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← Yeovil And Blackmore Vale Methodist Circuit

2023-08-31-accounts

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

(Charity Registration No. 1158290)

TRUSTEES’ ANNUAL REPORT

For the Year ending 31 August 2023

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 2023

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

At the start of our year we had a full staff team comprising of 3 Methodist Presbyters, 1 URC Presbyter and 1 Methodist Deacon. During the year our URC Presbyter retired on ill health grounds and at the year end our Deacon moved to another appointment.

In addition, at the start of the year we were very fortunate to have 9 Supernumerary Ministers, 5 of whom were active and sadly one died in September. There are 10 active Local Preachers with one in training and we are blessed by having three people who have just felt God’s call to start preacher training.

Within the Circuit we had 3 Lay employees; 2 being workers with children and families, one of these was employed by the Circuit and one was employed jointly by two local churches; and the other employee was our Circuit Administrator. Unfortunately, one of the children and families workers resigned at the end of December 2022. 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 12 societies worshipping and using 15 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.

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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Yeovil and Blackmore Vale Methodist Circuit1261051 Trustees. Annual Rep￿t. Year ended 31 August 2023 The fircuit Meeting has met four times during the year. Two of these have been 'virtual' meetings and have been in person. The financial impact of lost income through weekly cash offerings and hall/room lettings because of the Covid epidemic is still having affects in several of our churche5. Gillingham Church in particular. Amongst the work of 2022-2023 the discemment within the Yeovil Methodist Church, is on- going as it continues its missional work and worship, whilst exploring the viability of its two buildings and selling its third. Wincanton's work with the 'Uve at Home, Scheme with Methodist Homes for the Aged is continuing to grow and 15 greatly appreciated within the local community. fisburfs'communitea. is also developing and valued. The ecumenical work across the circuit with all of the local churches is working well. As a clrcult we have been exploring workin8 closer with all of the adjoinin8 circuits. We are very grateful to all of our members of staff, lay and ordalned and to all of our volunteers for all of their prayerful dedication to their callings to serve in this Circuit In the Lord's name. We look forward to another year fijll of challenge and opportunity. Revd Lln Frnncls Superfntendent Mlnlsterand Chalr oAthe Trustees

Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

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 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 2023

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 award and administration of grants to Circuit churches and external bodies as appropriate and as directed by the Circuit Meeting

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 2023)

It has been agreed to dissolve the Circuit in two stages:

  1. in September 2024 Bell St, Shaftesbury, Motcombe and Tisbury Churches will move into the Salisbury Circuit. Wincanton Church will move into the Somerset Mendip Circuit.

  2. The remaining churches will move into one or two other adjacent Circuits at some later date, yet to be determined.

Circuit Policy until this process is complete is to:-

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Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

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Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

3. Financial review

3.1 Circuit financial position at the end of FY 2022-23

Key points

During the year the Circuit received total income of £390k (FY 2021-22: £273k) and dispersed £352k (FY 2021-22: £377k). Net current assets of £385k (excluding property & land) were carried forward across the year end (FY 2021-22: £335k).

Circuit costs reduced significantly in 2022-23 with a reduction in staffing numbers through having one less minister, with the ending of the families worker role at Shaftesbury and Motcombe, and with reduced hours being worked by other lay staff. On the income side, the Circuit benefited in the amount of £150,065 in capital receipts from chapel sale proceeds.

Without capital receipts from redundant chapel sales, the total Circuit income does not fully cover net expenditure. The budgeted deficit in FY 2022-23 was £163k to be made up from Circuit reserves. In the event, with reduced costs and after chapel sales, the Circuit returned a net surplus of £37,774.

Church incomes, and Circuit assessments

Church attendance numbers have not recovered to pre-Covid levels. Circuit churches in Ibberton and Broad Oak were closed and sold during 2022-23, and those at Hazelbury Bryan, Gillingham and Preston Road Yeovil are all expected to be sold in 2023-24. Other Circuit churches, with significantly lower memberships and yet the same buildings to maintain, no longer have enough income/funds to pay their assessments without a struggle.

Finding itself in a stronger financial position, and in response to the ongoing financial struggles of our churches, in June 2023 the Circuit Meeting took the decision to reduce the Circuit’s assessment level by a further 10% across all Circuit churches, for 2023-24. This is additional to the 10% reductions already implemented in both 2022-23 and 2021-22 and reflects the precarious times the churches find themselves in.

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Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

3.2 Reserves policy

Cash reserves

The Circuit’s cash reserves held at 31st August 2023 were as follows:

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----- Start of picture text -----
Unrestricted Funds £
Lloyds Bank – current account 58,266
Methodist CFB 58,328
Lord Alfred Trim Bequest (TMCP) 149,105
DD Gifford Cluett Bequest (TMCP) 53,086
Circuit Model Trust Fund (TMCP) 49,236
TOTAL UNRESTRICTED 368,019
Restricted Funds - Women’s Work Bequest (TMCP) 4,340
TOTAL CASH FUNDS 372,359
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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 £3,543 held in TMCP monetary investments (unrestricted) (not included in the above figures) making a total Circuit fund balance of £375,902 at 31 August 2023.

The Circuit trustees assumed responsibility during 2022-23 for Hazelbury Bryan chapel, which became redundant. The Circuit’s manses at Harbin Close Yeovil, Granville Way Sherborne and Manston Road Sturminster Newton are not currently required for ministerial accommodation and are all now treated as investment properties.

Other than these, no money is directly invested in property, securities or other forms of investment.

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Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

Policy for 2023-24

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 2023-24 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 £155k for 2023-24. This is to provide funds for:

- Reserves policy for restricted funds

Bequest for Women’s Work: £4,340. Originally bequested to the “Women’s Work” Methodist women’s organization in Sherborne (now Methodist Women in Britain (MWiB). This Circuit’s MWiB group is seeking new members at present.

The Circuit is in discussions with geographically-adjacent Circuits with a view to different parts of this Circuit amalgamating with adjoining Circuits, leading to the possibility of at least one merger completing at the end of FY 2023-24. Accordingly, the Circuit’s five-year financial plan has been dis-regarded for the purpose of this reserves policy while these amalgamation discussions continue.

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 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.

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Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

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 2.5% of income for the year (cf. 0.4% 2021-22). A net loss of £175 was recorded on the capital 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 4.2% of income in 2022-23 (gross before allowing for property management costs).

Circuit manses at Sherborne and Sturminster Newton ceased being occupied by ministers in 2023-24, and so transferred from being classed as tangible fixed assets (total value: £608,000) to being treated as fixed asset investment properties at the end of 2022-23. In line with accounting policy, they are re-valued at this point, with a resulting re-valuation gain of £48,200 on these two properties. Refer to the Notes to the Accounts 2022-23.

3.4 Going concern

The trustees of the Circuit have every reason to believe that the Circuit is a going concern, principally because the assessment income from churches and rental property, combined with prudent use of its reserves and assets, enables it to safely cover its costs. There are no subsidiary undertakings.

The Circuit’s amalgamation plans (see Circuit Policy) include the likely transfer of the churches at Motcombe, Shaftesbury and Tisbury to the Salisbury Methodist Circuit, and of Wincanton church to the Somerset Mendip Methodist Circuit, at the end of 2023-24. The trustees are confident that the resulting (smaller) Yeovil and Blackmore Vale Circuit will remain a going concern after these changes.

Further proposals to amalgamate the remaining church sections of Yeovil and Blackmore Vale Methodist Circuit with adjacent Circuits to the West, and subsequently to close this Circuit, are not at such advanced stages at present. The trustees fully expect this Circuit to remain a going concern until such time as these plans are agreed and implemented.

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Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

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 2023

Paid trustees are all the ministers. One of our lay employees was also a trustee until the end of December 2022. 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 Administrator with additional responsibilities as 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, conflict of interest policy, and the Circuit provides guidance to its trustees 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 2023

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 (to 31 August 2023)

5.7 Names of trustees

All voting Members of the Circuit Meeting are trustees. The list of trustees serving from 1 September 2022 through to 21 February 2024 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 2023

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: 18 September 2023):

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 Circuit1261051 Trustees, Annual Report: Year ended 31 August 2023 8. Approvals We confirm that the Trustees, Annual Report and the Financial Statements Istatement of Financial Artivities. Balance Sheet and supporting Notes) have toen approved by Trustees at the Circuit Meeting held on 21 February, 2024: Lin Francis (signed) Lewis Buckwell Isignedl Rev Lin Francis Chair of Circuit Meeting Date- Mr Lewis Butkwell Circuit Treasurer 2022-23 Date: 2vlL+ 08-03-Jl 15

Yeovil and Blackmore Vale Methodist Circuit (26/05) Trustees’ Annual Report: Year ended 31 August 2023

APPENDIX A Trustees

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 2022 to 21 February 2024:

Ministers and Lay Staff

Revd Linda Francis (Superintendent) Revd Denise Binks Revd Duncan Goldie (to 30/04/23) Revd Kate Konrad Dcn Rebekah-Joy Spinks (to 31/08/23) Revd Christina Le Moignan (Supernumerary) Revd Margaret Oxenham (Supernumerary) Revd Judy Turner-Smith (Supernumerary) Revd Soon Cheol Choi (Supernumerary) (from 06/06/23) Mrs Lynn Heaton (Children, Young People & Families Worker & Circuit Safeguarding Officer) (to 31/12/22)

Circuit Stewards Other Appointments

Mr Lewis Buckwell (Treasurer) (to 31/08/23) Mrs Janet English Mrs Margaret Whitford (Senior Steward) Mr Stephen Watson

Mr Philip Butler (Property Secretary) Mr Colin Farrant (Local Preachers’ Tutor) Revd Judy Turner-Smith * (LP&WL Secretary)

Representatives

Mrs Joy Aylen Mrs Jo Bathurst Mr Phil Butler * (to 16/12/23) Mr Tony Cole Mrs Anne Cook (from 01/09/23) Mrs Margaret Evans Mrs Pearl Evans (to 16/12/23) Mr George Faris Mr Don Farquharson Mrs Christine Fordham Mrs Beth Fox Mr Geoff Gardner

Miss Sarah James (from 01/09/23) Dr Bob Jones Mrs Ruth Jones Mrs Christine Lydford (to 29/03/23) Mr Mark Parsons Mr Richard Sinden (to 01/07/23) Mr Alan Turner-Smith (to 31/08/23) Mrs Sarah Upshall Mrs Gillian Walsham Mrs Lynda Walters Mr Hayden Williams Mr David Wooldridge

*** Already a member in another capacity**

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

(Charity Registration No. 1158290)

FINANCIAL STATEMENTS

For the Year ending 31 August 2023

Page 1 of 41

Accounts pack 2022-23

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 41

Accounts pack 2022-23

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Circuit No.
 26/05
Totals this year
2022-23
£
1,969
16,142
194,270
9,825
16,200
151,535
389,940
3,996
1,500
183,885
25,715
64,959
10,398
15,218
6,307
10,816
21,775
6,984
614
352,166
37,774
(175)
656,200
693,800
(608,000)
85,800
2,251,302
2,337,102
General Fund
(Unrestricted)
£		 Circuit Model
Trust Fund
(Unrestricted)
£		 Restricted Funds
£		 Endowment Funds
£		 Totals this year
2022-23
£		 Totals prev year
2021-22
£
Donations and legacies inc. Gift Aid 3 1,969 1,969 2,372
Grants received 3 16,142 16,142 27,176
Assessments onchurches 3 194,270 194,270 215,593
Income from monetary investments 3 8,302 1,388 135 9,825 1,564
Income from investment properties 3 16,200 16,200 15,300
Capital receipts 3 1,470 150,065 151,535 10,799
Other charitable income 3
Internal organisations 3
Total Income 3 222,210 151,452 16,278 389,940 272,805
Expenditure
RAISING FUNDS
 2.3ii, 6 3,973 11 12 3,996 4,496
GRANTS AND DONATIONS 2.2 i, 6,13 1,500 1,500 20,013
CIRCUIT MINISTRY:
Stipends, salaries and associated costs		 6,11,12 165,842 18,042 183,885 230,075
Propertymaintenance 6 25,715 25,715 13,812
Connexionalassessment &modeltrustlevy 6 47,742 17,216 64,959 54,434
District assessment &levy 6 10,398 10,398 9,624
Depreciation 6 710
Provisions 6,21 18,618 (3,400) 15,218 712
Office expenses 6 6,307 6,307 7,303
Telephone, travel 6 10,816 10,816 10,754
Insurance, utilities 6 21,775 21,775 22,004
Fees and charges 2.3ii, 6 1,729 5,255 6,984 2,713
Otheroutgoings 6 614 614 98
Internal organisations 6
Total Charitable Expenditure 6 313,529 22,483 16,154 352,166 376,747
Net income/(expenditure) before investment
gains/(losses)		 (91,319) 128,970 123 37,774 (103,942)
Gains/(losses) on monetaryinvestments 17 (175) (175) (4,400)
Gains/(losses)on investmentproperties 17 656,200 656,200
Net income/(expenditure) 564,881 128,795 123 693,800 (108,342)
Transfers between funds 27 80,000 (80,000)
Gains/(losses) on fixed assets for the charity's
ownuse		 14 (608,000) (608,000)
Othergains/(losses)
Net movement in funds 27 36,881 48,795 123 85,800 (108,342)
Total funds brought forward 2,243,102 3,983 4,217 2,251,302 2,359,644
Total funds carried forward 2,279,984 52,778 4,340 2,337,102 2,251,302
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 2,458
2,458
2.2 i,8 2,458 4,533
2.2 i, 8 2,458 4,533

Page 3 of 41

Accounts pack 2022-23

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Circuit No.
 26/05
Totals 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 2021-22
£		 Totals prev 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 4 of 41

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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 2023 Circuit No. 26/05
Notes to the Accounts
Tangible Fixed Assets		 Totals this
year
£
980,000
981,200
3,543
1,964,743
17,592
255,766
59,056
80,527
412,940
21,963
6,206
28,169
384,771
2,349,514
12,412
2,337,102
2,279,649
52,778
334
2,332,762
4,340
2,337,102
General Fund
(Unrestricted)
£		 Circuit Model
Trust Fund
(Unrestricted)
£		 Designated
Funds
(Unrestricted)
£		 Restricted
Funds
£		 Endowment
Funds
£		 Totals this
year
£		 Totals last
year
£
Circuit manses & equipment
 14 980,000 980,000 1,588,000
Investment properties 17 981,200 981,200 325,000
Investments 17 3,543 3,543 3,717
Total fixed assets 1,961,200 3,543 1,964,743 1,916,717
Debtors and Prepayments 19 17,592 17,592 23,786
Loans byCircuit 17.6
Investments with TMCP 17.4,24 202,191 49,236 4,340 255,766 206,673
Central Finance Board deposits 24 59,056 59,056 66,483
Cash at Bank and in hand 24 80,193 334 80,527 67,452
Total current assets 359,030 49,236 334 4,340 412,940 364,394
Creditors and Accruals(due in under 1yr) 20 21,963
,		 21,963 26,409
Grants payable in <1yr 20 6,206 6,206 3,400
Total current liabilities 28,169 28,169 29,809
Net current assets/liabilities 330,861 49,236 334 4,340 384,771 334,585
Total assets less current liabilities 2,292,061 52,778 334 4,340 2,349,514 2,251,302
Long term liabilities (due after more than
oneyear)		 20
Grants payable after oneyear 20 12,412 12,412
Loans to the Circuit 20
Total net assets or liabilities 2,279,649 52,778 334 4,340 2,337,102 2,251,302
General Fund(Unrestricted) 2,279,649 4,340 2,279,649 2,242,768
Circuit Model Trust Fund(Unrestricted) 52,778 52,778 3,983
Designated Funds(Unrestricted) 334 334 334
Total Unrestricted Funds 2,332,762 2,247,086
Other Funds(Restricted) 4,340 4,340 4,217
Endowment Funds
Total Funds 2,279,649 52,778 334 4,340 2,337,102 2,251,302

Page 5 of 41

Accounts pack 2022-23

YEOVIL & 8LACKl+VJRE VPIE METH(IDIST (IRai Namè of CircJJiL Yeovil & Blad(more Vale Metho(lis1 CIT￿1￿1 No 26hlS Declarations and Scrutiny I confinn Ihatlhese arxru8ls-basgd a¢(x)unts for the yoar lo 31 Ajjgust 2023 have been Pfepared Irom Ihe reco￿1$ ofthe Circuitand Ihatlhey Indude all fijnds underlhe c£Jntrol ofthe Circuit Meet'ng. Signaknrg oftreasurer......... ￿￿￿102 Name and addr855 oftre8surer. Lewis Bu¢kwell, Dra9onlly Cottage, Woodbridge Lane, Bedthe5ter, Shaftesbury. Dorset SP7 OBF Prèsèntatlon to the Circuii Meeth I confimi Ihatthe annual re[￿ and accounts for the year ended 31 August 2023 werefv*ilkbg- p￿sented to Ihe Circuit meebng held on .............................. Signalure ofthg Chalr oflhe meb.ng Name of the Chair oflhe meeting.. Revd Lin Francis Independent Examinevs Report to the Trustees of the Yeovil & Blackmorn Vale Methodist Clrcult Charlty NuM￿r 1158290 R•sportslblNtlgs and bas15 of rnport I reportto Ihe Iruste&s on my examlnation of the accounts of Ihe Yeovil & Bladlmore V8le Methodist Cir¢uitfor the year ended 31 Au9USt 2023 sel oul in these pages. As1he Gircvit's trustees. you are fesponsible ft)r thè preparnlion of the accounts in ac￿rdanCe wrth the requirements olthe charib.es Ad2011 {'the Arfl. I report in respectof my 9x8minab.on ofthè Cirojil's accounts carried out under section 145 of Ihe Act and. in carrying out my examinab"on. I have followed all the applicable Direth"ons given by the Charity Commission under section 145ISXb) oflhe Act ' delete orarcae as appropriate Page 6 of 41

YEOVIL &BL•aP•K)RE VALE ￿￿0D￿an￿ Name of Clrcubt Y•ovil & Blackrnore Vale Methodi8tCirgJil No 26L15 hNkpond•nt Examln•fs Stat•m•rt The Circuivs gross income excèèdèd £250.000 and l am qualified tr) undertake the t￿mIna0￿n by belng a qualtfied member of the Associalion ofchartered Certified Arxountsnts. I have eomplatsd myèx8min8tion. I thatno rnaterial matters have Lymne to my 8tt8nOon In ¢onne¢tion vrilh th8 8xamination lotherlhan thatdlsc4088d b•low')whlth glv& me cause to belleve tha( In any materfal respo¢t Ihg a¢¢ounOng ￿￿)rd$Were notk8Pt in accordance w51h Section 130 of the Art or the accounts do not accord wlth lh¥ a¢￿Unting records.. OT the accounts do not (mplywilh lh8 applicablo requirements concerning tho and content ofaeeounts sotoutln Ih? Charibes (Accounts and Reports) Regulations 2008 other Ihan any r8qulrtsmenl Ihatthe accounts give a YTU8 and falV ￿•w. whlth is notg mattar ¢))n8ldered a8 part ofan Ind•p8nd8nt oxamlngyon the trustoos. annual rnport 1$ not¢on¥l¥tenl wlth Ihe accounts I have no concom8 and hava com8 •rn88 no other mattprn In ¢onnedlon wllh the examinauon to whlch attènlon should bè drawn In th18 rèportln onlertj enable a proper unde￿landIng ollho accounts b) btr reathed. I hav8thgv8 nor obtalnèd Ind&ptrndentverfllcation of all Inveslments with the TnJst8eg for Molhodl81 Church Purpo888 or held in oth8rtrusts. bank balAn￿$ and fiJnds althe C&ntsl Flnance Board oflha Melhodlstchurch whlth ar¥ IndMdu8lly In 8x¢o8# of£10,000 ltsn Ihousand pounds) at Iha balan¢ shooldatg. SlgnAtur oflnd•p•nd•nt•xanlMr Name of Indopondont ex8mln•r. Frnn￿8 V4lbd• R•lwntprof•sslon¥l qualffl¢alon of Independent exaTr￿n8r. FCCA DChA Name olfinn Iwherg approprlatsl.. Wamorwlldo Llmil8d Address.. 4 Marigold Dr1￿. Blslay. Surr•y GU24 9SF Data .. . delete ord￿8 as apprnprfa Paue 7 al 41

YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

==> picture [495 x 708] intentionally omitted <==

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

NOTES TO THE ACCOUNTS 2022-2023

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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 SORP FRS102 2019.

vi Consolidation

The Circuit has denominational regulatory oversight in respect of the work of the 9 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 2023, the trustees believe that the Circuit is a going concern.

1.3 Changes to accounting policies for 2022-23

None.

1.4 Changes to accounting estimates for 2022-23 None. 1.5 Prior year errors

None.

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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 with additional revisions in June 2023.

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 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 9.

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 Custodian Trustee and title holder of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 3 Analysis of income

Note 3 Analysis of income 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
Gains on disposal of tangible fixed assets held for
charity's own use
Transfers/gains on investment properties
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
£
£
Donations 1,551 1,551
1,805
Gift Aid 418 418
567
Legacies
Grants received 16,142 16,142
27,176
Assessments on churches 194,270 194,270
215,593
Total 196,238
16,142		 212,380
245,142
Internal organisations
Other charitable income
Total
Income from monetaryinvestments 9,690
135		 9,825
1,564
Income from investmentproperties 16,200 16,200
15,300
Total 25,890
135		 26,025
16,864
Gains on disposal of tangible fixed assets held for
charity's own use
Transfers/gains on investment properties 656,200 656,200
Capital receipts 151,535 151,535
10,799
Total 807,735 807,735
10,799
1,029,862
16,278		 1,046,140
272,805

Other information:

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

A grant of £10,000 was received from Southampton Methodist District to support the Circuit's Diaconal project. Grants were also received to support the Circuit Family Worker (Shaftesbury and Motcombe), as follows: £2,143 (Bell Street United Church, Shaftesbury), £1,286 (Motcombe MC). Government grants totalling £1,214 were received from the Department of Work and Pensions (Access to Work grant to provide practical administrative support to the Circuit's Deacon). A grant of £1,500 was awarded to the Circuit by Methodist Insurance plc to fund a Circuit initiative led by our Deacon in Hazelbury Bryan ("Encounter project") to provide mental health resources and support at the local school and for struggling families. £135 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.

N/A

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

N/A

Change of use of Circuit manses from occupied by ministers (assets for the charity's own use) to unocccupied (investment property assets)

An investment property transfer/gain of £656,200 (£608,000 transfer plus £48,200 gain on revaluation) is recorded due to the change in nature of two of the Circuit's manses from being occupied by ministers during the financial year, to becoming unoccupied by ministers at the end of the year and, accordingly, being readied for leasing as Circuit investment properties. This gain is offset by a recorded loss (£608,000 transfer) on occupied manse values (fixed assets for the charity's own use) in the Expenditure section (Note 6). Refer to accounting policies: Notes 2.4i and 2.4iv.

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 4 Analysis of receipts of government grants

Government grant 1
Government grant 2
Government grant 3
Other
Government grant 1
Government grant 2
Government grant 3
Other
Please provide details of any unfulfilled
conditions and other contingencies
attaching to grants that have been
recognised in income.
Please give details of other forms of
government assistance from which the
charity has directly benefited.		 This year
£
Description		 This year
£
Description		 This year
£
Description
Department of Work and Pensions Access to Work grant to provide
practical administrative support to the Circuit's Deacon.		 1,214
-
-
-
Total
Description		 1,214
Last year
£
-
-
-
-
Total -
Thisyear
Lastyear		 -
None -
Thisyear
Lastyear
None -

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YEOVIL & BLACKMORE VALE METHODIST CIRCUIT

Note 6 Analysis of expenditure

This year This year Last year Last year
Unrestricted Restricted Endowment Unrestricted Restricted Endowment
Analysis funds income funds funds Total funds funds income funds funds Total funds
£ £
Expenditure on raising funds:
investment management costs 588
12		 600 763
12		 775
rent collection/property management fees 1,944 1,944 1,836 1,836
rented property insurance 851 851 745 745
repairs to rentedproperties 601 601 1,140 1,140
Raising funds 3,984
12		 3,996 4,484
12		 4,496
Expenditure ongrants and donations:
CMTFgrants forpropertyschemes
othergrants and donations 1,500 1,500 20,013 20,013
Grants and donations 1,500 1,500 20,013 20,013
Expenditure on charitable activities - CIRCUIT MINISTRY:
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 588
12		 600 763
12		 775
rent collection/property management fees 1,944 1,944 1,836 1,836
rented property insurance 851 851 745 745
repairs to rentedproperties 601 601 1,140 1,140
Raising funds 3,984
12		 3,996 4,484
12		 4,496
Expenditure ongrants and donations:
CMTFgrants forpropertyschemes
othergrants and donations 1,500 1,500 20,013 20,013
Grants and donations 1,500 1,500 20,013 20,013
stipends(presbyters & deacons) 101,454
10,000		 111,454 128,893
10,000		 138,893
NIC(presbyters & deacons) 10,627 10,627 10,267 10,267
pension(presbyters & deacons) 28,975 28,975 27,787 27,787
apprenticeshiplevyon ministers' stipends 556 556 533 533
salaries(layemployees) 20,126
8,042		 28,168 31,433
13,776		 45,210
NIC(layemployees) 1,206 1,206 2,678 2,678
pension(layemployees) 978 978 2,551 2,551
lay payroll charge & lay salary
apprenticeshiplevy		 621 621 706 706
supernumeraries -preachingfees 1,300 1,300 1,450 1,450
Stipends, salaries and associated costs 165,842
18,042		 183,885 206,298
23,776		 230,075
manse and redundant chapel repairs 25,715 25,715 11,157 11,157
mansequinquennials 280 280
churchquinquennials 2,375 2,375
Property maintenance 25,715 25,715 13,812 13,812
Connexional assessment (Methodist
Church Fund)		 47,742 47,742 48,708 48,708
URC Synod levy 4,338 4,338
TMCP MTF levy (DAF charge) 17,216 17,216 1,388 1,388
~~Connexional assessment and model~~
trust levy		 64,959 64,959 54,434 54,434
district assessment 10,398 10,398 9,624 9,624
District Assessment and levy 10,398 10,398 9,624 9,624
depreciation 710 710
Depreciation 710 710
provisions 18,618
(3,400)		 15,218 (2,688) 3,400 712
Provisions 18,618
(3,400)		 15,218 (2,688) 3,400 712
stationery, postage etc 5,281 5,281 5,890 5,890
office rent 700 700 1,000 1,000
circuit equipment 325 325 413 413
Office expenses 6,307 6,307 7,303 7,303
telephone & broadband 2,189 2,189 2,661 2,661
travel - ministers 6,145 6,145 6,239 6,239
travel - layemployees 260 260 435 435
travel - supernumeraries & lay preachers 1,944 1,944 832 832
travel - circuit trustees/volunteers 278 278 587 587
travel - stationing
Telephone & travel 10,816 10,816 10,754 10,754
insurance 5,809 5,809 4,741 4,741
council tax 12,871 12,871 13,439 13,439
water,electricity 3,095 3,095 3,824 3,824
Insurance, utilities, etc 21,775 21,775 22,004 22,004

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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 115 115 106 106
professional fees 6,869 6,869 2,607 2,607
Fees and charges 6,984 6,984 2,713 2,713
training 610 610 88 88
removals,relocation
recruitment
other miscellaneous 4 4 10 10
Other outgoings 614 614 98 98
Internal Organisations
Internal Organisations
Total Expenditure on charitable
activities - CIRCUIT MINISTRY:		 332,028
14,642		 346,670 325,061
27,176		 352,238
TOTAL EXPENDITURE 336,012
16,154		 352,166 349,559
27,188		 376,747

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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:-

Note 8 Funds received as agent Note 8 Funds received as agent Note 8 Funds received as agent Note 8 Funds received as agent Note 8 Funds received as agent Note 8 Funds received as agent Note 8 Funds received as agent 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:-
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 50 265 50 265 - -
Donations to the Methodist Relief
and Develoment Fund / from
Circuit churches		 Methodist Relief and Development Fund is a
Methodist charity		 280 170 280 170 - -
Donations to the Methodist
Church Fund for Property / from
Circuit churches		 Methodist Church Fund for Property is a
Methodist Connexional Fund		 210 410 210 410 - -
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		 190 340 190 340 - -
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 - 302 - -
Donations to the Leaders of
Worship and Preachers Trust /
from Circuit churches		 Leaders of Worship and Preachers Trust is a
Methodist charity		 95 384 95 384 - -
Donations to the Methodist
Ministers Housing Society / from
Circuit churches		 Methodist Ministers Housing Society is a
Methodist charity		 250 350 250 350 - -
Donations to Methodist Homes
Association / from Circuit
churches		 Methodist Homes Association is a Methodist
charity		 200 500 200 500 - -
Donations to the Mission in Britain
Fund / from Circuit churches		 Mission in Britain Fund is a Methodist
Connexional Fund		 230 440 230 440 - -
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		 191 922 191 922 - -
~~h~~
~~h~~
Donations to the Methodist
Church World Mission Fund / from
Circuit churches		 Methodist Church World Mission Fund is a
Methodist Connexional Fund		 140 350 140 350 - -
Donations to the Methodist
Ministers Pension Reserve Fund /
from Circuit churches		 Methodist Ministers Pension Reserve Fund is a
Methodist Connexional Fund
-		 100 - 100 - -
Retirement gift for Revd Duncan
Goldie / donations from individual
church members		 Revd Duncan Goldie - retired during2022-23 475 - 475 - - -
Leaving gift for Deacon Rebekah-
Joy Spinks / donations from
individual church members		 Dcn Rebekah-Joy Spinks - stationed to
Preston Circuit and relocated at the end of
2022-23		 146 - 146 - - -
Total 2,458 4,533 2,458 4,533 - -

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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 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 2022-23 are not included below.]

These estimates indicate that the Circuit's governance costs are in the order of £17,000 p.a., i.e. approximately 5% of the charity's total expenditure (FY 2021-22: £22,000 6%).

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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 2022-23 £
Stipends,
salaries etc		 Property
mainten-
ance		 Connexion
assessment		 District
assessment		 Office
expenses		 Telephone,
travel		 Insurance,
utilities		 Fees and
charges		 Grand
total
£ £ £ £ £ £ £ £ £
Governance 12,328 334 655 143 1,794 60 283 1,476 17,072
Total 12,328 334 655 143 1,794 60 283 1,476 17,072

Last year

Last 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 16,249 170 789 155 2,581 83 334 1,422 21,782
Total 16,249 170 789 155 2,581 83 334 1,422 21,782

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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
£
1,476 1,422
- -
- -
- -

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Note 11 Paid employees

11.1 Staff Costs

This year
£		 Last year
£
139,622
184,102
11,833
12,945
28,975
27,787
978
2,551
0
0
181,408 227,385
All Methodist ministers' stipends are paid directly by the Methodist
Connexion stipends team (finance department, The Methodist
Church, London), who then charge the Circuit for all payments
made.
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.
As above

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
£ £
133,007 160,766
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 6 7
Governance 1 1
Other - -
Total 7 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)

This year
£		 Last year
£
- -

11.4 Redundancy payments

Total amount of payment

This year
£		 Last year
£
- -

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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:

- -
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

The basis for allocating the liability and expense of defined
contribution pension scheme between activities and between
restricted and unrestricted funds:
Amount of contributions recognised in the SOFA as an expense		 This year Last year
£ £
978 2,551
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
£ £
ENCOUNTER Project-see below - - 1,394 1,394
Hazelbury Bryan Primary School
(ENCOUNTER Project)		 106 - - 106
- - - -
Total 106 - 1,394 1,500

Note: the Circuit was a prize-winner in a national competition and was awarded a grant of £1,500 by Methodist Insurance plc towards funding for the Circuit's ENCOUNTER Project. Led by our Deacon, this project was set up to support the mental health of vulnerable youngsters in the Hazelbury Bryan area by means of improving their access to computer technology. The funds were used to purchase activity packs, laptop computers, computer ancillary equipment and consumables. A remainder of £105.83 was gifted to Hazelbury Bryan Primary School towards the same goals (subsidising costs of a printer/ consumables in support of widening youngsters' access to computer technology). The cost of the Deacon's time spent running all the activities in this project was met fully by the Circuit.

Note: the Circuit provided a grant to support a Children and Families Worker for Shaftesbury and Motcombe, for the period from September to December 2022. The Circuit's grant was matched by the District. During FY 2022-23 this joint Circuit/District grant funding amounted to £3,400 deferred from FY 2021-22. This expense is not shown as a grant since it forms part of the Circuit's employer costs itemised in Note 6 - and these costs were taken as a provision in 2021-22's accounts. The remainder of the £6,828.65 cost of this role was met from grants received from Circuit churches in Shaftesbury (£2,142.49) and Motcombe (£1285.75).

13.2 Grants made to institutions

Name of institution Purpose Total amount of
grants paid £
Hazelbury Bryan Primary School ENCOUNTER Project - to support mental health
and computer access of vulnerable youngsters in
the Hazelbury Bryan area		 106
-
-
-
TOTAL GRANTS PAID
Total grants to institutions in reporting period
Other unanalysed grants		 106
-
106
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
£
Methodist Ministers' Pension Scheme
(MMPS)		 20,000 - - 20,000
- - - -
Total 20,000 - - 20,000

13.4 Grants made to institutions

Names 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

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Note 14 Tangible fixed assets

Note 14 Tangible fixed assets
Freehold land &
buildings - manse
properties
Other land &
buildings
£
£
At the beginning of the year
1,588,000.00-
Additions
- -
Revaluations
- -
Disposals
- -
Transfers
(608,000.00) -
At end of the year
980,000.00 -
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
980,000 -
14.4 Impairment
14.1 Cost or valuation
14.2 Depreciation and impairments
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.*
Freehold land &
buildings - manse
properties
£		 Other land &
buildings
£		 Plant,
machinery and
motor vehicles
£		 Fixtures, fittings
and equipment
£		 Total
£
1,588,000.00 - - - 1,588,000.00
- - - - -
- - - - -
- - - - -
(608,000.00) - - - (608,000.00)
980,000.00 - - - 980,000.00
SL
3 years
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
1,588,000 - - - 1,588,000
980,000 - - - 980,000
[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 - 3,717 328,717
- - - - - -
- - - - - 0
- - - - - -
- - - - - -
- - 608,000 - - 608,000
- - 48,200 - (175) 48,025
- - 981,200 - 3,543 984,743

*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
Monetary investments (CMTF @ TMCP)
Cash or cash equivalents
Grand total (Fair value at year end+Cost less
impairment)		 Analysis of investments Analysis of investments
Fair value at year end Cost less impairment
£ £
- -
- -
981,200 -
- -
3,543 -
984,743 -
984,743

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Last year:
Listed investments
Investment properties
Social investments
Total
(ii) Name of
independent valuer, if
applicable, and relevant
qualifications
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:
Cash or cash equivalents
Fair value at year end
£
- -
Analysis of investments
Cost less impairment
£
328,717
17.3 The Circuit holds investment properties, so the following information is provided:
- -
325,000 -
-
328,717 -
- -
3,717
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.
The Circuit's manses at 73 Granville Way, Sherborne and at 47 Manston
Road, Sturminster Newton both ceased being occupied by ministers during
FY 2022-23. Accordingly, their asset values (total: £608,000) have been
transferred from tangible fixed assets (see N14) to being treated as fixed
asset investment properties at the end of FY 2022-23. These properties had
also been valued by professional surveyors in July 2021 at £435,000 and
£400,000 respectively, with 52% of Granville Way i.e. £226,200 being the
Circuit's property (the remaining 48% being URC owned). This equates to a
re-valuation gain of £48,200 on these two properties.
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
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:
Cash or cash equivalents
Fair value at year end
£
- -
Analysis of investments
Cost less impairment
£
328,717
17.3 The Circuit holds investment properties, so the following information is provided:
- -
325,000 -
-
328,717 -
- -
3,717
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.
The Circuit's manses at 73 Granville Way, Sherborne and at 47 Manston
Road, Sturminster Newton both ceased being occupied by ministers during
FY 2022-23. Accordingly, their asset values (total: £608,000) have been
transferred from tangible fixed assets (see N14) to being treated as fixed
asset investment properties at the end of FY 2022-23. These properties had
also been valued by professional surveyors in July 2021 at £435,000 and
£400,000 respectively, with 52% of Granville Way i.e. £226,200 being the
Circuit's property (the remaining 48% being URC owned). This equates to a
re-valuation gain of £48,200 on these two properties.
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 -
- -
3,717 -
328,717 -
328,717
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.
The Circuit's manses at 73 Granville Way, Sherborne and at 47 Manston
Road, Sturminster Newton both ceased being occupied by ministers during
FY 2022-23. Accordingly, their asset values (total: £608,000) have been
transferred from tangible fixed assets (see N14) to being treated as fixed
asset investment properties at the end of FY 2022-23. These properties had
also been valued by professional surveyors in July 2021 at £435,000 and
£400,000 respectively, with 52% of Granville Way i.e. £226,200 being the
Circuit's property (the remaining 48% being URC owned). This equates to a
re-valuation gain of £48,200 on these two properties.
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 properties at Harbin Close, Yeovil and at 73 Granville
Way, Sherborne are currently occupied by private tenants, and the recently-
vacated property at 47 Manston Road, Stuminster Newton is being prepared
ready for leasing. Any sales of these properties would need to be subject to
vacant possession by the Circuit by serving notice to the tenants. 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.
Where an investment property is leased, the Circuit has contractual
obligations for repairs and maintenance under the terms of the lease. As
responsible property owners, the Circuit continues to repair and maintain any
vacant investment properties with a view to their lease or eventual sale.

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

Thisyear Lastyear

N/A		 N/A
N/A N/A
N/A N/A

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

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 £
- -
- -
- -
- -
Total - -

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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).
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
17.7 Additional information
Amounts receivable after more than 1 year		 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 2.5% of its income in
2022-23 (0.6% last year). The Circuit's income from
its investment property (gross before deduction of
property management expenses) was £16,200
(4.2% of income) in 2022-23 (£15,300, 5.6% of
income, 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
£
568 0
16,981 16,915
42 6,871
17,592 23,786

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
£
- -
- -
- -
- -
- -

Page 33 of 41

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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
£
6,206 3,400 - -
- - - -
3,782 1,297 - -
- - - -
18,181 25,112 - -
- - - -
- - - -
28,169 29,809 - -

20.2 Deferred income

This note applies if the charity has deferred income

The reasons why income is deferred

==> picture [251 x 58] intentionally omitted <==

----- 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
£
£
3,400
2,688
18,618
3,400
(3,400)
(2,688)
- -
18,618 3,400
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.
(a) District grant of £1,700 plus
matching Circuit grant of £1,700
deferred from FY 2021-22 to use in FY
2022-23 towards support for the Family
Worker at Shaftesbury and Motcombe
(b) Circuit grant of £18,618 (£6,206 p.a.
for 3 years) was awarded in June 2023
towards funding for the new Tisbury
Outreach Worker for the 3 year period
commencing FY 2023-24.
(a) District grant of £2,688 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 £5,100 was
awarded in 2022 for the Family Worker
for calendar year 2022 - a provision for
one third of this (£1,700) is made for FY
2022-23 (c) Matching additional Circuit
grant of £5,100 was awarded for the
Family Worker for calendar year 2022 - a
provision for one third of this (£1,700) is
made for FY 2022-23.
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
The Circuit has contracts or obligations for the following:
Office accommodation: an informal arrangement with a Circuit church. A reduced
contribution of £700 was made for rent/lighting/heating during the year (2021-22:
£1,000), with £0 contribution (2021-22: £450) for telephone and broadband costs,
since the Circuit's use of the office facility has reduced.
The Sherborne and Yeovil investment properties each attract a grounds
maintenance charge via estate management companies.
In addition there are short term obligations as follows:
- telephones at the Circuit manses along with various maintenance contracts
(building alarms/security systems) at some manses and at the Circuit Office;
- 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 the redundant chapel at Hazelbury Bryan (and
any others that may close during the year) - from closure until sold;
- professional fees to surveyors, solicitors and agents during property disposal;
- CPF Levy (see Note 17), payable to TMCP on property disposal.
All such costs to be funded from the property sale - likely in 2023-24.
An amount of £334 is being held as “designated funds” for children’s work in
Wincanton. The Wincanton monies are designated 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 Wincanton monies is currently
uncertain, the context being that the Circuit's work with children in Wincanton
ceased in recent years.
It is fully expected the £6,206 p.a.
Tisbury grant amount will be spent in
the next three years.
None
None
This year
Last year		 21.1 Movements in recognised provisions and funding commitment during the period
This year
Last year
£
£
3,400
2,688
18,618
3,400
(3,400)
(2,688)
- -
18,618 3,400
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.
(a) District grant of £1,700 plus
matching Circuit grant of £1,700
deferred from FY 2021-22 to use in FY
2022-23 towards support for the Family
Worker at Shaftesbury and Motcombe
(b) Circuit grant of £18,618 (£6,206 p.a.
for 3 years) was awarded in June 2023
towards funding for the new Tisbury
Outreach Worker for the 3 year period
commencing FY 2023-24.
(a) District grant of £2,688 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 £5,100 was
awarded in 2022 for the Family Worker
for calendar year 2022 - a provision for
one third of this (£1,700) is made for FY
2022-23 (c) Matching additional Circuit
grant of £5,100 was awarded for the
Family Worker for calendar year 2022 - a
provision for one third of this (£1,700) is
made for FY 2022-23.
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
The Circuit has contracts or obligations for the following:
Office accommodation: an informal arrangement with a Circuit church. A reduced
contribution of £700 was made for rent/lighting/heating during the year (2021-22:
£1,000), with £0 contribution (2021-22: £450) for telephone and broadband costs,
since the Circuit's use of the office facility has reduced.
The Sherborne and Yeovil investment properties each attract a grounds
maintenance charge via estate management companies.
In addition there are short term obligations as follows:
- telephones at the Circuit manses along with various maintenance contracts
(building alarms/security systems) at some manses and at the Circuit Office;
- 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 the redundant chapel at Hazelbury Bryan (and
any others that may close during the year) - from closure until sold;
- professional fees to surveyors, solicitors and agents during property disposal;
- CPF Levy (see Note 17), payable to TMCP on property disposal.
All such costs to be funded from the property sale - likely in 2023-24.
An amount of £334 is being held as “designated funds” for children’s work in
Wincanton. The Wincanton monies are designated 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 Wincanton monies is currently
uncertain, the context being that the Circuit's work with children in Wincanton
ceased in recent years.
It is fully expected the £6,206 p.a.
Tisbury grant amount will be spent in
the next three years.
None
None
This year
Last year
This year
£		 Last year
£
3,400 2,688
18,618 3,400
(3,400) (2,688)
- -
18,618 3,400
Last year
(a) District grant of £1,700 plus
matching Circuit grant of £1,700
deferred from FY 2021-22 to use in FY
2022-23 towards support for the Family
Worker at Shaftesbury and Motcombe
(b) Circuit grant of £18,618 (£6,206 p.a.
for 3 years) was awarded in June 2023
towards funding for the new Tisbury
Outreach Worker for the 3 year period
commencing FY 2023-24.
 (a) District grant of £2,688 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 £5,100 was
awarded in 2022 for the Family Worker
for calendar year 2022 - a provision for
one third of this (£1,700) is made for FY
2022-23 (c) Matching additional Circuit
grant of £5,100 was awarded for the
Family Worker for calendar year 2022 - a
provision for one third of this (£1,700) is
made for FY 2022-23.
It is fully expected the £6,206 p.a.
Tisbury grant amount will be spent in
the next three years.

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 reduced
contribution of £700 was made for rent/lighting/heating during the year (2021-22:
£1,000), with £0 contribution (2021-22: £450) for telephone and broadband costs,
since the Circuit's use of the office facility has reduced.
The Sherborne and Yeovil investment properties each attract a grounds
maintenance charge via estate management companies.
In addition there are short term obligations as follows:
- telephones at the Circuit manses along with various maintenance contracts
(building alarms/security systems) at some manses and at the Circuit Office;
- 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 the redundant chapel at Hazelbury Bryan (and
any others that may close during the year) - from closure until sold;
- professional fees to surveyors, solicitors and agents during property disposal;
- CPF Levy (see Note 17), payable to TMCP on property disposal.
All such costs to be funded from the property sale - likely in 2023-24.

An amount of £334 is being held as “designated funds” for children’s work in
Wincanton. The Wincanton monies are designated 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 Wincanton monies is currently
uncertain, the context being that the Circuit's work with children in Wincanton
ceased in recent years.

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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" 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 and "Women's Bequest" Methodist Women in Britain group in line with their aims and objectives. and "Women's Bequest"

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
52,778
149,105
53,086
4,340
259,309
59,056
59,056
80,193
334
80,527
139,248
52,778
334
149,105
53,086
4,340
398,891
2022-23		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
52,778
149,105
53,086
4,340
259,309
59,056
59,056
80,193
334
80,527
139,248
52,778
334
149,105
53,086
4,340
398,891
2022-23		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
52,778
149,105
53,086
4,340
259,309
59,056
59,056
80,193
334
80,527
139,248
52,778
334
149,105
53,086
4,340
398,891
2022-23		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
52,778
149,105
53,086
4,340
259,309
59,056
59,056
80,193
334
80,527
139,248
52,778
334
149,105
53,086
4,340
398,891
2022-23		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
52,778
149,105
53,086
4,340
259,309
59,056
59,056
80,193
334
80,527
139,248
52,778
334
149,105
53,086
4,340
398,891
2022-23		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
52,778
149,105
53,086
4,340
259,309
59,056
59,056
80,193
334
80,527
139,248
52,778
334
149,105
53,086
4,340
398,891
2022-23		 General Fund
Circuit Model
Trust Fund
Designated
Funds
(Unrestricted)
Trim Bequest
Cluett Bequst
Women's
Bequest
(restricted)
Total
52,778
149,105
53,086
4,340
259,309
59,056
59,056
80,193
334
80,527
139,248
52,778
334
149,105
53,086
4,340
398,891
2022-23
General Fund Circuit Model
Trust Fund		 Designated
Funds
(Unrestricted)		 Trim Bequest Cluett Bequst Women's
Bequest
(restricted)		 Total 2021-22
52,778 149,105 53,086 4,340 259,309 210,390
59,056 59,056 66,483
80,193 334 80,527 67,452
139,248 52,778 334 149,105 53,086 4,340 398,891 344,326

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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. 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) provides a means to replenish the Circuit's reserves. 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 £3,543 invested in the CFB's Managed Mixed Fund (£3,022) and Managed Fixed Interest Fund (£521). 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 1.4% of the Circuit's TMCP-held assets (0.9% of the Circuit's total cash funds), and this is regarded as a low level of exposure to market risk.

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 329,768 222,210 (313,529) 80,000 318,449
Manses for the charity's
own use (fixed asset
values)		 U Ministerial accommodation 1,588,000 - - (608,000) 980,000
Investment property
(manses unoccupied by
Circuit ministers) (fixed
asset values)		 U Rental income; investment 325,000 - - 608,000 48,200 981,200
Circuit Model Trust Fund U General - see Note 24 3,983 151,452 (22,483) (80,000) (175) 52,778
Designated funds U Wincanton childrens' activities £334;
TisburyOutreach Worker £18,618		 334 334
Diaconalgrants R Diaconal support - see Note 3 10,000 (10,000)
FamilyWorkergrants R Support of Family Worker at Shaftesbury
& Motcombe - see Note 3		 3,429 (3,429)
Government grants (DWP
Access to Work)		 R Practical administrative support to the
Circuit's Deacon		 1,214 (1,214)
Methodist Insurance grant
for the Circuit's "Encounter"
Project		 R Mental health resources and support at
Hazelbury Bryan Primary School and for
strugglingfamilies		 1,500 (1,500)
Bequest for Women's Work R Methodist Women in Britain - see Note 24 4,217 135 (12) 4,340
Total Funds 2,251,302 389,940 (352,166) 48,025 2,337,102

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 386,569 241,211 (348,012) 50,000 329,768
Manses for the charity's
own use (fixed asset
values)		 U Ministerial accommodation 1,588,000 - - 1,588,000
Investment property
(manses unoccupied by
Circuit ministers) (fixed
asset values)		 U Rental income; investment 325,000 - - 325,000
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 3b 12,000 (12,000)
FamilyWorkergrants R Support of Family Worker at Shaftesbury
& Motcombe - see Note 3b		 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

27.3 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 Administrator 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). 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. 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 four 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
Remuneration
 Pension
contribution		 Redundancy
(including loss
of office)/ex
gratia		 Other TOTAL
£ £ £ £ £
Revd Lin Francis (Superintendent Minister) Methodist standing orders 29,797
7,244		 37,040
Revd Denise Binks (Minister) Methodist standing orders 27,104
7,244		 34,348
Revd Kate Konrad (Minister) Methodist standing orders 27,104
7,244		 34,348
Dcn Rebekah-Joy Spinks (Deacon) Methodist standing orders 27,104
7,244		 34,348
Mrs Helen Coombes (Circuit Administrator)* Methodist standing orders 9,635
0		 9,635
Mrs Lynn Heaton (Families Worker)** Methodist standing orders 12,262
632		 12,894
_key management personnel (CLT member) but not a trustee_
_trustee for only part of this financial year_
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.*		 133,007 162,613
See notes above.
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.

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 (Office Manager)* Lay employment contract 11,399
522		 11,921
Mrs Lynn Heaton (Families Worker) Lay employment contract 16,906
1,014		 17,920
_key management personnel (CLT member) but not a trustee_
Details of why remuneration or other employment benefits were paid.
28.2 Trustees' expenses
Where an ex gratia payment has been made to a trustee, provide an
explanation of the nature of the payment.*		 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
The Circuit has a published Expenses Policy (see Note 2.2 viii) under which all trustees and other volunteers 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 just one other volunteer trustee 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.
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 1,388 1,419
Subsistence - -
Accommodation - -
Office expenses(stationery, postage, materials, books) - 75
Telephone - -
Reimbursed removals and relocation costs - -
Supernumerary preaching fees 1,300 1,450
- -
TOTAL 2,688 2,944
The number of trustees reimbursed for expenses or who had expenses paid by
the charity was:
8
(15 including Circuit staff)
13
(21 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.

A small number of Circuit trustees made donations (without conditions) direct to the Circuit during 2022-23 - the aggregate figure for these received donations was £1,969 including Gift Aid tax recovered (2021-22: £2,372).

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
£ £ £ £
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.

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

Last year Name of the trustee Relationship to Description of the or related party charity transaction(s) Mr Malcolm English via family Labour + materials

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 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.

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.

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

None.

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Accounts pack 2022-23