South Warwickshire Methodist Circuit Reglstered Charlty Number 1154830 Tru5tees' Report and Audlted Accounts for the year ended 31 August 2024 PDF processed with CutePDF evaluation edition www.CutePDF.com Poge2 South Warwlckshlre Methodlst Clrcult Trustees, Report for the year ended 31 August 2024 Introduction Thi5 report and accounts covers the year to 31 August 2024. The Circuit seeks to Ilve out the callin8 of the Methodist Church to respond to the 805pel of God'5 love in Chrlst and to live out its discipleship and to: increase awareness of God's presence and to celebrate God's love help people to grow and leam as Chrlstians through mutual support and care be a 8ood nelghbour to people In need and to challenge injustice The mlssion of the South Warwickshire Methodlst Circult is to encourage and 5UPPOrt people to be open and responsive to God, each other and the world. Revlew of the year The Statement of Flnanclal Actlvltles shows a net deficit on the General Fund, before Investment and other reco8nlsed 8alns and losses, of £117,710 for the year. Thls reflects planned utilisation of reserves to fund a pollcy of spendlng reserves on new initiatives to spread the word of God. During the year the Leamington Spa manse was sold In order to replace It wlth a more sultable house. The replacement was not purchased untll after the year end. When a Methodlst Church closes, the managlng trusteeship of any land and bulldings passed to the Circuit. If the plan is to dispose of the bulldlngs they are recognlsed at falr value In the Flnanclal Statements of the Clrcult. The gain arlslng on recognislng the value is shown In the Statement of Financial Actlvlty and they are classlfled as current asset investments on the Balance Sheet. Following difflcultles In sellln8 the former church at Fenny Compton It's fair value has been reduced from £113.435 to £88,849. Net expendlture of £1,422 on the Clrcuit Model Trust Fund Is after a Dlstrlct Advance Fund contrlbutlon of £33,447. At the year end total reseNes were £3,671,088. Of that £2,526,842 is held In fixed assets or property awaltlng sale. Income trends The princlpal funding sources durlng the year were: 11 General Fund Assessments received from the churches in the Circuit.. £269,99812023: £270,682). 21 Clrcuit Model Trust Fund.. Investment income of £33,62812023: £13,529). EM endlture trends The prlnclpal Items of expenditure were the stlpends of mlnlsters and provlslon of their manses, as well as the salarles of lay workers employed by the Circuit. Stipends Increase each year in line with increases approved by the Methodlst Conference. Lay workers are paid at or above the Llving Wage Idetermined each November by the Living Wa8e Foundatlon). Lay worker 5alorie5 are revlewed periodically to take account of any change in the Scope and scale of responsibilitles, Indivldual performance and local comparators. Puoe 3 South Warwlckshire Methodist Clrcuit Trustees, Report for the year ended 31 August 2024 (continued) endlture trends contlnued An assessment of £56,832 {2023: £56,832) was paid to the Birmlngham Methodist District, to support the work of the Methodlst District and the wider Methodist Church. The annual contributlon to the District Advance Fund, £33,44712023: £12,500), was an Increase from the previous year as a result of the higher Model Trust Fund balance. The contributlon is made under Standing Order 95516) and is a tarlff based on Circuit funds held by the Trustees for Methodist Church Purposes at the previous year end. Fund balances At 31 August 2024 net current assets were £1,599,73812023: £986,682). Once a building Is sold the net proceeds become part of the Circuit Model Trust Fund. The transfer between funds of £758,368 represents the net proceed5 of a55et sales banked into the Clrcuit Model Trust Fund. Consequently, there is a slgnificant Increase in fund during the year. Plans for 2024 25 and future ears The Circult aims to cover normal ongolng costs from the assessment Income. The c05t of additlonal mission activlties is to be met from reserves. At the time of writing this report the Circuit has Succeeded In sellir)g the former Fenny Compton chapel and has purchased the replacement Leamin8ton manse: Basls of re aratlon of accounts and le al framework The Charity's annual report and accounts for the year ended 31 August 2024 have been prepared in accordance with the Charitles Act 2011 and the Charities., Statement of Recommended Practice 2019 as applicable to the Financial Reportlng Standard (FRS) 102. These flnanclal statements are subJect to audit owing to the gross asset value of the Clrcult exceeding the relevant threshold. Charlty reglstratlon number: 1154830 Maln communlcatlon address . 9 Northvale Close, Kenilworth, CV8 2EN Puge4 South Warwickshire Methodist Circuit Trustees. Report for the year ended 31 August 2024 (continued) Charity trustees The member5 of the South Warwickshire Methodlst Circuit meetlng are the Charity Trustees, membership being made up of clrcuit office holders, ministers and repre5entatlves appointed by the local churches {see Appendix to Trustees, Report for a full Ilst of Trustees). The Clrcuit meeting delegates the day to day running of the circuit to a leadershlp team. Circult Leadershlp Team for the year to 31 August 2024 Active clrcult ministers Rev lain Ballard Rev Sally Jones Deacon Jane Mllls Rev Tlna Brooker Rev Jemlma Strain (part timel Rev Rlchard Wilde (part timel Shella Brown Trevor Pethlck David Wltham (Treasurer) David Witham acted as the principal offlcer overseeing the day to day financial management and accounting for the Circuit durin8 the year. Circult Stewards Auditors JW Hinks LLP- Chartered Accountants and Statutory Audltor5 Bankers Central Finance Board of the Methodlst Church Trustees for Methodist Church Purposes CAF Bank Alms and organlsatlon The charlty's objective is to act as a resource provider in South Warwlckshlre for the Methodist Church. The purposes of the MethOd￿$t Church are and shall be deemed to have been since the Date of Unlon the advancement of: al The Christian falth In accordance wlth the doctrinal standards and disclpline of The Methodlst Church; bl 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 belng of any Society or institution subsldiary or ancillary to The Methodist Church,, dl Any purpose for the tlme being of any charity bein8 a charity subsidiary or ancillary to The Method15t Church. Poge5 South Warwickshlre Methodist Circuit Trustees, Report for the year ended 31 August 2024 {contlnued) Alms and organlsatlon Itontlnuedl The Circuit encourage5 and supports the Methodist churches in South Warwlck5hlre in: the organisation and resourcing of regular public acts of worship which are open to members of the church and non members alike. the teaching of ChrlstSanlty through Sermons, courses and small groups. the resourcing of pastoral work Includin8 Vlslting the slck and bereaved. taking religiou5 a55emblles in local schools. -promotion of Chrlstianlty through the staging of events and services. -provision of clubs, activities and support group5 wlth a Christian ethos. supportin8 other charities in the U K and overseas financially and with prayer. The Clrcult reviews Its alms. objectives and activities and Identifies opportunities for future artion. It promote5 mlsslon and glves appropriate support to churche5 that demonstrate that they are outward looking, misslon focused, not averse to change and taking risk and, where posslble and approprlate, seeking to work In partnership wlth others, Publ1¢ Benefit The trustees confirm that they have had regard to the Charity Commission's guldance on publlc beneflt. Structure, Governance and Management The governing document for the clrcuit is the Deed of Union119321 and Methodlst Church Act119761. Detailed governance arrangements are outllned within the Constitutlonal Practice and Olsclpline of the.Methodlst Church bv order of the annual conference ICPDI. Day to day management of the Circult Is undertaken by the Clrcult Leadership team. Selectlon of Trustee5 and Tralnlng of Trustee$ Trustee5 are appointed as Set out In the Constitutional Practice and Dlscipline of the Methodlst Church. Appointment Is made by local churches or exlstlng trustee5 or, in the case of minister5, on stationSng in the Clrcuit. A range of guidance produced by Methodist Connexion to 5UPPOrt the effective runnlng of the Circult is given to Circuit Meeting members. In partlcular the leaflet 'The Role of a Trustee In The Methodlst Church, Is given to all new Circult Meetlng members as inductlon to their role as trustees. Other trainlng is provided to Trustee5 approprlate to their role and responslbllity withln the Circuit, Related Partles The Clrcuit is part of the Birmingham Dlstrlct and is also accountable to the Methodist Conference. The following Methodist Churches and Local Ecumenical Projects ILEPI are linked to the Circuit.. Cubblngton. Dale Street, Henley in Arden, Kenilworth, Klneton, Radford Road ILEPI, Stockton ILEPI, Stratford upon Avon, Welford on Avon, Warwick. Wellesbourne and Whltnash. The trustee5 and their close famlly members are also related parties. Poge 6 South Warwickshire Methodist Circuit Trustees, Report for the year ended 31 August 2024 (continued) Risk Managernent The major risks have been identlfied and recorded by the Clrcult Leadership Team wlth professional advice taken as required. There is a regular annual review process undertaken and recorded. Income and expenditure is compared with the approved annual budget on a half yearly basis to detect trends as part of the rlsk management process and avoid unforeseen calls on reserves. Safeguardlng Every person has a value and dlgnlty which comes directly from the creatlon of male and female In God's own image and Ilkeness. Christians see thls potentlal as fulfllled by God's re-creation of us In Chrlst. Among other thlngs thls Implles a duty to value all people as bearlng the Image of God and therefore to protect them from harm. Methodist Connexional practlce outllnes commltment to the followlng prlnclples: • the care and nurture of, and respectful pastoral ministry with, all chlldren, young people and adults. • the safeguardlng and protection of all childreni young people and adults when they are vulnerable. the establishing of safe, caring communities which provide a loving environment where there is 'Informed vigilance as to the dangers of abuse. We will carefully select and train all those wlth any responsibility within the Church, In1Sne wlth Safer Recrultment principles, Including the use of criminal records disclosures and registratlon wlth the relevant vettlng and ba rrlng schemes. We wlll respond without delay to every complaint made whlch suggests that an adult, child or young person may have been harmed, cooperating wlth the pollce and local authority in any i nvestigation. • We will seek to work wlth anyone who has suffered abuse, developlng with them an appropriate ministry of informed pastoral care. • We wlll seek to challenge any abuse of power, especially by anyone in a posltion of trust. We will seek to offer pastoral care and support, includin8 supervlsion and referral to the proper authoritie5, to any member of our church community known to have offended against a child, young person or vulnerable adult. In all these prlnclples we will follow legislatloni guidance and recogni5ed good practlce The Circuit commits itself to ensuring the implementation of Connexional Safeguardlng Policv; government leglslation, guidance and safe practice in the circuit and in the churches. The Clrcuit commit5 Itself to the provision of support, advice and training for lay and ordalned people that wlll ensure people are clear and confident about their roles and responsibilitie5 in safeguarding and promoting the welfare of children and adults who mav be vulnerable. South Warwlckshlre Methodlst Circuit Trustees, Report for the year ended 31 August 20241contlnued) Reserves Pollcv The Reserves Policy for the Circuit is to hold a minimum sum equivalent to 4 months, average expenditure. This should be 5ufficlent to meet any unforeseen item of major expenditure on manses and contlnue planned actlvltles for the short term in the event of any inability to raise the full clrcuit assessment from churches. At 31 August 2024, the Clrcult held reserves of £1,599,738, excludln8 reserves held as tangible flxed assets. Thls represents £1,442.050 in excess of the amount determined under the Clrcult's reserves pollcy. The Circuit contlnues to develop a strategy to utilise surplus reserves for the furtherance of Its objectlves. The Circult Meeting has agreed that the followlng cost5 should be excluded from the base for calculatin8 assessments on churches and wlll be funded from reserves: Manse refurbishment costs In excess of regular malntenance Costs of part tlme presbyters for the length of thelr appointments Cost of addltlonal m15sion focussed mSnlstry Costs of maintainlng and admlnlsterln8 surplus property Grants The policy15 Contlnulng. South Wanylckshlre Methodlst Clrcult Trustee¢ Report forthe year ended 31 August 2024 Icontlnued) Statement otTrustses' R•sponslbllltl The trustees are responslble for prepartng the Report of the Trustees and the flnandal ststements Sn accordancÈ wlth appllcable law and Unlted Kln8dom Aceountin8 Standards (Unitsd Klngdom Generally k¢epted Accountlng Prdttk•l. The law appllcgble to charftles In England and Wale5, the tharltles Act 2011, Charfty Wecounts •rKI Reports) Regulatlons 2008 and the wovlslons of the trust deed requlres the tru5teesto prepare financlal statements for each financlal yearwhlth 8lve a truè and falr vlew ofthe state of alfalrs of the tharlty and of the Incomlng resourcès ènd appllcatlon of resourc4 IndudlnB the Income and expendlture, of the tharlty for that perlod. In preparln8 those flnanclal statements, the tru5tee5 are requlred to - select 5ultsble accountln8 policies and then apply them conslstently; - obseNe thE methods and principles In the Charlty SORP; - make Judgements and estlmates that are reasonable and prudent; - prepare the flnandal statements on the 8olng concern basls unless It Fs Inapproprlate to presume that the charlty wlll contlnue In bu51ness. The trustees are responslble for keeplng proper accountlng records whlch dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the tharlty and to enable them to ensure that the flnandal ststements comply wlth the Charltles Art 2011, the Charfty IAccount5 and Reports) Regulgtlons 2008 and the provlslons of the trust deed. They are a150 responslble for safegu8rdln8 the assets ¢Jf the ch•rlty and hence fortskln8 reasonable steps forthe preven￿On and detectlon of fraud and other IrregularStie& order of the bo#rd of trustees on 17 June 2025 Jnd slgned on its behalf bw. Rev loln Bullard Superintendent Mlnlster Appendix A Poge9 South WaThvlckshlre Methodist Circuit Circuit Meetin8 Membershlp MINISTERS Rev Dr lain Ballard Rev Jemima Strain Rev Sally Jones Deacon Jane Mills Rev Tlna Brooker From 1 September 2023 OTHER MINISTERS RE51DING IN THE CIRCUITWHO WISHTO BE MEMBERS OFTHE CIRCUIT MEETING R&v E Brlan Mason Rev RiGhard Wllde Rev DavSd Butterworth Trevor Pethlck David Witham- Tre88urer Sheila Brown Chr15topher Benson LOCAL PREACHERS REPRESENTATIVES Ru8S811 Blackwell CHURCH REPRESENTATIVES Cubblngton D?rek Dwyor Davld Chlrnslde Dale Street & Cubbln8ton June Gabbltas Jlll Lloyd Joanna Rhodes Mark Whitehousa Davld Sandy Graham Howe Roger Carter Kelth Hicks L Jane Rimell Carol Cavg Roger Thompson Sandra Quarterman Lindsey Sull￿9n Sally M¢C•wley Jonathon 8urrow8 Fiona Pethlck Margaret Bull Andrew Davldson Heather Chamberlain Janel Grant Philip Ledgard R Margaret Blakemore Andrew Steele Anne Ollv6r Julie Barr Ken Hayward Trevor Wills Jan Tyrrell Brlan Bradley Edward Tirnmins Maurice Mills To 31 August 2024 From 11 Septsmb8r2024 To 31 August 2024 CIRCUITSTEWARDS From 19 June 2024 To 30 Aprll 2024 To 30 April 2024 To 11 May 2025 To 31 March 2024 To 11 May 2025 From 19 May 2024 From 11 May 2025 Klneton & We115bourne From 11 September 2024 To 20 March 2024 To 20 March 2024 Kenllworth From 5 Juno 2025 Radford Road Stockton Strarford upon Avon Inc Henley In Arden From 19 September 2023 War4Ylck & Whltnash To 1 April 2025 To 31 August 2024 To 20 February 2024 From 20 Febru8ry 2024 From 20 February 2024 Welford upon Avon OTHERS APPOINTED Cllmate Change Safeguardlng Archivlst Mark Bovllon Penelope Sharples Edw8Td Royle To 3 December 2024 Poge 10 South Warwickshire Methodist Circuit Statement of Financial Activities (SOFA) for the year ended 31 August 2024 Yq•r end•d 31.8.24 Ye4rended 31.8.23 Income Charitable activities Assessments from churches Lettin85 Other Interest receivable Total Income 269,998 23,876 22,318 4.111 310,303 269,998 23,876 22,318 37,739 353,931 270,682 8,644 38,788 3.461 270.682 8,644 38.788 16,990 335.104 33.628 13,529 13.529 33,628 321,575 Expendlture Stlpends. salaries, Nl, Pension District Assessment Telephone & travel Insurance, utilitle5, etc Maintenance on manses Oflice costs Surplus propertle5 Other Expenditure Grants and donations Depreciation ContributSons to D15trict Advance Fund Total expendlture 280,851 56,832 280,851 56,832 18,942 28,335 3,053 5,834 18,757 15,273 9,6BI 2,058 33,447 473,063 260,908 56,832 12,594 20,739 10,S41 9,995 19,714 10,951 627 260,908 56,832 12,594 20,739 10,541 9,995 19,714 11,759 627 18,942 28,335 3.053 5.834 18,757 13,670 9,681 2,058 1,603 808 1,521 1,521 12,500 417,730 33,447 35,050 12.5(Kl 13,308 438,013 404,422 Net (expendlturel I Income Galns and losses on Investment assets Los5 on dlsp05al Other recognlsed galns and losse$ Gain on disposal of fixed asset Change in fair value of property held for sale Reclasslflcatjon of funds Transfers between fund5 Draw down from model trust Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 1117,7101 11,4221 1119,1321 182,8471 221 182,6261 13,6081 13,6081 li 286,439 286,439 12 124,5861 124,5861 100,934 100,934 1758,3681 120,IKIO 1494,1151 758.368 1170,8511 140,OOU 1115,3721 270,851 1120,LK)01 636,946 1140,QOOI 131,072 142.711 14,700 3,IIJ,726 Z.619.50I 414,641 1.051,587 3.528.367 3,671,088 3,230,098 3,113,726 283,569 414.641 3,513,667 3.528.367 Pogc IJ South Warwlckshlre Methodlst Circult Balance Sheet as at 31 August 2024 Notes General Fund Iunr•5trf¢tedl Clrcult Model Trust Fund IUnxe5trlrtedl 31 Auzust 2024 31 Augusi 2023 Tanglble Foxed Assets Land, buildSngs & equiprnent Investment property li 2,071.350 1.071,350 2,541,685 rotulfvedossets 2.071.350 2.071.350 2,541,685 Current Assets urrent Investments .49 27,277 Debtor5 and prepayments Trustees for Methodist Church PL>rposts Central Flnance Board Deposit5 Cash al bank Totol current asJetS 13 264,OlS 937.987 291.292 937,987 78,18S 8,IX15 1,770.951 L9,502 562.623 78.518 11,370 1,152,091 78.185 8,005 568.959 1,202,002 Credliors and Accruals Idue In under l yrl 14 20.808 150,41S 171,223 165.409 Plet Current assets 548.ISi 1.051,587 1,599.738 986.682 Net assets 2.619.501 1,051,587 3,671,088 3,528,367 Funds of the Clrcult General Fund Circuit Model Trust Ftsnd 15 15 2.619.501 2.619,501 I,D51.587 3,671.089 3,113.726 414,641 3,528,367 1,051,587 1.051,587 rotol FundJ 2.619.501 518ned; Dated: 17 June 2025 ILL Dovid Withom FCA Circuit Treosurer Page 12 South Warwlckshlre Methodlst Clrcult Notes to the Accounts for the year ended 31 August 2024 1. 8asls of accountln8 The financial statements of the charity, which is a public beneflt entlty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the Unlted Kln8dom and Republic of Ireland IFRC 1021 (effective l January 20191" Financial Reporting Standard 102 "The Financlal Reportlng Standard applicable In the UK and Republlc of Ireland" and the Charltles Act 2011, 2. Publlc beneflt entlty The charlty constltutes a public benefit entity as defined by FRS 102. 3. Consolldatlon The Circuit has denomlnatlonal regulatory overslght In respect of the work of the Churches wlthln the Clrcult but has no legal or operational control of those Churches and thelr 8overnlng bodles except In extreme circumstances. For this reason, the flnanclal statement5 of those Churches wlthin the Circuit are not consolldated into these flnancial statements. 4. Accountlng pollcles l. Income Reco8nltlon Income is brought Into account when the Circuit becomes entitled to the resources and the Trustees believe it Is more Ilkely than not that they will receive the resources, and the monetary value can be measured with sufficlent reliability. In accordance wlth Charlties SORP IFRS 1021, the time of volunteers Is not recognlsed. 11. Expendlture and Uabllltles Liabilities are recognlsed where it Is more Ilkely than not that there Is a legal or constructive obligation committing the Trustees to pay out resources and the amount of the obllgatlon can be measured wlth reasonable certalnty. 111. Grants Where there are no conditions attathln8 to a 8rant made by the Clrcult from Its own funds, the grant Is reco8nlsed In full at the tlme of agreement to make the grant. Where the Circuit Bives a Brant with conditions for its payment, being a specSfic level of seNice or output to be provided, the grant is only reco8nlsed in the SOFA once the reciplent of the grant has provided the specified servlce or output. When the 8rant to be accured is re¢urrertt over more than one year, the balance payable in future years is treated as a provlslon for future commitments in the Balance Sheet against the appropriate fund, the provlsion being released in future years as Instalments are paid in accordance wlth the orlglnally agreed terms. iv. VAT Since the Circuit is not VAT reglstered, all input VAT is charged with the expenses to which it refers. Pcqel3 ' South Warwickshlre Methodist Circuit Notes to the Accounts for the year ended 31 August 2024 4. Accountlng pollcles (continued) v. Tan8lble fixed a55ets These are capltalised if they can be used for more than one year, and Indlvldually cost at least £250. The freehold property held at I September 2015 is shown in the accounts at 2015 deemed value, being that property's Insurance relnstatement value. The freehold property purchased after I September 2015 is shown at cost on acquisition. The freehold property acquired at the merger wlth part of the Stratford and Evesham Circuit Is shown at the value prevlously used in the accounts of that circuit, The land component of the freehold property is deemed to be £50,000 per property. No depreciatlon Is provided on property because the Trustees conslder the current residual fair value of the property in Its present condition to be not less than the value at which it Is stated in the balance sheet and, In the ab5en¢e of any evidence of Impalrment, any depreciation for the bulldlngs component of the property would be immaterlal. Oepreclatlonls provided on fixture5, fittin8s and equipment on a stral8ht line basis over three years. vl. Propertle5 held for sale From tlme to tlme the Clrcult may be requlred to assume re5ponsibillty for Church premlses following closure and cessation of worshlp. This results In the Circuit Trustee5 becoming the managlng trustees for the property so that the Trustees declde whether the property can be used in a dlfferent way to further the mission of the Circult or whether it is redundant and should be sold. If a dec151on is made to sell the propertyi It Is classified as a current asset investment. Simllarly, any other property held for resale would be a current asset Investment. Such properties are recognised as an a55et at its antlclpated net sale price as determined by a professlonal valuatlon and after taking account of the levy to be charged by the Connexlon. Any expenditure on the property that Is likely to enhance it5 sales value is capitallsed at the time that the expenditure Is incurred. Where proceeds are intended to be spent on activities, the property is included in assets at the lower of cost and net realisable value. vll. Debtor5, credltors, bank and cash Debtors are stated at settlement amount or amount advanced by the charity. Subsequently they are measured at the cash or other conslderation expected to be received. Credltors are inltla15y recognlsed at settlement amount after any trade discounts, where normal credit terms apply, or the amount advanced to the Clrcult. Subsequently creditors that are current Ilabllltie5 are measured at cash or other conslderatlon expected t¢ be pald. The Ilquld funds of bank balances and deposlt fund balances are shown at thelr realisable values. vlll. Methodlst Connexlonal Funds The Methodist Church Connexion raise5 assessments agalnst Clrcults and these are pald quarterly to thelr Districts. The Circuits ra15e assessments a8ainst Churches in the Circuit. The Dlstrict remits to The Methodist Church Fund m05t of the sum received from Circults. A small sum is retalned by the Di5trlct to meet Its own costs. Ppgv 14 South wan￿Icksh1re Methodlst Clrcult Notes to the Accounts for the year ended 31 August 2024 4. Accountlng policies (continued) Ix. Ministers, Manse Costs The Circuit is required to provide accomodatlon for each minister In the Circuit and their families and 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, as well as the cost of mlnisters, removal to the Clrcuit. Where any manse costs are viewed by HMRC as taxable benefits to the mlni5ter, the resulting employer Nl charge is included as part of the Nl cost for the year. 5. Assessments from Churches During the year end the Circuit comprlsed 10 church counclls which were assessed for a contrlbutlon to meet the overall net core, ongoing costs of the Clrcuit. Normally, 80% of the assessment is apportioned to the Churches on the basls of thelr adjusted income, including only 50% of lettin8 income to allow for 4ncreased running costs and excluding one-off recelpts, and 20% of the assessment is apportloned on the basls of thelr unrestrlcted reserves. Year ended 31.8.24 Year ended 31.8.23 Cubbington Dale Street Henley in Arden Kenilworth Klneton Mickleton Radford Road Stratford upon Avon and Henley in Arden Warwick Welford on Avon Welle5bourne Whitnash 18,324 62,136 20,428 69,276 6,024 58,320 6,524 1,915 8,412 41,136 34,060 4,919 11,432 8,236 270,682 62,664 7,153 9,228 51,148 36,144 5,393 10,400 7,408 ' 6. Lettlngs Lettings Income relates to elther manses that are not required to house Clrcuit ministers In the short term or church buildings where the circuit meeting is the managing trustee body rather than a local church council. Letting income Is shown 8ross of fees and commisslon. 7. Other Income from Charitable Activities Unrestricted income of £22,318 includes reimbursement from the Coventry and Warwick5hire University Free Church Standing Committee IFCSC} of £20,023, being expenditure by the clrcuit in providing on the payroll c05t of a chaplain at the Unlver51ty of Warwick, and £2,000 from the estate of Mr Roy Slingsby. Poge 15 South Warwickshire Methodlst Clrcult Notes to the Accounts for the year ended 31 Au8USt 2024 8. Interest receivable Tear lear Unrestrlcted arcult Model Trust Fund ended 31.8.24 ended. 31.8.23 Central Finance Board Trustees for Methodist Church Purposes CAF Bank Total 4,086 4,086 33,628 25 37,739 3,405 13,529 56 16,990 33.628 25 4.111 33,628 9. Stlpends, Salarles and Assoclated costs Staff Costs paid during the year were.. Year ended 31.8.24 31.8.23 ' Total Total Mlnlsters iarcult Trustees) Mlssion Admlnlst- staff ratlon Gr055 Stipends and salaries Employer's National Insurance costs Pension costs Apprenticeshlp Levy Total staff costs 155,247 13,604 39,059 895 208,805 26,309 2,375 1,579 131 30,394 39,754 221,310 1,720 17,699 40,638 178 1,204 41.652 280,851 205,556 16,762 37,546. 1,044 260,908 Average number of full tlme equlvalent number of staff employed durlng the year were . Mlnlsters Mission staff Adminlstration 5.17 1.00 1.79 5.12 1.19 7.31 Paqe16 South Warwickshire Methodist Circuit Notes to the Accounts for the year ended 31 August 2024 9. Stipends, Salarles and Assoclated costs Icontlnued) No employees recelved employee benefits that totalled more than £60,000. There is no accrual for holiday pay as it is immaterial. All staff are paid at or above the living wage as calculated by the Living Wa8e Foundation. Methodlst Minlsters are not employees of the Methodlst Church although for slmpllcity, when accounting for National Insurance and pension contributions, the terms employer and employee are used as they would be in an employing bodv. Contrlbutlons are made to the Methodlst Mlnlsters, Penslon Scheme for all mlnlsters. Thls Ss a defSned beneflt scheme which Is accounted for in the flnancial statements of the Methodlst Church in Great Britian. This scheme Is In deflclt but a plan for the removal of the deflclt Is beln8 Implemented. Lay workers have the option of Jolnln8 a defined contrlbutlon penslon scheme whlch the Clrcult has set up with TPT Retlrement Solutions. Each min15ter Is entltled to a 3 month sabbatical every 7 years and the expenses incurred by the mlnister are met by the Connexlon wlth the Clrcult continuing to pay the stipend. The Circuit does not accrue for hollday pay cover a5 the remainlng staff cover as needed without extra pay. Payments to Tru5tee5 The Superintendent Minister, other mlnlsters of the Clrcult and the Circult Stewards constltute the Clrcult Leadership Team and are considered as Key Management Personel. The Superintendent chalrs meetlngs of the Clrcult Leadership Team and the Circuit Meeting. The Clrcult Leadership Team, together with church and other representatives, are members of the Clrcult Meetlng and are the Trustee5 of the Clrcult. The stlpends, employer'5 National Insurance and employer's pension contributions and other expenses of the ministers of the Circult are pald by the Clrcult, as determined by the Methodist Church, and are separately disclosed as part of staff c05t5 above. Manses are provlded by the Circuit and the Clrcult malntains the property. Year ended 31.8.24 31.8.23 Payments made to trustees who are part of the leadershlp team Travel expenses Phone expenses £11.461 £3,830 £15,291 £6,688 £10,971 Payments made to trustees who are not part of the Circult Leadership Team for additional services - preachlng fee5 and related expenses £475 £1,135 Number oftnjstees who were paid expenses 10. Fee5 for audit of the accounts Year ended 31.8.24 31.8.23 £3,780 £3,804 Audlt fees Pttge17 South WaThvlckshlre Methodlst Circuit Notes to the Accounts for the year ended 31 Au8USt 2024 11. Tan8Sble Fixed A55ets Fixtures, Mans•s Fltlings & Bulldln8s Equlpmertt Manses Land Totsl Cost or valu*lon Balan￿ at I Septémbèr 2023 Additions Disposals alancé at 31 August 2024 300,1x￿ 2,239.363 8,649 1.612 2.548,012 1,612 1469.8891 2,079,735 150,QKJOI 1419,8891 250,OLJ) 1,819.474 10.261 Deprrflatlon Balance at I September 2023 Disposa15 Charge of yèar Balance at 31 Au8ust 2024 6,327 6,327 2,058 8A85 2,058 8.385 Net book value At 31 Auzust 2024 At 31 August 2023 250,1)00 IA19,474 2,239,36 1,876 2,071,350 1,68 8asls ol depreclatlon tra ne 3 years D15posal of 48 Warwlck place. Leamln8ton Sp¥ Sale price Less: Expenses of sale CPF Levy net of refund on purchase of replacement 8ts),0ts) 12,786 30,886 43,672 756.328 469,889 28 ,43 Net proceed5 of Sale Value of flxèd asset brought forwards Galn on dlsposal of Ilxed asset M•nses Jt 31 August 2024 com 9 Northvale Close, Kenllworth 101 West Street, Warw5ck 22 Gardlnef Road, Klneton 61 Murcott Road East, Whltnash la Hillsid8 Road, Siratford uwn Avon r15e: Oc£upied by Clrcult MlnSster Occupied b Clrcult Ministèr Occupled by Clrcult MlnSster Occupled by Clrcult Mlnister Occupièd by Cir¢ult Mlnlster IZ. Currenl Inv•stm•b)ts Durln8 the year to 31 Au8USt 2024 attempts werè made to sell the former chapel ai Fenny Compton. However, the sale dld not take palcè untll Mar¢h 202S. The falr value of the property has been reduced to reflect the net proceeds after expenses. Balance at I September 2023 480.078 Reduction to falr value tsf Fenny Compton chapel 24,586 Balance at 31 Aulust 2024 455,492 The falr value at 31 Au8USt Is made up of the followlng propertle5'. 31 August 2024 31 August 2023 Fenny Compton chapel Tysoe chapel Mlckleton chapel and hall 88,849 208.(140 158,603 455A92 113,435 208,040 158.603 480,078 PLT4e 18 South Wanvlckshlre Methodist Clrcuit Notes to the Accounts for the year ended 31 August 2024 13. Debtors 31 Au8USt ZOZ4 31 August 2023 Prepayments accrued income other debtors 31,292 260,000 291,292 19.502 19,502 14. Credltors due In less than one year Accruals and deferred income Other credltors 20,808 150,415 171,223 14,994 150,415 165,409 General Fund Circult Model 15. Reserves Total Trust Fund At I September 2023 Net lexpendlturell income for the year Other reco8nised galns and losses Transfers between funds Drawdown from CMTF At 31 Au8USt 2024 3,113,726 414,641 3,528,367 1117,7101 11,4221 1119,1321 261,853 261,853 1758,3681 758,368 120,000 1120,0001 2,619,501 1,051,587 3,671,088 The purpose of the General Fund is for use at the d15cretlon of the Trustees In the furtherance of the oblectives of the Circuit. About 96% of thls fund is held as freehold property and so is not avallable to meet expendlture in the short term. The purpose of the Clrcult Model Trust Fund ICMTFI is for use at the discretion of the Trustees in the furtherance of the oblectlves of the Circuit. Its maln source of income is contributions from the sale of manses and church buildings In the Clrcuit, after contributions and levles to the Connexlon determlned bv the Methodist Church. Although technically an Unrestrlcted Fund under the control of the Clrcult Meetln& prlor approval is stlll requlred from the District to utllise these funds. PagÈ 19 South Warwickshire Methodlst Clrcult Notes to the Accounts for the year ended 31 August 2024 16.Related party transactions Year ended 31 Au8USt Year ended 31 August 2024 2023 Pald to or Paid to or goods goods provlded to provided to related related party party Name of related party Relatlonshlp Descrfptlon of transaction Income from related party Income from related party Methodlst Churches within the South Warwickshire Circult Wellesbourne Methodist Church Churches wlthln the Circult A Circult Church Assessments (share of Clrcult costs) 269,998 270,682 Grant for low energy lighting Eco grant towards solar panels Eco grant toward5 battery storage. 519 Kenilworth Methodist Church A Clrcult Church 5,368 Stratford upon Avon Methodist Church A Circuit Church 4,313 Stratford upon Avon Methodist Church Birmingham Methodist District A Clrcuit Church Methodlst District in whlch Circult Grants for Audio Visual equlpment Assessment Ishare of C05t5 of Dlstrict and Methodist 2,294 56,832 56,832 Birmingham Methodlst District Methodist District In which Circult Distrlct Advance Fund contributlon 33,447 12,500 Mlckleton Methodist Church Churches within the CircLJit There were no amount5 owed to related partie5 at the year end. Assets transferred on closure 119,830 Page 20 South Warwickshire Methodlst Clrcult Notes to the Accounts for the year ended 31 August 2024 17. Contlngent Llabilitles and Capltal Commltments At 31 August 2024 the Circuit has no contracted capltal commitments. However, the Circult Meeting had authorlsed the purchase of a replacement Leamington manse at a value up to the net proceeds of from the previous manse's disposal. In January 2025 a 5Ultable house was purchased for £582,500 plus fees and a refurb15hment bud8et of £67,500 has been authorlsed. At 31 August 2024 there were no contingent liabilities. P898'21 Independent Audltoes Report to the Trustees ol South Warwlckshire Methodlst Clrcult Oplnion We have audlted the financial Statements of South Warwickshire Methodlst Clrcult (the 'charity'l for the year ended 31 August 2024 which comprise of the Statement of Financial Activities, Ststèment of Cash Flows, Balance Sheet and notes to the financial statements, Includlng a summary of 51Bnlflcant 3ccountlng policies. The finan¢lal reporting framework that has been applied in their preparation Is appllcable law and United Kingdom Accounting Standard5, includlng FSnancial Reporting Standard 102 The Finonciol Reportlng Stondord applicoble In the UK ond Republic of Irelond Iunlted Klngdom Generally Accepted Accounting Practice). In our oplnlon the flnancial statements: give a true and faSr view of the state of the ¢harlt¢s affairs as at 31 Au8USt 2024, and of It5 Incoming resources and application of resources, Includlng Its income and expendlture, for the year then ended,. have been properly prepared In accordance with Unlted Klngdom Generally Accepted Accountlng Practlce,. and have been prepared In accordance wlth the requirements of the Charltles Act 2011. B4s15 lor oplnlon We conducted our audlt In accordance wlth InternatSonal Standards on Audltln8 IUKI (ISA5 IUKII and applicable law. Our re5ponslbllltles under those standards are further described In the Avdltorfs responsibllltle5 for the audlt of the financlal statement5 section of our report. We are Independent of the charlty in accordance wSth the ethlcal requlrements that are relevant to our audlt of the flnanclal Statements In the UK, includln8 the FRC'S Ethical Standard, and we have fulfilled our other. ethlcal re5pon5ibllities Sn accordance wlth these requirements. We belleve that the audlt evidence we have obtalned Is sufflclent and appropriate to provlde a ba51s for our opSnion. Conclu51on5 relatln8 to golng concern In audltlng the financlal statements, we have concluded that the tru5tees' use of the golng concern bas15 of accountlng in the preparatlon of the financlal statements Is approprlate. Based on the work we have performed, we hbve not Identlfled any material uncertalntles relatlng to event5 or condltlons that, Indlvldually or collectlvelyi may cast 55gnlflcant doubt on the charitable company's ablllty to contlnue as a 8olng concern for perlod of at least twelve month5 from when the flnanclal statements are authorlsed for issue. Qur respon51bilitles and the responslbllltie5 of the trustees wSth respect to goln8 concern are described In the relevant 5ectlons o Other Informatlon The trustees are responsible for the other Information. The other informatlon comprlses the informatlon Included In the trustees annual report, other than the flnanclal statements and our audltor's report thereon. Our opinlon on the fSnancial Statements does not cover the other Informatlon and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance conclusion thereon. In connectlon witn our audit ot the tinanciai statements, our responsibillty IS to read the other Information ?nd, In doin8 $0, consbder whether the other informationls materlally Inconslstent wlth the flnanclal statement5 or our knowledge obtalned STr the audlt or otherwlse appears to be materlally mlsstated. If we identlfy such materlal Incorisistencles or apparent materlal misstatements, we are required to determine whether theie Is a materSal mlsstatement In the flnanclal statements or a material misstatement of the other Inform3tlon. If, based on the work we have performed, we conclude that there Is a materlal mi¢¢tatr$bm￿nt nf th1< nth*r Infnrmatrlnn iAi• arp rphiilr*rt *n r•nnrt th*t fart We have nothlng to report in thls regard. Matters on whlch we are requlred to report by emceptlon We have nothln8 to report in respect gf the followlng matters In relatlon to which the CharStle5 (Accounts and Report51 Regulation5 2008 require us to report to you if, in our oplnion.. the Information 8iven In the flnancSal statement5 15 Incon51Stent In any materlal respect with the trustees, report: c the charity has not kept adequate accountln8 records,. or the flnanclal statements are not in agreement with the accounting record5 and return5,' or we have not recelved all the Information and explanatlons we requlre for our audit. poge 22 ResponsSbllltles of trustees As explalned more fully in the trustees. responsibilities statement, the trustees are responsible for the preparation of the financial statements and for belng satlsfled that they glve a true and Pdlr view, and for suth internal control as the trustees determlne 15 necessary to enable the preparation of financial statements that a￿ free from material misstatement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsSble for asses5in8 the charltvs ablllty to contlnue a5 a 8oln8 concern, disclosin81 as applicable, matters related to 8olng concern and usln8 the going concern basis of accounting unles5 the trustee5 either Intend to Ilquldate the charity or to cease operatlons, or have no realistlc alternative but to do 50. Audltorfs resPon￿bIlItIeS for the audFt of the Ilnanclal statements We have been appointed as audltor under sertlon 144 of the Charitle5 Act 2011 and report in accordance with regulations made under sertlon 154 of that Att. Our objective5 are to obtaln reasonable assurance about whether the financial statements a5 a whole are free from materlal misstatement, whether due to fraud or error, and to Issue an auditorfs report that Includes our oplnlon. Reasonable assurance 15 a hlgh lèvel of assurance, but is not a 8uarantee that an audlt conductèd In accordance wlth ISAS IUKI will alway5 detect a materlal misstatement when It exlsts. MSsstatements tan arise from fraud or error and are consldered matèrlal If, Indlvldually or Sn the aggregate, they could reasonably be expected to Influence the economic declslons of users taken on the ba515 of these flnancial statement5. Irregularltles, Includln8 fraud, are Instances of non-compllance wtth laws and re8ulatSons. We deslgn procedures In Ilne with our responslbllltles, outllned above, to detect materlal mlsstatements In respect of irre8ularitle5, Includlng fraud. The extent to whlch our procedures are capable of detectln8 Irregularltles, includlng fraud Is detalled below,, We identified areas of laws and re8ulatlons that could reasonably be expected to have a materlal effect on the financial statement5 and dlscussed the policies and procedure5 re8ardlng compllance. Speclfic areas consldered were as follows: Enqulrln8 wlth manaBement and others to galn an understandln8 of the or8anlsatlon Itself Includlng operatlons, financlal reportlng and known fraud or error. Evaluatlng and understandln8 the Internal control system. Performin8 analytlcal procedures as expected or unexpected varlances in account balances or classes of tran5actlo Testlng documentatlon supportlng account balances or classes of tran5actlons. Because of the Inherent Ilmitstlons of an audlt, there Is a rlsk that we wlll not detect all Irre8ularltle5, Includlng those leadSng to material mlsstatement In the financial statements or non-compllan¢e wlth regulation. Thls rSsk increases the more that compliance wSth a law or re8ulatlon Is removed from the events •nd transactlons refletted In the flnanclal statement5, as we wlll be less Ilkely to become aware of Instances of non.compllance, The rlsk Is also greater re8ardln8 Irre8ularltles occurrlng due A further descrSptlon of our responslbllitie5 for the audlt of the financSal statements is located on the Flnanclal Reportln8 Councll's web55te at.. https'.//www.fTc.org.uk/Our-WorklAudltlAudit-and-assurance/Standards-and-8uldancelStandards-and- 8uldance-for-audltorslAudltors-responslbllltle5-for-audit/Descriptlon-of-audltor5-responslbilities.for.audit.aspx. Th55 We communicate wlth those charged with 8overnance re8ardln8, among other matters, the planned scope and tSming of the audit and sl8nlflcant audit flndlngs, Incluilin8 any 518nlflcant deficiencles In Internal control that we Identify during our audit. Use ol our report Thls report Is maile solely to the charity's trustee5, as a body, In accordance wlth Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we mi8ht state to the chariVs trustees those matter5 we are required to state to them In an audStorfs report and for no other purpose. To the fvlle9t extent permltted by law, we do not accept or assume responslbllity to anyone other than the charlty and the charlt¢s trustees as a body, for our audit work, for thls JW Hlnks LLP Chartered Accountants and Statutory Auditors 19 Highfield Road Ed8baston Blrmlngham West Midlands B15 3BH fj J kl,￿ Lip 17 June 2025