Registered Charity Number: 1138314 

## **Launceston Area Methodist Circuit** 

**Annual Report and Unaudited Financial Statements for the Year Ended 31st August 2024** 



## **Launceston Area Methodist Circuit** 

## **Contents of the Financial Statements** 

||Page|
|---|---|
|**Trustees' report**|3 - 5|
|**Independent Examiners' Report**|6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 12|





## **Launceston Area Methodist Circuit** 

## **Legal and Administrative Information** 

## **Report of the trustees for the year ended 31st August 2024** 

The Trustees present the Charity’s annual report and accounts for the year ended 31 August 2024 which have been prepared in accordance with the Charities Act 2011 and the Charities: Statement of Recommended Practice 2015 as applicable to the Financial Reporting Standard (FRSSE) 2015. 

**FULL CHARITY NAME** Launceston Area Methodist Circuit **WORKING NAME** LAMC **CHARITY NUMBER** 1138314 **GOVERNING INSTRUMENT** Deed of Union (1932) and Methodist Church Act (1976) **LEGAL STATUS** Unincorporated charity **PRINCIPAL OFFICE** Circuit Office Dingley Hall Castle Street Launceston Cornwall PL15 8BA Tel: 01566 772797 Email: secretary@lamc.org.uk Website: lamc.org.uk **BOARD OF TRUSTEES** Superintendent Minister: Reverend David Miller Minister: Reverend John Haley Supernumerary Ministers: Reverend Keith Roberts Reverend Anne Curnow Reverend Cathy Arscott Reverend Howard Curnow Reverend Doreen Sparey-Dalacassa Circuit Stewards: Mr Henry Stanbury Mrs Christine Hordley Mrs Nicola Hosking Mr Andrew Baker (appointed Mar 2024) Finance Officer: Miss Rosalind Bunkum Safeguarding Officer: Mrs Ann Hobden Circuit Administrator: Mrs Ann Hobden Local Preacher's Secretary: Position vacant **CHURCH REPRESENTATIVES** Mr Bernard Strout Mr Neil Burden Mrs Ann Foster Mrs Anne Rowe Mrs Joan Helme Mrs Maureen Jones Mrs Janet Ham Mr Dean Organ Mr John Whale Mr Anthony Stephens Mr Frank Arscott Mrs Jennifer Creber Mr Philip Medland Mr Philip Parsons Mr Henry Stanbury Mr David Pett Mr Roger John Roy Parsons Mrs Nicola Hosking Mr David Lewis Mrs Theresa Stone Mrs Angela Morrison Mr Eric Rowland Mrs Marion Allen Mr Ken Scoble Mrs Dorothy Davey Mrs Irene Stanbury Mrs Barbara Sleep Mrs Sandra Smale Mrs Ann Hobden Mr Clive Vinson Mrs Jill Price Mrs Daphne Tucker Mrs Lorraine Sluggett Mr Keith Browne Mrs Christine Hordley Mrs Mary Cole Mr Andrew Baker (appointed 18.03.2024) Mrs Lucy Worth (appointed 05.02.2024) 

Page 1 



## **Launceston Area Methodist Circuit** 

## **Legal and Administrative Information** 

## **ACCOUNTANTS** 

## **SOLICITORS** 

**BANKERS** 

ATC Advisors Chartered Accountants Unit 2 Dunheved Court Pennygillam Way Launceston PL15 7ED Anthony Collins Solicitors LLP Laura Mynott, Associate 134 Edmund Street Birmingham B3 2ES Barclays Bank Redditch 

Page 2 



**Launceston Area Methodist Circuit** 

## **Report of the Trustees for the Year Ended 31st August 2024** 

## **Structure, governance and management** 

The charity is constituted by Act of Parliament. 

All members of the Circuit Meeting are trustees of the Circuit and selection is in accordance with the Constitutional Practice and Discipline of the Methodist Church (CP&D) section 510. 

The Circuit is a group of churches served by a team of ministers. A minister will have pastoral charge of one or more churches, but will preach and lead worship in different local churches within the circuit, along with local preachers. The arrangements for leading worship in a circuit are drawn up in a quarterly Plan. 

The Circuit is led by the superintendent minister who presides over the circuit staff (both lay and ordained) and the circuit meeting, and with lay and ordained colleagues. Responsibility for the direction and policy for the circuit is shared between lay and ordained. The Circuit Meeting appoints two voluntary persons as Circuit Stewards who are members in the Circuit or Supernumeraries stationed within it (CP&D section 530). 

Circuit Stewards are responsible, together with the Superintendent Minister and the ministers and probationers appointed to the Circuit, for the spiritual and material well-being of the Circuit and for upholding and acting upon the decisions of the Circuit Meeting in accordance with CP&D section 531. They are also treasurers of the Circuit Fund (CP&D section 532), responsible for the interior decoration, furnishing and energy efficiency of the manses (CP&D section 533) and bringing to the Circuit Meeting proposals for invitations for Presbyters to serve or for Presbyters or Deacons to continue serving in the Circuit and for conveying such invitations to the Presbyters or Deacons concerned (CP&D section 534). A Finance Steward is also appointed by the Circuit. 

Day to day management of the circuit is undertaken by the Circuit Leadership Team along with the Local Preacher’s Meeting and Circuit Property and Finance Committee. 

## **Methodist District** 

The Methodist District Synod in Cornwall & Isles of Scilly addresses issues regarding governance, policy and vision on a local and national level. Our Circuit is represented by our two Presbyters, five Supernumeraries, Senior Circuit Steward and three other Circuit representatives. 

The South West Peninsula District was planned to inaugurate on September 1st, 2024 with the amalgamation of the Cornwall & Isles of Scilly District with the Plymouth & Exeter District. The new District will provide collaborative leadership and closer working with all Districts in the South West Region for the development of vision and renewed focus for the mission of God. Significant work was required by circuits in preparation for this new venture. 

## **Launceston Area Methodist Circuit (LAMC)** 

LAMC is a compact mission-hearted Circuit on the Devon/Cornwall border. At 31st August 2024 the Circuit consisted of 12 Churches within its boundary as set by the Methodist Connexion. Two of these churches are in an ecumenical arrangement with the Church of England; one is a single-congregation Local Ecumenical Partnership, the other shares the local parish church. There was a total of 384 church members shown on the annual return 1 November 2023. within the Circuit. The number in each church varies: the smallest have 12 members, whilst others in more densely populated areas will have from 20 to 100+ members. 

**Responsibilities and Training of Trustees** 

It is ensured that Trustees are fully aware of their responsibilities as a Managing Trustee and member of the Circuit Meeting and that they carry out the charity’s purposes for the public benefit having regard to the commission’s public benefit guidance. A number of publications are provided relating to guidance on the duties of trustees and charities and public benefit including publications from the Methodist Connexion. These include “Managing Trustees and their responsibilities” and “Managing Trustees and Methodist Money” which provide guidance and set out the responsibilities of the role. Copies of “The Constitutional Practice and Discipline of the Methodist Church” are also available in paper format and online at the Methodist Church UK website and is regularly consulted to ensure compliance. 

We review our performance annually to ensure we comply with the above documents in all areas with special emphasis on governance, decision making and accountancy. 

## **Risk Management** 

The Trustees have considered the major risks to which the charity is exposed and have established procedures to manage them. The Trustees are aware of the scope of their responsibilities under the Charities Act and are satisfied that arrangements are in place to manage risks that are identified. In particular, insurance cover is in place and Circuit finances are kept under review. 

## **Safeguarding** 

Every person has a value and dignity which comes directly from the creation of male and female in God’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. 

The Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy; government legislation, guidance and safe practice in the Circuit and its 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. 

A Circuit Safeguarding Officer is appointed who maintains regular contact with the Safeguarding Officer appointed in each individual church.Training for all levels takes place either face-to-face or online to ensure the agreed procedures are fulfilled across the Circuit in conjunction with the Cornwall Methodist District and in accordance with Methodist Connexional practice. 

## **Circuit Mission Statement** 

Our vision is to provide a welcoming and engaging church community, sharing the love of Jesus with all ages. We aim to fulfil this vision by: - Sharing the love of Jesus; enabling encounters with God; promoting spiritual growth and serving the needs of our communities. 

Page 3 



**Launceston Area Methodist Circuit** 

## **Report of the Trustees for the Year Ended 31st August 2024** 

## **Objectives** 

Our objectives are set to reflect our faith and aims within the community and are regularly reviewed at Circuit Leadership Team meetings to ensure they continue to reflect our aims. 

When planning future activities the Circuit considers the Commission’s guidance on public benefit. It seeks to enable people to live out their faith as part of a local community through worship and prayer and by developing a deeper knowledge of the Christian faith in accordance with the doctrinal standards and discipline of the Methodist Church. It also seeks to ensure that pastoral care is provided for people living in the circuit and to increase awareness and support for missionary and outreach work. 

The charity acts as an umbrella or resource body to the individual churches within the Circuit. It provides resources to the Circuit, assists in raising funds for other charitable purposes and organisations within the wider community. It also enables the development of projects to benefit the local community. To facilitate this work it is important to maintain the fabric of Church buildings and their ancillaries, graveyards and manses. 

## **Development and Strategy** 

Quarterly meetings are held to discuss vision and strategy, to plan the development of the spiritual life of the churches within the Circuit and the Bridge Community Centre, to ensure that buildings are adequately maintained and to deal with governance issues with the District and the Connexion. We support learning, growing and witness as contemporary Christians. Our Circuit-wide participation of "Holy Habits" was launched in September 2023. There are ten "Holy Habits" modules exploring vital characteristics of living discipleship and missional community, with literature for each segment which, together with attendance at weekly meetings of small fellowship and study groups, is helping build a healthy Christian community. The programme will continue during 2024/25. 

## **Staff** 

Rev David Miller is the Superintendent Minister with overall responsibility for all churches and staff in the Circuit. 

Rev John Haley is an active Supernumerary Minister and works in conjunction with the Superintendent half-time - serving a full-time appointment - and has pastoral responsibility for Coad’s Green, South Petherwin, Trebullett, Lewannick and Upton Cross. 

Rev C Arscott is an active Supernumerary Minister who has pastoral responsibility for Lifton. 

Rev D Sparey-Delacassa is an active Supernumerary Minister who has pastoral oversight of Polyphant and Pipers Pool. 

## **Use of volunteers** 

Volunteers are a vital part of our activities in both our faith and community work.  A large number of trustees and church members give of their time and skills freely to the work of the Circuit in its varying faith and community activities. As a strong supporter of Churches Together in Launceston, the Circuit provides a number of volunteer staff for the Foodbank and ‘Love Your Neighbour’ initiatives. A number of volunteers help with day to day running and the collection and distribution of donations, some church premises are used as a contact point and storage for this work. Volunteers are also involved in the Money Advice Centre and Street Pastor initiatives. Some financial assistance is also provided through freewill offerings and we have continued to support these activities and others where possible. 

**Pastoral Care** Due to illness or age some are no longer able to attend church. Our ministers make regular hospital and home visits and administer communion to those who request it. Some churches also have teams of pastoral visitors to visit those in need. 

## **Achievements and Performance** 

Most of our churches have an older age-profile and we are emerging from a challenging period pre-dating the pandemic. Individual churches within the Circuit continue laying strong foundations for future missional work, spiritual growth and worship development. Outreach programmes are planned to assist this. 

Digital newsletters provide easy access to our weekly services some of which are streamed live and recorded. Printed services are also distributed to elderly members of our Circuit and to those with mobility or caring needs who wish to worship at home. 

Bridge Church has excelled with their online services and events which have strengthened their mission and we hope will provide a model to support our rural churches. Bridge Church has a weekly congregation of 100+ with intergenerational services and provides appropriate facilities for families to worship together. 

The Circuit maintains a good working relationship with other denominations in the area in particular sharing events, services and activities with Launceston Area Churches Together and working closely with Anglican colleagues. Methodist preachers are appointed regularly to lead services and preach in the two Anglican churches within the Circuit boundaries where there are congregational sharing arrangements. 

## **Worship and Prayer** 

The Circuit seeks to ensure as wide a range of worship and services as possible are offered to meet differing needs and tastes across the community and which are open to members and non-members alike. Regular worship services with modern songs were held as were quieter more reflective or traditional styles of service. All are welcome to attend services whether in person, online or in a hybrid format. 

## **Children and Youth Work** 

Our Ministers and some trained volunteers are once again in local schools to address assemblies. Included in this are three ecumenically based “Open the Book” teams who go into several local primary schools.Groups have been developed for young people such as championing programmes which offer practical support using social media. 

Two of our churches - Coads Green and Central - have created plans to appoint lay workers to develop outreach particularly among young families on the fringe of the life of our congregations and to develop more varied worship styles. This is intended to strengthen growth and future success would influence missional development across the Circuit. 

## **Property** 

The boundary disputes in relation to Broadwood Church have been addressed, disposal has been agreed and marketing for the sale of the chapel and schoolroom will commence in Spring 2025. 

In September 2023, The Circuit Trustees became the Managing Trustees of Rilla Mill Chapel, Chapel Lodge and the Graveyard. All future income will be passed to the Circuit which is now responsible for the maintenance. 

Central Church in Launceston has embarked upon a refurbishment programme to meet environmental targets and significant investment has been made to improve central heating and lighting throughout the building. 

Investment in maintenance of all our historic buildings continues each year and it is our belief that they provide excellent bases for worship whilst also enabling a multitude of community events to be planned in safe and welcoming premises. We also seek to maintain graveyards connected with former and closed chapels in good order for use by the community. Our Property & Finance Committee meet regularly to manage as these projects. 

**Financial Statement:** see accounts. 

Page 4 



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Page 6

Name of Circuit 

Circuit No 12/17 

## **Launceston Area Circuit** 

## **Statement of Financial Activities (SOFA) for the year ended 31 August 2024** 

|**Notes to**<br>**the**<br>**accounts**<br>**Income**<br>Donations and legacies<br>3<br>Income from monetary investments<br>5<br>Rental income<br>4<br>Assessments or share<br>Internal Organisations<br>20<br>**Total income**<br>**Expenditure**<br>Stipends, salaries, NIC & Pension costs<br>9<br>Property maintenance - Manse committee<br>District Assessment<br>Depreciation<br>11<br>Office expenses<br>Other outgoings<br>6<br>Telephone & travel<br>7<br>Insurance and utilities<br>Expenditure on other Circuit property<br>Bridge Church loan interest<br>Youth work<br>Internal Organisations<br>18<br>**Total charitable expenditure**<br>Gains/(losses) on monetary investments<br>12<br>**Net income/(expenditure)/Net movement in funds**<br>Total funds brought forward<br>**Total funds carried forward**|<br> <br>**Unrestricted**<br>**Funds**<br>**Circuit Model**<br>**Trust**<br>**(Unrestricted)**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**Total**<br>**31.08.2024**<br>**Total**<br>**31.08.2023**<br>£<br>£<br>£<br>£<br>£<br>252,350<br>-<br>-<br>-<br>252,350<br>2,520<br>1,782<br>497<br>596<br>-<br>2,875<br>1,982<br>30,467<br>-<br>-<br>-<br>30,467<br>25,450<br>207,506<br>-<br>-<br>-<br>207,506<br>199,178<br>-<br>-<br>14,500<br>-<br>14,500<br>13,369|
|---|---|
||**492,105**<br>**497**<br>**15,096**<br>**-**<br>**507,698**<br>**242,499**|
||91,930<br>-<br>-<br>-<br>**91,930**<br>**107,950**<br>12,000<br>-<br>-<br>-<br>**12,000**<br>**11,000**<br>37,340<br>-<br>-<br>-<br>**37,340**<br>**35,560**<br>567<br>-<br>-<br>-<br>**567**<br>**702**<br>9,277<br>-<br>-<br>-<br>**9,277**<br>**5,082**<br>3,848<br>-<br>-<br>-<br>**3,848**<br>**8,149**<br>6,064<br>-<br>-<br>-<br>**6,064**<br>**4,625**<br>10,637<br>-<br>-<br>-<br>**10,637**<br>**8,999**<br>5,191<br>-<br>-<br>-<br>**5,191**<br>**2,442**<br>6,778<br>-<br>-<br>-<br>**6,778**<br>**5,588**<br>-<br>-<br>-<br>-<br>**-**<br>**333**<br>-<br>-<br>13,729<br>-<br>**13,729**<br>**12,472**|
||**183,632**<br>**-**<br>**13,729**<br>**-**<br>**197,361**<br>**202,902**|
||-<br>1,818<br>-<br>70<br>1,888<br>(1,082)|
||**308,473**<br>**2,315**<br>**1,367**<br>**70**<br>**312,225**<br>**38,515**<br>784,001<br>35,950<br>38,707<br>905<br>859,563<br>821,048|
||**1,092,474**<br>**38,265**<br>**40,074**<br>**975**<br>**1,171,788**<br>**859,563**|



Page 7 



Launc￿10￿ Areo Clr¢ull
Balance Sheet as at 31 August 2024
a•Tr•r￿ FWKI
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Clr¢ult Mod•l
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IJ01.701
1,0$2,261
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D•ilors Pr•
C•*h ai B￿k and kn hond
13
14
32.339
2S.785
32,339
85.740
21,220
76,476
14
14
13.070
13.oni
42,804
28.289
12.S6S
17.118
24,401
C¢tMI4 Oowd D•Fth
42.804
12114
26.186
975
100,921
40.074
•76
110,242
1111.0
Currnnt Il*tsllMI
C￿ ￿ eank Ind h hw
Cf•dllCrf• and acuual$
IS
1S
81.667
81.657
110,933
Tol•lGwr•niw•tJlllll••
N•l¢wrnnl M••l@ltsblllll•*
81,167
11271
41.8JY
110.gJ3
40.917
38,2•S
40.074
•78
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1,320.972
31,21S
40.074
97S
1.0911M
lo￿ t•rni Mab115tl•s
du• •ft•r moreih•n ¢)n•
19
228.498
220,4•1
233.022
1.092.474
31,265
40,074
97S
1,171.n8
859.503
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Fund
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D••lon•tsd Fund• IUrnBtrkt•dJ
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Endo*Th*)t Fund•
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I,OK,474
38.286
784ml
3S.gS(J
1.130.n9
40,074
975
1.171,788
18
40.074
31.701
•Ds
975
Tol•lFund•
1.092A74
38,265
40,IJ74
97B
DECLARATIONS
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## **Launceston Area Methodist Circuit** 

## **Notes to the Financial Statements for the Year Ended 31st August 2024** 

## **1 ACCOUNTING POLICIES Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. 

The accounts (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 16 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 accounts have been prepared on an accruals basis. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Income** 

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** 

Expenditure is recognised when a 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 of 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 is payable in future years and 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. 

Grant income is recognised in the period in which it becomes receivable. The income is deemed receivable once there is evidence of entitlement, the receipt is probable and the amount can be measured reliably. 

## **VAT** 

The Circuit is VAT registered and, where applicable, income and expenditure is shown net of VAT where appropriate. 

## **Tangible fixed assets for use by the Circuit** 

These are capitalised if they can be used for more than one year and individually cost at least £1,000. 

The Manses are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in this value is recognised in the statement of financial activities. 

## **Depreciation** 

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life: 

Manses - nil Improvements - straight line over 3 years Fittings & Equipment - 25% reducing balance 

- **2 FUNDS** General Funds - held for any purpose of the Circuit which are Unrestricted in their use. The Circuit Model Trust Fund has wide purposes defined in Standing Order and is categorised as Unrestricted. 

Restricted Funds may only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established. 

Further explanation of the nature, purpose and movement of each fund is enclosed in the notes to the accounts. 

|**3**<br>**DONATIONS AND LEGACIES**<br>Donations<br>**4**<br>**OTHER TRADING ACTIVITIES**<br>Tregadillett Manse Lettings<br>Coads Green Manse Lettings<br>Rilla Mill Cottage Lettings<br>Repayment for heating oil when property left|**Circuit Model**<br>**Unrestricted**<br>**Trust Fund**<br>**Restricted**<br>**Endowment**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>252,350<br>-<br>-<br>-<br>252,350<br>2,520|
|---|---|
||252,350<br>-<br>-<br>-<br>252,350<br>2,520|
||9,750<br>-<br>-<br>-<br>9,750<br>11,700<br>15,000<br>-<br>-<br>-<br>15,000<br>13,750<br>6,000<br>-<br>-<br>-<br>6,000<br>-<br>(283)<br>-<br>-<br>-<br>(283)<br>-|
||30,467<br>-<br>-<br>-<br>30,467<br>25,450|



Page 9 



## **Launceston Area Methodist Circuit** 

|**5**<br>**INVESTMENT INCOME**<br>Central Finance Board<br>**6**<br>**OTHER OUTGOINGS**<br>Bank charges<br>Professional fees<br>Accountancy<br>TMCP Admin charge<br>Bad debt<br>**7**<br>**TELEPHONE & TRAVEL**<br>Mileage<br>Telephone<br>**8**<br>**INDEPENDENT EXAMINER REMUNERATION**<br>Independent Examination<br>Accountancy<br>Payroll and other services<br>**9**<br>**REMUNERATION**<br>Staff costs paid during the year were as follows:<br>Gross wages, salaries and benefits in kind<br>Employer's National Insurance costs<br>Pension costs<br>Total staff costs<br>**Notes to the Fi**|**Circuit Model**<br>**Unrestricted**<br>**Trust Fund**<br>**Restricted**<br>**Endowment**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,782<br>497<br>596<br>-<br>**nancial Statements for the Year Ended 31st August 2024**|**2024**<br>**2023**<br>**£**<br>**£**<br>2,875<br>1,982|
|---|---|---|
||1,782<br>497<br>596<br>-|2,875<br>1,982|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>259<br>270<br>549<br>4,480<br>2,016<br>2,268<br>1,046<br>1,155<br>(22)<br>(24)|
|||3,848<br>8,149|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>5,462<br>3,951<br>602<br>674|
|||6,064<br>4,625|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>1,008<br>1,134<br>1,008<br>1,134<br>372<br>955|
|||2,388<br>3,223|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>75,317<br>92,059<br>4,966<br>5,139<br>11,647<br>10,752|
|||91,930<br>107,950|



The average number of staff employed during the year was 4 (2023: 5). No employees received emoluments in excess of £60,000. The above includes the payment of Stipends totalling £60,881 (2023: £55,088) and super-numeracy totalling £3,360 (2023: £3,360) 

## **10 TRUSTEES EXPENSES AND REMUNERATION** 

No expenses were paid to trustees in the year in their role as trustee, or in the preceding year. 

In the period, the Trustee Ann Hobden received remuneration from the Charity for their employment. This is in accordance with Law and Standing Order 314 as detailed by the governing documents. The remuneration included gross wages of £14,837, £198 in employers pension contributions and £792 in employers national insurance. 

Trustees Rev John Haley and Rev D Miller received £45,488 gross Stipends (2023: £42,815) , in addition to a £388 computer allowance (2023: £176 and £11,185 in pension contributions (2023: £18,932) for their role as Minister in the period. The Circuit paid £3,820 (2023: £3,165) in Employers National Insurance. 

Trustees Rev C Arscott and Rev D Sparey-Delacassa received £3,360 in their role as super numeracies (2023: £3,360) 

None of the above are deemed to be paid on terms preferential to those that would be accorded to a member of the public with the same qualifications or experience. 

Page 10 



## **Launceston Area Methodist Circuit** 

## **Notes to the Financial Statements for the Year Ended 31st August 2024** 

|**11 TANGIBLE FIXED ASSETS**<br>**Cost**<br>As at 1st September 2023<br>Additions<br>Revaluation<br>Disposals<br>As at 31st August 2024<br>**Depreciation**<br>As at 1st September 2023<br>Charge for the year<br>Eliminated on disposal<br>As at 31st August 2024<br>**Net Book Value**<br>As at 31st August 2024<br>As at 31st August 2023|**Land &**<br>**Fittings &**<br>**Improvements**<br>**Manses**<br>**Buildings**<br>**Equipment**<br>**Total**<br>30,000<br>1,050,000<br>-<br>7,183<br>1,087,183<br>-<br>-<br>250,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|
||30,000<br>1,050,000<br>250,000<br>7,183<br>1,337,183|
||30,000<br>-<br>-<br>4,915<br>34,915<br>-<br>-<br>-<br>567<br>567<br>-<br>-<br>-<br>-<br>-|
||30,000<br>-<br>-<br>5,482<br>35,482|
||-<br>1,050,000<br>250,000<br>1,701<br>1,301,701|
||-<br>1,050,000<br>-<br>2,268<br>1,052,268|



The Manses were revalued in 2020 by Kivells, who are independent of the charity, at a total value of £1,050,000. 

## **12 INVESTMENTS** 

The funds that support the Circuit Model Trust Fund and the Manses Fund are held by TMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded as medium and long term investments. 

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 policy as determined by the Methodist Conference. 

|**Analysis of investment movements**<br>Other investments CFB Managed Mixed Funds<br>**Change in investment values**<br>Carrying (market) value at beginning of year<br>Additions<br>Disposal of shares<br>Net gain on disposal<br>Net gain/(loss) on revaluation<br>Carrying (market) value at end of year<br>**13 DEBTORS AND PREPAYMENTS**<br>Prepayments<br>Other debtors<br>**14 ANALYSIS OF CASH AT BANK**<br>Bank balances<br>Bank balance held in CFB<br>TMCP Circuit fund<br>Investments<br>Cash in hand<br>**15 CURRENT LIABILITIES**<br>Trade creditors<br>Loans|**2024**<br>**2023**<br>**£**<br>**£**<br>975<br>905<br>**2024**<br>**2023**<br>**£**<br>**£**<br>905<br>945<br>-<br>-<br>-<br>-<br>-<br>-<br>70<br>(40)<br>975<br>905<br>**Endowment Funds**|**2024**<br>**2023**<br>**£**<br>**£**<br>**CFB Managed Mixed Funds**|
|---|---|---|
|||25,314<br>23,496|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>23,496<br>24,422<br>-<br>116<br>-<br>-<br>-<br>-<br>1,818<br>(1,042)|
|||25,314<br>23,496|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>9,204<br>7,177<br>23,135<br>14,043|
|||32,339<br>21,220|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>65,740<br>76,476<br>42,804<br>17,188<br>13,070<br>12,565<br>26,289<br>24,401<br>-|
|||147,903<br>130,630|
|||**2024**<br>**2023**<br>**£**<br>**£**<br>57,343<br>67,929<br>24,314<br>43,004|
|||81,657<br>110,933|



## **16 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES** 

No commitments or contingent liabilities were identified at 31st August 2024 (2023: Nil) 

Page 11 



## **Launceston Area Methodist Circuit** 

## **Notes to the Financial Statements for the Year Ended 31st August 2024** 

## **17 RECONCILIATION OF LOANS** 

The Circuit has the following loan balances at the year end, the first three of which relate to Bridge Church. These balances are in the name of the Circuit and, as such, have not been transferred to Bridge Church following consultation with and recommendations from the National Trustees for Methodist Circuit Purposes and the Methodist Legal and Constitutional Office, however these are being serviced by Bridge Church. 

|Callington Methodist Circuit<br>South Petherwin Methodist Circuit<br>Personal Loan<br>Loans for dilapidations<br>Launceston Central Methodist Church<br>Trebullett Methodist Church<br>Coads Green Methodist Church|**Opening**<br>**balance**<br>**Interest**<br>**Repaid**<br>**Closing**<br>**balance**<br>**2023**<br>67,298<br>4,203<br>5,796<br>65,705<br>67,298<br>73,828<br>1,075<br>5,796<br>69,107<br>73,828<br>100,000<br>1,500<br>1,500<br>100,000<br>100,000<br>8,000<br>-<br>8,000<br>-<br>8,000<br>18,000<br>-<br>-<br>18,000<br>18,000<br>5,000<br>-<br>5,000<br>-<br>5,000<br>4,500<br>-<br>4,500<br>-<br>4,500|
|---|---|
||276,626<br>6,778<br>30,592<br>252,812<br>276,626|



|Due within 1 year<br>Due between 1 and 5 years<br>Due over 5 years|24,314<br>43,004<br>25,874<br>30,016<br>202,624<br>203,606|
|---|---|
||252,812<br>276,626|



|**18 ANALYSIS OF FUND MOVEMENTS**<br>**Restricted Funds**<br>Early Years Fund<br>Local Preachers Fund<br>Graveyard Trust 10033a<br>Youth Work<br>House sale - 10884<br>Gift - 13901<br>Charles Jasper Beq ex Altarnun<br>Internal Organisations<br>Total|**Opening**<br>**Closing**<br>**balance**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**balance**<br>2,751<br>-<br>-<br>-<br>2,751<br>8,264<br>-<br>-<br>-<br>8,264<br>9,717<br>633<br>(38)<br>-<br>10,312<br>186<br>-<br>-<br>-<br>186<br>2,996<br>159<br>(9)<br>(150)<br>2,996<br>1,803<br>95<br>(5)<br>(90)<br>1,803<br>1,224<br>64<br>(3)<br>(60)<br>1,225<br>11,766<br>14,500<br>(13,729)<br>12,537|
|---|---|
||38,707<br>15,451<br>(13,784)<br>(300)<br>40,074|



## **Early Years Fund** 

The Early Years Fund represents amounts received towards work of the Circuit involving children. 

## **Local Preachers Fund** 

The local preachers fund represents funds received in order to train local preachers. There was no spending from this fund in the year, leaving a total of £8,264 to be carried forward to future periods. 

## **Graveyard Trust** 

This fund was established to maintain and upkeep the Burial Grounds attached to chapels which have since closed. 

The funds 'House sale', 'Charles Jasper Bequest' and 'Gift' relate to funds that were passed to the Circuit following the closure of Chapels and have been marked by TMCP as restricted. 

## **Internal Organisations** 

These funds represent funds relating to groups which come under the control of the Church Council. These include the following groups and movements: 

|movements:||
|---|---|
|Graveyard A/C<br>Manse Committee|**Opening**<br>**Closing**<br>**balance**<br>**Receipts**<br>**Payments**<br>**Net**<br>**Transfers**<br>**balance**<br>8,998<br>2,500<br>4,543<br>(2,043)<br>-<br>6,955<br>2,768<br>12,000<br>9,186<br>2,814<br>-<br>5,582|
||11,766<br>14,500<br>13,729<br>771<br>-<br>12,537|



Page 12