improvements to Circuit manses are overseen by the Circuit Manse Maintenance Committee relying on professional quinquennial inspections and regular diseourse betrween Ministerial residents and local Church Manse Stewards. The balance of any funds from property sales wll be used to continue to raise the standards of the other manses, to improve the cart)on footprint e.g.. installing solar panels. installing EV charging sockets, and improving insulation as per Connexional requirements for manses. Financial review . Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable fuiure. For this reason. they continue to adopt the going concem basis in preparing the financial statements. Page 5 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRU8TEE8' REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Ix Resorvos pollcy Ganeral Fund The Reserves Policy for the Clrcuit is to hold a minimum sum equivalent to slx months, average expenditu￿ in the General Fund. This excludes the value of fixed assets and monies held in designated funds. This should be sufficient to meet any unforeseen item of major expenditure on manses and to be able to continue, in the short temi, funding planned activities in the event of any inability to raise the full Circuit Assessment from churches. The General Fund of the Circuit included tangible fixed assets of £2,360,426 of which £1,580.426, was the cost of residential properties provided for the use of incumbent ordained minister5 from which to carry out their day to day duiies. The remaining £780,000 represents the cost value of the investrnent properties. The remaining current assets include sufficient funds, equivalent to six months of annual expenditure, to protect against any unforeseen Circumstances and is detailed in our ReseNes Policy. The remaining balanGes are in place to provide grant support for approved initiatives at local churches and for extemal bodies vthose aims and objectives are in accord ￿ our own. The generation of income from financially-pressed member churches remains an on-going issue for the Trustees. With the agreement of the TTUStees, in each of the past four years, Circuit Reserves have bolstered modest operaling deficits and it Is anticipated that this provision will need to continue for the next few years at least. Reserves have been bolstered by recent propety sales rather than increases in gmng and this source is both self-limiting and finite. The Circuit has ultimate financial responsibilty for each and all of its member churches and must retain the means of emergency support if necessary. Nonetheless. it remains the resolve of the tTUStees to use financial resources in furtherance of the Circuit's Mission as is evidenced by continued support of Development Projects and those exploring different means of'church,. R8strl¢tsd Fund$ There is a balance of £5,961 {2023 - £13,500) on our Model Twst Fund held by TMCP. c. Income & Expondituro Income for the year into all Circuit funds totalled £743.380 compared wth £471,854 for the previous year. This included income from assessments paid by Circuit churches of £358,444 compared with £401,189 in the previous year. Expenditure for the year totaled £1,056,929 compared with £1,232,739 for the Previous year. By far the greater part of Circuit expenditure relates to the stipend and the housing costs of ministerial staff plu5 the contribution whith the Circuit makes to the South West Peninsula Methodist District and Connexional expenditure. Page 6 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 d. Fund Balancas On 31 August 2024 the net assets of the Circult were £3,493,816 compared £3,807,365 on 31 August 2023. Funds held by the Circuit which are in excess of our nomial working capitsl requirements and for development initiatlves, are deposited with the Central Board of Finance for the Melhodist Church in London where they are held in interest-bearing deposlt a¢counts. The Circuit Model Trust Fund Is lodged wlth the Twstees for Method15t Church Purposes. at thelr headquarters in Manchestsr, primarfly in interest-bèaring deposit accounts. The General Fund represents the nomial ongoing income and expenditure of the circuit, after taking account of the designated fiJnds, vAiich are as follows. Designated Funds The Circuit Model Trust Fund originates from and is added to ￿￿th the net proceeds from the sale of surplus propertles managed by the Clrcuit and its constituent Churches. Appllcatlons for the withdrawal of funds therefrom are sought via a fomial Propety Consents Process vrith the support of the District. The Presbyters, lay support Fund has been created to hold the funds sufficient to pay for five lay support workers and assooiatsd costs for up to five years.11 may also hold other one-off development project resources. The Manse Upgrade Fund has been created to reserve funds towards the cost of upgrades and major maintenance of the circuit manses. Page 7 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 . Prlncipal risks and uncertainties The Circuit is required to consider any major risks to which it is exposed and the systems designed to mitigate those rlsks. The major risks have been identified and recorded by the Circuit Flnance and Propety Committee th professional advice tsken as required. RISK MITIGATED BY Misappropriation of funds Strict observance of Standing Order 012 (1) wthich states: "Methodist rnoney shall not be held in private accounts but in official bank accounts requiring the signatures of, or electn)nic authorisation by, two persons for withdrawals.. Investment Risks The vast majorty of Circuit funds are held as balance5 with Lloyds Bank. in the CFB Deposit Fund and the Twstees Interest Fund at TMCP. Viabilty of Churches The viabilty of churches in the Circuit is monitored through the Standard Forms of Accounts, Trustees Annual Reports and Reserves Policy declarations submitted annualty. The Mission & Ministry Group also maintain an oveisight of churches general health through continual discourse. The Circuit has reduced its presbyter staffing to five in order to support the viability of church and cirwit finanrE$ in the medium temi. The level of church assessments wll be the subject of ongoing review at Circuit Management Team and Circuit Meetings. Property Risk A planned programme of professional quinquennlal Inspectlons is carried out at the request of and under the supepilslon of the Property Group (for Churches) and the Manse Maintenance Committee (for manses) who ensure that appropriate action is taken where necessary. All properties are insured by Methodist Insurance plc, local churches Olrt of their own funds and manses frorn Circuit funds. A larye number of asbestos surveys have been Ca￿led out on Churches in order to comply with advice given by the Methodist Church of Great Britain. Income and Expenditure is being monitored in total and is compared wth the approved annual budget on a quarieTly basis to detect trends as part of the risk management ptocess to avoid unforeseen calls on reserves. Page 8 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 f. Flnanclal Forward Plannlng The Twstees intend to continue with, and to nurture, existing plans and policies in furtherance of the Circuit's aims. The Circuit Tréasurer produces anriual budgets for the unrestricted General Fund for approval by the Financ8 Group, the Circubt Leadership Team and the Circuit Meeting of Trustees. These budgets are carefully monitored and varlance reports are produced and submitted through the above-named bodies. The budgets for ministerial stipends consider the number of Ministers planned and are adjusted by allowances for the effect of the current Consumer Prfce Index and Weekly Eamings forècasts as suggested by the Offlce for Natlonal statistlcs during November of each year and advised to Circuits by the Central Finance Board of the Methodist Chur¢h, The budgets also indude District Assessment amounts based on information provided by the District Treasurer. Structure, governan¢e and management a. Constitution Exeter Coast and Country Methodist Circuit is a registered charity no. 1137450.The goveming document for the Circuit is the Deed of Union (1932) and Methodist Church Act (1976). Detailed governance arrangements are outlined within the ConstitLrtlonal Practice and Discipline of thè Methodist Churth by order of the annual conference (CPD). b. Mothods of appolntment or ele¢tlon of Twstees The management of the Charity is the responsibi16ty of the Trustees, who are app￿nted under provisions of Standing Order 510 (1511) of thè Constitutional Pra¢lice and Discipline (CPD of the Methodist Church). In general, these are already experlenced Trustees of local churches. . Organlsatlonal structure and decision-making policies The Exeter Coast & County Clrcuit is part of the Plymouth & Exeter Methodist District (the Disltict) and is also accountable to the Methodist Conference. The followng Methodist Churches are linked to and are an integral part of the Circuit. albeit having their own Church Council of Managing Tnjstees and producing their own accounts. Those with gross annual income of less than £100,000 are exempted from registration as separate ehariles under Ststutory Instrument 2014 No 242 Axminster Exminster Honlton Temple, Budlelgh Salterton Sidmouth Wonford, Exeter Dalwood Exmouth Tedbum St Mary Topsham Sidwell Street, Exeter Fa￿aY Seaton Silverton Crediton, The Mint and St Thomas, Exetsr have declared gross annual income of over £100,000 and are separatety registered V￿th the Charity Commission, registered numbers 1178365. 1128388 and 1135010 respectlvely. These churches all contribute flnancially to the C1￿Ult via an annual "Guided Offerf system towards its operating costs. Page 9 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 StructUrn> govomanca and managoment (contlnuod d. Circuit Management Day to day management of the Clrcuit Is undertaken by the Circuit Leadership Team that contlnues to be the working hub of the Circuit and which delegates certain responsibilities to sub groups each having the clear and concise term5 of reference shown below. These sub group5 indude Committees for Ernployment. Finance, Property, Mission & Ministry, Stewards and Invitation and Manse Maintenance and there is also a Circuit Safeguarding Officer and a Personal Assistant located in the Circuit Office to support the Circuit Superintendent Minister. e. CommitteelGroups Terms of Reference All the following Groups are sutFCommiltees of the Circuit Leadership Team and report to it at regular inteNals and otherwise as required. At present we have a person responsible for Employment FINANCE GROUP The responslblllties of this Group are to:. Discharge, on behalf of the Trustees, the primary fiduciary responsibility of the Circuit. Oversee the Circuiys banking arrangements and transactions as undertaken by the Circuit Treasurer. Consider the annual Circuit budget and how that budget should be shared by the various chur¢hes in the Circult. Make recommendatlons to the Clrcult Leadershlp Team and Clrcult Meeting regarding the annual budget and assessmentslguided offers. Monitor Circuit reserves and financial resources to ensure that they are sufficient for its ongoin9 financial stability and to ensure that they do not exceed levels normalty held by such organisations ￿rythin the guidelines of the Charity Commission. Consider requests for flnanclal support from the Development Fund In accordance ￿ryth Circuit Meeting policy and following strict guidelines set by the Mission & Ministry Group. Act in any urgent financial matters that arlse between meetings of the Circuit Le8deTship Team and Circuit Meeting5. Provide advice and assistance to Church Treasurers across the Circult. Ensure that the Standard Fonn of Accounts received by the Circuit Treasurer from each local church comply with Methodist Church procedures. Review the ReseNes Policy of each church in accordance Trmth Methodist Church policy. Consider ways to cope with any deficit in the general budget and to provide financial support for local churches in financial need. MISSION AND MINISTRY GROUP The responsibilities of this Group are to.. . Review how we, as a Circuit, live out our calling and research vthat resources might be required to meet that challenge. This involves. amongst other things, consideration of grant applications as referred to under the Finance Group heading15ee above). Encourage foThvard thlnklng within the Circuit and its constituent thurthes, and report and advi5e$ accordingly, Page 10 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structur•, governan¢o and managemènt (contlnuod) CIRCUIT PROPERfrf GROUP After the Circuii was enlarged it was felt that it was important to have an overseeing group to advlse Indlvidual churches with property matters. Also. that it was important to have a central group that was able to oversee all matters of propety so that the Circuit was aware of v*hat was going on throughout the area. Tomls of Roforonco: The Propety Group has the alm of improving how property mattèrs are dealt wlth more effectlvely and to stop problems arising. The Property Group deals Iwth churches and Ihe Circuit Office. rrhe manses being dealt with by the Manses Committee.) The Propety Group are responsible for the arrangement and guidance of the findings from the Quinquennials of all Churches and Manses. The Propety Group are responsible for revlewlng the projects on the Consent slte annually to slgn-off or abandon projects. CIRCUIT MANSE COMMITTEE The Committee's revised representation, structure and processes were approved at the Circuit Meeting in September 2013 in order to simplify and improve the effectiveness of declsion-making and budgetary control in the maintenance of the Circuit's seven manses. The Commlttee Is a S￿￿groUp of the Circult Propety Group and )Mll, by exception, support discussion at the Clrcuit Leadership Team meetings ￿ere specific input is deemed lo be needed. Temis of Referenc8: This committee 1$ responslble for managing the maintenance and repair of each manse including the completion of all necessary inspections and assessments. Members of the committee are the individual Property Stewards for the manses and provide support for incumbent Mlnisters In addresslng thelr resldentlal needs as well as exe￿1$1ng their responsibilities on behalf of the Circuit for the on-going care of the manses. STEWARDS COMMirrEE The Clrcuit Stewards are responsible. with the Superlntendent and minlsters, deacons and probationers appointed to the Circuit, for the spiritual and materlal wellbeing of the Circuit, and for upholding and acting upon the decisions of the Clrcult Meetlng IS.0. 531 (1)). Clrcult Stewards work as a team and share colledlve responsibility for leadership and specific duties to.. _ Exercise a general pastoral care for the presbyiers, deacons, probationers and their families. Meet wth ministers, dea¢ons. and probationers as a leadership team at least four times a year, before the Circuit Meeting. Keep themsefves infomied of the actIv￿leS of eaGh local church. Be aware of District and Connexional policie8 affecting the Circuit and its churche8. Be sensitive to the needs of thé Circuit and its officers and staff. Inform themselves of developlng movements in Methodism and the church generally. Be alert to and tske advice on the legal consequences of thelr office and its responsiblllties, for example, issues around lay employment. finance, and property. Develop a vision and plans for mission wfthln the Clrcult, ensuring approprlate consultation. The Clrcuit Stewards are a150 responsible for bringlng to the Invitstion Committee (see below) andlor the C1￿ult Meeting, as appropriate, proposals for invitallons to mlnisters to serve or for ministers or deacons to continue service in the Circuit (SO 534). Page11 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structurei govornan¢• and managomont (continued) EMPLOYMENT GROUP The Exeter Coast and Country Circuit, like any other organisation, is subject to employment law affecting recruitment, wellbeing and management of lay staff. The Circuit Employment Group works as an oversight and advisory group enabling each church and employèe to negotiate safely through the sometimes complex and onstantly evolving employment legislation. The specific aim of the group is to ensure that the Circuivs employment policies and practlces are Carried oui with equity In the Interest of both lay employee and employer. INVITATION COMMirrEE This is a standing committee of the Cirouit and must be appointed annually [under SO 541(111 as it may be necessary to call a meèting at short notice, and it is not pemiisslble to resort to Cowopting arrang8m6nts at that poin( as any such cfroptions could skew the Circuit Meeting's desire that the Invitaknon Committee be properly representative of the CircuiL The responsibilities of the Commyttee are-_ To prepare a re¢ommendatlon to the Circuit Meeting regarding any re-invitatlon of a presbyter or deacon. To Issue an invitation to a presbyter if the Circutt Meeting has given Ihe committee delegated powers to do so. To conslder any application for curtailment of an appolntment. The Committee is not required to issue invitations to deacons, probationer deacons and probationer preSb￿er5 or ministers from other Churches and Conferences because those statloned to these appoirthients are dlrectly stationed. In order to cary out the above re$pon$ibllltles the Committee needs to be a manageable slze and to be balanced fairly. The core membership is the Cirouit Stewards and others who are ex-offi¢io members of 'all official meetings {however described) connected with the Circuit. as descrlbed in SO 552. WORLD CHURCH COMMITTEE Thls Commlttee's responsibility is to encourage Interest and awareness of the World-)Mde church throughout the Circuit. f. Staffing After a financial and strategic revlew, the Circuit has consolidated its Mission in five sectors. of whlch each has a Presbyter, one of vthom is the superintendent mlnlster. Additional lay employees will be required to supplement the existing ministerial staff team. There is also a non-stipendiary Minister and a part time Minister based at the Mint church. In addition ther8 are many unremunerated lay workers, the prfnciple ones being de$cribed as Circuit Stewards. All lay appointments must be approved by Ihe District Lay Employment Secretary and this indudes a review of all contract temis, pay and conditions in Ilne with Methodist Church Connexional employment stipulalion$, Page 12 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Dlsclosure of Inforniatlon to audltors Each of the persons who are Trustees at the time vthen this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that infornation. Auditors The auditors, Westcotts ISW) LLP, have indicated their Mrillingness to continue in oftice. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order the members the board of and signed on their behalf by- Trustees on Zi&tr f4 S Leigh Supe ntendent Ministsr Page 14 EXETER COAST AND COUNTRY METHODIST CIRCUIT TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustees. rasponslbllltlas The Trustses are responsible for preparing the Trustees. report and the financial statements in attordano with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for eath financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financiai statement5. the Trustees are required to.. select suitable accounting policies and then appty them consistentty- observe the methods and principles ofthe Charities SORP (FRS 102)" make judgments and accounting estimates th8t are reasonable and prudent., state whether applicable UK Accounting Standard5 (FRS 102) have been followed, subject to any material departures disdosed and explained in the financial statements; prepare the financial ststements on the going concem basis unless it is inappropriate to presume that the Charlty will contlnue In busln8SS. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitys transactions and disclose with reasonable accuracy at any time the financlal 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 governing document for the Circuit is the Deed of Union (1932) and Methodist Church Act (1976). Detailed govemance arrangements are outlined wthln the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD). Trustees are appointed under provisions of Standing Order 510 (1511 J of the Constitutional Practice and Discipline (CPD of the Methodist Church). In general, these are already experienced Trustees of local churches. Support 1$ available from sectional Circuit stewards if required. A range of guidance produced by Methodist Connexion to support the effective njnning of the Circuit , specifically the leaflet 'The Role of a Trustee in The Methodist Church, should be read and understood by all new Circuit Meeting members as induGtion to their role as Trustee5 of the Charity. Trustee5 are particularly responsible for the general cortrol and management of administration of the charity, ensure compliance viith charty law and regulation5. preparelapprove the TTUStees Annual Report, act with integrity and take Spe￿al care when investing charity funds or borrowing. Page 13 EXETER COAST AND COUNTRY METHODIST CIRCUIT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EXETER COAST AND COUNTRY MEfHODIST CIRCUIT Oplnion We have audlted the financial ststements of Exeter Coast and County Methodist Circuit (the 'charty) for the year ended 31 August 2024 which comprise the Statement of flnanclal a¢llvlties. the Balance sheet, the Statement of cash flows and the related notes. includlng a summary of significant attounting 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 Klngdom Gènerally Accepted A¢counting Practice). The financial statements have been prepared in accordance with Ac¢ounting and Reporting by Charlties preparing their accounts in accordance ￿th the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 Aprll 2005 vthich is referred to in the extant regulations but has bèen wlthdrawn. This has been done in order for the accounts to provide a true and fair vlew In accordance wth the Generally Accepted Accounting Practice effective for reporting periods beglnnlng on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the stste of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance V￿th United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audli In accordan￿ V￿th Intemational Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibililies for the audit of the finandal statemerrts section of our report. We are independent of the charity in accordance vAth the ethical qulrements that are relevant to our audit of the financial statements In the UnSted Kingdom, including the Financial Reporting Councll's Ethical Standard, and we have fuffilled our other ethical responsibilities in accordance wlth these requirements. We belleve that the audit evidence we have obtalned is sufficient and appropriate to provlde a basis for our opinion. Concluslons ralatlng to going conc•m In auditing the financial ststements, we have concluded that the Trustees. use of the going concem basls of accounting in the preparation of the financial statements is appropriate. Based on the Y￿rk we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectrv8ly, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least ￿e1ve months from vthen the financial statements are authorised for issue. Our responslbllltle$ and the responsibilities of the Trustee$ with respect to going concern are de$¢rlbed in the retevant sections of this report. Page 15 EXETER COAST AND COUNTRY METHODIST CIRCUIT INDEPENDENT AUDITOR8. REPORT TO THE MEMBERS OF EXETER COAST AND COUNTRY METHODIST CIRCUIT (CONTINUED) Other Infomiatlon The other infonnation comprises the infomiation included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other informalion contained within the Annual repoTL Our opinion on the financial statements does not cover the other information and, except to the extent othernise explicitty stated in our report, we do not expres5 any fomi of assurance conclusion thereon. Our re5pon5ibility is to read the other infomiation and. in doing so, consider thether the other information is materially inconsistent the financial statements or our knowledge obtained in the course of the audit. or othe￿iSe appears to be matertalty misstated. If we identify such rnaterial incon5iStencies or apparent material misstatement5, y￿ are reqUI￿d to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work VR have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nolhing to report in this regard. Matters on vthich we are requlred to report by exception We have nothing to report in respect of the following matters ￿ere the Charities {Ac¢ounts and Reports) Regulations 2008 requlres us to report to you if, in our opinion- the information glven In the Trustees, report is inconsistent in any material re5pert vith the financial ststements" or sufficient accounting records have not been kept.. or the financial ststements are not in agreement with the arxounting records and retums; or we have not recelved all the Infonnation and explanations we require for our audit. Respon$ibilltiès of tru$teas As explained more fully in the Trustees, responsibi15ties ststement, the Trustees are responsible for the preparatlon of the financlal statements vthich give a true and falr vlew, and for such intemal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, vthether due to fraud or e￿Or. In preparing the financial statements, the TTu5tees are responsible for assessing the charity's ability to continue as a going concem, disdosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Ttustees either intend to liquidate the charity or to cease operations, or havè no realistic alternative but to do so. Auditors. responsibilitie5 for the audit of the ffinancial 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 objective5 are to obtain reasonable assurance about whether the ffinancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Rea50n3ble assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS {UK) will always detect a Material misstatement when it exists. Misstatements can arise from fraud or e￿or and are considered material if, individualty or in the aggregate. they could reasonably be expected to infiuence the economic decisions of users tsken on the basis of these financial statements. Page 16 EXETER COAST AND COUNTRY METHODIST CIRCUIT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EXETER COAST AND COUNTRY METHODIST CIRCUIT ICONTINUED) Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line bmth our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed belov￿. We identified areas of laws and regulation5 that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion wth the trustees and other managemenL We communicated identified laws and regulations throughout our team. and remained alert to any indications of non-compliance throughout the audit. The charity is subject to laws and regulations that govem the preparation of the financial statements, including financial reporiing legislation, and other charities legislation. The charity is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial ststements, including anti-bribery, anti-money laundering and certain aspects of charities legislation. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though VR have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-deteciion of irregularities. as these may involve collusion, forgery, intentional omi55ions. misrepresentalions, or the override of internal contro15. We are not responsible for preventing noncompliance and cannot be expected to detect non- compliance wlth all laws and regulations. Our audit procedures have been reviewed for evidence of management override. any ongoing legal cases, completeness of related party transactions, as well as ongoing consideration offraud and irregularitiès during the ￿Ole audit process. A further description of our responsibilities for the audit of the financlal statements is located on the Financial Reporting Councll's webslte at.. ww.frc.or .uklauditorsres onsibilitie5. This descriptlon fomis part of our Auditors, repo Usè of our report This report is made solely to the charity's tnJstees, as a body, in accordance vaih Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 80 that we might state to the charity's trustees those matters we are required to State to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity ts trustees, as a body, for our audit work. for this repor( or for the opinions we have fomied. Westcotts (SW} LLP obyn Gifford-Engand ACA or and on behalf of Westcotts (SW) LLP Registered Auditors Timberly South Street Axrninster Devon EX13 SAD Date: 1£ J¥Jn e 2025 Westcotts (SW) LLP are eligible to act as auditors in terms of seciion 1212 of the Companies Act 2006. Page 17 EXETER COAST AND COUNTRY METHODIST CIRCUIT STATEMENT OF FINANCIAL ACTWITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unr8strfcted funds 2024 Rostrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donation5 and legacies Charitable activities Other trading activities Investments 280,932 383.844 9.958 58.146 28D,932 391344 9.958 58.146 10,500 431, 684 10,933 29,237 Total income 732.880 10.500 743,380 471,854 Expenditure on: Loss on sale of propety Charitable activities 15.722 1,023,168 15,722 1,041,207 128.OOQ 1,104, 739 18,039 Total exponditure 1.038.890 18,039 1,056,929 1,232, 739 Net movement in funds before other re¢ogni$ed gainsl(losses) 1306,010) (7,539) 1313.549) (760,885) Other r•¢ogni$ed galnslllossesl: Galns on revaluallon of flxed assets 404, 787 Net movement in funds (306,010 (7.539) (313,549) (356,098) Reconclllation of funds: Total funds brought forward Net movement in funds 3.793,865 (306,010) 13.500 17.539) 3,807.365 (313,WJ) 4, 183,463 (356,098) Total fund5 carried forward 3,487.855 5.961 3N93,816 3,807.365 The Ststement of financial activities includes all gains and losse5 re￿gnised in the year. The notes on pages 21 to 39 form part of these financial ststements. Page 18 EXETER COAST AND COUNTRY METHODIST CIRCUIT BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Flxed assets Tangible assets Investment woperty 14 1,580A26 780.000 7,580,426 950, 000 15 2,360,426 2.530,426 Current assets Debtors Cash at bank and in hand 16 58,055 1,152,022 87,157 1,220,429 1,210,077 1,307,586 Credbtors: amounts falling due wthin one year 17 (69,687) (16,647) Net current assots 1,140,390 1,290.939 Total assets loss currènt Ilablllties 3,500,816 3,821,365 Creditors". amounts fallin9 due after more than one year 18 (7.000) (14,000) Net assets excludlng penslon asset 3,493,816 3,8Q7,365 Total net assets 3,493,816 3,807,365 Charity funds Restricted funds Unrestrirted funds 19 19 5,961 3rt87,855 13,500 3, 793,865 Total funds 3,493,816 3,807,365 The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by.. S Leigh Superintendent Minister The notes on pages 21 to 39 form part of these financial ststements. Page 19 EXETER COAST AND COUNTRY METHODIST CIRCUIT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Net cash used in operatin9 activities (560,831) (678. 602) Cash flows from investing activities Dividends. interests and rents from investments Purchase of tangible fixed assets Investment propety sales proceed5 58.146 30,495 (777, 738) 1,902.000 434,278 Net cash provided by investing aclivlties 492,424 1,154,757 Cagh flows from financing activilies Net cash provided ty financing activiti05 Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year {68,407) 1,220,429 476,155 T44, 274 Cash and cash equivalents at the end of the year 1,1 S2,022 1,220,429 The notes on pages 21 to 39 form part of these financlal ststements Page 20 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Genèral inforniation Exeter Coast and County Methodist Circuii is an unincorporated charity, registered in England and Wales, registration no. 1137450. The principal office is The Mlnt Methodlst Church, Fore Street, Exeter, Devon, EX4 3AT. Accounting policies 2.1 Basis of proparatlon of financlal statsm6nts The financial staternents have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charftles preparing their accounts in accordance with the Financial Repoi1ing Standard appli¢able in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to givè a 'truè and faiv Vbew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reportlng by Charltles: Statement of Recommended Pra¢tl¢e effective from 1 April 2005 which has slnce been ￿thdra￿fft. Exeter Coast and County Methodist Circuit meets the definition of a public benefit entity under FRS 102. Assets and liabilities are iniilally recognised at historical Cost or transaction value unless otherwse stated In the relevant accounting policy. 2.2 Golng concem The Trustees a$sess whether the use of going concem is appropriate ie whether any material uncertainties related to events or conditions that may cast significant doubt on the abilty of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least 12 months from the dats of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and thére are no material uncertainties about the charitys ability to continue as a going concem, thus they will continue to adopt the golng concern basls of accounting in preparing the financial ststements. 2.3 Income All Income is re¢ognised once the Charity has en￿llement to the income. it is probable that Ihe income be received and the amount of income recelvable can be measured rellably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recogniiion is deferred and included in creditors as deferred income. Where entitlement occurs before income 18 received, the income is accrued. Page 21 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles Icontlnued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by activty- The costs of each activity are made up of the tolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and sUPPOrt costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditu￿ on raising funds indudes all expenditure incurred by the Charity to raise funds for its charitsble purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable acts'vities is incurred on dlrecty undertaking the activities ￿lch further the Charity's objeGtives, as well as any associated support costs. Grants payable are charged in the year vthen the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditlons attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commltment, but not accrued as expenditure. 2.5 Interest recolvablo Interest on fund$ held on deposlt is included when receivable and the amount can be measured liably by the Charity., this is nornially upon notification of the Interest paid or payable by the inststutlon with whom the fijnds are deposited. 2.6 Tangible flxod a$sots 8nd dopro¢iation Tanglble flxed assets costlng £1,000 or more are capitalised and recognised when future economlc benefits are probable and the cost or value of the asset can be measured reliably. Investment Properties are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets vthose fair value can be measured reliably Shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depre¢iatlon and subsequent accumulated impaiment losses. RevaluatlDns are made with sufficient regularrty lo ensure that the carrying amount does not differ materially from that which would be detemiine(l using fair value at the end of the reporting date. Fair value5 are detemiined from maTket-ba3ed eviden￿ by appraisal that is nomially undertaken by professionally qu81ified valuers. If there 18 no market-based evidence of fair value because of the 5pecialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach. Gains and losses on revaluation are reeognised in the Statement of financial activities, with a separate revaluation reseNe belng shown In the Ststement of funds nots. Page 22 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies (continued) 2.6 Tanglble flxed as8ets and depreciation Icontinued) Freehold propety is shown in the accounts at deemed values when the propety was purchased. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic lrfe by the year-end) to be not less than lis current value. Any depreciation would not be material. The propety has been reviewed for impaimient. 2.7 Dèbtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepald net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly Ilquid Investments wth a short maturity of three months or less from the date of a¢quIsI￿on or openlng of the deposit or similar account. 2.9 Liabilitigs and provlslons Llablllties are recognised vknen there is an obllgation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be esb'mated reliably. Liabilities are re¢ognised at the amount that the Chariiy antlclpates It will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provlde. 2.10 Financlal Instruments The Charlty only has financial assets and financial liabilibes of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exceptlon of bank loans which are subsequently measured at amortised cost using the effectlve Interest method. 2.11 Pensions The Charity operates a defined contribution pen$ion scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. Page 23 EXEfER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles (contlnued) 2.12 Fund accounting General funds are unrestricted fvnds ￿lch are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and vthich have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular Purposes. The aim and use of each designated fvnd is set out in the notes to the financial statements. Restrlcted funds are funds vthich are to be used in accordance wlth specifi¢ restrirtlons Imposed by donors or )thich have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statèments. Investment income. gains and105se5 are allocated to the appropri8te fund. Crltlcal accountlng 6stlmatss and aroas of Judgment The preparatlon of the ffinanclal statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Income from donatlons and kgaclos Unrogtrlcted funds 2024 Total fvnds 2024 Total funds 2023 Donatlons Donations - propety transferred 15,932 265,000 15.932 265,000 Total 2024 280,932 280,932 'Donations- property transferred, relates to the requirement for the circuit to take managing tmstee responsiblllty for any church which ceases to worshlp and closes. The estimated value is recorded in income as a donation. Page 24 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charftable actlvltles Unrestrlcted Restrlctèd nds fundg 2024 2024 Total funds 2024 Grants Assessments or shares 25,400 358,444 10.500 35.900 358A44 383,844 10,500 394.344 Unrestricted fiinds 2023 Restricted funds 2023 Total funds 2023 Grants Assessments or shares 26,995 401,189 3,500 30,495 401. 189 428, 184 3,500 431,684 Ineom• from othor trading activiti•s Income from fundralslng ovonts Unrestrlcted funds 2024 Total funds 2024 Lettings Feed in Tariff Other income 8,020 1.486 452 8.020 1rt86 452 9.958 9,958 Page 25 EXETER COAST AND COUNTRY MEfHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other tradlng a¢tivitlès Icontlnued) Income from fundralslng events (continued) Unrestrloted funds 2023 Total funds 2023 Lettings Feed in Tariff 9.957 976 9,957 976 10,933 10,933 Investment In¢om Unrestricted funds 2024 Total funds 2024 Investment income 58,146 58,146 Unrestricted funds 2023 Total funds 2023 Income from local listed investments Investment In¢ome 865 28,372 865 28.372 29,237 29,237 Anatysis of grants Grants to Instltutlons 2024 Total funds 2024 MTF grants Slngle event grants Start-up grants 273,923 8,250 8,685 273,923 8.250 8.685 Page 26 EXETER COAST AN.D coup¥fRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGU8T 2024 Anatysls of grants (eontlnued) Grants to Inslltution5 2024 Total fvnds 2024 Sidmouth grants 12.721 12.721 303,579 303,579 Grdnts to Institutions 2023 Total funds 2023 MTF Grants Single event grants start-up grants Sidmouth grants 221,051 3,558 6,845 14,555 221,051 3, 558 6, 845 14,555 246,009 246, 009 Page 27 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of axpendliurn on chavitsblo actlvltias Summary by fund type Unrestricted Restricted funds fund5 2024 2024 Totsl 2024 Charitable activities Property Lettings Start-up grants Sidmouth grants 1.009,219 10,582 646 2,721 1,009.219 10.582 8.685 12.721 8,039 10,000 1,023,168 18.039 1,041,207 Unrestrided funds 2023 Total 2023 Charitable activities Propety Lettlngs start-up grants Sidrnouth grants 1,046,250 37,089 6,845 14,S55 1,046,250 37,089 6,845 14,555 1.104.739 1,104. 739 10. Analysls of expenditure by activitie5 Actlvitles undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Charitable activiiies Propety Lettings start-up grants Sidmouth grants 383.023 273,923 8,250 8,685 12,721 352,273 2,332 1.009.219 10.582 8,685 12,721 383,023 303,579 354,605 1,041,207 Page 28 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 O. Anatysls of expenditure by actlvltles (contlnuod) Activities undertaken d1￿CttY 2023 Grant funding ol activities 2023 Support costs 2023 Total funds 2023 Charitable activities Property Lettings Start-up grants Sidmouth grants 329,068 221.051 3,558 6,845 14,555 496, 131 33,531 1,046,250 37,089 6,845 14.555 329,068 246.009 529.662 1,104,739 Analysls of dlr8ct costs Total funds 2024 Activities 2024 staff costs Ministers, stipends Contrlbutlons to Central Distrlct Advance Fund 39,674 258,503 84,846 39,674 258.503 84,846 383.023 383,023 Total ftinds 2023 Activities 2023 staff costs Ministers, stipends Contributions to Central District Advance Fund 35, 854 277,252 15,962 35,854 277,252 15.962 329,068 329,068 Page 29 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysls of 6xpendlturè by actlvltl6s {contlnued) Analysis of 8UPPOrt cost8 Charitable Activities 2024 Property Lettings 2024 Total fund5 2024 Printing. postage and stationary Repairs and maintenance Telephone. travel and office expenses Legal Fees Training auinquenial Inspections District Assessment Insurance utilities etc Professional Fees TMCP levy costs Governanc8 costs 1,573 18,611 24,244 6.351 740 1,573 20.943 24.244 6.351 740 12,100 104,796 18,681 9.925 147,452 7,800 2,332 12,100 104,796 18,681 9,925 147,452 7,800 352,273 2,332 354.605 Charitable Activities 2023 Property Lettlngs 2023 Tot81 funds 2023 Printing. postage and ststionary Repairs and maintenance Telephone, travel and Offi￿ expenses Legal fees Loan inierest 3,113 16,556 24,440 58,615 3,051 1.509 17,559 95,258 23,719 1,822 247,333 3,156 3,118 50,087 24,440 58,615 3,051 1.509 17.559 95,258 23,719 1,822 247,333 3, 156 33,531 Training Quinquenial inspections Distiict assessment Insurance utilities etc Professional fees TMCP levy costs Governanc8 COSt5 496,131 33,531 529, 662 Pag8 30 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Audltor$' r0munora￿0n 2024 2023 Fees payable to the Charitys auditor for the audit of the Charity's annual accounts 5,040 5,040 12. Staff costs 2024 2023 Wages and salaries Social ￿Urity costs Contrlbution to defined contribution penslon schemes 37,111 2,502 61 35, 044 780 30 39,674 35,854 The average Dumber of persons employed by the Charity during the year was as follows: 2024 No. 2023 Employees No emptoyee received remuneration amounting to MO￿ than £60,000 in either year. 13. Trustees, romunoratlon and expenses During the year, no Trustees received any remuneratlon or other benefits (2023- £NIL). During the year ended 31 August 2024, expenses totalling £19,338 were relmbursed or paid directly to 10 Trustees {2023- £15,210 to to Trustees). Page 31 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Tangible fixed assets Fre•hold PrO￿rtY Cost or valuatlon At 1 September 2023 1.580.426 At 31 August 2024 1.580,426 Net book valuo At 31 August 2024 1.580.426 At 31 August 2023 1,580,426 15. Invostment proporty Frnohold Invostment prO￿rtY Valuation At 1 September 2023 Additions Dlsposals 950,000 280,000 (460,000) At 31 August 2024 780,000 Page 32 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Debtors 2024 2023 Duo after mor8 than one year Other debtors 17,000 32,000 17,000 32,000 Duo wlthln one year Other debtors Prepayments and accrued Income 14,250 26,805 29,423 25, 734 58.065 87,157 17. Créditors: Amounts falllng due wlthln one year 2024 2023 Trade creditors 573 Other taxation and social security other credltors Accruals and deferred income 178 7.000 62.114 7, 023 9,446 69,687 16,647 18. Credltors: Amounts falling due after more than ono year 2024 2023 Other creditors 7,000 14,1)00 This represents grants payable at the year end. Page 33 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statsment of fund$ Statement of funds - current year Batance at 1 September 2023 8alanco at 31 August 2024 Transfers inlout Income Expenditure Unrestrictsd funds Deslgnated funds Manse Maintenance Funds Manse Upgrade Fund Presbyters, Lay Support Fund 8,504 (8.504) 130,018 252,602 130.018 252.602 8,$04 (8,504) 382.620 382.620 General funds General Funds Circuit Model Trust Fund Revaluation reserve 2,532,459 848,115 404,787 690,109 42,771 (603,658) (129,5901 2,489,320 (426,728) 464.168 151.757 (253,030 3.785,361 732,880 (1,030,386) ¢382,620) 3,105,235 Total Unrestrlctad funds 3,793,865 732,880 11,038,890) 3.487,855 Restricted funds Sidford Church Donation University Chaplaincy 10,000 3,500 (10,000) (8,039) 10,500 5,961 13,500 10,500 (18,039) 5.961 Total of funds 3,807,365 743,380 (1.056.929) 3,493,816 Page 34 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statement of funds Icontlnuod) DESIGNATED FUNDS Manse Maintenance Funds - Income deslgnated to be spent on essential repairs and improvements to manse properties. Manse Upgrade Fund - The Manse Upgrade Fund has been created to reserve fvnds tovmrds the cost of upgrades and major malntenance of the circuit manses. Presbyters, Lay Support Fund - The Presbyters, lay support Fund has been created to hold the funds sufficient to pay for five lay support workers and associated costs for up to five years. It may also hold other onfroff development project resources. UNRESTRICTED FUNDS Gonoral Funds - thls consists of the asssessments or shares received by the charity and any donations for general use. the majority of expenditure comes out of general funds, apart from large manse malntenanoe costs. Circuit Model Trust Funds - reflects the movement in the trust bank account. The fvnds are used for large income or deposlts, and large expenditure, including property transactions. Revaluation Reservo - reflects the change in value of investment properties. RESTRICTED FUNDS Sidford Church Donatlon - this was received several years ago and is only to be spent on improvements to Sidford church when they occur. Unlversity Chaplaincy- Income to be spent on supporting university community. Page 35 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statemant of funds (continued) ststement of funds - prlor yoar Balance at 1 September 2022 Balance at 31 August 2023 T￿nSferS in/out Gainsl (Losses) Income Expenditure Unrastricted funds Designated funds Manse Maintenance Funds (15.996) 24,500 8,504 General funds General Funds Circuit Model Trust Fund Revaluation reserve 458, 126 (853, 729J 2,928,062 2,532,459 317,436 340,354 (235,014) 425,339 848.115 3,377,901 (3.377,901) 404, 787 404, 787 4,153,463 340,3&1 (1,088, 743) (24,500) 404, 787 3, 785,361 Total Unrestrlcted funds 4, 153,463 340,354 (1. 104, 739) 404, 787 3. 793, 865 Restrlctèd funds Sidford Chun Donation 10,000 10,000 University Chaplaincy 3,500 3,500 13,500 13,500 Total of funds 4, 166,963 340.354 (1, 104, 739) 404, 787 3.807,365 Page 36 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Summary offunds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Trdnsfors nlout Income Expenditure Designated funds General funds Restricted funds 8,504 3.785,361 13,500 (8.504) 382,620 382.620 732,880 (1.030,386) (382,6201 3.105.235 10,500 (18.039) 5.961 3,807,365 743,380 (1,066,929) 3,493,816 Summary of funds - prlor year Balance at 1 September 2022 Balance at 31 August 2023 Transfers in/out Gains/ (Losses) Inoom8 Expenditu Designated funds (15,996) 340,354 (1,088, 743) 24.500 {24,500) 8,504 3, 785.361 13,500 General funds Restricted funds 4, 153,463 13,500 404, 787 4, 166,963 340,354 (1, 104, 739) 404, 787 3,807,365 21. Anatysis of net assets betweon funds Analysis of net assets betlA*en funds - current perlod Unrestrfcted R08tr1cted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Investment propety Debtor5 due after more than one year Current assets Creditors due within one year Creditors due In more than one year 1,580.426 780,000 11,039 1.193,077 (69,687) (7,000) 1,580,426 780,000 17,000 1,193,077 169,687) (7,000) 5,961 Total 3,487,855 5.961 3.493,816 Page 37 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Analysls of net assets between funds Icontlnued) Analysls of net a55ets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed a55ets Investment property Debtors due after more than one year Current asset5 Creditors due within one year Creditors due in more Ihan one year 1,580,426 950, 000 32, 000 1,262,086 (16,647) (14,OOOJ 1,580,426 950, 000 32.000 1,275.586 (16.647) (14,QOO) 13,500 Total 3, 793, 865 13,500 3,807,365 22. Reconciliation of net movement in funds to not cash flow from operatlng actlvltles 2024 2023 Net expenditure for the period las per Statement of Flnanclal Activities) 1313,S49) (760, 885) AdAustm8nts for.. Dividends, interests and rents from Investments Decrea5ellincreasel in debtors Increaselldecrea5e) in creditors Gain on sale Df property Fixed assets donation 158,146) 29,102 46,040 IS,722 (280,000) (30,495) (7,434) (7, 788) 128,000 Net cash used in operating activitie5 1560,8311 (678, 602) 23. Analysis of cash and cash equivalents 2024 2023 Cash at bank and in hand 1,152,022 1,220,429 Total cash and cash equivalents 1,152,022 1,220,429 Page 38 EXETER COAST AND COUNTRY METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analy$ls of changes in nèt dèbt Soptsmbor At31 2023 Cash flow5 August 2024 Cash at bank and in hand 1,220,429 (68,4071 1,152,022 1,220,429 168,407) 1,152.022 25. Contingent liabilities The investment properties recognised on the balance sheet are owned by Tnjstees for Methodsit Church Purposes ITMCP). The investment properties are recognised on the Exeter Coast and Counrty Methodist Clrcult (ECC) balance sheet in line with sections 6.6 and 6.20 of FRS102. Upon sale of these Investment properftes ECC is required to pay a proportion of the proceeds to TMCP. If the investment properites held were all sold at thler current market value £240,000 would be payable to TMCP. 26. Pension commitmonts The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost tharge represents contributions payable by the group to the fund and amounted to £61 {2023: £30). £NIL (2023.. £23) was payable to the fund at the balance sheet date and is included in creditors 27. Related party transactlons The Exeter Coast and Country Methodist Circuit has not entered into any related party transaction during the year, nor are there any OLrtstanding balances owing between related parties and the Exeter Coast and Country Methodist Circuit at 31 August 2024,131 August 2023= None). Page 39