DERBY CIRCUIT OF THE METHOOIST CHURCH Registered Charity No. 1142341 FINANCIAL STATEMENTS ANDANNUALREPORT FOR THE YEAR ENDED 31 AUGUST 2024
DERBY CIRCUITOF THE METHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Introdurtlon The Trustees present their report and financial statements lor the year ended 31 Au8U5t 2024. The financial statements have been prepared in accordance with accounting policies set out 11> note I to the accounts and comply with the Charitls trust deed, the Charities Act 2011 and Accountin8 and Reporting by Charities.. Statement of Rettsmmended Practice applic£ble to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Objertlves and Activities The Circuit Meeting in March 2016 adopted Ehe following vision statement-. he people of God •nabled to live out the mlsslon of God" As a mean5 of helping io make th15 visiors a reality, The fjrcult, at the same meeting also adopted five aim5 for the Circuit.. We aim to enable people to... Meet with God and meet with people IWORSHIPI Tell our story IPREACHING/EVANGELISMI Make the most of what we have (SHARING RESOURCE5- prartical and people) Serve our city, locallty and TheghbOUrhood ISERVICEI Have confidence in makin8 courageous decision5 The Circuit Meetin8 then agreed to the creation of focus groups which would meetto review the Circuit'5 work in the subject area of each aim. The Circuit Leadership Team drew up specific priorities for the Circuit to achieve out of the leedback received from the focus Broups. The Charity's objective is to act as a Resource provider within the area around Derby for the Methodist Church. The purposes of the Methodist Church are and shall be deemed to have been since the Date of Union the advancement of.. al The Christian faith in accordance with the doctrinal standard5 and discipline of The Methodist Church,. bl Any charitable purpose for the time beinE of any Ctsnnexional. Di5trirt. Circuit. local or Dther organisation of The Methodist Church,. cl Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church.. dl Any purpose for the time being of any charity being a charity subsidiary or ancillary to The MethodSst Church. In support ol these purposes, the Circuit carries out the followln8 activitles-. al The orBani5ation and resourcing of re8ular public acts of worship open to members of the church and non- rnembers alike.
DERBY CIRCUIT OF THE METHOOIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED The teaching of Christianity through sermons, ¢ourse5 and small groups. The resourcing of pastoral work including visiting the sitk and bereaved. Taking reli8ious assemblies In local schools. Promotlon of Christianity through the staging of events and servIs. Provision of chaplaincy services to the local university, airport and other institutions. Public 8enèfrt We conlirrn the trustees have had regard to the Charity Commission's guidance on public benefit. Brief financial review otthe year The Circuit made a financial deficit beforegairTrs on investments of 104,12912023.. £7,268). Gains orn investments converted this to a surplus of £116,81912023 gains.. £1.8211. 2024 Annual Report MTrnisterlal staff ¢han es The Rev'd Dr Stuart Bell continued in his role of Superintendent Minister while arrangements were made to ppoint a new Superintendent commencing 1st September 2024. Dr Bell left the role on 3151 August to make way for hi5 successor. In addition. the Rev'd Ja50n Kennedy was commission and licensed as the Enabling Minister of Haven Christian Centre, Heatherton la Local Ecumenical Partnership). Mr Kennedy was recognised a5 an Associate Presbyter during the year by the Methodist Conference. Chan es In Clr¢ult office hol Clr¢ult Stewurds During the year, Peter Nelson and Phil Royle stood down a5 Circuit Stewards while Angela Davies and Aubrey Morris joined the Tearn. As at 31, August 2024, the circuit had five Circuit Stewards. In addition to the two mentioned Alan Castledine Iwho serves as Treasurer). Hilary Handley, and Rev Dr Moira Biggins continued in the role. Cir¢ultluy workers The Circt continued to employ the following lay workers Jo Howie Pioneer Missioner based at the Susanna Wesley House ISWHI project Judith Neal Lay Pastor In the Circuit M3iri Radcliffe Lay Pastor in the Circuit Fiona Riley-schnoor Circuit Administrator and Safeguarding Officer In addition. the Rev'd Cath Holliwell. Pioneer Missioner. commenced at the Susanna Wesley House Project, taking the place of h*r predecessor Mairi Nasr. The Mo10 of the Circuit The Circuit and its churches continued to implement its V15ion of 'Helping churches to Shale in the Mission Plan lor the Circuit, which is that 'God wants all people to live live5 that are whole and fulfilled, This means being in relationship with God and with others, The Circuiys vision Is to help our communities discover this truth.
DERBY CIRCUIT OF THE METHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDÉD 31 AUGUST 2024- CONTINUED Circuit Pro'ects Susonnt7 Wesley House f5WHJ SHW has continued its focus on the locality of Ca5tleward. This has included work with refugees and asylum seeker5 living close to SWH. Relationships h3ve been developed. practical help has been given and guests have been signposted to other agencies and charities who might be able to help. Relatlonships with the more static community in the area have continued to develop through, for instance Christmas Carols in the soare, and other opportunities for the Comrnunity to gather together. The Pioneer Missioners are active in the Communitv. Ecumenlcal Matter5 While Haven Christlan Centre appointed an Enabling Minister Isee abovel the search for a Ulted Reformed Church Mlnister to fill the appointment at the Local Ecumenical Partnership based at A5hbourne Road Church continued. This appointrnent is to be linked with additional United Reformed Churches in the area. ReseTres at the end of the year were.. Unrestricted Restricted Endowment £4,070,69512023.. £3.969.0421 £142,77012023.. £137,976) £135.92112023.. £125,679) In¢ome trend5 CifCUIt income is primarily drawn from the assessment paid by the Circuit churches. The rental income relates to the rental of rnanses which are not currently used by Circuit staff.
DERBY CIRCUIT OF THE METHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024- CONfiNUED Expèrtditure trends Stipend expenditure has increased each financial year in line with conference approved increases. 20% of expenditure is the Circuit contribution to the District and Conne¥ion, of which a significant part 15 used to fund the work of the wider Methodist Church. Fund balances A5 at 31 Augusi 2024 the unrestricted net current assets of the Circuit (excluding propertie5. investments and Model Trust Fund but including designated fundsl were £82.127. giving approximately 2 months cover for expenditure. Reserve5 Policy The Reserves Policy for the Circuit is to maintain sufficient free reserves equivalent to approximately 3 months, verage expenditure. This should be sufficient to meet any unforeseen item of major expenditure on manses and / or to be abSe to continue. in the short term, funding planned activities in the event of any inability to raise the full Circurt Assessment from churches. Restricted and Endowment Funds represent bequests that have been left to the Circuit over rnany years. Income generated from these funds 15 Used within the Circuit bud8et. fjrant making policy Grants to local churches for property scheme5 and other purposes are accounted for as liabiliiles when thev recÈive formal approval by the Circuit Meetirng or the Ftnance & Grants Committee under delegated authority for award5 of less than £5,000. Grants awarded to other charitable bodies are accounted for as liabilities in the year in which ihe award is rnad&. Investment Polky and Performante To comply with Methodist Standing Order5, monies for long term investment are lodged with the Trustees for Methodist Church Purposes ITMCPI. TMCP acts as custodian trustee for all real estate held by the Circuit and for all large bequest5 and for the proceeds of sale of any property formerly owned by the Circuit. These sums are invested in nIt1$e investments or held on deposit. The investment returns are close to tracking the movements in the FfsEIOO index. The deposit income mirrors the deposit rates available elsewhere. The Derby Circuit tru5tees' investment policy is aligned with that of Central Finance Board ICFBI and TMCP because these organisations take intoconsideration the soctsal, environmental and ethical issue5. both negatively and positively. that make investments suitable for the Methodlst Church. Short term deposits are lodged directly with the CFB and attract good rates of interest. There are no other benchmarks for the expected returns on investments at TMCP and CFB. The objertive for the Circuit is a rate of return at least as good as market rate considering the trustees, low appetite for risk.
DERBY CIRCUIT OF THÉ METHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024. CONTINUED Plans for 2024125 Circuii financial plans for the corning year have been prepared on the basis that there will be 5 full time equivalent ordained staff with anticipated cost of living stipend increases combined with an increase in the assessment pad to the dlstrirt Administratlve Informatlon Full Name of Charitv.. tlegistration Charity Nurnber.. Date of registration.. Main communication addre5S'. Charity Contact Address Derby Circuit of the Methodist Church 1142341 9 June 2011 Circuit Office, Susanna Wesley House, 8 Liversage Square. Derby, DEI 2LT 76 Blenheim Drive, Allestree, Derby DE22 2LE The members of the Derby Methodist Circuit meeting are the Charity Trustees, membership being made up of CiTCUlt office holder5, ministers and representatives appointed by the local churches. Full membership is shown below. Ministers Rev Dr Stuart Bell ISuperintendentl- resigned 31.8.24 Rev Traw Harris Isuperintendentl-lrom 1.9.24 Rev Chris Briggs Rev Calvin Cheung Rev Paul D&5borough Rev Neil Draper Rev Colin Emer50n Rev Dr Jacky Quarmby Hospital Chaplain Derby Hospltals Rev Lew Greaves Supernumerary Ministers Rev Ted AgeT Deacon Rosemary Bell Retr Dr Moira Biggins Rev Keith Burchell Idled 6.9.231 Rev Rayrnond lunt Rev David Owen Deacon Pat Moore Deacon Jane Rice rcuit Stewards Pete Nelson Iresigned 31.8.241 Phil Royle (resigned 31.8.241 Hilary Handley Rev Dr Moira Biggin5 Angela Davies Aubrey Morris (from 1.9.241 Paul Jessop (from 1.9.241
DERBY CIRCUIT OF THE METHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED Administrative Information- ¢ontinued Circuit Church Representatrves Mike Ba8WOrth Brenda Bennett (died 13.11.241 Mary Calladine Chrlstine Carneron Alan Castledine Neil Clarke Ruth Croft Chris Paynter Peter Middlehurst Roy Milward Andrew Moore Mary Murden Lynette Nash judith Neal Donald Olivant Janet Patmore Gwen Petch Wendy Roome Peter Priestley Mairi Radcliffe Fiona Riley-schnoor Linda Sandars Ian Sant Susannah Sirnp50n Ann Smith Eric smith Kelvin Smith judith Smith john Spray Brenda Wlgley Mike Williams Frankie Wong Colin Young Norma Fearn Ray Forey (from 1.9.241 lan FreaTson David Gaskin (resigned 31.8.241 Hilary Handley Theresa Hartwright (from 1.9.241 Doreen Hinds Jenny Kilgour Mairi Nasr (resigned 31.8.241 Marie Holt Guowei Hong Jo Howie Richard Hubball Stephen Lee Brenda Leeds Sally Levitt David MacDonald Graham Martin
DERBY CIRCUIT OF THE METHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED Adminlstrative Information- continued Circuit Mlnlsteys and officers Active Qrcuit Minlsters.. Rev Chits Bilggs Rev Calvin Cheung Rev Neil Draper Rev Colin Emerson Rev David Owen Rev Dr Jackv Quarrnbv Rev Dr Stuart Bell Circuit Lay Employees.. Mrs Jo Howie Mrs Judith Neal Mrs Mairi Radcliffe Ms Mairi Nasr Circuit Stewards MT Pete Nelson Mr Phll Royle Rev Dr Moirè Biggins Mrs Hilary Handley Administrator.. Mrs Fiona Riley-5chnoor Mr Alan Ca5tledine acted as the principal officer overseein8 the day to day financial management and accountin8 for the Circuit during the year. Independent auditor.. TC Group. Registered AudStor 10 Stadiurr Business Court Millennium Wav Pride Park Derbv OE24 8HP Investment Bankers.. Trustees for Methodist Church purposes 8ankers'. Central Finance 8oard of the Methodist Church HSBC Bank plc CAF 8ank Ltd Structure, Governance and Management The governing document for the Circuit is the Deed of Union119321 and Methodist Church Act119761 Detailed 8overnance arran8ements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference ICPDI. Day to day rnanagement of the Circuit is undertaken by the Circuit Leadership Team along with the Local Pa¢herS meeting, the Circuit Finance and Property Commlttee and the Circuit PolKy Committee.
DERBY CIRCUTh OF THE MEtHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED Appointfflent of Trustees All ministers, presbyteral and diaconal, stationed in the Clrcuit by the Conference or who are residing for the purposes of the stations of the Methodist Church in the Circuit and who are in the active work Ithat Is not tired), are ex-officio member5 gf the Circuit Meeting (the Trustee Body). Other mir)ister5 who reside in the Circuit in accordance with the standing orders of the Church lincludine those who are retired) may ch005e to be members of the Circuit Meeting. and if they do so they are shown in the list of trustees. Each church is rÈpresented by a Church Steward, the Church Treasurer and repfesentatives appointed by the Church Council In relation to the number of Church members lone representative for every SO member51. The Circuit Meetin8 has the power to Co-opt other members includin8 the lay workers in the Circuit. Trustee Tralnlng A range ofguidance produced by Methodist Connexion to support the effective running of the CITCUIt, 5pecificallv the leaflet The Role ol a Trustee in The Methodist Church. is given to all new Circuit Meeting members as induction to their role as trustees. Related Partie5 The CTrcuit is part of the Nottingham & Derby District and is also attountable to the Methodist Conference. The following Methodist Churches are linked to ihe Circuit.. Alvaston, Ashbourne Road, Borrowash, Chinese Congregation. Chellaston, Dean Street. Draycott. Duffield, Findern, Haven, Littleover. Mayfield Road. Mickleover, Newmouni, Oakwood. Sinfin Moor, Spondon, 5t John's and St Martin's. Risk Management The major risks have been identrfied and recorded by the Circuit Finance and Property Committee with professional advice taken as requlred. It has already enhanced its financial procedures and. in cornmon with other churches. has developed robust procedures for safeguarding children. young people and vulnerab5e dults. There is a regular annual review process Undertake and recorded. Income and Expenditure is being rnonitored in total and is compared with the approved annual budget on regular basi5 to detect trends as part of the risk management process to avoid unforeseen calls on reserves. Safe8yardln Every person has a value 3nd dignity which comes directly from the creation of rnale 3nd female in God's own image and likeness. Christians see this potential a5 fulfilled by God's re-creation of us in Chrisr. AmonE Other things this implies a duty to value all people as bearing the irnage of God and therefore to protect them from harm.
DERBY CIRCUIT OF THE METH0015T CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED Methodist Connexional practice outlines commitment to the following principles.. The care and nurture of, and respectful pastoral ministry with, all children. young people and adults. The safeguarding and protection of all children, young people and adults when they are vulnerable. The establishin8 of safe. caring comrnunities which provide a lovin8 environment where there Is iThformed vigilance as to the dangers of abuse. We will carefully select and train all those with any responsibility within the Church, in line with Safer Recruitrnenl principle5. including the use of criminal records disclosures and registration with the relevant vetting and barring schemes. We will respond without delayto every complaint made which suggests that an adult, child oryoung person may have been harmed, cooperating with the police and lotal authority in any investigation. We will seek to work with anyone who has suffered abuse. developing with them an appropriate ministry of Infortned pastoral care. We will seek to challenge any abuse of power. especially by anyone in a position of trust. We will seek to offer pastoral care and support, includin8 supervision and referral to the propeT authorities. to any rnember of our church community known to have offended against a child. young person or vulnerable adult. In all these prirn¢iple5 we will follow legislation, guidance and recognised good practice. The Derby Circuit commits itself to ensuring the implernentation of Connexional Safeguardin8 Policy; 80vernment legislation. guidance and safe practice in the Circuit and in the churches. The Derby Circuit commits itself to the provision ol support, advice and trainingfor lay and ordained people that will ensure people are clear and confident about their role5 and responsibilities In safe8uarding and promotin8 the welfare of chlldren and adults who may be vkjlnerable. Statement otTTUStee5' Responsibllltles The Trustees are responsible for preparin8 the Report olthe Trustees and the financial statements in accordance with applicable law and united Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England and Wales. the Charitie5 Act 2011, Charity (Accounts and Reports) Regulations 2(X)8 and the provision of the Trust Deed require the Trustees to prepare financial statements for each financbal year which give a true and fair view of the state of affairs of the Charity and of the incoming resourcE5 and applic8tion ol resources, includin8 the income and èxpenditure of the Charity lor the financial year. In preparing those financial statements, the Trustees 3re required to.. Select sultable accounting policies and apply them consistentlv,. Observe the methods and principles in the appropriate charities SORP: Make judgements and estimates that are reasonable and prudent,. Prepare the financial statements on the going concern basis unless it is Inappropriate to presume thai the Charity will continue in operation., and State whether applicable accouriting standards have been followed, subject to any material departures that must be discltssed and explained in the financial statements. The Trustees are sponsible for maintairning the 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 5taternents comply with the Charities Act 2011. They are a150 responsible for safeguarding the assets of the tharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DEABY CIRCUIT OF THE METHODIST CHURCH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED The trustees are responslble for the rnaintenance and integrity of the charity and financial information included on the charlty's website in accordance with legislation in the United Kingdom 8overning the preparation and dissemination of financial statements. This port has been prepared in accordance with the statement of Recommended Practice.. Accounting and Reporting by Charities. AUDITOR5 A resolutlon will be proposed at the Annual General Meeting that TC Group be Te-appointed as auditors to the charity for the ensuing year. Signed behalf of the charit$ trustees Rev Tracey Harris- Superintendent Minisier Date.. io
REPORT OF THE INDEPENDE NT AUDITORS TO THE TRUSTEE5 OF DERBY CIRCUIT OF THE METHODIST CHURCH Opinion We have audited the financial statements of Derby Cireuit of the Methodist Church Ithe charity) for the year ended 31 August 2024 on pages fourteen to thirty-two which comprise the Staternent of Financial Activities, the Balance sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards. including Financial RepoTtln8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. Give a true and fair view of the state of the charitvs affairs as at 31 August 2024 and of its incoming Tesources and application of resources for the year then ended.. Have been properly prepared in accordance wsth United Kirkgdom Generally Accepted Accounting Practice,. and Have been prepared in accoidance with Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independernt of the charity in accordance with the ethical requirements that are relevant to our audlt of the finènclal statements Ir7 the UK. including the FRC'S Ethical Standard, and the provisions available for small entities. and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained Is sutticient and appropriate to provide a basis for our opinion. Concluslons relating to going concem We have nothing to report in respect of the following rnatters in relation to which the ISA'S IUKI require us to report to you where.. The trustees use of the going concern basis of accounting in the preparation of the flnanclal statements is not appropriate,. or The trustees have not disc105ed in the flnancial st3tements any identified material uncertainties that may cast significant doubt aboutthe charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve moThth5 from the date when the finanual statements are authorised fDr issue. lowever, because not all fuiure events or conditions can be predicted. thi5 Statement is not a guarantee as to the charity's ability to continue as a eoing concern. It 15 therefore difficult to evaluate all of the potential implications on the charitV'5 finance5 and wider economy. Other information The trustee5 are responsible for the other inforrnation. The other information comprise5 the Snformatio included in the annual report. otherthan the financial statements and our auéitorfs report thereon. Our opinion on the financial statements does not cover the other information and we do not express anv form of assurance conclusion thÈrÈon. In connection with our audit of the financial 5taternents. our responsibility is to read the other information and, in doing so. consider whether the other inforrHation is materially incon51Stent with the fi'nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. li
REPORT OF THE INDEPÉNDENT AUDITORS TO THE TRUSTEES OF DERBY CIRCUIT OF THE METHODIST CHURCH If we identlfy such material Inconsistencles or apparent material misstatements. we a required to determine whether there 15 a material misstaternent in the financial 5tatement5 or a material misstatement of the other Information. If. based on the work we have performed. we conclude that there is a material misstaternent of this other informètlon. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required tv ieport by exception We have nothing to report in respect of the followin8 matter$ 5fi relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, In our opinion.. thè information given in the financial 5tatement5 15 inconsistent in any material respect with the trustee5' report.. or sufficient accounting records have not been kept,. or the financial statements are not In agreement with the accounting records,. or we have not Teceived all the information and explanations we fequire for our audit. Responslbllfjtles of the tru5tee5 As explained more fully in the tru5tee5' responsibilities statement set out on page nine, the trustees are responsible for the preparation of the financial statements and for being satisfied that they gwe a true and fair view, and such internal control as the tru5tee5 determine is necessary to enable the preparation of financial statements that are free from material misstaternent, whether due to fraud or error. In preparing the fi'nancial statements, the trustees are responsible for assessing the charity's ability to continve as a going concern, d15closing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operation5, or has no realistic alternative but to do so. Auditorfs responslblllties for the audit of the finan¢lal statement5 We have been appointed as auditor under section 144 of the Charites 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 financlal statements as a whole are free from mateFial misstatement, whether due to fraud or error, and to issue a Report of the Auditor5 that includes our opinion. Reasonable assurance 15 a high level of assurance. but is not a guarantee thai an audit conducted in accordance with ISA'S IUKI will alway5 detect a material misstatement when it exists. Misstatetnents can arise from fraud or error and are considered Fnaterial if. IndividallY or in aggregate, they could reasonably be expected to influence the economic decision5 of u5er5 takeTh on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wirh laws ènd regulations. We de51gn 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 cap3ble of detecting irregularities, including fraud is detailed below,. Revlewing the financial statement dise105ufes and testing to 5YPPOrtin8 documentatSon to asse55 compliance with provision5 of relevant laws and regulatSons described as having a direct effect on the flnancial statements. Specifically reviewing compliance with Charities SORP FRSIO2. Perforrning substantive testing over income, including accounting entries made in respect of any income deferred. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud. Performing substantive testing over a selection of journal entnes made in the period, to address the risk of fraud due to management override of controls. Assessin8 material accounting estimates to determlne if there are inditations of rnanagement bias. 12
REPORT OF THE INDEPENDENT AUDITORS TO THÉ TRUSTEES OF DERBY CIRCUIT OF THE METHODIST CHURCH We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and rernained alert to any indications of fraud or non-compliance with laws and regulations throu8hout the audit. De5Ptte the audit being planned and conducted in accordance with ISA5 IUKI there remain5 an unavoidable risk that material misstatements in the financial statements may not be detected owinE to the inherent limitations of the audit, and that by their very nature, any such Instance5 01 Iraud or irregularity likely involve collusion, forgery, Sntentlonal misrepresentations. or the override of internal controls. A further description of our responsibilitie5 for the audit of the fi'nancial statements Ss located on the Financial Reporting Council's website at www.frt.or auditorsres ies. Thi5 description forms part of our Report of the Auditors. Use of Our Report Thi5 report is made solely to the Charity's trustees, as a body, in accordance Part 4 of the Charities (Accounts and Reportsl Regulations 20D8. Our audit work has been undertaken 50 that we might State to the charity's trustees those matters we are required to state to them in an auditorfs 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 irustees as a body, for our audit work. for this report, or for the opinions we have formed. fccy TC Group, Statutory Auditor 10 5tèdium Business Court Millennium Way Pride Park Derby OE24 8HP 13
DERBY CIRCUIT OF THE METHODIST CHURCH STATEMENT OF FINANCIAI A1VITIEs FOR THE YEAR ENDED 31 AUGUST 2024 RerIthd & Endowmeht Flld5 UnrtStrfrtediuTrJJ Qrcu Model Trust Restated fjener41 Desi¢nared Restrkted EndowTnent 2024 Z023 Note IhrOminKReXoUr Incorne fiom Monetary Investments IncoTne Irom InvestmentPiopertie5 Interest received Asses%Tnent$ Churche5 Grants Receed Other IE 6.990 26,325 1.018 s,[61 3,122 42.517 a2,049 48,220 13,L 61.220 12.401 55.890 22,401 408,$17 40B.517 390.739 5.120 118.629 4.LOS 4.1(6 Incarning li•irlJrcs 46È,631 48.n7 14,015 S.061 3,122 549.560 2.427 Exppndllur• 16,490 73.699 .189 51,688 sèlarbnd 33L?46 32,66B 4,7S7 30,185 a36,593 62.853 304.835 49.417 PrDPerty ExpeT CoThnexional LYvk5 Support Costs Othèr0ut¥n 97.IS2 5.463 15,207 34.423 164.584 6.514 S,463 17.106 io 1.477 155 267 TTrtsl EyPendJTe 498.726 109.599 35,Q37 267 $43.E89 $95 IS9 flet Income eefore Inve#rnent IlL05SlI 130m41 3.122 IIOa.1291 7.268 GainsllLosses1 on m0netèry4nvesÈUts IQ2AO 10.240 15,447) GainsIILDS5esl on Fréehofd Properties 93.708 117.000 93.708 117.( N*t kniornlnKI I01n¥>He50VCes PeforeTransleis 180.614 160,8721 121,0791 4.794 13,%Z 116.819 L821 Bptween Furd5 19
78,502
1411.$461 36.164 rlet Mrwements Funds 559.216 Is.cÉs 4.794 LO.242 116,819 1.821 Re<onclllaJM olFunds rouihtFDrward 3.242.774 518.411 207.8S7 137,976 125.679 4.232.697 4.230.876 Total Fund d Foard 19 3,801.860 45,893 222,942 135,921 4,349.386 4.232.697 14
DERBY CIRCUIT OF THE METHODIST CHURCH BALANCE SHEET AS AT 31 AUGUST 2024 Perlcted & Endowment Fund5 UnrEstfkd Fund¥ Ro51at•d Totsl ModEI TNst GenEral Deslwatt R•5trlthd EndowDI IOZ4 Notes FlxedA5sels tstiuitmanses etc Investrnent5 Inwe5tment Properties 1.526.317 I,S26,317 199.167 1,941,fP)D 1.676.670 IE8.926 1.599.000 12 li 19.249 43,997 135,921 1,941, Tat?1 Fd A55ets 3 467,317 19.249 43.997 135.921 3.666.48 3.464.596 CuttentAsst5 454.204 12,401 476,606 19.775 Our5tsThdi 13a 30.fy)0 SS.Lk)O Trusfee5forMethod 27,781 98.452 126,135 612.069 Board Deposits 14 140.5171 181,302 141.104 199,018 11.B98 24,7Y7 12.899 13,524 Total Cwr•ntJs54ts 4SI.789 50.18$ 206,OYg 98,773 6.844 599,386 CredStor50uelnUnd Oneyear Is 117,246 4,292 2,406 L23,942 131.284 NEtCuriert 334,S43 45,85# 203,693 98.T13 682,2 2.367.102 NA$St$ 3%01.860 45.893 222,942 142,770 135,921 4.349.386 4 2a2,697 Fund5af thÈ CirpJlt 3,0gS.860 3,095.860 Z.653.n4 45.893 45.893 518.411 De5i6nated Fund5 Iunrestnctedl 222,942 Z22,944 207.857 rtstal Unr•Slrktd Fuhds FairVa1uE Rs[v 17 17a 3,095.86C 706.ow 45.893 222,942 3.364.69S 706,000 3,380,042 S89.000 trfcted Fund5 Endowmefit Fund 142.770 142.770 135,921 137.976 IZS.679 18 13SJ21 T Fund$ 3 801,860 45.893 Z2Z.942 142 770 13S,921 4,349.386 The notes on page5 17 to 32 form part of these financial Statements. Approved by the Circuit Meeting and authorised for issue tsn........ Rev Tracey Harris- SupÈrintendent Minister 15
DERBY CIRCUIT OF ThE METHODIST CHURCH CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 Restated 2023 2024 Note Cash used in operating activities 25 1689,S701 176,3261 Cash flows from Investi activities DNidend5, Interest and rents Irorn investments Sale of property Pufchase of Property 126,138 433,708 1414,6471 87,939 87,500 Net ¢ash provided byllused In) Investlng actlvStlès 145.199 175.439 Increaselldecreasel in cash and equivalents in the year 1544,3711 99.111 Cash and tash equivalents brought forward 824,611 725,498 Czsh and cash equivalents carried forward 280,238 824,611 Cash and $h equivalents consist of: Cash at bank and in hand 280,238 824.611 Analysis of change in Net Funds At 1.9.23 Cash flow At 31.8.24 Net Cash Cash at Bank 824.609 544,3711 280.238 16
DERBY CIRCU OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policres Basls of Accounting The financial siatements have been prepared in accordance with Accounting and Reporting by Charities,. Statement of RecDmmended Practice ISORPI applicable to charitie5 preparin8 their accounts in actDrdance with the Financial Reportin8 standard applicable in the UK and Republic of Ireland IFRS 1021 li55ued I"January 20191 (Charitie5 SORP IFRS 10211. Public benefit entlty The Derby Methodist Circuit meets the definition of a public benefit entity under FRS 102. Basi5 These accounts have been pfepared on the basi5 of historical cost except that inve5trnents are shown at their rnarket value at the end of the year. The accruals basis has been used and trustees present accounts that show a true and fair view of the Circuit's financial position and activitie5. A5set5 and liabilitie5 are initially recogni5ed at historical c05t or transaction value unles5 Otherwise stated in the relevant accounting poliry note. Content The financial inforrnation presented is relevant, reliable, compar3blÈ and complete. Where estimates are used these are based on experience, research and judgement. The aecounts are expressed in £Sterlin8, rounded to the nearest pound Going concem Based on the rnonetary assets, reserves currently being held and human resour$ available at 31 August 2024, the trustees believe that the Circuit is a 80ing concern with no material uncertainties bein8 present. Income recognltlon Income is brovght into account when ihere is entitlement and the amount is reliably measurable once it is more likely than not that the economic benefit of the income will be forthcoming. In accordance with the Charities SORP IFRS 1021. the time of volunteer5 15 not recogni5ed. Further information on this matter Is provided in the Trustees, Annual Report. If Boods are donated, a value will be shown in the SOFA or Notes where the value is considered mateTial. Grant income is retognised in ihe period that it becomes receivable. Le8acles For legacies, entitlement is taken as rhe earlier of.. the date on which the Circuit is aware that probate has been granted, the estate has been fiThalised and notification has been rnade by the executorlsl to the Trust that è distribution will be made,. or when a distribution is received frorn the estate. 17
DERBY CIRCUIT OF THE MEtHODIST CHURCH NOTESTO THEACCOUNTS FOR ThEYEAR ENDED31 AUGUST 2024 CONnNUED Receipt of a legacy, In whole or in part, is only considered probable when the amount can be measured reliably and the Circuit has been notified of the executor's Intention to make a distribution. Where legacies have been notified to the Circuit or the Circuit 15 aware of the granting ol probate, and the criteria for income recognition have not been met, then the legacy is treated 35 a contin8ent asset and disclosed il material. Donated Services Donated services and facilitie5 are recognised as income when the Circuit has control over the item, anv conditions associated with the donated item have been met, the receipt of economic beneht from the use bv the Circuit of the item ts probable and that economic benefit can be rneasured reliably. On receipt, donated services and facilities are recogni5ed on the basis of the value of the gift to the Circuit which 15 the amount the Circuit would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market.. a corresponding amount is then recognised in expenditure in the period of receipt. where this can be quaniified. Realised Gains and Losses Realised gain5 or losses are recognised when investments are sold and are calculated as the difference between sales proceeds and the previou5 year end market value. Unrealised gains or losses are accOnted for on revaluation of investments at their year end market values. Exp•ndlture This is recognised when a liabllityls incurred, or a constTUCtlve obligation arise5. where the arnount is reliablv measurable and It is (onsldered more likely than not that there will be an outflow of economic benefit. Grants Grants made bythe Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment. VAT Since the Circuit is not VA7 registed. all inpul VAT is charged with the expenses to which it refers. Tangible Fixed Assets and Investment As$ets Tangible fixed a55et5 are capitali5ed rfthey can be used fDr more than one year and cost at least £l,(M)O. The freehold property is shown in the accounts at 2015 deerned values, or if acquired after that date at it5 Cost price. The properties that are no longer used for the accommodation of the employees of the Derby Circuit of the Methodist Church have been revalued and reanèlysed a5 investment propertTes a5 they are now commercially let. No depreciation is provided on the buildings Cause the trustees consider the current residual fair value of the manse buildings lon the assumption that it had reathed the end of its useful economSc life by the year endl to be not less tharn its current value. Any depreciation would not be material. The property has been reviewed for impalrment. 18
DERBY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED From time to time the Circuit may be required to assume responsibility for Church premises following c105ure and ce5Sation Df worship. This results in the Circuit becorning Managing Trustees for the property. At that time the property is recognised a5 an investment asset at its anticipated net sale price as determined by a professional valuation 3nd after taking into consideration the levy to be charged by the Connexion. Any expenditure on such assets, il held for reinvestment of the proceeds, as the trustees determine, that is likely to enhance sale value Is capitalised Bt the time the expenditure is incurred. The Circuit has made use of the deemed cost option in transitionin8 to FRS 102 as outlined above. Monetary Investments The Circuit's investments a In monetary assets classified as basic financlal instrument5 under FAS 102 and are held by the Trustees for Methodist Church PuTP05es ITMCPI as custodian trustees. The valuations, at market value, arethose provided by TMCP. The unrealised gains arising on investments atthe end of theyearare shown sn the SOFA and in Note 12 below. Receivables and Payables: Bank and Cash1835ic Finan¢ial Instrument$l Debtor5 are stated atthe amounts owed to the Circuit or prepaid. Creditors are initially recognised at settlement amount or the arnount advanced to the Circuit. Subsequently creditors that are current liabilities are measured at the cash or other consideration expected to be paid. The liquid funds of bank balances and dep051t fund balances are shown at their realisable values. Judgernent5 and Key Souttes of Estimatlon Uncertalnty The preparation of accounts using generally accepted accountlng princlples requlres management to make estimates and assumptions that affecr the reported amounts of assets and labllitles at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Thè key estimate5 and assumptions used in the Financial Statements are deialled in the accounting policie5. Methodlst Connexlonal Funds The Methodist Church Connexion ratse5 asses5rnents against Circuits and these are paid quarterly to their Districts. The Circuit5 raise assessments against churches in the Circuit. The District quarterly remits to the Methodist Church Fund most of the sum received from the Circuit5. A small sum is retained by the District to meet its own costs. The Circuit may act as agents for ad hoc collections lor v3rious funds controlled and administered by The Methodist Church. Designated Funds Where the Circuit has agreed to use its reserves to meet revenue costs or to meet future eèpital costs it has designated the funds within unrestricted reserves. Endowment Funds Where the Clrcuit holds money that may rot be spent and must be retained las capital) to generate income the money or assets to be retained are classified as an Endowment Fund. The capital will be shown in the balance sheet in the column for endowment funds. The income may be restricted or unrestricted depending upon the tern15 of the endowment. 19
DERBY CIRCUIT OF ThE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED Unrestrided Funds Unrestricted funds represent the funds that are not subject to any restrirtions rardIng their use. Restricted Funds The purpose of any restricted funds Is noted In the acctsunts. Mlnlstèrs, manse cost5 The Circuit is required to provide accornmodation for each minister in the Circuit and their families and this is seen as a benefit to the Circuit. Ministers are expected to occupy the rnanse provided for them. The Circuit bears the cost of repairs, maintenance, buildings insurance. Council Tam and water rates. These figure5 are not separately disc105ed as benefit5-in-kind as HMRC does not seek to tax these receipts in the hand5 of the ministers. Penslon contribution5 The Circuit participates in the following pension funds.. Methodist Mlnlsters, Penslon Fund The Circuit is a member of thè Connexional pension scheme IMMPS) which covers presbyters and deacons of the Methodist Church. The contrlbution rates are set each year by the Methodist Conference, and for the year under review the employer contributions are 26.9%12023 26.9%) of stipend. The MMPS is a multi-employer scheme. and in accordance with the guidance issued by the Charitv Commission, the Circuit accounts for those contributions as if it were a defined contribytion scheme. It ha5 done so because it is unable to identify its share of the underlyin8 assets and liabilities on a consistent and reasonable basis. Contribution5 are charged to the SOFA in the period in which they are payable. Stzndard Life Pension Scheme Other nori-ordained mernbers of the Circuit statt are given the opportunity of being included in this pension Scheme. The employerfs contribution rate is Set at 6% of salary. Assessments on Churches The Circuit comprlses 16 Churches together with a Chinese congreEation and each is assessed for a contribution to meetthe overall cost5 of the Circuit. In making its Assessment, budgeted incorne from investments lincludin8 property lettingl and confirmed external grants is taken into account. The Circuit aims to cover its net core costs from the Assessment. An Assessment on churches is annually determined by the Circuit using a formulaic method which take5 into accDur*t the relevant net income of each church after deducting all expenses other than the Assessment. A55e55ments are quarterly in advance. 20
DÉRBY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED Grants Recelvable Rtstated 2023 2024 Distrirt Susanna Wesley House 2,620 2.500 800 8(K) 5,120 Other Income Restated 2023 2024 Sale of Churches Recovered insurance premium5 Legacv Miscellaneous 76,938 707 5,085 35,899 573 3.532 Unrestricted Total 4.105 118,629 Grants and Donation5 Restated 2024 2023 Grants to churches and other institutions Grants and donations to indivlduals 90.189 51,688 90,189 51,688 saries and 355ociated costs StSpends Stipends were paid to 6 Presbyters and 4 lay employees12022123.. 101 and were as follows:_ Restated 2023 General Oesignated Totsl Stipends National Insurance Contnbution5 Pension Fund Contributions Telephone Travellin8 Removal and Relocation Costs 227,139 19,182 45,868 4.582 8,016 227,139 19,182 45,868 4,582 8,016 4,757 309,544 209,886 17,691 42,758 4,543 5,523 4,757 4,757 304,787 280.401 21
DERBY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED Administration Restated 2023 General Desl8nated Total 531ary National Insurance Contributions Pension Fund Contributions Travel 20.074 1,930 1.204 3,751 26,959 20,074 1,930 1,204 3,751 26,959 17,807 1,921 1.167 3,539 24,434 5tipend5 and Salarie5 totals 331.746 4.757 336,503 304,835 Nts employees received employee benefits of moTe than £60.000. There is no accrual for holiday pay as it is Immaterial. The holidav vear end5 on 31 August. All stafl are paid at or above the living wage. Salaries were paid to I part time admini5trator12022123.. 11. Pen51011S Most ordained pre5ber$ and de3con5 are members of the Methodist Ministers. Pension Scheme IMMPSI. This is a defined benefit scherne. The Supreme Court held in 2014 that Methodist rninisters (which terms includes presbyters and deacons) are not ernployees of the Church. For simplicity, however, when dealing with National Insurance Contributions and pension contributions, the terms -employert and "employee" are used a5 they would be in an employing body. On the other hand, Lay employees are contractually ernployees and have the option of joining a pension scherne that the Circuit has arranged with Standard Life. This is a defined contribution scheme and the Circuit contributes a5 employer to the scheme. The Connexion accounts for the MMPS and shows the figure5 in the annual Methodist Church in Great Britain accounts. The MMPS is in deficit but a plan lor removal of the deficit has been proposed and is being implemented. The payments to the Methodist Ministers Pension Scheme in the year amounted to £42,18312022123.. £39,1161. Cost of Superintendent, Presbyters and Trustee5 The Superintendent of the Circuit. the other Presbyters and the remaining members of the CLT are considered as Key Managernent Personnel. The Superintendent chairs meetings ol the CLT and Circuit Meetings. The mernbers of the Circuit Meeting are the trustees of the Circuit. The stipends, employerfs NIC and employerfs pension contributions and other expènses of the Presbyters of the Circuit are paid by the Circuit. The manses are provided by the Circuit and the Circuit malntains the property. The value of the CouncilTax and water charEes paid by the Circuit is not disclosed here as HMRC does not regard this a5 a benefit-in-kind in the hands of the minister. 22
DERBY CIRCIJIT OF THE METHODIST CHURCH NOTESTOTHE ACCOUNTS FORTHE YEAR ENDED 31 AUGUST 2024- CONTINUED Payments to the Trustees It is generally Circuit policy to reimburse the non-Presbyteral ministers of the CLT, Circuit Meeting and others involved in the administration of Circuit affairs lor expenditure properly incurred carrying out their duties. The Presbyters of the Circuit undertake the prirnary executive roles within the Circult. Apart from the Pre5byter5, Circuit Adrninistrator (not a Trusteel and Circult Lay Worker Inot a Trusteel, no member of the Circuit Meetin8 or CLT was in receipt of any payment for work undertaken on behalf of the Circuit, althouBh certain trave51ing and administration Costs were reimbursed. The travel costs of Presbyters who attended CLT and Circuit Meetings are included within the overall travel expenses and are not Separately deterrnined. Payments to Trustees 2024 2023 £13,961115 Trusteesl £12,561116 TNsteesl Property Expenses The Orcuit is ManagingTrustee for nine manses, four of which are occupied by ministers stationed in the Circuit. Five manse5 are let on Assured Shorthold tenancies. With the exception of the let manses, the Circuit is responsible for the payment of Council Tax, utilities. water rates and insurance. The cost of ongoing rnaintenance 3nd improvements to all properties is funded through a De5ignated"Manses" Fund and a transfer of É3,(X)O pa per manse 15 made from the General Fund. The level of transfer is revlewed bv the trustees each year. Expenditure on Manses Restated Z023 General De5i8nated Total Councll Tax Water rates Insurance Maintenance Furnishings 9,067 2.377 8,344 9,067 2,377 9,390 11,590 15,979 48,403 10,786 2,500 8.163 16,205 460 38,114 1,046 11,590 15,979 28,615 19.788 Letting E¥penses Agents, charge5 4,780 1.570 6,350 7,703 Other Property Expenses Restatèd 2023 fjeneral Deslgnated Total Quinquennial Reports 8,100 8,100 3.600 Property Tota 32,668 30,185 62,853 49,417 23
DERBY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUEO Dlstrlrt & Connexional Levies The District Assessment is calculated relative to the proportion of church members and staffing (Presbyters and Mission staff only) of all Circuits in the Nottingham and Derby District. The levy is calculated on a sliding scale percentage of the Circuivs CMTF account balance a5 at 31 August the prevSous year. Restated 2023 General CMTF Total District Expenses Methodist Church Fund Levy on CMTF Funds 14.082 83.070 14,082 83,070 34,423 12,942 85,854 65.788 34,423 97.152 34,423 131,575 164.584 Support Costs Restated 2023 General Total Stationery and Postage5 Office Telephone Audit Fee 1,123 920 3,420 1.123 920 3,420 1,513 1,041 3.960 5.463 5.463 6,514 io. Other Expenses Reststed 2023 General CMTF Oesi8n4ted Restricted Total Preaching Fees & Travel TMCP Charg5 Training C05ts Recoverable Insurance Premiutn5 Miscellaneous 502 502 1,799 720 1,505 282 1.477 55 Joo 267 574 14.131 574 14,131 707 14,907 15,207 1,477 155 267 17,106 L8,121 24
DERBYCIRCUITOFTHE METhODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 20Z4- CONTINUED ii. Tangible Flxed Assets other BuildinKS Land Manses Total Balance 8rought Forward Additions D15posa15 Transfer to Investment Propertv 200,(KJO 1,238,83S 414,647 1340,0001 1225.0001 237,835 1,676.670 414,647 1340,0001 1225,0001 Balance Carried Forward 2Q).QK)O 1,088,482 237,835 1.526,317 Investment Properties lcurrently let to tenants ngt linked to the Church) Restated 2023 2024 Balance Brtsught FOnard Addition5 Disposals Transfer from fixed assets Revalualion5 1,599,CKJO 1.686.500 87.500 225,000 117,000 1,941,000 1,599,000 The restatement in investrnent properties is detailed in note 28. 12. Investment Assets The funds rhai support the Circuit Model Trust Fund and the Circuit's other funds are held by TMCP in Trustees Interest andlor Man3ged Equity Funds on which interest and dividends are Credited to the accounts each month/quarter. These are regarded as medium 3nd long-term investments. TMCP is the legal owner and custodian trustee of all Methodist model trust prDperty, including legacies, endowments and accumulated tunds. Trust property is held for and on behalf of local managing trustees who are responsible lor the day-to-day management of trust property. TMCP ensure that, through providing guidance and acting under their direction. the managing trustees comply with ¢harity law and Methodist law and policy as detem)ined by the Methodist Conference. The histoncal c05t of inve5tmÈnts were £177.43712023.. £177,437). Restated 2023 2024 Market Value Brou8ht Forward Net GainlLoss on Revaluation 188.926 10,240 194,374 15.4481 Market Value Carried Forward 199.166 188,926 IAve5trnents at fair value ¢omprlse.' CFB Managed Mixed Fund Royal Bank of Scotland plc Trustees Interest Fund 126,632 4,170 68,364 117,539 3,023 68,364 199.166 188.926 25
DERBY CIRCUIT OF THE METHODIST CHURCH NOTESTOTHE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED 12. Investment Assets- continued Desiinjted FndS RtstatEd 2025 Restrirted Funds Restated 2023 EndowrnentFunds 2024 Restated 2023 2024 Z4 Marketvalue 8rouEht FoTh¥ard NttGainllLo*l Revaluation 19.249 19.249 43.997 43.997 125.681 131.117 10.240 IS,4481 Maiketvalue CarrlÈd Farwwd 19,249 19.249 43.997 43.997 135.921 IZ5.679 CF8 Managed Mixed 126.633 117.539 4,1 3.023 interest Fuj 19.Z49 19.249 43.597 43.997 5.117 S.117 19,249 Ig.149 43.997 43.997 135.920 l2S,679 13. Debtors and Prepayments All sums shown as debtor5 at I September 2023 were received during the following year. All 5Urn5 paid in atjvance at I Septernber 2023 wer& for activities that have been held durin8 2024. Similarty. it 15 expected that payments in advance at I September 2024 will be expensed in 2025. Restated 2023 2024 Debtors Recoverable Expenses Sale of Manse 92 456.109 917 Prepayments Stipends, Pension and NIC Methodist Insurance 17,268 3,137 476,606 16.219 2,639 19,775 13a. Outstzndlng Purthase Prlce Part of the sale proceeds on the sale of Darley Abbey Methodlst Church are tla5sified as outstanding purchase price. This is to be repaid over 6 years wlth interest being charged at 3% over bank base rate. Therefore. included in current assets are debtor5 due in more than one year of £35,000. There is a legal charge over the building in favour of Trustees for Methodist Church Purposes ITMCPI. 26
DERBY CIRCUIT OF THE METHODisf CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED 14. Central Flnance Board ICFBI and Bank Balance Monetary balances held at the Cerntral Finarnce eoard of the Methodist Church, HSBC Bank plc and at CAF 8ank PIC are all available on demand without105s of interest. The split of these balances across General. Designated and Restricted Funds is arbitrary but, wherever possible. balance5 are not shown as negative. 6•n4Nt DI$tsd RoOrf¢ied Total 2023 Central Fhiance Board HSBC 8?nk pic CAF 8ank Ltd Ch 181,302 321 141.104 11.246 1,582 71 199.018 10.829 11,246 14,797 71 12 106.099 321 154.003 212.542 15. Creditors, Accruals and Income In Advance It is expected that all sums accrued at 31 August 2024 will be paid durin8 the year ended 31 Altgust 2025. Restated mE1 Trust Fund Gtner4¢ DlIated 2023 InrDrneinAdvin£ A55es5ment5 IDAdvJnce Gr?nt InAdvarKe 88.4 8.4 97.706 CredltOrSandAccvuals Minbsters. EApen5e5 1.083 3,780 20.000 3.983 1.083 3.740 24.292 6,387 1.128 CPF Le 41,292 22,L 2,74Q 2,406 117.246 4,251 2.4Q6 123.942 131.284 16. Capital Commitrnents and Contingent Liabilities At 31 August 2024 the Circuit had no capital commitrnents. 17. Unrestricted Funds General Fund Restatèd 2023 2024 Balance 3,095,860 2,653.774 178. Fatr Value Reserve Restated 2023 2024 Fair Value ReseNe 706,000 589.1)00 This represents the revaluatlon of five properties originally held a5 fixed assets now cornmercially let as investment properties which have been revalued at current market value. 27
OER8Y CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGiJsf 2024- CONTINUED The purpose of the fund is for use at the discretion of the trustees in the furtherance of the general objectives of the Circuit 3nd which have not been designated lor other purposes. About 98% of this fund is held as freehold property, being manses lor ministers and a sport5 ground and, from time to time, redundant Chapels in the Circuit. The Circuit rneetin8 is aware that giant applications must demonstrate public benefit and this is true for the fund. Circuit Model Trust Fund Restated 2023 2024 Balance 45.893 518,411 The purpose of the fund is for use at the discretion of the trustees in the furtheTance of the general objettives of the Circuit. Its main source of Income 15 legacies and formul3ically determined contributions frorn the Sale of manses and church buildings in the Circuit. Although this is technically an Unrestricted Fund under the control of the Circuit Meeting. prior approval is still required from the Distrlctto utilise these funds. MethodistStandin8 Orders 930.931 and 917121 are applicable. Oe5ignzted Funds Restated 2023 2024 Balance 222.942 207,857 These funds are to serve specific purposes but are not restrirted by any document or deed to that purpose alone. Movements in these funds are set out in Note 18 below and the details of the specific funds are as follows.. Manses- Receives an annual transferfrom the General Fund based on the number olfunciional and investment rnanses ar¢d against this is charged routine m3tntenance, repairs and, as the need arises. refurbishments. Rèmoval and Relo¢atlon Fund- Receives an annual transfer from the General Furbd and is used as a 5Inking fund to meet the removal costs and relocation expenses of new presbyters joining the Circuit. Training- Used to meet the cost5 of relevant training courses. A formal application process is in place and the fund is also Dpen to applications from members of churche5 Wlthin the Circuit as well as Circuit staff. Dunkirk and Greenhlll 8ursary-These are fund5 from old closed churches which are used as part of the Traintng Fund. Susanna Wesley House-This was a donation to be used to further the work of thi5 projeci. Pri50n- This money had been raised by Deacon Jane Rice in her previous Circuit for use in prison chaplaincy work. Ukr8ine- Net income frorn the letting of one ol the man5e5 is being set aside to SUPPOrt the Ukrainian refugee5 as appropdate. 28
DERBY CIRCUIT OF THE METHODIST CHURCH NOTESTOTHEACCOUltr5 FOR THEYEAR ENDED 31 AUGUST 2024-CONTINUED 18. Resirlcted and Endowment Funds Restated 2023 2024 Restricted Funds Balance 142,770 137,976 Endowment Funds Balance 135.921 125,679 The Reslricted and Endowment Funds exlst to support thè causes listed below. All the funds, assets (except those restricted funds which are managed locallyl are managed by TMCP and ihe net income lafter chargesl is paid direct to the administrators of the fvnd. Benevolent Fund- Is restiicted to provide 5UPPOrt for the poor and needy of the Circult. orFowash House Fund- This represents the transfer of fL¢nds from Borrowash House Women's Hostel (now closed) and will be used io support vulnerable people in Derby City Centre. Summary of Fund Movements Rostated Balan 1.9.202a rAln51 Balance ai al.8.2014 EXP?nl Trans Gnral ccUlEML¥Id Trt 3,Z42.774 518 411 468.632 48,727 45B.725 109,599 374602 1411,6461 119.708 3.801.858 45.893 TIxalVnrCItd & Unde4wated 3,761.18S 517.359 608.325 133.0161 210,708 3.847.751 susaADaW&sY House Manses Bemoval & 2.124 144.95S 2.124 143,108 26.747 15. 6.664 4,7SS 5,916 142 5,353 23.799 19.249 142 6,216 23.799 19.249 24.797 1.018 is5 Gf&@nhiM Bursary 13.000 3.439 3.750 Total OtsnatEd 207.857 14.018 35,098 36,166 222.944 Tot*1 Unre51rirtqd 3.969.042 531.377 643AIR 3,120 210,708 4.070.695 BeThev0nt Borrowash House 319 93,658 319 98,452 5.061 267 43.999 43.999 Total Restricted 137,976 5,061 267 142,770 8e4krests 125.679 3.122 10,240 135.921 Total Restslcted & Pd0MeThI 263,655 8.183 267 10.240 278,691 Yotal OIAII FdI 4.232.697 539.S60 643,690 120,948 4.349.386 29
DERBY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINIJED Analysis of Net Assets between Funds Fund balance at 31 Au8USt 2024 are represented by.. R•5tat4d I023 De51iwed Restvlcied Endow1 Tangible Fixed Assets 1,526,317 1.$26.J17 1.676.670 Investments Instment Propertlès Current Assets 19.119 43.997 135.921 199,167 188,926 1,941,LW 451.789 L.941.ri)o 806.844 1123.9421 50.185 206,099 12,4CI 98,7F 2.498.386 1131,2841 3,801,860 45.J93 222.942 142,770 135,921 4.349.386 4.232.697 Fund balanieat 31 August2023 arerepresented bv-. Gnrl e*nated Enthwmnt 2022 1,676,670 1.676.670 1,676.670 Fixed A55Et Investments CurrentA55e 19.249 194.872 16.2641 43.997 93,979 125.679 188,925 2.498,386 194.374 2.499.487 139.655 1.691,124 1125,0201 519,411 3.Z42.774 518.411 207,857 137,976 125.679 4.232.697 4.2)0.876 21. Related Parties None of the Circuit trustees made donations dirett to the Clrcuit during the year or in the precedin8 year. All of the Circuit trustees are members of one or another Church within the Circuit and may be trustees In their Churches. 22. Volunteer Contributions Every entity Iconnexion, District, Circuit, Church) within the Methodist Church in Great Britain is heavity reliant on volunteers who contribute their skills. time and molley in the furtherarnce of the wtrrk of the Church. In the Circuit the principal contribution is the serving on committee5 of the Circuit that deal with mi55ion. manses, finance, policy, grants. training and safeguarding. We are Brateful to all ol them fortheiT help and commitment. No attempt has been made by this Circuit to value the non-monetary contributions to the Circuit in rnonetary terms. 23. Taxation The Circuit is a registered charity and Is ent5tled to clairn annual exemption from UK corporation tax. 24. Lease Commltments The Circuit has contracts and obligation5 for the following.. Telephone5 at the Circuit manses. The total annual cost of these is not considered material.
DERBY CIRCUIT OF THE METHODIST CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED
25.
Reconciliation of Net Income to Net Cash Flow from Operating Activities
Resiated
iQZ3
X124
Net Incgrne/lExpehditu¢el geforeTransfErS
Deductgain revaluatnShdsa
Add L05sIOeductGainslon Investments
AddCJshfrorn Sa0f investments
Deduct DIvideTrds. Iniere5tand Rent5frorn InvE5trnents
116.819
1210.7081
110,2401
L821
5.447
12.716
Increa5ellDecreJsel ITr cdItorS
Net Cash UsedlMOp4ialkniArtS
689.570
26. Comparative SOFA
UfflrÉstrlcted Fund5
R•Strt(14d& EndD¥neht Funds
Clrcult
Mod•l
Trurt
Total
21
G•noral
Oe$latsd
R•Stilctd
Endowm•Trt
Incomlng Resources
Inc¢+ from
MOnetaFy Invtments
Incornefrom
Investment Propert5
A55E55ments
on Churche5
6rJnts Recwved
Other Income
S.028
18,089
1,936
S387
32.049
41,
14.450
55,890
390.739
5.120
118.629
390.739
5.120
118.629
Ttstal ln
DERBY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024- CONTINUED 27. Comparative Sumrnary of Fund Movements Restated alin¢e 4t alA.2023 Balance at 1.9.2022 Imom Exwnthw• TraTrsfors IL055esl 3.337.933 436.960 560,9S6 18,089 S02.779 58.3r 35.163 3.242.774 518.411 Circuitm Trjst 96.499 & UndE51ted 3.774.893 S79,04S 571,075 56,8371 35,163 3.761.185 SU5ènnaWes¥ House Man5e5 Rernoval & Relo¢ion 2.124 134.428 2,124 144.95S 16,473 27,Dr4J 5.164 LSC¥) L5fy1 6,6fj4 142 5,026 23.799 19.249 142 5,353 13.799 19.249 Ll,486 609 281 DuTrkitk roenhill 8ur5ary Ukraine 14,450 2,964 186.117 15.059 23,319 30,CO) 207.857 lotal UWI¢ta 3.961.OLO $94.lQS 594,39B IZ6,8371 35,163 3.969.042 BenenI BofrOw•5h House aueeh'5 Hall 8e4uests 319 91.483 2.938 43.999 319 93.658 2,936 761 43.999 7otilA¢5trlcthd 138.739 2,936 761 137,976 e4UE5ts 131.117 5.387 125,S79 Total Restrf¢ted & Ek)éwmeht 269,866 8.323 761 8.326 IS,4881 263,657 T4tl of tsjl Fd5 4.230.876 d.428 S95.159 29,716 4.232.697 28. Prior YearAdjustment- Investment Properties DurinE the year, it was discovered that investment properties had been incorrectly recorded as current assets. rathèr than fi¥ed a55et5 in the compar3tive year. The reclassification has been adioned in this year's accounts and comparative year balances have been restated as below... 8alan¢e Shèet Itern5 Prevlously Reported Adjustment Rèstated 8alance Flxed SetS 1,865,596 1.599.000 3,464.596 Current Assets 2.498.386 11,599,(M)01 899,386 The Statement of Financial Activities lor the comparatwe year remains unaffected. 32