## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT** 

## **ANNUAL REPORT** 

## **AND** 

## **FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 AUGUST 2023** 

**Registered Charity No. 1150558** 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **INDEX** 

|Charity information|1 – 2|
|---|---|
|Trustees’ report|3 – 6|
|Examiner’s report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10 – 18|





**GLOSSOP AND TAMESIDE METHODIST CIRCUIT CHARITY INFORMATION FOR THE YEAR ENDED 31 AUGUST 2023** 

## **TRUSTEES** 

||||
|---|---|---|
|**Trustee name**|**Office (if any)**|**Name of person (or body)**<br>**entitled to appoint trustee**<br>**(ifany)**|
|Rev Hazel Ann Cook|Joint Circuit<br>Superintendent|Ex-officio|
||||
|Rev Robert Balfour|Minister|Ex-officio|
||||
||||
|Rev Graham Tarn|Minister|Ex-officio|
|Rev Robert John Davies|Supernumerary Minister|Circuit meeting|
|Mrs Katie Balfour|Circuit Safeguarding<br>Officer|Circuit meeting|
|Mrs John Tonkin|Circuit Meetingsecretary|Circuit meeting.|
|Mrs Jean Blair|Circuit Steward(HR)|Circuit meeting|
||||
|Mrs Helen Elizabeth Murphy|Circuit Steward|Circuit meeting|
|Mrs Rowena Mellor|Joint Circuit Treasurer /<br>PropertySteward|Circuit meeting|
||||
|Miss Emmaline Saffron Krause||Church Council|
|Mrs Kathleen Sidebottom||Church Council|
|Mrs Gill Hall||Church Council|
|Mr Andrew Mason||Church Council|
|Mr Alan Mellor||Church Council|
|Mrs Margaret Thorp||Church Council|
|Mrs Heather Mamie Bowery||Church Council|
|Mrs Carol Sidebottom||Church Council|
|Mrs Charlotte Charlton||Church Council|
|Mr William Sidebottom||Church Council|
|Mrs Caroline Jane Phillips||Church Council|
|Mr Kenneth RoyHolt||Church Council|
|Mr Robert Bernard Warin||Circuit meeting|
|Mr Allen Flowers||Church Council|
|Mr Alan John Burgess||Church Council|
|Mrs Larraine Jean Horrocks||Church Council|
|Mrs DorothyWanjohi||Church Council|
|Mr David John Charlton||Church Council|
|Mr Phillip AnthonyPache||Church Council|
|Mr Alan Rea||Church Council|
|Mr Stuart Rolls||Church Council|
|Mrs Margaret Phillips||Church Council|
|Mrs Susan Massey||Church Council|
|Miss JudyEvans||Church Council|



1 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT CHARITY INFORMATION FOR THE YEAR ENDED 31 AUGUST 2023** 

## **CIRCUIT STEWARDS** 

Mrs Jean Blair Mrs Rowena Mellor Mrs Helen Chauhan Mrs Helen Murphy Miss Emmaline Krause Mr John Tonkin 

**CIRCUIT OFFICE** Stalybridge Methodist Church High Street, Stalybridge SK15 1SE **INDEPENDENT EXAMINER** Peter Smith BA FCA DChA Peter Smith Accountancy Services 9 Polruan Road Chorlton-cum-Hardy Manchester M21 9NR **SOLICITORS** Rupert Wood & Sons 60-66 Wellington Rd Ashton-under-Lyne OL6 6DE **BANKERS** Co-operative Bank plc **INVESTMENT MANAGERS** Central Finance Board of the Methodist Church 9 Bonhill Street London EC2A 4PE **REGISTERED CHARITY** 1150558 

2 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023** 

The Trustees present their Annual Report together with the consolidated financial statements of the charity for the year ended 31 August 2023. 

## **REPORTING FRAMEWORK** 

The  financial  statements  comply  with  the  Charities  Act  2011,  and  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 (FRS102) (effective 1 January 2019), referred to as the Charities SORP (FRS 102) (second edition – October 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Charitable Objectives** 

The Circuit shares the same charitable objectives as the rest of the Methodist Church, which are set out as follows: 

“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; 

(d) any purpose for the time being of any charity being a charity subsidiary or ancillary to the Methodist Church.” 

## **Public Benefit** 

The Trustees have regard to the Charity Commission’s guidance on public benefit, including the specific guidance on charities for the advancement of religion. 

## **Contribution of Volunteers** 

The Circuit is heavily dependent upon, and extremely grateful for, the contribution of volunteers as it seeks to carry out its objectives. With the exception of ordained members and the lay staff representative, all the other members of the Circuit Council are unpaid volunteers, and the vast majority of the Charity trustees are also volunteers. 

3 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023** 

## **ACHIEVEMENT AND PERFORMANCE** 

The Trustees have regard to the Charity Commission’s guidance on public benefit, including the specific guidance on charities for the advancement of religion. 

The trustees are committed to reaching out to as many people as possible in the Circuit’s geographical area through regular worship at the sixteen member churches, which provide pastoral care and community activities as part of their outreach and also through regular children’s and family activities. 

To take a lead on the above activities funding is provided to allow for the following:- 

- Three full time ministers, and one full time lay worker. 

- All of their legitimate expenses are covered. 

Within the circuit there are also eleven non-stipendiary supernumerary ministers, plus a part time URC minister. 

The work of the ministers is supported by four voluntary lay pastors in the following areas:-  Children & Young People,  Learning & Caring. 

There is a team of local preachers from across the churches in the circuit, who contribute to weekly worship services. 

The circuit also employs a part time administrator. 

A preaching plan is produced to ensure that regular acts of worship, open to all, can take place at each of the fifteen churches – Dukinfield,  Hurst,  Mossley,  Stalybridge,  Trinity  Audenshaw,  Waterloo,  West  End,  Glossop  Central,  Hadfield,  Hollingworth, Chisworth, Hyde Central, Denton, Trinity Rosemount, Aspinal and. Trinity Audenshaw is a local ecumenical partnership with the United Reform Church. 

Support is also offered to the community through Chaplaincy to Rosehill Methodist Primary Academy. 

The circuit was formed in September 2020 as a result of the merger of the former Ashton-under-Lyne, Glossop and Hyde & Denton Circuits to form the Glossop & Tameside Circuit. It was felt that the three circuits working together to support each other would be mutually beneficial and enable them to be better equipped for the future. Since then, it has achieved the following: 

- An updated Circuit Safeguarding Policy was approved to ensure the correct proceedings were in place and adhered to. 

- The Circuit is active in many ways: we have had strong links with Ukrainian families and a support group has been set up, there is support for refugee and asylum families, there is a Helping Hand charity shop at one of the churches, all churches are active in local events and activities for the local communities, we are pursuing becoming an eco- circuit. We have started a pre loved uniform exchange at the school. This year many of the churches have offered “Warm Spaces” as a result of the cost-of-living crisis, one of the churches has repair café. 

- Links with other schools are nurtured. . 

- There is a strong link with members who are housebound and regular pastoral visits take place. Worship takes places weekly in all the churches. Different types of worship are explore: breakfast Tea time, outdoor and contemporary worship are some examples. 

The Circuit faces many challenges but has developed a mission plan which we are seeking to work on and develop. 

## **FINANCIAL REVIEW** 

## **Overview** 

The Circuit had a surplus on unrestricted funs, after transfers for the year of c£50.  However, there was a deficit on the unrestricted model trust funds for the year of c£197k after levies on closing balanced which go to the District to make grants. 

## **Risk management** 

The Circuit Meeting continues to develop procedures for identifying and addressing the risks facing the charity. It has already enhanced its financial procedures and, in common with other Churches, has developed robust procedures for safeguarding children, young people and vulnerable adults. 

## **Principal Funding Sources** 

Contributions from the Churches by way of Circuit Assessment continue to be the main source of funding, accounting for 40% (2022: 74%) of income. 

4 



## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Investment Policy and Review** 

The Circuit continues to actively review its investments in the light of immediate cash flow requirements and medium- to long-term plans. The bulk of the Circuit’s Model Trust Fund (representing past proceeds of sales of property) is invested via funds managed by the Central Finance Board of the Methodist Church.  The Circuit continues to review its investment strategy. 

## **Reserves** 

The Reserves Policy for the Circuit is based on holding a sum equivalent to three months average expenditure, which is regarded as sufficient to meet any unforeseen item of major expenditure on manses and/or to be able to continue in the short term to fund planned activities in the event of the closure of a large church or an inability to raise the Circuit assessment from churches.  This would give a target of c£84k. 

At the year end the free reserves (unrestricted funds not invested in fixed assets or otherwise designated) were c£515k, with a further c£244k held in the Model Trust Funds which are freely available to the Circuit for its general purposes. 

The Circuit continues to review its mission and ministry and how best these reserves can be used to further the Kingdom of God. 

## **FUTURE PLANS** 

The Circuit continues to develop its forward planning and to assess its future capital funding needs. Within the context of the calling of the Methodist Church (as set out above) the Circuit aims to: 

- support and encourage each local congregation in mission and ministry; 

- strengthen  the training culture within the Circuit, encouraging lay preachers and worship leaders in their development, supporting probationers and facilitating the development of student Ministers and presbyters in training; 

- review and actively manage the Circuit’s investments in its financial and property resources, seeking to selectively release resources for mission, ministry and outreach; 

5 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023** 

- work through the Methodist Church stationing procedures to secure the appointment of new ministerial staff as required. 

- work ecumenically, especially in supporting and developing established and new Local Ecumenical Partnerships. 

## **STRUCTURE GOVERNANCE AND MANAGEMENT** 

The Manchester Circuit is part of the Methodist Church of Great Britain and is registered as a charity with number 1135067. 

## **Connected charities** 

The Churches forming the Circuit are themselves charities and, as they are responsible for their own financial affairs, they are not reported in these statements. The Circuit is also associated with Nexus CCS, a separately registered charity. 

## A **ppointment of Trustees** 

All ministers, presbyterial and diaconal, stationed in the Circuit by the Conference or who are residing for the purposes of the Stations of the Methodist Church in the Circuit and who are in the active work (that is not retired), are ex-officio members of the Circuit Meeting (the Trustee Body).  Other ministers who reside in the Circuit in accordance with the standing orders of the Church (including those who are retired) may choose to be members of the Circuit meeting, and if they have done so they are shown in the list of trustees as ex-officio. 

The following are _ex officio_ members of the Circuit Meeting: 

Circuit Stewards appointed by the Circuit Meeting Circuit Meeting Secretary appointed by the Circuit Meeting Representatives to District Synod appointed by the Circuit Meeting Local Preachers Secretary appointed by the Local Preachers’ Meeting Circuit safeguarding Officer appointed by the Circuit Meeting 

Each Church is represented by a Church Steward, the Church Treasurer. 

## **Trustee recruitment, induction and training** 

As outlined above, the appointment of the majority of the members of the Circuit Meeting is outside the control of the Meeting. In appointing the Council and other officers, the Meeting has regard to the balance of skills and gifts that are needed to further the work of the Church. New members of the Council are inducted by the Council with the support of the Superintendency team. 

6 



## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023** 

## **Organisation** 

The Circuit Meeting meets four times a year. The Circuit Stewards, appointed by the Circuit Meeting, along with the Superintendent Minister are responsible for acting on behalf of the Circuit Meeting at other times, and they meet as required. 

The Methodist Church appoints the Superintendent Minister of the Circuit, and their duties are set out in the Standing Orders of the Church. 

## **Pay and Remuneration** 

Stipends and allowances for presbyters and deacons (collectively ministers) are set annually by the Methodist Conference, and the Circuit is responsible for meeting those costs for all ministers appointed by the Conference to the Circuit. 

## **TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS** 

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). These require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state 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 Circuit Meeting has: 

- selected suitable accounting policies and applied them consistently; 

- observed the methods and principles in the Charities SORP 2015 (FRS 102); 

- made judgements and estimates that are reasonable and prudent; 

- stated whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepared the financial statements on the going concern basis 

The Circuit Meeting is responsible for keeping adequate 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 applicable regulations. It is 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. 

ON BEHALF OF CIRCUIT MEETING 

## H Cook 

REV H COOK - SUPERINTENDENT MINISTER 

Date:   2[nd] Aprol 2024 

7 



## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** 

I report to the charity trustees on my examination of the accounts of the charity for the year ended August 31 2022 which are set out on pages 8 to 18. 

## **Responsibilities and basis of report** 

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. 

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I a member of the ICAEW which is one of the listed bodies. 

I have completed my examination.  I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

## _Peter Smith_ 

## **Peter Smith BA FCA DChA** 

For and on behalf of: Peter Smith Accountancy Services Chartered Accountants 

9 Polruan Road Chorlton Manchester M21 9NR                                     Date 2nd April 2024 

The notes on pages 15 to 29 form part of these financial statements. 

8 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** 

||**Notes to the accounts**|**Unrestricted funds**|**CMTF (Unrestricted)**|**Restricted Funds**|**Endowment Funds**|**Totals**<br>**2022-23**|Totals<br>2021=2022|
|---|---|---|---|---|---|---|---|
|||£|£|£|£|£|£|
|**Income and Endowments from:**||||||||
|Grants,Donatons & Legacies|4|0||||0||
|Charitable activities||||||||
|Assessments on Churches||270,284||||270,284|283,740|
|Other|5||0|||0|0|
|Other tradingactvites|6|0||||0|0|
|Investments|7|13,162|9,934|||23,096|3,646|
|Investment PropertyIncome|||296,632|||296,632|0|
|Other income||||||||
|Internal organisatons||||1,419||1,419|12,244|
|CPF Levy- Mansepurchase||||||0||
|Other||70,622||||70,622|79,957|
|**Total**||**354,068**|**306,566**|**1,419**|**0**|**662,053**|**379,587**|
|**Expenditure on:**||||||||
|Stpends,Salaries,NIC & Pension Costs|10|136,726||||136,726|166,479|
|District Assessment & Levy||76,458||||76,458|79,609|
|District & Circuit Payments(CMTF)||0|104,370|||104,370|72,632|
|Telephone,Travel & Expenses||8,572||||8,572|13,179|
|Insurance & Utlites||10,319||||10,319|8,979|
|Maintenance on Manses||6,782||||6,782|17,765|
|Expenditure on Investment Property||||||0||
|Depreciaton|11|||||0||
|Other Expenditure||||||||
|Internal organisatons||7,573||8,113||15,685|25,711|
|CPF Levy- Investment Propertysale|||0|||0||
|Ofce & LayExpenses||6,190||||6,190|3,257|
|Administraton Charges||1,200|696|||1,896|986|
|Independent examiners fees|||||||750|
|Other||21,958|0|||21,958|33,693|
|Methodist Ministers Pension Reserve|||||||100,000|
|Grants & Donatons||||||0|0|
|<br>**Total**||**275,780**|**105,066**|**8,113**|**0**|**388,958**|**523,040**|
|**Net Income/(Expenditure)**||**78,289**|**201,500**|**-6,694**|**0**|**273,095**|**-143,453**|
|Transfers between Funds||0|0|||0|0|
|Transfers between Funds(Internal Organisatons)||0||||0|0|
|**Sub-total**||**78,289**|**201,500**|**-6,694**|**0**|**273,095**|**-143,453**|



9 



## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** 

|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**FOR THE YEAR ENDED 31 AUGUST 2023**||||||||
|---|---|---|---|---|---|---|---|
|**Other Recognised Gains/ (Losses):**||||||||
|Gains/(Losses)Revaluaton of Fixed Assets(Manses)||||||0|0|
|Gains/(Losses)on Sale of of Fixed Assets(Property)||||||0|26,000|
|Gains/(Losses)on Investment Assets|12|1,948|0||-231|1,717|-2,123|
|Other Gains/(Losses)||0|0|0||0|0|
|**Net Movement in Funds**||**80,237**|**201,500**|**-6,694**|**-231**|**274,812**|**-119,576**|
|**Reconciliaton of Funds:**||||||||
|Total Funds Brought Forward||2,308,926|244,339|8,515|20,639|2,582,419|2,701,994|
|||||||0||
|**Total funds Carried Forward**||**2,389,163**|**445,839**|**1,821**|**20,408**|**2,857,231**|2,582,418|



The notes on pages 10 to 18 form part of these financial statements. 

10 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT BALANCE SHEET AS AT 31 AUGUST 2023** 

## **Glossop & Tameside Methodist Circuit** 

## **Balance Sheet as at 31 August 2023** 

|**Tangible Fixed Assets***<br>**Notes**|**Tangible Fixed Assets***<br>**Notes**|**Unrestricted**<br>**£**|**Circuit Model**<br>**Trust Fund**<br>**(Unrestricted)**<br>**£**|**Restricted**<br>**£**|**Endowmen**<br>**t Funds**<br>**£**|**Totals**<br>**2022-2023**<br>**£**|**Totals**<br>**2022-2023**<br>**£**|Totals<br>2021-<br>2022<br>£|
|---|---|---|---|---|---|---|---|---|
||||||||||
|Land & Buildings|11|1,795,000||||**1,795,000**||1,795,000|
|Equipment|11||||||||
|Investments|12||||20,408|**20,408**||20,639|
|**Total fixed assets**||**1,795,000**|||**20,408**|**1,815,408**||**1,815,639**|
|**Current Assets**|||||||||
|Debtors & Prepayments|13||||||||
|Other|||||||||
|Trustees for Methodist Church<br>Purposes Deposits||59,279|445,838|||**505,117**||301,035|
|Central Finance Board Deposits|13|279,895||||**279,895**||268,508|
|Cash at Bank and in hand|13|255,741||1,821||**257,562**||197,987|
|**Total current assets**||**594,915**|**445,838**|**1,821**||**1,042,574**||**767,530**|
||||||||||
|**Creditors & Accruals (due in under**<br>**1year)**|14|750||||||750|
||||||||||
|**Net Current Assets(Liabilites)**||**594,165**|**445,838**|**1,821**||**1,042,574**||**766,780**|
|**Total Assets less Current Liabilities**|||||||||
|**Total Assets less Current Liabilities**||2,389,165|445,838|1,821|20,408|**2,857,982**||**2,582,419**|
||||||||||
|**Loans & Creditors(due afer 1year)**|||||||||
|Provisions for Liabilites & Charges|||||||||
|**Net assets**<br>**Funds of the Circuit**|||||||||
|||**2,389,165**|**445,838**|**1,821**|**20,408**|**2,857,982**||**2,582,419**|
|||||||**2,389,165**<br>**445,838**<br>**1,821**<br>**20,408**<br>**2,857,232**|||
|Unrestricted Funds||2,389,165||1,821||**2,389,165**||2,207,815|
|Circuit Model Trust Fund<br>(Unrestricted)|||445,838|||**445,838**||244,339|
|Restricted funds||||1,821||**1,821**||8,515|
|Endowment funds|||||20,408|**20,408**||20,639|
|**Total Funds**||2,389,163|445,839|1,821|20,408|**2,857,232**||**2,481,308**|



*Details - see Note 11 

11 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT BALANCE SHEET AS AT 31 AUGUST 2023** 

The notes on pages 10 to 18 form part of these financial statements. 

## **Approved by the Circuit Meeting and authorised for issue on:** H Cook 

REVD H COOK - SUPERINTENDENT MINISTER 

12 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

13 



## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **1. Basis of accounting** 

The financial statements have been prepared: under the historic cost convention, as modified by the revaluation of investments (as set out below) through the statement of financial activities; in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective January 1 2019 (second edition – October 2019); and FRS102. 

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn 

The charity constitutes a public benefit entity as defined by FRS102. 

The accounts are prepared in £ sterling, the functional currency of the charity and its subsidiary company. 

## **2. Funds** 

The funds held constitute:  General Funds held for any purpose of the Circuit which are Unrestricted.  The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted.  Restricted funds which are held for a narrower purpose . There are also  Endowment funds as listed. Details of each material fund are disclosed in the final notes to these accounts. Any funds may be represented by more than just cash. 

## **3. Accounting policies** 

## **Basis** 

These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year, on the accruals basis to show a true and fair view of the Circuit’s financial position and activities. 

## **Income Recognition** 

Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, the trustees are reasonably certain they will receive the resources, and the monetary value can be measured with sufficient reliability. 

## **Resources Expended** 

This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources. 

## **Grants** 

Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment.  When the grant is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the Balance Sheet against the appropriate fund, the provision being released in future years as instalments are paid in accordance with the originally agreed terms. 

## **VAT** 

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

## **Tangible fixed assets for use by the Circuit** 

These are capitalised if they can be used for more than one year, and individually cost at least £1.000. Land and buildings value is shown in the accounts at valuation on purchase or as assessed in 2017. 

## **Investments** 

Investments are valued in the balance sheet at market value at the year end.  Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are shown in the SOFA. 

## **Debtors and Prepayments** 

Debtors include any outstanding assessment payments due and pre-payments for insurance and manse utilities. 

## **Creditors** 

Creditors include both sundry expenses and ministers stipends, and also specifically the September church assessments received in August each year. 

## **Cashflow statement** 

Advanatgae is taken of the exemption in the SoRP not to prepare a statement of cashflows. 

14 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **Pension contributions** 

The Circuit participates in the following pension fund: 

## Methodist Ministers’ Pension Fund 

The Circuit is a member of the Connexional pension scheme (MMPS) which covers presbyters and deacons of the Methodist Church. The contribution rates are set each year by the Methodist Conference, and for the year under review the employer contributions were 26.9% (2020: 26.9%) of stipend. 

The MMPS is a multi-employer scheme, and in accordance with the guidance issued by the Charity Commission, the Circuit accounts for those contributions as if it were a defined contribution scheme. It has done so because it is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis. Contributions are charged to the SoFA in the period in which they are payable. 

## Lay employees’ 

The Circuit operates a defined contribution pension fund for its lay employees and unless they have opted out, pays employer’s contribution of 6% matched by employees’ contributions of 2%, in accordance with the standing orders of the Methodist Church. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

15 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

16 



**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 4. Grants, donations and legacies** 

None 

None 

## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT** 

## **5. Charitable activities - other** 

## **6. Other trading activities** 

## **7. Investment income** 

Unrestricted : Bank interest on CFB account Interest on TMCP funds Interest on Circuit Model Trust Fund Restricted : None 

|None||None|
|---|---|---|
||||
|None||1,255|
||||
|180||179|
||||
|2,409||624|
||||
|1,057||3,895|
||||
|Nil||Nil|



|**Payment to Trustees**<br>£<br>Number of trustees who were<br>paid expenses<br>Total amount paid<br>**Fees for examinaton or audit of the accounts**<br>Independent examiner’s or auditors' fees  for reportng on the accounts<br>£<br>Other fees (eg: advice, accountancy services) paid to the examiner/auditor<br>£<br>**Paid employees**<br>Gross wages, salaries and benefts in kind<br>Employer’s Natonal Insurance costs<br>Pension costs<br>Training costs<br>Apprentceship levy<br>Total staf costs<br>**Average number of staf  employed during the year :**<br>**Staff Costs paid during the year were:**<br>Payments made to trustees for additonal services provided to the<br>Circuit by agreement with the Circuit Meetng<br>£<br>£<br>£<br>£<br>£<br>£<br>£|**This year**<br>None|**This year**<br>None|**Last year**|
|---|---|---|---|
||||None|
|||||
||None||None|
|||||
||Nil||Nil|
|||||
||750||1,795|
|||||
||None||none|
|||||
||124,990||161,201|
||11,529||14,520|
||28,861||35,576|
||||27|
||1,099||1,341|
||**166,479**||**212,665**|
|||||
||4||5|



## **8. Payment to Trustees** 

## **9. Fees for examination or audit of the accounts** 

## **10. Paid employees** 

## **Key management personnel** 

The key management of the charity comprise the trustees, which includes the ordained members of staff who are ex-officio members of the Circuit Meeting but do not receive any payment specifically for acting as trustees. 

The other trustees do not receive any remuneration for their services. 

**£** 

The total remuneration benefits of the key management are: Stipends **145,009** 

17 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

|**11.   Tangible Fixed Assets**|**Manses**|**Other buildings**|**Total**|
|---|---|---|---|
||**£**|**£**|**£**|
|Balance brought forward|1,475,000|320,000|1,795,000|
|Balance carried forward|1,475,000|320,000|1,795,000|
|**Accumulated depreciaton**||||
|Balance brought forward|-|-|-|
|Balance carried forward|-|-|-|
|**Net book value**||||
|Brought forward|1,475,000|320,000|1,795,000|
|Carried forward|**1,475,000**|**320,000**|**1,795,000**|



In bringing the Circuits together to form the Glossop & Tameside Circuit an administrative error occurred which lead to the overstating of the former church building by £1m. This has been corrected by way of a prior year adjustment affecting the opening reserves as at 1/09/21. 

## **Glossop & Tameside Methodist Circuit** 

## **12.  Investments** 

The funds that support the Circuit Model Trust Fund (and any Manses Funds) are held by TMCP (The Trustees For Methodist Church Purposes) in Trustees Interest Funds on which interest is credited to the accounts each quarter.  These are regarded as medium and long term investments. 

TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds.  Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property.  TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and policy as determined by the Methodist Conference. 

## **Analysis of endowment investment movements** 

|**Analysis of endowment investment**<br>**movements**|**Analysis of endowment investment**<br>**movements**|||
|---|---|---|---|
|||**Thisyear**<br>**Previousyear**||
|Investments held in TMCP endowment funds||20,408|20,639|
|Other endowment investments||Nil|Nil|
|**Total**||**20,408**|**20,639**|



|**Change in investment values**|**Change in investment values**|**Change in investment values**|
|---|---|---|
|**Carrying value at beginning ofyear**||**20,638**|
|**Add:**additons to investments(interest/dividends)||643|
|**Add:**revaluatons||(214)|



18 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

|**Less:**admin costs & interestpaid(to Circuit & Stamford Street)||660|
|---|---|---|
|**Carrying value at end ofyear**||**20,407**|



## **Glossop & Tameside Methodist Circuit** 

## **13. Analysis of current assets** 

|**This year**||**Last year**|
|---|---|---|
|**£**||**£**|
|**Nil**|||
|**Nil**||**Nil**|
|**Nil**|||



|||**This year**<br>**£**|**This year**<br>**£**|**Last year**<br>**£**|
|---|---|---|---|---|
|**Debtors and prepayments**<br>Prepayments (insurance)<br>Other debtors<br>**Total debtors and prepayments**<br>**Analysis of cash at bank**<br>Bank balance held in CFB<br>Bank balance held in Co-op<br>**Total Cash and Bank**||**Nil**|||
|||**Nil**|||
|||**Nil**||**Nil**|
|||**Nil**|||
||279,895<br>255,741<br>**535,636**||||
||279,895|||268,508|
||255,741|||189,472|
||||||
||**535,636**|||**457,980**|



## **14. Analysis of current liabilities and long term creditors** 

|Trade Creditors<br>Other Creditors<br>**Total Current Liabilites**|Nil||Nil|
|---|---|---|---|
|||||
|||||



## **15. Capital Commitments and Contingent Liabilities** 

At the 31st August 2022  the Circuit has no capital commitments. 

No Contingent liabilities were identified at 31st August 2022. 

19 



## **GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Summary of the Internal Organisations reporting to the Circuit Meeting. Note that the funds of an Internal Organisation would normally be Restricted funds unless it could be clearly shown that they could be used for any Methodist purpose.** 

|**Internal Organisations**|**Opening balance**|**Receipts **|**Payments**|**Net Receipts/ PaymentsAdjustments Closing balances**|
|---|---|---|---|---|
|**Place of Welcome**|**1,292**|**1,419**|**1,279**|**1,432**|
|**Emmaus**|**7,223**||**6,834**|**389**|
|**Helping Hands**|||||
|**Sub-Total**|**8,515**|**1,419**|**8,113**|**1,821**|
|**Transfers from/to General**|**Fund**||||
|**Transfers from/to CMTF**|||||
|**Transfers from/to other TMCP funds**|||||
|**Totals**|**8,515**|**1,419**|**8,113**|**1,821**|



## **Note: Transfers and totals of Receipts and Payments transferred to the SOFA** 

**Glossop & Tameside Methodist Circuit** 

## **17.  Detailed analysis of individual fund movements** 

## **Unrestricted Funds** 

|**Unrestricted Fund**<br>**Name**|**Opening**<br>**Balance**|**Income **|**Expenditure **|**Transfers**|<br>**Gains/**<br>**(Losses)**|**Closing**<br>**Balance**|**Purpose of the fund**|
|---|---|---|---|---|---|---|---|
|General Account<br>Hyde &<br>Glossop(including<br>TMCP unrestricted<br>investments)|2,308,926|354,068|275,780||1,948|2,389,162|**Gains/(Losses) from:**|
|CMTF|244,338|9,934|105,066||296,632|445,838||
|||||||||
|Totals|**2,553,264**|**364,002**|**380,846**||**298,580**|**2,835,000**||



## **Restricted Funds** 

|**Restricted Fund Name**|**Opening**<br>**Balance**|**Income **|**Expenditure **|**Transfers**|**Gains/**<br>**(Losses)**|**Closing**<br>**Balance**|**Purpose of the fund**|
|---|---|---|---|---|---|---|---|
|Internal Organisatons|8,515|1,419|8,113|||1,821|**For specifc areas of Circuit's local mission:-**<br>Emmaus & Place of Welcome|
|||||||||
|||||||||



20 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

Totals **8,515 1,419 8,113 ~ 1,821** 

|**Endowment Name**|**How the capital is  invested**|**The current value of the capital**|**Annual income**|**What the income was used**<br>**for**|
|---|---|---|---|---|
|TMCP Investments|Various bequests|20,408|||
||||||
|Totals||<br>**20,408**|||



**TOTAL 2,857,229** 

21 



**GLOSSOP AND TAMESIDE METHODIST CIRCUIT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **18 RELATED PARTY TRANSACTIONS** 

## **Ministers** 

Stipends and allowances for presbyters and deacons (collectively ministers) are set annually by the Methodist Conference, and the Circuit is responsible for meeting those costs for all ministers appointed by the Conference to the Circuit.  Details of stipends paid to ministers who are members of the Circuit meeting are as follows.  The following received the basic stipend (£26, 928): Revd Natalie Hackett, Rev Robert Balfour, Revd. Hazel Cook. 

In addition to the basic stipend, the Connexionally agreed Superintendent Minister’s allowance (£2,692) was paid to Revd Hazel Cook. 

Other ministers who are resident in the Circuit, for the purposes of the Methodist stations, but not in Circuit appointments or without appointment are also members of the Circuit Meeting but do not receive payment or accommodation from the Circuit, except for preaching fees and expenses as set out above. 

There are no other related party transactions. 

22