sroKE NEWINGTON MEfHODIST CHURCH BALANCE SHE AS AT 31 AUGUST 2023 Totsl Total Funds Funds Funds Funds Notes 2023 2023 2023 2022 Fixed assets Freehold propeity 12 3,514.202 3.514,202 3,514.202 Tangible fixed assets 12b 4,661 4,661 Current assets Debtor5 Cash at bank and in hand CFB funds Total 13 14 15 4.723 91,946 38,846 13S.515 4.723 91,946 38.846 135,515 109,319 37,541 146,860 Total assets 3.654,378 3,654,378 3,661,062 Less: current liabilities: Creditors-. Amount falling due within one year 16 54,578 54.578 32,095 Net current assets 3.599,799 3,599,799 3,628,968 Net assets Financed by: charity funds General - restricted General - unrestricted 3,599,799 3.599,799 3,599,799 3,599,799 3.628,968 3,628,968 The financial Statements were approved and authorised for issue by the Trustees and signed on thelr behalf bv: Mr Clord Dyer Trustee Rev Paulo Bessa Da Sllva The notes on pages 13 to 20 fomi part of the finanaal statements Page 12
sroKE NEWINGTON METHODIST CHURCH ATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 AUGUST 2023 Untestrlcted Restricted T•)lal Total Funds Funds Funds Funds Notes 2023 2023 2023 2022 Incoming resources Church Offering & benevolen Rental income Donations Grant income and interest Other income Total incomlng resources 22,728 158,619 415 7.139 22,728 158,619 415 7.139 8,489 177,790 894 165 3.514,202 3.701.540 188.901 188.901 Resources expended Circuit assessment 93,280 93,280 38,250 2.000 23,491 16,923 56,645 2,000 139.308 Grants and donations Stipend and staff cost Charity Costs Support costs Management and governance cost Total re$our¢es expended 20,131 16,253 85.756 2,650 218,070 20,131 16,253 85,756 2.650 218.070 io li Net(outgolng)Ilncomlng resources for the year- 29,169 29.169 3.562.232 Total funds at the start of the year 3.628.968 3,628,968 66,736 Balance at the end of the year 3.599.799 3.599,799 3,628,968 The Statement of finanaal activities includes all gains and losses recognised in the year The notes on pages 13 to 20 fonn part of the financial statements Page 11
STOKE NEWINGTON MEfHODisf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGUST 2023 l. Accounting policies (a) Accounting convention These accounts have been prepared in accordance with Charities Act 2011 and Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS 102). Stoke Newington Methodist Church is a Public benefit Entity 35 defined by FRS 102. Stoke Newington Methodist Church has taken advantage of the provisions in the SORP for charitie5 applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The accounts are prepared in sterling, which is the functional ojrrency of the tharity. Monetary amounts are rounded to the nearest pound. The accounts of the Stoke Newington Methodist Church have been prepared under historical cost convention, modified to indude the valuation of investment properties and certain financial instruments at fair value. The principal accounting policies are set out below. (b) Golng ¢on¢ern At the year end. the charity had unrestrirted general reserves of £20.000 and it will contlnue to recelve income from property rentals and donations during 2023. If required, it can also seek financial support from other Methodist Church entities. The Trustees acknowledge the adverse effect of the Covid pandemic has had on not only the services it offers to its worshippers. but also on its finances but most of the challenges have bn overcome. Thus, at the time of approving this account. the Trustees have reasonable expectstion that the Charity will have suffioent financial resources to continue in operational existence for the foreseeable future. (c) Fund accounting General funds are unrestricted funds which are available for use at the direttion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with the specific restrictions imposed by the donors which have been raised by the charity for a particular purpose. The cost of raising funds are charged against the specific fund. The aim and use of ead) $triCted fund is set out in the notes to the financial statements where applicable. (d) Income recognition All Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. (e) Fixed assets & depreciation recognition Fixed asset5 comprise fumiture and equipment and musical equipment and have been costing more than £500. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets. less their estimated residual value, over their expected useful lives on the following bases- Equipment - 25 Wo reducing balance, Fumiture & fitting - 250h reducing balance Page 13
STOKE NEWINGTON MEfHODIsf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGusf 2023 l. Accounting policies - Continued (f) Benevolence Benevolence funds have been historically contributed by members to support those in need. (g) Grants and donations received Grants from third parties are included when the levant conditions for the grant have been met. (h) Voluntary income Voluntary income comprÉses donations and contributions and is accounted for when entitlement has been confirmed, the amount can be measured and receipt is probable. (i) Rental income Rental income from investment propertie5 is accounted for on a receivable basis. (j) Other income other income is accounted for on CeiVable basis. {k) Investment Income and interest Interest on deposits and investments is accounted for on receivable ba515 (l) Expenditure Expenditure is recognised once the is a legal construrtive obligotion to transfer economic benefit to third party; it is probable that a transfer of economic benefits will be required in settlement and the mount of obligation can be measured reliably. Expenditure is classified by activity. The costs of each artivity are made up of total of direct costs and shared costs, induding 5UPPOrt Costs involved in undertaking each activity- {m) Expenses All expenditure is accounted for on accrual basis. Any ensuring liabilities are recognised as soon as a legal or constructive obligation arises. (n) Circuit assessment Circuit assessment is accounted for on an accrual ba515. (o) Cash flow The financial statements do not include a cash flow because the church. as a small reporting entity is exempted from the requirement to prepare such a statement under the Finanoal Reportlng Standard for Smaller Entities (effective 2002). Page 14
sroKE NEWINGfoN METHODIsf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGUST 2023 l. Accounting policies - Continued (p) Tangible fixed assets depreciation Assets having an initial cost of £IOOO or less are written off on acquisition. Fixture5 and fittings, office and computer equipment having an initial cost greater than £IOOO are stated at cost less depreciation. For these accounts all fixtures and fittings have been written off as in the expenditure and not capitalised. (q) Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term investments with original maturities of three months or less. (r) Financial Instruments The charity ha5 elerted to apply the provisions of Sectionll 'Basic Finanaal Instrument5, or FRS 102 to all its financial instruments. Financial instruments are recogni5ed in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Flnancial assets and 5iabilities are offset, with the net amounts presented in the accounts, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to wlise the asset and settle the liability simultaneously. (s) Basic financial assets Basic financial as*ts, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are Subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets are dassified as receivable within one year are not amortised. (t) Basic financial liabilities Basic financial liabilities, including other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt in5trurnent is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Page 15
sroKE NEWINGTON METHODIsf CHURCH NOTES TO THE ACCOUrS FOR YEAR ENDED 31 AUGUST 2023 Total Totsl Funds Funds Funds Funds 2023 2023 20Z3 2022 l. Church Offerings Offerings other 9,635 13.093 22.728 9.635 13,093 22,728 8,489 8,489 2023 2023 2023 2022 2. Rental Income Academic Nursery Ginger Nursery Green Lanes Hat other Room Rentals 71.903 69,800 8.430 8,486 158,619 71,903 69,800 8,430 8.486 158,619 78,440 83.128 13,160 3.062 177,790 2023 2023 2023 2022 3. Donatlons Donations other credits 265 150 415 265 150 415 440 454 894 2023 2023 2023 2022 4. Grant income and interest Interest Grants 1,516 5,623 7,139 1.516 5.623 7.139 165 165 2023 2023 2023 2022 5. Other income Fair value of the church building 3,514,202 3,514,202 Page 16
STOKE NEWINGTON MEfHODIsf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGusf 2023 Totsl Total Funds Funds Funds Funds 2023 2023 2023 2022 6. Circuit Assessment Payment to Methodist diurch circuit 93.280 93,280 38,250 7. Grants and Charity donations 2023 2023 2023 2022 Grants - Benevolent 2,000 2,000 8. Stipend and staff cost 2023 2023 2023 2022 Premises and operational manager 20,131 20,131 23,491 9. Cost of activities in furtherance ofr Charity's objects Telephone and broadband Church group Donations Music licences & envelopes Insurance Church expenses 2023 2023 2023 2022 786 1,237 786 1,237 1,389 829 170 10,340 2.787 1,408 16,923 10,190 3,187 854 16,253 10,190 3,187 854 16,253 10. Support costs 2023 2023 2013 2022 Premises costs Utilities & water costs Cleaning & waste disposal Repairs & maintenance Fees Depreciation 12,930 32.940 12,930 32,940 7,488 21,532 4,483 22,999 143 34,750 139 34,750 139 1,554 85,756 1.554 85,756 56,645 11. Management and governance costs 2023 2023 2023 2022 Accountancy fee5 Consultancy fees 2,650 2.650 2,000 2,650 2.650 2,000 Page 17
STOKE NEWIhiGfoN MEfHODIsf CHURCH NOTES TO THE ACcOurs FOR YEAR ENDED 31 AUGUST 2023 Notes Total Total 12. Freehold property Fair valuation 12 31-Aug 2023 31-Ag 2022 At 31 August 2022 3,514,202 3,514,202 12b. Tangible assets Total Total Musical Furniture & equipment fittings 31-Aug 2023 31-Aug 2022 Cost At I September 2022 Additions 1,824 1,824 4.391 4.391 6,215 6,215 At 31 August 2023 Depreciation At I September 2022 Charye for the year At 31 August 2023 456 456 1,098 1,098 1,554 1,554 Net book value At 31 August 2023 1,368 3.293 4,661 13. Debtors 2023 2012 Debtors balances 4,723 4,723 14. Cash balances 2023 2022 Total balances held in all ojrrent accounts at period end 91,946 91,946 109,319 109.319 15. CFB Balances 1023 2022 CFB Account 08587010 CFB Account 08587020 7,343 31,503 38,846 7,096 30,445 37,541 Page 18
STOKE NEWINGfoN METHODIsf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGusf 2023 Note5 16. Creditors 2023 2022 Accrued accountancy fees Other5 Deposit - nursery rent li 2,650 21,834 30,095 54,578 2.000 30,095 32,095 17. Related party transartlon During the year. the charity paid institutional grants to Methodist Church Circuit such as the Circuit assessment fees stated in note 6 18. Net Incoming resources/(Resources expended) This is stated after charging Accountant'5 fees 2023 2022 li 2.650 2,000 19. Music licence & emvelopes 2023 2022 Music for services CCLI licences Donations envelopes 9,654 535 9,578 762 10,190 10,340 20. Utilrties 2023 2022 Electricity cost Gas cost Water cost 14,564 15,806 2,570 32,940 11,806 6,594 3,132 21,532 21. Cleaning & Waste disposal 2023 2022 Cleaners costs Waste disposal to local council 2,219 1,493 3,712 3,106 1,377 4,483 22. Trustees remuneratlon During the year, no Trustee received any remuneration During the year, no Trustee reiVed any benefits in kn.nd 2023 2022 Page 19
sroKE NEWINGTON MEfHODIsf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGUST 2023 Notes 23. Taxation Stoke Newington Methodist Church is a registered charity and all of its activities are tax exempt under rules of taxation granted to charities. 24. Analysis of net assets between funds Analysis of net assets between funds: current period Genernl Funds Funds 2023 2022 Freehold Properties Tangible fixed Assets Current assets 3.514.202 4,661 135,515 24,484 30,095 3.599.799 3,514,202 146,860 2,000 30,095 3.628,968 Creditors amount falling due within one year Creditors amount - Deposit for building rent 25. Prior Year adjustment The current asset for prior year (2022) was understated by £13.083. The understatement was as a result of the cash balance for the year understated by same figure. This has been adjusted in the current financial year with recognising an additional income of £13083 in the Statement of Financial Activities as other under Church Offerings in note l. The cash balance in the balance the actual cash balance for the current period. This is to state that the understatement is not fundamental and doe5 not in anyway affetts the report. Page 20
STOKE NEWINGTON MEfHODIsf CHURCH INDEPENDENT EXAMINERS REPORT FOR YEAR ENDED 31 AUGUSf 2023 Independent examiner'5 report to the Trustees of Stoke Newington Methodist Church I'the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023 set in pages 11-20. Responsibilities and basls of report As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the Charity's account carried out under Section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Direction5 given by the Charity Commission under settion 145(5)(b) of the 2011 Act. Independent examiner's statement Your attention is drawn to the fart that the Charity has prepared the accounts In accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Prartice issued on l April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the generally Accepted Accounttng Practice effertive for reporting periods begirknirig on or after l January 2015. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: l. accounting records We not kept in respett of the Charity as required by section 130 of the 2011 Act: or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements ConMIng the forni and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which in not a matter considered as part of an independent examination, accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act. Page 9
sroKE NEWINGTON MEfHODisf CHURCH INDEPENDE EXAMINERS REPORT FOR YEAR ENDED 31 AUGUSf 2023 Independent examlner's ststement- continued I have no concern and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understsnding of the accounts to be reached. This report is made solely to the Charity's Trsjstees, as a body in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them In an independent examinerfs report and ft)r no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a bodyi for my work or for this report. Aklntayo Oio FCCA Assoclation of Chartered Certified Accountants Independent examlner Resource Accountancy Prartice Ltd 46 Hollywood Way Erith DA8 2QE Dated: Q,7 J< Jw Page 10
STOKE NEWINGTON METHODIST CHURCH Charity Registration Number: 1185026 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
STOKE NEWINGTON METHODIST CHURCH TRUSTEES REPORT AND FINANCIAL sTATEMErs FOR THE Y&4R ENDED 31 AUGUST 2023 CONTENTS PAGE Reference and administrative details Trustees report Statement of Trustees. responsibilities Independent Examlnerfs report 9-10 Statement of Financial Activities li Balance sheet 12 Notes to the accounts 13-20 Page I
STOKE NEWIhlGTON MEfHODIST CHURCH REFERENCE AND ADMINISTRATIVE DAILs FOR THE YEAR ENDED 31 AUGUST 2023 The address of the registered office of the Stoke Newington Methodist Church for the Charities and any other legislation is- Stoke Newington Methodist Church 106 Stoke Newington High Street London N16 7NY Tel: 02072541488 Web: www.hackneymethodist.org Senior management team Rev Andrew Letby Rev Paulo Bassa Da Silva Investment managers: Central Finance Board of Methodist Church 9 Bonhill Street London EC2A 4PE Bankers: TSB Bank 539 High Road Tottenham London N17 6SD CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4QJ Independent examiner: Akintayo Ojo FCCA Resource Accountancy Practice Limited Chartered Certified Accountant 46 Hollywood Way Erith DA82QE Page 2
STOKE NEWINGfoN MEfHODIST CHURCH REPORT OF THE TRusfEES FOR YEAR ENDED 31 AUGUST 2023 The Trustees present their report and the examined accounts of the Stoke Newington Methodist Church for the year ended 31 August 2023. The Trustees have adopted the provisions of the statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities" (FRS 102) In preparing the annual report and accounts of the Charity. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Iland (FRS 102) Governance The governing body of the Methodist Church is the Methodist Conferen, which meets annually. The authority under which the Conference Acts is given by Methodist Church Act 1976. We are govemed by the Methodlst Churches Constitutional practi and Discipline and all Charity Law of the United Kingdom. The Church is govemed by the Methodist Church Act 1976, the deed of Union and the Model Trusts of the Methodist Church are and shall be deemed to have been since the date of union of advancement of: (a) the Christian faith in accordance to the dortrinal standards and discipline of the Methodist Church (b) any charitable purpose for the time being of any Connexional District. Circuit. local of other organisation of the Methodist Church (c) any charitable purpose for the time being in any society or institution or subsidiary or ancillary to the Methodist Church. In setting our objectives and planning our artivities. the charity has given careful consideration to the Charity Commission's guidance on public benefit and in particular to its supplementary public benefit guidance on advancing our objectives as set above. The Stoke Newington Methodist Church is a part of the Hackney an(i Stoke Newington Methodist Circuit. and is registered with the Charity Commission with the number 1185026. Full Name of Charity: Stoke Newington Methodist Churth Charity Registration Number: 1185026 Date of Registration: 27 August 2019 Main Communication Address: Stoke Newington Methi)dist Church 106 Stoke Newington High Street London N16 7NY Page 3
STOKE NEWINGTON METHODIsf CHURCH REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 AUGUST 2023 Trustees The full list of Trustees who served during the PortIng year of the accounts were as ft)Ilows: The trustees who joined or resigned during the year have the date of appointment or ignation stated beside their names Rev Andrew Letby Rev Paulo Bessa Da Silva Esther Adekunle Laura Dyer Mary Campbell Elizabeth Aggrey Ekow Egyir Alexandra Weekes Aggrey Georgina Oshinboni Lola Bello Clord Dyer Rosaline Lall Olive Johnson Cora Woolcock Eric Ayoola Joy Bello Mary Browne Methods of appointment or election of Trustees The management of the charfty Is the responsibility of the Tnjstees who are elected and co-opted under the terms of its goveming documents and in line with the Methodist Church. Organisational StrUcre and decision-making policies The Charity is organised $0 that the Trustees meet regularly to manage the affairs of the Charlty. A Minister manages the day to day administration of the church with the support of the Church steward5 and an Operations Manager (who was made redundant at the end of October 2022). Policies adopted for the induction and training of Trustees Most Trustees are already familiar with the activities of the Charity as they are drawn from members who have the skill set to offer and empathise with our core values. Newly elected Trustees are encouraged to attend training. Objective and purpose The calling of the Stoke Newington Methodist Church is to respond to the gospel of God's love in Christ and to live out its discipleship in worship and mission. This is expressed through Worship, Learning and caring. Evangelism and seICe. The Church is committed to use its resources in a clearly focussed and intentional way to ensure an effective response to the needs of our congregations and wider community. Activitie5 The mission of the Church is to worship God as it celebrates its diversity according to the teachings of Jesus Christ. Through social ministy, prdyer and pastoral care we will express God's kingdom of love. Page 4
STOKE NEWINGfoN METHODIST CHURCH REPORT OF THE TRusfEES FOR YEAR ENDED 31 AUGUST 2023 Activities Both church congregations have continued to meet regularly for worship on Sundays, combining for some services including the celebration of Holy Communion. The Hackney and Stoke Newington Methodist Circuit have also continued online worship on Sundays vihich some of our members attend. The Listening Place has been running throughout the year on Tuesdays at High Street and on Wednesdays at Green Lanes, with a number of volunteer5 serving drÉnk5 and light refreshments for our visitors (between 20 and 50 each 5es5ion). This has been coordinated by Rev Paulo Be5sa Da Silva and some volunteers. A Brazilian congregation meets every Saturday for worship and fellowship at High Street, although the Brazilian Methodist Fellowship is dispersed in London, so no longer having monthly services. There are active nurseries njnning at both church sites. and other individuals and groups have hired rooms at the churches. The Operations Manager who wa5 employed to works across both buildings was made redundant at the end of Ortober 2022. Achievements and perforniance The church maintained worship at both sites during the year and continues to share fellowship together. The Listening Wace continues to serve an increasing number of people from the local community, and the hours were increased during the winter months as a Wami Space, for which the church received a grant from the London Di5trirt of the Methodist Church. We had a successful New Year's Party in January 2023. During the year, The Listening Place has been offering blood pressure checks for the visitors, and on Tuesdays, during the hou of The knstening Place, there is a Prayer fellowship at the High Street Churd). We continue to hi our rooms. Faith City Church continue to offer hot meals to the homele55 and low-income families using the High Street prniSeS On a month. Investments The investments of surplus funds is operated via Central Finance Board (CFB) of the Methodist Church. CFB aim5 to provide high quality investment Service seeking above average retums for long temi investors. whilst ensuring that the securities held by all its funds are in line with the ethical policy of the Methodist Church. The Church has its funds in a deposit account with CFB. Public benefit requirement The trustees have due regard to the guidance published by the Charities Commission in complian with its duties under section 4 of the Charities Act 2011. This guidance sets out two key principles: l. The organisation must have an identifiable benefit. 2. The benefit must be to the public or a section of the public. The Church exists to: increase awareness ot God's presence ano to lebrate God's love; help people to learn and grow as Christians, through mutual support and care. and be a gocKI neighbour to people in need and challenge injusbce. The Trustees consider that for these sOn$ the charity meets these public benefit requirements. Page 5
sroKE NEWINGfoN MEfHODIST CHURCH REPORT OF THE TRUSTEES FOR YEAR ENDED 31 AUGUST 2023 Financial review Stoke Newington Methodist Church is funded to a large extent by a day nursery on each church site. There is a flat which brings in a monthly rental and also other hirers from the community make regular and one-off use of the premises. Income is also received through the offering from the congregation. The various properties are funded from their income on a day to day basis. The value of the charity's funds as at 31 August 2023 was £3,599,799. {2022 is £3,628,968). Trustees. interests The ministers who are Trustees of the charity are paid a skn.pend from the Hackney and Stoke Newington Circuit and are given a manse for the ministers and their family to live. The council tax and also an official telephone line with broadband facilities to enable them carry out their services as Eninisters are also paid by the circuit. These arrangements are practiced through the Connexion. Expenses have been reimbursed to trustees where items have been purchased for the church. Apart from these, no other Trustee5 have been paid for their servi5 to the Charity. Risk management The charlty has reviewed its risk policies and is producing a Risk Register highlighting the various risks facing the charity. the impact and the likelihood of them happening. The main headings under which these risk5 have been categorised are: Trustees, Responsibilities Membership and mission Resources, people and property Finance Legal These risks a VieWed regularly to ensure effectiveness. Reserves policy The trustees. policy is to have unrestricted and uncommitted ftjnds (freereserves) to cover 3 - months of resources expended which equals roughly £30,000 - £60,000. They feel that this will enable current activities to continue if there is any significant drop in funding. It would obviously be necessary then to consider how funding would be replaced or activities changed. The primary purposes of the charity are". (i) to carry out the objectives of the Methodist Church as reported above. (li) to support the work of the ministers. lay employees, charity officers and Church members in their various responsibilibe5 in relation to the charity's overall mission. Page 6
sroKE t4EWINGTOII MEfHODisf CHURCH REPORT OF THE TRusfEES FOR YEAR ENDED 31 AUGusf 2023 Reserves pollcy The reserves pollry In connectlon with thls PUry will seek to maintain sumdent funds to ensure the payments of the Clrcuit assessment anLI lay employee's salaryp and to meet the needs of the running costs of the church, for a given period of time. The unrestricted funds are for the purpose of the Charity. Plans for the future The charity will continue to meet for worship on its two sites. and also continue and develop The Listening Place. New volunteers are starting to help at The Listening pla frorn other churches in the Circuit. In September, the Hackney and Stoke Newington Circuit a seeking to appoint a Circuit Pastoral and Community Outreach Worker. who W11 coordinate the mission of The Listening Place. There are p5ans to form a Brazilian congregation who will meet for worship and fellowship at Stoke Newington High stet in the coming months led by Rev Paulo Bessa Da Silvè and other Brazilian mlnisters and friends Approved by the trustees on 27 June 20Z4 and signed on their behalf by: Mr Clord Dyer Trustee Rev Paulo Trustee Da Silva Page 7
sroKE NEWINGTON METhODisf CHURCH STATEMENT OF TRusfEES RESPONSIBILrriES FOR YEAR ENDED 31 AUGUST 2023 Stat•ment of Trustee. responlbillty The Tnjstees are responslble for preparing the TTUStee'5 Reports ar Flnandal Ststements In accordance wlth appllcable law and Untted KIDgdom Accountlng StarKlards (United Kingdorn Genernlly Attepted Accountlng Prattice). Charity law appliGible In Unlted Kingdom requlres the Tfustees to Ppare financial accounrs for each financial year, whtch give a true and fatr view of the state of affairs of the Charity's financial activlties during the year and of its financial po%"ts"on at the end of the year. In preparing these accounts. the Trustees are required to." Selett suitable accounting policies and apply them consistently: - ODserye the methods ana pnnapies In the Chanties SORP; Make judgement and estimates that are r&isonable and prndent.. State whether applscable accounting Standards have been followed subject to any material departure< disc105ed and explained in the accounts, and Prepare the finanoal statements on a going Conrn basis unless it ts inapprnpriate to presume that the charity will continue in operation. The TrL>Stees are responsible for keeping proper accountr.ng records that disdose with reasonable accuracy at any tsme the financFal posifion of the chanty to enable ihem to ensure that the accounts omply with the Standing Orders of the Merhodist Church, the Chanties Act 2011, The Chanty (Accounts and Reports) Regulations 2008 and other regulations. They are also responsible for safeguardin9 the assets of the charity and for taking reasonable steps for the prevention and deteciion of fraud and other irregularkties. Approved by the trustees on 27 June 2024 and signed on their behalf by: Mr Clord Dyer Trustee Rev Paulo Trustee Da Silva j Page B