Registered Charity Number: 1138314
Launceston Area Methodist Circuit
Annual Report and Unaudited Financial Statements for the Year Ended 31st August 2025
Launceston Area Methodist Circuit
Contents of the Financial Statements
| Page | |
|---|---|
| Trustees’ report | 1-5 |
| Independent Examiners’ Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| NotestotheFinancialStatements | 9-12 |
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Launceston Area Methodist Circuit
Legal and Administrative Information
Report of the trustees for the year ended 31st August 2025
The Trustees present the Charity’s annual report and accounts for the year ended 31 August 2025 which have been prepared in accordance with the Charities Act 2011 and the Charities: Statement of Recommended Practiceas applicable to the Financial Reporting Standard (FRS102 effective 1 January 2019).
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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
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PRINCIPAL OFFICE
Circuit Office Dingley Halt 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 Arscoit Reverend Howard Curnow Reverend Doreen Sparey-Da'acassa Reverend John Richey Circuit Stewards: Mr Henry Stanbury Mrs Christine Hordley Mrs Nicola Hosking Mr Andrew Baker Finance Officer: Miss Rosalind Bunkum Safeguarding Officer: Mrs Ann Hobden Circuit Administrator: Mrs Ann Hobden Local Preacher's Secretary: lér David Pett (appt 26.06.2025) CHURCH REPRESENTATIVES Mr Bernard Strout Mr Neil Burden Mrs Maureen Jones Mrs Anne Rowe Mr Dean Organ (resigned 31,08 2025) Mr John Whale Mrs Janet Ham Mr Frank Arscott Mrs Jennifer Creber Mr Anthony Stephens Mr Philip Parsons Mr Henry Stanbury Mr Philip Mediand Mr Roger John Roy Parsons Mrs Nicola Hosking (resigned 31 08.2025) Mr David Pett Mrs Theresa Stone (resigned 31,08 202 Mrs Angela Morrison {resigned 01.09.2024) Mr David Lewis (resigned 31.08.2025) Mrs Marion Allen (resigned 31.05.2025) Mr Ken Scoble Mr Eric Rowland Mrs Irene Stanbury Mrs Barbara Sleep Mrs Dorothy Davey Mrs Ann Hobden Mr Clive Vinson Mrs Sandra Smale Mrs Daphne Tucker Mrs Lorraine Sluggett Mrs Jill Price Mrs Christine Hordley Mrs Mary Cole Mr Keith Browne Mrs Lucy Worth (resigned 31.01.2025) Ruth Richey Mr Andrew Baker Mrs Ann Foster
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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
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4
Launceston Area Methodist Circuit
Report of the Trustees for the Year Ended 31st August 2025
Structure, governance and management Type of goveming document: Deed of Union (1932) and Methodist Church Act (1976) The charity is conslituled by Acl of Parliament
All members of the Circuit Meeting are trustees of the Circuil 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, bul 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 Supemumeraries stationed within it (CP&O section 530). Circuit Stewards are responsible, together with the Superintendent Minister and the ministers and probalioners 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&O 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 Mesling proposals for invitalions for Presbytars to serve or for Prasbyters or Deacons to continue serving in the Circuit and for conveying such invitalions lo the Presbylers or Deacons concemed (CP&0 saction 534). A Finance Sleward is also appointed by the Day to day management of the circuil is undertaken by the Circuit Leadership Team along with the Local Preacher's Meeling and Circuit Property and Finance Committee
Methodist District
in September 2024 Launcesion Area Methodist Circuit became part of the newly formed South West Peninsula District, The District provides collaborativa leadership and closer working wilh all Dislricts in the South West Region for the development of vision and renewed focus for the mission of God. The Methodist District Synod in Comwall addresses issues regarding govemance, policy and vision on a local and national lavel. Our Circuit is represented by our two Presbyters, six Supemumeraries, Senior Circuit Steward and thvee other Circuit representatives. Launceston Area Methodist Circult (LAMC) LANC is a compact mission-hearted Circuit on the Devon/Comwall border. At 34st Augusi 2025 the Circuit consisted of 12 Churches within its boundary as set by the Methodist Connexion. There was a tolal of 327 church members within the Circuit. The number in each church varies: in small rural communities there wil ba 12 members, whilst others in more densly populated areas will have from 20 to 56+ members. Responsibilities and Training of Trustees itis ensured that Trustees are fully aware of their responsibililies as a Managing Trustee and member of the Circuit Meeting and that they carry out the Charity’s purposes for the public benefil having regard to the commission's public benefil guidance. A number of publications are provided retaling to guidanca on the duties of Trustees and charities and public banefit including publications from the Methodist Connexion. These include “Managing Truslees and their responsibilities” and “Managing Truslees 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 al lhe Methodist Church LK website and is regularly consulted to ensure compliance. We review our performance annually to ensure we comply wilh the above documents in all areas wilh 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 Chariles 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. Civistians see this polential 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 Connextonal Safeguarding Policy. government legislation, guidance and safe practice in the Circuit and its churches.
The Circuil 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 lavels lakes place eilher face-to-face or online to ensure the agreed procedures are fulfilled across the Circuit in conjunction with the Cormwall Methodist District and in accordance with Methodist Connexional practice.
Circult Mission Statement
Our vision is to provide a welcoming and engaging church community, sharing the lave of Jesus with all ages. We aim lo fulfil this vision by:
- Sharing the love of Jesus; enabling encounters with God, promoting spiritual growth and serving the needs of our communilies.
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Launceston Area Methodist Circuit
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Report of the Trustees for the Year Ended 31st August 2025
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Objectives
Our objectives are set to reflect our faith and aims within the cammunity and are regularly reviewed at Circuit Leadership Team meetings lo ensure they continue lo refect our aims.
When pianning future activilies the Circuil considers the Commission's guidance on public benefit. It seeks to enable people to live out thew 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. il also seeks to ensure that pastoral care is provided for peopte living in the circuil and to increase awareness and support for missionary and oulseach work.
The charity acts as an umbyella or resource body to the individual churches within the Circuit. It provides resources to the Circuit, assists in raising funds for other charitable purposes snd orgarusalions 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 spirituat life of the churches within the Circuit and the Bridge Community Centre, lo ensure thal buildings are adequately maintained and to deal with governance issues with the District and the Connexion We support leaming, growing and witness as contemporary Ciuistians. Our Circuit-wide exploration of the Holy Habits programme was completed in the year. We continue building discipleship through worship, fellowship. Bible study and prayer. Churches have mission slatements and the Circuit Leadership Team has developed an active mission policy lo help build a healthy Christian community.
Staff
Rav David Miler is the Superintendent Minister with overall responsibility for all churches and staff in the Circuit.
Rey John Haley is an active Supermumerary Minister and works in conjunction wilh 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 Arscolt is an active Supemumerary Minister who has responsibility of Lifton chapel. Rev D Sparey-Delacassa is an active Supemumerary Minisler who has pastoral oversighl of Poiyphant and Pipers Pool.
Use of volunteers Volunteers are a vital part of our activities in both our failh and community work. A large number of trustees and church members give of their time and skills freety to the work of the Circuit in its varying faith and communily activities. As a strong supporter of Churches Together in Launceston, the Circuil provides a number of volunteer staff for the Foodbank and ‘Love Your Neighbour’ initialives. A number of volunteers help with day to day running and the collection and distribulion of donations, some church premises are used as a contact point and storage for this work. Volunteers are also involved in tha Money Advice Centre and Sireet Pastor iniliatives. Some financial assistance is also provided through freewill offerings and we have continued to support these activities and olhers where possible.
Pastoral Care Oue lo ifiness or age some are no longer able lo attend church. Our ministers make regular hospilal and home visits and administer communion to those who request it. Some churches also have teams of pastoral visitors lo visit those in need.
Achlevements and Performance The Circuit has planted a contemporary missional congregation in the past 10 years (Bridge Church). We have built a strong sense of unity and purpose among the Staff and Circuit Leadership Team. Before the end of the calendar year we plan to recruit three lay staff at Coad's Green, Bridge and Central to enhance growth and missional development across the Circuit. Our premises are well-maintained, well-localed and have parking. AN but three churches have an older profite and aim for growth with the right support which will enable them to grow. Emerging from a particularly challenging period pre-daling ihe pandemic, lhe Circuit has successfully laid the foundations for future missional work, spiritual growth and worship devetopment.
We have emerged with a strong foundation in governances. Circuil finances are now healthy and we have a very positive outtook. Digital newstetters provide easy access to our weekly services which are streamed live and recorded. Prinled services are also distributed to elderly members of our Circuit and for those wilh mobility or caring needs who wish to worship at home,
Bridge Church has faced some significant challenges this year, but has found opportunities for growth and leaming. We have a regular all age congregation of 30 wilh band-led contemporary worship and series preaching. Missional Church operating a range of small groups, pastoral, children's and outreach ministries including a café currently cun by volunteers.
The Circuit maintains a good working relationship with other denominations in the area in particular sharing events services and activities with Launceston Churches Together and working closely with Anglican colleaques. Methodist preachers are planned once each quarter to lead services in 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 modem songs were held as were quieter more reflective or tradilional styles of service. All are welcome to attend services whether in person, online or in a hybrid formal.
Children and Youth Work
Our Ministers and some trained volunleers are once again in loca! 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.
Property Marketing will commence in Autumn 2025 for the disposal of Broadwood Church and Sunday School and we hope for a completed sale before Spring 2026. In September 2023, The Circuit Trustees became the Managing Trustees of Rilta Mill Chapel. Chapel Lodge and the Graveyard. All income has been passed to the Circuit who are now responsible for the maintenance
Central Church in Launceston has completed a substantia! refurbishment programme to mest environmental targers and significant investment has been made to improve central heating and lighling throughout the building.
Investment in maintenance of all our historic Ouikdings continues each year and it is our belief that they provide excellant bases for worship whilst also enabling 8 mullilude 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 projecis.
Financiat Statement: see accounts.
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Launceston Area Methodist Circuit
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Report of the Trustees for the Year Ended 31st August 2025
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Reserves Policy
The Reserves Policy for the Circuit is to bold a minimum sum equivalent lo six months average expenditure (equating to approximately £100,000). This should be sufficient to meel any unforeseen item of major expenditure on manses and / of to be able to continus, in the short term, funding planned activities in the event of any inability lo raise the full Circuit Assessment from churches. The reserves are met and as at 31st August 2025 the Circuit had accessible cash balances of £134,391 (2024: £106,854).
As at 31s! August 2025 the Circuit's lolal reserves were £1,212,579 (2024. £1,171,778). Unrestricted free reserves available for spending afler allowing for tangible fixed assels were in a deficit position as at 34st August 2025, being a deficit of £123,898 (2024; deficit of £170,962).
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This deficit posilion is due to the inclusion of loan balances which relate to Bridge Church (£227,878). As detailed within nole 17 within notes to the
financial statements, (hese loans are being serviced by Bridge Church, however they are shown within these accounts as they are in the name of the
Cirscuil. Due to this, the irustees consider that il is more representative of the Circuit's position lo exclude these liabilities when calculating the value of
reserves. On the basis these loans were cleared, the adjusled reserves would be a surplus of £103,980 (2024: £63,850).
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To be presented at the Launceston Area Circuil Meeting and signed on ils behalf by Revd David Miller, Superintendent Minister Statement of Trustees Responsibilities The Charity law requires the Trustees to prepare
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select suitable accounting policies and then apply them consistently:
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- make judgements and estimates that are reasonable and prudent, - Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business.
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The Trustees are responsible for keeping proper accounting records which disclose wilh reasonable accuracy at any lime tha financiat position of the
charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for the prevenlion and delection of
fraud and other irregularities.
Approved by the Board of Truslees on |...4| nas1... 4... and signed on their behatf by:
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Independent Examiners R to the Trustees of the Unaudited Financial Statements of Launceston Area Circuit
I report on the accounts of the charity for the year ended 31st August 2025
Respective responsibilitles of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit 1s not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
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It is my responsibility to:
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examine the accounts under section 145 of the Charities Act 2011,
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- — to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5){b) of the Charities Act), and
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- — to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission, An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide ali the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2041 Act. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales (ICAEW) which is one of the listed bodies.
In connection with my examination, no matter has come to my attention:
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1 which gives me reasonable cause to believe that in, any material respect, the requirements: * — to keep accounting records in accordance with section 130 of the Charities Act; and * — to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
Mrs Sarah Gay FCCA, FCA
ATC Advisors
Unit 2 Ouheved Court Pennygillam Way Launceston
Comwail PL15 7ED
pate: A. Dacembos.. 2026
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Name of Circuit
Launceston Area Circuit
Circuit No
12/17
Statement of Financial Activities (SOFA) for the year ended 31 August 2025
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|---|---|---|---|---|---|---|---|---|---|---|---|
|Notes to|Circuit|Model|
|the|Unrestricted|Trust|Restricted|Endowment|Total|Total|
|accounts|Funds|(Unrestricted)|Funds|Funds|31.08.2025|31.08.2024|
|£|£|£|£|£|
|Income|
|Donations and|legacies|3|4,613|-|-|-|4,613|252,350|
|Income|from|monetary|investments|5|3,759|172|536|-|4,467|2,875|
|Rental|income|4|29,025|-|-|-|29,025|30,467|
|Assessments or|share|184,176|:|-|-|184,176|207,506|
|Assessments|Bridge|Loan|repayment|13,092|-|-|-|13,092|-|
|Funds|from|Rilla|Mill|5,407|-|-|-|5,407|-|
|Internal|Organisations|18|-|-|23,212|-|23,212|14,500|
|Total|Income|240,072|172|23,748|-|263,992|507,698|
|Expenditure|
|Stipends,|salaries,|NIC &|Pension|costs|9|88,528|-|-|-|88,528|91,930|
|Property|maintenance|- Manse committee|20,000|-|-|-|20,000|12,000|
|District Assessment|37,980|-|-|:|37,980|37,340|
|Depreciation|14|425|-|-|-|425|567|
|Office expenses|13,531|-|-|-|13,531|9,277|
|Other outgoings|6|7,276|-|-|-|7,276|3,848|
|Telephone|&|travel|7|7,118|-|-|-|7,115|6,064|
|insurance|and|utilities|11,823|-|-|-|11,823|10,637|
|Expenditure on|other Circuit|property|292|-|-|-|292|5,194|
|Bridge|Church|loan|interest|6,158|-|-|-|6,158|6,778|
|Match|Funding|1,500|-|-|-|1,500|-|
|Internal|Organisations|18|-|-|28,622|-|28,622|13,729|
|Total charitable|expenditure|194,628|:|28,622|-|223,250|197,361|
|Gains/(iosses)|on|monetary investments|12|-|47|-|2|49|1,888|
|Net|Income/(expenditure)/Net|movement|in funds|45,444|219|(4,874)|2|40,791|312,225|
|Total|funds|brought forward|1,092,474|38,265|40,074|975|4,171,788|859|563|
|Total funds carried forward|1,137,918|38,484|35,200|977|1,212,579|1,171,788|
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Launceston Area Circuit
Balance Sheet as at 31 August 2025
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General Fund | Circult Model | Restricted Endowment Totals Totals
(Unrestricted) Trusts Funds Funds 2024/25 2023/24
Notes to the (Unrestricted)
Accounts £ £ £ £ £ £
Tangible Fixed Assets
Equipment,Land & Buildings ey1,300,000) =|=|4,300,000]1,276
Totalfixed assets] | 4,304,276)Pt1,301,276) 4,301,701
Current Assets
Debtors and Prepayments pts | 5ttop85810} |32,339)
Cash at Bank and in hand 2) ed Xt) 65,622
Trustees for Methodist Church Purposes
deposits 43,070
Central Finance Board Deposits Ee Eh) es es es 65.166 42,804
aim [|| saa] | ra] —8. 337
[______Totatcurrentassets|
| _tso17] _seaea] [35,200]] 977] 205,678 100,242
Current liabilities
CashCreditors at Bank and in hand eSes es es es ee
and accruats Ee | es F.) 81,657
Total currenttabiiiies| | 7343] [73,430] 81,657
Net current assetsMiabilities| | 57,586 38,484] 35,200] 977] 132,247 98,585
Totelassets ess currentHabiities] ——«[__—,68,e62]—«98,aea]—=—35.200)——=a77]—.asa.e2a) [ 1.400.206
(due after more than one year)
creditors tT zg} 220,944 228,498
[SC™~é‘“‘‘~CNtassets| |1,171,788
«| ataviore] —38,ana] 35,200] ——=—=—=i77| [4,242,679)]
Funds of the Circult
General Fund (Unrestricted) a ee) 1,137,918 1,092,474
Circuit Model Trust Fund (Unrestricted) FY 38,484 38.484
Designated Funds (Unrestricted) | ne
Total Unrestricted Funds | | 1,176,402! 1,130,739
Restricted Funds | 8 | __—35,200 | [35,200)]
Endowment Funds aa [975
TotalFunds| «| __aasvete] —seaea] —36,200)—=—s7|_—4,a2,879| [1,171,788
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DECLARATIONS
Treasurer
| confirm that these accrual based accounts for the year ended 31 August 2025 have been prepared from the records of the Circuit and that they include all funds under the control of the Circuit Meeting.
Signature of Treasurer dQ. Brandan
Date 10- AQ 8
Presentation to the Circuit Meeting for approval
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{ confirm that the annual report and accounts for the year ended 31 August 2024 will be presented to the Circuit Meeting at its meeting on
and were approved: ;
——— -
Signature and name of the Chair ofthe meeting Pp | Date ad | izl2s
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Launceston Area Methodist Circuit
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Notes to the Financial Statements for the Year Ended 31st August 2025
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1 ACCOUNTING POLICIES
Gasis 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 ihe Statement
of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financia! 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.
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The accounts (financial statements) have been prepared to give a ‘Inve and fair view and have departed from the Charities (Accounts and
Reports) Regulations 2008 only to the extent required to provide a ‘rue and fair view. This departure has involved following Accounting and
Reporting by Charilies 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.
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Going concem
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 ils 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 aclivities,
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Depreciation
Depreciation is provided at the following rates in order to write off each asset over its estimated useful jife:
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.
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- Restricted Funds may only be used for particular resiricied 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 lhe 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 Ihe accounts.
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3 BONATIONS AND LEGACIES Circuit Model
Unrestricted Trust Fund Restricted Endowment 2025 2024
£ € £ £ £ £
Donations 4,613 - - - 4,613 252,350
4,613 E . : 4,613 252.350
4 OTHER TRADING ACTIVITIES
Tregadillet! Manse Letlings 15,425 15,425 9.750
Coads Green Manse Lettings 6,250 . - - 6,250 15,000
Rilla Mill Cottage Lettings 7,350 - - - 7,350 6.000
Repayment for heating oil when property left * = * - - (283)
29,025 - - - 29,025 30,467
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Launceston Area Methodist Circuit
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|---|---|---|---|---|---|---|---|---|
|Notes|to|the|Financia!|Statements|for the|Year Ended|31st August|2025|
|Circult|Modet|
|Unrestricted|Trust Fund|Restricted|Endowment|2025|2024|
|§|INVESTMENT INCOME|£|£|£|£|£|€|
|Central|Finance Board|3,759|172|§36|-|4,467|2,875|
|3,759|172|536|.|4,467|2,875|
|6|OTHER|OUTGOINGS|2025|2024|
|£|£|
|Bank charges|245|259|
|Professional|fees|3,372|549|
|Accountancy|2.118|2,016|
|TMCP Admin|charge|1,134|1,046|
|Sundries|24|
|HMRC|fine|407|
|Bad|debt|(24)|(22)|
| 7276|—«3,848|
|7|TELEPHONE & TRAVEL|2025|2024|
|£|£|
|Mileage|4,969|§,462|
|Telephone|2,146|602|
|— 7,415|—~6,064|
|8|INDEPENDENT|EXAMINER|REMUNERATION|2025|2024|
|£|€|
|Independent|Examination|1,059|1,008|
|Accountancy|1,059|1,008|
|Payroll and other services|1,152|372|
|3.270|2,388|
|9|REMUNERATION|2025|2024|
|Staff costs paid during|the year were as|follows:|£|£|
|Gross wages,|salaries|and|benefits|in|kind|72,626|75,317|
|Employer's National|Insurance costs|§,794|4,966|
|Pension|costs|10,108|11,647|
|Total|staff cosis|88,528|91,930|
----- End of picture text -----
The average number of staff employed during the year was 4 (2023: 5). No employees received ematuments in excess of £60,000. The above includes the payment of Stipends totalling £66,261 (2024: £60,881) and super-numeracy totalling £3,360 (2024: £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.
(n 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 £13,619, £194 in employers pension contributions and £908 in employers national insurance.
Trustees Rev John Haley and Rev D Miller received £52,273 gross Stipends {2024: £45,488), in addition to a Eni! computer allowance (2024. £388) and £9,540 in pension contributions (2024: £11,185 in pension contributions) for their role as Minister in the period. The Circuit paid £4,448 in Employers National Insurance (2024: £3,820).
Trustees Rev C Arscott and Rev O Sparey-Delacassa received £3,360 in their role as super numeracies (2024: £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 2025
| 11 | TANGIBLE FIXEDASSETS | Land & | Fittings & | Fittings & | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Improvements | Manses | Buildings | Equipment | Total | |||||||
| Cost | |||||||||||
| As at 1stSeptember2024 Additions |
30,000 - |
1,050,000 - |
250,000 - |
7,183 | = | 1,337,183 | |||||
| Revaluation Disposals |
= . |
- | - . |
. i |
. “ |
||||||
| As at 31stAugust 2025 | 30,000 | 1,050,000 | 250,000 | 7,183 | 1,337,183 | ||||||
| Depreciation | |||||||||||
| Asat 1stSeptember2024 | 30,000 | §,482 | 35,482 | ||||||||
| Charge for theyear | - | . | - | 425 | 425 | ||||||
| Eliminated on disposal | - | - | - | - | - | ||||||
| Asai31stAugust2025 | 30,000 | - | : | 5,907 | 35,907 | ||||||
| Net Book Value | |||||||||||
| Asal31stAugust2024 As at34stAugust2025 |
- - |
1,050,000 1,050,000 |
250,000 250,000 |
1,701 1,276 |
1,301,701 1,301,276 |
||||||
| TheManseswere revalued in 2020by Kivells, whoareindependent ofthe charity, at a total value of£1,050,000. | |||||||||||
| 12 | INVESTMENTS | ||||||||||
| Thefundsthat supportthe Circuit ModelTrust Fund andthe MansesFundare held byTMCP | TMCP in | Trustees Interest | Funds on which | interest | is | ||||||
| credited to theaccounts each month. These are regarded asmedium and tong | term investments. | ||||||||||
| TMCP isthe legalownerand Custodian Trustee of all MethodistModel Trust property, | including | Legacies, Endowments andAccumulated | |||||||||
| Funds. Trust property is held forand onbehalfoflocal Managing Trusteeswhoare | areresponsible forheday todaymanagement | management ofTrust | Trust | ||||||||
| property. TMCP ensure that, through providing guidanceand acting under their | direction, the Managing Trusteescomply with Charity Law | ||||||||||
| andMethodist Lawand policyasdetermined bythe Methodist Conference. | |||||||||||
| Endowment Funds | CFB Managed MixedFunds | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Analysis ofinvestment movements | £ | £ | £ | £ | |||||||
| Other investments CF8 Managed Mixed Funds | 977 | 975 | 25,361 | 25,314 | |||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Change in investment values | £ | £ | £ | £ | |||||||
| Carrying {market}value atbeginningofyear | 975 | 905 | 26,314 | 23,496 | |||||||
| Additions | - | . | : | : | |||||||
| Disposal ofshares | . | ||||||||||
| Net gain ondisposal | . | - | - | - | |||||||
| Net gain/(loss) on revaluation | 2 | 70 | 47 | 1,818 | |||||||
| Carrying (market) valueat endofyear | 977 | 975 | 25,361 | 25,314 | |||||||
| 2025 | 2024 | ||||||||||
| 13 | DEBTORSAND PREPAYMENTS | £ | £ | ||||||||
| Prepayments Otherdebtors |
11,950 23,160 |
9,204 23,135 |
|||||||||
| 35,110 | 32,339 | ||||||||||
| 2025 | 2024 | ||||||||||
| 14 | ANALYSIS OF CASH AT BANK | £ | £ | ||||||||
| Bank balances | 65,822 | 65,740 | |||||||||
| Bankbalance held in CFB | 65,166 | 42,804 | |||||||||
| TMCP Circuit fund | 13,243 | 13,070 | |||||||||
| Investments | 26,337 | 26,289 | |||||||||
| 170,568 | 147,903 | ||||||||||
| 2025 | 2024 | ||||||||||
| 46 | CURRENT LIABILITIES | £ | £ | ||||||||
| Trade creditors | 48,497 | 57,343 | |||||||||
| Loans | 24,934 | 24.314 | |||||||||
| 73,431 | 81,657 |
16 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
No commitments or contingent liabilities were identified at 31st August 2025 (2024: Nil}
Page 11
Launceston Area Methodist Circuit
Notes to the Financial Statements for the Year Ended 31st August 2025
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
==> picture [434 x 428] intentionally omitted <==
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Opening Closing
balance Interest Repaid balance 2024
Callington Melhodist Circuil 65,705 3,654 5.796 63.563 65.705
South Petherwin Methodist Circuit 69,107 1,004 5.796 64,315 69,107
Personal Loan 100,000 1,500 1,500 100,000 100,000
Launceston Central Methodist Church 18,000 18,000 18,000
252,812 6,158 13,092 245,878 252.812
Due within 1 year 24,934 24,314
Oue between 1 and 5 years 99,737 25.874
Due over 5 years 121,207 202.624
ES OEE
18 ANALYSIS OF FUND MOVEMENTS
Opening Closing
Restricted Funds balance Income Expenditure Transfers balance
Early Years Fund 2,751 . - 2,751
Local Preachers Fund 8,264 . Bs - 8,264
Graveyard Trust 10033a 40,342 570 (34) : 10,848
Youth Work 186 : “ - 186
House sale - 10884 2,996 140 (10) (130) 2,998
Gift - 13901 1,803 84 (8) {78) 1,803
Charles Jasper Beq ex Altamun 1,225 . - - 1,225
Interna! Organisations 12,537 23,212 (28,622) - 7,127
Total 40,074 24,006 (28,672) (208) 35,200
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 ‘Gifl' 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:
Opening Closing
balance Receipts Payments Net Transfers balance
Graveyard A/C 6,955 2,387 5,614 (3,227) - 3,728
Manse Committee §,582 20,825 23,008 (2,183) - 3,399
12,537 23,212 28,622 (5,410) - 7,127
----- End of picture text -----
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