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2023-08-31-accounts

THE GWENT HILLS AND VALES CIRCUIT OF THE METHODIST CHURCH TRUSTEES’ ANNUAL REPORT TO THE CHARITY COMMISSION FOR THE YEAR 1[st] SEPTEMBER 2022 – 31[st] August 2023

Introduction

The Gwent Hills and Vales Circuit of the Methodist Church came into being as the result of a decision by the Wales Synod of the Methodist Church and was formally acknowledged on 1[st] September 2009. At the beginning of the year under review, the Circuit consisted of twenty-three churches located across several valleys in south Wales and extending north-east to the border with England.

The Circuit’s trustees are the members appointed by the twenty-three churches to the Circuit Meeting, which gathers three times a year, to discuss and make decisions on matters pertaining to the life and work of the Circuit.

Aims and Organization

The Circuit leadership is provided by a team consisting of four ordained ministers. We continue to receive significant assistance from ministers retired from the full-time work, but who are still active in leadership. Five lay persons have been appointed as circuit stewards, and three other lay persons have specific responsibility for finance, property, and the work of local preachers. Administrative services are available to the Leadership Team and the Circuit through a part-time Administrator paid by the Circuit, a post which was filled in March 2021.

In considering its aims, the Circuit Leadership Team has considered the Charity Commission’s guidance on public benefit, in particular the specific guidance on charities for the advancement of religion. Hence the Gwent Hills and Vales Circuit exists to promote the Gospel of Jesus Christ through providing opportunities for worship, mission, and evangelism. Since its inception, the circuit has made mission a priority, with churches being challenged to undertake outreach on a regular basis. There is a particular emphasis on impacting the community beyond the membership of the churches. The Circuit has responsibility for finance related to the upkeep of ministers and their homes (manses), and the support of mission-related activities across the Circuit.

The individual churches do much of the day-to-day planning of events and projects to support these aims, but the Circuit has set certain priorities and placed emphasis on certain activities to encourage them to carry out their mandate.

Review of the Year

The Circuit ensures that services of worship take place regularly in all its churches and that buildings and ministers are available for special services, including baptisms, weddings and funerals. Wherever possible, services are offered to appeal to various groups within society such as children, families, and adults with learning disabilities. Services are routinely led by lay (Local) Preachers as well as ordained ministers. During this Connexional year three Local Preachers received authorisations to preside at the Lord’s Supper and there were three new Local Preachers in training. Some of the churches registered their buildings for the marriage of same-sex couples. Two of the churches merged to form a single church on two sites in an effort to make more effective use of their resources. Another of the Circuit churches hosts a large and growing Tongan congregation which meets regularly for worship and also contributes to mission and outreach in the local community.

Practices which began as a result of the Coronavirus pandemic (namely services by Zoom and the distribution by post or email of sermons and service sheets to those who are housebound) have continued and are regarded as a positive outcome of an otherwise difficult time. There now exists within the Circuit a ‘Zoom community’ which meets weekly for worship, prayer, Bible study and fellowship. The digital platform has enabled people from all over the world to join in the activities, along with local people of different denominations and those with no regular church connections. The practice of using Zoom for trustee meetings has ceased since the end of the pandemic but Zoom continues to be used for meetings of the Circuit Leadership Team.

Pastoral visiting by both lay people and ordained staff happens regularly across the Circuit and some members (who due to age or infirmity cannot come to church) receive Holy Communion at home or in residential care. Pastoral care and support is also provided through telephone calls, email and letter.

The Circuit has encouraged churches to consider their environmental impact and to work wherever possible towards carbon neutrality by 2030. Some of the churches have engaged in the Eco-Church programme and/or undertaken environmental impact assessments of their buildings. The Circuit has supported churches in this through its ‘Green Strategy’.

Most churches provide outreach to their local community through weekly coffee mornings, helping to reduce social isolation and, during a period of rising energy costs, offering ‘Warm Spaces’ to those experiencing ‘fuel poverty’. Most churches also support local Foodbanks. Some churches extended hospitality (through host families, the provision of meeting rooms and language classes) to Ukrainian citizens seeking refuge in the UK.

The Circuit and individual churches have supported (through prayer and financial giving) the work of their members overseas, notably on ‘Mercy Ships’ (providing medical assistance to developing countries) and the ‘Project Misa Lole’ (sending furniture to Tongan churches affected by the tsunami of 2022).

The Circuit began the implementation of ‘Equality, Diversity and Inclusion’ (EDI) training for ministers, Local Preachers, Worship Leaders, Circuit and Church stewards, and the Circuit Safeguarding Officer.

Income Trends

The Circuit income is primarily drawn from assessments paid by the circuit churches, totalling £268,544. Total income for the year was £381,632. Of this, £88,594 was capital receipts in the form of Abertillery and Trinant Chapels which passed to Circuit responsibility when the churches ceased to meet. The Circuit is also responsible for Pontypool chapel following the church also ceasing to meet during the previous year. A capital receipts for Pontypool is shown in the current year accounts due to difficulties in valuing the property due to its leasehold status.

Expenditure Trends

Stipend expenditure has increased each financial year in line with Conferenceapproved increases.

The expenditure budget approved for the year was £328,081. This was to be funded as follows:

as follows:
Average of 3 previous years’ budget surpluses from reserves £29,081
Subsidy from reserves to assist churches post COVID £31,148
Assessment on churches £267,852

The actual amount raised from churches was £265,544. The shortfall resulted from churches mentioned ceasing to meet and was funded from Circuit reserves. The actual spend against budget for the year was £292,058. The main components of the £36k underspend were:

underspend were:
Underspend Overspend
Minister sick pay refund £37k
Share of Local Preacher Trainer Stipend £2k
Manse Repairs & Utilities £5k
Quinquennial Building Inspections £3k
Other variances £1k
Total £42k £6k

20.9% of expenditure was the Circuit’s contribution to the District and Connexion, of which a significant part is used to fund the work of the wider Methodist Church.

Fund Balances

As of 31[st] August 2023, the net current assets of the Circuit were £ 514,303, giving approximately 21 months’ cover for expenditure. The trustees are making reserves available for church and circuit projects, and the improvement of Varteg Cemetery to bring it to a safe and sustainable condition.

Plans for 2023/24

Circuit financial plans for 2023/24 have been prepared based on an on-going, full-time ordained staff of four, a part-time administrator and cost of living stipend increases. This resulted in a budget of £315,844. Of this, £18,169 was to be funded from prior

years’ surpluses held in reserves. Considering the financial pressures on churches due to COVID and the energy crisis, trustees agreed assessments which maintained the same level per member as in 2022/23 plus an inflation factor of 7.8%. This resulted in planned underfunding of the budget of £25,915 which trustees agreed would be funded from Circuit reserves.

Basis of preparation and legal framework

The Charity’s annual report and accounts for the year ended 31[st] August 2023 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 Name of Charity : Gwent Hills and Vales Methodist Circuit Registration Charity Number: 1140255 Date of Registration: 2009

Main Communication Address: Circuit Office, Castle Street Methodist Church, Castle Street, Abergavenny, NP7 5EE

The members of the Gwent Hills and Vales Circuit Meeting are the Charity Trustees, membership being made up of circuit office holders, ministers and representatives appointed by local churches.

Circuit Ministers and Officers

Active Ministers: Rev. Catherine Brobbey, Rev. Stephen Boxall, Rev. Dr. Gareth Edwards, Rev. Paul Donnison, Rev. Andrea Sims Supernumerary Ministers: Rev Anthony Gregory, Deacon Gwenllian Knighton, Rev Roy Watson Circuit Lay Worker: Mrs Celia Price Circuit Finance Officer: Mr Ken Bailey Circuit Property Steward: Mrs. Jan Jackson Circuit Local Preachers Secretary: Miss Margaret Webber Circuit Stewards: Miss Jane Evans; Mrs Siân Millar; Mrs Rachel Rimmer; Mrs Gillian Timm; Mrs Christine White

Circuit Administrator: Ms Joanna Saunders Circuit Treasurer: Mr Ken Bailey functioned as the principal officer overseeing the day-to-day financial management and accounting for the circuit during the year. Independent Examiner: Newton Green & Co, 17 Wyelands View, Mathern, Chepstow NP16 6HN Investment Bankers: Central Finance Board of the Methodist Church, Trustees

Central Finance Board of the Methodist Church, Trustees for Methodist Church Purposes.

Objectives and Purpose

The charity objective is to function as a resource provider for the Methodist Church within the area around the valleys of southeast Wales.

The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of:

a) The Christian Faith in accordance with the doctrinal standards and discipline of the Methodist Church

b) Any charitable purpose for the time being of any Connexional, District, Circuit, local or other organization of the Methodist Church

c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to the Methodist Church

d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church.

Also, the organization and resourcing of regular public acts of worship open to members of the church and non-members alike; the teaching of Christianity through sermons, courses and small groups; the resourcing of pastoral work including visiting the sick and bereaved; taking religious assemblies in local schools; promotion of Christianity through the staging of events and services; provision of chaplaincy services to the local university and other institutions .

Public Benefit

We confirm the trustees have had regard to the Charity Commission’s guidance on public benefit.

Structure, Governance and Management

The governing document for the circuit is the Deed of Union (1932) and Methodist Church Act (1976).

Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD).

Day to day management of the Circuit is undertaken by the Circuit Leadership Team along with the Local Preachers’ Meeting and the Circuit Finance and Property Committees.

Trustee Training

A range of guidance produced by Methodist Connexion to support the effective running of the Circuit, specifically the leaflet ‘The Role of a Trustee in The Methodist Church’ , is given to all new Circuit meeting members as induction to their role as trustees.

Related Parties

The Circuit is part of the Wales Synod Cymru and is also accountable to the Methodist Conference.

The following Methodist churches are linked to the Circuit at the end of the reporting period: Abergavenny, Beaufort Hill, Bedwas, Blackwood, Blaenau Gwent, Blaina, Cwmcelyn, Fairhill, Garndiffaith, Glasbury, Hope, Llanelly Hill, Llanyrafon, Nantyglo, Pontllanfraith, Pontnewynydd, Race, St. James, Tredegar, Trinity, Tyllwyn, Upper Cwmbran, Wesley Place.

Risk Management

The major risks have been identified and recorded by the Circuit Finance and Property Committees with professional advice taken as required.

There is a regular annual review process undertaken.

Income and Expenditure is being monitored in total and is compared with the approved annual budget on a half-yearly basis to detect trends as part of the risk management process to avoid unforeseen calls on reserves.

Safeguarding

Every person has a value and dignity which comes directly from the creation of people in God’s own image and likeness. Christians see this potential as fulfilled by God’s recreation 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.

Methodist Connexional practice outlines commitment to the following principles:

The Gwent Hills and Vales Circuit commits itself to ensuring the implementation of Connexional Safeguarding Policy, government legislation, guidance, and safe practice in the circuit and in the churches. The Gwent Hills and Vales 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.

Supervision

The Gwent Hills and Vales Circuit fully embraces the requirements of the Methodist Church’s Supervision Policy 2021. Supervision in the Methodist Church is an exploratory and reflective process. Every ordained minister is required to meet oneon-one for an hour and a half with a trained, resourced, and approved supervisor to reflect on their vocation and practice at least six times per year. Others with significant pastoral responsibility are encouraged to be in supervision.

GDPR

The Gwent Hills and Vales Circuit commits itself to ensuring the implementation of government legislation, and guidance and good practice as provided by the Methodist Church TMCP, in the circuit and in the churches. The Gwent Hills and Vales 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 responsibilities as required by the GDPR.

Reserves Policy

In September 2021 the Trustees voted to amend the Reserves Policy to the following: 1. To hold a minimum sum equivalent to twelve months’ average expenditure. This should be sufficient to meet any unforeseen item of major expenditure on manses and to be able to continue, in the short term, funding planned activities in the event of any inability to raise the full Circuit Assessment from churches. This was increased from six to twelve months by the Circuit Meeting on 10th September 2020 in response to the additional risks posed by the COVID pandemic. In order to achieve this minimum, at the start of each Quarter (1st September, December, March and June) 15 months’ expenditure should be in reserve, as church assessments are due at the end of each quarter, one quarter in advance.

  1. To hold £100,000 against future requirements for remedial work to boundary and internal walling at Varteg Cemetery.

  2. Any remaining reserves are available for Circuit or Church mission projects which may include related building maintenance or improvement works.

Report approved at Circuit Meeting held on 13[th] June 2024 and signed on behalf of the Trustees by its Chair, Rev Catherine Brobbey.

CIRCUIT ACCRUAL ACCOUNTS THE METHODIST CHURCH STANDARD FORM OF ACCOUNTS Gwent Hills & Vales Circuit FOR THE YEAR ENDED 31 AUGUST 2023 Wales S nod Di5tri¢t Circuit no 2113 R¢gbsl*red Charity- Charity Registration number 1140255 If not a registered charity Her Majesty's Rèvenu8 and Customs Gift Aid number (The HMRC number is equivalent to a registered charity number in terms of evidence of charitable status and may be used lo give lo donors or grant funders wishing to see eviden￿ of the organisalion's ¢harilable slalus. Methodist ¢harilies In England and Wales that are not registered charit￿$ a￿ excepted from registration under Stalulory Instrument 2014 No.2421 Ministers-. Rev C Brobbey..........-.-....-...,...-.......... ........ ._ .. ..... Rev G Edwards Rev S Boxall Rev A Sims Rev P Donnison Circuit Stewards. J Evan$ J Jackson K Jones S Millar R Rimmer G Timm M Webber C White Treasurer.. Mr K Baile Pagelof4

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Notes to the Gwent Hills & Vales Circuit Accounts 2022-23 1 Basis of accounting The financial statements have been prepared under the Charities Act 2011 in accordanee with the 2014 version ol Accounting and Reporting by Charities. Statement of Recommended Pra¢tiTr ISORPI applicable to charilies preparing their accounts in aWOrdan￿ with FRS102- the Charities SORP IFRS1021 and taking note of the Update Bulletin 1 issued In 2016. 2 Funds The funds held conslitule. General Funds held for any purpose of the C+rcuil which are Unfeslricted. The Circuit Model Trust Fund has wide purposes defined In Slanding Orders and is cètegorised as unreslncied. Reslricled funds which ale held for a narrower purpose There are no Endowment funds. Details of each material fund are disclosed in the final note to these accounts Any funds may be ￿presented by more than just eash. 3 Accounting policie$ {a) Basis These accounts have been prepared on the basis ol historical cost except that investments are shown al their market value al the end of the year, on the awruals basis lo show a Irue and fair view of the Circuit's financial position and 8Ctivilies. {b) Incoming Resources Income Is included In the Statement of Financial Activities ISOFAI when the Circuit becotnes entitled lo the resources, and the trustees are reasonably certain they will receNe the resource, and the Monetary value Ggn be measured with suffirient reliability. {c) Resources Expended This Is iecogn15ed when a li8bility is incurred, or a constructive obligation arises, that results In the payment being unavoidable. Liabilities are recognised as soon as an oufflow ol economic benefit Is conSide￿d more likely than not under the legal or constructive obligation comtnitting th8 GirGuil to pay out resouiGe$. {dl Grants Grants made by the Circuit from its own funds a￿ recognised in Yull at the lime of agreement or when the Circuit accepts that there Is 8 legal 01 operational obligation to make the payrnent. The following grants were made.. Tongan community towards the cost the shtpmenl of church supplies to Tonga (minute 4.3 of 1610312023} Blaenau Gwent church towards emergency subsidence repairs Imirsute 4.1 of 1810312023 Total É2,000 £2,250 £4,250 (e) VAT sin￿ the Ciicuil 1$ not VAT registered. 811 input VAT is charged with the expense lo which it refers. (fj Tangible fixed assets for use by the Circuit Tangible fixecl assets are capitalised il they can be used for more than one year and cost at least £5(K). The freehold property is shown in the accounts al 2023 deerned values. of which the land component of Manses value is deemed lo be £250,OlJJ. No depreoalion is provided on the buildings because the trustees Consider the current residual fair value of the manse building5 ltsn the a5SUmPtion that it had reached the end of It5 U5elul economic life by the year-endl to be not less than its ￿rrent va5ue. Any depreciation would not be material The properties have been reviewed for impairment (gl Inveslment Properties At Ihe start of Ihe year Ihe Circuit was responsible for 3 ernpty ch8pds'. Newbridge, Ponlywjol and Panteg and were shown 85 Investment Propei*es on the prior year balance Sheet. During the year Abertillery and Trinant thapels became the circuit's responsibility and are shown a5 C8pil81 Gains on the SOFA During the yeai Newbridge w8s sold for more than the Balance Sheet valuation so is shown on the SOFA as a Gain on Inveslmenl Properfy. The other 4 properties were unsold at the end of the year and are shtswa In Investments Properties on the ye81-end BalaaTr Sheet. The finanaal treatment ol the 5 properties is summarised below.. 8818nce Sheet erowh Surveyor Forward Valuat￿Tr C8PI81 Receipl snFA row5 Balan Sheol Camed Ftsward GainllLossl SOFA row t9 Estimated Expenses E¥tuh¥led CPF Le Sale Pn Exper￿5 CPF Le -£13.128 -t63.840 NeWbr￿ge Pontypool Panteg Abertillery Trinanl £72.ClJO £0 £222.WO É73.032 Èo £0 £0 Éo £85,￿0 £0 £0 £85.0 É64.( £65.WO -E10.0gD -£10.QOD -£7,316 -É13.Q(M) £46.594 É42.000 £46.594 £0 £42.000 Totsi £157 LNIO £88 694 £73 032 £173 594 Prepared by.. Ken Bailey, Circuit Treasurer 25 March 2024 Pagelof5

Newbridge Chapel be&qrne unused during 2021-22 lurth8r to the CifCUIt Truste85 agreeing that the church cease to meet (minute 4 1 of 09109120211. The Trustees approved the sale of the property Iminule 6 2.1 0117103120221 The property was valued at £72,000 on th8 balance sheet at the start of the year and wa5 sold al auction in April 2023 for £222,000. Pontypool Chapel becaTne unu5eil during 2021-22 further to the Circuit Trustees agreeing that the church tsa5e lo meet Ifninule 5.2 of 17103120221. The Trustees approved the disposal of the property Iminule 6 1 of 16103120231. The land is lea$ehold. 11 has not yet been possible lo obtain a valuation. No Capital Re￿Ipl has been recorded to date arKJ there is no value Included In Inveslrnenl Propertie5 on Ihe Balance Sheet. Panteg Chapel becarne unused during 2021-22. The Circuit Trustees agreed that the church ￿ase to rneel. and that the property be sold Iminute 6.2 16103120231. The property Is expected to be sold In 2024. Abertillery Chapel became unused during 2021-22 further lo the Circuit Trustees agreeing that the church cease to meet lfflinute 5.1 of 17103120221 The Trustees approved the sale of the property Itninute 6 2.2 of 17103120221 The pioperiy wa5 sold in October 2023 lafter 2022-23 year-endl realising £46.594 net of levy and expenses This is shown as a Capital Receipt in the SOFA lor the current year and 15 Induded In Investment Pfoperties In the Balance Sheet ai the end of the year. Trinant Chapel became unused ¢uring 2021-22 further to the Circuit Trustees agreeing thal the church ￿8$e lo meet (minute 5.1 of 09106120221. Tru5te8s approved the sale of th8 property Itninute 6.2.2 of 08109120221. The propety ha5 pioven difficult lo sell but is expected to be sold in 2024. Five Manses are held for the long-temi purposes of the Charily. {hl Investments Invéstments ale valued in the balance $heel at market value al the year end. Investment income is included in th8 8ecount$ when receivable and any gains or losses on revaluation at the year-end a￿ shown in the SOFA. {1) Debtors Debtors comprises. Prepayment of September 2023 stipends in August 2023. Insuran￿, utility, and essential maintenance costs ol c105e(t Chapels to be funded from proceeds ol sale". Lste payment of &sses5mentS'. Tot81 £14.353 £26,516 £5,822 £46,691 til Creditors Cieditors cotnprises". 1st quarter 2022123 assessment receNed from most churches in August 2022.. Property mainienanee". Minister and preacher expenses dairned after year end.. Collections lor others-. HMRC. Bank charges.. Total £62.795 £1,241 £3,663 £45 £223 £16 £67,982 Ikl Income from Investment Properties £3.500 w8$ re￿iVed in rent from Newbridge Joinery who leased the Newbridge Old kl811 £240 was received in rent frorn Alcoholics Anonymous who used Panleg chapel for weekly meetings. The total of £3,740 Is shown on SOFA row 3. (11 Gainslllossesl on investment properties Newbridge chapel was sold for £222,000 The auction fee was paid Into th& General Fund with the balance paid Into the Model Trust. The property was sokl by auction, so the legal and other costs associated with the sale were paid by the buyer. A levy was taken for the Connexional Priority Fund in accordance with Standing Orders. Since closure the Circuit had spent £13,128 on insurance. utility, legal and maintenart￿ costs. The property had been valued on the Balance Sheet al £72.0(KJ The net gain on sale was therefore £73.032 as detailed below 8nd shown on Ihe SOFA row 19 General Fund £2,400 £219.600 £222,000 -£63.840 -£63,840 -£13,128 -£72,000 £73,032 Model TTU Total Sale Price Connexional Priority Fund Leyy InsurarKe. ulilily, legal an(1 Maintenan￿ costs 8alance sheet valuaticx) Total Gain -£13,128 -£72,000 -£82,728 £155,760 (m}Donations The following donations wert recewed.. From.. Newbndge Methodisl Church Llanelly Hill Methodist Church Total For.. Donation of final balances on Closure Support ol Rugby Outreach Misson ValLtse.' £7,963 £250 £8,213 Prepared by.. Ken Bailey. Circuit Treasurer 25 March 2024 Page2of5

(nl Cash at Bank Designated Funds. A norninal £50.000 of the £195.578 of de5ign8ted funds is deemed to be held in the bank account. Restricted Funds.. The-£2.909 sfK)wn against the bank account Is restricted funds that had been spent during the year but not transferred from the Cèntrèl Finance Board to the bank until after th8 y8ar-end. 4 Payment to Trustees There were no payments tnade to trustees for additional se[vi￿5 provided lo the Circuil by agreement with the Circuit Meeting. This èxcludes stipends. Trustee expenses were.. 2022123 2021122 Nurnber of Trustees Total amounl 18 £18.814 £16,944 Expense payments prirnarity relate lo reirnbursement for travel, ry)stage, stationery and computing costs. 5 Fee¥ for examination or audit of the accounts 2022123 2021122 IndeFendent examiner's or audilots, fees for reporting on the accounts Other fees leg. advice. accounlancy seNicesl paid 10 the independent 8xaminer or auditor 330 3QX) NIL NIL 6 Paid employees lexcluding stip•ndiary mTrnisters' costs of t153.9281 Stsff Costs paid during the year- Gross wages. salaries and benefits in kind Employerfs N8tional Insurance costs Pension costs linduding £600 pension scheme s8t-up feel Totsl staff w5ts 2022123 2021r22 16.364 13.112 734 554 860 17.958 1.369 15,034 Averagè fiUm￿r of full-timè equivalent employees in the year Irourtrded to nearest whole number).. 7 Capital Commitments and Conting¢nt Liabilitie8 There were no caprtal commitm8nls at 31 &l August 2023 No Contingent liabilities were identified at 31. Augus12023 8 For information only Money received and passed on to External Organi88tions 2022r23 3.725 5.312 -8,992 45 2021122 2.165 3.175 -1.615 3.725 Balance brought forward from last year OfferinoslGrfls- receiv￿ for Extemal Organisations OfferingslGifts- passed lo Exteina1 Oiganisalions Balance carried fonward Prepared by.. Ken Bailey. Circuit Treasurer 25, March 2024 Page3of5

g Tanglble Fixed Assets Cost or valuation Payments on account and a888ts under constructSon Fixtur88, fittings and &qulpment Other bulldlngs Land Manses Totsl Balan￿ bfou Additions Revaluations Dis osa15 Transfers. Balan￿ carried forward hl fomard 1,240,070 157,000 88.594 2,034 1,399,104 88,594 -72.000 -72,000 1,240.070 173,594 2,D34 1,415,698 Accumulated depreciation Balance brou hl forward Depreciation charge for year -339 -339 -678 -678 Revaluations Dis osals Transfers. +i- Balance carned forward -1,017 -1,017 Net book value Brou ht forward Carried forward 1,240,Q70 1.240,070 157,000 173,594 1,695 1,017 1,398,765 1,414,681 Manses.. There has bèen no eh8nge lo the rnanse eslale during the year Valuations have been compared with online sources and as at August 2023 the lower bound of expected sale value is £1.426,750. Other byilding$: The sale of Newbridge Chapel completed on 2010412023 realising £145.032 after expenses and Connexional lewy The circuit conlinued to be responsible for Abertillery (Powell Slreell. Panleg. Ponlypool and Trinanl chapels which it Is seeking to sell. See note 3lgl for further detail. 10 Investment assets Newbridge Chapel was sold during the year. The arcuil continued to be responsible for Abertillery IPowell Street). Panteg. PontyFX)ol and Trinant chapels which it is seeking lo sell. See note 3191 for further detai The circurt has no common investment fund holdings 11 Loang •At 3151 Augu512022 the Circuit was not ifi receipt of any loan5 and has no outstafiding loans lo others. At 3151 August 2023 a loan of £3,285 to 81aenau Gwent Methodist Church was outstanding. Prepared by: Ken Bailey, Circuit Treasurer 25, March 2024 Page4of5

12 Analysis of restricted and deslgnated funds 2022-23 Fund Name Opening Balance Incomlng Resources Resources Exptnded Transfers Closing Balance Purpose of the fund Fund for Youth Work 10.612 657 3,159 8,110 Youth work Inol? 11 Total Restricted Funds Varteg ReSe￿e IDesi8natedl 10,612 657 3.159 8.110 99,088 1,260 97.828 Future major rep8ir lo Varteg Cemelery note 2 To support church projects (note 31 Church Mi55ion loo.000 2,250 97,750 Total De518nated Fund5 Notes. 99.088 3,510 195,578 The CFB3 account was inherited from the old Islwyn Circuit and Is a restncted fund. Circuit Mtreting minute 5.1lal o118103Q021 rèfèrs. Incoming rèsouices were £250 dollalion and £407 Inte￿$1 2. The Tiustees de￿ded lo reserve £100,0Th) against likely future major maintenance expendrture at Varteg Cemetery. Circuit Meeiing minute 5.1.2 of 1010912020 refers. Thè58 funds were transferred In 2021-22. 3. Trustees deoded to allocate £100,000 to support church mission prqects In accordanTr wrth the Circuit Strategy 2021-2026 and the supporting Funding for Church Project Policy Circuit Meeting mitlules 2.2 and 2 3 of 0910912021 refer. These lund5 We￿ tianslerred In 2022-23 Gomparative analysis 01￿$tricted and de&gn&tedfunds 2021-2022 Fund Name Opèning Balance Incoming Rosources Resources Expended Transf8r8 Closing Balance Purpose of the fund Fund for Youth Work Resincled Varteg Donations Reslricled Varteg Re5etve Desi naled 12,966 2,353 10.612 Youth wotk 100 100 Upkeep ol Varteg Cetnete Future fflajor repairs lo Varte Cemete 100.000 912 99,088 Totals 112,966 100 3,365 109.700 Prepared by.. Ken 8ailey, Circuit Treasurer 25, March 2024 PageSof5

Name of Circuit . .Gwent Hills & Vales. No...2113.. Declarations and Scrutiny I confirm that these accruals-based accounts for the year to 31 August 2023 have been prepared from the records of the Circuit and that Ihey include all funds under Ihe control of the Circuit meeting. Signature of treasurer Name and address of treasurer . . K R Bailey, Pembroke House, Lower Park Terrace,....... .Pontypool......................................................................... Post Code...NP4 6LB... Presentation to the Circuit meeting I confirm thal the annual report and accounts for the year ended 31 August 2023 weFelwill ' be presented to the Circuit meeting held on.. .13th June 2024 Signature of the Chair of the meeting.. Name of the Chair of the meeting.. . Revd Catherine Bro Date ..13th June 2024... Independent Examiner's Report to the Trustees of the Gwent Hills & Vales Circuit Charity Number... 1140255........... Responsibilities and basis of report I report to the trustees on my examination of the accounts of the Gwent Hills & Vales Circuit for the year ended 31 Augusl 2023 set out on pages 1 to 4. As the Circuit's trustees, you are responsible for the preparation of the accounts in accordance wilh the requirements of the Charities Act 2011 I'the Act,). I report in respect of my examination of the Circuit's accounts carried out under section 145 of the Act and, in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145151(b} of the Act. delete or circle as appropriate

Nameof circuit...G￿rt Hills &V81es...................................................... .... No...2113.. IndependftntE&9minar￿￿knA. trhe Circuit's gross income extxled £250,000 arbj l am qualFfied to undertake thè examination by being a qualffied member of (i ] ifnol appl￿. I have rxjmpleted my examination. I confim that no material matters have come to my attention in connection with the examinats'on (o that in. any material respect.. ') which give me &quse to believe the acc¢thing records were not kept in accordance w5th sedion 130 of the Act, or the acccwnts do not a(xord with the accounting records,. or the accounts do not comply with the applicable requirements conceming the form arKI content of a¢(xiunts set out in the Charities (Accounts and Reports) Regulations 2008 other than any rg]uirement that the accounts give a 'true and fair, view. which is iiot a matter cOns¥Jer￿1 as part of an independent examinats'on the trustees, annual report is not cC￿sistent with the aw)unts I have no ¢oncems and have come across no other matters in conneclton wilh the examination to which attenb'on should be drawn in this report in order to enable a proper understandlng of the accounts to be reac1￿1. l knethave nor obtained independent verIf￿ation of all investments wrth the Trustees for Meth(xlist Church Purpc>ses or held in olher trusts, bank balan￿S and funds at the Cer7tral Ftnance Board of the Methodist Church which are individually iii excess of £10,000 (ten thousand pounds) at the balance sheet date. Signature of independent examiner Name of IndePe￿ent examiner. ...... Address.. . Post Code. ./L/P/A. ¥w Date.. ' delete or cith as wropriate