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2022-08-31-accounts

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

(Charity Registration No. 1158290)

TRUSTEES’ ANNUAL REPORT

For the Year ending 31 August 2022

Circuit Office, Vicarage Street Methodist Church, Middle Street, Yeovil, Somerset BA20 1JZ

Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

1. Superintendent’s annual report on the Circuit’s achievements and performance

During the last year, Yeovil & Blackmore Vale, like every other Methodist Circuit, has had to deal with the effects of the Covid19 Pandemic. Most of our churches have re-opened for public worship, but not all. A lot of the older people from our congregations haven’t returned to worship and so the regular posting and emailing of “Worship at home” services has continued. Online Zoom services have been offered on Sunday evenings, as have bible study groups.

We have a full staff team comprising of 3 Methodist Presbyters, 1 URC Presbyter and 1 Methodist Deacon. A new Superintendent Minister was appointed from 1st September 2021. In addition, at the start of the year we were very fortunate to have 8 Supernumerary Ministers, 4 of whom were active, and 12 active Local Preachers with three in training. During the year there have been changes. Our URC Presbyter is now on long-term sick leave. One Supernumerary minister has died. 2 Local Preachers have died, and 5 have resigned. The three in training have now become one in training, one has been accredited as a full LP and one has transferred out.

Within the Circuit we have 3 Lay employees. 2 are workers with children and families, one of these is employed by the Circuit and one is employed jointly by two local churches; and the other employee is our Circuit Administrator. We have reviewed our work and the work that our employees are doing as well as adjusting their working hours where necessary.

In terms of our set-up this circuit had 13 societies worshipping and using 17 buildings at the start of our year. Very sadly we have closed 2 of those buildings for worship and are in the process of selling them. We have also merged two other societies; Kings Stag and Sturminster Newton to create one new society/church: Vale Methodist Church, which has two buildings.

Our Mission Statement is ‘To know God’s love; to show God’s love; to share God’s love’ and so our aim is to work to this statement and support all of our societies and be proactive in a way which provides leadership and pastoral support to each, and to ensure that regular worship, fellowship and mission is carried out.

In line with the purposes of this charity we have worked over this last year to advance the Christian faith and fulfil our charitable status through:

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YeovTI and Blackmore Vale Methodist (2f￿05) Trust￿$. Annual ReporL. Year ended 31 August 2022 The 'Qrcuit Policy document has been the basi5 of our work and the CLT and Circuit Meeting have revi￿ed our priorities and planned for d￿nge5 during the period to 2025126 when our current fivtryearfinanaal plan comes to an end. The Circuit Meeting reviewed its finanoal controls arKI exper￿ policy this year. Pastoral ore of the houseimjund, the dyin& those in hospltal and others in need The Circuit Meeting has met four times during the year. Two of these have been 'virtual' meetings and two have been in person. The finanaal impact of lost income through weekly cash offerings and halllroom lettings was quite dramatic in the previous year and the efferts have still been with us Én this last year. We are dealing with depleted finan￿ in sevefal oFour thurthes. The major work of 2020-2021 had been to reassess the effectivene&s of the Methodist Church presence in Yec14il and the way in which effecirrfe mission be maintained given the resources (human and property) in the town. The Circuit believed and still belTeves that having three indtvidual thurch communities in one town is not sustainable in the long temi and that change is required to (ut athninistration and governan￿. thus releasing ener8y fDr outreach. The newly created Yeovil Methodist ChuTch' has. in this year 2021-2022. continued to look atthe future of the three buildings. and one church building at Preston Road is ncw being sold. Sunday worship is happening at one thurch, midvfftk worship at the other and missional activtties happen at both. There isn't long term viability for this arrangement and so conversations and discernment a￿ ongoin& We are very gratefvl to all of our ¥nembers of staff. lay and ordained and to all of our volunteeT5 for all oftheir prwffrful dedic3tion to their o111￿ to Ser￿ in this Qrcuit in the Lord's name. We Icw)k forward to another yearfull of challenge and opportunity. .L

Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

2. Objectives and activities

2.1 Mission

In setting our objectives and planning our activities, the Circuit Meeting trustees (under the Chair of the Superintendent Minister), who meet quarterly, have given careful consideration to the Charity Commissioners’ general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing our objectives, conforming with the Charities Act 2011.

Our mission is to be a powerful spiritual influence in the geographic area covered by the Circuit and a visible expression of God’s inclusive love. Our Mission Statement is:“To know God’s Love

To Show God’s Love

To share God’s Love”

We aim to achieve this by encouraging, through the members and adherents of churches in our Circuit, the worship, social, and outreach activities that currently exist, and by seeking new ways to extend to others the fellowship of the church family.

We aim to build a Circuit formed for mission and full of generous people who are prepared to work, and develop, to build God’s kingdom in this place. We share a common passion to use our gifts, graces and resources to the best of our abilities to be mission-shaped followers of Jesus Christ.

2.2 Purpose and activities of the Circuit

The Circuit is an expression, over a wider geographical area than any individual Church, of the Connexional character of the Methodist Church. The purposes of the Methodist Church are and shall be deemed to have been since the date of the union the advancement of:

The primary purpose of this Circuit is to advance the mission of the Methodist Church within the geographical area defined by the churches within Yeovil and Blackmore Vale:

The Circuit's primary activity to meet this purpose is "Circuit Ministry" - that is, the provision of a team of ministers and lay employees to deliver ministerial and families’ support to all of the 15 churches in the Yeovil and Blackmore Vale area.

All of the costs incurred to support this Circuit Ministry activity are met by the Circuit – including all staff salaries (“stipends” for ministers) and expenses, and the provision of

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

manse housing for ministers – the Circuit is responsible for manse maintenance, phone/broadband, water, and council tax costs. The Circuit raises funds from each of the Circuit churches through an assessment regime, and, together with its other income sources, these funds are used to pay for its Circuit Ministry and other activity costs. In turn, the Circuit is assessed by the District on the size of its ministry team and pays monthly charges which fund District and central Connexion costs.

Apart from Circuit Ministry, the Circuit’s other activities are:

The Circuit serves the local churches, its District, and the Methodist Conference in the support, deployment and oversight of the various ministries of the Methodist Church, and in programmes of training.

2.3 Circuit policy (last reviewed December 2022)

Our Policy is to:-

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

3. Financial review

3.1 Circuit financial position at the end of FY 2021-22

Key points

During the year the Circuit received total income of £272k (FY 2020-21: £294k) and dispersed £377k (FY 2020-21: £362k).

Net current assets of £335k (excluding property & land) were carried forward across the year end (FY 2020-21: £438k).

Church incomes, and Circuit assessments

The Circuit’s churches have still not returned to pre-Covid attendance levels, even though virtual church services have all but ceased. Furthermore, the bigger of our churches have large, expensive, buildings to maintain and yet still are having to cope with reduced rental income due to the slow re-opening of community activities that hire their halls and rooms.

The Circuit continues to make savings in travel costs and office expenses compared with preCovid levels, having been accustomed through Covid to holding virtual meetings. Meetings (trustees, leadership team, staff etc) are often held remotely by Zoom where appropriate, to reduce costs. In 2021-22 savings have also been made in salary costs, with our Circuit Office Manager stepping down to a lower responsibility Circuit Administrator role on fewer hours. The majority of other expenditure items came in very close to budget this year, yet overall we ended the year with a deficit of £108k compared with a planned deficit of £119k (the deficit being budgeted use of Circuit reserves, within our five-year plan), i.e. a saving of £11k cf. budget. This is despite the fact that trustees voted to donate a grant of £20k in Circuit funds to the Methodist Ministers Pension Scheme’s Pension Reserve Fund, in response to a Connexional appeal in December 2021. Last year (2019-20) we achieved a £29k saving against budget.

In response to the ongoing financial struggles of our churches, in June 2022 the Circuit Meeting took the decision to reduce the Circuit’s assessment level by 10% across all Circuit churches, for 2022-23. This is additional to the 10% reduction already agreed and implemented for 2021-22 and reflects the precarious times the churches find themselves in. It is anticipated that the Circuit will need to maintain Circuit assessments at this lower level for the foreseeable future. In view of the current large rises in UK inflation rates, and the huge increases in energy costs, it is unclear whether even this lower level of assessments will be low enough.

Review of Circuit plans and assessment distribution

The Circuit’s five-year plan is normally reviewed annually. The Circuit’s previous plan was for the ongoing deployment of four ministers (presbyters and/or deacons), plus a five-year Diaconal outreach project, which ends in August 2023. In June 2022, the Circuit Meeting took the decision to adopt a five-year plan (commencing FY 2021-22) to maintain four ministers (apart from the Deacon) to the end of FY 2024-25, after which the number would reduce to three. In the event that circumstances lead to one of our ministers leaving the

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

Circuit before the end of 2024-25, it was decided that the number of ministers would reduce to three from that point. The decision to reduce the Circuit ministry team size was made to reflect the reduction in the number of Circuit churches (10 active fellowships from 2022-23) and the reduced church attendance and income levels across the Circuit.

In June 2022 the Circuit trustees also took the decision to re-distribute the Circuit’s assessment charges more fairly between its churches, and a new, formulaic, mechanism for splitting the total assessment required has been agreed for 2022-23 onwards.

3.2 Reserves policy

Cash reserves

The Circuit’s cash reserves held at 31st August 2022 were as follows:

Unrestricted Funds £
Lloyds Bank – current account 64,445
Methodist CFB 63,467
Lord Alfred Trim Bequest (TMCP) 149,105
DD Gifford Cluett Bequest (TMCP) 53,086
Circuit Model Trust Fund (TMCP) 266
TOTAL UNRESTRICTED 330,368
Restricted Funds- Women’s Work Bequest (TMCP) 4,217
TOTAL CASH FUNDS 334,585

All cash funds are separately invested either with CFB or TMCP.

Included in the above figures is an amount of general funds of £334, designated by the Circuit Meeting for Wincanton children’s work. The timing and possibility of needing to use these monies is currently uncertain, the context being that the Circuit’s work with children in Wincanton ceased recently.

Monetary investments

The Circuit has an additional £3,717 held in TMCP monetary investments (unrestricted) (not included in the above figures) making a total Circuit fund balance of £338,302 at 31 August 2022.

The Circuit trustees have assumed responsibility during 2021-22 for two chapels which have become redundant, at Ibberton and Hazelbury Bryan. The Circuit chapel at Broad Oak also

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

closed in 2021-22. Other than this and the Circuit’s investment property (an unused manse in Yeovil), no money is directly invested in property, securities or other forms of investment.

Policy for 2022-23

The Circuit’s reserves policy covers all of its general and restricted funds. This policy is reviewed and approved annually by trustees, and submitted onwards to the Southampton District for acceptance. The Circuit’s reserves policy for 2022-23 is as follows:

The Circuit aims to hold a minimum of 6 months’ budgeted expenditure in its general funds at any time. This equates to £199k for 2022-23. This is to provide funds for:

The Circuit’s five-year plan has a committed spend of £410k of its cash reserves over the remainder of the five-year period to August 2026. Adding the requirement to hold six months’ expenditure in reserve, these figures demonstrate that the Circuit’s currently available cash funds are entirely committed and will need to be supplemented through asset sales in the near future (see 3.4).

Bequest for Women’s Work: £4,217. This bequest was originally made to the Sherborne branch of the “Women’s Work” Methodist women’s organisation. "Women’s Work" joined with the Methodist “Women’s Fellowship” in 1987 to form the “Women’s Network, which became "Methodist Women in Britain" in 2011. This Circuit’s Methodist Women in Britain group is seeking new members at present.

3.3 Investment policy and performance

The Circuit’s investment policy is to diversify its funds in bank accounts, deposit accounts, financial investment products and investment property. The Circuit has no endowment funds, currently.

To comply 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

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

investments or held on deposit. The investment returns are close to tracking the movements in the FTSE100 index. The deposit income reflects deposit rates available elsewhere. Short-term deposits are lodged directly with the Central Finance Board (CFB) and attract rates of interest comparable with available commercial market rates.

The Circuit’s Trustees’ investment policy is aligned with that of the Methodist 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 for the Methodist Church.

There are no benchmarks for the expected returns or appreciation on investments at TMCP and CFB. The Circuit relies on TMCP and the CFB to review and manage the performance of the Circuit’s financial investments. The Circuit Treasurer regularly checks that all income due is received. The net total income received from the Circuit’s monetary investments was 0.4% for the year. Whilst £4,000 of these monetary investments were sold by the Circuit in 202122, a net loss of £400 was also recorded on the value of Circuit monetary investments over the year.

Investment Property. The Circuit owns a number of manses for ministerial housing. The Circuit’s policy is to maintain any spare manses as investment property, potentially available for disposal to fund the activities of the Circuit in line with its financial plans and budgets agreed with the Circuit Meeting. Any empty manses not needing to be sold are let, where possible, to provide rental income. The Circuit’s investment properties, whether let or not, are inspected annually by the Circuit Property Secretary or by a representative (manse steward) from one of the associated churches. A professional valuation of the Circuit’s investment property was last undertaken in July 2021. The Circuit’s receipts from its investment property amounted to 5.6% of income in 2021-22 (gross before allowing for property management costs).

3.4 Management of deficits and asset disposals

Currently, the total Circuit income does not fully cover net expenditure. The budgeted deficit in FY 2021-22 was £119k to be made up from Circuit reserves (actual: £108k deficit). In the five year plan up to FY 2025-26 this deficit is budgeted to stay around £100k p.a. as the Circuit continues to use its cash reserves on staffing.

Recently-closed chapels at Ibberton and Hazelbury Bryan are now the responsibility of the Circuit trustees, and Circuit officers have commenced the process to dispose of these assets. Broad Oak chapel (class of Sturminster Newton – now Vale Methodist Church) has also closed and Circuit officers are assisting its managing trustees with the building’s disposal. Yeovil Methodist Church has recently taken the decision to close its chapel building at Preston Road, and again Circuit officers are expecting to assist with its disposal.

The Circuit trustees have yet to determine how they wish to use the proceeds from all these sales. Although the pressure to use the funds from these sales towards Circuit reserves will be high, the Circuit has other assets that it could use to replenish its reserves (spare manses) towards meeting its ongoing ministry costs. Depending on what applications it receives from Circuit churches, trustees may find they have some options to reserve grants of specific amounts from the funds generated, for specific new Circuit projects.

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

The Circuit has an empty manse currently let in Yeovil, and will have one additional spare manse in Sturminster Newton in September 2023 when the Circuit diaconal project ends. A further manse will become available when the Circuit eventually reduces to three ministers (September 2025 or sooner) in line with its five-year plan.

Sale of one spare manse will definitely be required early in FY 2023-24 to complement the assessment income the Circuit receives from its churches, in order to allow the Circuit to finance its new five-year plan through replenishment of the Circuit's reserves.

3.5 Going concern

The trustees of the Circuit have every reason to believe that the Circuit is a going concern, principally because our churches have continued to meet their assessments and the Circuit has adequate reserves and assets to cover any shortfall in anticipated income. There are no subsidiary undertakings.

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

4. Structure, governance and management

4.1 Governing documents and constitution

The Circuit is an unincorporated association and is governed by the Methodist Church Act 1976, the Deed of Union (1932) and the Model Trust Deeds of the Methodist Church and was registered with the Charity Commissioners on 19 August 2014.

4.2 Structure

Circuits are the coordinating charities for local groups of churches; Circuits fund the stipends of the ministers and employ lay staff to serve the churches in the Circuit; most decisions are made at or ratified by the quarterly Circuit Meeting. The Circuit is a member of the Southampton District of the Methodist Church.

A District is the coordinating charity for a group of contiguous Circuits and makes its decisions at its half yearly synods. The Southampton District reports into the Methodist Conference.

The Methodist Conference meets once each year as the supreme denominational body for all Methodist Churches.

  1. Overall regulatory authority rests with the Methodist Conference.

  2. The Connexional Office implements decisions made by Conference and is also responsible for the stationing of presbyters and deacons (collectively known as ministers) in individual Circuits within each District.

  3. Connexional decisions are passed to the Chair of the District and the appropriate officers of the District for implementation.

  4. The District passes control down to Circuit level for local implementation by the Superintendent Minister, ministerial staff and Circuit Stewards, and authority is delegated to the Circuit Meeting for certain matters.

  5. The Circuit Meeting passes regulatory control down to church councils for local implementation by the presbyter, the church stewards, and other officers, and this regulatory authority is then exercised by church councils as the managing trustees of their church.

4.3 Governance and management

The Circuit operates within a statutory framework of regulation and additionally seeks to ensure that it follows Methodist Standing Orders. It relies on the Southampton District and Methodist Connexional Offices to provide guidance on changes that could affect the Circuit.

The Superintendent of the Circuit, the other ministers, the Circuit Stewards (including the Circuit Treasurer), the Office Manager, together form the Circuit Leadership Team (CLT) and are considered Key Management Personnel. The ministers of the Circuit undertake the primary executive roles within the Circuit. The Superintendent chairs meetings of the CLT and the trustees’ meetings (Circuit Meetings).

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

Paid trustees are all the ministers, and one of our lay employees (one of our Children, Young People and Families Workers who spends a defined portion of her employed time as Circuit Safeguarding Officer). All lay staff are employed at the decision of the Circuit Meeting. In some Methodist Circuits the Circuit Meeting Secretary is a volunteer – in this Circuit, we have a lay member of staff, employed as Circuit Manager, who acts as Circuit Administrator and Circuit Meeting Secretary.

Supernumerary ministers are ministers who have retired but many still conduct worship on a voluntary basis. Their ministry is gratefully accepted by Circuit Meeting and they are appointed as trustees by the Meeting.

All other Circuit Meeting members are volunteers from churches in the Circuit. The full list of trustees of the Circuit Meeting is provided in Appendix A: all voting members of the Circuit Meeting are the trustees of the Circuit. Representatives from the churches include the Church Steward and Treasurer for each church (ex-officio Circuit Meeting members), plus each church’s further representatives to Circuit Meeting, who are all elected at Annual General Meetings of their church councils.

Circuit Stewards are trustees who are elected by Circuit Meeting to serve with the specific responsibilities and duties of Circuit Steward as defined by the Methodist Church, including their participation in Circuit Leadership Team meetings. Circuit Stewards normally serve for a minimum period of 3 years, but may offer for re-election after this time.

Other voluntary appointments at this Circuit Meeting include the Circuit Treasurer, Senior Circuit Steward, Circuit Property Secretary, Local Preachers Secretary, etc – see Appendix A – all these are appointed as Circuit Meeting members and trustees at the decision of the Circuit Meeting.

The Circuit Meeting of all trustees meets four times a year. The trustees of the Circuit have chosen to divest powers of decision required urgently between Circuit Meetings to the CLT.

The CLT meets formally at least every two months and communicates routinely through electronic media. The team is used by the Circuit as a means of formulating, discussing and refining policy prior to proposal and debate at Circuit Meeting.

4.4 Risk management

The trustees have considered the risks that the charity is exposed to and put strategies in place to mitigate those risks. Policies are established for health and safety, safeguarding and data protection, alongside financial controls. The Circuit’s financial controls include: expenses policy, procurement policy, banking and investment management policy, antibribery policy, guidance on managing conflicts of interest, and guidance on maintaining awareness of risks from financial crime and abuse. In the Circuit’s Financial Statements (Note 25) the trustees have assessed the charity’s exposure to credit risk, liquidity risk and market risk, and have explained how the charity manages these risks.

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

5. Reference and Administrative Details

5.1 Name of the charity

Yeovil and Blackmore Vale Methodist Circuit

5.2 Charity registration number

1158290 Registered in England and Wales

5.3 Principal office

Circuit Office

c/o Vicarage Street Methodist Church Middle Street Yeovil BA20 1JZ

01935 432173 (answerphone available) www.yandbvcircuit@gmail.com

5.4 Superintendent Minister

Revd Lin Francis

5.5 Circuit Administrator

Mrs Helen Coombes

5.6 Circuit Treasurer

Mr Lewis Buckwell

5.7 Names of trustees

All voting Members of the Circuit Meeting are trustees. The list of trustees serving from 1 September 2021 through to March 2023, is given in Appendix A.

5.8 Bankers

Lloyds Bank plc Central Finance Board of the Methodist Church Business Banking 9 Bonhill Street BX1 1LT London EC2A 4PE

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Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

5.9 Investment managers and custodian trustees

Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ

5.10 Independent Examiner

(First appointed: 23[rd] March, 2021, last reappointed: 14 September 2022):

Frances Wilde FCCA MBA(Open) DChA PgDip Director Warner Wilde Limited Chartered Certified Accountants and Registered Auditors 4 Marigold Drive Bisley Surrey GU24 9SF Registered in England No. 6923262

6. Exemptions from disclosure

None.

7. Funds held as custodian trustee on behalf of others

The Circuit holds no funds as custodian trustee .

The Circuit acts as an agent when it receives grants and donations that are directly passed on to external organisations, and where the Circuit plays no part in overseeing their use. In this context the Circuit undertakes the administration (application, collection and disbursement) of (a) grants requested by churches and other charities /organisations within the Circuit from, but not limited to, the District and Connexion and (b) donations made by Circuit churches to certain Methodist (related party) and external charitable bodies. Sums collected by the Circuit as agent for these bodies are passed on directly to them within the same financial year (or accrued as creditors). Funds received by the Circuit as agent are not recognised as an asset in the financial statements because the funds are not within its control. No fee is earned in respect of this agency arrangement and the Circuit incurs no cost through this arrangement.

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Yeovil and Blackmore Vale Methodist CiTCUit12FA)5) Trustees, Annual Report." Year ended 31 August 2022 8. Approvals We confirm that the Truste& Annual Report and the Financial Statements (Statement of Financial Activttie5. Balan￿ Sheet and 5UPming P4otes) h￿e been approved by Trustees at the Circuit Meeting held on 15 March, 2023: lin Franci5 (signed) Lewis Buckwell (signed} LM Rev Lin Francis Chair of Circuit Meeting Date: 17-a3- 33 Mr Lewis Buckwell Circuit Treasurer Date: IGK MA&, 2013 16

Yeovil and Blackmore Vale Methodist Circuit (26-05) Trustees’ Annual Report: Year ended 31 August 2022

APPENDIX A Trustees

The members of Yeovil and Blackmore Vale Methodist Circuit meeting are the charity trustees. Membership is made up from circuit office holders, ministers and representatives appointed by the local churches. The following were managing trustees from 1 September 2021 to date:

Ministers and Lay Staff

Revd Linda Francis (Superintendent) Revd Denise Binks Revd Duncan Goldie Revd Kate Konrad Dcn Rebekah-Joy Spinks Revd Christina Le Moignan (Supernumerary) Revd Margaret Oxenham (Supernumerary) Revd Judy Turner-Smith (Supernumerary) (from 28/9/21) Mrs Lynn Heaton (Children, Young People and Families Worker and Circuit Safeguarding Officer)

Circuit Stewards

Other Appointments

Miss Sarah James (to 28/6/22) Mr Stephen Watson Mrs Janet English Mrs Margaret Whitford (Senior Steward) Mr Lewis Buckwell (Treasurer)

Mr Philip Butler (Property Secretary) Mr Colin Farrant (Local Preachers’ Tutor) Mrs Christine Lydford (MWiB President) (to 31/8/22) Mr Adam Miller (Archivist) (to 1/10/21) Revd Margaret Oxenham * (Acting LP&WL Secretary from 10/3/22 to 14/9/22) Revd Judy Turner-Smith * (LP&WL Secretary from 14/9/22)

Representatives

Mrs Joy Aylen Mrs Jo Bathurst Mr John Bathurst Mr Phil Butler * Mr Tony Cole Mr Daniel England (to 31/8/22) Mrs Margaret Evans Mrs Pearl Evans Mr George Faris Mr Don Farquharson (from 6/4/22) Mrs Christine Fordham (from 15/03/22) Mrs Beth Fox Mr Geoff Gardner Mrs Lis Gosney (to 31/8/22) Mr Alan Harrison (to 31/8/22) Dr Bob Jones Mrs Ruth Jones Mrs Norma Le Poidevin (to 31/8/22) Mrs Mary Leamon (to 14/12/21)

Mrs Christine Lydford * (from 1/9/22) Mrs Esther May (to 31/8/22) Mr Adam Miller * (to 1/10/21) Mrs Carole Miller (to 28/9/21) Mr Terrence Miller (to 1/10/21) Miss Janet Le Moignan (to 6/4/22) Mrs Lindsay Parsons (from 28/9/21 to 31/8/22) Mr Mark Parsons (from 28/9/21) Mr Robert Rickards (to 31/8/22) Mr Richard Sinden (from 28/9/21) Mrs Rachel Tudrau (from 28/9/21 to 31/8/22) Mr Alan Turner-Smith (from 1/9/22) Mrs Sarah Upshall Mrs Gillian Walsham Mrs Lynda Walters Mr Hayden Williams Mr Ron Williams (to 31/8/22) Mr David Wooldridge

*** Already a member in another capacity**

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

(Charity Registration No. 1158290)

FINANCIAL STATEMENTS

For the Year ending 31 August 2022

Page 1 of 40

Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

This Accounts Pack is intended to meet the Charities Commission's reporting requirements for unincorporated charities.

It is presented in line with the Charities Statement of Recommended Practice (SORP) for charities preparing their annual accounts in accordance with the Financial Reporting Standard (FRS102) applicable in the UK and Republic of Ireland.

This pack is submitted in a format to match the template accruals accounts pack "CC17a" (2020 version) provided by the Charities Commission. Sections and Notes are numbered to match those in CC17a. Any missing Notes are intentional, i.e., they are omitted where this charity has no information to disclose or report for those items.

Page 2 of 40

Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Circuit No.
 26/05
Totals this year
2021-22
£
2,372
27,176
215,593
1,564
15,300
10,799
272,805
4,496
20,013
230,075
13,812
54,434
9,624
710
712
7,303
10,754
22,004
2,713
98
376,747
(103,942)
(4,400)
(108,342)
(108,342)
2,359,644
2,251,302
General Fund
(Unrestricted)
£		 Circuit Model
Trust Fund
(Unrestricted)
£		 Restricted Funds
£		 Endowment Funds
£		 Totals this year
2021-22
£		 Totals last year
2020-21
£
Donations and legacies inc. Gift Aid 3 2,372 2,372 1,968
Grants received 3 27,176 27,176 28,852
Assessments onchurches 3 215,593 215,593 244,890
Income from monetary investments 3 1,146 398 20 1,564 1,255
Income from investment properties 3 15,300 15,300 14,080
Capital receipts 3 6,800 4,000 10,799
Other charitable income 3 2,688
Internal organisations 3 334
Total Income 3 241,211 4,398 27,196 272,805 294,068
Expenditure
RAISING FUNDS
 2.3ii, 6 4,325 158 12 4,496 4,676
GRANTS AND DONATIONS 2.2 i, 6,13 20,013 20,013 3,021
CIRCUIT MINISTRY:
Stipends, salaries and associated costs		 6,11,12 206,298 23,776 230,075 237,745
Propertymaintenance 6 13,812 13,812 18,207
Connexionalassessment &modeltrustlevy 6 53,046 1,388 54,434 54,645
District assessment &levy 6 9,624 9,624 8,964
Depreciation 6 710 710 710
Provisions 6,21 (2,688) 3,400 712 (4,412)
Office expenses 6 7,303 7,303 9,284
Telephone, travel 6 10,754 10,754 5,286
Insurance, utilities 6 22,004 22,004 17,239
Fees and charges 2.3ii, 6 2,713 2,713 2,245
Otheroutgoings 6 98 98 4,609
Internal organisations 6
Total Charitable Expenditure 6 348,012 1,547 27,188 376,747 362,219
Net income/(expenditure) before investment
gains/(losses)		 (106,801) 2,851 8 (103,942) (68,151)
Gains/(losses) on monetaryinvestments 17 (4,400) (4,400) 1,144
Gains/(losses)on investmentproperties 17 (15,000)
Net income/(expenditure) (106,801) (1,549) 8 (108,342) (82,007)
Transfers between funds 27 50,000 (50,000)
Gains/(losses) on fixed assets for the charity's
ownuse		 14 (100,000)
Othergains/(losses)
Net movement in funds 27 (56,801) (51,549) 8 (108,342) (182,007)
Total funds brought forward 2,299,903 55,532 4,209 2,359,644 2,541,651
Total funds carried forward 2,243,102 3,983 4,217 2,251,302 2,359,644
Balance brought forward from last year
Offerings/Gifts - received for External
Organisations
2.2 i,8
Offerings/Gifts - passed to External
Organisations
2.2 i, 8
For information only: Money received andpassed on
Balance carried forward		 to External Organisations 4,533
4,533
2.2 i,8 4,533 11,869
2.2 i, 8 4,533 11,869

Page 3 of 40

Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Circuit No.
 26/05
Totals 2020-21
£
1,968
28,852
244,890
1,255
14,080
2,688
334
294,068
4,676
3,021
237,745
18,207
54,645
8,964
710
(4,412)
9,284
5,286
17,239
2,245
4,609
362,219
(68,151)
1,144
(15,000)
(82,007)
(100,000)
(182,007)
2,541,651
2,359,644
General Fund
(Unrestricted)
£		 Circuit Model
Trust Fund
(Unrestricted)
£		 Restricted Funds
£		 Endowment Funds
£		 Totals 2020-21
£		 Totals prev year
2019-20
£
Donations and legacies inc. Gift Aid 3a 1,968 1,968 928
Grants received 1.3, 3b 28,852 28,852 28,304
Assessments onchurches 3c 244,890 244,890 240,224
Income from monetary investments 1.3, 3d 784 457 14 1,255 3,921
Income from investment properties 3e 14,080 14,080 14,400
Capital receipts 3f
Other charitable income 3g 2,688 2,688
Internal organisations 3h 334 334
Total Income 3i 264,744 457 28,866 294,068 287,777
Expenditure
RAISING FUNDS
 1.3,2.3ii, 6a 4,454 214 8 4,676 3,560
GRANTS AND DONATIONS 1.3,2.2 i, 6b,13 3,021 3,021 3,100
~~CIRCUIT MINISTRY:~~
Stipends, salaries and associated costs		 6c,11,12 208,893 28,852 237,745 234,998
Propertymaintenance 6d 18,207 18,207 5,487
Connexionalassessment &modeltrustlevy 6e 51,795 2,850 54,645 48,896
District assessment &levy 6f 8,964 8,964 8,367
Depreciation 1.5, 6g 710 710 710
Provisions 6h,21 (4,412) (4,412) (7,100)
Office expenses 6i 9,284 9,284 7,893
Telephone, travel 6j 5,286 5,286 13,049
Insurance, utilities 6k 17,239 17,239 16,864
Fees and charges 1.3,2.3ii, 6l 2,245 2,245 1,330
Otheroutgoings 6m 4,609 4,609 1,034
Internal organisations 6n 0
Total Charitable Expenditure 6o 330,294 3,064 28,861 362,219 338,187
Net income/(expenditure) before investment
gains/(losses)		 (65,550) (2,607) 6 (68,151) (50,410)
Gains/(losses) on monetaryinvestments 17 1,144 1,144 (107)
Gains/(losses)on investmentproperties 17 (15,000) (15,000)
Net income/(expenditure) (80,550) (1,463) 6 (82,007) (50,517)
Transfers between funds 27 50,000 (50,000)
Gains/(losses) on fixed assets for the charity's
ownuse		 14 (100,000) (100,000)
Othergains/(losses)
Net movement in funds 27 (130,550) (51,463) 6 (182,007) (50,517)
Total funds brought forward 2,430,454 106,995 4,203 2,541,651 2,592,169
Total funds carried forward 2,299,903 55,532 4,209 2,359,644 2,541,651
Balance brought forward from last year
1.5
Offerings/Gifts - received for External
Organisations
1.3,2.2 i,8
Offerings/Gifts - passed to External
Organisations
1.3, 2.2 i, 8
For information only: Money received andpassed on
Balance carried forward		 to External Organisations 11,869
11,869
1.5 5
1.3,2.2 i,8 11,869 12,382
1.3, 2.2 i, 8 11,869 12,382

Page 4 of 40

Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Yeovil and Blackmore Vale
Circuit		 Yeovil and Blackmore Vale
Circuit		 Balance Sheet as at 31 Balance Sheet as at 31 August 2022 Circuit No. 26/05
Notes to the Accounts
Tangible Fixed Assets		 Totals this
year
£
1,588,000
325,000
3,717
1,916,717
23,786
206,673
66,483
67,452
364,394
26,409
3,400
29,809
334,585
2,251,302
2,251,302
2,242,768
3,983
334
2,247,086
4,217
2,251,302
General Fund
(Unrestricted)
£		 Circuit Model
Trust Fund
(Unrestricted)
£		 Designated
Funds
(Unrestricted)
£		 Restricted
Funds
£		 Endowment
Funds
£		 Totals this
year
£		 Totals last
year
£
Circuit manses & equipment
 14 1,588,000 1,588,000 1,588,710
Investment properties 17 325,000 325,000 325,000
Investments 17 3,717 3,717 8,117
Total fixed assets 1,913,000 3,717 1,916,717 1,921,827
Debtors and Prepayments 19 23,786 23,786 15,608
Loans byCircuit 17.6
Investments with TMCP 17.4,24 202,191 266 4,217 206,673 263,821
Central Finance Board deposits 24 66,483 66,483 90,942
Cash at Bank and in hand 24 67,118 334 67,452 93,926
Total current assets 359,577 266 334 4,217 364,394 464,296
Creditors and Accruals(due in under 1yr) 20 26,409
,		 26,409 23,791
Grants payable in <1yr 20 3,400 3,400 2,688
Total current liabilities 29,809 29,809 26,479
Net current assets/liabilities 329,768 266 334 4,217 334,585 437,817
Total assets less current liabilities 2,242,768 3,983 334 4,217 2,251,302 2,359,644
Long term liabilities (due after more than
oneyear)		 20
Grants payable after oneyear 20
Loans to the Circuit 20
Total net assets or liabilities 2,242,768 3,983 334 4,217 2,251,302 2,359,644
General Fund(Unrestricted) 2,242,768 4,217 2,242,768 2,299,569
Circuit Model Trust Fund(Unrestricted) 3,983 3,983 55,532
Designated Funds(Unrestricted) 334 334 334
Total Unrestricted Funds 2,247,086 2,355,435
Other Funds(Restricted) 4,217 4,217 4,209
Endowment Funds
Total Funds 2,242,768 3,983 334 4,217 2,251,302 2,359,644

Page 5 of 40

Accounts pack 2021-22

Name ofcifcuit ye0¥￿ & 81ockrTr)re Vale ￿e1￿￿Clrollt No 26105 Declarations and Scnrtiny I mnfimi that11￿ ac(yuals-based a(tounts 31 A￿Ust 2022 have been PFepared from Ihe ￿e0rd$ ofthe Cirujitand Ihattheysndude au thjnds under the ￿¢nI[￿l ofthe CIr￿tiMeeting. slgnaknreoftreasu￿T........ ..................................................... 1GbM￿,2Q13 Name and address ottreawrer. Lewis Buthwell. Dragonfy Cotrage. Woodbri Lane. Presertationtott Crciut IAeetwYJ I confirm thatthe annual rep(Ytand aeoJuntsJrthe Farended 31 Au￿st 2022werehvill be" presented to the CirC￿ltffleekng held on .......... . . Signattre of the Chairof the Iiieeting ....... Name oflhe Chair ofthe ffeeSng: Re1 Lin FraThis 17-03-J3 Independent Exarinevs Report to the Trnstees of the Yeovil & Blackfffffft Vale Methodist Circuit Cl¥rty 11W290 l ￿pOrtt0 the truslees on my exarninalion of the ao7Jurts of Ihe YeovK & Blarknwe Vale Me1hodisl CTrcuitforthe year ended 31 AugUSt2022 setouton pages 1 to 4. As the Circuies trustees. you are ponsble forlhe preparalion oflhe arx3Junts in acCirdan￿ with tse requirements ofthe Charities Act 2011 {Yhe ACVI. I reportin respectofmy eXarr￿a￿on ofts CiroJiYs ac1¥A￿ts caffied out under seCr￿n 145 ofthe Acl and. in canyryng outmy eXa￿natIOn. I fr)lloY￿d all the ap￿[￿ble DIred1￿ given bythe Chaiity Commission under secon 145(5Xb} of the Act . dele or urde as appropri* Page6rf40

YEOVIL & BLXXP•K)RE VALE MEfHODST aRcurr Namo ofcI￿lIt Yeovil & Wackmorn Vale Melhodist CIn￿lt No 26K15 bMlop•ndèrt Examkn•rf$ Stat•m•nl The Clr¢uifs gross In¢orn exceeded £2S0.000 8nd l 8m qualtfied undertake the examinallon by belng a qualifled member ofthe AssodalJon ofchartered Cerified Accountants. I have comploted my 8xamlnation. I conffirm that no materlal mattsrs hav• ￿m9 trj my attention In connedlon wilh Ihe examinalion I whlch giva me cause to believe Ihat in, any material respect thg accounting records ware not keptin aCC￿rdance wilh section 130 ofthe Ac( or the accounts do not a0￿rd with the accounting records,. or the a¢¢oiJnts do notcomplywllh Ih& appSi¢abl& r•quir&rn•nts ￿nC*M1n9 Ihe fonn and ¢ontonlofa¢¢ounts sotoul in the Chariti•$ (Accounts and Raportsl Ragulations 2008 other than gny r•qulrnm•ntthatth• ac￿)Unts gi￿ a Iru8 and falrf vlew. whlch is nota mattar ¢on$ld•r8d a$ part olan ind•p8nd8nt•xaminallon the trustees. annual report is nol consistent wlth the a￿nts I have no concerns and have come auoss no other matteTr In connedon wlth th8 examlnaljon to whlth attenlon should ba drawn In Ihls report In orderto 8nabl8 a propar undorstsndlng ofthe a¢xounts to be reached. I havethave nor oblAined ind8pand8ntverific8tion ofall Investments with the Trustees for Methodist Church Purposes or held in olher Irusts. bank balances and funds al the Central Flnonce Board of tha Methodist Church whith are indiwdually in 8xcess of£10.000 Iten Ihou88nd pound81 al Ihe balance sheet date. Slgnaknro of Indap•nd•nt •xamln•r Name ol Ind8p8ndenl 6xamlMr. Franc￿ Imlde Relovant profè88lonal quallficaljon of Indèpendènt examI￿r FCCA DChA Name offflm {wherè approprl8ts}: Wamèr Imlde LOn￿ted Addre88: 4 Marigdd Drlvo. B181ey, Suffoy GU24 9SF Date . d818ta ordrda as approprlato PaBe 7 0140

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Page 8 of 40

Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS 2021-2022

Page 9 of 40

Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 1 Basis of preparation

1.1 Basis of accounting

i Accounting framework

The financial statements have been prepared under the Charities Act 2011 in accordance with the second edition of 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 , effective from 1 January 2019 ("SORP FRS102 2019"), and in accordance with the ‘true and fair override’ provision contained therein.

ii Public benefit entity

The Yeovil & Blackmore Vale Methodist Circuit meets the definition of a public benefit entity under SORP FRS102 2019.

iii 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. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) below. The accruals basis has been used and trustees present accounts that show a true and fair view of the Circuit’s financial position and activities. The accounting policies adopted are those outlined in Note 2.

iv Content

The financial information presented is relevant, reliable, comparable and complete. Where estimates are used these are based on experience, research and judgement. The accounts are expressed in £Sterling, rounded to the nearest pound.

v SORP FRS102 2019

These accounts are compliant with FRS102 and withSORP FRS102 2019.

vi Consolidation

The Circuit has denominational regulatory oversight in respect of the work of the 15 Church Councils within the Circuit but has no legal or operational control of those Church Councils and their governing bodies except in extreme circumstances. For this reason, the financial statements of the Churches within the Circuit are not consolidated into these financial statements.

1.2 Going concern

Based on the monetary assets and human resources available at 31 August 2022, the trustees believe that the Circuit is a going concern.

1.3 Changes to accounting policies for 2021-22

None.

1.4 Changes to accounting estimates for 2021-22

None.

1.5 Prior year errors

None.

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Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 2 Accounting policies

2.1 [NOT USED]

i Recognition of income

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

The Circuit acts as agent in two matters:

The transactions relating to these matters are not reflected in the Circuit's transactions in the SOFA. Instead, they are shown on the SOFA as “Offerings/Gifts received for, and passed to, External Organisations”, details of which are disclosed in these Notes.

ii Offsetting

There has been no offsetting of assets and liabilities, or income and expenses.

iii Grants received

Grants received by the Circuit for Circuit purposes from external sources (including Connexional and/or District grants) are shown as income. The Circuit has received no performance-related grants.

iv Legacies

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate, and any conditions attached to the legacy are either within the control of the Circuit or have been met.

v Tax reclaims on donations and gifts

Gift Aid receivable is included as income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be a part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

vi Volunteer help

No attempt has been made to measure the value of services donated by volunteers.

vii Settlement of insurance claims

Insurance claims (when applicable) are only included in the SOFA, as an item of other income, when the

2.3 Expenditure and Liabilities

i Liability recognition

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.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

ii Governance and support costs

The Circuit is a "smaller charity” (defined by SORP FRS102 2019 as below £500k gross income) and one of the reliefs offered to smaller charities in SORP FRS102 2019 is the freedom to adapt the SOFA format to suit the needs of the charity. Costs have been allocated to cost categories consistent with current Methodist Church practice. Governance and support costs have not been categorised in the SOFA but estimates of governance and support costs are provided separately in these Notes.

iii Grants made

Grants made by the Circuit from its own funds are recognised in full when the award is made once the Circuit accepts that there is a legal or constructive obligation to make the payment and that such payment is probable. When such a 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 (split between monies due in the following financial year and monies due in the longer term), the Provision being released in future years as instalments are paid within the terms originally agreed by trustees at the Circuit Meeting. No grants have been made with performance conditions attached.

iv Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

v Basic financial instruments: Receivables and Payables; Bank and Cash

Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors are initially recognised at settlement amount after any trade discounts, where normal credit terms apply, or amount advanced to the Circuit. Subsequently creditors that are current liabilities are measured at the cash or other consideration expected to be paid. The liquid funds of bank balances and deposit fund balances are shown at their realisable values.

vi VAT

vii 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.

viii Expenses

The Circuit has a policy, agreed at Circuit Meeting by trustees in 2014, that all trustees may claim for appropriate expenses in the course of their duties on behalf of the Circuit. Further details of the Circuit's Expenses Policy were agreed by trustees in June 2021.

Claims for books, materials, stationery and postage must be submitted with receipts. All claims are submitted on standard forms for scrutiny by the Circuit Treasurer. As with all expenditure any payment is counter-authorised by another, named, Trustee before payment.

Motor vehicle travel cost rates are set by Connexion in agreement with HMRC. Currently they are 45p/mile for cars and 24p/mile for motorcycles. If passengers are taken on journeys for Circuit business then a further 5p/mile per passenger may be claimed.

Expenses are typically paid monthly in arrears. September payments are therefore counted as accruals against the previous financial period.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

ix

Redundancy and termination payments

Redundancy and termination payments are recognised as a liability and an expense only when the charity is demonstrably committed either: (a) to terminate the employment of an employee or group of employees before the normal retirement date; or (b) to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. (FRS102 28.34). The charity is demonstrably committed to a termination only when it has a detailed formal plan for the termination and is without realistic possibility of withdrawal from the plan. (FRS102 28.35).

2.4 Assets

i Tangible fixed assets

The Circuit is managing trustee for six residential buildings. Those occupied by ministers stationed in the Circuit are described as "manses". All manses are shown in the Balance Sheet at their approximate market values. In November 2016 the Circuit decided to use the "Fair Value" of its manses on transitioning to SORP FRS102 (when reporting the 2015-16 financial year), and has since applied a "Deemed Cost less impairment" policy to valuing its manses in its annual financial reports. Land values are estimated at 25% of the property market value. Unoccupied residential properties being used to provide investment income for the Circuit are treated differently - as "investment property" - see Note 2.4 iv.

Equipment assets are capitalised if they can be used for more than one year, and individually cost at least £1,000. Typically a 3-year depreciation policy is then utilised. Any tangible fixed assets provided by the Circuit at the Circuit's manses (equipment/furnishings provided by the Circuit which are not part of the fabric of the property) are similarly treated if they individually cost at least £1,000.

The Circuit trustees become the managing trustees of any Circuit chapels that close, where they are not merged with another society, at which point any such property becomes a Circuit asset.

ii Intangible and heritage assets

The Circuit has no intangible or heritage assets.

iii Monetary Investments

The principal monetary investments of the Circuit are held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. The unrealised gains/losses arising on investments at the end of the year are shown in the SOFA with further detail provided in these Notes.

The Circuit's other monetary investments are held as cash on deposit with a maturity date of less than one year. These deposits are held both for investment purposes and also to meet short term cash commitments (principally, ministers' stipends and lay staff salaries) as they fall due. The Central Finance Board of the Methodist Church (CFB) banks these funds on the Circuit's behalf.

iv Investment Property

From time to time the Circuit may hold residential property (manses) which is surplus to its normal staffing requirements. Where a property is unlikely to be used as a manse within a period of two years, the property is classified as "investment property" (whether let out or not) and, if let, it is let at market rates unless there is a compelling reason not to do so in furtherance of the Circuit’s charitable objectives. The Circuit's investment properties are revalued periodically in accordance with SORP FRS102 2019 and any change to the asset valuation is recorded in the Balance Sheet. The last such valuation was in July 2021.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

GLOSSARY OF TERMS

CFB: Central Finance Board of the Methodist Church manages a Common Deposit Fund and pooled investment funds for Methodist entities in Great Britain and provides investment advice to those entities. Church: a group of members from at least 12 to more than 100.

Circuit: a group of Methodist Churches within the same geographical region, typically between 10 and 30. In our case 16.

Circuit Meeting: The trustees of the Circuit, most of whom are appointed by their local Church and others by virtue of a role they undertake for the Circuit and/or their local Church.

CLT: Circuit Leadership Team. A group of Circuit trustees responsible, at the will of the Circuit Meeting, for the day to day administration and policy formulation of the Circuit. Currently, this Circuit's CLT comprises the ministers stationed within the Circuit, the Circuit Stewards, the Circuit Administrator and the Circuit Property Secretary.

CMTF: Circuit Model Trust Fund (unrestricted). Connexion: The Methodist Church in Great Britain which includes the Head Office at Methodist Church House, all Methodist Districts, Circuits and churches in Great Britain.

Connexional Funds: The designated and/or restricted funds held and administered by the Connexion in furtherance of its charitable and mission objectives.

CPD: "The Constitutional Practice and Discipline of the Methodist Church", published by order of the Methodist Conference, with revisions each year.

District: a group of contiguous Circuits, usually between 15 and 30. FRS: Financial Reporting Standard. FY: Financial year. HMRC: Her Majesty's Revenue and Customs. Lay employees: Non presbyteral staff employed either full or part time on formal written contracts. M&M Fund: Ministry and Mission Fund of the United Reformed Church

MC: Methodist Church.

MMPS: Methodist Ministers’ Pension Scheme.

Pensions Trust: The Pensions Trust, the provider of the Circuit’s defined contribution pension scheme for Lay Employees.

Presbyters (including Superintendent): Probationer or ordained Methodist ministers and/or deacons who have pastoral and administrative responsibility for the Churches within the Circuit. SOFA: Statement of Financial Activities.

SORP: Statement of Recommended Practice.

TMCP: Trustees for Methodist Church Purposes, the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds.

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Accounts pack 2021-22

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 3 Analysis of income

Donations
Gift Aid
Legacies
Grants received
Assessments on churches
Total
Internal organisations
Other charitable income
Total
Income from monetaryinvestments
Income from investmentproperties
Total
Gain on disposal of tangible fixed assets held for
charity's own use
Capital receipts
Total
Income from
investments:
Other:
TOTAL INCOME
Analysis
Donations
and legacies:
Charitable
activities:		 Analysis Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
Prior year
£
£		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
Prior year
£
£		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
Prior year
£
£		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
Prior year
£
£		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
Prior year
£
£
Donations 1,805 1,805
1,852
Gift Aid 567 567
116
Legacies
Grants received 27,176 27,176
28,852
Assessments on churches 215,593 215,593
244,890
Total 217,965
27,176		 245,142
275,710
Internal organisations 334
Other charitable income 2,688
Total 3,022
Income from monetaryinvestments 1,146
20		 1,166
1,255
Income from investmentproperties 15,300 15,300
14,080
Total 16,446
20		 16,466
15,335
Gain on disposal of tangible fixed assets held for
charity's own use		 398 398
Capital receipts 10,799 10,799
Total 11,198 11,198
245,609
27,196		 272,805
294,068

Other information:

All income in the prior year was unrestricted except for: (please provide description and amounts)

Grants were received to support the Circuit's Diaconal project as follows: £10,000 (Southampton Methodist District), £1,000 (Sturminster Newton MC), £1,000 (King's Stag MC). Grants were also received to support the Circuit Family Worker (Shaftesbury and Motcombe), as follows: £5,100 (Southampton Methodist District), £6,957.78 (Bell Street United Church, Shaftesbury), £3,118.62 (Motcombe MC). £20 in investment income was received into the (restricted) Bequest for Women's Work (funds held for the Circuit's Methodist Women in Britain activities).

Where any endowment fund is converted into income in the reporting period, please give the reason for the conversion.

Where any endowment fund is converted into income in the prior period, please give the reason for the conversion.

N/A N/A

Within the income items above the following items are material: (please disclose the nature, amount and any prior year amounts)

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 6 Analysis of expenditure

Analysis
Expenditure on raising funds:		 This year This year This year This year Last year Last year Last year Last year
Unrestricted
funds
Restricted
income funds
Endowment
funds
Total funds
£
 Unrestricted
funds
Restricted
income funds
Endowment
funds
Total funds
£
investment management costs 763
12		 775 638
8		 647
rent collection/property management fees 1,836 1,836 2,289 2,289
rented property insurance 745 745 727 727
repairs to rentedproperties 1,140 1,140 1,014 1,014
Raising funds 4,484
12		 4,496 4,668
8		 4,676
Expenditure ongrants and donations:
CMTFgrants forpropertyschemes
othergrants and donations 20,013 20,013 3,021 3,021
Grants and donations 20,013 20,013 3,021 3,021
stipends(presbyters & deacons) 128,893
10,000		 138,893 140,568 140,568
NIC(presbyters & deacons) 10,267 10,267 9,950 9,950
pension(presbyters & deacons) 27,787 27,787 27,464 27,464
apprenticeshiplevyon ministers' stipends 533 533 529 529
salaries(layemployees) 31,433
13,776		 45,210 22,335
28,852		 51,187
NIC(layemployees) 2,678 2,678 3,165 3,165
pension(layemployees) 2,551 2,551 3,001 3,001
lay payroll charge & lay salary
apprenticeshiplevy		 706 706 730 730
supernumeraries -preachingfees 1,450 1,450 1,150 1,150
Stipends, salaries and associated costs 206,298
23,776		 230,075 208,893
28,852		 237,745
manse and redundant chapel repairs 11,157 11,157 17,707 17,707
mansequinquennials 280 280
churchquinquennials 2,375 2,375 500 500
Property maintenance 13,812 13,812 18,207 18,207
Connexional assessment (Methodist
Church Fund)		 48,708 48,708 47,064 47,064
URC Synod levy 4,338 4,338 4,732 4,732
TMCP MTF levy (DAF charge) 1,388 1,388 2,850 2,850
~~Connexional assessment and model~~
trust levy		 54,434 54,434 54,645 54,645
district assessment 9,624 9,624 8,964 8,964
District Assessment and levy 9,624 9,624 8,964 8,964
depreciation 710 710 710 710
Depreciation 710 710 710 710
provisions (2,688) 3,400 712 (4,412) (4,412)
Provisions (2,688) 3,400 712 (4,412) (4,412)
stationery, postage etc 5,890 5,890 8,011 8,011
office rent 1,000 1,000 1,000 1,000
circuit equipment 413 413 273 273
Office expenses 7,303 7,303 9,284 9,284
telephone & broadband 2,661 2,661 2,667 2,667
travel - ministers 6,239 6,239 2,100 2,100
travel - layemployees 435 435 258 258
travel - supernumeraries & lay preachers 832 832 121 121
travel - circuit trustees/volunteers 587 587 42 42
travel - stationing 99 99
Telephone & travel 10,754 10,754 5,286 5,286
insurance 4,741 4,741 2,879 2,879
council tax 13,439 13,439 11,855 11,855
water,electricity 3,824 3,824 2,505 2,505
Insurance, utilities, etc 22,004 22,004 17,239 17,239

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Note 6 Analysis of expenditure

Note 6 Analysis of expenditure of expenditure of expenditure of expenditure
Analysis This year Last year
Unrestricted
funds
Restricted
income funds
Endowment
funds
Total funds
£		 Unrestricted
funds
Restricted
income funds
Endowment
funds
Total funds
£
bank admin charges 106 106 147 147
professional fees 2,607 2,607 2,098 2,098
Fees and charges 2,713 2,713 2,245 2,245
training 88 88 10 10
removals,relocation 4,599 4,599
recruitment
other miscellaneous 10 10
Other outgoings 98 98 4,609 4,609
Total Expenditure on charitable
activities - CIRCUIT MINISTRY:		 325,061
27,176		 352,238 325,669
28,852		 354,522
TOTAL EXPENDITURE 349,559
27,188		 376,747 333,358
28,861		 362,219

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 8 Funds received as agent

The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is summarised below:-

The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-		 The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-		 The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-		 The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-		 The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-		 The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-		 The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-		 The Circuit acts as an agent for its churches in order to consolidate charitable giving to other charities and related parties. Churches
send payments to the Circuit with specific directions concerning to which charities/related parties they should be paid. This giving is
summarised below:-
Amount received Amountpaid out Balance held at
period end
Description/name of party Related party - Notes **Thisyear ** **Lastyear ** **Thisyear ** **Lastyear ** **Thisyear ** Lastyear
£ £ £ £ £ £
Donations to Action for Children /
from Circuit churches		 Action for Children is a Methodist charity 265 80 265 80 - -
Donations to the Methodist Relief
and Develoment Fund / from
Circuit churches		 Methodist Relief and Development Fund is a
Methodist charity		 170 110 170 110 - -
Donations to the Methodist
Church Fund for Property / from
Circuit churches		 Methodist Church Fund for Property is a
Methodist Connexional Fund		 410 705 410 705 - -
Donations to the Fund for the
Support of Presbyters & Deacons /
from Circuit churches		 Fund for the Support of Presbyters & Deacons
is a Methodist Connexional Fund		 340 313 340 313 - -
Donations to Junior Mission for All
(Methodist Church World Mission
Fund) / from Circuit churches		 Methodist Church World Mission Fund is a
Methodist Connexional Fund		 302 421 302 421 - -
Donations to the Leaders of
Worship and Preachers Trust /
from Circuit churches		 Leaders of Worship and Preachers Trust is a
Methodist charity		 384 420 384 420 - -
Donations to the Methodist
Ministers Housing Society / from
Circuit churches		 Methodist Ministers Housing Society is a
Methodist charity		 350 328 350 328 - -
Donations to Methodist Homes
Association / from Circuit
churches		 Methodist Homes Association is a Methodist
charity		 500 415 500 415 - -
Donations to the Mission in Britain
Fund / from Circuit churches		 Mission in Britain Fund is a Methodist
Connexional Fund		 440 820 440 820 - -
Donations to the Methodist
Church World Mission Fund
(Methodist Women in Britain
Easter Offering) / from Circuit

 Methodist Church World Mission Fund is a
Methodist Connexional Fund		 922 50 922 50 - -
~~h~~
~~h~~
Donations to the Methodist
Church World Mission Fund / from
Circuit churches		 Methodist Church World Mission Fund is a
Methodist Connexional Fund		 350 828 350 828 - -
Donations to the Methodist
Ministers Pension Reserve Fund /
from Circuit churches		 Methodist Ministers Pension Reserve Fund is a
Methodist Connexional Fund
100		 - 100 - - -
Donations for leaving gift for
superintendent / from Circuit
churches		 Revd P Arnold - 1,000 - 1,000 - -
Donations for ordination gift for
Deacon / from Circuit churches		 Dcn R-J Spinks - 379 - 379 - -
District Grant for Vine Youth
Ministry		 Vine Youth Ministry - 6,000 - 6,000 - -
Total 4,533 11,869 4,533 11,869 - -

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Note 9 Governance and Support Costs

The Circuit's primary activity is "Circuit Ministry" - that is, the provision of a team of ministers and lay employees to deliver ministerial and families support to all of the 15 churches in the Yeovil and Blackmore Vale area. The costs incurred to support the provision of Circuit Ministry are categorised in the SOFA under Methodist Church standard headings (accounting policy: Note 2.3 ii), including:

In the table overleaf is estimated the proportion of the above Circuit Ministry support costs which relate to the governance of this charity. Included in the calculation of estimated governance costs are the following:

● an estimate of the time spent by ministers and non-administrative lay staff on governance issues at Circuit and church meetings, and staff meetings. This is an estimate because time spent on governance is not recorded by our ministers and lay staff. To arrive at this estimate, the following broad assumptions have been made: - Each minister attends an average of 2 council meetings per small church plus 4 per large church per annum, plus 4 Circuit Meetings, and 10 CLT meetings. 1 hour of each meeting is spent discussing governance-related topics

●100% of the Circuit office function (Circuit Administrator and all associated office costs). The Circuit Office provides administrative and HR support to the Superintendent Minister and other Circuit trustees and, accordingly, 100% of this cost is regarded as governance costs (ref: SORP FRS102 2019 Appendix 1, page 186).

●Independent examiner fees. [Note: other fees and charges incurred in FY 2021-22 are not included below.]

These estimates indicate that the Circuit's governance costs are in the order of £22,000 p.a., i.e. approximately 6% of the charity's total expenditure (FY 2020-21: £28,000 8%).

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The other activities of the Circuit are (Note 6):

Apart from its paid ministry team, the Circuit operates many of its functions using trustee volunteers, and there are no support costs incurred by the Circuit associated with the above two activities.

This year

This year
Circuit Ministry activity -governance costs 2021-22 £
Stipends,
salaries etc		 Property
mainten-
ance		 Connexion
assessment		 District
assessment		 Office
expenses		 Telephone,
travel		 Insurance,
utilities		 Fees and
charges		 Grand
total
£ £ £ £ £ £ £ £ £
Governance 16,249 170 789 156 2,581 82 334 1,422 21,783
Total 16,249 170 789 156 2,581 82 334 1,422 21,783

Last year

Last year
Circuit Ministry activity -governance costs 2020-21 £
Stipends,
salaries etc		 Property
mainten-
ance		 Connexion
assessment		 District
assessment		 Office
expenses		 Telephone,
travel		 Insurance,
utilities		 Fees and
charges		 Grand
total
£ £ £ £ £ £ £ £ £
Governance 22,553 269 762 145 2,600 69 262 1,320 27,980
Total 22,553 269 762 145 2,600 69 262 1,320 27,980

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Note 10 Details of certain items of expenditure

10.1 Fees for examination of the accounts

Details are provided here of the amount paid for statutory external scrutiny of accounts and other services provided by the Circuit's independent examiner:

Details are provided here of the amount paid for statutory external scrutiny of accounts
and other services provided by the Circuit's independent examiner:
Independent examiner’s fees
Assurance services other than audit or independent examination
Tax advisory fees
Other fees (for example: financial advice, consultancy, accountancy services) paid to the
independent examiner		 This year
£		 Last year
£
1,422 1,320
- -
- -
- -

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Note 11 Paid employees

11.1 Staff Costs

This year
£		 Last year
£
184,102
191,756
12,945
13,115
27,787
27,464
2,551
3,001
0
0
227,385 235,336
All Methodist ministers' stipends are paid directly by the Methodist
Connexion stipends team (finance department, Methodist House,
London), who then charge the Circuit for all payments made.
The Circuit's URC minister's remuneration package is handled
centrally by the URC "Ministry & Mission" office in London, and the
Circuit pays the URC Church monthly for these costs.
The manses are provided for all ministers by the Circuit and the
Circuit maintains these properties, and pays the Council Tax and
water charges. Manse costs paid by the Circuit are not disclosed
here as employee benefits since HMRC does not regard this as a
benefit-in-kind in the hands of the minister.

Last year: Details of expenditure on staff working for the As above charity whose contracts are with and are paid by a related party

Details of the number of employees whose total employee benefits (excluding employer pension costs) fell within each band of £10,000 from £60,000 upwards:

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000

Band Number of employees Number of employees
Thisyear Lastyear
£60,000 to £69,999 - -
£70,000 to £79,999 - -
£80,000 to £89,999 - -
£90,000 to £99,999 - -
£100,000 to £109,999 - -

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The total amount paid to
key management
personnel (includes
trustees and senior
management) for their
services to the charity.
Amounts shown
exclude employer
pension costs. For
specific amounts
paid to individual
trustees, see Note
28.		 Thisyear Lastyear
£ £
160,766 163,673
The parts of the charity
in which the employees
work
11.2 Average head count		 in the year This year
Number		 Last year
Number
Fundraising - -
Charitable Activities 7 7
Governance 1 1
Other - -
Total 8 8

11.3 Ex-gratia payments to employees and others (excluding trustees)

The nature of the payment

The legal authority or reason for making the payment

This year N/A
Last year N/A
This year N/A
Last year N/A

The amount of the payment (or value of any waiver of a right to an asset)

11.4 Redundancy payments

Total amount of payment

This year
£		 Last year
£
- -
This year
£		 Last year
£
- 1,171

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The nature of the payment (cash, asset etc.)

The extent of redundancy funding at the balance sheet date

Accounting policy for any redundancy or termination payments:

- cash
This year
£		 Last year
£
- -
Refer to Note 2.3ix

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Note 12 Defined contribution pension scheme or defined benefit scheme accounted for as a defined contribution scheme

12.1 Defined contribution pension scheme

Amount of contributions recognised in the SOFA as an expense
The basis for allocating the liability and expense of defined
contribution pension scheme between activities and between
restricted and unrestricted funds:		 This year Last year
£ £
2,551 3,001
The Circuit offers a defined contribution pension plan to
lay employees, administered by The Pensions Trust
(TPT). Most of the Circuit's lay employees have opted to
join this scheme. The Circuit makes a contribution of 6%
of lay employees' salary, in line with Methodist
Connexional directives. The expense of all these defined
contributions is allocated wholly to the Circuit Ministry
activity in the SOFA, paid for from general (unrestricted)
funds. The liabilities of the scheme are managed by TPT.

12.2 This section applies where the charity participates in a defined benefit pension plan but is unable to ascertain its share of the underlying assets and liabilities.

Confirmation that although the scheme is accounted for as a defined contribution N/A plan, it is a defined benefit plan. Such information as is available about the plan's surplus or deficit and the implications, if any, for the reporting N/A charity for this year and last year, if different accounted for as a defined contribution plan. Describe the extent to which the charity can be liable to the plan for other entities' obligations under the terms and N/A conditions of the multi-employer plan. If this is different for last year, provide details Provide an explanation of how any liability arising from an agreement with a multiemployer plan to fund a deficit has been N/A determined. If this is different for last year, provide details

12.3 Please complete this section where the charity participates in a multi-employer defined benefit pension plan that is accounted for as a defined contribution plan.

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Note 13 Grant making

Please refer also to Note 6

This year:

13.1 Analysis of grants paid (included in cost of charitable activities)

Analysis Grants to institutions Grants to individuals Support costs Total
£ £
Methodist Minister's Pension Scheme
(MMPS)		 20,000 - - 20,000
- - - -
- - - -
Total 20,000 - - 20,000

Note: the Circuit provided a grant to support the Children and Families Worker for Shaftesbury and Motcombe. The Circuit's grant was matched by the District. During FY 2021-22 this joint Circuit/District grant funding amounted to £9487.62 including funds of £2687.62 deferred from FY 2020-21. This expense is not shown as a grant since it forms part of the Circuit's employer costs itemised in Note 6. The remainder of the £19564.01 cost of this role was met from grants received from Circuit churches in Shaftesbury (£6,957.78) and Motcombe (£3,118.62). A further £3400 of District/Circuit grants for this purpose have been set aside as a provision for 2022-23.

13.2 Grants made to institutions

13.2 Grants made to institutions
Name of institution Purpose Total amount of
grants paid £
Methodist Minister's Pension Scheme (MMPS) Circuit contribution to Methodist Ministers' Pension
Reserve Fund		 20,000
-
-
-
TOTAL GRANTS PAID
Total grants to institutions in reporting period
Other unanalysed grants		 20,000
-
20,000
Last year:
13.3 Analysis of grants paid (included in cost of charitable activities)		 Last year:
13.3 Analysis of grants paid (included in cost of charitable activities)		 Last year:
13.3 Analysis of grants paid (included in cost of charitable activities)		 Last year:
13.3 Analysis of grants paid (included in cost of charitable activities)		 Last year:
13.3 Analysis of grants paid (included in cost of charitable activities)
Analysis
 Grants to institutions
 Grants to individuals
 Support costs
£		 Total
£
VineYouth Ministry 3,000 - - 3,000
- - - -
- - - -
Total 3,000 - - 3,000

13.4 Grants made to institutions

Names of institution Purpose Total amount of
grants paid £
Vine Youth Ministry Outreach in schools 3,000
-
-
-
TOTAL GRANTS PAID
Total grants to institutions in reporting period
Other unanalysed grants		 3,000
-
3,000

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Note 14 Tangible fixed assets

14.1 Cost or valuation

Freehold land &
buildings - manse
properties
Other land &
buildings
£
£
At the beginning of the year
1,588,000
Additions
- -
Revaluations
- -
Disposals
- -
Transfers
- -
At end of the year
1,588,000 -
Basis*
 Rate
At beginning of the year
- -
Disposals
- -
Depreciation
- -
Impairment
- -
Transfers
- -
At end of the year
- -
Net book value at the beginning of the year
1,588,000 -
Net book value at the end of the year
1,588,000 -
14.4 Impairment
14.3 Net book value
This year: a description of the events and circumstances that led to the recognition
or reversal of an impairment loss.
Last year: a description of the events and circumstances that led to the recognition
or reversal of an impairment loss.
14.2 Depreciation and impairments*		 Freehold land &
buildings - manse
properties
£		 Other land &
buildings
£		 Plant,
machinery and
motor vehicles
£		 Fixtures, fittings
and equipment
£		 Total
£
1,588,000 - 2,129 1,590,129
- - - - -
- - - - -
- - - - -
- - - - -
1,588,000 - - 2,129 1,590,129
SL
3 years
- - - 1,419 1,419
- - - - -
- - - 710 710
- - - - -
- - - - -
- - - 2,129 2,129
1,588,000 - - 710 1,588,710
1,588,000 - - 0 1,588,000
[For information only]: In July 2021 the Circuit arranged for
professional reassessment of its manses' open market
values. This exercise confirmed that the property values
are higher than the values shown in the accounts, i.e. that
there has been no impairment loss. Accordingly, the
Circuit's manses continue to be carried in the accounts at
the Deemed Cost values from previous years.
N/A

14.5 Revaluation

The Circuit's accounting policy is "cost less impairment" (not revaluation) for the Circuit's manse properties - see Note 2.4 i.

Equipment owned by the Circuit, and fixtures and fittings provided by the Circuit at the Circuit's manses, are all identified, capitalised and depreciated if they individually cost at least £1,000. Refer to Note 2.4 i.

14.6 Other disclosures

(i) The amount of borrowing costs, if any, capitalised in the construction of tangible fixed assets
and the capitalisation rate used.
(ii) The amount of contractual commitments for the acquisition of tangible fixed assets.
(iii) Details of the existence and carrying amounts of property, plant and equipment
to which the charity has restricted title or that are pledged as security for liabilities.		 This year Last year
£ £
- -
- -
- -

** Method of depreciation: SL = straight line; RB = reducing balance). Rate of depreciation: for straight line, the anticipated life of the asset (in years); for reducing balance, the percentage annual deduction.

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Note 17 Investment assets

17.1 Fixed asset investments (please provide for each class of investment)

Carrying (fair) value at
beginning of period
Add:additions to
investments during
period
Less:disposals at
carrying value
Less: impairments
Add: Reversal of
impairments
Add/(deduct):transfer
in/(out) in the period
Add/(deduct):*net
gain/(loss) on revaluation
Carrying (fair) value at
end of year		 Cash & cash
equivalents		 Listed
investments		 Investment
properties		 Social
investments		 Monetary
investments
(CMTF @
TMCP)		 Total
- 325,000 - 8,117 333,117
- - - - - -
- - - - (4,000) (4,000)
- - - - - -
- - - - - -
- - - - - -
- - - - (400) (400)
- - 325,000 - 3,717 328,717

*additions resulting from acquisitions through business combinations, if any.

Please note that Fair Value in this context is the amount for which an asset could be exchanged between knowlegable and willing parties in an arm's length transaction. For traded securities, the fair value is the value of the security quoted on the London Stock Exchange Daily Official List or equivalent. For other assets where there is no market price on a traded market, it is the trustees' or valuers' best estimate of fair value.

17.2 Breakdown of investments shown above agreeing with the balance sheet, differentiating between those held at fair value and those held at cost less impairment.

Analysis of investments

This year:
Listed investments
Investment properties
Social investments
Total
Cash or cash equivalents
Grand total (Fair value at year end+Cost less
impairment)
Monetary investments (CMTF @ TMCP)		 Analysis of investments Analysis of investments
Fair value at year end Cost less impairment
£ £
- -
- -
325,000 -
- -
3,717 -
328,717 -
328,717

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Last year:
Listed investments
Investment properties
Social investments
Total
(ii) Name of
independent valuer, if
applicable, and relevant
qualifications
- -
325,000 -
-
333,117 -
- -
8,117
Analysis of investments
Cost less impairment
£
333,117
17.3 The Circuit holds investment properties, so the following information is provided:
Cash or cash equivalents
Fair value at year end
£
- -
Monetary investments (CMTF @ TMCP)
Grand total (Fair value at year end+Cost less
impairment)
ADRIAN MALE FRICS, Christophers Chartered Surveyors
(i) An explanation of
the methods and
significant assumptions
in determining the fair
value of investment
property held by the
charity:
The Circuit's investment property at 24 Harbin Close, Yeovil, was last
revalued by a professional firm of surveyors in July 2021, in line with the
Circuit's policy of revaluing its investment properties periodically. The
surveyors determined that the property (land + buildings) was valued at
£325,000, with the land component being 25% of this.
In arriving at their opinions of value the surveyors adopted the comparative
method of valuation. A desk top valuation appraisal was undertaken.
Inspection of the property had been undertaken by the same firm of
surveyors (for the purposes of quinquennial inspection) over the last 5
years, and, appraisal included analysis of information recorded therefrom
along with due consideration of comparable sales evidence which was
available at the date of the valuation. Valuation was carried out in
accordance with the Practice Statements in the RICS Global Valuation
Standards (effective from 1st July 2017).
The Circuit has no tangible fixed assets with individual purchase value of
more than £1,000 at its investment property.		 Last year:
Listed investments
Investment properties
Social investments
Total
(ii) Name of
independent valuer, if
applicable, and relevant
qualifications
- -
325,000 -
-
333,117 -
- -
8,117
Analysis of investments
Cost less impairment
£
333,117
17.3 The Circuit holds investment properties, so the following information is provided:
Cash or cash equivalents
Fair value at year end
£
- -
Monetary investments (CMTF @ TMCP)
Grand total (Fair value at year end+Cost less
impairment)
ADRIAN MALE FRICS, Christophers Chartered Surveyors
(i) An explanation of
the methods and
significant assumptions
in determining the fair
value of investment
property held by the
charity:
The Circuit's investment property at 24 Harbin Close, Yeovil, was last
revalued by a professional firm of surveyors in July 2021, in line with the
Circuit's policy of revaluing its investment properties periodically. The
surveyors determined that the property (land + buildings) was valued at
£325,000, with the land component being 25% of this.
In arriving at their opinions of value the surveyors adopted the comparative
method of valuation. A desk top valuation appraisal was undertaken.
Inspection of the property had been undertaken by the same firm of
surveyors (for the purposes of quinquennial inspection) over the last 5
years, and, appraisal included analysis of information recorded therefrom
along with due consideration of comparable sales evidence which was
available at the date of the valuation. Valuation was carried out in
accordance with the Practice Statements in the RICS Global Valuation
Standards (effective from 1st July 2017).
The Circuit has no tangible fixed assets with individual purchase value of
more than £1,000 at its investment property.		 Analysis of investments Analysis of investments
Fair value at year end Cost less impairment
£ £
- -
- -
325,000 -
- -
8,117 -
333,117 -
333,117
The Circuit's investment property at 24 Harbin Close, Yeovil, was last
revalued by a professional firm of surveyors in July 2021, in line with the
Circuit's policy of revaluing its investment properties periodically. The
surveyors determined that the property (land + buildings) was valued at
£325,000, with the land component being 25% of this.
In arriving at their opinions of value the surveyors adopted the comparative
method of valuation. A desk top valuation appraisal was undertaken.
Inspection of the property had been undertaken by the same firm of
surveyors (for the purposes of quinquennial inspection) over the last 5
years, and, appraisal included analysis of information recorded therefrom
along with due consideration of comparable sales evidence which was
available at the date of the valuation. Valuation was carried out in
accordance with the Practice Statements in the RICS Global Valuation
Standards (effective from 1st July 2017).
The Circuit has no tangible fixed assets with individual purchase value of
more than £1,000 at its investment property.
ADRIAN MALE FRICS, Christophers Chartered Surveyors

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(iii) Details of any
restrictions on the
ability to realise
investment property or
on the remittance of
income or disposal
proceeds
(iv) An explanation of
any contractual
obligations for the
purchase, construction
or development of
investment property or
for repairs,
maintenance or
enhancements		 The Circuit's investment property is currently let to private tenants, and any
sale of the property would need to be subject to vacant possession by the
Circuit under the notice terms of the lease. Furthermore, Circuit manses are
Model Trust properties under Methodist Church rules and the Circuit would be
required to obtain consent from the Trustees for Methodist Church Purposes
(TMCP) prior to undertaking any property disposal. Under Methodist Standing
Order 970, the Connexional Priority Fund (CPF) levy shall be charged by TMCP
on all capital money arising from a sale. The amount of levy chargeable is nil
on the first £20,000, 20% on any excess over £20,000 up to £100,000 and 40%
on any excess over £100,000 (Standing Order 972). Any leasing of Circuit
property is subject to TMCP approval, to ensure model tenancy agreement
terms are in place. There are no constraints on the Circuit's use of rent
income from investment property while leased.
The Circuit has contractual obligations for repairs and maintenance to its
investment property under the terms of the lease (it is currently let to private
tenants at market rates).

17.4 Current asset investments - breakdown

Current assets are itemised on the Balance Sheet (see Section B), which has been prepared to align with Methodist Church standard reporting and with SORP FRS102 2019. See also Note 24.

17.5 Guarantees

Details and amount of any guarantee made to or on
behalf of a third party
Name of the entity or entities benefiting from those
guarantees
An explanation of how the guarantee furthers the
charity's aims		 Thisyear Lastyear
N/A
 N/A
N/A N/A
N/A N/A

17.6 Concessionary loans

Amount of concessionary loans made (Multiple
loans made may be disclosed in aggregate
provided that such aggregation does not obsure
significant information).		 Description This year £ Last year £
- -
- -
- -

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- -
Total - -
Amounts receivable after more than 1 year
17.7 Additional information
Amounts receivable within 1 year
Terms and conditions eg interest rate, security
provided
Value of any concessionary loans which have
been committed but not taken up at the reporting
date
Amounts payable within 1 year
Amounts payable after more than 1 year
Information about the significance of investments
to the charity's financial position or performance
eg. terms and conditions of loans or the use of
hedging to manage financial risk.
For all investments measured at fair value, the
basis for determining the value, including any
assumptions applied when using a valuation
technique.
Where a charity has provided financial assets as a
form of security, the carrying amount of the
financial asset pledged as security and the terms
and conditions relating to its pledge.
Amount of concessionary loans received(Multiple
loans received may be disclosed in aggregate
provided that such aggregation does not obsure
significant information).		 Description This year £ Last year £
- -
- -
- -
Total - -
This year Last year
The Circuit has no loans. The Circuit is not
dependent on income from monetary investments,
which accounted for only 0.6% of its income in
2021-22 (0.4% last year). The Circuit's income from
its investment property (gross before deduction of
property management expenses) accounted for
5.6% of income in 2021-22 (4.8% last year).
See 17.3(i) above.
N/A

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 19 Debtors and prepayments

19.1 Analysis of debtors

19.1 Analysis of debtors
Trade debtors
Prepayments and accrued income
Other debtors
Total		 This year
£		 Last year
£
0 846
16,915 11,994
6,871 2,768
23,786 15,608

Please complete 19.2 where a material debtor is recoverable more than a year after the reporting date.

19.2 Analysis of debtors recoverable in more than 1 year (included in debtors above)

19.2 Analysis of debtors recoverable in more than 1 year (included in debtors above)
Other debtors
Total
Trade debtors
Prepayments and accrued income		 This year
£		 Last year
£
- -
- -
- -
- -
- -

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 20 Creditors and accruals

20.1 Analysis of creditors

20.1 Analysis of creditors
Accruals for grants payable
Bank loans and overdrafts
Trade creditors
Payments received on account for contracts or
performance-related grants
Accruals and deferred income
Taxation and social security
Other creditors
Total		 Amounts falling due within
one year		 Amounts falling due after
more than one year
This year
£		 Last year
£		 This year
£		 Last year
£
3,400 2,688 - -
- - - -
1,297 1,488 - -
- - - -
25,112 22,303 - -
- - - -
- - - -
29,809 26,479 - -

20.2 Deferred income

This note applies if the charity has deferred income

The reasons why income is deferred

----- Start of picture text -----
This year Last year
N/A
----- End of picture text -----

Movement in deferred income account
Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous periods
Balance at the end of the reporting period		 This year
£		 Last year
£
- -
- -
- -
- -

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 21 Provisions for liabilities and charges

Please complete this note if you have included in charity expenditure any provisions. A provision is made when the charity has a liability of uncertain timing or amount.

21.1 Movements in recognised provisions and funding commitment during the period
This year
Last year
£
£
2,688
7,100
3,400
2,688
(2,688)
(7,100)
- -
3,400 2,688
21.2 Please provide:
- a brief description of any obligations on the balance
sheet and the expected amount and timing of resulting
payments;
- an indication of the uncertainties about the amount or
timing of those outflows; and
- the amount of any expected reimbursement, stating the
amount of any asset that has been recognised for that
expected reimbursement.
21.3 For any funding commitment that is not recognised
as a liability or provision, provide details of commitment
made, the time frame of that commitment, any
performance-related conditions and details of how the
commitment will be funded (with contracts for capital
expenditure separately identified).
21.4 Where unrestricted funds have been designated to a
fund commitment, please disclose the nature of any
amounts designated and the likely timing of that
expenditure.
The Circuit has contracts or obligations for the following:
Office accommodation: an informal arrangement with a Circuit church. A
contribution of £1,000 was made for rent/lighting/heating during the year (2020-
21: £1,000), plus £450 (2020-21: £450) for telephone and broadband costs.
The Sherborne manse, and the investment property in Yeovil, each attract a
grounds maintenance charge via estate management companies.
In addition there are short term obligations as follows:
- telephones at the Circuit office and the Circuit manses along with various
maintenance contracts (building alarms/security systems).
- photocopier rental at the Circuit Office.
The total annual cost of these is not considered material.
Further short-term liabilities have arisen recently for:
- insurance and utilities costs for redundant chapels at Ibberton and Broad Oak
(and any others that close during the year) - from closure until sold.
- professional fees to surveyors, solicitors and agents during property disposals.
- CPF Levy (see Note 17), payable to TMCP on property disposals.
All such costs to be funded from the property sales - likely in 2022-23 or 2023-24.
An amount of £334 is being held as “designated funds”, for children’s work in
Wincanton unless and until it becomes apparent that there will be no replacement
children’s group activity there. The timing and possibility of needing to use these
monies is currently uncertain, the context being that the Circuit's work with
children in Wincanton ceased recently.
It is fully expected the £3400 grant
amounts deferred to FY 2022-23 will be
spent in Sept-Dec 2022 i.e. in FY 2022-
23.
None
None
This year
Last year
(a) District grant of £2688 deferred
from FY 2020-21 to use in FY 2021-22
towards support for the Family Worker
at Shaftesbury and Motcombe (b) An
additional District grant of £5100 was
awarded in 2022 for the Family Worker
for calendar year 2022 - a provision for
one third of this (£1700) is made for FY
2022-23 (c) Matching additional Circuit
grant of £5100 was awarded for the
Family Worker for calendar year 2022 -
a provision for one third of this (£1700)
is made for FY 2022-23.
(a) Grant to Vine Youth Ministry: £3,000
FY 2020-21 being the final year. (b)
Commitment to spend £4,100 of the
Circuit's funds towards the cost of the
Family Worker at Shaftesbury and
Motcombe; FY 2020-21 being the final
year. (c) The Family Worker at
Shaftesbury and Motcombe was
furloughed from the end of January 2021
to early April 2021. An amount of District
grant received in FY 2020-21 to support
the Family Worker, equal to Government
furlough payments received of £2688,
has been deferred to FY 2021-22, and so
a new provision for this cost has been
included in this year's expenditure.
Balance at the start of the reporting period
Amounts added in current period
Amounts charged against the provision in the current period
Unused amounts reversed during the period
Balance at the end of the reporting period
This year
Last year		 21.1 Movements in recognised provisions and funding commitment during the period
This year
Last year
£
£
2,688
7,100
3,400
2,688
(2,688)
(7,100)
- -
3,400 2,688
21.2 Please provide:
- a brief description of any obligations on the balance
sheet and the expected amount and timing of resulting
payments;
- an indication of the uncertainties about the amount or
timing of those outflows; and
- the amount of any expected reimbursement, stating the
amount of any asset that has been recognised for that
expected reimbursement.
21.3 For any funding commitment that is not recognised
as a liability or provision, provide details of commitment
made, the time frame of that commitment, any
performance-related conditions and details of how the
commitment will be funded (with contracts for capital
expenditure separately identified).
21.4 Where unrestricted funds have been designated to a
fund commitment, please disclose the nature of any
amounts designated and the likely timing of that
expenditure.
The Circuit has contracts or obligations for the following:
Office accommodation: an informal arrangement with a Circuit church. A
contribution of £1,000 was made for rent/lighting/heating during the year (2020-
21: £1,000), plus £450 (2020-21: £450) for telephone and broadband costs.
The Sherborne manse, and the investment property in Yeovil, each attract a
grounds maintenance charge via estate management companies.
In addition there are short term obligations as follows:
- telephones at the Circuit office and the Circuit manses along with various
maintenance contracts (building alarms/security systems).
- photocopier rental at the Circuit Office.
The total annual cost of these is not considered material.
Further short-term liabilities have arisen recently for:
- insurance and utilities costs for redundant chapels at Ibberton and Broad Oak
(and any others that close during the year) - from closure until sold.
- professional fees to surveyors, solicitors and agents during property disposals.
- CPF Levy (see Note 17), payable to TMCP on property disposals.
All such costs to be funded from the property sales - likely in 2022-23 or 2023-24.
An amount of £334 is being held as “designated funds”, for children’s work in
Wincanton unless and until it becomes apparent that there will be no replacement
children’s group activity there. The timing and possibility of needing to use these
monies is currently uncertain, the context being that the Circuit's work with
children in Wincanton ceased recently.
It is fully expected the £3400 grant
amounts deferred to FY 2022-23 will be
spent in Sept-Dec 2022 i.e. in FY 2022-
23.
None
None
This year
Last year
(a) District grant of £2688 deferred
from FY 2020-21 to use in FY 2021-22
towards support for the Family Worker
at Shaftesbury and Motcombe (b) An
additional District grant of £5100 was
awarded in 2022 for the Family Worker
for calendar year 2022 - a provision for
one third of this (£1700) is made for FY
2022-23 (c) Matching additional Circuit
grant of £5100 was awarded for the
Family Worker for calendar year 2022 -
a provision for one third of this (£1700)
is made for FY 2022-23.
(a) Grant to Vine Youth Ministry: £3,000
FY 2020-21 being the final year. (b)
Commitment to spend £4,100 of the
Circuit's funds towards the cost of the
Family Worker at Shaftesbury and
Motcombe; FY 2020-21 being the final
year. (c) The Family Worker at
Shaftesbury and Motcombe was
furloughed from the end of January 2021
to early April 2021. An amount of District
grant received in FY 2020-21 to support
the Family Worker, equal to Government
furlough payments received of £2688,
has been deferred to FY 2021-22, and so
a new provision for this cost has been
included in this year's expenditure.
Balance at the start of the reporting period
Amounts added in current period
Amounts charged against the provision in the current period
Unused amounts reversed during the period
Balance at the end of the reporting period
This year
Last year
This year
£		 Last year
£
2,688 7,100
3,400 2,688
(2,688) (7,100)
- -
3,400 2,688
Last year
(a) District grant of £2688 deferred
from FY 2020-21 to use in FY 2021-22
towards support for the Family Worker
at Shaftesbury and Motcombe (b) An
additional District grant of £5100 was
awarded in 2022 for the Family Worker
for calendar year 2022 - a provision for
one third of this (£1700) is made for FY
2022-23 (c) Matching additional Circuit
grant of £5100 was awarded for the
Family Worker for calendar year 2022 -
a provision for one third of this (£1700)
is made for FY 2022-23.
 (a) Grant to Vine Youth Ministry: £3,000
FY 2020-21 being the final year. (b)
Commitment to spend £4,100 of the
Circuit's funds towards the cost of the
Family Worker at Shaftesbury and
Motcombe; FY 2020-21 being the final
year. (c) The Family Worker at
Shaftesbury and Motcombe was
furloughed from the end of January 2021
to early April 2021. An amount of District
grant received in FY 2020-21 to support
the Family Worker, equal to Government
furlough payments received of £2688,
has been deferred to FY 2021-22, and so
a new provision for this cost has been
included in this year's expenditure.
It is fully expected the £3400 grant
amounts deferred to FY 2022-23 will be
spent in Sept-Dec 2022 i.e. in FY 2022-
23.

None		 None
This year Last year
The Circuit has contracts or obligations for the following:
Office accommodation: an informal arrangement with a Circuit church. A
contribution of £1,000 was made for rent/lighting/heating during the year (2020-
21: £1,000), plus £450 (2020-21: £450) for telephone and broadband costs.
The Sherborne manse, and the investment property in Yeovil, each attract a
grounds maintenance charge via estate management companies.
In addition there are short term obligations as follows:
- telephones at the Circuit office and the Circuit manses along with various
maintenance contracts (building alarms/security systems).
- photocopier rental at the Circuit Office.
The total annual cost of these is not considered material.
Further short-term liabilities have arisen recently for:
- insurance and utilities costs for redundant chapels at Ibberton and Broad Oak
(and any others that close during the year) - from closure until sold.
- professional fees to surveyors, solicitors and agents during property disposals.
- CPF Levy (see Note 17), payable to TMCP on property disposals.
All such costs to be funded from the property sales - likely in 2022-23 or 2023-24.

An amount of £334 is being held as “designated funds”, for children’s work in
Wincanton unless and until it becomes apparent that there will be no replacement
children’s group activity there. The timing and possibility of needing to use these
monies is currently uncertain, the context being that the Circuit's work with
children in Wincanton ceased recently.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 24 Cash at bank and in hand

Monetary balances held at the Central Finance Board of the Methodist Church are short term deposits available on demand without loss of interest. The Circuit's account with Lloyds Bank plc is its current account.

TMCP works through the agency of CFB. Monies are held by TMCP on the Circuit's behalf are short term cash investments in the Circuit's Model Trust Fund, the "Trim Bequest", and "Cluett Bequest". These are all Model Trust funds. Funds can be withdrawn on demand subject to Circuit Meeting approval, and subject to approval by TMCP to ensure that funds withdrawn are used for Model Trust purposes in accordance with Methodist Church rules. Such purposes might include, for example, repair/maintenance and caretaking of trust property, support of personnel serving in the Circuit, payments to Methodist organisations/charities, etc.. It is the responsibility of the Circuit Meeting to ensure that any funds withdrawn take account of trustees' other obligations including assessments, building maintenance, reserves policy, and mission policy. and "Women's Bequest"

and "Women's Bequest" The Circuit is holding £334 of designated monies (see Note 21.4). and "Women's Bequest"

and "Women's Bequest" Monies held in the Bequest for Women's Work are similarly available as above but are restricted and can only be used by the Circuit's Methodist Women in Britain group in line with their aims and objectives.

Funds held with TMCP
Central Finance Board deposits
Cash at bank (Lloyds Bank plc)
Totals		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
3,983
149,105
53,086
4,217
210,390
66,483
66,483
67,118
334
67,452
133,601
3,983
334
149,105
53,086
4,217
344,326
2021-22		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
3,983
149,105
53,086
4,217
210,390
66,483
66,483
67,118
334
67,452
133,601
3,983
334
149,105
53,086
4,217
344,326
2021-22		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
3,983
149,105
53,086
4,217
210,390
66,483
66,483
67,118
334
67,452
133,601
3,983
334
149,105
53,086
4,217
344,326
2021-22		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
3,983
149,105
53,086
4,217
210,390
66,483
66,483
67,118
334
67,452
133,601
3,983
334
149,105
53,086
4,217
344,326
2021-22		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
3,983
149,105
53,086
4,217
210,390
66,483
66,483
67,118
334
67,452
133,601
3,983
334
149,105
53,086
4,217
344,326
2021-22		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
3,983
149,105
53,086
4,217
210,390
66,483
66,483
67,118
334
67,452
133,601
3,983
334
149,105
53,086
4,217
344,326
2021-22		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
3,983
149,105
53,086
4,217
210,390
66,483
66,483
67,118
334
67,452
133,601
3,983
334
149,105
53,086
4,217
344,326
2021-22
General Fund Circuit Model
Trust Fund		 Designated
Funds
(Unrestricted)		 Trim Bequest Cluett Bequst Women's
Bequest
(restricted)		 Total 2020-21
3,983 149,105 53,086 4,217 210,390 263,821
66,483 66,483 90,942
67,118 334 67,452 93,926
133,601 3,983 334 149,105 53,086 4,217 344,326 448,688

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 25 Fair value of assets and liabilities

25.1 Below are provided details of the charity's exposure to credit risk (the risk of incurring a loss due to a debtor not paying what is owed) , liquidity risk (the risk of not being able to meet short term financial demands) and market risk (the risk that the value of an investment will fall due to changes in the market) arising from financial instruments to which the charity is exposed at the end of the reporting period and explain how the charity manages those risks.

Credit risk:

- The Circuit's primary sources of income are: assessments from churches, grants (e.g. from Southampton Methodist District) and rental income from its investment property. The risk of default on these payments is considered to be low.

Liquidity risk:

- The Circuit maintains a reserves policy of keeping six months' budgeted expenditure in hand, to be able to meet unforeseen short term financial demands alongside its ongoing financial obligations. Further Circuit resources are planned to be used in accordance with the Circuit's 5-year plan - these amounts are included and detailed in the reserves policy. Under the current plan, the Circuit’s currently available reserves are entirely committed. To avoid spending beyond its available funds, the sale of Circuit assets (e.g. the Circuit's investment property, or any chapels becoming redundant in the interim) will be required in the next few years, to replenish the Circuit's reserves. This will enable the Circuit to continue to hold a minimum of six months' expenditure in its general funds at any time whilst funding, on an annual basis, the ongoing commitments made in its financial plan. On this basis, the Circuit's exposure to liquidity risk is low.

Market risk:

- The Circuit's financial investments are managed on its behalf by the Trustees for Methodist Church Purposes. These include £3,717 invested in the CFB's Managed Mixed Fund (£3,156) and Managed Fixed Interest Fund (£561). The Managed Mixed Fund provides a diversified blend of investment funds, with a bias towards equities. It is preferred by many Methodist investors who are looking for a balance of long term capital appreciation and income, through a diversified portfolio. Other Circuit funds are held on deposit with the Central Finance Board of the Methodist Church. The proportion of Circuit reserves held by TMCP in the two CFB financial investment funds is approximately 1.7% of the Circuit's TMCP-held assets (1.1% of the Circuit's total cash funds), and this is regarded as a low level of exposure to market risk. - The asset values of the Circuit's manses are determined on a Fair Value basis. The Circuit's manses and investment property represent, unsurprisingly, the majority of the Circuit's assets, and in the event of a collapse in the housing market the Circuit would undoubtedly be significantly affected.

This year Last year 25.2 Details of the amount of change in the fair value of basic financial instruments (debtors, creditors, investments (see N/A N/A section 11, FRS 102 SORP)) measured at fair value through the SoFA that is attributable to changes in credit risk.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 27 Charity funds

27.1 Details of material funds held and movements during the CURRENT reporting period

Details are provided here of the movements of material individual funds in the reporting period. The 'Total funds' figure below reconciles to 'Total funds' in the balance sheet.

* Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds

Fund names Type PE,
EE R or
**U ***
Purpose and Restrictions		 Fund
balances
brought
forward
£		 Income
£		 Expenditure
£		 Transfers
£		 Gains and
losses
£		 Fund
balances
carried
forward
£
General Fund U 2,299,569 241,211 (348,012) 50,000 2,242,768
Circuit Model Trust Fund U General - see Note 24 55,532 4,398 (1,547) (50,000) (4,400) 3,983
Designated funds U Wincanton childrens' activities 334 334
Diaconalgrants R Diaconal support - see Note 3 12,000 (12,000)
FamilyWorkergrants R Support of Family Worker at Shaftesbury
& Motcombe - see Note 3		 15,176 (15,176)
Bequest for Women's Work R Methodist Women in Britain - see Note 24 4,209 20 (12) 4,217
Total Funds 2,359,644 272,805 (376,747) (4,400) 2,251,302

27.2 Details of material funds held and movements during the PREVIOUS reporting period

Details are provided here of the movements of material individual funds in the previous reporting period. The 'Total funds' figure below reconciles to last year's 'Total funds' in the balance sheet.

Fund names Type PE,
EE R or
**U ***
Purpose and Restrictions		 Fund
balances
brought
forward
£		 Income
£		 Expenditure
£		 Transfers
£		 Gains and
losses
£		 Fund
balances
carried
forward
£
General Fund U 2,430,453 264,745 (330,295) 49,666 (115,000) 2,299,569
Circuit Model Trust Fund U General - see Note 24 106,995 457 (3,064) (50,000) 1,144 55,532
Designated funds U Wincanton childrens' activities 334 334
Diaconalgrants R Diaconal support - see Note 3b 14,000 (14,000)
FamilyWorkergrants R Support of Family Worker at Shaftesbury
& Motcombe - see Note 3b		 14,852 (14,852)
Bequest for Women's Work R Methodist Women in Britain - see Note 24 4,203 14 (8) 4,209
Total Funds 2,541,651 294,068 (362,219) (113,856) 2,359,644

27.3 Transfers between funds

This year

There were no transfers between unrestricted and restricted funds, between endowment and restricted funds, or between endowment and unrestricted funds.

Last year

There were no transfers between unrestricted and restricted funds, between endowment and restricted funds, or between endowment and unrestricted funds.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 28 Transactions with trustees and related parties

Details of the charity's transactions with related parties (other than the trustee expenses explained in guidance notes) are provided in this note.

28.1 Trustee remuneration and benefits

This year

The following trustees received remuneration or other benefits from the Circuit in their capacity as paid Methodist and URC ministers, and lay employees, with the Circuit:

The Superintendent of the Circuit, the other ministers, the Circuit Stewards including the Circuit Treasurer, plus the Circuit Administrator and Circuit Property Secretary, together form the Circuit Leadership Team (CLT) and are considered Key Management Personnel. The ministers of the Circuit undertake the primary executive roles within the Circuit. The Superintendent chairs meetings of the CLT and Circuit Meetings. All voting members of the Circuit Meeting are the trustees of the Circuit. Our Circuit Admninistrator is a member of CLT and a lay employee but is not a trustee. Paid trustees are all the ministers, and one of our lay employees (the Family Worker who also takes responsibility for safeguarding). All other trustees are volunteers. All lay staff are employed at the decision of the Circuit Meeting.

The cost of all stipends, employer’s NIC, employer’s pension contributions and other expenses of the ministers of the Circuit are met by the Circuit. The Methodist Connexion finance team in London pays all Methodist ministers' salaries after deductions (employee NI, tax and pension payments). Connexion charges the Circuit for these costs plus employer NI and employer pension payments, and pays all tax and NI due to HMRC. The URC Mission and Ministry team similarly makes a monthly charge to the Circuit for the employment costs of the Circuit's URC minister. For all of the Circuit's Methodist and URC ministers, the Circuit does not pay any minister directly - the payment is made by the central church organisation and the costs are charged to the Circuit. Similarly, the Circuit pays no remuneration/ benefits to lay staff directly - payments are made by the Methodist Church and costs charged to the Circuit.

Apart from the five ministers and the two lay workers mentioned no other key management personnel or member of the Circuit Meeting was in receipt of any payment for work undertaken on behalf of the Circuit, although certain expense costs were reimbursed - see 28.2 below.

The amounts of, and legal authority for, any remuneration or other benefits paid to these trustees by the charity are shown below:

Name of trustee Legal authority (eg order,
governing document)		 Amounts paid or benefit value Amounts paid or benefit value Amounts paid or benefit value Amounts paid or benefit value Amounts paid or benefit value
Remuneration
 Pension
contribution		 Redundancy
(including
loss of
office)/ex
gratia		 Other TOTAL
£ £ £ £ £
Revd Lin Francis (Superintendent Minister) Methodist standing orders 28,577
6,947		 35,524
Revd Denise Binks (Minister) Methodist standing orders 25,995
6,947		 32,942
Revd Kate Konrad (Minister) Methodist standing orders 25,995
6,947		 32,942
Dcn Rebekah-Joy Spinks (Deacon) Methodist standing orders 25,995
6,947		 32,942
Revd Duncan Goldie (URC Minister) URC M&M orders 25,900
3,859		 1,380 31,139
Mrs Helen Coombes (Circuit Administrator)* Lay employment contract 11,399
522		 11,921
Mrs Lynn Heaton (Families Worker) Lay employment contract 16,906
1,014		 17,920
Details of why remuneration or other employment benefits were
paid.
Where an ex gratia payment has been made to a trustee, provide
an explanation of the nature of the payment.
*key management personnel (CLT member) but not a trustee		 160,766 195,329
See notes above. With regard to Revd Goldie, the Circuit payments
shown are for 92% of his remuneration and benefits; the remaining
8% being paid by Mere URC church. "Other" payment of £1,380 to
Revd Goldie is URC car allowance cost met by the Circuit in 2021-
22.
N/A

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Last year

The following trustees received remuneration or other benefits from the Circuit in their capacity as paid Methodist and URC ministers, and lay employees, with the Circuit:

As Note 28.1 above.

As Note 28.1 above. As Note 28.1 above. As Note 28.1 above. As Note 28.1 above. As Note 28.1 above. As Note 28.1 above. As Note 28.1 above.
The amounts of, and legal authority for, any remuneration or other benefits paid to these trustees by the charity are shown below:
Name of trustee Legal authority (eg order,
governing document)		 Amounts paid or benefit value
Remuneration
 Pension
contribution		 Redundancy
(including
loss of
office)/ex
gratia		 Other TOTAL
£ £ £ £ £
Revd Paul Arnold (Superintendent Minister) Methodist standing orders 28,245
6,866		 35,111
Revd Denise Binks (Minister) Methodist standing orders 25,693
6,866		 32,559
Revd Kate Konrad (Minister) Methodist standing orders 25,693
6,866		 515 33,074
Dcn Rebekah-Joy Spinks (Deacon) Methodist standing orders 25,693
6,866		 32,559
Revd Duncan Goldie (URC Minister) URC M&M orders 25,392
3,783		 1,462 30,637
Mrs Helen Coombes (Office Manager)* Lay employment contract 16,551
993		 17,544
Mrs Lynn Heaton (Families Worker) Lay employment contract 16,406
984		 17,390
_key management personnel (CLT member) but not a trustee_
Details of why remuneration or other employment benefits were paid.
Where an ex gratia payment has been made to a trustee, provide an
explanation of the nature of the payment.*		 163,673 198,874
See notes above. With regard to Revd Goldie, the Circuit payments
shown are for 92% of his remuneration and pension; the remaining
8% being paid by Mere URC church. "Other" payment of £1462 to
Revd Goldie is URC car allowance cost met by the Circuit in 2020-
21. In addition to remuneration and pension payments, Revd
Konrad received payment from the Circuit of £515 (gross: taxed via
Methodist Finance, London) to compensate her for privately-
contracted telephone/broadband expenses during 2020-21.
N/A

28.2 Trustees' expenses

The Circuit has a published Expenses Policy (see Note 2.2 viii) under which all trustees may claim for appropriate expenses in the course of their duties on behalf of the Circuit.

Some (not all) of the Circuit's supernumeraries and local preachers and just two other volunteer trustees have claimed and received travel expense payments in relation to their travel on Circuit business.

Under Methodist standing orders, supernumerary ministers can claim preaching fees as expenses, at a fixed rate per service set by the Methodist Conference. Other reimbursed volunteer expenses (telephone and office costs, and certain removal expenses) are identified in Note 6 and summed below.

Note that trustee expenses shown here are those claimed by volunteers (including supernumerary ministers). (Circuit staff, i.e. ministers and lay workers, are also trustees but the expenses they have claimed are itemised separately in Note 6.)

Type of expenses reimbursed Thisyear Lastyear
£ £
Travel 1,419 162
Subsistence - -
Accommodation - -
Office expenses(stationery, postage, materials, books) 75 513
Telephone
Reimbursed removals and relocation costs
Supernumerary preaching fees 1,450 1,150
- -
TOTAL 2,944 1,825
The number of trustees reimbursed for expenses or who had expenses paid by
the charity was:
13
(21 including Circuit
staff)
10
(18 including Circuit
staff)

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

28.3 Transaction(s) with related parties

Details are given here of transactions undertaken by (or on behalf of) the charity in which a related party has a material interest.

This year

The Circuit's related parties include the Methodist Connexion, the Southampton Methodist District, the churches within the Circuit, and other Methodist Districts in Great Britain, CFB and TMCP. All of these entities have their own trustees or directors. All of the Circuit trustees are members of one or another Church within the Circuit and may also be trustees in their churches.

Charges made by, and income received from, CFB and TMCP are included in Note 3. The Circuit is principally funded by donations received from Circuit churches, and from the District. Income received from these parties is detailed in Note 3.

The husband of one of the Circuit's 2021-22 trustees was paid to undertake minor repairs to a minister's manse - see below. Circuit trustees are empowered under the charity's governing documents (the Methodist Church Act, 1976) to use the services of trustees and connected persons (ref: CPD Book II Part 2 para 16(p)(i)).

A small number of Circuit trustees made donations (without conditions) direct to the Circuit during 2021-22 - the aggregate figure for these received donations was £2,372 including Gift Aid tax recovered (2020-21: £1,668).

Monies passed on to external organisations by the Circuit acting as agent are all to Methodist related parties (see Note 8). These amounts are not otherwise included in these accounts.

Name of the trustee
or related party		 Relationship to
charity		 Description of the
transaction(s)		 Amount Balance at
period end		 Provision for bad debts
at period end		 Amounts
written off
during
reporting
period
£ £ £ £
Mr Malcolm English via family Labour + materials 948 - - -

In relation to the transactions above, please provide the terms and conditions, including any security and the nature of any payment (consideration) to be provided in settlement.

Terms for services and materials provided: payment on satisfactory completion.

For any related party, please provide details of any guarantees given or received.

None.

Last year

Name of the trustee
or related party		 Relationship to
charity		 Description of the
transaction(s)		 Amount Balance at
period end		 Provision for bad debts
at period end		 Amounts
written off
during
reporting
period
£ £ £ £
Mr Daniel England via family Circuitprintingcosts 1044 - - -
Vine Youth Ministries via family Circuit grant for schools
work		 3000 - - -

In relation to the transactions above, please provide the terms and conditions, including any security and the nature of any payment (consideration) to be provided in settlement.

Terms for magazine printing expenses: payment on receipt of goods.

For any related party, please provide details of any guarantees given or received.

None.

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Accounts pack 2021-22