**REGISTERED CHARITY NUMBER: 1142234** 

## **REPORT OF THE TRUSTEES AND** 

## **FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 AUGUST 2021** 

## **FOR** 

## **CHESHIRE SOUTH METHODIST CIRCUIT** 

Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|7|
|**Report of the Independent Auditors**|8|to|10|
|**Statement of Financial Activities**||11||
|**Balance Sheet**||12||
|**Cash Flow Statement**||13||
|**Notes to the Cash Flow Statement**||14||
|**Notes to the Financial Statements**|15|to|22|
|**Detailed Statement of Financial Activities**|23|to|24|





**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** 

The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

Our aims are those of the Methodist Church in Great Britain and the main one is the advancement of the Christian faith through the witness and worship of all our members. We do this in accordance with the doctrines, standards and disciplines of the Methodist Church. The Circuit produces a quarterly preaching plan to ensure regular acts of worship take place at each of our premises.  Worship is open to all people, without charge.  Our main focus is to mission to the communities we serve through our local churches. The individual churches are allocated to local 'mission areas' for effectiveness and mutual support. 

## **Public benefit** 

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act having due regard to public benefit as per guidance published by the Charity Commission. 

Page 1 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** 

## **ACHIEVEMENT AND PERFORMANCE Charitable activities** 

## Discipleship and Mission 

Covid lockdowns continued throughout the period of this report and one church closed it's doors but the Circuit has a policy of ending well and celebrating Mission Complete as appropriate, and supporting Churches deciding that Mission and growth is their chosen way forward. 

Cheshire South continues to be blessed with a committed team of layworkers, who work with volunteers in their localities, often ecumenically, and frequently as a team. Later in the year some work resumed in churches and schools rather than online, although now these skills have been gained, some work does remain online, with attendees able to zoom in from well beyond circuit boundaries. We are immensely grateful to the team of layworkers who are all enthusiasts and who each bring a range of gifts and skills to their roles. In particular they reach out to many children and families, who may otherwise not hear the Good News. Many pre-covid activities have resumed eg toddler groups and some worthy new ones eg Worship in Wellies and a new Lego Church have started. 

All layworkers access training both from the Methodist region and district and from other sources such as Cheshire East (eg First Aid) to enable them to grow further in their roles and to serve others. 

## Safeguarding - The Protection of children and vulnerable adults 

Both the District Safeguarding Officer and Circuit Safeguarding Officer have undertaken briefing sessions to advise circuit and church safeguarding personnel of updates to the Methodist Church Safeguarding Policy during 2020/21. Online and face-to-face training sessions for the Advanced, Foundation/Refresher Safeguarding Courses have been run throughout the past year. 

Three Safeguarding Contracts are in place in the circuit, supervised by Monitoring and Support Groups led by the appropriate presbyters. Twenty-two churches in the Circuit have Safeguarding Officers, three small churches now have shared safeguarding officers from larger churches taking that responsibility. 

An audit of compliance with safeguarding policies and practice was carried out during the autumn of 2021 at all circuit churches by the Church Safeguarding Officers and the results submitted to the District Safeguarding Officer and District Safeguarding Board. Safeguarding is a regular item on the agenda of each Circuit Meeting and Church Safeguarding Policies are reviewed at Church Council Meetings annually. Fresh Expressions at North Street 

At the beginning of the financial year in September 2020, we were very busy preparing for the reopening of the café following the first Covid lockdown. Activities included bringing staff back after furlough, Covid risk assessments, management of social distancing and embedding new ways of working etc.  After a short period of limited opening, we again were closed during a further lockdown during which time we took the opportunity to carry out kitchen alterations so as to accommodate the disability needs of several of our volunteers. During this period, we also obtained approval from grant providers for modification to the change of use of the grants already awarded. The Board reviewed the mission and values of the project and approved a regular weekly programme of activities to be introduced when, once again, we reopened. The Project was rebranded as 'The Haven @ North Street' to better reflect our core purpose to create a caring community and provide a space to address individual needs and develop spirituality in whatever form was appropriate. We opened again in May 2021 with some new staff and volunteers and gradually introduced our regular menus and activities. In August we held a very successful summer fair.  We are very grateful to Cheshire East Council who provided Covid 19 business grants to meet ongoing costs during this difficult year.  We are very positive about the future period when we can realise the vision to develop a real caring community and meet some of the very many needs identified around the local area and we look forward to reporting this in the next annual report. 

## Property 

The sale of Higher Wyche Chapel went through for a sale price of £117,000. Costs related to manses increased to £74,780  (2020£37,902) with £39,448 in repairs and maintenance. There continues to be a programme of repairs, maintenance & refurbishment of manses that are both lived in by Ministers and let out to tenants. 

## Administration 

Two new ministers were appointed to serve from September 2021. One had a brief to rationalise a new Mission Area with reference to the Circuit Vision 'A Faithful and Fruitful Future'. The second Minister was a probationer minister who the Circuit will support as they finish their training. 

Page 2 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** 

## **FINANCIAL REVIEW Financial position** 

These consolidated accounts incorporate the figures from our North Street Circuit Project, 

Due to a change in one church's assessment and the closure of another, the final assessment income was £440,000 (budget £452,000).Thanks go to churches who continued to pay their assessments during a very difficult year. 

A Finance Sub Committee was reconvened during the year to look at the assessment formula and it was decided to keep the formula and amounts the same for 20/21 

The Circuit held reserves of £3.9million at the end of Aug 2021 and current assets (those not held in property or long term investments) were approximately £450k. 

One of our main sources of income was £40,501 (2020 - £37,996) of rental income both from empty manses, two retail shop leases, and the Bowling Club at North Street. This income stream continues to provide valuable revenue to support the circuit mission. 

Income from the café in North Street amounted to £50,467 (2020 - £32,938). This included trading income of £10,840 and £4,662 lettings. Grants totalling approximately £35,000 were received including a Covid grant. The reduction in trading income was due to Covid and the closure of the café. The Circuit continues to support this project as part its missionary work. 

Staffing costs and travel expenses of the Circuit had little change over the year £395,283  (2020 - £381,850). The assessment paid to the District to cover their costs and to forward to the national connexion totalled £105,212 (2020 - £102,454). 

Our net outgoing resources amounted to a deficit before investment gains of £78,767 compared to a deficit of £27,606 in 2020. 

## **Investment policy and objectives** 

Listed investments are stated at market value at the balance sheet date.The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. Cash at bank is held to meet the day to day running costs of the charity as they fall due. 

## **Reserves policy** 

The reserves policy for 2021-2022 is set at £300,000 in readily available funds, which is sufficient to meet general expenditure for a period of six months. There is currently £94,397 outstanding loans to support church building improvement programmes. 

## **FUTURE PLANS** 

A series of webinars were held by a newly formed sub group of the Circuit Leadership Team called  "Mission In Love Unites Us" (MILUU). This was to implement a focus on mission following the development of the Circuit Vision 'A Faithful and Fruitful Future'. The workshops included examples from our own and other Circuits that had done new things (and old things in new ways) to bring the love of God to our communities.  This work continues and there are exciting green shoots to be found as we come out of the pandemic. Work was started to engage more with our communities through a new relationship with Community Development workers in our Local Authority areas and in local Care Communities. We also did a piece of work to look at where the needs in our communities are. This will be used to inform the sorts of work we will do to understand and get closer to our local communities. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. 

Page 3 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** 

Cheshire South Methodist Circuit is part of the Methodist Church in Great Britain (Charity Number 1132208). Its status as a charity has historically been derived from the Deed of Union 1932 and the Methodist Church Act 1976. Agreement having been reached with the Charity Commission for the progressive registration of Methodist entities, the Circuit was registered as a charity on 3 June 2011. 

We are a part of the Chester & Stoke-on-Trent Methodist District which is registered as a separate charity (Charity Number 1132237) 

The Circuit comprises of 23 church organisations. Our churches are separate charitable organisations; 4 are registered with the Charity Commission and the remaining 19 are currently excepted from registration with the Charity Commission as they have annual receipts of less than £100,000.  We operate in the administrative council areas of Cheshire East, Cheshire West & Chester, Shropshire and Wrexham. 

Our constitutional practices can be found in www.methodist.org/ministers-and-office-holders/cpd 

The registered charity named 'Cheshire South Methodist Circuit' is primarily an administration organisation that manages the circuit personnel, housing for ministers, redundant churches whose future is still to be decided, and other properties which are rented out pending future use. The Circuit provides guidance and oversight to the individual churches, on a wide range of matters, which together, comprise the wider 'Circuit'.  It also provides co-ordination of discipleship and mission, safeguarding, preaching appointments, training, and circuit wide events etc. It is also a grant making body recycling funds from sale of redundant properties towards new circuit and local church initiatives. 

Overarching governance is achieved through the Circuit Meeting. This meets formally three times a year to review all aspects of the Circuit including mission, finance and property matters and to approve strategy and appointments. Trustees are appointed from those individuals holding official positions in the charity and additionally from local church nominations as per our constitutional practices. On 1st September 2021 there were 80 trustees. The Trustees accountable during the year to which this report relates are listed later in section 7. 

The Circuit Leadership Team (CLT), comprises 7 presbyters, 1 deacon, 1 lay worker coordinator, a local preacher representative and 5 circuit stewards; The CLT meets regularly to review policies and to set in place actions needed to maintain our mission and to ensure good governance between the Circuit Meetings.    There are 3 circuit teams reporting to CLT who assist the local churches and circuit with issues related to property, finance, and staffing 

Local preachers form an important role in the circuit and meet regularly for training and mutual support. There were 60 Local preachers plus 1 on note and 2 on trial (i.e. in training for this vital ministry). 

Risk management - the major risks to which the charity is exposed have been identified and mitigating actions are being developed. Appropriate controls are in place to provide reasonable assurance against fraud and financial error. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

1142234 

## **Principal address** 

Broad Lane Methodist Chapel Audlem Road NANTWICH Cheshire CW5 7EB 

Page 4 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** 

## **Trustees** 

In the 2020/2021 financial year our presbyters, lay employees and circuit stewards were as follows: 

Presbyters Revd Rob Hilton - Superintendent Revd Jeremy Tresise Revd Denise Harding (to Aug 21) Revd Jennifer Matthews (to Aug 21) Revd Rob Weir (to Aug 21) 

Deacon Jill Taylor 

Lay  Workers Mrs Heather Staniland (seconded from District) Ms Kathryn Davies Ms Sally Graham Mr Stephen Parker-Aiken Mr Andy Townsend Mr Jonathon Newbould Ms Elizabeth Morris (contractor) 

Circuit Administrators Mr Daniel Keen Mrs Joanne Reeves (Finance) 

Circuit Stewards 

Dr David Priaulx - Senior (to Aug 21) Mrs Margaret Keeling (to Aug 21) Mrs Pat Maidment Mrs Isabel Brislen Mr Gary Cliffe, Circuit Treasurer 

More details about our Circuit and churches can be found at our web site http://www.cheshiresouth.org.uk 

Trustees at 1st September 2021 

Rev'd Sarah Butcher Rev'd Donna Broadbent-Kelly Rev'd Rob Hilton Rev'd Robin Fox Deacon Jill Henderson Rev'd Jeremy Tresise Mrs Isabel Brislen Mrs Pat Maidment Mrs Ellen Cieka Mrs Briony Myles-Hook Dr Geoff Dickinson Mr Gary Cliffe Mr Daniel Keen Mrs Kathryn Davies Mrs Elizabeth Morris 

Page 5 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** 

Mr Jonathon Newbould Mr Stephen Parker-Aiken Mrs Heather Staniland Mr Andy Townsend Dr Malcolm Crook Mr Paul Jackson Mr Roger Hunt Mrs Jenny Smith Mrs Sue Taylor Mrs Hilda White Dr Michael Guy Mrs Wendy Cain Mrs Glenys Hollins Mr Roger Millns David Maidment Mrs Jayne Bunn Mr Brian Faulkner Mrs Norma Stolworthy Mrs Hilda White Mrs Anita Andrews Mr Norman Bourne Mrs Yvonne Bushill Mr Graham Dimelow Mr David Griffith Mrs Liz Grundy Mrs Philippa Hellingman Mrs Michelle Holland Mrs Jill Howell Mrs Patricia Jones Mrs Gill Merry Mrs Julia Parton Mrs Lesley Peake Mr Tony Ritchie Mrs Sheila Scragg Mr David Smith Mr Alec Sutton Mrs Linda Twydell Mr David Crompton Mr Cyril Cooper Miss Jane Eardley Mrs Jean Ellershaw Mr Andrew Griffin Mrs Ann Horsfield Mr David Johnson Mrs Brenda Jones Mrs Robina Lowndes Mrs Doreen Manning Mrs Margaret Penaluna Mr David Priaulx Mr Peter Shingler Mrs Sarah Sutton Mr Roland Twydell Rev'd David Westhead Mr Fred Wright Mrs Alison Wynne Nilda Eyre Mrs Jackie Holland Mrs Margaret Kirkman 

Page 6 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021** 

Mrs Christina Lawson Mrs Joyce Martin Mr Alan Pimlott Sarah Simpkin Mrs Susan Smith Mr Andrew Stolworthy 

## **Auditors** 

Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the board of trustees on 14[th] November 2023 and signed on its behalf by: 

................................................................................. G Cliffe - Trustee 

Page 7 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHESHIRE SOUTH METHODIST CIRCUIT** 

## **Opinion** 

We have audited the financial statements of CHESHIRE SOUTH METHODIST CIRCUIT (the 'charity') for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

## **Basis for qualified opinion** 

This is our first year of auditing the financial statements. 

The auditor in the previous year was not a statutory auditor. They were also unable to provide the necessary documentation for us to corroborate last years working and so therefore verify this years opening position. 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. 

## **Basis for opinion** 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and 

   - returns; or 

- we have not received all the information and explanations we require for our audit. 

Page 8 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHESHIRE SOUTH METHODIST CIRCUIT** 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, are detailed below. 

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

-  The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

-  We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector; 

-  We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities SORP FRS102, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; 

-  We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

-  Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

Page 9 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHESHIRE SOUTH METHODIST CIRCUIT** 

We assessed the susceptibility of the company's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by: 

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

- To address the risk of fraud through management bias and override controls, we: 

- Performed analytical procedures to identify any unusual or expected relationships; 

- Tested journal entries to identify unusual transactions; and 

- Investigate the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading minutes of meetings of those charged with governance; 

- enquiring of management as to actual potential litigation and claims; and 

- reviewing correspondence with relevant regulators and the company's legal advisors where necessary. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

## **Other Matters** 

We draw your attention to the fact that the comparative figures have not been audited. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Heywood Shepherd Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR 

Date: 14[th] November 2023 

Page 10 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021** 

|**2021**<br>**Unrestricted**<br>**fund**<br>Notes<br>**£**<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**39,145**<br>**Charitable activities**<br>5<br>Charitable Activities<br>**517,183**<br>Other trading activities<br>3<br>**12,047**<br>Investment income<br>4<br>**610**<br>Other income<br>**43,732**<br>**Total**<br>**612,717**<br>**EXPENDITURE ON**<br>Raising funds<br>6<br>**19,481**<br>**Charitable activities**<br>7<br>Charitable Activities<br>**672,003**<br>**Total**<br>**691,484**<br>Net gains on investments<br>**225,570**<br>**NET INCOME/(EXPENDITURE)**<br>**146,803**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**3,901,764**<br>**TOTAL FUNDS CARRIED FORWARD**<br>**4,048,567**|2020<br>Total funds<br>£<br>65,001<br>500,409<br>32,938<br>2,005<br>5,000<br>605,353<br>30,915<br>602,044<br>632,959<br>-<br>(27,606)<br>3,929,370<br>3,901,764|
|---|---|



The notes form part of these financial statements 

Page 11 



## **CHESHIRE SOUTH METHODIST CIRCUIT** 

## **BALANCE SHEET 31 AUGUST 2021** 

|**2021**<br>**Unrestricted**<br>**fund**<br>Notes<br>**£**<br>**FIXED ASSETS**<br>Tangible assets<br>13<br>**3,599,657**<br>Investments<br>14<br>**13,077**<br>**3,612,734**<br>**CURRENT ASSETS**<br>Debtors<br>15<br>**110,883**<br>Cash at bank<br>**347,807**<br>**458,690**<br>**CREDITORS**<br>Amounts falling due within one year<br>16<br>**(22,857)**<br>**NET CURRENT ASSETS**<br>**435,833**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**4,048,567**<br>**NET ASSETS**<br>**4,048,567**<br>**FUNDS**<br>17<br>Unrestricted funds<br>**4,048,567**<br>**TOTAL FUNDS**<br>**4,048,567**|**2021**<br>**Unrestricted**<br>**fund**<br>Notes<br>**£**<br>**FIXED ASSETS**<br>Tangible assets<br>13<br>**3,599,657**<br>Investments<br>14<br>**13,077**<br>**3,612,734**<br>**CURRENT ASSETS**<br>Debtors<br>15<br>**110,883**<br>Cash at bank<br>**347,807**<br>**458,690**<br>**CREDITORS**<br>Amounts falling due within one year<br>16<br>**(22,857)**<br>**NET CURRENT ASSETS**<br>**435,833**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**4,048,567**<br>**NET ASSETS**<br>**4,048,567**<br>**FUNDS**<br>17<br>Unrestricted funds<br>**4,048,567**<br>**TOTAL FUNDS**<br>**4,048,567**|2020<br>Total funds<br>£<br>3,439,872<br>11,049<br>3,450,921<br>118,609<br>338,063<br>456,672<br>(5,829)<br>450,843<br>3,901,764<br>3,901,764<br>3,901,764<br>3,901,764|
|---|---|---|
||**4,048,567**||
||**4,048,567**||
||**4,048,567**||



The financial statements were approved by the Board of Trustees and authorised for issue on 14[th] November 2023 and were signed on its behalf by: 


............................................. G Cliffe - Trustee 

The notes form part of these financial statements 

Page 12 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Sale of tangible fixed assets<br>Sale of fixed asset investments<br>Sale of investment property<br>Net cash provided by/(used in) investing activities<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents at the beginning of**<br>**the reporting period**<br>**Cash and cash equivalents at the end of the**<br>**reporting period**|**2021**<br>**£**<br>**(95,818)**<br>**(95,768)**<br>**(237,008)**<br>**117,000**<br>**2,028**<br>**223,542**<br>**105,562**<br>**9,744**<br>**338,063**<br>**347,807**|2020<br>£<br>(30,675)<br>(30,675)<br>-<br>100,000<br>-<br>-<br>100,000<br>69,325<br>268,738<br>338,063|
|---|---|---|



The notes form part of these financial statements 

Page 13 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021** 

## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

||**ACTIVITIES**|||||
|---|---|---|---|---|---|
|||||**2021**|2020|
|||||**£**|£|
||**Net income/(expenditure) for the reporting period (as per the**|**Statement of**||||
||**Financial Activities)**|||**146,803**|(27,606)|
||**Adjustments for:**|||||
||Depreciation charges|||**3,955**|3,669|
||Losses on investments|||**(227,598)**|-|
||Profit on disposal of fixed assets|||**(43,732)**|-|
||Decrease/(increase) in debtors|||**7,726**|**(**3,963)|
||Increase in creditors|||**17,028**|(2,775)|
|||||||
||**Net cash used in operations**|||**(95,818)**|(30,675)|
|**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**|||||
|||At|1.9.20|Cash flow|**At 31.8.21**|
||||£|**£**|**£**|
||**Net cash**|||||
||Cash at bank||**338,063**|**9,744**|**347,807**|
||||**338,063**|**9,744**|**347,807**|
||**Total**||**338,063**|**9,744**|**347,807**|



The notes form part of these financial statements 

Page 14 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021** 

## **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 Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

The presentation currency of the financial statements is the Pound Sterling and rounded to the nearest £1. 

## **Incoming resources and debtors** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

Debtors are recognised at settlement value. 

## **Resources expended and creditors** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the  charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Creditors are recognised at their settlement value. 

## **Tangible fixed assets** 

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

|Freehold property|-|not depreciated|
|---|---|---|
|Plant and machinery|-|Straight line over 5 years|
|Fixtures and fittings|-|Straight line over 5 years|



## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can 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. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Pension costs and other post-retirement benefits** 

The charity participates in the TPT Retirement Solutions - The Growth Plan scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

All Ministers are part of the Methodist Ministers Pension Scheme, the contributions to this scheme are accounted for as a defined contribution scheme. 

The charity operates a defined contribution pension scheme.  Contributions payable to the charity's pension scheme are charged to the  Statement of Financial Activities in the period to which they relate. 

continued... 

Page 15 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** 

## **1. ACCOUNTING POLICIES - continued** 

## **Going concern** 

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves to be able to continue as a going concern. 

## **2. DONATIONS AND LEGACIES** 

|**2.**<br>**DONATIONS AND LEGACIES**|||
|---|---|---|
|Mission grants - North Street<br>Furlough Income<br>**3.**<br>**OTHER TRADING ACTIVITIES**<br>Cafe income<br>Other income<br>**4.**<br>**INVESTMENT INCOME**<br>Investment Income<br>**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Assessments<br>Charitable Activities<br>Rental Income<br>Charitable Activities<br>Grants<br>Charitable Activities|**2021**<br>**£**<br>**18,025**<br>**21,120**<br>**39,145**||
||**2021**<br>**£**<br>**10,911**<br>**1,136**<br>**12,047**<br>**2021**<br>**£**<br>**610**<br>**2021**<br>**£**<br>**438,995**<br>**51,984**<br>**26,204**<br>**517,183**||



Grants received this year of £26,204 were from the governments job retention scheme. 

continued... 

Page 16 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** 

## **6. RAISING FUNDS** 

|**Other trading activities**<br>**2021**<br>**£**<br>Purchases<br>**19,481**<br>**7.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Support<br>Direct<br>costs (see<br>Costs<br>note 8)<br>£<br>£<br>Charitable Activities<br>**638,178**<br>**33,825**<br>**8.**<br>**SUPPORT COSTS**<br>Governance<br>Finance<br>costs<br>£<br>£<br>Charitable Activities<br>**51**<br>**33,774**<br>**9.**<br>**AUDITORS' REMUNERATION**<br>**2021**<br>**£**<br>Fees payable to the charity's auditors for the audit of the charity's financial statements<br>**5,000**|2020<br>£<br>30,915<br>Totals<br>£<br>**672,003**<br>Totals<br>£<br>**33,825**<br>2020<br>£<br>4,713|
|---|---|
|||



## **10. TRUSTEES' REMUNERATION AND BENEFITS** 

Twenty five trustees' received remuneration for the year ended 31 August 2021, the total paid to them was £298,174. This is included in salary costs in the accounts. 

## **Trustees' expenses** 

There were twenty five trustees' who received expenses paid for the year ended 31 August 2021, the total paid to them was £35,589. 

## **11. STAFF COSTS** 

|Wages and salaries<br>Social security costs<br>Other pension costs<br>The average monthly number of employees during the year was as follows:<br>Ministers and supernumeraries<br>Lay pastoral & Youth employees<br>Circuit administrators|**2021**<br>**£**<br>**330,017**<br>**16,797**<br>**50,711**<br>**397,525**<br>**2021**<br>**8**<br>**6**<br>**3**<br>**17**|2020<br>£<br>298,766<br>19,141<br>47,248<br>365,155<br>2020<br>8<br>7<br>2<br>17|
|---|---|---|



continued... 

Page 17 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** 

## **11. STAFF COSTS - continued** 

No employees or trustees received emoluments in excess of £60,000. 

|**12.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||
|---|---|---|
|||Unrestricted|
|||fund|
|||£|
||**INCOME AND ENDOWMENTS FROM**||
||Donations and legacies|65,001|
||**Charitable activities**||
||Charitable Activities|500,409|
||Other trading activities|32,938|
||Investment income|2,005|
||Other income|5,000|
||**Total**|605,353|
||**EXPENDITURE ON**||
||Raising funds|30,915|
||**Charitable activities**||
||Charitable Activities|602,044|
||**Total**|632,959|
||**NET INCOME/(EXPENDITURE)**|(27,606)|
||**RECONCILIATION OF FUNDS**||
||Total funds brought forward|3,929,370|
||**TOTAL FUNDS CARRIED FORWARD**|3,901,764|



continued... 

Page 18 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** 

## **13. TANGIBLE FIXED ASSETS** 

|**COST**<br>At 1 September 2020<br>Additions<br>Disposals<br>At 31 August 2021<br>**DEPRECIATION**<br>At 1 September 2020<br>Charge for year<br>At 31 August 2021<br>**NET BOOK VALUE**<br>At 31 August 2021<br>At 31 August 2020<br>No depreciation is charged on the Land and Buildings|Freehold<br>property<br>£<br>**3,432,364**<br>**231,671**<br>**(73,268)**<br>**3,590,767**<br>**-**<br>**-**<br>**-**<br>**3,590,767**<br>3,432,364|Plant and<br>machinery<br>£<br>**2,847**<br>**-**<br>**-**<br>**2,847**<br>**2,740**<br>**106**<br>**2,847**<br>**-**<br>107|Fixtures<br>and<br>fittings<br>£<br>**15,498**<br>**5,337**<br>**-**<br>**20,835**<br>**8,097**<br>**3,849**<br>**11,946**<br>**8,889**<br>7,401|Totals<br>£<br>**3,450,709**<br>**237,008**<br>**(73,268)**<br>**3,614,449**<br>**10,837**<br>**3,955**<br>**14,792**<br>**3,599,657**<br>3,439,872|
|---|---|---|---|---|



## **14. FIXED ASSET INVESTMENTS** 

||Listed|
|---|---|
||investments|
||£|
|**MARKET VALUE**||
|At 1 September 2020|**11,049**|
|Revaluations|**2,028**|
|At 31 August 2021|**13,077**|
|**NET BOOK VALUE**||
|At 31 August 2021|**13,077**|
|At 31 August 2020|11,049|
|There were no investment assets outside the UK.||
|Cost or valuation at 31 August 2021 is represented by:||
||**Listed**|
||**investments**|
||**£**|
|Valuation in 2021|**13,077**|



continued... 

Page 19 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** 

## **15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Other creditors<br>**MOVEMENT IN FUNDS**<br>**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>**612,717**<br>**TOTAL FUNDS**<br>**612,717**<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.9.20<br>£<br>**3,901,764**<br>**3,901,764**<br>Resources<br>expended<br>£<br>**(691,484)**<br>**(691,484)**<br>At 1.9.19<br>£<br>3,929,370<br>3,929,370|**2021**<br>**£**<br>**5,404**<br>**87,357**<br>**18,122**<br>**110,883**<br>**2021**<br>**£**<br>**22,857**<br>Net<br>movement<br>in funds<br>£<br>**146,803**<br>**146,803**<br>Gains and<br>losses<br>£<br>**225,570**<br>**225,570**<br>Net<br>movement<br>in funds<br>£<br>(27,606)<br>(27,606)|2020<br>£<br>16,729<br>81,397<br>20,483<br>118,609<br>2020<br>£<br>5,829<br>At 31.8.21<br>£<br>**4,048,567**<br>**4,048,567**<br>Movement<br>in funds<br>£<br>**146,803**<br>**146,803**<br>At 31.8.20<br>£<br>3,901,764<br>3,901,764|
|---|---|---|---|



## **16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

## **17. MOVEMENT IN FUNDS** 

continued... 

Page 20 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** 

## **17. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|605,353|(632,959)|(27,606)|
|**TOTAL FUNDS**|605,353|(632,959)|(27,606)|



A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.9.19<br>£<br>3,929,370<br>3,929,370|Net<br>movement<br>in funds<br>£<br>119,197<br>119,197|At 31.8.21<br>£<br>4,048,567|
|---|---|---|---|
||||4,048,567|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestrited funds**|||||
|General fund|1,218,070|(1,324,443)|225,570|119,197|
|**TOTAL FUNDS**|1,218,070|(1,324,443)|225,570|119,197|



## **18. EMPLOYEE BENEFIT OBLIGATIONS** 

Due to the historic merger of four circuits into the Cheshire South Methodist Circuit on 1st September 2010, there needs to be a legal apportionment of the liabilities of each separate Circuits pension fund. Once the liabilities have been apportioned, TPT retirement solutions (formerly the pensions trust) has estimated that the present value of the deficit on the ongoing fund of the Cheshire South Methodist pension fund is at 2021 £14,484 (2020 £3,251 ). The scheme is classified as a "last man standing arrangement". Therefore the circuit is potentially liable for other participating employers obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity basis on withdrawal from the scheme. The debt is recalculated by the Scheme Actuary annually, and the circuit is provided with an update of the debt each year. This liability is not reserved for in the accounts. 

There are three pension schemes in total, the other two are also treated as defined contribution schemes. 

The total employer contributions in the year were £50,711 (£47,248 in 2020). 

continued... 

Page 21 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021** 

## **19. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 August 2021. 

## **20. PRIOR YEAR** 

The 2020 comparative figures are unaudited. 

Page 22 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021** 

|**INCOME AND ENDOWMENTS**<br>**Donations and legacies**<br>Mission grants - North Street<br>Furlough Income<br>**Other trading activities**<br>Cafe income<br>Other income<br>**Investment income**<br>Investment Income<br>**Charitable activities**<br>Assessments<br>Rental Income<br>Grants<br>**Other income**<br>Gain on sale of tangible fixed assets<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Other trading activities**<br>North Street Cafe<br>**Charitable activities**<br>Wages<br>Social security<br>Pensions<br>Staff recruitment<br>Telephone<br>Postage and stationery<br>Sundries<br>Assessments<br>Youth mission Costs<br>Grants made<br>Manses<br>Legacy properties<br>Carried forward|2021<br>£<br>**18,025**<br>**21,120**<br>**39,145**<br>**10,911**<br>**1,136**<br>**12,047**<br>**610**<br>**438,995**<br>**51,984**<br>**26,204**<br>**517,183**<br>**43,732**<br>**612,717**<br>**19,481**<br>**330,017**<br>**16,797**<br>**50,711**<br>**5,396**<br>**982**<br>**4,491**<br>**46**<br>**105,503**<br>**450**<br>**2,800**<br>**69,285**<br>**5,050**<br>**591,528**|2020<br>£<br>65,001<br>-|
|---|---|---|
|||65,001<br>32,938<br>-|
|||32,938<br>2,005<br>447,406<br>37,996<br>15,007|
|||500,409<br>5,000|
|||605,353<br>30,915<br>298,766<br>19,141<br>47,248<br>898<br>299<br>4,180<br>1,422<br>102,454<br>1,074<br>5,000<br>37,902<br>11,260<br>529,644|



This page does not form part of the statutory financial statements 

Page 23 



**CHESHIRE SOUTH METHODIST CIRCUIT** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021** 

|**Charitable activities**<br>Brought forward<br>Rent<br>Temporary staff<br>It support and software<br>Subscriptions<br>Travel and subsistence<br>Management fees<br>Insurance<br>Quinquennial costs<br>Plant and machinery<br>Fixtures and fittings<br>**Support costs**<br> **Finance**<br>Bank charges<br> **Governance costs**<br>Auditors' remuneration<br>Legal and professional fees<br>Total resources expended<br>**Net expenditure before gains and losses**<br>**Realised recognised gains and losses**<br>Realised gains/(losses) on fixed asset investments<br>Realised gains/(losses) on investment property<br>**Net income/(expenditure)**|2021<br>£<br>**591,528**<br>**-**<br>**9,246**<br>**13,268**<br>**583**<br>**13,937**<br>**2,184**<br>**322**<br>**3,155**<br>**106**<br>**3,849**<br>**638,178**<br>**51**<br>**5,000**<br>**28,774**<br>**33,774**<br>**691,484**<br>**(78,767)**<br>**2,028**<br>**223,542**<br>**146,803**|2020<br>£<br>529,644<br>500<br>14,831<br>2,204<br>2,681<br>9,394<br>10,934<br>704<br>1,000<br>569<br>3,100<br>575,561<br>-<br>4,713<br>21,770<br>26,483<br>632,959<br>(27,606)<br>-<br>-<br>(27,606)|
|---|---|---|



This page does not form part of the statutory financial statements 

Page 24