2023-08-31-accounts

REGISTERED CHARITY NUMBER: 1150295

Report of the Trustees and

Financial Statements

for the Year Ended 31 August 2023

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 2023

		Page
Reference and Administrative Details		1
Report of the Trustees	2	to	14
Report of the Independent Auditors	15	to	18
Statement of Financial Activities	19	to	20
Balance Sheet		21
Cash Flow Statement		22
Notes to the Cash Flow Statement	23	to	24
Notes to the Financial Statements	25	to	46

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Reference and Administrative Details FOR THE YEAR ENDED 31 AUGUST 2023

TRUSTEES See Appendix

PRINCIPAL ADDRESS Churchways Avenue Horfield Bristol BS7 8SN

REGISTERED CHARITY 1150295 NUMBER

INDEPENDENT AUDITORS Haines Watts (Western) Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023

In many ways the year under review ended 31 August 2023 was a turbulent year. In much of society, including the church, it marked a return to something approaching normality after the pandemic. And yet as we saw an end to lockdowns and restrictions, the political life of our nation entered a period of turbulence. Perhaps we all hope not to see so many Prime Ministers in one year again.

However, much has happened over the year in review as reflected in this Trustees' Report and financial statements for the Charity. As we look back at what we have accomplished over the past year, we are inspired and hopeful for the future. As we venture into the next phase of our journey, we look to our local churches in the Circuit for this same level of zeal, faith and determination so that our witness to life flourishing communities may result in a transformation of our communities and the world and an experience of renewed energy and vitality for humanity and all created things. The Trustees are committed to use the resources of the Circuit in response to our calling: to enable worship, to enable learning, to enable evangelism, and to enable caring service to occur across the Circuit. The same is presented here 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 the Trustees' activities in support of the Circuit's network of 33 local churches, halls and manses and about 10 Presbyters, 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 33 local churches, organisations and committees. Some of the broad strategies are set out in the following paragraphs, and further details and examples are given under.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023

OBJECTIVES AND ACTIVITIES

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.

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 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charitable funds of the B&SGC are used to fund the work carried out by the Circuit and through its churches, projects, committees and organisations. We report below on that work and on the specific activities of the Circuit, whose work is supported by the charitable assets of the Circuit and church assessments held and applied by the Charity trustees. Post Covid lockdown, many of our churches have settled into providing online/or in-person worship. The many committees of the Circuit have conducted their business through a mixture of online platforms and in-person meetings. 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.

Worship

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 our local churches through the production of our quarterly preaching plan, provision of preachers and worship leaders. One of the joys of the year under review was the return of social events which have brought us together both as a church community and engaged with the wider community. By sharing our passions for worship, hymns/music, food and simply wanting to be together, these are genuinely ways in which we ensure that the church is a place for everyone - as well as being so much more than a place.

When Her Majesty Queen Elizabeth II died, our local churches encountered people, many of whom came to our church buildings as places of solace, who couldn't really understand the extent of their grief. Logic told them that they did not know the Queen and yet they were emotionally caught up in a sense of loss. Perhaps many of us realised that the longed-for stability that we were craving post-pandemic seemed, once more, far distant. And our instability was only added to by rising prices, supply chain issues and what has become known as the cost-of-living crisis. It is in these instances that the Church offers a place of sanctuary - a still point in an ever-turning world. We appreciate the solidity of our church buildings; their history, which reminds us that people have prayed and worshipped in those places for far longer than we have been alive; that there have been generations before us who have been baptised, married, and indeed laid to rest in these buildings, and future generations who will do the same. There are important ways in which our churches must and will always hold onto an eternal vision and enduring values, so that within the community, the church is a place of continuity and stability.

Ministers, Local Preachers, Worship Leaders, Musicians, etc., continued to provide worship in person and on-line we are grateful to all those who enable worship to happen.

Bristol Methodist Centre

The Bristol Methodist Centre (BMC) dominated the business of the Circuit in the year under review as the Circuit addressed the future sustainability of the project. The BMC is currently overseen by the BSGC Circuit who are the Managing Trustees. BMC currently provides support for people experiencing homelessness by offering food, washing and laundry facilities, IT help and a range of counselling services. Staff at the centre are employed by the Circuit and around 50 guests would access the centre on any given day. BMC occupies an important place in the wider ecology of support for those experiencing homelessness in Bristol. This important work has been part of Methodist outreach in the city in various buildings for the past 100 years and BMC will celebrate 100 years of supporting people experiencing homelessness next year.

Prior to 2015, BMC was based at Methodist premises in Midland Road, which had served those on the margins of society for many years and was financed by the Bristol District. In 2015, Midland Rd was sold and the centre relocated to Lincoln Street and responsibility for managing and financing the project transferred to the Bristol and South Gloucestershire Circuit. At the time, the District used £250k from the proceeds of the sale of Midland Rd to convert Lincoln Street into a suitable venue for BMC. The remaining funds from the sale of Midland Rd were ring-fenced to support BMC until 2019, when it was envisaged that the project would become self-supporting through donations.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023

Although substantial sums are raised through regular giving and other donations, BMC has not become self-supporting. Despite annual grants from the Circuit, the centre still runs at a substantial operating deficit (approx. £80,000 per annum). By 2022 there was a need to review the future of BMC as it was clear that the Circuit could not offer the level of support required to offset the annual deficit of BMC. At that time, despite staff restructuring, it was apparent that BMC would not have the funds to operate beyond a further twelve months, allowing sufficient reserves for winding-down the project.

A working group involving Circuit staff and representatives from other charities involved with people experiencing homelessness in Bristol reported to the Circuit meeting in June 2023 with proposals for the future of the work at BMC, including the possibility of closure. However, increased donations may allow the work to continue into 2024 but still are far short of what is required to break even.

In June 2023 the Circuit resolved to pursue the option of a new charity rather than stop the important work which has a long tradition in the city. In summary the proposal for the future is that the new charity will provide a range of services for those experiencing homelessness that include day support and transition accommodation so that they can move into a more stable lifestyle and not slip back into homelessness.

Ukrainian Hubs

Dominating 2022 and 2023 was the Russian invasion of Ukraine and locally our response in supporting evacuees and their hosts, which was organised through some of our local churches. Many of our Ukrainian guests were housed by some of our members with our Circuit designating a manse for the accommodation of one of the families until they moved into their own accommodation and have found employment. Children are settled into schools. We have continued to support evacuees settling into new homes and offering Ukrainian Welcoming Hubs were our guests meet, fellowship together, learn the English language and receive some other support. We are immensely grateful to those churches whose premises and donations made this possible.

Eco-Circuit

Genesis 1:26-28 and 2:15 calls us to care for creation. As Trustees, we are committed to safeguarding the integrity of creation and to sustain the life of the earth. In response to this calling, Trustees have adopted an environmental policy which includes setting and implementing targets and objectives to reduce our impact upon all aspects of creation. This is being delivered through the connexion, district, the Circuit, local churches and lifestyle of individual members aiming to fulfil the Methodist Conference 2020 ambitious of target attaining "Net Zero by 2030". Local churches are encouraged to form committees or teams comprising members of their churches who are enthusiastic about reducing their own impact upon the environment and helping others to do the same. Our environmental programme is based on five areas of our circuit and churches and individual lives as defined by A Rocha: Worship and Teaching, Buildings and Land, Lifestyle, Community and Global Engagement.

Our progress resulted in achieving the A Rocha Bronze Eco Church award for our circuit. We continue to identify and implement tasks and activities to improve our performance and reduce our impact which have included ongoing changes to the fabric of our buildings and how we manage energy, monthly district newsletter, Mailchimp, and regular articles in local church magazines. Whilst working toward the awards, we remain committed to encouraging all members to reduce their impact upon the environment and fulfill our responsibilities as good stewards of Creation continually looking for ways of reducing its carbon footprint and actively recycles wherever possible. We, also, encourage individual churches to be as 'green' as possible and promotes the Eco-Church award scheme. A carbon emissions figure is being collated at District level calculated for the central functions of our churches and circuits based on electricity usage, car and air miles travelled by officers and staff in order to bring awareness.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023

Ecumenical and Interfaith Work

The Circuit continues to enjoy strong partnerships, particularly with the United Reformed Church and the Church of England with whom we have 7 shared congregations. Resumption of ecumenical activities after covid-19 pandemic came to the fore, such as Week of Prayer for Christian Unity and Christian Aid Week. During Lent, member churches hosted a variety of activities open to all culminating in some of our communities holding the Good Friday March of Witness.

Impact of Covid-19 Control Measures

A good number of churches in our circuit rely on lettings of church buildings for a substantial portion of their income. Continued loss of income from this source means that the local churches' ability to make regular payments assessment fund has been curtailed. Despite this the drop in income was not as severe as initially expected and the trustees are extremely grateful for the efforts of all involved to keep this giving at a level which allowed the church. The full impact of the lockdowns will not be known for some time. 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. The Circuit COVID-19 Recovery Grants, which was being offered to churches had to be redesignated for Evangelism as it was no longer needed anymore by the churches.

Year of Evangelism

The Trustees tasked the Leadership Team and the Our Calling Groups to work in conjunction with the Department for Evangelism and Growth at Connexional level to prepare the Circuit for the Year of Evangelism (2023-2024). The purpose of the Year of Evangelism is:

• Together as a circuit - taking a year with every local church, our clusters, our calling groups, our mission, and ministry to pray, listen, reflect, and evaluate the churches' evangelist works.

• To re-commit ourselves to: teach evangelism at our staff meetings, to engage in conversation with every minister/laity/everyone, and Church Councils, to develop a circuit plan of evangelism, and to engage in spirit directed evangelistic efforts.

• To call on every minister (lay or ordained) to engage their congregation in the work of evangelism.

• To focus on one or two things that will bring revival, enthusiasm, passion and relevancy in our evangelism ministry in our local churches.

MAP Review

We have much to look forward to as we review the Mission Action Plan of the Circuit (MAP) which was approved by the Trustees and whose implementation got affected by the covid-19 pandemic. MAP strategy framework enables us on formulating the Circuit Mission Action Plan (MAP) to set the priorities for the Circuit's work, and also enable local churches to begin to play an active role in setting their own priorities for mission, worship, evangelism, and service.

Recruitment of Circuit Stewards

The Circuit continued to be challenged as the number of Circuit Stewards kept declining and recruitment of new stewards was not forthcoming. A video was produced to be played in churches to encourage new stewards. Local churches are encouraged to recruit circuit stewards.

Work-Place Chaplain

The Work-place Chaplain, Matt Albury, continued to offer successful chaplaincy ministry to the Prisons, Avon Fire & Rescue, Airbus, Rolls Royce, without covid restrictions in place anymore. Some of the programmes being provided included Yoga and we have had some positive feedback from a professor studying about yoga in prison; Professor Rosie Meeks, wrote this: "I thought you'd like to know I was reviewing letters sent in response to my prisoner consultation yesterday and was so pleased to read the following about you in a letter from a prisoner who had previously been at HMP Bristol: We meet thousands of people in our life time, 99% of them we forget. He's not one of them. He's the main reason I carry on to this day.'"

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023

FLOURISH

The Trustees tasked the Ark Team, Pioneers, the Haven, Sparks Space, and Faithspace with the support of the Leadership Team to produce a strategic plan including a governance strategy to enable these ministries to function under one umbrella - FLOURISH. Outside facilitators to be invited to help with the work.

Stationing of Ministers and Appointment of Lay People

In the year under review, saw the following:

• Stationing of a new superintendent Minister, the Reverend Professor Teddy Kalongo.

• The Reverend Patrick Stonehewer was appointed Deputy Superintendent Minister for the Bristol and South Gloucestershire Methodist Circuit.

• The Reverend Leigh Maydew took pastoral of charge of Zion United Church for a year as arrangements were being made to station a Methodist minister there.

• Naomi Sharp was seconded to the Bristol Methodist Centre (BMC).

• Adam Biddlestone, in addition to his role as Communications and Engagement Officer, was seconded to south Bristol, serving particularly at Bedminster Methodist Church.

• Niall Briggs was appointed to serve at the Haven and Sparks Space Projects.

• There was a restructuring of staffing at BMC.

This year saw the reduction of the number of ministerial staff to 9.

Closure of Churches

During the year, 2 churches closed, namely:

• Easter Compton (Easter March 2023)

• Speedwell Methodist Church (March 2023)

Operations of the Circuit

• In the year under review, all the administrative staff of the Charity started to work from their offices. The Circuit Meeting, the Leadership Team, the Resources Group, Committees and Organisations of the Circuit have been able to conduct their business in person and sometimes on-line. Conversations to move the Circuit Office from Horfield Methodist Church to Saint Andrews' Methodist Church were reopened.

FINANCIAL REVIEW

Financial position

During the year under review, the Circuit received total income of £1,736,081 (2022 - £3,066,262) and disbursed £1,808,670 (2022 - £1,800,638). Income includes properties passed to the Circuit on closure with a fair value of £439,000 (2022 - £1,759,315). The excess of expenditure over income of £72,589 (2022 - excess of income of expenditure of £1,265,624) was increased by losses on investments of £191,311 (2022 - gains of £541,887) and losses on the revaluation of fixed assets of £26,811 (2022 - gains of £651,969) to produce an overall net decrease in funds of £290,711 (2022- net increase in funds of £651,969).

The net losses on fixed assets and investments mainly resulted from the professional revaluation of properties in July 2023 and a provision for levy and selling costs where the intention is to sell a property.

Total funds carried forward are £14,400,015 (2022 - £14,690,726) of which £1,266,571 (2022 - £1,418,042) is restricted and £12,697,134 (2022 - £12,973,397) is earmarked in designated funds.

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 2023

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.

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 2023

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 £295,000 based on the general fund resources expended per the accounts. At the year end, free reserves were £436,310 (2022 - £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.

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.

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.

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BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 2023

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 9 Presbyters, and 1 Authorised Minister. 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 6 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 2023

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 2023

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 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 2023 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.

• 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 on establish a road map on following the instruction from the Methodist Conference was implemented.

Page 13

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023

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.

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 and signed on its behalf on 4 June 2024 by:

Reverend Professor T Kalongo – Superintendent Minister

Page 14

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 2023 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 2023 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 15

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 16

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 17

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 (Western) Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL

14 June 2024

Page 18

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Statement of Financial Activities FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 18,869 Charitable activities 4 Management of the Circuit 857,322 Investment income 3 143,097 Other income 5 536,402 Total 1,555,690 EXPENDITURE ON Raising funds Investment management costs 16,106 16,106 Charitable activities 6 Management of the Circuit 1,437,448 Bristol Methodist Centre - Total 1,453,554 Net gains/(losses) on investments (187,057) NET INCOME/(EXPENDITURE) (84,921) Transfers between funds 24 62,383 Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets (26,811) Net movement in funds (49,349) RECONCILIATION OF FUNDS Total funds brought forward 12,973,470	Circuit Model Trust Fund £ - - 15,538 333 15,871 - - 31,659 - 31,659 (3,687) (19,475) (70,416) - (89,891) 299,214	Restricted funds £ 162,120 - 2,400 - 164,520 - - - 323,457 323,457 (567) (159,504) 8,033 - (151,471) 1,418,042	2023 Total funds £ 180,989 857,322 161,035 536,735 1,736,081 16,106 16,106 1,469,107 323,457 1,808,670 (191,311) (263,900) - (26,811) (290,711) 14,690,726	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

The notes form part of these financial statements

Page 19

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Statement of Financial Activities FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted funds Notes £ TOTAL FUNDS CARRIED FORWARD 12,924,121	Circuit Model Trust Fund £ 209,323	Restricted funds £ 1,266,571	2023 Total funds £ 14,400,015	2022 Total funds £
				14,690,726

The notes form part of these financial statements

Page 20

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Balance Sheet 31 AUGUST 2023

Notes FIXED ASSETS Tangible assets 15 Investments Investments 16 Investment property 17 Social investments 18 CURRENT ASSETS Debtors: amounts falling due within one year 19 Investments 20 Cash at bank CREDITORS Amounts falling due within one year 21 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 22 NET ASSETS FUNDS 24 Unrestricted funds Restricted funds TOTAL FUNDS	2023 £ 6,808,221 80,633 5,019,332 35,000 11,943,186 152,730 1,495,061 1,116,686 2,764,477 (292,648) 2,471,829 14,415,015 (15,000) 14,400,015 13,133,444 1,266,571 14,400,015	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

The financial statements were approved by the Board of Trustees and authorised for issue and were signed on its behalf on 4 June 2024 by:

Reverend Professor T Kalongo – Superintendent Minister

The notes form part of these financial statements

Page 21

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Cash Flow Statement FOR THE YEAR ENDED 31 AUGUST 2023

Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Sale of investment property Sale of current asset investments 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	2023 £ (581,602) (581,602) (14,500) (2,700) 45,942 187,340 404,898 161,035 782,015 200,413 916,273 1,116,686	2022 £ (255,864) (255,864) - - - 306,052 - 116,476 422,528 166,664 749,609 916,273

The notes form part of these financial statements

Page 22

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 AUGUST 2023

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET	CASH	FLOW FROM
	OPERATING ACTIVITIES
				2023	2022
				£	£
	Net (expenditure)/income for the reporting period (as per the
	Statement of Financial Activities)			(263,900)	1,807,511
	Adjustments for:
	Depreciation charges			33,876	30,251
	Investment income			(161,035)	(116,476)
	Revaluation of investment properties			170,614	(555,859)
	Revaluation of investment assets			4,254	13,972
	Capital receipts - transfer of property			(439,000)	(1,759,315)
	CPF levies			-	373,795
	Decrease/(increase) in debtors			7,575	(36,277)
	Increase/(decrease) in creditors			66,014	(13,466)
	Net cash used in operations			(581,602)	(255,864)
2.	ANALYSIS OF CHANGES IN NET FUNDS
		At 1.9.22		Cash flow	At 31.8.23
		£		£	£
	Net cash
	Cash at bank	916,273		200,413	1,116,686
		916,273		200,413	1,116,686
	Liquid resources
	Deposits included in cash		-	-	-
	Current asset investments	404,898		1,090,163	**1,495,061 **
		404,898		1,090,163	**1,495,061 **
	Total	1,321,171		1,290,576	2,611,747

The notes form part of these financial statements

Page 23

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 AUGUST 2023

3. MAJOR NON-CASH TRANSACTIONS

The net cash flow from operating activities has been adjusted for the capital receipts of £300,000 relating to the receipt of Speedwell Church and £139,000 relating to Easter Compton Church.

The notes form part of these financial statements

Page 24

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements FOR THE YEAR ENDED 31 AUGUST 2023

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 1 July 2023 is reasonable and fair values have not materially changed between 1 July 2023 and the year end.

Income

Income is recognised 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 recognised 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.

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.

Page 25

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES - continued

Income

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.

Redundancy and Payment In Lieu of Notice

Any staff that are made redundant are compensated by the Charity making a payment for redundancy. The redundancy payment is calculated in accordance with statutory redundancy guidelines published by the HM Government. Where staff are not required to work out their full notice the Charity will make a payment in lieu of notice based on their daily salary for the period not worked.

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).

Page 26

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

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 27

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

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.

continued...

Page 28

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

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 16,869 Legacies - Grants 2,000 18,869	Restricted funds £ 112,706 - 49,414 162,120	2023 Total funds £ 129,575 - 51,414 180,989	2022 Total funds £ 100,516 1,000 113,231
			214,747

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

Bristol District Connexion Bristol City Council Quartet The Morel Trust Other Bright Futures for Children Glastonbury Festival Grant	2023 £ 40,000 - 2,000 - 5,000 1,364 - 3,050 51,414	2022 £ 15,000 26,700 30,000 3,000 - 3,531 35,000 -
		113,231

continued...

Page 29

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

3. INVESTMENT INCOME

Unrestricted funds £ Property rental 138,706 TMCP and CFB 19,929 158,635 4. 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 £ - 2,400 2,400	2023 Total funds £ 138,706 22,329 161,035 2023 £ 823,531 33,791 - 857,322	2022 Total funds £ 111,882 4,594
			116,476
			2022 £ 867,626 13,175 400
			881,201

Assessment on churches

The Circuit comprises 37 (2022 - 37) 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.

The 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.

5. OTHER INCOME

Capital receipts Sundry income Salary recharges	Unrestricted funds £ 439,000 3,963 93,772 536,735	Restricted funds £ - - - -	2023 Total funds £ 439,000 3,963 93,772 536,735	2022 Total funds £ 1,759,315 19,579 74,944
				1,853,838

Other income of £439,000 (2022 - £1,759,315) reflects the capital receipt of 2 properties (2022 - 4) which have been passed to the Circuit. The income reflects the fair value of the property being its estimated selling price less CPF levy.

continued...

Page 30

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

6. CHARITABLE ACTIVITIES COSTS

Grant funding of Direct activities Costs (see (see note note 7) 8) £ £ Management of the Circuit 1,452,764 8,885 Bristol Methodist Centre 323,457 - 1,776,221 8,885 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Contribution to District Advance Fund District assessment CPF levy Office Manse costs Expenditure on other circuit property Other expenses Other employment costs Depreciation 8. GRANTS PAYABLE Management of the Circuit The total grants paid to institutions during the year was as follows: Methodist Ministers' Pension Reserve Covid recovery grants to Circuit churches	Support costs (see note 9) £ 7,458 - 7,458 2023 £ 707,773 24,118 151,888 - 28,442 455,740 161,375 106,515 106,494 33,876 1,776,221 2023 £ 8,885 2023 £ - 8,885 8,885	Totals £ 1,469,107 323,457	Totals £ 1,469,107 323,457
		**1,792,564 **
		2022 £ 775,887 184,064 153,448 203,532 27,234 150,250 28,608 81,575 74,944 30,251
		1,709,793
			2022 £ 67,306
			2022 £ 15,000 52,306
			67,306

In addition to the above, internal grants of £646,211 (2022 - £121,000) were made from the Circuit Model Trust Fund to other funds within the Circuit and have been included in transfers in the Statement of Financial Activities. Further detail can be found in note 24.

continued...

Page 31

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

9. SUPPORT COSTS

9.	SUPPORT COSTS
			Governance
			costs
			£
	Management of the Circuit		7,458
	Support costs, included in the above, are as follows:
		2023	2022
		Management
		of the	Total
		Circuit	activities
		£	£
	Auditors' remuneration	7,458	6,888
10.	AUDITORS' REMUNERATION
		2023	2022
		£	£
	Fees payable to the charity's auditors for the audit of the charity's financial
	statements	7,458	6,888

11. 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

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

12. STAFF COSTS

Wages and salaries Social security costs Other pension costs	2023 £ 570,336 51,914 85,523 707,773	2022 £ 617,859 55,925 102,103
		775,887

continued...

Page 32

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

12. STAFF COSTS - continued

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

Circuit clergy Circuit other staff Bristol Methodist Centre	2023 9 10 6 25	2022 12 10 8
		30

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

In addition to the above, other employment costs of £93,772 (2022 - £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.

Total redundancy payments amounted to £12,722 (2022 - £nil) and related to Bristol Methodist Centre. At the year end, there were no further provisions.

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Management of the Circuit Investment income Other income Total EXPENDITURE ON Raising funds Investment management costs Charitable activities Management of the Circuit Bristol Methodist Centre Total	Unrestricted funds £ 3,488 881,201 112,367 1,677,492 2,674,548 16,651 16,651 1,402,045 - 1,418,696	Circuit Model Trust Fund £ - - 3,237 176,315 179,552 - - 199,920 - 199,920	Restricted funds £ 211,259 - 872 31 212,162 - - - 182,022 182,022	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

continued...

Page 33

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 555,859 1,811,711 (215,500) 651,969 2,248,180 10,725,290 12,973,470	Circuit Model Trust Fund £ (6,174) (26,542) 179,000 - 152,458 146,756 299,214	Restricted funds £ (7,798) 22,342 36,500 - 58,842 1,359,200 1,418,042	Total funds £ 541,887
				1,807,511 - 651,969
				2,459,480 12,231,246
				14,690,726

14. 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.

continued...

Page 34

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

15. TANGIBLE FIXED ASSETS

COST OR VALUATION At 1 September 2022 Additions Revaluations Reclassification At 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 COST OR VALUATION At 1 September 2022 Additions Revaluations Reclassification At 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022	Manses £ 5,699,329 300,000 (26,811) (317,518) 5,655,000 - - - 5,655,000 5,699,329 Fixtures, fittings and equipment £ 17,821 - - - 17,821 17,821 - 17,821 - -	Bristol Methodist Centre £ 1,081,839 - - - 1,081,839 - - - 1,081,839 1,081,839 Motor vehicles £ - 14,500 - - 14,500 - 3,625 3,625 10,875 -	Improvements to property £ 302,514 - - - 302,514 211,756 30,251 242,007 60,507 90,758 Totals £ 7,101,503 314,500 (26,811) (317,518) 7,071,674 229,577 33,876 263,453 6,808,221 6,871,926

Page 35

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

15. TANGIBLE FIXED ASSETS - continued

Manses were subject to trustee valuation at 31 August 2023. The methods and significant assumptions used to ascertain the fair value of £5,655,000 are as follows:

Drive by valuation as at 1 July 2023 by Christophers Chartered Surveyor.

Values were considered to have not materially changed between 1 July 2023 and the year end.

The deemed cost of the properties, currently held as manses, is £2,781,564.

During the year, 1 property no longer required as a manse has been reclassified as an investment property and is not included in the above figures. A further property, Speedwell Church has been passed to the Circuit in the year and has been classified as a functional asset as it is intended to be used for the Haven Project. The asset has been included in other income as a capital receipt with an estimated value of £300,000 (trustee estimate) and is included in the above figures.

16. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
MARKET VALUE At 1 September 2022 Additions Disposals Revaluations At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022	TMCP £ 128,129 2,700 (45,942 (4,254
	80,633
	80,633
	128,129

There were no investment assets outside the UK.

Investments are held by TMCP in;

Equity funds Mixed funds Fixed interest funds Corporate bonds	2023 £ - 75,244 5,389 - 80,633	2022 £ 10,526 78,582 22,397 16,624
		128,129

Page 36

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

17. INVESTMENT PROPERTY FAIR VALUE At 1 September 2022 Additions Disposals Revaluation Reclassification At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022	£ 6,415,829 139,000 (187,340) (170,614) (1,177,543) 5,019,332 5,019,332 6,415,829

Investment properties were subject to trustee valuation at 31 August 2023. The methods and significant assumptions used to ascertain the fair value of £5,019,332 are as follows:

Drive by valuation as at 1 July 2023 by Christophers Chartered Surveyor.

Values were considered to have not materially changed between 1 July 2023 and the year end.

During the year, 1 property no longer required as a manse has been reclassified as an investment property and is included in the above figures.

The fair value of 1 property passed to the Circuit during the year, with the intention of being sold, was judged to be an estimated value of £275,000 less the anticipated levy and selling costs of £90,000.

One further property was passed to the Circuit during the year and, along with two existing investment properties, were in the process of being sold at the year end. All 3 properties have been included as current asset investments as they are nearing completion.

18. SOCIAL INVESTMENTS

MARKET VALUE At 1 September 2022 and 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022	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.

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 2023

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors Prepayments and accrued income 20. CURRENT ASSET INVESTMENTS Other	2023 £ 75,735 76,995 152,730 2023 £ **1,495,061 **		2022 £ 48,057 112,248
			160,305
			2022 £ 404,898

Current asset investments reflect the fair value of 3 properties which were in the process of being sold at the year end. The market value of £1,495,061 was transferred from fixed asset investment properties.

21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023 £ Other creditors 86,175 Grants payable 6,847 Accrued expenses 29,917 Assessments received in advance 169,709 292,648 22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Grants payable 15,000 23. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Circuit Model Unrestricted Trust Restricted Total funds Fund funds funds £ £ £ £ Fixed assets 5,665,875 - 1,142,346 6,808,221 Investments 5,019,332 114,049 1,584 5,134,965 Current assets 2,515,305 95,274 153,898 2,764,477 Current liabilities (261,391) - (31,257) (292,648) Long term liabilities (15,000) - - (15,000) 12,924,121 209,323 1,266,571 14,400,015	2022 £ 53,884 6,000 35,760 145,990 241,634 2022 £ - 2022 Total funds £ 6,871,926 6,578,958 1,481,476 (241,634) -	2022 £ 53,884 6,000 35,760 145,990	2022 £ 53,884 6,000 35,760 145,990
		241,634
			2022 £ -
	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 2023

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS - continued

Comparative analysis of net assets between funds, are as follows:

Fund balances as at 31 August 2022 Fixed assets Investments Current assets Current liabilities Total net assets	Unrestricted funds £ 5,699,329 6,415,829 779,321 78,991 12,973,470	Circuit Model Trust Fund £ - 117,736 426,919 (245,441) 299,214	Restricted funds £ 1,172,597 45,393 275,236 (75,184) 1,418,042	Total funds £ 6,871,926 6,578,958 1,481,476 (241,634) 14,690,726

continued...

Page 39

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

24. MOVEMENT IN FUNDS Unrestricted funds General Fund Faithspace Fund Chaplaincy Fund Ark Vehicles Fund Circuit Model Trust Fund Flourish Project Fund (formerly Ark Project Fund) The Haven Fund Hartcliffe Fund Manses and Properties Fund Revaluation Reserve Manse Repair Fund Assessments Fund (Covid-19) Church Grants Fund Restricted funds Benevolent Fund Training Fund Bristol Methodist Centre BMC Property Fund Chaplaincy Funding Kings Drive Fund BMC Volunteers Fund BMC Closure Reserve BMC Transition Group Fund TOTAL FUNDS	At 1.9.22 £ 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	Net movement in funds £ 175,098 13,798 (45,042) (3,625) (19,475) (52,014) (98,904) (10,664) 251,943 (26,811) (312,016) (3,495) - (131,207) (100) - (88,326) - 11,500 (96,233) 8,655 - 5,000 (159,504) (290,711)	Transfers between funds £ (38,075) - 45,042 - (70,416) 80,432 98,904 10,664 (483,277) (92,518) 441,211 (77,199) 77,199 (8,033) - - (12,305) - (11,500) 4,533 - 27,305 - 8,033 -	At 31.8.23 £ 436,310 27,343 - 11,868 209,323 49,908 - - 9,295,957 2,873,436 152,100 - 77,199 13,133,444 345 2,096 141,331 1,081,839 - - 8,655 27,305 5,000 1,266,571 14,400,015

continued...

Page 40

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

24. 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 Flourish Project Fund (formerly Ark Project Fund) The Haven Fund Hartcliffe Fund Manses and Properties Fund Revaluation Reserve Manse Repair Fund Assessments Fund (Covid-19) Restricted funds Benevolent Fund Bristol Methodist Centre Chaplaincy Funding Kings Drive Fund BMC Volunteers Fund BMC Transition Group Fund TOTAL FUNDS	Incoming resources £ 1,057,075 25,639 - - 15,871 11,301 7,165 10,120 439,000 - - 5,390 1,571,561 - 138,020 11,500 - 10,000 5,000 164,520 **1,736,081 **	Resources expended £ (881,977) (11,841) (45,042) (3,625) (31,659) (63,315) (106,069) (20,784) - - (312,016) (8,885) (1,485,213) (100) (225,779) - (96,233) (1,345) - (323,457) (1,808,670)	Gains and losses £ - - - - (3,687) - - - (187,057) (26,811) - - (217,555) - (567) - - - - (567) (218,122)	Movement in funds £ 175,098 13,798 (45,042) (3,625) (19,475) (52,014) (98,904) (10,664) 251,943 (26,811) (312,016) (3,495) (131,207) (100) (88,326) 11,500 (96,233) 8,655 5,000 (159,504) (290,711)

continued...

Page 41

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

24. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General Fund Faithspace Fund Chaplaincy Fund Ark Vehicles Fund Circuit Model Trust Fund Flourish Project Fund (formerly 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 Fund 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 42

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

24. MOVEMENT IN FUNDS - continued

Comparative 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 Flourish Project Fund (formerly 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 Fund 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

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.

Flourish Project Fund (formerly 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. The name of the fund has been amended to encompass the work under the Flourish banner.

The Haven Fund (designated)

Funds held for the work of The Haven, Speedwell for pioneering work under the Flourish banner. At the year end, the fund balance was transferred to the Flourish Project Fund.

continued...

Page 43

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

24. MOVEMENT IN FUNDS - continued

Hartcliffe Fund (designated)

Funds held for the work of the former Hartcliffe Methodist Church for pioneering work under the Flourish banner. At the year end, the fund balance was transferred to the Flourish Project Fund.

Ark Vehicles fund (designated)

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

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.

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 Fund (Covid-19) (designated)

A fund created to earmark funding to assist churches in meeting their assessment payments. At the year end, the balance was moved to the Church Grants Fund.

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 Fund (restricted)

The fund reflects grant funding specifically for adaptations to the Kings Drive manse, relating to a disabled family member.

BMC Volunteers Fund (restricted)

Grant funding provided specifically for the recruitment and training of volunteers at the Bristol Methodist Centre.

continued...

Page 44

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

24. MOVEMENT IN FUNDS - continued

BMC Closure Reserve (restricted)

The fund is held for costs relating to the closure of the Lincoln Street property, if the operation of the homeless day centre were to close.

BMC Transition Group Fund (restricted)

Represents monies donated to fund the research into, and setting up of, a new charity to take on the work of the Bristol Methodist Centre from the Circuit.

TRANSFERS BETWEEN FUNDS

During the year, £45,042 has been transferred from General fund to the Chaplaincy fund in recognition of underwriting the activity. £11,500 was reimbursed from restricted funding to the general fund being the balance of a restricted grant received in the previous year.

Transfers of £60,000, £130,000 and £15,000 have been made from the Circuit Model Trust Fund (CMTF) to the Ark Project Fund, The Haven Fund and Bristol Methodist Centre respectively in recognition of earmarked funding. A further £441,211 has been transferred from CMTF to the Manse Repair Fund to finance essential work.

A transfer of £575,795 has been made from the Manses and Properties Fund to CMTF on the completion of the sale of Hawkesbury Upton Methodist Church and the previous Bath Road manse. Further transfers of £92,518 have been made from the Revaluation Reserve to the Manses and Properties fund on the reclassification of 1 property.

25. 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 2023 was £85,523 (2022 - £102,103).

Page 45

continued...

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2023

26. CONNECTED ORGANISATIONS AND RELATED PARTIES

In the prior year, the son of one of the trustees, C Brown, was paid £604 for services provided.

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 46

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

FOR THE YEAR ENDED 31 AUGUST 2023 Appendix

Trustees	Appointed	Resigned
Mrs D Bailey
Dr D K Bhalerao	11/06/2023
Mr A Biddlestone
Mr C Blenkinsopp	01/09/2023
Mr M Bourne	12/06/2023
Rev M Briggs
Mr N Briggs
Mr A Britton
Miss B Brookman
L Carias
D Chandler	16/11/2023
Rev H Cooke
Mrs B Cornes-Tomkins		31/08/2023
Mr J W G Creech
Mr M Culshaw
Mr A V Eaves
Mrs M Eaves
Rev S Edwards
Mr C Farnham
Ms E Geldart
Mrs J George
Mrs G Giles
Mrs A Green
Mrs J Harris
Mrs P F Harris		31/08/2023
Rev P T Hatton
Rev C Hayes
Mr D Head
Mr G J Hicks
Rev A Hick	01/09/2023
Mr R Hills
Mr S Holliday
Mr J Holly
C Howat	07/05/2023
Mrs M Hurlstone
Rev PJ Jackson
Mrs S J James
Mrs M Johnston
Mr P Jones
C Jones
Rev Professor T Kalongo - Superintendent Minister
Mr P Kernaghan	01/09/2023
Ms M Knight
Mrs J Ladd
K Ladd

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

FOR THE YEAR ENDED 31 AUGUST 2023 Appendix

Rev E Langley
Mr T J Lansdown
Mr I Leslie	31/08/2023
Mrs J Letty	31/08/2023
S Lovelock	01/09/2023
Rev P Luxon
F Maisokwadzo
Mrs J Mann
Rev L Maydew
Ms J McGrath
Mr K R Middleton
D Millar	12/06/2023
Miss O Moeng
S Morgan	01/09/2023
Mr C J Morison	01/01/2024
Rev A Ngwana
Mrs D G North
Mr P Offer
Mrs E Parry
P H Phillimore
Mr D Phillips
Mr A Powell
Mrs M Powell
W J Priddle
Mrs V A Redgers	31/03/2023
Mrs C Reynolds	31/08/2023
Mrs M E Ricketts
Mrs S Rooke
Miss N Sharp
Mr R Sharples	31/08/2023
Mr A Shaw	11/06/2023
Mr P J Shears
Mr C Sleath	31/08/2023
Mr C Sledge
Mrs R Sledge	31/08/2023
Mrs C Slinn
Mr M Slocombe	01/09/2023
Rev S Spencer
Mrs M Spooner
Ms J Stacey
Mr M Stapleton
Mrs D Stears
Rev P Stonehewer
Mr J Taylor
Rev S Uwimina
Mr M B Vardy

BRISTOL AND SOUTH GLOUCESTERSHIRE CIRCUIT OF THE METHODIST CHURCH

FOR THE YEAR ENDED 31 AUGUST 2023 Appendix

______________ Mr R D Wallace

Mrs H Wallbridge Mr T W Watkins Mrs B Weeks Dr Anna Wheatley Mr R C Wood

J Wooldridge