2022-08-31-accounts

REGISTERED CHARITY NUMBER: 1150295

Report of the Trustees and

Financial Statements

for the Year Ended 31 August 2022

for

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Contents of the Financial Statements FOR THE YEAR ENDED 31 AUGUST 2022

		Page
Reference and Administrative Details		1
Report of the Trustees	2	to	12
Report of the Independent Auditors	13	to	16
Statement of Financial Activities	17	to	18
Balance Sheet		19
Cash Flow Statement		20
Notes to the Cash Flow Statement		21
Notes to the Financial Statements	22	to	43
Appendix		44

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Reference and Administrative Details FOR THE YEAR ENDED 31 AUGUST 2022

TRUSTEES	See Appendix
PRINCIPAL ADDRESS	Churchways Avenue
	Horfield
	Bristol
	BS7 8SN
REGISTERED CHARITY	1150295
NUMBER
INDEPENDENT AUDITORS	Haines Watts Partnership (Bristol) Limited
	Bath House
	6-8 Bath Street
	Bristol
	BS1 6HL

Page 1

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

This Trustees' report with the financial statements for the charity gives us that overview for the year ended 31 August 2022 and shows how we have grasped opportunities and faced challenges in order to use the resources of the circuit in response to our calling, to enable worship, learning, evangelism and caring service to occur across the Circuit. The same is presented in compliance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charitable objectives of the Bristol and South Gloucestershire Circuit of the Methodist Church (hereto referred as 'B&SGC') are to fulfil its calling, which is to respond to the gospel of God's love in Christ and to live out its discipleship in worship and mission.

The B&SGC, in the Bristol Methodist District, is part of the British Methodist Church and its activities covered in these reports and accounts fall within the work of the Methodist Church in Great Britain ("The Methodist Church") which are directly linked to its aims:

• Worship : to increase awareness of God's presence and to celebrate God's love;

• Learning and Caring - to help people to learn and grow as Christians, through mutual support and care;

• Service: supporting community development and action for justice, especially among the most deprived and poor -

• in Britain and worldwide; and

• Evangelism: developing confidence in evangelism and in the capacity to speak of God and faith in ways that make

• sense to all involved.

Public benefit

The B&SGC is a charity that meets the public benefit guidance published by the Charity Commission under section 17 of the Charities Act 2011. This guidance sets out two key principles: (a) The organisation must have an identifiable benefit. (b) The benefit must be to the public or a section of the public.

In line with these provisions, the B&SGC provides public benefit through the achievement of the two objectives and the effective undertaking of activities in support of the Circuit's network of 38 local churches, halls and manses and about 10 Presbyters, 1 Methodist Deacon and other lay workers. This network offers spiritual, pastoral and practical care for all, whether they are Christian or not, who wish to engage with matters of faith and community care and action in a Christian context. In addition, the Circuit acts as an umbrella resource body for the 38 local churches, organisations and committees.

Grantmaking

• The Circuit will consider grant applications for projects which meet both the mission policy of the local church making the application, and the mission policy of the Circuit.

• To affectively target District & Connexional grants.

• If a grant is not claimed after 24 months, there must be an annual review, to avoid circuit resources being tied up.

• To ensure that payments are not made for purposes which conflict with the purposes of the Methodist Church or Circuit Policy.

• Generally, Circuit grants would be restricted to a maximum of 50% of the cost of any project, regardless as to whether other Methodist funding is being sought or not.

• A Covid-19 recovery grant was made available to churches that met the policy criteria.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTIVES AND ACTIVITIES

Volunteers

Without the support of volunteers across the Circuit, the Circuit would simply be unable to live out its calling to respond to the Gospel of God's love in Christ. Specifically, in relation to the activities covered in this report, we are immensely grateful for all the volunteers who serve on a whole range of Circuit Committees, Our calling groups, working groups, and other bodies that support the life of the circuit. The Trustees would like also to acknowledge the work carried out across the circuit by Ministers, Local Preachers, Worship Leaders and Circuit Staff for the work they do supporting and running the circuit, as well as in all of its congregations in leading worship, providing pastoral care and maintaining church premises.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

ACHIEVEMENT AND PERFORMANCE Charitable activities

Our experience together in the year under review, though much of that took place online, certainly brought unexpected challenges. The Trustees continued to conduct business, exercise trustee responsibilities, and carry out administration, pastoral care, worship, mission and ministry online at all levels. The Circuit adapted its ways of operating applied new technologies and convened its meetings without travel. It worked efficiently with attention to the need for improved communication and ministry, in a time of relative isolation. We report below on some of the specific activities of the life and work of the B&SGC.

Worship Opportunities

Worship opportunities were provided by the Worship Our Calling Group. The aim of the Circuit is to proclaim the love of God in Jesus Christ in word and deed. A main strategy to achieve that aim is the provision of public worship in viable congregations across Bristol and South Gloucestershire.

Local churches have learnt to worship with the mandatory requirements for mask wearing and social distancing, making at times very limited opportunity for face-to-face fellowship. Our Churches have reopened since September 2021, worship has been delivered in creative and innovative ways and outreach to the wider worldwide community has never been stronger because of our increased online presence.

Throughout this period, the Circuit has continued to support the increasing social needs within our communities with food banks, outreach support, and, at times, vaccination centres. Undoubtedly the adoption of technology over the last eighteen months has been one of the biggest changes for the Church. Technology is now used in all aspects of Church life, from worship, to fellowship, to governance practices, from Circuit meetings on-line to Committees and Organisations.

Worship also takes new forms through the 'Pioneering' initiative offering Christian worship, teaching, fellowship and service in non-traditional venues and styles. We have a number of 'pioneer lay workers', developing pastoral and worshipping communities outside the usual frameworks of church tradition and habit.

Operations of the Circuit

The administrative staff of the charity continued to work from home until after September 2021 when they moved to a hybrid and office working. The Circuit Meeting, the Leadership Team, the Resources Group and other committees and organisations met virtually and later in person and have, to a large extent, been able to conduct their business as usual.

Ecumenical and Interfaith Work

The Circuit's ecumenical and interfaith work continued to be largely online during most of 2021-2022, although there were a small number of in-person ecumenical meetings. In a few instances, worship is carried out in partnership with ecumenical colleagues, particularly the United Reformed Church and the Church of England with whom we have 7 shared congregations. In the main though, online was the default option not only for committee work and training courses but also for large circuit events.

Impact of Covid-19 Control Measures

The Covid-19 pandemic continued to challenge Church life in 2021-2022, however many churches have settled into their ways of providing worship online with some managing in-person worship during the periods when lockdown restrictions were eased. The many committees of the Circuit continued to conduct their business via Zoom and other online platforms. Most of the committees are looking to a hybrid of online in-person meetings going forward as this not only saves time and money but is also a more climate friendly way of meeting. By September 2021 Churches had started to reopen for worship. Some of them chose to continue on Zoom as well in person. Churches did not close for the 2-week fire stop as per government guidelines. However, Church activities have been slow to come back and some have suffered reduced income and membership as many members continued to shield.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

Early 2021 saw the resumption of lockdown restrictions due to Covid-19. A good number of churches rely on lettings of church buildings for a substantial portion of their income. This loss of income meant that the local churches' ability to make regular payments into the assessments which enables the payment of Ministers' stipends fund has been drastically impacted. Despite this, the drop in income was not as severe as initially expected as people began to give through standing orders and the Trustees are extremely grateful for the efforts of all involved to keep this giving at a level which allowed the Church to still function effectively.

With the end of lockdown, the coming year will help us assess the longer-term consequences for the financial stability of assessments. The full impact of the lockdowns will not be known for a year or two. However, it is expected that the B&SGC will be able to continue to operate and largely carry out its charitable aims. Many churches have adapted to having virtual and hybrid services which have, in some cases, enabled people previously unable to attend church in person to feel part of the church community again.

Covid-19 Recovery Grants continued to be offered to churches and service organisations struggling with raising their assessments and finances.

Ministers, Local Preachers and Worship Leaders continued to provide socially-distanced worship in person and on-line.

The Methodist Way of Life

Earlier, before 2021, the Circuit launched the Methodist Way of Life - revisiting our Methodist roots and way of life, an emphasis on personal and corporate discipleship. It offers a framework within which much of the Circuit's planning takes place and includes Holy Habits which are all intended to assist growth in discipleship practices. Alongside this, preaching of the Gospel, pastoral care for, and building up of, communities by ministers, local preachers, stewards, pastoral teams, and Church members continued to operate safely. Local churches were encouraged to implement the ideals of a Methodist Way of Life: which is a spiritual practice.

MAP

During the year 2021-2022, work on formulating the Circuit Mission Action Plan (MAP) to set the priorities for the Circuit's work continued and local churches began to play an active role setting their own priorities for mission and worship.

Eco-Circuit

The Circuit continually looks for ways of reducing its carbon footprint and actively recycles wherever possible. It also encourages individual churches to be as 'green' as possible and promotes the Eco-Church award scheme. A carbon emissions figure is being collated at District and Circuit calculated for the central functions of the church based on electricity usage, car and air miles travelled by officers and staff in order to bring awareness.

Marriage and Relationships

Following conversations and approval of the Methodist Marriage and Relationship report by the Methodist Conference June 2021, one of our churches in the Circuit, Speedwell Methodist Church, closed as members of the church left in protest.

Ark Team

The pioneering project, the Ark continued engagement with the community and hosted a pioneering day at Badminton Methodist Church.

The Haven Project was approved as a Circuit project.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

Bristol Methodist Centre

The Centre continued to provide 'take away' service at the door for the homeless in our city, as it was not fully open due to the pandemic. In the course of the year, the Centre reopened continuing its operations with social distancing in place. The BMC Centre is experiencing serious financial challenges and was underwritten by the Circuit during the year. The Circuit is exploring various options moving forward.

Work-Place Chaplain

As the pandemic restrictions were beginning to ease, the Work-place Chaplain was able to offer to resume offering socially distanced chaplaincy to prisons, Avon Fire & Rescue, Airbus, Rolls Royce, etc socially distanced. 'Walk and Talk' sessions in the open air, and on-line meditation sessions were offered.

Faithspace in Redcliffe

The food bank continued to operate and the Circuit worker was able to provide support to community groups and individuals.

Assessment

The Circuit worked on a new method to calculate assessments. With lockdown this year, it has been more important than ever that pledged giving is made by standing order in our local churches rather than having to rely on cash in the plate. This is operating effectively in all of our local churches.

Stationing of Ministers

In the year under review, four Presbyters and a Deacon left the Circuit; Reverend N Headley (Superintendent), Reverend R Howard, Reverend C Brown and Reverend D Willis. Staffing of ministerial staff is to be reduced to nine. Appointment of new Superintendent Minister, Reverend Professor Teddy Kalongo was made in September 2022.

Closure of Churches

During the year, 5 churches closed, namely:

• Hawkesbury Upton (Easter 2022)

• Eden Grove (July 022)

• Summerhill (July 2022)

• Eastville (July 2022)

• Totterdown Worship Premises (August 2022)

FINANCIAL REVIEW

Financial position

During the year under review, the Circuit received total income of £3,066,262 and disbursed £1,800,638, Income includes properties passed to the Circuit on closure with a fair value of £1,759,315. The excess of income over expenditure of £1,807,511 was increased by gains on investments of £651,969 to produce an overall surplus of £2,459,480. Total funds carried forward are £14,690,726.

The Trustees of the Circuit have every reason to believe that the Circuit is a going concern, principally because local churches are struggling to continue to meet their assessments but the Circuit has adequate reserves to cover any shortfall in anticipated income. There are no subsidiary undertakings.

Covid-19 has had an effect generally on the financial position within the Circuit but given the large reserves of the Circuit, the Trustees do not foresee any factors that will significantly affect the financial performance or position in the next five years following the forecast study.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL REVIEW

Principal funding sources

The Circuit has the following principal sources of funds:

• Assessments on Churches within the Circuit

• Grants

• Property rental

• Donations

These sums are used to administer the Circuit and to provide grants to Churches and individuals in the Circuit so that they may embark on or continue with projects that fulfil the mission of the Circuit by bringing more people to Christ or by providing facilities that might enable this to happen.

Methodist Ministers' Pension Fund

The Trustees are aware that the Methodist Ministers' Pension Scheme at Connexional level is treated as a group defined benefit plan. The net defined benefit cost is recognised by the sponsoring entity, the Methodist Church in Great Britain, as there is no contractual agreement or stated policy for charging the net defined benefit cost to individual entities, such as the B&SGC. The Circuit recognises a cost equal to its contributions payable for the period. Further details in respect of these pension arrangements are disclosed in the accounts of The Methodist Church in Great Britain. However, following the recent pension fund valuation, Connexion sought voluntary contributions from all Districts, Circuits and Churches to build up the Pension Reserve Fund. After due consideration the Trustees of the B&SGC agreed to contribute £ to the Connexional Pension Reserve Fund.

Social investments and Financial investments are held either by Trustees for Methodist Church Purposes, TMCP, or by the Methodist Church Central Finance Board. Investment properties such as surplus manses are sometimes rented at best value rent rather than market value if there is a case of need or hardship.

Investment policy and objectives

In compliance with Methodist Standing Orders, monies for long term investment are lodged with the Trustees for Methodist Church Purposes (TMCP). TMCP acts as custodian trustee for all real estate held by Circuits and for all large (over £20K) bequests and for the proceeds of sale of any property formerly owned by the Circuit. These sums are invested in unitised investments or held on deposit. The investment returns are close to tracking the movements in the FTSE 100 index. The deposit income mirrors the deposit rates elsewhere.

The Circuit's investment policy is aligned with that of the Central Finance Board (CFB) and TMCP because these organisations take into consideration the social, environmental and ethical considerations, both negatively and positively, that make investments suitable to the Methodist Church. Short term deposits are lodged directly with the CFB and attract good rates of interest. There are no benchmarks for the expected returns or appreciation on investments at TMCP and CFB. It is the Circuit's policy to manage the cash and investment resources of the Circuit so that a rate of return on investment, both by way of dividend and capital appreciation, is obtained at least as good as market rate considering the Circuit's low appetite for risk.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL REVIEW

Reserves policy

General Fund

Circuit policy is to maintain a balance in the General Fund (free reserves), which is equivalent to at least one third of the annual resources expended as shown in the Statement of Financial Activities excluding grants, letting professional fees, MTF levy and repairs on let properties in the Circuit's most recent audited accounts.

This equates to approximately £373,000 based on the General Fund resources expended per the accounts. At the year end, free reserves were £299,287. The trustees are discussing how to bring the reserves in line with the reserves policy.

Property Funds

The balance held in the property Funds represent the value of various properties owned by the Circuit. If properties are sold, the net proceeds of sale will be transferred to the Model Trust Fund and will be used as directed by the Circuit Meeting. As part of the Circuit Reserves policy the Circuit continued to rent seven manses on short hold tenancies.

Model Trust Fund

The balance held in the Circuit's Model Trust is largely designated for expenditure on various projects approved by the Circuit Meeting. The authority of the Circuit Meeting will be required to fund expenditure from the balance not currently designated.

Going concern

The trustees consider that the Circuit will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved as the circuit holds sufficient reserves.

The trustees therefore consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in note 1 to the financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The governing document for the Circuit is the Deed of Union (1932) and Methodist Church Act (1976). Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by order of the annual conference (CPD). Day to day management of the Circuit is undertaken by the Circuit Stewards along with the Circuit Leadership Team and the Circuit Resource Committee.

Charity constitution

The Circuit Meeting is the Managing Trustees for the Circuit and is constituted to Methodist Standing Order 500-584 (Constitutional Practice and Disciple of The Methodist Church). Recruitment and appointment of new Trustees Ministerial appointments are made annually by The Methodist Conference and are Trustees. Three Lay Appointments to the Circuit Meeting are elected by local churches: the Treasurer, a Church Steward and one other. In addition, the following are appointed as circuit officers:

• Circuit Stewards,

• Lay Employees,

• Circuit Treasurer and

• other voluntary workers within the Circuit with specific responsibilities.

Recruitment and appointment of new trustees

Ministerial appointments are made annually by The Methodist Conference and are trustees.

Three Lay Appointments to the Circuit Meeting are elected by local churches: the Treasurer, a Church Steward and one other. In addition, the following are appointed as circuit officers: Circuit Stewards, Lay Employees, Circuit Treasurer and other voluntary workers within the Circuit with specific responsibilities.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Bristol and South Gloucestershire Methodist Circuit was formed in 2008 and covers both the City of Bristol and the South Gloucestershire Local Authorities. The structure for the current year was headed up with a Circuit Meeting chaired by the Superintendent of the Circuit, to which 3 members of each church, the Treasurer, a Church Steward and one other were appointed. In addition, the following were appointed:

• Circuit Presbyters,

• Circuit Stewards,

• Lay employees and other, voluntary, workers within the Circuit with specific responsibilities.

All members of the Circuit Meeting are Managing Trustees of the Circuit.

The Circuit Leadership Team also met during the year under review to make recommendations to the Circuit Meeting for its approval or rejection.

The Circuit paid staff consists of 10 Presbyters, 1 Authorised Minister and 1 Methodist Deacon. The Circuit has 7 Local Ecumenical Partnerships (2 of which are paid), 6 Lay employees in Mission and 4 office staff, 3 other workers and 8 support workers (BMC).

The purposes of the Methodist Church are, and shall be deemed to have been since the date of union the advancement of:

(a) The Christian faith in accordance with the doctrinal standards and the discipline of the Methodist Church: (b) Any charitable purpose for the time being of any connexional, district, circuit, local or other organisation of the Methodist Church:

(c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to the Methodist Church: Any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church.

The Resources Group:

The B&SGC has a Resources Group to advise and assist the Leadership Team and Trustees in the oversight of financial and property reporting: putting in place systems of internal control and risk management and processes related to these systems. The principal requirements of the remit are to oversee the financial, property and other relevant reporting processes implemented by circuit Meeting, to consider the integrity of the annual accounts, and accounting policies, to keep under review the adequacy and effectiveness of internal financial controls and procedures, to oversee the relationship with the external auditors, and to review procedures established by management for detecting fraud.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Key management remuneration

Remuneration of key management personnel is set in the same way as that of other equivalent staff in the church. All presbyters are paid the same basic stipend through the Connexion (enabled by local churches paying into the assessment system), the level of which is recommended annually by a Methodist Conference having regard to external data on pay and cost inflation, reviewed by Finance committee and confirmed by the Methodist Church connexionally. The pay of lay staff is assessed when a post is created, by a Resources Group and the Leadership Team having regard to comparable posts in the charity sector and among Church bodies in particular; it is reviewed and confirmed by the Circuit Meeting, which decides annual cost of living increases. Any reassessment of a post's remuneration is by the same process.

Employees

There is a commitment by the B&SGC to employment policies which follow best practice, based on equal opportunities for all employees, irrespective of gender, gender reassignment, sexual orientation, religious beliefs, colour, ethnic or national origin, age, marital status or disability. In respect of disabled persons, therefore, it seeks to eradicate less favourable treatment by endeavouring to identify and remove barriers to participation in employment, training, promotion, leadership and representation on church committees. Employees are provided with information on matters of concern to them, and the Church consults them regularly, so that their views can be taken into account when making decisions likely to affect their interests. Employee involvement is encouraged, for example by employee participation in circuit staff meetings, as achieving a common awareness of the charity's priorities and of the financial and economic factors affecting it plays a major role in maintaining its performance.

Circuit Policies

During the year, we agreed to update our Data Protection Policies to be fully audit compliant and implement a brand-new Privacy Notice to satisfy and improve our UK GDPR and Data Protection obligations. It was also agreed that all Circuit policies be reviewed and updated where required in the next connexion year. Data Protection refresher training be rolled out to all members and increase data protection awareness throughout the Circuit team and to Church members.

Related and connected parties

The Circuit works closely with The Bristol Methodist District, the Regional Learning Network and John Wesley's Chapel ('The New Room'). The Circuit is a member of Churches Together in Greater Bristol, and also works with the United Reform Church, Anglican Diocese, and Connexional Methodist Church. None of the above are considered related parties.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Principal Risks and Uncertainties

The area of Risk Management is now part of the focus of the Superintendent, the Leadership Team and the Resources Group. The Trustees, through the Superintendent and the Leadership Team, continue to review the approaches to Risk and Resilience but are of the opinion that the majority of the principal risks highlighted in previous Annual Reports remain. The ability of the Circuit to address its challenges is probably the key risk. These exist at Circuit level, at local Church level and within congregational groups, committees and partnerships.

• Whilst there were no safeguarding incidents that needed referring to LADO/Police/Charity Commission during this period, we still continue to regularly monitor one Safeguarding Contract in place at both local and circuit level. The Circuit continues to take safeguarding of children and adults at risk is seen as a key responsibility of the Circuit and local churches; holding an annual training session for all church safeguarding officers. DBS/PVG checks are mandatory for all active ministers and key officers including all who work with children.

• There is an ongoing funding risk for The Methodist Centre project, provision has been made for any deficit to be covered by the Circuit, if grant funding cannot be sourced.

• The Trustees have assessed the major risks to which the Circuit is exposed, in particular those related to the operations and finances of the Circuit, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Some of these major risks are considered to be Covid-19, future income - Church Assessments, controls on payments, safeguarding, Circuit property, employees and ministerial staff.

• Plans are in place to mitigate these risks and the Circuit are in the process of collating an official risk register to be reviewed on a regular basis.

• The Trustees continue to consider the impact that the Covid-19 pandemic will have on the Circuit's current and future financial position.

• A material risk can be seen in changes to membership. The falling number of members - at least at a formal level - has two principal impacts for trust governance: an income which is likely to continue to decrease and a reduction in the number of individuals able to take a leadership role at all levels. Following MAP, the Trustees have been exercising greater financial control over expenditure and determining the best ways of approaching connection with the Under 40s and New Ways of Church as part of Circuit Mission Action Plan (MAP).

• The Trustees remain ever mindful of the number of congregations who are struggling financially or who simply do not have enough members to function.

• Key to the Trustees' objectives beyond 2022 has to be the recruitment of more church members and people into the ordained ministry of the church, as the demographics in terms of retirement numbers for ministers remains a key area of concern.

• IT provision and Information Security: Whilst considerable work has been ongoing in relation to IT provision over the last year, continued vigilance remains over the issues of IT provision within the Circuit, particularly due to the reliance that the organisation now has in terms of on-line operations and the increased threats emerging from cyber criminals. The Church is also mindful of potential Information Security issues which may present. The Trustees' focus remains on moving forwards with the Circuit's IT provision and on ensuring adequate provision is in place in respect of Information Security arrangements.

• E-mail roll out to office holders within the Circuit has continued through the year, as have improvements and enhancements to our security systems.

• Whilst Covid-19 presented as a new risk in 2020, the Circuit's ability to operate alongside the virus has vastly improved over the last twelve months. The impact that the pandemic has had on the work and finances of the Circuit and her local churches continues to be monitored.

• As with all other organisations, the Trustees are increasingly focused on the wellbeing of our ministers, staff and committee members. In the last year significant focus and resources have been and will continue to be made available during this time to support the mental, physical and spiritual health of all as we continue to work under these difficult circumstances.

• The Trustees are mindful that the Methodist Conference 2020 set a highly ambitious target in instructing the use of the "Net Zero by 2030" framework to develop plans and activities for the Church to work towards meeting this ambition. The Circuit has an extensive and aging building stock, itself an area of considerable work for congregations and the Trustees. Work, therefore, will be commencing in 2023 to establish a road map on following the instruction from the Methodist Conference.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

• Reputational matters are taken very seriously and the Circuit has a process in place whereby anyone concerned that a matter may receive unfavourable publicity refers that matter to the communications department of the Methodist Church in London and Church solicitors at TMCP who will advise on its handling or, if the matter is particularly sensitive, will handle it directly. The Secretary of Conference should always be made aware of all issues and will intervene personally if appropriate.

At the height of Covid-19, someone once said: "Whilst we kept a physical distance from one another during the pandemic, we were able to touch one another's heart. Whilst there was less travel for a long time, our hearts remained united as a Christian community, living and serving together in faith, hope and love."

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

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

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

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

Approved by order of the board of trustees on 29 June 2023 and signed on its behalf by:

Reverend Professor T Kalongo – Superintendent Minister

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Report of the Independent Auditors to the Trustees of Bristol and South Gloucestershire Circuit of the Methodist Church

Opinion

We have audited the financial statements of Bristol and South Gloucestershire Circuit of the Methodist Church (the 'charity') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

• In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Page 13

Report of the Independent Auditors to the Trustees of Bristol and South Gloucestershire Circuit of the Methodist Church

Matters on which we are required to report by exception

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

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

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

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

Responsibilities of trustees

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

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

Page 14

Report of the Independent Auditors to the Trustees of Bristol and South Gloucestershire Circuit of the Methodist Church

Our responsibilities for the audit of the financial statements

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

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

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

(i) We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined the following laws and regulations of most significance were: Charity SORP 2019 and UK GAAP.

(ii) We obtained an understanding of how the charity complies with those legal and regulatory frameworks by making inquiries of management. We corroborated our enquiries through our review of board minutes and other relevant meeting minutes.

(iii) We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

• identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud;

• understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

• challenging assumptions and judgements made by management in its significant accounting estimates;

• identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

• and assessing the extent of compliance with the relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Page 15

Report of the Independent Auditors to the Trustees of Bristol and South Gloucestershire Circuit of the Methodist Church

Use of our report

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

Haines Watts Partnership (Bristol) Limited Bath House 6-8 Bath Street Bristol BS1 6HL

29 June 2023

Page 16

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Statement of Financial Activities FOR THE YEAR ENDED 31 AUGUST 2022

Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 3,488 Charitable activities 5 Management of the Circuit 881,201 Other trading activities 3 - Investment income 4 112,367 Other income 6 1,677,492 Total 2,674,548 EXPENDITURE ON Raising funds Investment management costs 16,651 16,651 Charitable activities 7 Management of the Circuit 1,402,045 Bristol Methodist Centre - Total 1,418,696 Net gains/(losses) on investments 555,859 NET INCOME/(EXPENDITURE) 1,811,711 Transfers between funds 26 (215,500) Other recognised gains/(losses) Gains on revaluation of fixed assets 651,969 Net movement in funds 2,248,180 RECONCILIATION OF FUNDS Total funds brought forward 10,725,290	Circuit Model Trust Fund £ - - - 3,237 176,315 179,552 - - 199,920 - 199,920 (6,174) (26,542) 179,000 - 152,458 146,756	Restricted funds £ 211,259 - - 872 31 212,162 - - - 182,022 182,022 (7,798) 22,342 36,500 - 58,842 1,359,200	2022 Total funds £ 214,747 881,201 - 116,476 1,853,838 3,066,262 16,651 16,651 1,601,965 182,022 1,800,638 541,887 1,807,511 - 651,969 2,459,480 12,231,246	2021 Total funds £ 144,469 874,414 1,166 127,608 336,612
				1,484,269
				15,302
				15,302 1,108,160 185,090
				1,308,552
				317,904
				493,621 - 394,630
				888,251 11,342,995

The notes form part of these financial statements

Page 17

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Statement of Financial Activities FOR THE YEAR ENDED 31 AUGUST 2022

Unrestricted funds Notes £ TOTAL FUNDS CARRIED FORWARD 12,973,470	Circuit Model Trust Fund £ 299,214	Restricted funds £ 1,418,042	2022 Total funds £ 14,690,726	2021 Total funds £
				12,231,246

The notes form part of these financial statements

Page 18

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Balance Sheet 31 AUGUST 2022

Notes FIXED ASSETS Tangible assets 17 Investments Investments 18 Investment property 19 Social investments 20 CURRENT ASSETS Debtors: amounts falling due within one year 21 Investments 22 Cash at bank 23 CREDITORS Amounts falling due within one year 24 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 26 Unrestricted funds Restricted funds TOTAL FUNDS	2022 £ 6,871,926 128,129 6,415,829 35,000 13,450,884 160,305 404,898 916,273 1,481,476 (241,634) 1,239,842 14,690,726 14,690,726 13,272,684 1,418,042 14,690,726	2021 £ 7,162,478 142,101 4,273,130 35,000 11,612,709 124,028 - 749,609 873,637 (255,100) 618,537 12,231,246 12,231,246 10,872,046 1,359,200 12,231,246

The financial statements were approved by the Board of Trustees and authorised for issue on 29 June 2023 and were signed on its behalf by:

.

Reverend Professor T Kalongo – Superintendent Minister

The notes form part of these financial statements

Page 19

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Cash Flow Statement FOR THE YEAR ENDED 31 AUGUST 2022

Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Charitable loan Sale of investment property Investment income Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2022 £ (255,864) (255,864) - 306,052 116,476 422,528 166,664 749,609 916,273	2021 £ (382,984) (382,984) (35,000) - 127,608 92,608 (290,376) 1,039,985 749,609

The notes form part of these financial statements

Page 20

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 AUGUST 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 £ Net income for the reporting period (as per the Statement of Financial Activities) 1,807,511 Adjustments for: Depreciation charges 30,251 Investment income (116,476) Revaluation of investment properties (555,859) Revaluation of investment assets 13,972 Capital receipts - transfer of property (1,759,315) CPF levies 373,795 (Increase)/decrease in debtors (36,277) Decrease in creditors (13,466) Net cash used in operations (255,864) 2. ANALYSIS OF CHANGES IN NET FUNDS At 1.9.21 Cash flow £ £ Net cash Cash at bank 749,609 166,664 749,609 166,664 Liquid resources Deposits included in cash - - Current asset investments - 404,898 - 404,898 Total 749,609 **571,562 **

2021 £ 493,621 30,251 (127,608) (303,130) (14,774) (300,000) - 225,616 (386,960) (382,984) At 31.8.22 £ 916,273 916,273 - 404,898 404,898 1,321,171

The notes form part of these financial statements

Page 21

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Critical accounting judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Freehold property shown at fair value. Investment property shown at fair value.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Property valuation provided by the surveyor at 31August 2020 is reasonable, subject to adjustments made.

The application of Land Registry indices for property price movements in respective local authorities is appropriate to the location of the individual properties.

Income

Income is brought into account when there is entitlement and the amount is reliably measurable once it is more than likely than not that the economic benefit of the income will be forthcoming.

Assessment income is accounted for in the period to which it relates, on an accruals basis. Where income is received in advance it is deferred to the next period.

Individual amounts categorised as Other Income in the SOFA will be shown separately if they are considered material.

Where the Circuit acts as agent in the collection from churches and payment over of their contributions to various funds controlled and administered by The Methodist Church -'Connexional Funds', the transactions are not reflected in the SOFA because they are the income of either the Connexion or churches, as appropriate.

continued...

Page 22

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES - continued

Income

In accordance with the charities SORP (FRS102), the time of volunteers is not recognised. Further information on this matter is provided in the Trustees' Annual Report. If goods are donated, a value will be shown in the financial statements where the value is considered material.

Grants

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable, where all conditions associated with the grant have been met. Where conditions exist which remain unsatisfied, the grant is treated as a liability until the conditions have been substantially met.

Expenditure

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

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs comprise all costs involved in the public accountability of the charity and its compliance with regulation and good practice.

Tangible fixed assets

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

Improvements to property	-	10% on cost
Fixtures, fittings and equipment	-	33% on cost
Motor vehicles	-	33% on cost

The freehold property (with the exception of the Bristol Methodist Centre) is shown in the accounts at its fair value. The Bristol Methodist Centre property is considered different in nature to the other properties and the SORP guidance, paragraph 12.14, on treatment of specialist buildings has been applied. The Centre is valued at the deemed cost at donation to the Circuit in 2015. The cost of improvements have been capitalised and the property has not been revalued.

No depreciation is provided for on the fixed asset properties (with the exception of improvements to the Methodist Centre which is depreciated as shown above) as the trustees consider the current residual fair value of the buildings to be not less than its current value. Any depreciation would not be material. The properties have been reviewed for impairment.

The properties included in tangible fixed assets are revalued annually based on periodic professional valuations as adjusted by the trustees using suitable indices in the intervening periods. Unrealised gains on revaluation are taken to the Revaluation Reserve in accordance with the SORP (FRS 102).

continued...

Page 23

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES - continued

Investment property

Properties are recognised as investment properties when they are no longer required as manses. Investment properties are revalued annually based on periodic professional valuations as adjusted by the trustees using suitable indices in the intervening periods with changes in fair value recognised in 'net gains / (losses) on investments' in the SOFA.

Properties passed to the Circuit on closure are recognised as investment properties at fair value being the market value per a qualified surveyor. Where the decision has been taken to sell the property, a deduction is made for the estimated levy payable on sale.

Where a property is in the process of being sold at the year end, properties are re-classified as current asset investments.

Taxation

The charity is exempt from tax on its charitable activities.

VAT

Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.

Debtors

Debtors are measured on initial recognition at settlement amount after any amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Debtors include the payment of the September stipend in advance in August.

Cash and short term investments

Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Creditors

The charity has creditors which are measured at settlement amounts.

Fund accounting

Unrestricted funds are incoming resources receivable or generated for the objects of the Circuit without further specified purpose. They are available as general funds and can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets the criteria is charged to the fund together with a fair allocation of support costs, where appropriate.

Endowment funds represent restricted gifts, the capital normally being unavailable for spending.

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

continued...

Page 24

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

Most ordained presbyters are members of the Methodist Ministers' Pension Scheme (MMPS). This is a defined benefit scheme. The Supreme Court held in 2014 that Methodist ministers (which term includes presbyters and deacons) are not employees of the Church. For simplicity, however, when dealing with National Insurance Contributions, the terms 'employer' and 'employee' are used as they would be in an employing body.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102 as it is not possible to attribute the scheme's assets and liabilities to specific employers. This means that contributions are accounted for as if the scheme were a defined contribution scheme.

Lay employees are contractually employees and have the option of joining a multi-employer defined contribution scheme operated by TPT Retirement (formerly The Pensions Trust).

The Connexion accounts for both pension schemes and shows the figures in the annual Methodist Church in Great Britain accounts. The MMPS is in deficit but a plan for removal of the deficit has been proposed and is being implemented.

Donated goods

Donated goods, services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity 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.

Ministers’ manse costs

The Circuit is required to provide accommodation 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 manse provided for them. The Circuit bears the cost of repairs, maintenance, buildings insurance, council tax and water charges. These figures are not separately disclosed as benefits-in-kind for ministers as HMRC does not seek to tax these receipts in the hands of ministers.

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Page 25

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES - continued

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire.

2. DONATIONS AND LEGACIES

Unrestricted funds £ Donations 2,600 Legacies - Grants 888 3,488	Restricted funds £ 97,916 1,000 112,343 211,259	2022 Total funds £ 100,516 1,000 113,231 214,747	2021 Total funds £ 66,493 - 77,976
			144,469

Grants received, included in the above, are as follows:

Bristol District Connexion Coronavirus Job Retention Scheme Bristol City Council The Leonard Laity Quartet The Morel Trust Neighbourly Limited Bright Futures for Children Other	2022 £ 15,000 26,700 - 30,000 - 3,000 - - 35,000 3,531 **113,231 **	2021 £ 15,000 - 52,722 - 1,500 - 2,000 2,500 - 4,254
		77,976

Page 26

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

3. OTHER TRADING ACTIVITIES

Unrestricted funds £ Shop income - INVESTMENT INCOME Unrestricted funds £ Property rental 111,882 TMCP and CFB 3,722 115,604 INCOME FROM CHARITABLE ACTIVITIES Activity Assessment or share Management of the Circuit Lettings Management of the Circuit Sundry income Management of the Circuit	Restricted funds £ - Restricted funds £ - 872 872	2022 Total funds £ - 2022 Total funds £ 111,882 4,594 116,476 2022 £ 867,626 13,175 400 **881,201 **	2021 Total funds £ 1,166 2021 Total funds £ 123,849 3,759
			127,608
			2021 £ 864,914 7,858 1,642
			874,414

4. INVESTMENT INCOME

5. INCOME FROM CHARITABLE ACTIVITIES

Assessment on churches

The Circuit comprises 37 (2021 - 38) churches and each is assessed for a contribution to meet the overall net costs of the Circuit. In making its assessment the budgeted income from investment income and property letting, confirmed external grants and contribution from churches towards the cost of lay employees is considered. The Circuit aims to cover all its core costs from the assessment.

An Assessment on churches is annually determined by the Circuit using a formulaic method which takes into account the relative number of members in each church and its freewill giving plus gift aid receipts. Assessments on churches are quarterly in advance and are treated as pre-payments on a receivable basis. If any church has not paid its assessment by the due date the sum in question is treated as a debtor.

continued...

Page 27

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

6. OTHER INCOME

Capital receipts Sundry income Salary recharges	Unrestricted funds £ 1,759,315 19,548 74,944 **1,853,807 **	Restricted funds £ - 31 - **31 **	2022 Total funds £ 1,759,315 19,579 74,944 1,853,838	2021 Total funds £ 300,000 775 35,837
				336,612

Other income of £1,759,315 (2021 - £300,000) reflects the capital receipt of 4 properties (2021 - 1) which have been passed to the Circuit on closure and are in the process of being sold. The income reflects the fair value of the property being its estimated selling price less CPF levy.

7. CHARITABLE ACTIVITIES COSTS

Management of the Circuit Bristol Methodist Centre	Direct Costs (see note 8) £ 1,527,771 182,022 1,709,793	Grant funding of activities (see note 9) £ 67,306 - 67,306	Support costs (see note 10) £ 6,888 - 6,888	Totals £ 1,601,965 182,022
				**1,783,987 **

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs District assessment and levy CPF and MTF levy Office Manse costs Expenditure on other circuit property Other expenses Other employment costs Depreciation	2022 £ 775,887 153,448 387,596 27,234 150,250 28,608 81,575 74,944 30,251 1,709,793	2021 £ 725,789 164,330 10,543 27,983 153,995 27,060 96,498 35,837 30,251
		1,272,286

continued...

Page 28

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

9. GRANTS PAYABLE Management of the Circuit The total grants paid to institutions during the year was as follows: Methodist Ministers' Pension Reserve Yate Methodist Church Covid recovery grants to Circuit churches	2022 £ 67,306 2022 £ 15,000 - 52,306 67,306	2021 £ 12,000
		2021 £ - 12,000 -
		12,000

10.	SUPPORT COSTS
			Governance
			costs
			£
	Management of the Circuit		6,888
	Support costs, included in the above, are as follows:
		2022	2021
		Management
		of the	Total
		Circuit	activities
		£	£
	Auditors' remuneration	6,888	**8,964 **
11.	AUDITORS' REMUNERATION
		2022	2021
		£	£
	Fees payable to the charity's auditors for the audit of the charity's financial
	statements	6,888	8,964

continued...

Page 29

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

12. TRUSTEES' REMUNERATION AND BENEFITS

The Circuit employs lay staff involved in both administration and mission work, some of whom are trustees by virtue of their position. The Circuit also pays the stipends of the Circuit Superintendent and presbyters. Costs of employment are reflected in note 12.

Trustees' expenses

No trustees (2021 - nil) were reimbursed during the year.

13. STAFF COSTS

Wages and salaries Social security costs Other pension costs	2022 £ 617,859 55,925 102,103 **775,887 **	2021 £ 583,615 47,305 94,869
		725,789

The average monthly number of employees during the year was as follows:

Circuit clergy Circuit other staff Bristol Methodist Centre	2022 12 10 8 30	2021 11 11 8
		30

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

In addition to the above, other employment costs of £91,590 were incurred by the Circuit for staff who are employed by the Circuit but working for churches within the Circuit. Recharges have been made by the Circuit to the respective churches and are included in other income.

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

		Circuit
		Model
	Unrestricted	Trust	Restricted		Total
	funds	Fund	funds		funds
	£	£	£		£
INCOME AND ENDOWMENTS FROM
Donations and legacies	27,204	-	117,265		144,469
Charitable activities
Management of the Circuit	874,414	-		-	874,414
Other trading activities	-	-	1,166		1,166
Investment income	124,152	2,712		744	127,608
Other income	336,612	-		-	336,612

continued...

Page 30

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Circuit Model Unrestricted Trust Restricted funds Fund funds £ £ £ Total 1,362,382 2,712 119,175 EXPENDITURE ON Raising funds Investment management costs 15,302 - - 15,302 - - Charitable activities Management of the Circuit 1,097,018 11,142 - Bristol Methodist Centre - - 185,090 Total 1,112,320 11,142 185,090 Net gains on investments 303,130 12,599 2,175 NET INCOME/(EXPENDITURE) 553,192 4,169 (63,740) Transfers between funds 298,646 (288,646) (10,000) Other recognised gains/(losses) Gains on revaluation of fixed assets 394,630 - - Net movement in funds 1,246,468 (284,477) (73,740) RECONCILIATION OF FUNDS Total funds brought forward 9,478,822 431,233 1,432,940 TOTAL FUNDS CARRIED FORWARD 10,725,290 146,756 1,359,200	Total funds £
	1,484,269
	15,302
	15,302 1,108,160 185,090
	1,308,552
	317,904
	493,621 - 394,630
	888,251 11,342,995
	12,231,246

continued...

Page 31

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

15. PRIOR YEAR ADJUSTMENT

The Circuit administers payroll for a number of churches within the Circuit. The employees work for the churches but have contracts of employment with the Circuit.

In the prior year, the employment costs incurred of £35,837, and the related recharges of £35,837, were not reflected in the Statement Of Financial Activities and related notes. The comparatives have been restated to reflect these transactions. There is no effect on the net assets of the charity. Any amounts owing from churches were accurately reflected in the balance sheet at the prior year end.

16. VOLUNTEERS

Every entity (Connexion, district, circuit and church) within the Methodist Church in the UK is heavily reliant on volunteers who contribute their skills, time and money in the furtherance of the work of the Church. In the Circuit the principal contribution is by serving on committees of the Circuit that deal with mission, manses, finance, policy, training and safeguarding. We are grateful to all of them for their help and commitment. No attempt has been made by this Circuit to value the non-monetary contributions to the Circuit in monetary terms.

17. TANGIBLE FIXED ASSETS

COST OR VALUATION At 1 September 2021 Disposals Revaluations Reclassification At 31 August 2022 DEPRECIATION At 1 September 2021 Charge for year Eliminated on disposal At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021	Manses £ 5,959,630 - 651,969 (912,270) 5,699,329 - - - - 5,699,329 5,959,630	Bristol Methodist Centre £ 1,081,839 - - - 1,081,839 - - - - 1,081,839 1,081,839	Improvements to property £ 302,514 - - - 302,514 181,505 30,251 - 211,756 90,758 121,009

continued...

Page 32

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

17. TANGIBLE FIXED ASSETS - continued

COST OR VALUATION At 1 September 2021 Disposals Revaluations Reclassification At 31 August 2022 DEPRECIATION At 1 September 2021 Charge for year Eliminated on disposal At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021	Fixtures, fittings and equipment £ 17,821 - - - 17,821 17,821 - - 17,821 - -	Motor vehicles £ 35,335 (35,335) - - - 35,335 - (35,335) - - -	Totals £ 7,397,139 (35,335) 651,969 (912,270) 7,101,503 234,661 30,251 (35,335) 229,577 6,871,926 7,162,478

Manses were subject to trustee valuation at 31 August 2022. The methods and significant assumptions used to ascertain the fair value of £5,699,329 are as follows:

Drive by valuation as at 31 August 2020 by Christophers Chartered Surveyor.

Values were indexed to 31/8/21 and 31/8/22 using appropriate property indices.

The deemed cost of the properties, currently held as manses, is £2,706,564.

During the year, 3 properties no longer required as manses have been reclassified as investment properties and are not included in the above figures. A further 2 properties have been brought back into use as functional manses during the year, have been reclassified and are included in the above figures.

continued...

Page 33

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

18. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2021 Revaluations At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021	TMCP £ 142,101 (13,972) 128,129 128,129 142,101

There were no investment assets outside the UK.

Investments are held by TMCP in;

Equity funds Mixed funds Fixed interest funds Corporate bonds 19. INVESTMENT PROPERTY FAIR VALUE At 1 September 2021 Additions Disposals Revaluation Reclassification At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021	2022 £ 10,526 78,582 22,397 16,624 128,129		2021 £ 11,841 83,854 26,317 20,089 142,101 £ 4,273,130 1,583,000 (300,000) 555,859 303,840 6,415,829 6,415,829 4,273,130

Investment properties were subject to trustee valuation at 31 August 2022. The methods and significant assumptions used to ascertain the fair value of £6,820,727 are as follows:

continued...

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. INVESTMENT PROPERTY - continued

Drive by valuation as at 31 August 2020 by Christophers Chartered Surveyor.

These were indexed to 31/8/21 and 31/8/22 using appropriate property indices.

During the year, 3 properties no longer required as manses have been reclassified as investment properties and are included in the above figures. A further 2 properties have been brought back into use as functional manses during the year, have been reclassified and are not included in the above figures.

The fair value of 2 properties passed to the Circuit during the year with the intention of being sold was judged to be the agreed price of the property offered for sale at 31 August 2022, less the anticipated levies. being £1,210,000.

Two further properties were passed to the Circuit during the year and, along with an existing investment property, were in the process of being sold at the year end. One property has been included as current asset investments as it was sold post year end.

20. SOCIAL INVESTMENTS

MARKET VALUE At 1 September 2021 and 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021	Charitable loans £ 35,000 35,000 35,000

The charitable loan of £35,000 to St Andrews Methodist Church was made 2021 and is for a 5 year period with 0% interest.

21. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors Prepayments and accrued income	2022 £ 48,057 112,248 160,305	2021 £ 65,874 58,154
		124,028

Page 35

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

22. CURRENT ASSET INVESTMENTS

Other

2022 £ 404,898	2021 £ -

Current asset investments reflects the fair value of 1 property which was sold after the year end. The market value of £608,430 was transferred from fixed asset investment properties and a provision for CPF levy of £203,532 was made.

23. CASH AT BANK

Bank account TMCP and CFB Total Bank account TMCP and CFB Total	General Fund £ 118,744 154,353 273,097 Training Fund £ 2,096 - 2,096	Circuit Faithspace Model Trust Manse Benevolent Fund Fund Repair Fund Fund £ £ £ £ 14,343 - 3,500 445 - 426,919 - - 14,343 426,919 3,500 445 2022 2021 Bristol Methodist Kings Drive Total Total Centre Funding funds funds £ £ £ £ 43,880 - 183,008 142,223 60,293 91,700 733,265 607,386 104,173 91,700 916,273 749,609	Circuit Faithspace Model Trust Manse Benevolent Fund Fund Repair Fund Fund £ £ £ £ 14,343 - 3,500 445 - 426,919 - - 14,343 426,919 3,500 445 2022 2021 Bristol Methodist Kings Drive Total Total Centre Funding funds funds £ £ £ £ 43,880 - 183,008 142,223 60,293 91,700 733,265 607,386 104,173 91,700 916,273 749,609
			445
			2021 Total funds £ 142,223 607,386
			749,609

The client account in the prior year reflected the property sale proceeds held by the solicitor which were transferred to the TMCP account during the year to 31 August 2022.

Page 36

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

24. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors Grants payable Accrued expenses Assessments received in advance	2022 £ 53,884 6,000 35,760 145,990 **241,634 **	2021 £ 56,057 - 21,505 177,538
		255,100

25. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets Investments Current assets Current liabilities	Circuit Model Unrestricted Trust funds Fund £ £ 5,699,329 - 6,415,829 117,736 779,321 426,919 78,991 (245,441) 12,973,470 299,214	Restricted funds £ 1,172,597 45,393 275,236 (75,184) 1,418,042	2022 Total funds £ 6,871,926 6,578,958 1,481,476 (241,634) 14,690,726	2021 Total funds £ 7,162,478 4,450,231 873,637 (255,100)
				12,231,246

continued...

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

26. MOVEMENT IN FUNDS

Unrestricted funds General Fund Faithspace Fund Chaplaincy Fund Ark Vehicles Fund Circuit Model Trust Fund Ark Project Fund Manses and Properties Fund Revaluation Reserve Manse Repair Fund Assessments Fund (Covid-19) Restricted funds Benevolent Fund Training Fund Bristol Methodist Centre BMC Property Fund Chaplaincy Funding Kings Drive Funding TOTAL FUNDS	At 1.9.21 £ 280,071 12,948 - - 146,756 22,422 7,579,694 2,653,066 44,089 133,000 10,872,046 445 2,096 274,820 1,081,839 - - 1,359,200 12,231,246	Net movement in funds £ 25,414 597 (39,698) 15,493 (26,542) (51,932) 1,935,327 651,969 (21,184) (52,306) 2,437,138 - - (102,858) - 33,500 91,700 22,342 2,459,480	Transfers between funds £ (6,198) - 39,698 - 179,000 51,000 12,270 (312,270) - - (36,500) - - 70,000 - (33,500) - 36,500 -	At 31.8.22 £ 299,287 13,545 - 15,493 299,214 21,490 9,527,291 2,992,765 22,905 80,694 13,272,684 445 2,096 241,962 1,081,839 - 91,700 1,418,042 14,690,726

continued...

Page 38

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

26. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General Fund Faithspace Fund Chaplaincy Fund Ark Vehicles Fund Circuit Model Trust Fund Ark Project Fund Manses and Properties Fund Revaluation Reserve Manse Repair Fund Assessments Fund (Covid-19) Restricted funds Bristol Methodist Centre Chaplaincy Funding Kings Drive Funding TOTAL FUNDS	Incoming resources £ 1,057,246 13,309 - 15,493 179,552 3,000 1,583,000 - 2,500 - 2,854,100 86,962 33,500 91,700 212,162 **3,066,262 **	Resources expended £ (1,031,832) (12,712) (39,698) - (199,920) (54,932) (203,532) - (23,684) (52,306) (1,618,616) (182,022) - - (182,022) (1,800,638)	Gains and losses £ - - - - (6,174) - 555,859 651,969 - - 1,201,654 (7,798) - - (7,798) 1,193,856	Movement in funds £ 25,414 597 (39,698) 15,493 (26,542) (51,932) 1,935,327 651,969 (21,184) (52,306) 2,437,138 (102,858) 33,500 91,700 22,342 2,459,480

continued...

Page 39

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

26. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General Fund Faithspace Fund Chaplaincy Fund Circuit Model Trust Fund Ark Project Fund Manses and Properties Fund Revaluation Reserve Manse Repair Fund Assessments Fund (Covid-19) Restricted funds Benevolent Fund Training Fund Bristol Methodist Centre BMC Property Fund Chaplaincy Funding TOTAL FUNDS	At 1.9.20 £ 223,749 13,464 (17,432) 431,233 24,041 6,901,564 2,333,436 - - 9,910,055 445 2,096 348,560 1,081,839 - 1,432,940 11,342,995	Net movement in funds £ 114,682 (516) (50,928) 4,169 (51,619) 678,130 319,630 (49,557) (12,000) 951,991 - - (73,740) - 10,000 (63,740) 888,251	Transfers between funds £ (58,360) - 68,360 (288,646) 50,000 - - 93,646 145,000 10,000 - - - - (10,000) (10,000) -	At 31.8.21 £ 280,071 12,948 - 146,756 22,422 7,579,694 2,653,066 44,089 133,000
				10,872,046 445 2,096 274,820 1,081,839 -
				1,359,200
				12,231,246

continued...

Page 40

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

26. MOVEMENT IN FUNDS - continued

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

Unrestricted funds General Fund Faithspace Fund Chaplaincy Fund Circuit Model Trust Fund Ark Project Fund Manses and Properties Fund Revaluation Reserve Manse Repair Fund Assessments Fund (Covid-19) Restricted funds Bristol Methodist Centre Chaplaincy Funding TOTAL FUNDS	Incoming resources £ 1,043,533 9,340 - 2,712 8,509 300,000 - 1,000 - 1,365,094 109,175 10,000 119,175 1,484,269	Resources expended £ (928,851) (9,856) (50,928) (11,142) (60,128) - - (50,557) (12,000) (1,123,462) (185,090) - (185,090) (1,308,552)	Gains and losses £ - - - 12,599 - 378,130 319,630 - - 710,359 2,175 - 2,175 712,534	Movement in funds £ 114,682 (516) (50,928) 4,169 (51,619) 678,130 319,630 (49,557) (12,000) 951,991 (73,740) 10,000 (63,740) 888,251

General Fund

The purpose of this fund is for the use at the discretion of the trustees in the furtherance of general objectives of the Circuit and which have not been designated for other purposes.

Faithspace Fund (designated)

This represents one third of the cumulative net income and expenditure from the Faithspace activity carried forward as our share of the project which is operated jointly with St Mary Redcliffe (Church of England)

Chaplaincy Fund (designated)

Monies received to fund the chaplaincy provision, sources are Connexional and District grants and from industrial concerns that benefit from regular supply of the service.

Circuit Model Trust Fund (designated)

The purpose of this fund is for the use at the discretion of the trustees in the furtherance of general objectives of the Circuit. Its main source of income is legacies and contributions from the sale of manses and church buildings in the Circuit.

Ark Project Fund (designated)

Funds allocated to sustain the work of The Ark team including allocation of the proceeds of sale of Oldbury on Severn. The Ark project works alongside churches and in the community providing resources and inspiration for outreach.

Ark vehicles Fund (designated)

Remaining depreciation reserve in respect of the vehicles bought and converted to use for the Ark project.

continued...

Page 41

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

26. MOVEMENT IN FUNDS - continued

Manses and Properties Fund (designated)

This fund reflects the value properties held by the Circuit other than properties held for the specific use of the Bristol Methodist Centre. It reflects the value of manses at cost and investment properties at valuation.

Revaluation Reserve (designated)

Reserve representing the change in value of fixed asset properties owned by the Circuit.

Manse Repair Fund (designated)

This reflects funds set aside from the Model Trust fund for upgrade of manses.

Assessments (Covid) Fund (designated)

A fund created to earmark funding to assist churches in meeting their assessment payments.

Benevolent Fund (restricted)

The fund is required by standing orders and is restricted to provide support for the poor and needy within the Circuit

Training Fund (restricted)

Monies held to facilitate relevant training for those unable to self fund.

Bristol Methodist Centre (restricted)

The fund was transferred from the Bristol District in 2015 and is to support the work of the Bristol Methodist Centre in its work with the homeless and vulnerable.

BMC Property Fund (restricted)

The fund reflects the deemed cost of the BMC property.

Chaplaincy Funding (restricted)

The fund represents grants received specifically for support of the chaplain.

Kings Drive Funding (restricted)

The fund reflects grant funding specifically for adaptations to the Kings Drive manse.

TRANSFERS BETWEEN FUNDS

During the year, a grant of £33,500 received specifically for chaplaincy funding has been released by the restricted Chaplaincy Funding Fund to the Chaplaincy fund and recognised in the SOFA as a transfer. At the year end, the balance of the Chaplaincy fund, £6,198 has been transferred from General fund to the Chaplaincy fund in recognition of underwriting the activity.

Transfers of £70,000 and £51,000 have been made from the CMTF Fund to the Methodist Centre and the Ark Project respectively in recognition of earmarked funding.

A transfer of £300,000 has been made from the Manses and Properties Fund to CMTF on the completion of the sale of Fishponds Methodist Church. Further transfers of £312,270 have been made from the Revaluation Reserve to the Manses and Properties Fund on the reclassification of 5 properties.

continued...

Page 42

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2022

27. EMPLOYEE BENEFIT OBLIGATIONS

Methodist ministers are members of the Methodist Minister’s Pension Scheme (MMPS). This is a defined benefit scheme.

Lay employees are contractually employees of the Circuit and belong to a multi-employer defined contribution scheme operated by TPT Retirement (formerly The Pensions Trust).

The Connexion accounts for both pension schemes and shows the figures in the annual accounts of the Methodist Church of Great Britain.

The cost attributable to the Circuit for the year ended 31 August 2022 was £102,103 (2021 - £94,869).

28. CONNECTED ORGANISATIONS AND RELATED PARTIES

The son of one of the trustees, C Brown, was paid for services provided. Jim Brown received £604 (2021 -£ 604.

None of the Circuit trustees made donations direct to the Circuit during the year or the preceding year. All of the Circuit trustees are members of one or another church within the Circuit and may be trustees in their churches.

Connected organisations include the Methodist Connexion, the Bristol District, churches within the Circuit, other Methodist Districts in Great Britain, CFB and TMCP, except as reported in the notes to the accounts. All of these entities have their own trustees or directors and autonomous administration such that the Circuit has no significant influence over any of them, nor they over the Circuit. They are, therefore, not considered related parties.

Page 43

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

FOR THE YEAR ENDED 31 AUGUST 2022 Appendix

Trustees	Appointed	Resigned
Rev D R Alderman - Superintendent Minister		30/09/2021
Rev Professor T Kalongo - Superintendent Minister	30/09/2021
Mrs V Astill	30/09/2021	30/09/2022
Mrs D Bailey
Miss M C Barrington		30/09/2021
Mr A Biddlestone
Mrs J Bourne	30/09/2022
Rev M Briggs
Mr A Britton
Miss B Brookman	30/09/2021
Mr B Brown		30/09/2022
Ms C Brown		30/09/2022
Mrs J Browning		30/09/2021
Mr A Cockwell		30/09/2021
Rev H Cooke
Mrs J Cornell		30/09/2021
Mr K M Cornell		30/09/2021
Mrs B Cornes-Tomkins
Mrs R Cowell		30/09/2021
Mr J W G Creech
Mr M Culshaw
Dr V Davies		30/09/2022
Mrs G Dean		30/09/2021
Mrs R Doggett		30/09/2022
Mrs R Doyle		30/09/2022
Mr A V Eaves
Mrs M Eaves
Rev S Edwards
D Faulkner		30/09/2021
Mr C Farnham
Mr L Garner		30/09/2022
Ms E Geldart
Mrs J George
Mrs G Giles
Mrs A Green	30/09/2021
Miss F M Haddrell		30/09/2022
Mrs J Harris
Mrs P F Harris
Rev P T Hatton
Rev C Hayes
Mrs P Hayman	30/09/2020	30/09/2021
Mr D Head
Rev N Headley	30/09/2021	30/09/2022
Mr G J Hicks

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

FOR THE YEAR ENDED 31 AUGUST 2022 Appendix

Mr R Hills
Mr S Holliday	30/09/2021
Mr J Holly	30/09/2021
Mrs E P Hopper		30/09/2021
Mr A E Hosking		30/09/2021
Rev R E Howard		30/09/2022
Mrs M Hurlstone
Rev PJ Jackson
Mrs S J James
Mrs M Johnston
Mr P Jones
Mrs J Keel		30/09/2021
Ms M Knight
Mrs J Ladd	30/09/2021
K Ladd
Mrs S Lang	30/09/2020	30/09/2022
Rev E Langley
Mr T J Lansdown	30/09/2021
Mr I Leslie
Mrs J Letty
Mrs G Lewis		30/09/2021
Rev P Luxton
Mrs J S Manners		30/09/2022
Mrs J Mann
Rev L Maydew
Ms J McGrath
Mrs J P McLaren		30/09/2022
Mr K R Middleton
Miss O Moeng	30/09/2022
Mrs H Moon		30/09/2022
R Morris		30/09/2021
Rev S Newell		30/09/2022
Rev A Ngwana
Mrs D G North
Mr P Offer
Mrs A Osmond		30/09/2022
Mrs E Parry
Mr D Phillips
Mrs J Pickering		30/09/2022
Mr A Powell
Mrs M Powell
Mrs W J Priddle		30/09/2022
Mr C A Redman		30/09/2022
Mrs V A Redgers		31/03/2023
Mrs C Reynolds
Mrs M E Ricketts

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

FOR THE YEAR ENDED 31 AUGUST 2022 Appendix

Mrs S Rooke
Miss N Sharp
Mr R Sharples
Mrs H Shears		30/09/2021
Mr C Sleath
Mr C Sledge
Mrs R Sledge
Mrs C Slinn
Rev S Spencer
Mrs M Spooner
Ms J Stacey
Mr M Stapleton
Mrs D Stears
Rev P Stonehewer
Mr C Sutton		30/09/2021
Mrs J Sutton		30/09/2022
Mr A Taylor	30/09/2021	30/09/2022
Mr J Taylor	30/09/2022
Rev Samuel Uwimina	30/09/2021
Mr M B Vardy
Mrs C W Varney		30/09/2021
Mrs H Wallbridge
Mr R D Wallace
Mr T W Watkins
Mrs B Weeks
Dr Anna Wheatley	30/09/2021
Mr P White
Mr D Willis		30/09/2022
Mr R C Wood
Mrs J M Yeoman		30/09/2022