LAMBETH CIRCUIT M￿HODIST CHURCH Charity reB15tration number- 1175488 REPORT AND ACCOUNTS FOR THE YEAR ENDED 31. AUGUST 2024. LAMBETH CIRCUIT METHODIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31. AUGUST 2024 TABLE OF CONTENTS PAGE Charity Info¥mation Ttyslees Report 21011 Au¢Jrtorfs Rewt 9 10 11 Statement of Financiil Actwities 12 Balance 5h¢ct 13 5ta¢ement of Cash Flows 14 Note5 ID the Financial StètemenTS 151027 L4MLIETH CIRCUIT METHODIST CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENOED 31. AUGUST 2024 CHARITY INFORMATION Charlty Registration number- 1175488 Prlncipal address Clapharn Methodist Church Nelson's Row London. SW4 7JR Bankers- HSBC Bank PLC 8, Canada Square Luiiduii. E4 5HQ CENTRAL FINANCE BOARD 9. Bonhill Street, London. EC2A 4PE CAF BANK LIMITED 25, KinBS Hill Avenue, KinRS Hill. West Marling Kent ME19 4JQ Auditors Adomako 8asoah & Co. 45, Tindale Close Sanderstead South Croydon 5iirrey CR? ORT p6Ee I LAMBEfH CIRcuif M£fHOOIST CHURcFr TRUSTEES REPOR T ANO ACCOUNry FOR TME YEAR ENDED 31, AufiU5T2024 The Trustees present thelf repon together with the Audired fillanual siaiernents forthe year ended 31, AvÈu5t 2024 BASIS OFACCOUNTS PREPARATION The flnanciai st3tem@nt5 have been prepared in accordan(e with Accouniit)g and Reporiiii8 by Charities.. Statemeni of Recommended Praciice Bpplicablo to charities preparing their accoun15 in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland l FRS IU211Second Edition)" and the FinanriAI Reporting 5iandarcl èpplicable in the Uniied Xingdom and Republic of ITelaTrd l FRS 1021 and the Charitle5 Acr 2DII and UK GeneTèlly Accepted Pracito a5 ¢t applie5 from l January 2015 The linanclal statemen15 have been 9￿pared io give a"Irue and fair" view and have departed fiorn the Charities l Accounts ènd Reports l Re8ulatien$ 2008 only to the exten¢ required lo pruvide a.true and falr ¥Jew" Th15 de￿rtUrO has involved fgllowin "Account+n8 and Reporting by Chari¢ies'. Staiemeni ol Recoffltnended Practice applicable ta charitie5 pr¢parin8 their accounts in accordance with the Financial Report￿06 5taiiaarO applKable In ihe UK ond Republic ol Ireland l FRS 1021 I SecorTrd Edilion I rather than the Accountin8 and Reportin8 by Charities.. Statement of Recommended Prattice effertNe frnm 1, April 200S whi¢h has ￿nce been wiillllrawn.. The financial staternents havt been prepared in ?c¢ordance wilh the accounting policies slil out in Note 2 10 ihe5e accoun15. and in accordance wirh ihe 8ov•rni docuiyienl ol the Clrcutt. GOVERNING DOCUMENT AND OBJECTIVE The governing document lor the £l¥cuit is the Deed ol Unlon119321 and the Methodist Churrh Aci119761. Tho Purposg of thè Methodisi Chui¢h are and Jh•ll be f¥eeme￿ LV Iidve been since the date ol the union, the advanCe￿ent of.. {•) the Ch¢iStian lailh in oecordance with Ihe duLiilnal siandards and discipline ol tlie Meihodlst Church. Ibl any chèriiable purposes For ihe iiiiie b¥in8 of any Conne¥ional. OistrkL Circuit. local or Other owanisation of The fvApthcJdi¢t Church. Icl any charit•blt purpose lvl Illy Liw¢ bclng of èny 50cieiy or insiiiuiion subsldiary or anctllary io The Merhodisi Church. Idl diiy purp05e ftir the time bein8 01 afty chariiy subsidlary orancillary to The Methodist Church. In sliiYiii¥ Iu rJchlEve It5 Dbiecijves, rhe Trustees Btve careful consideraiion to Ihe C￿lI1V Comm1$510n's 8eneral Stsidènce on public benefit. We confirm t￿t the Ciicuit 15 a public beTrefit etbtity as define(J by FRS 102. page 2 LAMBETH CIRCUIY METHODIST CHURCH TRUSTICS RIPORT AND ACCOUNTS FOR THF YÉAR eNOeD 31. AVGU51 2U24 I CoTrtinue(J I TI(UStEES The Trustees of the CSrcult are selected from given office holder5 01 the Meihodist Chuich PEFEREPICE AMD ADMLNISTKATIVE DETAIiS The Circuil is on day io d8y basss by Ihe Superintendènl mini$ler. Ilw arcuil the ministers an¢ the Circuit S18wards. The Cir¢uil Me•ling Memters are also Iruslees *e Dl8lrl£t Ch•lr Rev¢ NvJel C(wgill Sup¢rlntgndent Mlni8t•f Rcvd An(Srew Dart Ilo Novernbor 20231 Rev Dr Andr￿ Lwns Ifrom Oecembv 20231 Circuit Ministors Rtrvd Kristin M3rkay Revo L￿3 Ai Rev¢ RIL? lQng Revd Sulanne S￿M Hosp1¢* ChaDlaln ￿re￿ Goodh*ad Sup8rnum•rary r**idithy in r.irr.iill Rev Gfaham Thom8 Clrcult si¢ward¥ Nancy Acquaah Ice Achc4oQrnara Daniel Sackoy Chmsiine Mn oria Odofin Abigarf l aooe Comfort Bab*val• 8oaDeth Lweieo WM47n F(3￿￿0￿e Lhirsioh Pth8￿e Oluwa ciemeni CDfie Nana Oormon CsrGuit Treasurer Assistsnt Treasurer Koio Amoah.tho Opuwale Lmon Circuit Meeting Secitlary Arabdla H￿e Local Preachers. 5ecr¢tary rzabeih 0￿ed page 3 LAM8ETH CIRCUIT METhOD15T CHURCH TRUSTEES REPORT ANDACCOUNTS FOR TNE YCAR ENOED 31. AU(IU5T 2024 I Continued I REFEReNCE AND ADM11415TKAlfVE OEfAI PrDperty GroLJP Co-ordinalor safeguarding Lo-ordinator Sandra Ta Young Peoples, Rep￿sentatiVe Janèt OppcwDanielle Lo¢al Church Repftsontèlsves.. Stréatham P•1 A8hwx)rth Cart Opare-Addo Jacob ArkaBh Tulso Hlll ChI￿￿ne Amor KWa￿A3￿moaIthdu Emmanugl Bentsi-ALOy Carm•n Gamel Rose Agne$ Baiden Trevor Bf5xton Hlll Kalhy Rel￿￿18 J¥bDftl nprth9 Robort Smyth TaV(Y Nike Musa Evo Kyti Kofi K Mosiyn Rood Akuba F￿80n Naiia fknili￿l FrÉirKisca Gastw Railton Road Temiiope Ta Jènriitei Da￿$ Anty ￿￿uS0 Gldph¥m &Jomon Ouaye 0(￿thY ￿1n¢0￿ Anlonia &Jamah Sharon Bryan Regina Catrena Ok Fadu#Ja pa8e 4 LAMBETH CIRCUIT MtrHODIST CHURCH TKU5TEES REPOR r AND ACCOUNIS FUH fHE YEAR ENDED 31, AUGUST 2024 I Continvetl I REFERENCE AND ADMINISTRATIVE DEfA￿s EkarKJ Let￿la Qu￿On AJICÈ Aouku Nathan￿ 8eury LO1￿ &mpson Spnngfiehl Koja Ajao Harr￿1 Ns¢Nvah Elenor Buèku LMSM'S & Vauxhall Mlssion L*5ula Overn1en Achda-omara David Vl¥e5 B¥bara Afful BANKERS ANO AUDITORS Bank¢r$ YS8C Bank Pk al Finarte 808rd of Ihe Melhodisi Church CAF 8ar,k Lirniled Audltors Adom•ko Ba8oah & ¢0 Chart￿￿ ¢yttifiwJ AtswuiiwTr 45 Tind3￿ Close Stir*ersiead &Jtrey. CR2 QRT STRUCTVRe. GOVERNAIICE MAMAGEMENT The QlrLuil 1$ managed by a l￿dership teatTr made up ol minis1¥s. the Qr￿11 sl8wards bnd local chijrch r8pro88ii1ali￿4 Tho Clt¢uil ynNur•* th•1 incornbry Bl•w4rd• •r• wdl ryUiPP¢¥d by tytrun9iny lar ihem 10 211ena training and semin¥s or9anisgd by District aTrJ the Circuil lor that purwsas The CKI￿lI Leadership team meèts pwcrflically 10 di50J$s r[nar￿, property and other mallers pertaning lo the life ol the Cir¢uil ancl t¢ make ￿￿jM￿eTrJat￿5 lo U* Ctrcul M8el'ro. STRUCTURE. GOVERNANCE AND MANAGEME14T Tho Circuit Kleeling ffleel$ al lèast h￿ce a ye8f to cons￿eT recommerKJalN)n3 arKt receive repor15 frotn and to the MelkKxlisl Conference. Lomon o￿tA￿ lh• c.ir￿11 Legéwshp Tèam and the Circuit Slewarrfs, and conducis ¢l￿r bjsiness a5 wproprple. LAMBETH CIRCUIT METHOD15T CHURCH TRUSTFES NEPORT ANU ACLOUNTS FOR TkE YEAR ENDED 31. AUGUST 2024 FUNCTIONS OF THE CIRCUIT I Continiied I MissloTh $ta¢ement Th& Circuits mi55I0n statement i8.lo be open to God. open to Lile and open to the ¥￿￿d. The niain f￿r￿￿on ol the CiroJil Is lo Nov￿0 Ihe suts￿rt methaniqm io tho local chur¢hBB Wilfvin thc rcuil. Careful conS￿er8110ft ol Ihe Chaniy Q)mmis5N>n's gerw31 widance on public benefi't has been torne mino In rèv￿￿￿0 thp. fIJn￿.110Tr￿ ol lh• circ￿11 and in pbfinin9 113 QGliVilie3. The consKJer Ihe cffteni acliwlies as dglaknd in thi$ ￿POrt kxJWt ber￿fIl. The Circuit Is re$gon5ible the folloknlry.. To provKIg mI￿sierial oversight and pa51wal cae f(x th 9 lcd chwch85 in Ihe Ctrojll To Suppcrt the mini51enal ￿#M of 6 ryesweral minisi8rs ro maintain S manses and lo manage 3 inv8$lmenl propertY4s. To supFw)rt loc* churehe8 in provrfjing rAace for W￿r$ MAIN GOALS FOR THE YEAR Tho main goals for lh¢ year w•re.' To id8alilyoriorilies for fUrt￿.r li￿ apF4tab"on DI lunOG ai th• ditspo9￿ of th¢ Cir(¥Jil tts iJNft Ils re$ourc8s eff•clwdy ￿ iyrtlw ilG mi** lo develop ils work among ihe yours 10 invosligaio WBYB of togothor lo xhio¥¢ the obfft¢bY¥b vfihe urcull Jn Tho Trusl•oo ￿r¢ •blo lo ll¢hi•￿ th• g)als as #¢1 ol bwnnlw of Ihe year ACFIIEVEMEIITS AND PERFoRmA￿CE Rvviyw perfornianGe In lunherance of 115 9031s. the CA￿11 coniinued 10 devwop Ihe ￿¢h in parbier5hip wrth thè ALLu¥i¥lgn Trust ai Klng¥ ai Kinos thurth fyyem1￿. Thp Clrtsjll rKor4Yeu a d$frii th L274.30012023- Sur￿￿5 of £367 8851 before Ihe assessmern d•btor¢ wrilgoff8 of È297.?84 m•kin9 th• talal ¢W*il for th• yw al e571,484 Reserv8$ The balance of the unreslric*ed lunds ai 31 Augusi 2024 was £10.7$1,375 12023. £11,323.1051 Thi indudes the value of the Fixed Assels of £10,448.258 Il*tsby lea￿r¥ a n•1 baknce of e303.117 for the gener21 running of the Ciffjusl. Plans for thè future The Circuit wll eontinu8 the programm¢ ofexthrrin9 rnis3￿ Inrtiatsves invcthNJ ￿labOration with othei ecumen￿81 churches the furthÈtanr.p nl 11$ objgdives. Vd¥e 6 LAAIBETH aRCUIT METFIODIST cFfuRCH TRUSTEES REPORT ANO ACCOUNTS FOR THE YEAR ENDED 31. AUGUST 2Lb24 Reserve Pollcy I Continued I Ihe Trustee5 endeavour (o maTrntain sufficient Reserves to ensure that the Circuit is on 'golng toncern bas15 at all times. The Circuii General Fund Iunresrricted lundl balance at the end Of the year was £303.117 Tths exclude5 the value of the Cir￿11 prO￿rtIeS of £10.448.258. Ovr re5erve5 policy 15 to hold at least 6 monih's expenditure. With the current levèl OF annual expondiiurel £786 Kl the expetted level of Reserve5 should be £393K, cJmpared to the actu31 readily available reserves I Circuit Generol Fund balance less properiies v3lLte51 01 £303K. Tlie Irustee5 are taking 311 nece$5ary meèsures to bri￿ the current reserves level to the ¢xpeclod18vel Risk Analy&ls The Trustee$ have examined th¢ prmopal wea5 of the¥ operatsons and consldèrod that m8ior riiks could arise In Èa¢h of ihese ar•as. In Opin￿ of the Trustees. r*sovrce5 rev￿W svslems havc been è$iaWBhed whrh. in thé r￿31 condilK)ns. should allow thé nsks Idtnlifiad by them lo be milyled Io dn acceplaue level in Ihthrday to day operatws. Going concèrn Tho In151èes consKler Ihal thè CirTrJil hAS •dWu¥￿ fth•n¢*4 r•Bourc*8 10 ¢onbnuo in oper81￿￿ f¢x the lorcsgeable futur*. Cvrreniiy. the CircuS1 15 being rijn hy the $lr>iegr grwps th91 wore $01 up in il* ?f¢JS of property. finance, mission and admin151ralK>n. Th¢ tt IS TMII ensu￿ U)al lh8 lrfe ul Ihp. r,Irr.iiil ig rpvwed ¥thich￿r Incrèa60 Iho torwo9o1￿n￿ collection5. Th• IwBlg08 Ihorèfore wnsid¢r Ihol Ihe tr)irq bas1¥ i¥inalns a reasonable b8SlS tor the prepar31ion of Ihe Circuit accounts. Posi Bèlance Sheet Events Thè ifusieps are Th)1 of arw 00$1 bala￿$ sh••t •ffjDIt &%thich c￿¢￿ mot¢riDlly finowipl slaiemenis 8TATCMEIrfT or TRUSTEes RESPONSIBILITIES The Twsiee5 a￿ responsitie tor preparing TnJ$iees' Rewt and ihe finawal $lai6mènls i aecordanc£ wilh ap￿Kable lèwand Unl1￿ l(wk¥n A￿thIn￿￿9 Slarn¥¥ds lun￿ed Kirtyom Generally Acceplable Accounliry Pra-licel The law applicable lo chaiib'e5 in E￿land 8 Wales reqvtres the Tru51ees 10 prcpare fiTrantial slalernents for each Iin8nGial ￿ar ￿Ve a.true fair of Ihe slate of affaws of charily ol:he incoming res￿rceS - nd ap[￿￿1￿)n olrestyJrces of thE chariiy for Ihai yea.. In prftparing Ihe5e fina￿181 slaifymenis the Trusle85 we reouwed to". P?8e Y LAMBETH CIRCUIT METHODIST CHUFICH TRUSTEES FIEPORT AND ACCOUNTS FOR THE YEAH ENDED 31. AUGUST2024 I Continued I > select suitable accounting p￿l￿e$ and them consislenify > obserye the melhorfs atvj pnnCr￿eS In tle Chanbes SORP > make ILMSgemenis and esbmales Ihai real￿￿￿8 and prudent > state ¥vheiher appIl￿ble ￿￿ting 5Wards have been f￿lowed, sub1￿1 lo any fflalerial deparlures di5closeo and explair￿d in Ihg finarrtal st81emÈrniS > yepare the finan¢d siaiements on the ￿n9 COr￿M basis unle55 11 is inapprowiaie to wesume thal Ihe Charity continue to operate. The trusiee5 are responsible lor keepin¥ srfictent accoyntin8 records rhai dlxlose wilh reasonable accuracy at any iiffle the Financial position of ihe Circuir and enable them to ensure iliat the arcovnt5 cornply with the Chariiies Act of 2011. the Jppropriate Charity IAccou(IlS and Reportsl Regulailons the provisions ol ihc trust deed. They are al50 responsible for safeguar￿1￿8 the assets of Ihe Circuit and hence for taking rea5011abte steps for the prevÈniion detecrion of fraud 4Thd other irre8ulaiiiie5. In $0 lar as Ihe trustees are a￿re. ) There 15 no relevani audil infcm21M)n ofvknth Ih8 Cirtyifs wdrtor is unaw•r8.' 8nd > tha INsi8es have lak•n dl sleps Ihal they ouqht to hov¢ lo make Ihem3dves aware nf any relevant avdil *nforrnal*)n and to ¢¥iaUv•h that ihe audnor is aware of thai Inforrn31v)n. APPROVAL Thls Report was apkyoved by Ihe Clrcuil Tru$1￿ the￿ beh￿ff by.. 2025. and B￿ne￿I on Arabell8 Hyde Vdge 8 INDEPENDENT ALIDITOR'S REPORTTO THE MEMBERS OF THE LAMBEfH CIRCUIT METHODIST CHURCH REPORT ON THE FIWANCbAL STATEMENTS UNQUALIFIED OPlThtION liavE 6udited the financlal staremenis of The Lambeth Circuit Methodist Church I the charity I for the ¥ear ended 31, Au8U5t 2024, which comprise of the Staterneni of Finaocial Aciivsties. the Balance Sheel, the 5talemtnt of cash flows and notes to the finanoal 5t3ternent& intlutling a summary of si8nifitarTrt accouniinE poIK+e5. The financ￿31 reportiriR framework that has been applied in their prÈparation 1% xpplifAhle l aw and Unitèd Kingdom Accountin8 Standards. including F*nan£bal Reportiiig Standard 102, The Fina￿[1￿1 Repoiting Standard applicable in thè United Kingdom and the Republic of Ire13nd' l Urtiied Kingdom Generally Accepled Accounting Praciicel In our trpinion the financlal stètefflenis-. give a true and lair view of the siaie of the Cliarity's affairs as ai 31. August 2024 and of lis incoming re50ufcES and applicATlon of 1è59urces for the year then ended have been propeily prepared in accordance wilh Vntted Kingdom General Accepted Accouniin8 Praciice. and have been prepared in accordance with the requirement5 01 the Charities Acl 2011 BA515 FOR UNQUALIFIED OPINION Wè conducttsd our Jvdit in oeeordanco syith Interngltyrwl gt•nd4rds on Auditin81 UK 111 IUKI and applicable law Ovr responsibilities vnd*r those standards are Ivrth*r described In Ihe Auditor'$ regponsibilities Inr tho audit ol tht finBn¢ial stoiemenis seEti(Trn ol our repori. We are independent of ihé Charily in accordance wilh the ethtcal reouifemtrnt5 that are relevant to our audrt of the linontiol stotcmcnls tn Ilie UK, in£ludin8 the rftc'j £ihical Siandèrds, and we have fulfilled our other ethical responsibililies in accDrdan£e with ihe5è 1¥4ulieiiieiits. WL belie¥e Ilidi tlie iiudll evldence we have obtalned ts sutticient and approprlaie to provide a basis for our unqualified opinion. CONCLU510NS REiATING TO Gr￿￿6 CQNCERN In audiiin8 Ihe financial Slaivmenis, we hève concluded ihar rhe trusiees. use of Ihe golng eobe•rn b•iis ul •ccDuntin4 in lh• pr•par*titsrt tsf th• 6nanci•l st•tQFTr*nt¥ *¥ •ppropr4ate. Based on rhe work we have performed, we have not ideniified any material uncertainties relating 10 events or conditions Ihat, individually or collectrvely. may cast $18nificant doubt on the chority's ability to continue as a goin8 concern for a period of ol lea51 twelve months frorn when the linancièl slaiements are èuthori5ed fDf issue. Our re5POn5ibilities and the ￿SPonsibl1111es of the irusiees with re5peci to going concern a described in the rdevant sections ol ihis report. OTHER INFORMATION The oiher inlormation comprises the Information included in rhe 3nnual report other than the financial siaiements our audito¢s reDOrt thereon. pa8• 9 INOEPENOENT AUDITOR'S REPORTTO THE MEMBER5 OF THE LAMBrrH CIRCUIT METHODIST CHURCH Icontinuedl The Trustees ère responsible for the oiher informaiion coniained wllhin rhe annual repon. Our opinion on the finafttral statefflents does not co¥er the orher Informaiion and. excepi to Ihe e%ient otherwise expllcitly staled ill our report. we do not expres5 any forrn of assurance conclusion Ihereon. Our respDnsibilily is to reèd rhe other infoymarion and. in doing so. consider whether the othe¥ information is materially inconsisient wilh the financial staiements or our kThJwledee obtained in the course of the audit or otherwise appears to be materially rni551ated. If we identify such matenal intonsistencies or apparent material mis.4tAternpnf£. wp Arp reqlllrpd to determine whether this gives rlse to a material fflisslatement Ihe financbal 5raiements rhemselves. If, based on'.he work we have performed. we conclud¢ tliat Ihere 15 a material misstèiemenr ef this oiher inlormaiion. we are reouired to report that faci. We h•vt noth5nE to repo¥1 in this regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION WL, Iidve sivtlJin¥ Lo reycri in respect of the lollowing mailers in relaTion to whl¢h the Charities (Accounts and Report l Regula¢ion5 2(M)8 iequire vs to report to you, if in our oplnion the information Riven in Ihe trustees, repoit is in¢onsi5tent in any material respEct with the finaficial siaiements.. or 4 siiffjcipni i¢rn¢Jntin8 r&rDrdE havp nnl bppn kppl-, nr the financial sièiemenis a¥e not in agreement with the accouotiThg iecords and returns.. or We have not roc•iv•d all th• informatioft and èxplanatitsns w• requiro for our audit. RÉSPONSI8ILifiES OF THÉ TRUSTÉES As e¥plained more fully In rhe I'rijstees. Kesptsnybilities Stalemenl set out on page ?. the trustee5 are re5pon5ible for Ihe prewrailon of Ihe finonciol srotemei)1s aiid fvr ijeiii $3ti5fie(t thai Ihey give a Irue and l%ir view. ond for *vch inlemal conrrol as the rriistees determliiv Is neLessdry IL> enabl¥ Ilie Pfepaiailon uf the Iinanclal sraiemenrs rhèr are free Irom maieriol mi551alEmefftt whether due to frèud orerror. In prepèrln8 the financial statemenis, Ihe irusiees are responsible lor assesslng Ihe Charity's abililv to con(Inue as a 8oin¢ concerll. Oi5CSosirtR. a5 agDItC3blp. m3rters relatert to eoin$ concerii and using the 60in8 concefft basis of actouniin8 unle55 the i¥usiee5 either intend to liquidate the Charity or to cease Dperaiions. or haye no ￿311511£ alternaiNe but lo do so. AUDITOR'S RESPON51BILITSES FOR THE AVOIT OF THE FINANCIAL STATEMENTS. We have been appointed as Audiior under 5ectionl441145 of the Charities Act 2011, and report in accofdance with Ihe Act and relevant reEula¢ion5 made or having effect tI￿reU11de¢. Our objecrives are to obi3¢n reasonable assurance about whether the financiol stètemenis ès a whole ore free from materièl mi$5tatement, whether due to Iraud or error. and to 155ue èn auditor's report thai Includes our opinion. Reastsnable assufance is a high level of assvrBnce, bui Is not a Euaranree Ihai an audii conducied in 3tcoidan¢e wilh IS451 UK I will always detect a materièl misstaternent when It exi5ls. Misstatemenis can arise from fTaud or error are considered material rf. Individual￿ or in aggregate. they tould rea50n6bly be expected 10 influence the economi¢ decision5 of users taken on the basi5 of these financial %latprnents. p38e IQ INDEPENDENT AUDITOII'5 REPORTTO THE MEMBERS OF THE LAMBETh CIRCUIT METHODlSf CHURCH (Continued) The extent to which our procedures are Gipable of detecting irregularities, including fraud 15 detailed below. > A5 Part of an audit in accordance with ISAS IUKI. we exercise professional jiidgpmènt and maintain professional sceptlclsm throuRhout the audit. > Al the commencernent of the audit. we Dbtained an understanding of the legal and re6ulatory framework applicablè to the Ch3rity. and how thp Charity is complyirg with that framework. assessed the sU5￿ptib¢lity of the Charity's finonciol rttstements to material misstatement. including how fraud might occur > Our engagement partnerfs a5se55ment of whether ihe en&J¥EirieiiL Leam (ollectively had the appropriate tompetence and capabilitie5 to identify or recognize non-compliance with law5 and regulation5. > all matters about non-compliance wiih law5 and regulaiions and fraud which were detected by the engagement team were To be communicated to the engagement partner. > Évaluate the overall presentation. structure and content of the financial 5tatementS. Intludill8 the disclosures, ond whethef ihe financial statements represent the underlying iransactlons and events In a manner ihai achSeves falr p￿senTatIOn. A further description of our responsibilit*s Is located on the Financial Reportin8 Council's webslte at: httP5-. Ilwww.frc.org.uklauditorsrespon5ibilities. This descriptioft fomis part ol our auditor's repgrt. USE OF OUR REPORT This report 15 rnade solely to the Charity's Trvstees, as a body. in accordance with Part 4 of th• Charhties l A£cDunts and Reports I regulations 2CQ8. Our audit work has been undertaken so that we ml8hl Stale to the cliawliy's Iru51Ees those matters w* are requlred to st•te to them In an audltoVs report ènd for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other ihan the char￿ and the Llidrlly. trustees as a body, forour audit work, for ihi5 report, or for ihe oplnions we have formed. . 2025 AdornAko soah % Ct). statutory Auditor 45, findale Close Sandersleod South Cioydon Surrey. CR2 ORT ADOMAKO BASOAH & CO is elrgible for appointment as Audiior of the Charity by ¥irtue of Its eligibility for appointment as auditor of a company undèr sectlon 1212 01 ihe Companles Ail 2006. page 11 LAMBETH CIRCUIT METHODIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Note Unte5trKted ReEtrict@d INCOMING RESOURCES Z02J 21Q(K 210,L 258.360 Investment incon)e 302.230 260 2,490 173.498 Othei Incgme 1 231.¥19 RESOURCES EXPENDED Expendlture on Raising Fuftds Expenditure on Charitable A¢tivities Otheis 4.1.4 51407 636.449 52,416 636.4511 155.669 538.562 tl 2.3 TOTAL RESOURCES USED 17 &k)LJ34 NET INCOME/ I DEFICIT I FOR THE YEAR 8efore RecoBn15ed Galns 1274,5161 246 1274,3Lkll 367,885 BALANCE BROUGHT FORWARD 11,323.105 7.285 IL.330.3 BALANCE G4RRIED FORWARD It￿&,559 All aclivibe5 are derivgd from conh'niiirmj r*￿(2{10n$ Thère are no lurthor tecogni$ed ltsseJyoalns olhw Ih8n Ihe Id*ilYIr￿me for the above 7.531 11,0$6,090 JlyIO.d2Q The noi85 15 to 27 th8 fin¥￿h* stalwenls fc*m an mtetyat part of th•se finèrKlal Stslernenis Dalè 12 LAMBETH CIRCUIT METHODISTCHURCH BALANCE 5HeeT A3 AT j1 AUQ7U5T 2024 FIXED ASSETS ni+stiicled Restricted T O T A L 2023 Note Tangible Fixed Assets InvestrneTrts 5.550.0 4.893.202 5.550.000 4.898.258 5.550,000 fj ?.-In 185 Total Fixed A$set$ 10.443.202 5056 10,448,2S8 10780,1es CURRENT A88ETS Debtors 8ank and cash tslancès 99,051 99.051 9880 396,743 196.144 592,887 10 356.456 2,475 358.931 CREDITORS.. Amounts falllng due wlthSn one year 48283 TOTAL NET CURRENT ASS￿$ 310648 S50,205 TOTAL ASSETS LESS CURRENT LIA6ILITIE5 L1 10 7S8 906 11.330.390 FUND5 12 Re5rricted Funds 12.1 ?.531 7.S31 7,205 Un￿$t(l¢led Funds 12.2 In 751 ?? ?si 1 323 IOJ 37 11330 390 Thg nol•8 1510 27 the finfincd st)tom¢ftlts form 4Th inte9ral part ofthese finanL4al Jidl¥lll¢n¢s. Approvod ty thè Trvcloea on. and Signed on their behalf bv. ..202? neyd Or. ATrdrebY Lyvii) SuperlnLEndent Mlnlster IKoio Arnoah-Afj(O Circuit T￿aSurer pagp 13 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31. AUGUST 2024 CASH FLOWS FROM OPERATING ACtIVlT115 2024 2023 Net Opèrating Income -274,31K> 367.885 Purchase of Office Equipment 1.606 ADJUSTMENT FOR .. Interest Recelvable ènd Similar income .89.867 -62,9q4 Non- Monetary income 8ad and doubtful debt no lon8er required -14.206 Deprec¢atlon -1.606 PfllOR YEAR ADJUSTMIN I -297.184 42,000 CHANGES IN - Fixed A55ets Investments 331,927 -314,1)72 Oebtors 297,692 -82,475 Creditors CASH GENERATED FROM OPERATIONS -26,131 -109221 Interest Received 62 NET CASH FROM OPERATING ACTIVITIES 63736 46277 Cash and Cèsh Equrvalent at the beBinnin8 of the year 196 144 Cash and Cash Ffjiii¥alon¢ ¥t th• gnd of the year 196144 RECONCILAITION OF CLOSING CASH MLANCES HSBC 8ANK 985 29,?68 CENTRAL FINANCE BOARD 55.201 IS7.044 CFA BANK 203.694 9.832 259,880 196,144 page 14 LAmB￿N CIRCUIT METHODIST CHURCH NOTES TO TME FINANCIAL STATEMENTS FOR THC YEAR ENDED 31 AUGLIST 2024 I. BASIS OF ACCOUNTING 1.1 The financlal statements have been prepared in accordance with "Accountin8 and Rppnrtin8 by Ch3rities'. Statement of Recommended Practice applicable to cliai itles preparlng thei¥ accounts in accordance with the f inancial Reporting Standard applicable in the UK and Republic ol Ireland l FKS 1021 (Second Edltlonl" and the Financial Reporring Standard applltable in ihe Llnited Kingdom and Republic of Ireland l FR5 1021 and the Charitie5 Act 2Qll and UK 13enerally Accepted Practice as it applies froni l January 2015. The financial statern?nts have been prepafed to give a 'irue and fair" view and have departed Irvin the Charities l Accounts and Reports l Regulation$ 2008 only to the extent required to provide a "true and fair view" This departuie has involved following"Accounting and Reporting by Charities Siaiement ol Recommended Practice applitable to charilies preparing their accounts in accordance with the Financial Reportjng Standard applicable in the UK and Republic of Ireland IFRS 1021 I S¢cond Editionl" rather than the AccountlllR and Reponing by Charitle5 .' Statement of Recommended Practice effèctive from l. April 2(X)S, which has 5inc¢ been withdrawn". The financial statements havp hpen prepared in •e¢ordanee with the a¢countin8 policie5 set oul in Note 2 to ihest occounis. and in accordaffi￿ with the 8overnin8 document of the Circuit. 1.2 The Circuit constitutes a public benetii entity as defined by FRS 102. 1.3 No changes to accounting estimates have occurred in the reportin8 period. 2. ACCQUNTING PO ICIES INCOMING RESOURCES 2.1 Reco8nilion ol Income Income are re¢tsgnised and included in the Staternent of Finan¢ial Activities I SOFA I when '. > The Circuit becomes entitled to thg re¥ourtes.' It is more likely Ihdll iivi Ilidt the rrusree5 wrll retÈive the resource and > The monetèry value can be measured with sufficient reliabilitv > Circuit Assessment irKome re£ogniilon is based on the Circuit meeting's approved a5sessmerEt on each irKSivtdual church in the Circuit. > Rental income b5 r￿08n1$ed on the basis of rhe rent a5 per the renral agreeinent. 2.2 Off5ettine There ha5 been no offsetting of a55ets and liabilities, or income and gxpenses, unless Icquired or pcrrnltted by the FR5 102 50flP or f ft5 102 pase IS LAMBETH CIRCUIT M￿HoD[sT CHURCH NOTES IU I HE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2.3 Grants and Donations Gr3nt5 and Donations are only tncludcd in the SofA when the 8eiierdl incorne recognition criteria as 5ta.ed above ale met. 2.4 Volunteer I lelp The value of any voluntary help received is not included in the accounts. 2.5 5etrlemenr of Insurance Clain15 Insurance claims are only included in the SOFA when the general incoire recogniiion critefia 6re met. and are iniluded as an item of other income in the SOFA 2.6 Income from Interest. Royalties and Dividends This is included ii) the accounis when ieceipt Is probable and the amount receivable Can be measured celiably. 2.7 Investrnent gains and 105ses Tlii5 inclydes any realised or unrealised Rains or losses on the sale of invpsvs>iiient and min15terlal stipends are accounted tor when due. FIXED A55Ers 2.12 Freehold land and buildi085 Freehtsld land and buildin8s a￿ accounted for at oriRinal Cosi or subseqvent valiJ3tinn baKi£. T3nRible Fixed Assets These are the manses man?8ed by the Circuit. The Circuit manages five Manses Fixed Asset Investments The4C arc thc propertie5 managed by ilir fjwLuiI wlth the vlew to generate income or for iheir investment potential. page 16 LAMBETH CIRCUIT MFfHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 In the year under review, there were two such properties. and one closed-to-worship church buildin8. The freehold lond and buildings meniioned dljuvv Jliown In these accounts ai valuation 2.13 Capitalisation All Freehol¢J land bnd buildi06 Costs excess of £l.OW in the year concefned are capitalised. Oiherwi5e such costs are written off in the year olthe expenditure. 2.14 Depreeiation Depreciable tangible freehold building value5 are depr@Cbaied at a rate talcvlated to write off thc cosi. less residual value. over their expected useful lives. No Depreciation 15 provided on land values. No Depreciatton is providod on Investment properties. They are stated at market value. ftate of depreciation on tangiblè freehold buildings- 2.5% on stfal8ht Ilnè basls. 2.15 Tangible fixtures. fittings and office equipment All tangible fimtures, littln85 ai)d e4uipfiiL'iIL v>vd by ihe clrcu61 are wrlrten off a5 and when incurred. OTHER ACCOUNTING POLICIES 2.IG Funds 2.16.1 Unreslricted funds represeni fund5 whlch are expendable at the discretion nl th Circuit In the furtherance of its objects and which have not been designated for other purposes. 2.16.2 RestrictÈd funds can only be used for specified purposes. The purpose of any restricted fund is noted in the financial statements. 2.17 Con30lid8tion Tho Circuit ov&r$•o% th# work of ministprs and chureh*% within the C4rruit. but does not hove conirol over rh05e churches. or minisier5. For ihjs reason, the financial statements of the churches within the Circuit are not con501idated into these finar%c4al statement5. 2.18 Goin8 Concern At the time of approving the financial statements. the trustees have a reasonable expèctation thai Ihe Circuii has adeouaie resources to continue in operational existencp far thp foreseeable future. Thus the tru£tee5 have therefore continued to adopt the 80in8 concern Si5 in prepar+ne the Cir¢uit s financial statÈrnents. P38e l? LAMBETH CIRCUIT MEfHODIST CHURCH NOTES TO THE fiNANCIAL STATEMEAITS Pofi THE YÈAK ENDED 31 AUGUST 20241 continued I 2.ly Employment Benefits The cost ol any unused holiday entitlement is recoenised in thp Ppriod in which the Efnployee's servtces are received. 2.20 TBxation In th@ npinion Of the tiustees. the Cirtutt js exernpt Irofft the Uiiiled Klngdofn TaxatioTr on its incDrnin8 resovrce5 for the year. 2.21 Accounting estimate5 and jud8ements In the application of the Circuit's accountin8 policies. the trvsiees are required to Make jud8ements, estimates. and assumptions about carrylng amount of assets and liabilities that re not readily apparent from othèr resources. The estimates and associated a55umpiion5 are based on historic experience and other factors ihat are considered io be relevant. Actual regults may dilfer from these estimates. The e.4timates and uiiderlyiTh8 assumption5 are reviewed on an ongoing basis. Revisions to accountin8 e5tima¢es are recognised in the period In which the estimète 15 reviséd where the revision affects only thai period, or in the period of ihe revision and future pefiod% where the revision affcct5 both curceni and future peiiods. The main assumption concerning the luture of thp r.irriilt is that th• assessrnent income and Income from the rental pfoperttes will continue to be suflicieni to meet the costs of stipends, salaries miinlèi mainienancè. and district assossments. The annual bud¥¢l, ds approved by the Circuit rneeting, ¢ncludes sums necessary for coverin8 these costs. This is ihen allocated amon8 eath church in the Ci¥cuit. 2.22 Financial Instrument5 TIIL. ClrLult only has financial assets and liabilittes of a kind that qualify as basic financlal instruments. Basic financial instruments ale in¢tially ie¢o8nised at iran5action value and subsequently measured at their settlement ¥alue. 2.23 Apportionment Of Costs 8etween Activities fjovernance and Other Costs are apportloned between Aclivities I Chèritable and Expendltyre to raise lund51 cjn thp basis of pach activity's Incomo tn the year in relati(Jll IU edch other, This policy excludes any exceptional and non-recuriing ilems. The main a" sumption concernin8 the fuiuie of the Clrcuit is that the assessment income will continue to be sulficlent to meet the costs o15tipends, 5alarres and fflan5e maintenance. The éririuol budget, as approved by Ihe Circur( meetinL indudes sums necessary for covering these costs. This IS thEn allocated amorng each church in the Clrcuit. hence the income 1% dependent upon the Churchs. ability io meet the assessment. 2.24 Financial Instruments The Circuit only has financial asset5 and liabilities of a kind that quallfy as basic financial in5trumenis. Basic financial initriimÈnts ar¢ initially reco8n15ed at transactiijll Vdluv and subsequently measured at their settlement value. pace 18 LAMBETFI CIRGUIT METHOD15T CHURCH NOTES TQTHC FifiANCiAL STATEMENT3 FQR TME YEAR tNOEtk31, AUGUST20Z4 3 INCOAIIPJG RESOURCES 3.1 Chari¢aN¢ Actlwtres intrtho UrM¢Str¥AvSRe5UKtLwJ TOTAL unresto￿￿￿e$tr￿leO Toi¥1 Funds F￿￿$ Fun Funds 2024 2U23 Circuil assessmen 3.2 Inv••trneDt incom* Cenifdl F¥Tranceknl Intwesi TMCP ftentl 210 000 210.00 254,J60 258.uw 3.sdd 86.323 fj.676 57.118 110.554 302,490 173,318 G.GY6 5T.16 212.67J 190 17J.498 3,3 Oth•r Incom* Sfle cl Lan￿￿ PKwty Other5 0 804.916 045 Q 805 961 8Q4916 4 RESOLIACES EXPENDED 4.1 EXPENDITURE ON RAISING FVNDS D￿RECT SPENDING Proporties KOPairg and 9.449 11759 2.025 4.519 9.449 17429 13.759 1.579 1.025 2,￿1 1.519 714.298 1.579 HMO LI￿nCeS 11.521 2.159 17.521 Pwrty U11￿*5 441 4,12 SUPPORT FOR EXPENDITURE TQRIJSE FUNOS Ga¥•rn•n¢• ¢oit• Au¢ii Pees 1.687 1.897 Sti4 1.229 t.445 1445 1.229 777 LOS￿ F•qs 8¥nk CharA•¥ T M C P c￿01985 $7 9,544 4.1.3 OTHERS 1693 1.896 Post, Pnnt ond statKV￿ry sundry EAp•n94S Subwipt Ir and Web5rte Expens 1.361 P93 1.205 793 1524 247 4.1.4 SVhlMAIIYOF EXPENDITiJREIJY RAISING FINIDS rcciswoirrfj Suppvii fuT Idi)in¥fvDd5 Govtrnance Others 36.193 36.193 1¥,e67 144.B61 6.416 6.481 psgc 19 LAMBETH CIRCUIT METHODIST CNURC INITIAL FINA￿cIAL 5TAYEMCMf5 Foft TME YEAR IfiDEL) 31, AUGlJlJ 2024 iiY6>'•￿-1fiestrrKe Torai jnres1￿d Kestricred To￿1 2024 Funds Fu 2023 4.2 EXPENDITURE ON CW*RrfABLE ACTMnES 2.1 DIRECT SPENDING Sbpends, Pension and Illc Salaries NIC n.676 7S.412 165.717 JSD.636 42.486 32.3S4 5.426 75,412 ISD.636 32,354 5.42G MbrliJttr5' traw£1MI￿ W￿￿Se5 4.2? 4.2 2.1 SUPPORT FOR CHARITABLE A￿1VITIEs p￿￿1803 ExpBnstr• Repwrs iu Manses 140.944 113,S28 17.(K13 f6.￿9 Jg.9rii Il3.528 IU Sti9 39￿) 5.7ts) a￿￿30u1rO R6P Insurancè .512 GAQ 4.2.7.2 Go¥ornanco cgsts Av¢il Ftts Acthuni3ncy Fees Book.K•opn9Chww rMCP ejwiw eaA4 Cha IylFo 1,967 1.WJ3 1.229 2.104 317 1.967 2513 1.436 ?.&29 2.536 1.43fi 1.829 2,5414 J82 1.229 2.109 317 4.2.2.3 Oth•ri DAF C.i)nirtburion Telephone Post. Print and Stat￿T￿ry Youth Exp8h¥e5 L23,G76 L175 1,317 123.676 100,20S 1.17 1,950 L317 2,076 292 3230 9ZO JJU L3L7 IW.ZOG 2.026 3.r20 A*ventushiplqvy 42.3 SUK4MARY OF EXPENDITURE CW C￿￿RITA￿E ACTIVITIES Clr¢ct Sp¢Nling Support IgrchbrSiatye•Ltlv*les Premlses Eipen5es Governan 1.14$1 911 1,181 4.7£0 4,740 ?51 251 36e 89.428 187.34a 103 T¢XW OiherewEndilw8 75.703 Pdpe 20 LAMBETH CJRCUIT METHODIST CHURCH INITIAL FINANaALSTATEMENTS FOR THÈ YEAR ENDED 3¥AUGU5f2Q24 iknre511ia&lRestrKt8d Toi8J JhrBstnded FiestFiC 2024 T<>lal 2023 5. PRion YEAY AUJU5TMENT 2024 2023 Und•r 51aterl Rental kncorneihgr*Kyea Thv. pr4)r yeuradjusTment in thecurrtntye4rat05e from thewlite off ol Ihe assessmenr d•btQfS Pfiorto 1. 5Eprember ?023 but Still Outstan¢fiDg•5 •t 31, AuiBuiSt 2024. The Qicuii mewingon 27, lune 2024 decided to wfitÈ olf all rhe assexsrneotilthors b*ncesas •131. Au8uM 2024. except Iof the8$5essment debtor5 arisin8 Irom the 2024 assE55emLint> The pr5arye8f adjustmeni In 2023 arose frorn Ih@vhderstatsd rertal in¢om•d1sdo￿ In eaflieryeary. hs è result ola ledse negotiètion5 between theorcuit and fftol its toTrants. a re¥lsed r¢ni was airted •L efl¢crive from 30. April 2021. The P¢ior yeat4djutto)Èrtt represents the uwcounts lor rent between 30. Alwfl 202L and 01. Sept•mbw 2013. pag+ 21 LAm8￿H CIRCUIT MtrHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AllfiU£T 20241 continued I S. FIXED ASSEYS 6.1 TANGIBLE FIXED ASSETS Offi￿ Freehold Equipment Land & Buildings Total C05T QR VALUATION As at I September 2023 5.550,LXJO 5,550,000 Addition5 during the year 87¢ lance at 31. August 2Q24 DEPRECIATION As ar i Septomber 2023 1606 5,550,000 Charged dufin8 the yèar Oolanct at 31, August 2024 NET BOOK VALUE As at 31 August 2024 As ai 31 Augvst 2023 5.550.000 s.sso.000 5,550 OCO No depreciation has been provided for the year in respecis of the freehold building5 as the trustees are of the opinion that Ihe maintenance programmes io which these propertie5 are subjected to ensure5 that the estimated residual ¥alue5 are not less than Ihe staled values. 6.2 FIXED A55ETS INVESTMENTS COST OR VALUATION Investrnents Freehold Land & bulldlng5 TOTAL As at I September 2023 Additions Disposals 1,810.185 3.420,1 86,323 41 5,230.185 86,323 Balance as at 31, Au8VSt 2024 258 3 420 000 98 258 Nrf LIOOK VALUE As èt 31 August 2a24 1478 258 4 898 258 A5 Bt 31 AuBUSt 2023 1 810 185 3.420,000 5 230 185 page 22 LAMBETH CIRCUIT METHODIST CHURCH NOTES TO THE FINANCIAL 5TATEMENT5 FOR THE YEAR ENDED 31 AUGUST 20241 continued I 7. INVESTMENTS The followin8 funds arè held by TMCP on bph211 of the CSrcuit Sale of Prooerty- TruEt 15175 De-8ourtier Bequest- Trusi 8976 De-Bourcier Bequests- 8976A DÈ-Bourcier Bequèsts- 8976B Bei Ilijid Searle 6equesi - I rust 17694 Cirtuit Model Trust Trust 22136 2024 2023 24.257 4,322 3.369 12.927 1.687 1,431,696 1,478.Z58 T M C P Investments are held at the lower of cost and net reali5able value. 8. INCOME FROM MATERIAL INVESTMENT HOLDINGS market valuè at 31108124 23.075 4,3?.2 3.205 12.298 1,605 1,765,680 1,810,185 Incorne for the year Investment Property 3.420,CQO 212,623 Investrnent with TMCP 1478 258 TOTAL 9. DEBTORS 4 898 258 ?n?4 2023 Circuit A55essmpnrs from churches Duè from other Methodist Circuit Sundry Debto Prepèyments 9,9C 58.274 6,465 24.412 99,051 Basic financlal assers, includin8 Other debtors and prepayments are initially r¢¢o8ni5ed at transaction pri¢0. unless the arrangement con51iivies a flnancing transaction. where the fbture receipts discounted at a marker rate of inlprpst Such a5%et$ are sub Jequently Carrled al arnortised c05t usiri8 the effecrive inteiest method. less any impairment. 802,490 72,056 6.115 16,Q112 396.743 2024 2023 HSUC Curr¢nr Atcount CAF Current Account Cyfilial Fin6nce Board Y85 203.694 55,201 Z59.880 Cash and cash equivalent include5 cash in hand. deposit5 held at call with banks. other short-tprm liqiiid Invertments with oii6inal maturitie5 of IliiEe tnonths or less, an(J bank overdrafts. Bank overdrafts are shown wiihin borrowings in current liabilities. 29.268 9,832 157,044 196,144 PaBe 23 LAMBETH CIRCUIT MEfHODIST CHURCH NOTES TO THE FINANICIAI STATEMENTS FOK IHE YEAR ENDED 31 AUGUST 20241 continued I 2024 2023 11. CR£OITORS.. Arnount5 lalling due within one year Rcnt Received in Advance Sundry Creditors Aiiruals and oiher Creditors 6.636 8,748 32,899 6,636 29,446 6,6QO 48.283 42.682 Basic linan¢ial liabililies, includin8 trade and other creditor5, loans frorn third pèrties and loans Ii'om ielat¢d parties are initially reco8nised at tiansaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is mea5tJred at the present value DI rhe future paymenls discounted at 3 market rate of interest. Such instrtjments are subsequently carried at amort15ed cost using the effective interest method. less anv impairment. IZ. FUNDS 12.1 RESTRICTED FUNDS 2024 2023 Balance Brought Forward 01/0912021 7.285 7.Id8 In¢omin8 Resource5 260 Iso Resources Expended -14 -13 Balance Carriod Forword 3110812024 12.1.2 oeTAILeD RESTRICTED FUNU5 Ministeria Benevol¢ Trainin8 Fund TOTAL Z024 Ministeiial B•n•vol•ht Tiainlng Fund Total 2023 Bal. Broughi FOTwar 4,134 3.151 7.285 4,043 3,105 7.148 Receipts 87 173 260 50 150 Paymenl -14 Bal. Carricd Forward The Min15terial Tfaining fund is set up to provide train5ng and development for local preachers The Benevolent Fund relates to money raised for the reltef ol poverty and distress in the page 24 LAMBEfH CIRCUIT METHODIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241 continued I 12.2 UNRESTRICTED FUNDS 2024 2024 2023 2023 8Jlanco Brought Forward Prior-year Adjusiment 11,323.lOS -291 184 10,91J,)57 11 02: 921 11,02S,921 IU Y55 351 10,95J,357 Incoming Re50urce5 512.230 1.237.669 Resource5 Expended .786 776 -869 9?] BALANCE CARRIED FORWARD 10 751375 11 323 105 The prior year adjustment arlses Irom ihe understated rental income disclosed in earlier years. As a re5LIII ol a l?a5e negotlalions betwpen the Circuir and one ol its tenants, a revised rent was a8reed at, eflertive from 30. April 2021. The Prior vear adiustment represents the unaccounted for rent between 30. Apiil 2021 and 01. September 2022. 13 OETAILS OF CERTAIN ITEMS OF EXPENDITURE 2024 2023 Audil F¢vs 4.8 4,2LIO Accountancy Fees 7,248 6,6UO 202s1 2022 SalarleJ* Employer& Pension Corttribution And Employers National It)stsrane• a2.4B6 32,3S4 Average number of employees No employee reieived emolurnents In excess of E60,C¥JO peT annum. 15. RELATED PARTY TRANSAcfioNS 15.1 TRUSTEES REMUNERATIONS AND BENEFrrs All the Mintsters servin8 in the Circuit are members of the Circuit Meetin8 No ifuslve ieieived 3ny remuneration nor benefi[5. page 25 LAMBETH CIRCUIT METHODIST CHURCH NOTES TO THE FINANCIAL SIATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241 continLiJd I 15.2 TRANSACTIONS WITH RELATED PARTIES During Ihe year. four Mini5tcr5 who ale also Trustees received stipends èiid expense5. 2024 2023 Stipend5 Reimbursed Expenses 165.717 2,256 150.636 3.741 Although Ihe Ciicuit Pay5 the ministeri31 stipends. the Ministers Jre not employed by the Clrcuit. Mini51er5 Jre employed by Conference. bvi li is ihe respons*bility ot the Circuit to pay them. There were no other related parties transactions for ihe year ended 31, August 2024. Connectefl organisations include the Methodist Connexion. Churches within the Circuit, other Methodisi Districts in Great Britain. cf8, and TMCP. All these entities have their own trusrees nd autonomous adminisiraiion such that rhe Circuii has no sienilicant influéntè ¢Jvgr xny of them, nor they over ihe Circuit. They are. therefore not consiLlered relatod parties. 16. POST BAIANCE SHEET EVENTS There ha5 been no posi balance sheet event which could materially alfect ihese finaneial statement5. 17. VOLUNTEER CONTRIBunoNS Ev¥ry wing of the Methodist Church l Local Churches, Circuits. District5, Connexlon l in the United kingdom is heavily reliant on voluntppr% whn rnntribijte their skills, tSme, money e)nd their resour¢e5 in the furtherance of the work ol the church. Principally, this contribution is bv %erving on committee5 of the Circuit that deal with mi$5ion, manses. linancei yvliLy, ¥rariis training developments, ¢tc, etc. The conrrlbutlon of volunieers 15 noi tntluued within Ihe Income ot the Circult. We are Kr31elLII io all for their help and iommiLment5 18. VIWISTERS. MANSE COSTS The Circuit is required to provide accomrnodatloTr lor each Minisier and h15/her family. The Circuit bear5 the costs ol repair5. maintenance. building insurance. Council Tax and water charRos on the Properties. These Costs are not shown separately as benefit-in-kind fnr thp Ministers as HMRC doe5 not seek to tax these ieceipts in the hands of the Ministers. Simi13rlv. these costs are not disdoxqd as related parties, transactiont in these accounts page 26 LAMBETH CIRCUIT METHODIST CHURCH NOTCS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST ?0241 tontinued I 19, APPORTIONMENT OF SUPPORT COSTS BEfwEEN ACtIVlTIES. Charitable Expenditi Total Charitable Expenditure Activities to raise funds Total 2,LI23 2.024 GOVERNANCE Audil 1.967 2,833 2.513 1,687 4.2 Accounianiy l.C¥J3 1.445 2,448 1.436 964 Book-keepin8 char8es 1.229 1,771 1.829 1.229 3,058 Bank cliar8es 317 457 774 182 122 304 Lrfal Fees 1,149 771 1,920 T M C P ChargBS 544 OTTr4ERS Telephone 1,175 1,693 2.868 1.gso 1,309 3,259 Posi, Print and 5¢atlDn 1.317 1.896 4.?13 2.026 1,361 3,387 Sundry Expenses 837 2.042 1,181 793 1,974 Subscription i.n4A 1,524 2,582 911 611 1,SZZ ITand Website CDSts 25 247 G15 io Governance dnd Oilier Costs are apportioned beiween Aciivitie51 Charitable and Expenditure to raise funds l on the basis ol each activity's income in the year in relatiun to each other. This policy exclude5 any exceptional and non-recurrin8 Itèmf. page 27