SALFORD METHODIST CIRCUIT Reglstered Charity No 1143819 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
INDEX Page Adminislralive information Truslees. Report Independent Examiner's Report Slalemenl of Financial Activities Balance Sheet 10 Slalgmenl of cash flows Notes to the Financial Slalemenls
8ALFORD MEfHODIST CIRCUIT ADMINISTRATIVE INFORMATION FOR THE YEAR ENDEO 31 AUGUST 2024 TRUSTEES Nama Gordon Allen Jane Austin Lynelle Brocklehursl Michael Brocklehursl Elaine Buckley-Hall Caro18 Burgess Norman Burgess Robert Burgess Ruth Dawson John Ealon Beryl Emery Elaine Harden Gordon Hardman Frederick Harrison lan Huddleston Harry Hunt Mylvia Hunt Brenda JeffrÈy Barbara Johnson Mavis Lamb Fiev John Palmer Muriel Sliles Martin Slyan Elizabeth Thornley Phil Thornley Bryan Trevor Margaret Vaughan Sheila Wakefield Kimberfey WilcDX Palrieia Wilson Appointed by: EmmanLJel Circuit Meeting Circuit Meeting Monlon Glazebrook Circult MBèling The HÈighl Circuit Meeting Monlon Sl Paul's Circuit Steward Emmanuel Emmanuel Wesley Local Preachers Glazebrook Glazebrook Circuit steward The Height Sl Paul's Ex-officio Circuit Meeting Circuit M8&ting Circuit Meeting Circuit Meeting Sl Paul's Wesley Wesley The Height Local Preachers
8ALFORD MEfHOD18TCIRCUIT ADMINISTrATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 CIRCUIT LEADERSHIP TEAM and Circuit Stewards (all of whom are Truste851 Rev John Palrner Mrs J Austin Mr5 C Burgess Mrs B Emery Mrs B Jeffrey Mr M Sfyan Mrs E Thornley Mr P Thornley Superintendent Minister CIRCUIT MINUTE SECRETARY Mrs Patricia Gondongwe SUPERINTENDENT MINISTER'S MANSE 15 Sunflower Meadow Irlam Sallord Manch8s16r M44 6TD MANAGEMENT ACCOUNTANT Katherine France 18 Banbury Mew5 Swinlon Manchester M27 9QZ INDEPENDENT EXAMINER Peter Smith BA FCA DChA Peler Stnilh Accountancy Services Chailered Accounlanls 9 Polruan Road Chorllon Manchestgr M219NR BANKERS Unity Trust Bank pl¢ Four Brindleyplace Birmingham B1 2J8 INVESTMENT MANAGERS Central Finan Board of tha M8lhodi5t Church 9 Bonhill Street London EC2A 4PE REGISTERED CHARITY 1143819
8ALFORD MEfHODI8T CIRcurr TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Th8 Trustees present their Annual Report log8lh8r with the financial slalements of the charity for the year ended 31 August 2024. REPORTING FRAMEWORK The financial slalen)enls comply with th8 Charities Act 2011 and 'Accounling and Reporting by Charili8s.- Slalemenl of Recommended Pra¢li¢e' applicable lo charities preparing their accounts in accordance with the Fin8ncial reporting Standard appli¢able in the UK and Republic of Ireland IFRS1021 (effeclNe 1 January 20191, referred lo as the Charities SORP IFRS 1021 Isècond odilion- October 20191. OBJECTIVES AND ACTIVITIES Charitable Objectives The Circuil shargs the same charllable objectives as Iho rest of the Melhodisl Church. which are sel out a5 fDIIows'. °rhe purposes of the Melhodisl Church are 8nd shall be d6en7ed to have been since the date of Union the advancement of - faj thé Christian faith in accordanoe with thg doctrinal standards and the disciplin6 of the M&lhodisl Church,. (b) any charitable purpose for the lime bging of any Connexional. District, Circuit, loc&1 orother organisatson of th8 Methodist Church.. (c) any charitable purpose for th& lime bèing olany socioly or inslil(Ilion subsidiary or ancillary lo Ihe Melhodist Chur¢h,' (d) any pun)ose for the time being of any cha17ty being a charity subsidiary or ancillary to the Methodist Church. Aims The Circuit seeks to INe out the calling of the Melhodisl Chur¢h, which is summarised thus.. "The calling of Ihp Methodist Church is lo respond to Ihg Gospel of God's love in Christ and lo live out 115 discipleship and mission. Inspired by Our Calling. we aim.. lo incréase awareness of Gods pr6sonce and to celebrat& God's love to help peopl& lo grow and learn as GhrisliAns Ilirough mutual support and care lo be a good neighbour lo people in need ancl lo challenge injustic6 lo make mor8 followers of Jesiis Christ Activitle5 and Publlc Benefit The Circuit enGourages and supports the Chuichés within il in the provision of iegular public acts of worship open lo mèmbers of lh8 Church and non-niembers alike.- the provision of sacred space for prayer and conl8mplalion.. the leaching of Christianily Ihrough Sermons, courses and srnall group5.' pastoral work. including visiting thè sick and bereaved- the protnotion of Christianity through th8 staging of events and servic8S; the provision of youth clubs, sBnior citizens. Glubs. men's m88tings and women's meeting5 el¢ with a Christian ethos- promoting the whole mission of the Church land aiding 5D¢ial cohesion) through activities for older people. parents and toddlgrs and other specific needs groups,. and supporting other charities in the UK and oversBas financially and with prayer. Contrlbution of Voluntetrs The Circuit is heavily dep8ndgnl upon, and extremely grateful for, the contribution of volunteers as il seeks to carry out ils objecliv8S. With th8 exception ol thè stipèndiary Superinlendenl Minister. all members of the Circuit LBadership Team and all othèr Charity Iruslee5 are unpaid volunteers. ACHIEVEMENT AND PERFORMANCE The Circuit recogni59S that Church life is an ever<hanging picture including the lack of numbers in worship in sorne churches. Th8 need lo fill Ihe vital roles in each Church is in a delicate balance. the number ol people able lo lake on roles has decreased. However, in sorne pzrts of the Circvil the is a Sense of renewed vision and eager anticipation of rnoving forward into the future. The Circuit Leadership Tearn ICLTI continues to meet online throughout tha year and continues lo plan and develop our mini51ry and mission as well as trying lo address the conc8rn5 menlionsd above. In thg ¢ours8 of the year our Lay Pastrjral Assistant Ann8 HuddleslDn who wa5 ernploy8d part lime relir&d following much appreciated servic8 by both the CDngregalions al th8 Irlam & Cadishead end of Ihe Circuil and our Superinlendenl Minister. We welcomed Gill Clayton as her 5uc¢essor who is serving the whole Circuit on a full-lime basi5. The former church buildings al Palricroft and Boundary Road were sold. A lot of lime and effort went into selling these buildings with sBveral challenges having lo be overcome.
SALFORD MEfHOD18T CIRcurr TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDEO 31 AUGUST 2024 Throughout the year the Circuit continued to make grants lo support the churcheg including lo the Height towards a media projector 10 enhance worship. lo Emmanuel towards signage and £2k la each church towards utility costs. A wnlribulion towards the Circuit's relirem8nt glft to Rev Dr Andrew Lunn was also made. The Height was built 50 years ago and part of the building has a flat roof. Following the difficulli8s @ncounlered by 5chaols built in the same era with RAAC used for flat roofs the chur¢h Iruslees look the responsiblè decision lo have the building surveyed. RAAG having subsequently been id8ntifi@d the church closed in March 2024. Worship for rnosl of the congregation moved lo Emmanuel where Ihey have been warmly welcomed and have made Contributions there in stewarding and leading Local Arrangemenls. Some of thèir outreach work conlinued, namely the Prayer Tree which has rèrnained outside Ihe church and ¢onlinues lo be filled by members Df the cornmunily with their prayers taken each weèk to Emmanuel. A150 continuing has been the very powerful Shawl Ministry particularly lo those in special neèd facing difficult circumstances. Thanks ID the original trustees who ov8rsaw tha original quality build and commissioned high grads RAAC lo be used with al the limè an expected life of 100 years, Ih8r8 has bean no del&rioralion so far in the concretè slabs making up the flat roof parl of the building, specifically the con¢ourse and corridor. Hence lo ensure the continuèd safely of the building the struolural 8ngineer was able to recornrnend a cosl-èff@clive solution involving installing steel beams across the skylights. the potentially most vulnerable part of the roof. The cost of this was provided by a grant from the Cir¢uil. The church was very fortunate to engage a local builder with PAAC experience who whed to SLJpporl the church and has instslled the steel beams al cost. The work has been signed off ID@c@mber 20241 by the slruclural engineer and the church congregallon loaks foNard to reopening in January 2D25. This will allow the church's other outreach aclivilie5 which arè depandenl on the buildlng being open to re51art as well as offering once More good spa¢& at reasonable cost lo many community groups. The church has good ecumenical links and joint activities include spècial services, a weekly series of lunchtime meetings for Lenten reflèctions and a joinl Christm85 card designed compelilively by a Child from a local primary school lo advertise services over the sèason. The Height Gongrègalion have Continued lo be involvèd during the closure. As al The Height, Sl Paul's Shawl Ministry continues lo be a much-valued outreach ministry. Glazebrook has good links with the pre- school group that uses the premisès and Ihroughoul the year short services are led in the church by Rev John Palmer with children. staff and parents supported by members of the congregation. After the closures of both Palricroft and soon after Boundary Road most of those two congregations join8d our Wesley church. The amalgarnalion of the three congiegalions has been very succe55ful resulling in one united church. They ar8 actively engaged in seeking opportunitips for oulr8ach. The regular joint $8rvicgs beNveen Glazebrook. Sl Paul's and Wesley strengthen the bond between these churches. Sl Paul's and lalledy Wesley have shared SDme Special services e¢umenically rnainly around wèek of Prayer lor Christian Unily, Lent. Easter and Christmas. Monlon Church has good ecumenical link5 with occasional joint service5 throughout the year including a joint Chrislma5 card wllh the local Anglican Church which is d81iv8r8d in the local neighbourhood. Worship is well allended and forlnighlly holds an evening service which has fairly good allendance and appreciated by members from across the Circuit. Monton is often used as a base for special Circuit Service5 and regularly h051s the Local Preachers meeting. Two years ago, Monlon welcomed two Hong Kong families whos8 children enjoy Junior Church which 15 very w811 run. Monton Toddler Group is a well-8slablished group and run by a dedicated team of Church members. Monlon is a Stewardship Church with an emphasis on gifts as well as financially being used lor God. so does no Church fundraising except occasional coffee mornings for Chrislian Aid 81c. Monlon Church offers space lo community groups and there are weekly outreach aclivilie5 led by tnembers including the conlinualion ol their Warm Space initiative when the hall is open for several hours on a Friday offering chal and rofreshmenls. During the course Df the year the hall was refurbished as a lovely community space with beller storage facilities. Also, some windows were replaced with a grant from the Circuit. The premises are not just used by Church groups and outside groups bul by the District for training sessions i.e. Safeguarding and EDI courses. As a Church Monlon is being encouraged by the superinlendenl lo ensure that the premises are in a good slate of repair with beller naliceboards. In early 2025 il 15 hoped lo have a Mission and Outreach Meeting to explore better signag8 outsid8 the Church then moving this forward with an aBhi8vable Mission Plan for the néxt few years. The building of Emmanuel Church and Community Centre was difficult and Ihe conlinuing upk&ep of the building ha5 been and continues lo be challeriging. How8ver, thanks lo somg very dedicated service of some members al Emmanuèl and with ragular lellings the building is probably in as good shape as il has ever been. together with the continued maintenance of the cleanliness of both th8 worship space and 5uoh a busy community Genlre. There are some weekly chur¢h IBd activities there including Brew and Chal and a Craft Group and a thriving Boys. Brigade. And il CDnlinues to Dffer a home lo many much-needed community groups as wall as a Food Bank and Salford Food Parcels. Across the Circuit rnany of our churches hold regular Coffee Moming5 which are very well allended and much appreciated both within the churches and lo¢al community. For some p8oplg they are very much seen as a lifeline. Churches continua 1018ad LAS as filling the Prèaching Plan beGotnÈs increasingly difficult. The Circuit continues lo fund copies of Roots tnagazine lo all churches and also provides a 5ubscriplion for the Vine resources which include lully scripted services. Our new Pastoral A5Si51ant Gill Clayton serve5 th8 whole Circuit and Is offering great support to members as well as to OUT Superinlendenl Minister in this aspect of his work. She has also begun to offer and 5UPPOrt aclivilies such a5 Messy Church and short meetings of reflections al key limgs in the Church year. Our Circuit Adminislralor, Patricia Gondongwe, and our Circuit Financo Officer, Katherine Francts, both continue to offer exc8118nt support for the smooth running of Circuit affairs, The new North W851 District made up of the former Manch8sl8r and Stockport, Liv8rpool, Lancashire. BDllon & Rochdale and Cumbiia Dislricls came into being on 1 Seplember 2024. We awail lo see how this will impact our churches and District particularly in the area of mission and outreach.
8ALFORD MEfHOD18TCIRCUIT TRUSTEES. ANNUAL REPORT FOR THE YEAR ENOED 31 AUGUST 2024 FINANCIAL REVIEW The Circuit Assessment income was 3°/. IDwer than the previous year. This reduction was offset by increased rental income from Li8berl Drive and Old River Close. Lieberl Drive continues ID b@ let lo good tenants and the new tenants of Old Rivor Close are working out well. While the laller was between lenan15 in September 2023. the Circuit took the opportunity lo refurbish the property. Both Boundary Road and Patricroft sold al auction, and tho sales were CDmpl818d a month later In April 2024. The procgeds from Boundary Road w8rB £148.4k, which is In linè with the Driginal 8xp8clalion. Thè proceeds from Palricroft were £224.6k. Since Palricrofl Gea5ed Ic worship in 2020, Ihg expecled proceeds havè fluclualed significantly. In the 2022123 AccDunls, £198k ol the Unrealised Loss on Revaluation relates to Palricroft. On completion of the sale, £93k of the Realised Gain relates to Patricroft. In 2023124, Boundary Road transferred £4.4k of Unre51rlcted funds lo the Circuit. In 2022123, Palricroft had transferred £6.7k of Unre51ricled Funds and £11 k ol Reslricled Funds lo the Circuit. As in the previoLJS year, the Circuit made a grant of 2k to each of the 6 Churches in the Circuit lowards rising ulilily bills. The Circuit also madè olh@r gran15 01 £2.1 k. In 2021, the Melhodisl Church appe81ed for contributions to the Pension Fund. The Circuit sent £53.8k. This year. Connexion relumed the full amount plus interest of £4.604. In 2024125. the Circuit Leadership Team (CLTI is expecting a number of grant applications from the churches. Going forward, th8 Circuit curyenlly has a healthy cash position. While thgre will undoubtedly be pressures on Church incom8 and IherefDr8 Circuit a55essmenls due to the cost of living pressures and olhor factors, these funLls should allow the Circuit lo support ils Churches and the objectives of the Methodist Church. Risk management The Circuit Mèeting continues lo dèvelop procedur8s for identifying and addressing the risks facing the charity. 51 has already enhanced ils financial pro¢èdures and, in common with other Churches, has developed robust procedures for safeguarding children, young people, and vulnerable adulls. Principal Funding Sourc85 Contributions from the Churches by way of Circuit Assessment ¢onlinu@ to be Ihp tnain source of funding, accounting for 66 /,12023.' 77'/.- 2022.. 86 /.) of normal unrestricted incorne. The Circuit Assessment itself was only 3D/. Iow8r than the previous year, and so the reduction in il as a percentage of norrnal unrestricted income is due lo increased Inveslm&nt income. Rental income Ifrorn the former manses al Old Riv&r Close and Liebert Drivel accounted for 20 /. {2023.. 20Yo', 2022-. 13./1 of normal unr651ricled income. Investmont Policy and Review Money held in the Circuit Model Tru51 Fund leffeclively thè balance of previous sales of property) is kept as ca5h-, the Circuit continues lo bp alert lo Ihg potential lo achieve enhanced income by inv851ing part of this Fund in oilhGr equily-basgd or fixed interest funds operaled by the Melhodisl Central Finance Board. bul the imperative lo relain good levels of liquidily in recent years justified a more cautious approach. The situation is k8Pt under regular r8view, bul Ihg likslihood of swilching out of cash is Gonsidered sufficiently rernole that the Model Trust Fund balance continues to b? classified a5 a current las opposed lo longer-terml asset. Re5ervg5 Th8 Circuit seek5 to use all ils a55els for its charitable purposes, vvhilsl continuing lo secur& and maintain Ihg Circuit's financial vlabilily. 11 seeks lo sel a balanced r&venue budget, in order Ihgt the ongoing normal costs of ministry, mission and management are mel frorn inve3lmenl incom8. grants and donations, and Circuit Assessment. An ongoing programme of ralionalisalign of thè Circuit's property portfolio was linked with the developrnenl of a medium term plan, which continues to seek ILTr identify future requiremen15 of managernenl and mini51ry and to use part of the sale proceeds in 5UPPOrting those requiretnenls and developing more innovativ8 schemes of mission and ministry. In ordEr lo meet its ongoing financial obligations including the payment of slipttnds and Dr Di51ricl and Connexional a55&ssmènls quarterly in advanc8 - and to meet unforeseen cirrurn51anc8s, the Circull n98ds lo maintain suffici8nl free res8rves. Th8Sg reserves would enable the Circuil lo maintain ils mission and ministry in the short term if. for whatever reason, any individual Churches ancDunler difficulties in paying Ih8ir assessmen15. Fr88 reserves are d8fined as unrestric18d rgserves le55 the inveslrnenl in tsngible fixed assets. Having previously determined that free reserves should be equivalent lo belween 3 and 4 months of normal revenue operallng costs. the irnpacl of the pandem1¢ on Church finances prompted the dècision lo hold an amount equivalent lo 6 months ol normal costs. equating lo belween £75,000 and £80.000. At the end of the year, the free reserves stood al circa £585k. The Circuil remains cornmilled lo ulilising these lo support the mission and ministry of the Church over th8 coming year5.
8ALFORD MEfHODI8T CIRCUIT TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Current Needs and Future Plans Within the context of the calling gf the Methodi51 Church las set out above). Ihg Circuit plans 10.. continue lo support and encourage each local congregation in mission and rninislry., establish and d@velop a training culturo within the Circuit, encouraging lay preachers in their devalopmenl. supporting probationers and facilitsling the developrnenl of presbyters in training., continue lo review and actively manage the Cireuil's inve51menls in its financial and propgrty resources. seeking lo s@18clively release resources for mission, mlnislry and outreach., work through tha Methodist Church stationing procedur8s to secure the appointment of new minisl8rial slafl as vacancies are identifièd., continue lo work ecurnenlcally, especially in supporting and developlng established and new Local Ecumenical Partnerships and with particular focus on the Angli¢an-Melhodist Covenant- develop both at Circuit and local level medium lerrn plans for strategic development Going Concorn The Trusle&s have reviewed the circum51an¢8s of the Circuit and ¢onsider that adequate resources continue lo be availablè lo fund ils a¢lNili6s for the foreseeable future. The Trustees are therefore ol the view that the charity is a going concarn. STRUCTURE, GOVERNANCE AND MANAGEMENT Salford Methodist Circuit is part of the Melhodisl Church of Great Britain. The managing trustèes operate within the Melhodisl Churrh Connexion and as such, their governing document is th& Conslilulional PraclicÈ and Discipline ICPDI of the Melhodisl Church. The document is available for inspection by appoinlm&nt at 15 Sunflower Meadow, Irlam, Manchester M44 6TD. Salford Methodist Circuit is registered 8s a separate charity. number 1143819. Connected Charltlgs The Churches forming th8 Circuit are IhÈmsalves chari11gs and, as they are responsible for Ih8ir own financlal affairs, they are not reported in thes& slalemenls. Appointment of Trustees All mini51ers, presbyleral and diaconal, stationed In the Circuit by the Conference or de8med lo be resident in the CirGuII arè members of the Circuit Meeting. The follDwing are gx otficlo mBmbers of the Circuit Meeting.. Cir¢uil Stewards appointed by the Circuit Meeting Circuit Me81ing $8crelary appointed by the Circuit Me8ling Repre5enlalivès lo District Synod appointed by the Circuit Meeting Local Preacheis Secrglary appointed by thè Local Preach8rs' M8eling Each Church is represented by a Church Steward. Ihe Church Treasurer and r@presenlalives appointed by th9 Church Council in relation to the number of ChLJrch rnembers (one represenlalive for every 50 members). The Circuit Meetin9 has the power lo co-opt other members as necessary. As at 31 ALJgust 2024 ther8 w8r8 30 members of the Circuit M98ting. Trusteg rècrultmgnt, Inductlon and tralnlng As outlined above, the appointment of the majority of the members of the Circuil Meeting is outside the conlfol of the Meeting. In appointing the Circuit Leadership Tearn and other officeis, the Meeting has rggard lo the balance of ski115 and gifts that are nged8d to further tha work of th8 Church. New mèmbers of the Lèad8rship Team aro inducted by tha Leadership T8am. Organlsation The Circuit Meeting is convened three limes a year. The Circuit Leadershlp Team. appointed by the Circuit Meeling, is responsible for acting on behalf of the Circuit Meeting al other limes. The Leadership Tearn tneels al lea51 six limes per ye8r. The Circuit Meellng retains responsibility for Selling the rnission priorities of the Circuit, the overall strategy lo delivèr those priorities. the invitation of ministers, the oversight of local churches, the adrni55ion of people lo the office of Local Prearher, and decisions on fo)rmal explorations of calls to ministry and candidates for thè ordained minlslry. The Leadership Team is as51sled in the task ol financial oversight by the Circuit Finance Officer. The Methodist Church appoints a minister lo be the Superinl8ndent Minislar of the Circuit, whose duties ar8 sel out in thE Standing Ordgrs of the Church.
8ALFORD MEfHOD18T CIRCUIT TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED ai AUGUST 2024 Pay and Remuneration Stipends and allowances for presbyters and d8acons (collectively mini518rsl are $8t annually by the Methodist Conference, and the Circuit is responsible for meeting thosè costs for all ministers appointed by the cOnfence to the Circuit. Fuller disclosure is contained in Note 21 to the accounts. TRUSTEE5' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The law applicable lo charitie5 in England and Wal8s requires the Circuit Meeting to preparè financial slalemenls for each financial year which give a tru8 and fair view ol the stsle of the Charity and of the surplus or deficit of the Charity for that period. In preparing those financlal slalèmÉnts. the Circuit Meeting has.. s8lectod suitable accounting policies and appli8d them consi5tenlJy made judgements and estimates that are reasonable and prudent $181ed whether applicable accounting standards have been followed, subject lo any malerial departures disclosed and explained in the financial stalemènls prepared Ihg linancial stolements on the going conc8m basis Th8 Circuit Meeting is responsibl8 for k88ping records which disclose with reasonable accuracy al any lime the finan¢ial position of the charity and lo enable them to ensure that the financial statem@nts comply wilh applicable regulations. 11 is also responsible for safeguarding the assets of the charity and hènce for taking steps for the prevention and dèl8clion of fraud and other irregularili&s. ON BEHALF OF CIRCUIT MEETING REV JOHN PALMER- TRUSTEE Dale-
INDEPENDFNT EXAMINERS. REPORT TO THE TRUSTEES SALFORD MEFHODIST CIRCUIT FOR THE YEAR ENDED 31 AUGVST 2024 I rep(Jrt ta the charity InJ%lees on my examinatn of th¥ acoounls of the rhahty rot the yoarended 31 Augus12024 orp set oul onpages 9 lo 21. Responsibilitle$ artd ba$l¥ of r¢pfyrt /1. the chority's IN8tg96 you ore respon$itslo forih¢ pr¶tion ottheaccoun15 iTr9CGord8nc8 Wth the requirements ofthe Charities Att 20111'ih& Att,). I reF>Qrt in respect of my ¢xamtn8tion of the charfty s accounts (%rri¢xl rAJt under settlon 145 of Ibe Ad and ID carrying out my. rtxaminmllon I ho¥0 follt)wed 811 the &ppliGable threctigns giv¢n by tho Ch8riEy comrni5sn under 5¥Ctiw 145fS){b! of ACÈ. Indpondgnt ¢xafftin•fs slkt"omont Your aiiéntioii is drawn Iv the facl Ili#t Ihe ¢h4rily ht$ prepafèd fintinal $18temeiits ii) 8tLoidance with ArLotsnlinu Jnd Reporting by Charilieg preparing (hair ac¢ounis in 8ccordance with the Fin#ncl41 keporting Stond8fd app5icatJle in th6 UK (FRS 1021 in prel0r4n to (ho Accounling #nd Repurtip.g by Charities.. Stal¢menl of R¢corrtmendod Practice issue".on l April 20Q5 5knii¢h is telgrred to In tho extant fogul&tions but Mas now btets wiU)drawn. l uoderstand that Ihig has been done in tsr¢er for f0¢4{ stalemenis to providv a tru¢ and fAif vl4w in accorda(L& with Generally Accepled Auntl9 Practice offtsctNe for roporting pvriod5 begwning Dn or afi$r 1 Jawary 2QlS. Slncè tho charity's 9r¢ys ift¢omtt ¥xcftod¢d £250,000 your examiner muBt b¢ a m¢mbw of a bo4ty listed in s¢olion 14uf ol tho Ad. I onfim Ihal l arn w&lifie¢ tv trJn¢rt&%8 +the ftxamiD41iun booatsst l a meml)grof tho I¢AÈrn¥ whi¢h is ¢sne of fh¥ list¥d txs4i¢s, I hove corripletfjd my p.xgmin4tion. I confim that m8lersal rnatt have ¢om¢ to my oltèrntion in connec1 ilTr, gxamiTr8tson giving m& cause to ts¢liB4'e th8t in afly rn8tsrial rn¥peel'. 8ttountivg rgGords ript kgpl in rspKI gf the clwrity as r9quired lyy section 130 of Ihe Act. or thg a¢Gounlg do not aoxrd witts thos¢ records.. or the acwunls do nol" comply witt7 ihe applicable roquiremenls nrnIng Iba fom conjonl vf ?rnunls sai out in th8 Charitifs$ (Aecaunrs and Reports) Reoulalions ?QQ6 olher Ihan any q(lifernenl lh* Ifie anIS give a 'true and fair view. whi¢h i% not a maltLY eonsidoJ&d as part of an independ1 examination. I ha¥8 no c<)neems and havo com¥ no other malterg In wnnectlon %hfth the examinallon to vihkh allenlion should b& drawn in ts4i$ report ID order lo enable a Pfop&r undergtandlng of the 8QllI1tS Iv bè r#a¢he(t. Pot•r Smlth gA FGA O¢hA Fgr ond an behalf of.. P61er fimitb Accounlenw Servjcos Chartered Axguntonts 9 Polruan Road ChurEton Manthe$ieF M219NR Dat6.. l8¢&h 19 2Q25
SALFORD MEfHODI8T CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES AS AT31 AUGUST2Q24 Not95 Unreslrlcled Rgslric19d Endownwnt Total Total Funds Funds Funds 2D24 2023 Incomrng resourcBs from ganeraled funds.. Donalions 104.366 1D4,366 IOT,8T3 Rental incotne 31.520 31,520 21, 700 knveslment income- bank interest 17,084 10 17,096 4,510 Other income (funds Iranstsrred inl 4.412 4,412 17.688 TOTAL INCOME 157,382 10 157,394 157,771 EXPENDITURE Costs ol generating funds 3.964 3,964 2, 716 Expenditure on charitable activities 102,035 1D2,035 164,58T TOT EXPENDITURE 105,999 105.S99 167,303 NET INCOMEIIEXPENDITUREI BEFQRE TRMSFERS 51,383 10 51,395 (9,532) OTHER RECOGNISED GANS & ILOSSESI Reali5ed gain on sale of ¢vrrenl inve51menl a55el Gain3111055esI on rèvaluation ol current investment assets 96,632 96,632 13 1202,500) NET MOVEMENT IN FUNDS 14 148.015 10 148,027 (212,032J TOTPL FUNDS BROUGHT FoRwRD 14 1,060,664 2,877 662 1.U64,203 1,2T6.235 TOTAL FUNDS CARRIED FORWPRD 14 1.208,679 2.879 672 1,212,229 7,064,203 The notes on pages 12 10 21 form part of these financial 51atemenl5.
8ALFORD MEfHOD18T CIRCUIT BALANCE SHEEr AS AT 31 AUGUST 2024 Not9$ 2024 2024 2023 2023 FIXED ASSETS Tangible fixed assets Investments 10 623.845 672 630,035 662 11 624,517 630.697 CURRENT ASSETS Debtors 12 11,601 16,867 Investmen15 13 276,400 181, 616 Cash al Bank and in Pknd 607,597 619,198 474,883 CREDITORS ounts falling due in onè year 14 31,485 41,377 NET CURRENT ASSETS I ILIABILITIESI 587,713 433.506 NET ASSETS 1.212,230 1,064,203 FUNDS Unrestricted 15 1,208,679 2,879 6T2 1.060,664 2,871 Restricted 15 Endowrnpnl 15 662 TOTAL FUNDS 1,212.229 1.064.203 The notes on pages 12 10 21 form parl of these financial slalemanls. Approvgd by thg Circuit MgDtlng and authorisad for issuo on: And signed their behalf by.. 44 REV JOHN PALMER- TRUSTEE
THE MEfHODI8T CHURCH-THE 8ALFORD CIRCUIT STATEMENT OF CA8H FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note5 Cash us8d In operating activitie5 20 35.864 (244) Ca5hllaws from Investing activiti85 leresl and dividends 17,096 373,032 11UI 39D,118 4,570 Proceeds of sale of inveslmenls Purchase of inve51menls Cash provided byllusgd inl investing activities 4,510 Cashflows from financlng actlvlties Repayment of borrowing Cash used In flnanclng activities In¢reaselldecreasel in cash & cash aquivalents in the year 425,981 4,266 Cash and cash equivalents brought forward 181,616 177,35Q ash and cash equlvalents carrled forward 607,597 181.616 Cash and cash gquivalonts conslst of., Cash al bank and in hand 607,597 181,616 6QT,597 181,$16 The note5 on pages 12 10 21 forrn part of these financial slalemenls. 11
8ALFORD MEfHODI8T CIRCUIT NOTES TO THE FINANCIAL STATEMENfJ FOR THE YEAR ENDED 31 AUGUST 2024 1 ACCOUNTING POLICIES The following accaunling policies have b&en applied consislenlly in dealing with items, whlch are considered material in relation lo the charity's financlal slalèments. Scopg of the financlal stat¢monts The financial slalemenls relate solely to Salford Melhodisl Circuit. Basis of preparation The a¢counls (financial slalemen151 have been prepar8d in accordance with the Slalemenl of R&¢omm8nded Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applictsble in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Rapublic of IrBland IFRS 1021 and the Charili8s Act 2011 and UK Generally Accepted Practic8 as il applies from 1 January 2015. The account5 (financial slalgmenlsl have been prepared lo give a'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo th8 8xl8nl required to provide a 'lrue and fair vi8w'. This departure has involvèd frjllowing Accounting and Reporting by Charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelancl IFRS 1021 issued on 16 July 2014 rather than the Accounling and Reporting by Charilies: Slalemgnl of Rècommènded Practice effective from 1 April 2005 which has since been withdrawn. The charity conslilules a public benèfit èntity as dèfinod by FRS102. Income Total InGoniing ReSoUe$ as shown in the Statement of Financial Adivilies represents the nel amounts from all sources. Income is recognised in the accounting period in which il is receivable, except in the following circumstances, when the income is def&rr8d and included in credilors.. The income relates to a future accounting p8riod A sales invoice has been rais8d ahead of the work being carried out and the charity is not conlraclually enli11gd to the income until the work has bgen done Not all the terms and conditions of Ihe grant have been mel, including th8 incurring of expenditure and the grant conditions are such that unspent grant mu51 b8 refundèd. In¢om8 includes grants in respect of r8venu8 and capital ilerns. Incotne recognition All income is recogni5ed once the ¢harily has enlitiemenl to Ihe income, il is probable that the income will be recelved and the amounl of income receivable can be measured reliably. The following applies to particular types of income.. Grants, whgther of a capital or revenue nature, are recognised when tha charity has entillemgnl to the funds, any performanee conditions have been mel and il is probable Ihal the income will be received. General donallons from individua15 and olhgr bodias (not being of the nature of a grant) are recognised when rec8ivabl@. Church Assessments are recognised in the period for which they have been given and any advance payments ar8 d&ferred in lin8 with the policy below. Deferred Income Income is only deferred and Includad in creditors when.. The income relates to a future accounting period A sales invoice has been raised ahead of the worK being carried out and there is no contractual enlillem@nt lo the income until the work has been done NDt all the terms and conditions of the grant have been m81, including the incurring of exp8ndilura and tho grant condilions are such that unspent grant musl be refunded Expenditure and irrecoverable VAT Expenditure is recogni5Ed once there is a legal gr constructiv8 obligation lu tnake a payment to a third party,11 is probablg that the selllemenl will b8 required and the amDunt Df tha obligation can be rnèasured reliably. Expendllurè is classified under the following 2clivily heaclings.. Costs of raising funds including Ihu5e asso¢ia18d with fundraising aclivili8s and inve51menl management c051. Charitable aclivilias osts of undertaking the wijrk of the charity. Th8 charity is not regi518r8d for VAT and cannot recov8r any input tax charg8d. Costs are slated Inclusive of VAT were charged. 12
8ALFORD MEfHOOI8T CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 81 AUGUST 2024 1 ACCOUNTING POLICIE5 l¢ontinuedl Taxation Salford Melhodisl Circuit Is exempl from Corporation Tax by reason of Its charitsbl8 Status. Income lax suffered on doeds ol covenant and gill aid or investment incorne is reclaimed in full. Flxed assots and deprgclatlon The Circuit has capilalised the freehold and long leasehold properties for which it acts as the Managing Trustees al the Trustees. valualion in 2009 or al subsequent purchase price. Depr8cialion has been provid8d since tho year ending 31 August 2015 on the long leasehold properties at the rale of 1°k of the Trustees, valuation per annum, and at the rate of 0.67 /0 per annum on the freehold property. Singlo assets purchases, not forming part of a related serious of Iransaclions, costing less than £300 are not capilalised, bul are written off as a r8v&nue expense in th& year of acquisition. Depreciation, on assets other than the long leasehold property. is provided lo write off Ihe c05118ss the ostimated residual valu8 Df tangiblo fixed assets by equal inslalrn8nls over their eslirnal8d useful economic lives as follows.. Propety ImproverHenls Furniturè and fittings 1 OVD per annum on cost 25 /0 per annum on cost Investments, galns and losses Fixed asset investments are a form of basic financial instrument and are Inllially recorded al their transaction value and 5ub5equenlly mèasured al their fair value as at the balance sheet dale using the closing quoted rnarket pricè. The SOFA includes the net gains and losses arising on revaluation and on disposals throughout the year. Gains and losses on are tsken to th8 Statement of Financial Aelivilies as they arise. Reali58d gains and losses are calculated as the difference between sale proceeds Inel of Ir8nsaclion Costsl and the opening earrying value or CD5t, if acquired during the year. Unreali5ed gains and losse5 are oal¢ulalgd on the difference betweèn opening and closing fair values. Financlal instrumènts The charity has only basic financial inslrumenis which are initially recorded al cost, and with the exception of investments las sel out above) subsequently measured al their settlement value. Methodist Ministers, Pension Fund The Circuit is a tnetnbèr of the Connexional pension scheme IMMPSI which covers pr8sbylers and deacon5 of the Melhodisl Church. The contribution rates are sel each ysar by IhB Melhodisl Conferenc8, and for the year under review thè employer conlribulions were 26.9VD of slipend12022.. 26.9 /01. Thg MMPS is a rnulll-employerscheme, and in accordance with the guidance Issued by the Charity Commisslon, the Circuit accounts for those contributions as if il were a defined conlribulion scheme. 11 has done 50 because il is unable lo idenhfy ils share of the underlying assets and liabililigs on a consistent and ièasonablg basis. Contributions ar8 charged to the SOFA in thè period in which they are payable. Judgemsnts and key sources of èstlmation uncertainty The preparation of th& financial slalernenls requires management lo make judgements. eslimales and assumption3 that affect Ihe amounts roported. Thes8 eslimatps and judgements are continually review8d and are based on experi8nce and other factors, including expectations ol future evonls that are believed ID be r8asonable under the circumstances. 13
8ALFORD MEfHODI8T CIRCUIT NQTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 RpsirictEd Unre51rlcted Reslrictod Total Unre51ricted Total 2 DONATION5 Church assessment 104,366 104,366 107,8T3 107.873 Donalions 104,366 104,366 107.873 107,8T3 3 OTHER TRADING INCOME R£nlal inttome 21.520 31.520 31,520 31,520 27,700 27,700 2T,700 2T,700 4 INVESTMENT INCOME hcom8 frorn fixed assel InSImentS 13.T17 12 13,729 2, 772 1,543 4.315 195 2,96T 1,543 4.510 Bank inler8sI 3,367 17,084 3.367 12 17,096 795 5 FUNDS TRANSFERRED IN Frorn ¢lttsure of Palricrofl 6,733 10.955 17.688 From ¢lo$ure of Boundary Road 4,412 4,412 4,412 4,412 6,733 70,955 1T,688 6 COSTS OF GENERATING FUNDS Agent$ fees re renlzl inc0rn8 3,964 3,964 3.964 3,964 2. T16 2. 716 2,716 2,716 14
8ALFORD MEfHOD18T CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 Restricted 2023 Unr?5tricted Totsl Unrestrlcted Restricted TDtal 7 CHARITABLE EXPENDITURE Dlrect costs Stipends. Salaries & expenses Grants lo Circuit Churches 74.178 13,985 74,178 13,985 153,6851 21,849 24,532 1,g3g 59,353 59.353 24,850 11,150 36,000 Grants to olhÈfS bodios 153.6851 21,849 Manse cosls (including dBpB¢ialionl Dislrl¢l & Connexional assessmenls 16,284 16,284 26,651 2,630 32 24,532 1,939 26,657 2,63Q District Advanc8 Fund leNy Bèn8wJ18nl fiJnd payments 32 Support costs & govwnan¢o Offic8. communittalions & othercosts 10,432 10,432 339 13, T90 13,790 Inte51 and charg05 339 432 432 Accountancy & legal frè5 8,467 102.035 8,467 102,035 9,415 153.405 9,415 11,182 764,58T Grants to Clrcult Churche5 are analyspd as.. All Churche5 in Salford Circuit- toward5 eneoy tosls 12.000 12,000 Wesley Mplhodi$l Chur¢h- r8fiJrbishment Monlon M81hodist Chutth- hall turbI$hmnt 10,OOG 8.000 Monton Melhodisl Church- warrn spac85 2,000 The Height Melhodlst Church- towards meclia pr48clor Emmaniiel Church LEP - towards craft and chal grDUP 2,000 2,000 Emmanuel Church LEP - towards signage 870 13,985 36.000 Grants to Other bodl95 aro analy5Bd os.. M8lhodist Church Pension Rese2 Fund Irefundl Other 53.785 100 53,685
8ALFORD MEfHODI8T CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 81 AUGUST 2024 8 NET INCOMING RESOURCES AFTER TRANSFERS This is slated arter chargingllcredilingl.. ounlanvlndependenl examin8rfs fees Report Depreciation 2024 2023 700 70Q 6,190 6. 190 g STAFF INFORMATION 2024 2023 a Staff costs Stipends and salaries Employer'5 Pension contributions Employer's Nl conlribulions 56,002 8,316 4,057 68,375 42,586 7,322 3,389 53.297 ) staff m9mber was paid more than £60,000 p.a. in either year. b Kay managerypnt per50nnal Th8 kay management of the charty comprise th8 trustees, which includes thè ordain8d members ol staff who are 9x officio Tnember5 of tho Circuit heting bul do nDI recèivè any payment specificdly for acting as Irustsès. The other Iru51ees do not r8cewe any remuneration for Iheir service5. The lolal remuneration benefits of the key management Stipends 43,130 39,963 c Average staff numbers Th8 avgra9@ number ol eMberS ol staff was 35 follows:. 2024 Av9ra99 number 2023 Avgragg nurrQJer Ordained 51aff lofficg hold9rs not empbyee51 Lay employees 16
SALFORD MEfHODISTCIRCUIT NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10 TANGIBLE FIXED NSSETS Long lea*hold PropÈrti•s Freehold land & buildlngs Total Cost As al Saplember 12023 200.000 485,745 685.745 A5 alAugusl 312024 200,000 485.745 685,745 DepreGiatlon s al September 12023 Charge lor the year 11,997 1,333 43,713 4,857 55,710 6,190 As al Augusl 312024 13,330 48,570 61,900 NÈt book value A5 al Allgus1312024 186.670 437.175 623,845 s al August 312023 788.003 442,032 630.035 11 FIXED pss INVESTMENTS 2024 2023 rkel Wdlue brought forward Income distributed 662 662 10 rkel value carried forward 672 662 Investments at fair value comprise.. Cash held wilhin inveslmenl porttolio 672 662 672 662 Unrestriclod funds Restricted funds EndowThnt funds 2024 2023 2024 2023 2024 2023 rket value broughtforward Income distributed 662 662 10 dillons al ¢osl Di5P05als al carrying value Reclassrficalion Current setS Nel gainlllossl on revaluation brk8t valu8 Carried forward 672 662 17
8ALFORD MEfHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 12 DEBTORS come receivable 1,116 15,151 16,857 Prepayments & olhar debtors 11,601 11,601 2024 2023 13 CURRENT ASSET INVESTMENTS Property transferred from othèr Managing Trustees Unre81ised gain on revaluation PropBrty held for resale 418,900 202.500 216,400 2024 2023 14 CREDITORS falling due within one ypar Assessments in advance 24,291 s.000 2.195 31,485 20,622 17,705 Other creditor5 Creditors & a¢¢ruals 3,050 41.377 58ssments brought forward weré rèléased in the year. The amounts r8laling lo subsequent ac¢ounting periods are deferred in line with the accounting policy. Funds in Irusl are rnonle5 collected by Circuit church for knblhodisl funds and not remitted al tho year end. They arg analys8d as follows.. World Total World Total Mlssion other 2024 Mlsslon other 2023 Brought lomard Rec8ivèd in the year Paid over 404 580 9B4 581 791 1,173 fl,173) 4D41 15801 19841 (3811 (791) Carried forward 18
SALFORD MEfHODI8T CIRCUIT NOTES TO THE FINAIICIAL 8TATEMENT8 FOR THE YEAR ENDEO 31 AUGUST 2024 15 STATEMENT OF FUNDS 19
SALFORD MEfHOD18T CIRcurr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 16 NLYSIs OF NET AS5ET5 BETWEEN FUNDS Fund balances at August 312024 are represented by.- Unraslrlcted Restricted End0nt Funds Funds Funds Total Tangible fixed assets Fixed a55el investmenls 623,845 623,845 672 672 Net current assels 584,834 1,208,679 2.879 2,879 5B7,713 1,212,230 672 Fund balancos al August 3121J23 ar8 rapras8nt8d by'.- Tangible fixed assets Fixed asset imieslmenls 630,035 630,035 662 662 Nel current assets 430,629 1,060.664 2,877 2,877 433,506 1.064,203 662 17 FINPNCIAL INSTRUMENTS The carrying amounts fDr each calegory ol financial instrument 15 as follow5.. 2024 2023 Flnanclal assets that arè inv&slmenls measured al fair valug 672 662 Ihat are debt inslrumenls measurad al amortlS8d c051 619.198 198,483 Finanelal Ilabilities rneasured al amorti5ed cost 131.4851 (4Y,377J Financial as5e15 measur8d al amortised c051 comprise.. cash al bank and in hand.. income r@¢eivable and other debtors., and prepaymÉnls. Financial liabilities measured al amortised cost comprisè.. Irado creditors.. other laxe5 and social s@curily,' accrua15', and deferred income. 18 TUATION The Circuit is a registered Charity and is enliued lo claim annual exempbon from UK Corporation lax. 19 CPITAL COMMITMENTS There wèr& no capital commitments authoris8d and contacted for al the end of the year12023 £Nill. 20 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOWFROM OPERATING ACTll4lTIES 2024 2023 Nel incomellexpendilurel before Iransfers Deducvladdl gain51llossesl on investments Deducvladdl gainsllloss851 on sale of inveslm8nts dd back deprgcialion on fixed assets Daducl transfer in ol non cash asset Iproperiyl Deduct intere51 income shown in investin9 activities Deduct profivadd back losses on disposals of FA Decreasellincreasel in debtors Increaselldecreasel in creditors Ngt cash generated fronSlu5ed inl DPBrating actlvltie5 148.027 (212.032J 202,500 196,6321 6,190 6,190 117,0961 f4,510J 5.266 3,4TI 4,137 9.992 35.864 20
SALFORD MEfHODI8T CIRCUIT NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 81 AUGUST 2024 21 RELATED PARTY TRANSACTIONS Stipends and alk)wan¢es lor presbyiers and deacons loolleclively known as minislersl are sel oui annually by Ihe Vethodisl Confererice, and the Circuit is responsible for meeting those ¢osts for all Ministers appointed annually by the Conference 10 Serve the CircuiL The Rev J Palm8r Mnisler received tha basic stipend £29.040 12022123 £28,928) the Conexionally agreed addilional Superinl@ndenl's allowance of £2.904 12002123 - £2.6921, the computer allowance £19412022123 £1761 and wa5 provirled with INiing accommodation In 2023124 and 202W23. 21