STOKE NEWINGTON METHODIST CHURCH Charity Registration Number- 1185026 TRUSTEES. REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
sroKE NEWINGTON METrIODisf CHURCH TRusfEES REPORT AND FINANCtAL sTATEMErs FOR THE YEAR ENDED 31 AUGUSf 2024 CONTENTS PAGE Reference and administrative details Trustees report Statement of Tnjstees. responsibilities Independent Examinerfs report 9-10 Statement of Financial Activities li Balance sheet 12 Notes to the accounts 13-20 Page I
sroKE NEWINGfoN METHODIsf CHURCH REFERENCE AND ADMINIsfRATIVE DAlLs FOR THE YEAR ENDED 31 AUGUST 2024 The address of the gIStered office of the Stoke Newington Methodist Church for the Charlties and any other legislation is. stoke Newington Methodist Church 106 Stoke Newington High Street London N16 7NY Tel: 02072541488 Web: www.hackneymethodist.ory Senlor management team Rev Andrew Letby - Resigned: 0110912023 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 examlner: Akintayo Ojo FCCA Resource Accountancy practi Limited Chartered Certified Accountant 46 Hollywood Way Erith DA82QE Page 2
STOKE NEWINGTON MEfHODIST CHURCH REPORT OF THE TRUSTEES FOR YEAR ENDED 31 AUGUST 2024 The Trustee5 present their rert and the examined accounts of the Stoke Newington Methodlst Church for the year ended 31 August 2024. The Trustees have adopted the provisions of the Statement of Recommended prartI (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and accounts of the Charity. The accounts have been prepared in accordan with the accounting policies set out in note I to the accounts and comply with the Charity's goveming 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 Standartl applicable in the UK and Republic of Ireland (FRS 102) Governance The governing body of the Methodist Church is the Methodist Conferen, which meets annually. The authority under which the conferen Atts is given by Methodist Church Act 1976. We are govemed by the Methodist Churches Constitutional Practlce and Discipline and all Charity Law of the United Kingdom. The Church 15 governed by the Methodist Church Att 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 accordan to the doctrinal standards and discipline of the Methodist Church (b) any charitable purpose for the time being of any Connexional District, Circuit. Ial of other organisation of the Methodlst 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 Methi)dist Church is a part of the Hackney and Stoke Newington Methodist Circuit, and is registered with the Charity Commission with the number 1185026. Full Name of Charity: Stoke Newington Methodist Church Charity Registration Number: 1185026 Date of Registration: 27 August 2019 Main Communication Address: Stoke Newington Methodist Church 106 Stoke Newington High Street London N16 7NY Page 3
sroKE NEWINGTON MEfHODisf CHURCH REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 AUGusf 2024 Trustees The fvll list of Trustees who Seed during the PortIng year of the accounts were as follows: The trustees who joined or resigned during the year have the date of appointment or resignation ststed beside their names Rev And Letby - Resigned: 0110912023 Rev Paulo Bessa Da Silva Esther Adekunle Laura Dyer Mary Campbell Elizabeth Aggrey Ekow Egyir - Resigned: 0110912023 Alexandra Weekes Aggrey Georgina 05hinboni Lola Bello Clord Dyer Rosaline Lall Olive Johnson Cora Woolcock - Resigned: 0110912023 Eric Ayoola Joy Bello Mary Browne Methods of appointment or election of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of Its governing doojments and in line with the Methodist Church. Organisational structure and decision-making pollcies The Charity is organised so that the Trustees meet regularly to manage the affairs of the Chartty. A Minister manages the day to day administration of the church with the support of the Church stewards and an Operations Manager (who was made redundant at the end of October 2022). Policies adopted for the Induction and tralning 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 Tnjstees are encouraged to attend training. Objective and purpose The calling of the Stoke Newington Methodist Church 15 to respond to the gospel of Gad's love in Christ and to live out its discipleship in worship and mission. This is expressed through Worship, Learning and caring, Evangelism and Service. The Churth is committed to use its resources in a clearly focussed and intentional way to ensure an effective ponSe to the needs of our congregations and wider community. Activitles The mlssion of the Church is to worship God as it cdebrates its diversity according to the teachings of Jesus Christ. Through social ministry, prayer and pastoral care we will expre55 God's kingdom of love. Page 4
sroKE NEWINGfoN MEfHODIST CHURCH REPORT OF THE TRUSTEES FOR YEAR ENDED 31 AUGUST 2024 Activities Worship continues in both church buildings on Sundays with the congregations combining for some seNices including the celebration of Holy Communion. The Hackney and Stoke Newington Methodist Circuit have also continued online worship on Sundays which some of our members attend. We have introduced Weekly Prayers at stoke Newington High Street on Tuesdays at Ipm. This ha5 usually been led by Abena Adofo who was employed as a Circuit Pastoral and Community Outreach Worker in September 2023. Part of her role is to coordinate The stening Place at both High Street and Gen Lanes, along with a number of volunteers seprfing drinks and light refhMentS for our visitors (between 20 and 50 each session). A successful New Yearf5 Paity was held at the beginning of 2024. A Women's Fellowship group meets monthly on the first Sunday of the month, including an annual meal enjoyed by many people. Rev Paulo Bessa Da Silva has led a Bible Study on the prophet Amos during Lent, following a course produced within the London Methodist District. This wa5 based at High Street, but open to members from across the circuit. In the summer of 2024, we began a Contemporary Service called 'He l am to Worship, using a singer and a small band from across the circuit, and from other worshipping groups at the church. There are active nurseries running at both church sites, and other individuals and groups have hired rooms at the churches. The church relies on help from attive volunteers - in lookirig after the property and In the mission artivitie5 - particulady through The Listening Place. Achievements and perf0rn7an¢e The church maintained worship at both sites during the year and continues to share fellowship together. The Director of Music at Stoke Newington continues to arrange a thoir on a monthly basis, who contribute to the worship when the congregations join together. The Listening Place continues to seNe an increasing number of people from the local community. and the hours were again increased during the winter months as a Wami Space. The Listening pla has continued to be a supportive environment, and has been able to offer some health and well-being advice to its guests. Another New Years Party was enjoyed early in 2024. We are involved with the Community Health Champions Programme. run in partnership with Hackney Health and Hackney CVS to share health infomiation and promote wellbeing among users of The stenIng Place and members of the churche5. Monthly blood pressure monitoring sessions have been held for users of The Listening Place with a volunteer nurse, using equipment donated by Hackney Health. Faith City Church continue to offer hot meals to the homeless and lo%v-income familles using the High Street premises On a month. We continue to hire our rooms to a variety of user groups which increase5 our income which is used for upkeep and mi5sional work of the Church and the Hackney and Stoke Newington Methodist Circuit. Investments The investments of surplus funds is operated via Central Finance Board (CFB) of the Methodist Church. CFB aims 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 fijnds in a deposrt account with CFB. Page S
sroKE NEWINGfoN MEfHODIsf CHURCH REPORT OF THE TRUSTEES FOR YEAR ENDED 31 AUGU 2024 Public benefit requirement The trustees have due regard to the guidan published by the Charlties Commisslon in compliance with its duties under section 4 of the Charities Att 2011. This guidance sets out two key principles: l. The organisation must have an identifiable benefft. 2. The benefit must be to the public or a sertlon of the public. The Church exists to: increase awareness ot God's presence and to celebrate God's love," help people to leam and grow as Christian5. through mutual support and care. and be a good neighbour to people in need and challenge injusti. The Trustees consider that for these reasons the charity meets these public benefit requirements. The minister who is a Trustee of the charity is paid a stipend from the Hackney and Stoke Newington Circuit and is given a manse for the minister and their family to live. The council tax and a150 an official telephone line with broadband facilities to enable them to carry out their services as a minister a also paid by the circuit. These aangements are practiced through the Connexion. Expenses have been reimbursed to trustee5 where items have been purchased for the church. Apart from these, no other Trustees have been paid for their servi5 to the Charity. Risk rnanagement The charity has reviewed its risk policies and is produang a Risk Register highlighting the various risks facing the charity, the impatt and the likdihood of them happening. The main headings under hich these risks have been categorised a. Trustees. Responsibilities Membership and mission Resources. people and property rinance Legal These rfsks are reviewed regularly to ensure effectiveness. Reserves policy The trustees, policy is to have unrestricted and uncommitted fvnds (freereserves) to cover 3 - 6 months of resources expended which equals roughly £30,000 - £60,000. They feel that thi5 will enable current actlvlties to continue if there is any significant drop in funding. It would obviously be necessary then to o)nsider how funding would be replaced or activities changed. The t5rlmary 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 employee5. charity officers and Church members in their various responsibilities in relation to the charÈty's overall mission. Page 6
STOKE NEWINGTON MEfHODIsf CHURCH REPORT OF THE TRUSTEES FOR YEAR ENDED 31 AUGUST 2024 Reserves policy The reserves policy in connection with this purpose will seek to maintain sufficient funds to ensure the payrnents of the Circuit assessment and lay employee's salary. 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 Chaiity. Plans for the future The charity will contlnue to meet for worship on its two sites, and also continue and develop The Listening Place. There is a Macmillan Coffee morning planned in September, and The Listening Place also plans to hold a Table-Top Sale to raise additional funds. A volunteer at The Listening Place has invited a doctor to attend some of the session5 on Tuesdays to speak with the guests and offer health advice. A150 the Circuit is part of Citizens UK. and we expert that the Circuit Pastoral and Community Outreach Worker will get Involved with that organisation. We expert to continue to host Circuit Bible Studie5 at High Street Church - probably during Advent and Lent. Rev Dr Paulo Bessa Da Silva will be going through the Methodlst stationing Process during 2024 - 2025, the Circuit might be seeking a new Superintendent Minister from September 2025. Approved by the trustees on 1st Juty 2025 and signed on their behalf by: Mr Clord Dyer Rev Paulo Bessa Da Silva Trusteo Page 7
sroKE NEWINGfoN MEfHODIsf CHURCH srATEMENf OF TRusfEES RESPONSIBILTrtES FOR YEAR ENDED 31 AUGusf 2024 Statement of Trustees. responsibility The Trustees are responsible for preparing the Trustee's Report5 and Finanaal Statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). Charity law applicable in United Kingdom requires the Tnt5tees to prepare financial accounts for each financial year, which give a true and fair view of the state of affalrs of the Charity's financial activities during the year and of its financial position at the of the year. In preparing these accounts, the Trustees are required to: Selert suitable accounting poliaes and apply them consistently. Observe the methods and prinaples in the Chants"es SORP; Make judgement and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed subject to any material departts disclosed and explalned in the accounts, and prepa the financial statements on a going concem basis unless it Is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the charity to enable them to ensure that the accounts comply with the Standing Orders of the Methodist Church, the Charities Act 2011, The Charity (Accounts and Reports) Regulations 2008 and other regulations. They are a150 responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detertion of fraud and other irregularits"es. Approved by the trustees on 1st july 2025 and signed on their behalf by: Mr Clord Dyer Trustee Rev Paulo Bessa Da Silva Trustee tr-J-- Page 8
sroKE NEWINGTON MEfHODIsf CHURCH INDEPENDENT EXAMINERS REPORT FOR YEAR ENDED 31 AUGusf 2024 Independent examiner's report to the Trustees of Stoke Newlngton Methodist Church {'the Charity,) I pOrt to the charity Trustees on my examlnation of the accounts of the Charity for the year ended 31 August 2024 set in pages 11-20. Responsibillties and basis of report As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of Charities Art 2011 ('the 2011 Act.). I report in respett of my examination of the Charity's account carrled out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordan wlth Accountlng and Reporting by Charities: Statement of Recommended Prdttice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reporting by Charities: statement of Recommended Practice issued on l AprTI 2005 vihich 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 tnje and fair view in accordance wlth the generally Accepted Accounting Practice effective for reporting periods beglnning 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. accountlng records were not kept in respect 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 conceming the form 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 faiV view which in not a matter considered as part of an independent examination. accounting records were not kept in spert of the Charity as required by section 130 of the 2011 Art. Page 9
sroKE NEWINGfoN MEfHODIST CHURCH INDEPENDENT EXAMINERS REPORT FOR YEAR ENDED 31 AUGUST 2024 Independent examIneS statement - continued I have no concern and have come across no other matter5 in connection with the examlnation to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, 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 l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent pemiitted by law, I do not acpt or assume responsibility to anyone other than the Charity and the Charity'5 Trustees as a body, for my work or for thi5 report. Akintayo Ojo FCCA Associatlon of Chartered Certified Accountants Independent examiner Resource Accountancy Prartice Ltd 46 Hollywood Way Erith DA8 2QE Dated: 1st July 2025 Page 10
sroKE NEWINGTON MEfHODIsf CHURCH ATEMENT OF FINANCIAL AcrIvrrIES FOR YEAR ENDED 31 AUGUST 2024 Total Total Funds Fund5 Fund5 Funds Notes Incoming resources Church Offering & benevolence Rental income Donations Grant income and interest Other income Total incoming resources 2024 2024 2024 2023 10,770 193,413 663 2,230 10.770 193,413 663 2,230 22,728 158,619 415 7,139 207.076 207,076 188.901 Resources expended Circuit assessment Grants and donations Stipend and staff cost Chartty costs Support costs Management and governance cost Total resources expended 114,520 114,520 93,280 6,861 20,733 90,225 2,550 234.889 6,861 20,733 90.225 2.550 234,889 20.131 16,253 85,756 2,650 218.070 io li Net(outgoing)lincoming resources for the year- 27,812 27,812 29,169 Total funds at the start of the year 3,599,799 3.599.799 3,628.968 | Movement of funds 33.153 33,153 Balance at the end of the year .153 71,987 3.599,799 The Statement of financial attlvities Indudes all gains and losses recogni5ed in the year The notes on pages 13 to 20 form part of the finanaal statements Page 11
sroKE NEWINGfoN MEfHODIsf CHURCH BALANCE SHEEr AS AT 31 AUGUST 2024 Total Total Funds Funds Funds FurNIs Notes 2024 20Z4 2024 Fixed assets Freehold prope 2023 12 3,514.202 3.514,202 3,514,202 Tanglble fixed assets 12b 3,636 3,636 4,661 Current assets Debtors Cash at bank and in hand CFB funds Total 13 14 15 4.723 41,791 40,880 87.394 4.723 41,791 40,880 87,394 4,723 91,946 38,845 135,515 Total assets 3,605,232 3.605,232 3.654,378 Less: current Ilabilities: Creditors: Amount falling due withln one year 16 33,245 33,245 54,578 Net current assets 3,571.987 3,571,987 3,599,799 Net assets Flnanced by: charity fvnds General - restritted General - unrestricted 33,153 33,153 3,538.834 3.571,987 31,503 3,560,296 3,591,799 3.538,834 3.538.834 33,153 The financial statements We approved and aLJthorised for issue by the Trustees on 1st July 2025 and signed on their behalf by: Mr Clord Dyer Tru Rev Paulo Bessa Da Silva Trnstee The notes on pages 13 to 20 forni part of the financial statem nts Page 12
STOKE NEWINGTON MEfHODIsf CHURCH NOTES TO THE AccouKrs FOR YEAR ENDED 31 AUGusf 2024 l. Accounting policies (a) Accountlng convention These accounts have tjeen prepared in accordan with Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in UK and Republic of Ireland (FRS 102). Stoke Newington Methodist Church is a Public benefit Entity as defined by FRS 102. stoke Newington Methodist Church has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepa a Statement of Cash Flows. The accounts are prepared in sterting, which is the fijnctional currency of the charity. 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 include the valuation of investment properbes and certain financial instruments at fair value. The principal accounting policies are set out below. (b) Going concern At the year end, the charity had unrestricted general reserves of £20,000 and rt will contlnue to receive 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 finan5 but most of the challenges have been overcome. Thus, at the time of approving this account. the Trustees have asonable expertation that the Charity will have sufficient financial resources to continue in operational existence for the foreseeable future. (c) Fund accounting General funds are unrestricted funds whith are available for use at the direttion of the Trustees in furtherance of the general objectives of the Charfty and whith have not been designated for other purposes. Restricted funds are ndS 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 agair75t the specific fund. The aim and use of each restrirted fund is set out in the notes to the flnancial statements where applicable. (d) Income recognition All income is recognised once the tharity 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 & depreciatlon recognition Fixed assets comprise furniture and equipment and musical equipment and have been costing mo 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 usefijl lives on the following bases: Equipment - 25 ¥0 reducing balance, Furniture & fitting - 25% reduang balance Page 13
STOKE NEWINGTON MEfHODisf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGU 2024 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 induded when the relevant conditions for the grnnt have been met. (h) Voluntary Income Voluntary income comprises donatlons and contribution5 and is accounted for when entitlement has been confinned, the amount can be measured and receipt is probable. (l) Rental Income Rer7tal income from Investment properties is accounted for on a receivable basis. (i) Other income Other income is accounted for on receivable basis. (k) Investment income and interest Interest on deposits and investments is accounted for on receivable basis (l) Expenditure Expenditure is recognised once there is a legal construrtive obligation to transfer economic benefit to a third party; it is probable that a transfer of economic benefits will be required in settlement and the arnount of obligation can be measured reliably. Expenditu is classified by activlty. The costs of each activity are made up of total of direct costs and shared costs, induding support costs involved in undertaking each artivity. (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 basis. (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 Flnancial Reporting Standard for Smaller Entities (effective 2002). Page 14
sroKE NENrON MEfHODIsf CHURCH NOTES TO THE Accouftrrs FOR YEAR ENDED 31 AUGUST 2024 l. Accountlng policies - Continued (p) Tangible fixed assets depreciation Assets having an initial cost of £IOOO or less are written off on acquisition. Fixtu5 and fittings. office and computer equipment having an initial cost greater than £IOOO are stated at cost le55 depreciation. For these accounts all fixtures and fittings have been written off as in the expenditure and not capitalised. (q) Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other 5hort-term investments with original maturities of three months or less. (r) Flnancial Instruments The charity has elected to apply the provison5 of Sethonll 'Basic Financial Instruments. or FRS 102 to all its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity become5 party to the contractual provisions of the instrument. Financial a55ets and liabilities are offset, wlth 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 realise the asset and settle the liability simultaneously. (s) Basic financial assets Basic financial assets, which indude other debt0 and cash and bank balances. are initially measured at transartion price induding transartion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement consb"tutes a financing transaction, where the transartion is measured at the present valve of the future receipts discounted at a market rate of interest. Financial assets are classified as re1vable within one year are not amortised. (t) Basic financial liabllities Basic financial liabilities, including other payables are initially recognlsed at transaction price unless the arrangement constitutes a financing transaction, where the debt instwment is measured at the Psent value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Page 15
sroKE NENGTON IIETHODIST CHURCH NOTES TO THE AccouTr¥rs FOR Y&4R ENDED 31 AUGusf 2024 Total Totsl nds Funds Funds Funds 2024 2024 l. Church Offerlngs Offerings Other 2024 2023 10,770 10,770 9,635 13,093 22,728 10,770 10,770 2. Rental Income Academic Nursery Ginger Nursery Green Lanes Flat other Room Rentals 2024 2024 2024 2023 78,953 76,150 27.850 10,460 193,413 78,953 76,150 27,850 10,460 193,413 71,903 69,800 8,430 8,486 158,619 2024 3. Donations Donation5 Other credits 2024 2024 2023 375 288 663 375 288 663 265 150 415 2024 Grant income and Interest Interest Grants 2024 2024 1023 2.230 2,230 1,516 5,623 7,139 2,230 2,230 2024 2024 5. Other Income Other 2024 1023 Page 16
sroKE NEWINGTON HEfHOD15T CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGUST 2024 Totsl Total Fvnds Furbds Funds Funds 2024 2024 2024 6. fircuit Assessment Payment to Methodist chLtrth arcuit 2023 114,520 114,520 93,280 7. Grants and Charity donations 2024 2024 2024 2023 Grants - Benevolent 8. Stipend and staff Cost 2024 2024 2024 2023 Premises and operational manager 6.861 6,861 20.131 9. Cost of acbvitles in furtherance of: Charity's objects Telephone and broadband Church group Donations Music licences & envelopes Insurance Church expenses 2024 2024 2024 2023 745 2,961 745 2,961 786 1.237 12,323 3,247 1.457 20.733 12,323 3,247 1.457 20,733 10,190 3,187 854 16,253 10. Support costs 2024 2024 2024 2023 Premises costs Utilities & water costs Cleaning & waste disposal Repairs & maintenan Fees DepcIatIOn 15,425 43,150 5.506 24,289 127 1,728 90.225 15,425 43,150 5,506 24,289 127 1,728 90,225 12,930 32.940 34,750 139 1,554 85,756 11. Management and governance costs 2024 2024 2024 2023 Accountancy fees Consultancy fees 2,550 2,550 2,650 2,550 2,550 2.650 Page 17
STOKE HEWINoN MEfHODIsf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGusf 2024 Note5 Total 12. Freehold property Falr valuation 12 31-Aug 2024 31-Aug 2023 At 31 August 2024 3,514,202 3,514.202 12b. Tangible assets Totsl Total Musical Furniture & equipment fittings 31-Aug 2024 31-Aug 2023 At I September 2023 Additions At 31 August 2024 1,824 4,391 703 6,215 703 6,215 1.824 5,094 6,918 6,215 Depreciation At I September 2023 Charge for the year At 31 August 2024 456 456 912 1,098 1,272 2,370 1,554 1,728 3,282 1,554 1,554 Net l>ook value At 31 August 2024 At 31 August 2023 912 1,368 2,724 3.293 3,636 4,661 4,661 13. Debtors 2024 2023 Debtors balan 4.723 4,723 4,723 4,723 14. Cash balances 2024 2023 Total balance5 held in all current account5 at period end 41,791 41,791 91,946 91,946 15. CFB Balances 2024 2023 CFB Account 08587010 CFB Account 08587020 7,727 33.153 40.880 7,343 31,503 38,845 Page 18
STOKE NEWINGfoN METHODIsf CHURCH NOTES TO THE ACcOUs FOR YEAR ENDED 31 AUGUST 2024 Note5 16. Creditors 2024 2023 Accrued accountancy fees Others Deposit - nursery nt li 2.550 600 30.095 33.245 2,650 21,834 30,095 54,578 17. Related party transaction During the year, the charity paid institutional grants to Methodist Churth Circuit such as the Circuit assessment fees stated in note 6 18. Net Incoming resources/(Resources expended) This is stated after charging Accountant's fees 20Z4 2023 li 2.550 2,650 19. Muslc li¢ence & envelopes 2024 2023 Music for services CCLI licences Donations envelopes 11,806 517 9.654 535 ,323 10,190 20. Utllities io 2024 2023 Electricity cost Gas cost Water cost 16.679 23,661 2.810 43,150 14,564 15.806 2,570 32,940 21. Cleaning & Waste disposal io 2024 1023 Cleaners costs Waste disposal to local council 2,219 1.493 3.712 2,219 1,493 3,712 22. Trustees remuneration During the year, no Trustee received any mUneratiOn During the year, no Trustee received any benefits in kind 2024 2023 Page 19
sroKE NEWINGTON MEfHODIsf CHURCH NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 AUGUST 2024 23. Taxatlon Stoke Newington Methodist Church 15 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: rrent period General Funds Funds 2024 2023 Freehold Properties Tangible fixed Asset5 Current assets Creditors amount falling due within one year Creditors amount - Deposit for building rent 3,514.202 3,636 87,394 92 33,153 3,571,988 3,514,202 4,661 135,515 24,484 30,095 3,599,799 Page 20