WEMBLEY CIRCUIT OF THE METHODIST CHURCH (Registered Charity No 1169392) TRUSTEES, REPORT and FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Superintendent Minister The Revd. Kido Baek 10 Klngsway, Wembley HA9 7QR Bankers HSBC PLC. 4-8 Victoria Street, Westminster, London SW1H ONJ Treasurer Samuel Aboah 9 Lawrence Avenue, London NW10 8EQ Independent Examiner Noel. Rajaratnam 19 Deane Avenue, Ruislip, HA4 6SP
WEMBLEY CIRCUIT OF THE METHODIST CHURCH (35123) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Governance: The governing body of the Melhodist Church is the Conference which meets once every year. The aulhority under which the conference acts is given by Ihe Methodist Church Act 1976. The Methodist Circuits whose incomes exceeded £1 Ook for Ihe y8ar ended 31st August 2007 were reqijired to register with the Charity Commission. The 2006 Charities Act came into force in November 2006. Our registered charity number is 1169392 following re-registration with the charity commission and the filing of the accounts for previous years. The Wembley Circuit is one of the circuits that operate within the London Distriot of the Methodist Church. The circuit comprises of four churches located as shown below..
Eallng Road Neasden Park Lane Sudbury The Managing Trustees of the circuit are: Minislers: Revd. Kido Baek (Superintendent) Revd. Nigel Wright Circuit Stewards: Mr. Gerard Davis Mr. Abraham Deveer Mr. Samuel Aboah Circuit Secreta Mr. Jeffrey Ekuful In addition, there are representatives from the individual churches within the circuit, as stated in the Constitution Practice and Discipline (CPD) of the Methodist Church.
WEMBLEY CIRCUIT OF THE METHODIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Trustees: The managing trustees other than those named in the previous page, that served during the year were as follows.. Diana Kokora Ben Abadji Joseph Kingsley-Nyinah Victoria Butler-Aggrey Joseph Hagan Francis Arthur Adrian Perry Anna Kingsley-Nyinah Gershon Ahadzi
WEMBLEY CIRCUIT OF THE METHODIST CHURCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustees, Res onsibilities: The Trustees are responsible for preparing the Trustees, Report and the accounis in accordance with applicable law and United Kingdom Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financi81 year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of Ihe year. In preparing these accounts, the Trustees are required to.. select suitable accountlng policies and then apply these consistently., observe the methods and principles in the Charities SORP; make judgements and estimates that a reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disc105ed and explained in the accounts; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that dlsclose with reasonable accuracy at any time Ihe financial position of the Wembley Circuit of the Methodist Church and enable them to ensure that the accounts comply with the Standing Orders of the Methodist Church and the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and other relevant regulatlons. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Annual Re ort: The trustees have had due regard to the guidance published by the Charities Commission on pubSic benefit. Property matters were discussed in the leadership meetings as well as at the circuit trustees meetings. It is important to acknowledge the huge commitment of time and energy made by members to continue the work of our Lord's Mission in their locality and within the Circuit.
WEMBLEY CIRCUIT OF THE METHODIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Wembley Circuit Mission & Ministry Policy is to.. Provide inspiring Worship & nurturing Fellowship Develop & participate in Evangelism. Social Justice & Mission Creale Dynamic Leadership Su erintendent Re ort: The Wembley Circuitwas pleased to welcome the Rev. Nigel Wright, and his family. The Circuit Welcome SeNice was held in September 2022 and the preacherwas one of the District Chairs, Rev. Dr Jongikaya Zihle. As always, we were grateful to receive Dr Zihle's preaching ministry once moTr. In October, we held a Circuit Prayer Event which was hosted by Ealing Road Methodist Church but was assisted by all the churches in the Circuit. Our Circuit Co-ordinator, Anna Kingsley- Nyinah, worked especially hard to bring this event to fNition along with the members of Ealing Road Methodist Church. The Circuit thanks Anna for mIndIng us of the importance of prayer, bolh individually and corporately. Every hour during Ihe prayers event. short devotions were led by the presbyters and local preachers in Ihe Circuit. The event was greatly appreclated by those who attended. In November, As well as the Circuit Prayer Event in October, there was also a Circuit Watchnight SeNice, held at Sudbury Methodist Church, a circuit Ash Wednesday service held at Neasden Methodist Church. a circuit Maundy Thursday service held al Ealing Road Methodisl Church, and a Circuit Farewell Service for the Circuit Superintendent. Revd Sonia Hick5, held at Park Lane Methodist Church on a Sunday morning in July. Both the presbyiers continue to hold monthly services at the nearby local MHA homes at Kenbrook and River View. They are warmly welcomed by residents and staff alike. Activities conducted under the guidance of the Circuit were as follows: The building formerly used as the Sudbury Neighbourhood Centre has been rented to a Children's Nursery. The CAF account was established and used for payments. Many members from the Clrcuit attended a safeguardlng foundation course. Worshi and Communication with Members: The Circuit members turned out in great numbers to say farewell to Revd Sonia Hicks at her farewell service held at Park Lane Church. The Circuit welcomed Revd Dr Jongikaya Zihle who preached a powerful sermon. A number of the Iranian Asylum Seekers who are housed in the Circuit, have been attending mainly Park Lane Church. About 8 of them have attended baptismal classes and have been baptised and confirmed, whilst other classes have been planned.
Manses: 24 Park View Road manse continues to be rented to a Syrian family of parents and 4 children. The tenant continues to express a desire to refurbish the Kitchen and Bathroom but to date he has not replied to the Matte which has been raised with him and which are aimed at safeguardillg the Church's financial security. Work was carried out on 10 Kingsway to prepare for the residence of Revd Kido Baek and his family. This mainly involved decorating most of the rooms to meet the family's colour scheme. However remedial work was also carried out to make the rear patio safe from cracks and to improve the flooring in the utility room at the back of the garage and address some items highlighted in the last quinquennial. Furthermore, other repairs were carried on both toilets which needed attention. Circuit A ointments: Circuit part-time Administrator post, which is part - funded by a grant by the District Advance Trd Fund to the Circuit, was eventually filled in 2 quarter of the connexional year by an excellent person. The Circuit Invitation Committee was happy to meet wilh and to embrace Revd Kido Baek who was matched as Superintendent Minister for our Circuit by the Stationing Committee and confirmed by the CIC. The Circuit Invttation Commitlee [CiC] began the process forthe stationlng of a Minister to replace Revd Nigel Wright in the 2025- 26 Connexional Year. The role of the Circuit Safeguarding Officer contlnues to be vacant although renewed efforts are being made lo fill that role and to ensure that the duties of this important role are covered. 2nd Wemble Bo sBri ade & Girls, Association The Company started the session in September with 4 young people and gained 2 others in February. It therefore consists of 2 anchors, 2 Juniors and 2 Company. One of the leaders has moved away from the area and it would be great to someone new to help out. The young people were taken bowling with the Batlalion at Heathrow Bowl. A great time was had with the 1st Hillingdon BB&GG at the pantomlme at the Beck Theatre. The Company did not attend camp this year because there were not enough older members able to attend.
WEMBLEY CIRCUIT OF THE METHODIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Investment Polic The investment of surplus funds is operated via the Central Finance Board (CFB) of the Methodist Church. CFB aims to provide high quality investment service seeking above average returns for long term investors, whilst ensuring that the securities held by all its funds are in line with the ethical policy of the Methodist Church. The circuit has it funds held in a deposil account with CFB. The Restricted Fund which is mainly funds from sales of properties is managed by Trustees for Methodist Purposes MCP). These funds are also invested with CFB. It Is now opportune for the Circuit as Managing Trustees to think how best these funds could be utilised for the benefit of the Mission. Risk Mana ement: The Circuit hopes to undertake a review of the risk policy and has produced a Risk Register highlighting the various risks facing the circuit and churches, the impact and the likelihood of it happening. The main headings under which these risks have been categorised are..
Trustees, Responsibilities Membership and Mission Resources, People and Property Firiancial Legal These risks once acknowledged and agreed will be reviewed regularly to ensure effectiveness. The church treasurers have also been informed of the need for these risk assessments. It is hoped that all churches will undertake these as part of their compliance activities. Financial Review: The Financial statements have been prepared in accordance with the charities SORP - Accounting and Reporting by Charities. The Fund for Ministry raised was 120k. The interest earned on both restricted and unrestricted funds was £2.5k. Income from leasing of the manse at Park View amounted to 32.1 k thereby increasing total income for the year to 158.7k. The total circuit expenditure amounted to £178.7k. This included an amount of £3.4k for a levy made on the balances with TMCP as stated in the CPD of the Methodist Church and investment management fees. The funds carried forward at the end of the year were £2.3k unrestricted and £95.4k restricted. The price value of units held with TMCP via as at 31 August 2024 was £31.567 compared to the previous year of £28.001. During the year 1,213 units were sold, hence at the end of the year there were 2,715 units worth £85.7k. The manse at 24 Park View was leased out at a rental of £2300 per month unlil February 2024, when it was renewed to £2.800 per month. All property malters were managed, coordinated and supported by circuit steward5. As Christians, we have to take God's truth and mission foward, carrfed and defended by those who have committed their lives to God's Son. It is an important task and an awesome responsibility and a profound privilege to have this commission. Samuel Aboah - Circuit Treasurer
WEMBLEY CIRCUIT OF THE METHODIST CHURCH INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF WEMBLEY CIRCUIT OF THE METHODIST CHURCH I have examined the accounts of Wembley Clrcuit of the Methodist Church for the year ended 31 August 2024 set out on pages 11 to 17. These accounts have tseen prepared under Ihe accounting policies set out on page 12. This report is made solely lo the charity's trustees. as a body. in accordance with Section 43 of the Charities Acl 1993 and regulations made under Section 44 of Ihat Act. The examining work has been undertaken so that I might state to the charity's trustees those matters we are required to slate to them in an the report and for no other purpose. To the fullest exlent permitted by law, I do not accept or assume responsibility to anyone otherthan the charity and the charity's trustees as 8 body, forthe work. for this report, or for the opinions formed. Respective responsibilities of trustees and auditors As described on page 3, the trustees are responsible for preparing the Trustees, Report and the accounts in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). I was appointed as an independent examiner under section 43 of the Charities Act 1993 and report in accordance wilh regulations made under that Act. My responsibility is to examine the accounts in accordance wilh relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). I report lo you my opinion as to whelher the accounts give a true and fair view and are prepared in accordance wilh the Charilies Act 1993. 1 also report to you if, in my opinion, the information given in the Trustees, Report is not consistent with those accounts, if the charity has not kept sufficient accounting records, if the charity's accounts are not in agreement with those accounting records or if we have not received all the information and explanations we require for our audit. I have read the Trustees, Report and consider the implications for my report if I become aware of any apparent misstatements within it. Basis of my opinion I conducted the examination in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination. on a test basis, of evidence relevant to the amounls and disclosures in the accounts. It also includes an assessment of the significant estimates and Judgements made by the trustees in the preparation of the accounts, and of whetherthe accounting policies are appropriate to the charity's circumstances, consistently applied and adequately disclosed. I planned and performed the examination so as to obtain all the information and explanations which we considered necessary in order to provide me with sufficient evidence to give reasonable assurance that the accounts are free from material misstatement. whether caused by fraud or other irregularity or error. In forming my opinion l also evaluated the overall adequacy of the presentation of information in the accounts.
WEMBLEY CIRCUIT OF THE METHODIST CHURCH REPORT (CONTINUED) TO THE TRUSTEES OF WEMBLEY CIRCUIT OF THE METHODIST CHURCH Opinion In my opinion: Ihe accounts give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the Circuit's affairs as at 31 Augusl 2024, and of its incoming resources and application of resources, for the year then ended. and the accounts have been prepared in accordance with the Charities Act 1993. Noel. nam, FCMA, CA, B Sc Date:
WEMBLEY CIRCUIT OF THE METHODIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Note Unrestricted Fund Restricted Fund Total Funds 2023 Funds Incomin Resources Incoming Resources from generated Funds: Circuit Assessmeni Investment Income and Interest 120,000 173 120,000 2,528 114,000 3.230 2,355 Other Incomlng Resources: Connexional Rent from Manses DAF & Other Grants Sundry Income Loss on sale of CFB units Total Incoming Resources 2,000 27,600 9,000 4,307 32,100 3,000 2,034 32,100 3,000 2,034 953 158,709 953 157 307 160,187 Resources Expended Charitable Activities: D1cl Mission and Ministry District Assessment Maintenance of Property Grants 7a 7b 7c 7e 104,078 34,084 26,269 104,078 34,084 26,269 114,641 33,088 81,967 2,000 Governance Costs: District Levy - Restricted Fund Circuit Administration Investment Management 7b 7d 7d 3,407 3,407 10,615 337 3,576 7,421 346 10,615 337 Total Resources Expended 175,046 178 790 243,039 Net Incoming l (Outgoing) resources before transfers Transfer between funds 117,739 30,000 (2,342) (30,000} (20,081 (82,852) Net (outgoing)lincomlng resources before other recognised gainsllosses 12,261 (32,342) (20,081) (82,852) 2715 Sharns @131.567- 28.rJ)11 Unrealised gainsllosses on disposable tangible assets 9,682 9,682 2,369 Fund balances at 1 September 2023 (9,912 118,139 108,227 188,710 Fund balances at 31 August 2024 108,227 The notes on pages 12 to 17 fonn part of these accounts 10
WEMBLEY CIRCUIT OF THE METHODIST CHURCH BALANCE SHEET AS AT 31 AUGUST 2024 Unrestrlcted Funds Reslrlcted Funds Notes Funds TOTAL ASSETS Tangible Assets Freehold Manses al cost 32,100 32,100 32,100 Current Assels Cash al Bank & Hand Short Tenn Deposits 21,123 284 ,774 85.705 30,897 85,989 6.801 111,726 21.407 95,479 116,886 118,527 Debtors and Prepayments 10 6,000 27,407 1.000 119 527 122 886 Currènt Llabllltles Creditors: amounts due wlthln one ear Credltors and arKruals Fund for Mlnlslry In advance 11 25,058 25,058 11,300 Net Current Asset8 2,349 95,479 97,828 108.227 m Llabllltles 2,349 95,479 97,828 129,928 108,227 140,327 Total Net Assets ACCUMULATED FUNDS Funds 2.349 95,479 97,828 108,227 Freehold Man88 Fund 32,100 32,100 32,100 Accumulatqd Fund# 34A49 95,479 129 928 140,327 The notes on pages 12 to 17 form part of these aG¢ounts. Approved by the Trustees anrj slgned on their behalf by.. Rev. Kldo Baek Superlntendent Mlnlstor Jeffrey Ekuful Managlng Trustee Samuel Aboah Clrcult Treasurer
WEMBLEY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 1. GENERAL Wembley Circuit of the Methodist Church consists of four churches within the connexion of Great Britaln. The accounts are prepared in accordance with the Constitution Practice and Discipline of the Methodist Church (C P D). Each Church, Circuit and District of the Methodist Church is a separate charity. Each holds excepted status under Government statutory Instrument 2002 No 1598. The registration requirements of the new Charities Act of 2006 which came inio force in November 2006 have not as yet been exiended to cover all our churches although some churches have already registered. The circuit registered in 12 May 2009. The Circuit Managing Trustees a the members of the Circuit meeting. 2. ACCOUNTING POLICIES The financial accounts have been prepared under the historical cost convention as modified by the revaluations of Investments and on an accrua15 basis. The accounts have been prepared in accordancg Wlth the Constitution and Practice and Discipline of the Methodist Church, applicable accounting standards, Ihe Slatement of Recommended Practice, "Accounting and Reporting by Charities issued in March 2005 and the Charilies Act 1993.
Under certain exemptions applicable to the Methodist Church, the receipt and onward payment of monies forthe District Assessment is not deemed to be part of the incoming resources of the circuit for the purposes of deciding whether an independent exlernal examiner or an auditor should report on these accoLints, Freehold Manses are shown at the historic cost of acquisition. Currently there are three manses housing two serving ministers and the other leased out on short temi basis. It Is the policy of the Circuit to endeavour to hold as free reserves an amount approximately equal to six months of likely expenditure. Unrestricted Fund cash resources surplus to meet day to day needs are deposited with the Central Finance Board of the Methodist Church. Restricted Fund monies are deposited with The Trustees for Methodist Purposes who in turn deposlt the funds with the Central Finance Board of the Methodist Church. No depreciation is provided on the Circuit's manses. Given the length of life of the buildings and that these are maintained to a high standard, it is Ihe opinion of the Trustees that the residual value would be sufficiently high to make any depreciation charge immalerial. This is in accordance with the principles and policie5 adapted by the Melhodist Connexion. Stipendiary Clrcuit Ministers are eligible to join the Methodisl Ministers, Pension Scheme (MMPS). The MMPS is a funded defined benefit scheme maintained by The Methodist Church of Great Britain. As the Circuit is unable to identify its share of the underlying assets and liabilities of the scheme, the Circuit has taken the advantage of the exemption in Financial Reporting Standard (FRS) 17, Retirement Benefits, and has accounted its contributions lo the scheme as if it were a defined contribution scheme. The pension costs forthe scheme represent the contribution payable by the Circuit in the year. The contribution rates are set each year by the Methodist Conference. 12
WEMBLEY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 3. STAFF The Circuii met the stipends and expenses of the minister working in the Circuit during the year. The Circuit a150 employed lay worker responsible for administrative duties across the circuit. All other work is done by volunteers, 4. PENSIONS All Methodist Minisiers In the Circuit are members of the Melhodist Ministers, Rellrement Scheme. The circull contrlbutes 25.6Qh Of Stlpends to the fund. 5. RESTRICTED FUND This fund receives any monies arising from the sale ordisposal of any land or buildings which are local or circuit property. Capital monies in the fund can be used for the purposes of land and buildings,the replacement or repair of buildings and for mission purposes as agreed by the circuit. It is the policy of the circuit to make grants of up to 1 OOA of the costs of any eligible scheme after the relevant approvals have been obtained. 6. Deemed Cost of Manses 22 Pasture Road 24 Park View 10 Kingsway January 1951 August 1964 November 1972 3,800 7,300 21,000 32,100 13
WEMBLEY CIRCUIT OF THE METHODIST CHURCH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Un- Restricted Fund Restrlcted Fund 2024 TOTAL 2023 TOTAL 7. Resources ended a. Direct Mission and Minist Stipends National Insurance Retirement Funds Travel & Expenses Circuit Administrator Costs Telephones Conferences and Training Relocation Grant Print. Post and Stationary Ministry Total 61,926 5,799 16,355 2,776 12,043 1,979 61,926 6,799 15.355 2,776 12,043 1,979 57,217 5,455 14,658 4,711 9,900 1,663 4,200 4,200 21,037 104,078 104,078 114,641 b. District Assessment District Assessment District Levy - Reslricted Fund District Total 34,084 34,084 3,407 37,491 33,088 3,576 36,684 3,407 3,407 34,084 c. Maintenance of Pro ert Manse Repairs (see note 9) Cost of Letting Manse and Other Furnishings Manse Insurance Manse Utility (Water & Gas) Council Tax Church Building Quinquennial 12,177 3,804 550 1,556 1,290 5,842 1,050 12,177 3,804 550 1,556 1,290 5,842 1,050 63,075 3.228 1,475 7,699 1,400 Property Total 26,269 26,269 81.967 d. Circuit Administration Circuit office Vestry Expenses Sundries Professional Costs Investment Management 5,429 602 4,084 600 5,429 502 4,084 600 337 5,200 275 1,238 708 346 337 Administration Total 10,615 337 10,952 7.767 14
e. Grants Connexional 2,000 Grant Total 2,000 Total Resources Expended 175,046 3,744 178 790 243,039 15
WEMBLEY CIRCUIT- METHODIST CHURCH Notes to the Accounts for the period to 31 August 2024 continued 2024 TOTAL 2023 TOTAL 8. Circuit Assessment Contributing Church.. Ealing Road Neasden Park Lane Sudbury 40,000 16,000 30,000 34,000 38,000 16,000 28.000 32.000 Total 120,000 114,000 9. MANSE REPAIRS Kingsway Pasture Road Park View 11,920 257 973 56,684 5,418 Total 12,177 63,075 10. DEBTORS AND PREPAYMENTS Sundry Debtors (Rent l Assessments I Connexional) Ealing Road Methodist Church Neasden Methodist Church Park View Road Tenants 5,000 1,000 1.000 Total 6,000 1,000 11. CREDITORS AND ACCRUALS Ministerial Expenses Quinquennial I Connexional l Repairs Sundry Creditors - Professional Fees Park Lane Methodist Church Relocation Allowance London Districl CFB BV Carpenlry & Building Services (BVCB) Ealing Methodist Church 250 5,000 600 3,350 600 7.002 8,256 275 5,000 600 1,300 4,125 Tolal 25,058 11,300 16
12 NOTES TO THE CASH FLOW STATEMENT 2024 2023 Un-Restrlcted Restricted TOTAL TOTAL Net loutgoingl I Incoming Resources Decrease / Ilncrea5el in Debtors Increase I (Decrease) in Creditors Unrealised Gains / Ilossesl 12,261 15,0001 13,758 132,3421 (20,081) {5,0001 13,758 9,682 (82,8521 9,500 3,484 2,369 9,682 Net Cash loutllowl / Inflow from ordinary activftles 21,019 122,660) 11,641) 167,4991 17