NorriNG HILL METHODIST CIRcurr Regl8tsr•d Charfty No. 1190847 (EngI￿d and Wal8$) .p¥ REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 NOThNG HILL MEfHODIST CIRCUIT Clrcuh no.35114 Sonia 8ames Wendy Chase stèphen Duckworth (Decea58dl Revd. Peul Wood ((halr) Paullne Mulllngs Esther Samuels Gladwyn Samuel$ Elaine Spence Wendy CThase Charfty number 1190847 Reglstered offic8 240 Lanca*er Road London WII 4AH tdltors 8anks & Co. Ltd I Carnegle RDad Newbury Berkshlre RG14 50J SoliL Colman Coyl¢ LLP 80 Upw Street London Nl ONU 8ankers CAF Bank itd 25 ￿ng5 HMI Avenue Klnus Hlll, Kent ME19 4JQ NOTnNG HILL MEfHOD18T CIRcurr c1￿u￿ nth8Sn4 TRusfEEV ANNUAL REPORT FOR THE YEAR ENDED 31 AUGusf 2024 The Truste& present thelr report wlth the flnandal statsments of the thJr]ty for the year ended 31 August 2024. The Trustees have adopted the provlslcns of Accountln9 and Rfjporung by Charltles." Stthm¢nt of Recomrnended Practlce appllcable ta thatitles preparfng th8lr4¢¢ounts In aecordanee wlth the Flnandal Reportlng Standard 8pplleable In the UK and R¢publlc of I￿land (FRS 102) (effectlvo l January 2015). m• and 9ry4nlsatlon We parallel thè prI0￿e$ of the Clrarft In aca>rdance wlth the olms of Notdng FWI Methtyjlst Churth. The calung of the Methodlst Church Is to respond to the g¢Jspo1 of GI￿,5 love In Chrlst and to Ilve ujt Its dlsdpleshlp In worshlp and MISSI￿. Nrttlng Hlll Methodlst Churth prfolltlses provlslon for. l. a reoularfy YthshlpF4Nd congregatton, 2. a feJlowshlp of people leamln9 and groY4lng In Chrtst1an ftlth 3, sharfng Its re5¢xJrces {Indudlng the bulldlng) wlth poople In the nelghlJwhood. 4. challenglng Irijustlce Jnd moetlng human need. speaklng of God s love to the wld4r t*40rld. We thank God for all we have 5h3red together In t￿ 2023124 year and look fotward in tnjst to all thatthe forthcomlng yearwlll brlng. The ar¢ul¢ In conjufictlon wlth Nottlng Hlll Methodlst Church, plans to contlnue the actlvltles descrtbÉd In the latterfs annual rwt Into the future. adaptlng and developing thern to meet Its prforftjes •nd firture needs. Thls year Nottlng Hlll Clrrult ded￿￿, In prlndple. to merge wfjth ￿rIe5den Methodlst areult from Septembor 2024. Thls wlll be the fo￿$ of the dnilt forthe comlry month5. Revl¢w Olthe y¢ A r￿fjw of progress and achlevements Is set oul In the annual rewt of Notttng Hlll Methodlst Churth by Kavd Paul Woo(J, Superfntendent Minl#w and Chalr of Trustees of the a¥cult trom Septeniber 2023. Flnao¢e Thè flnandal statements have been prepared under the Charttjes Act 2DII In acc(*dance wlth the 2014 versf¢n of Accountlng and R•portlng by CharftEes: Statement of Reccffiffended Prattlce {SORP) èpplrc4ble to cha￿tIeS proparfng thelr accounts In accordance wlth FR5102 - the Chwltles SORP {FRS102). InLvme tr￿d$ Circult Income Is pdmarjly drawn from the arcult assessment on Nottlng Hlll N&hodlst Churth and frgm manses rt rentsl Income. Total Income omounted to £126.057 (2023- £136,670). NOTnNG HILL iaETHODIST CIRCUIT Circult no.35n4 TRUSTEIS. ANNUAL REPORT POR THE YEAR ENDED 31 AUGUST 2024 Exp8ndlture trends Tha major cost5 are for stipend, other staff cosPs and ralatsd expendlture, Indudln9 expendlture on the minlster 's manse and anrther manse property. Totsl ekpendlturè amounted to £136,576 (2023 - £150.990). Fund and ￿e￿SPoIlty Total re5eNe5 a$ at the balance sheet date totalled É1,754,923, The ClroJlt consldors Its unrestrEtted general reserves to be £81,483 YAth the balance £1.673,440 bdng 8 reserve for the manse properues. The agreed reseNes policy Is tts retaln from the unrestrlctsd re5m avallabte the Julvalent of threa months operatlng exp￿dIture (approxlmateEy £35,000) tv fund planned actlth sh*)uld normal earnlng be 5U5ponded. The Qrcult % reserve pollcy tsk85 account of Its nqt current assets os at the tast balance Sheet dats, thÈ budset for the currert year (2024125) and slgnlllc4ntty known Items of property expendlture to be InCu￿ed In the near fLrture. By 31 August 2025, the Clrcult unrestrlthd reserv•s •re expected to have Ctsntlftued to meet Its reserves pollry. The polldes adopted above broadly follow those dttalled wlthln the Nottlng Hlll Methodlst (JNrch, the only ¢hurth wlthln the Clrcu Stru(*ur¢i qov•rn•nc• and Manayment Legal frnmework The 9ovemlng documentforthe Clrcult Is the Deed of Unlon (1932) and Methodist Church Act (1976). Detslled governance arranganerts Jr• outtlned wlthln the Consututlgnal Pr&Uce and DI￿[p}Ine of the Methodlst Church (CPD), by order Of the an￿(￿1 Methodlst The purposes of the Methcdlst Cfrurth are anrl shall bo to have b*1 SIn￿ the Date of Urdon the ?¢francement of: 7hÉ Chr￿lan falth In iccordancq wlth the dortrtnal standards and dlsdpline of The Methcdlst Churth; Any tharitable purpose forth8 tlme belng of any Conn￿10nd1. l)Istrlct, cl￿1¥ local or other oryanlsatlon ofThe Methodlst Churth; Any thafftable purpose fcr the fjme bdng of any sodety or Instltutlon subsldlary or anclllary to The Methodlst Cffiurch" Any purpose for the tlrne belng oiany charlty belng a eharfty wbsldlary or andllary to The Methodlst Church Refernno and•lmlnlstroUwe detalls Name of charlty: NottlNJ Hlll Methodlst arcult Charfty reglsEratlon number: 1190847 Date of reglstRfjoFb: 14 Aigust 2020 NOTllNG HILL AIEThODIST CIRCUIT Clrcult n￿35M4 TRiisfEw ANNUAL RopoRr FOR THE YEAR ENDED 31 AUGItsT 2024 The mernbtrs of the N¢)ttlng HYI Mfjthodlst ar￿1t meetlng are the Charlty Tru*ees. member*&p beln9 made up of arcult and Churth offlc* holder4 the Mlnlster artd up to ght repr￿￿VeS appolnted by the thurch at Its Amual Churth Meetlng. A ranga of guldanco produced bythe Methodlst Connexlon to support the effectlve ruMing of the arcult and the role of Trustees 5$ glven to the Clrcult Thstees at varlous meetings and tralning sess10￿ held throughout the year. A Ilst of swlor lay Qrnployees Is shown below: Ken A51edu- Fadllt]es Manager MJnag4ment Day tt* day management of the ar£ult Is ￿dertaken by the arLvlt Lead•rthlp team along wlth the Mlnlster, SuFerfntondent Mlnlster: Revd Paul Wood Sènlor Ctrwlt st•ward: Mrs. E%ther Samuels Elalne Spence atted as the prfndwl officer ov•rseelng the day to day finJnd41 rnanagem#nt and accourrttng for the arcult durlng the year. Publk banefft The trustees have due rogard to the publk beneftt guldance publlshed by the Charfty Commisslon In compllance wlth Its dutles under 5ellt)n 4 of the Charftles Act 2011. Thls guld4rKe sets out two key prlndW&s: l. The organlsatlon must have an Idendflable benefft. 2. The befttslt rn￿t be to the publlc or a Sect1r￿ of the publlL The arcult exlsts alongslde NottlrwJ HIH Methodlst Chuth to: Incyease awarenes5 of God's pr•sence and to celebrate foixl 's love; help people to I￿rn and grow as Chrlstlans. through mutual sUPPOrt and ore. and be a gothl nelghbour to peopla In need and thallonge InJu¥Llce. 7he tnjstees conslder that ftir theso reasons the thaFIty meets thesè publlc benefit requlrements. The NottTng Htll Meb*odlst arcult coMIsts of one thurch, Nottlng Hlll Methtyjlst Churth. The Urcult recqlv•s annual a$S￿ments from the churth. NOTtING HILL METHODIST CIRcurr Clrcuit no.35n4 TRU5TEEY ANNUAL REPORT FOR THE YEAR ENDED 31 AUGusf 2024 7he arcult ttself ts part of the London ￿strftt and also accountable to th• Methodlst Conference. Rlsk managem•nt The Trustee5 aTE responslble for Identifylng Bnd mltlgatiftg the level of r15k faced by the thaflty, taklng profESSlonal advltr as requlred. An annual revlew process Is undertakan, wlth documentatlon of the 5trate9y to be employed for rlsk mlUgatlon. A q￿nqUenrrf￿l report by a qUalif￿d surveyor was undertaken In 2020 to Inlorm the arcuvs plans for ma5ntenarKé of Its manses, most of whlch Is t￿1 complete. Saf£guardlng The Methodlst Churth, alon9 wlth the whole Chrtsuan communlty. belleves eath person has a Y8lue and dlgnlty whlch comes dlreclty from God .5 Creat1￿ In Gud 's own Image and 1Skeness. Chrlstlans w thys as fulfilled by Gc4J's r￿creatIon of us In Chrfst. Amgng other thlrys, thls Implles a duty to value all people as bearfng the Image of God and therefore to prgtert them from harm. Nothlng Hlll Methodlst Clrcult Is commltted to the safeguardlno and protedlon of all thlldren* young people aFKI adults and offlrms that the need$ of thlldren or of people when th•y are vulnernble and at rfsk are paramount. Nottlng Hlll Methodtst arOj￿ recognises that It has a partlcular care for all who are vuln•rable whether?5 a result of dlsabllltles or reductlon In ¢apècJtJes or by thelr sltuatlon. It Is recognlsed that thls IrKreased vulnerabllity may be te￿POrary or permanent and may bo vlslble or lTrvlslble, but that It does not dlmln5sh our humanlty and our wlsh to afflm) the glfts and graces of all God's people. The arwlt'5 pollcy addresses the sjfeguardlng of thlldreni young peopl• and vulnERble adults. It Is Intended to be a dynamlc pollcy, It15 Intended to wpport the Church in belng a safe supportfve and 47rfDg cornmunity for thlldren, young people, vulnerabte adtslts. for survIvo￿ of abuse, for communltlts and for those affected by abuse. ar¢ult Hoetln¥ M•nb¢rJ'ResponslbRItT The membws rf arcult Meetlng arn responslble for preparlTrg the annual rewrt and flnandal strtéments In accordance wlth appllcable law and Unlted Klngdom Generally Accepted Accountlng PracEbo. Leglslatlon rwulres the Meotlry members to prepare flnandal statements for each flnandal year, whlch glve a true falr vlew 4)f the arcjlvs state of affalrs at the end of the year, and the resultfor the year then ended. In ptwarfTrfJ these llnanclal statem•nts. the Meeting meynbw we requlred to: selert sultablE axountlng polld¢s and then apply them gn a con4stent b¥ls: make jUdgem￿ts and esllmates that aTE prudent and reasonable; state vthether appllcable accourrtlng st￿￿arts have been followed, subjert to any m*rJal departure dlsdosed and explalned lft the finandal stst8Tnents' prepare accounts M a golng concem basts unless It Is not ?pprr¢¥rtate to prewme that the thurth WUI coTrtin￿ In ex15tènc8. NorriNG HILL METHODIST CIRcurr CITcuIt no.36n4 TIiUSTeES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 20Z4 The Meetlng rneMbe￿ are respondble f¢r kw>lftg proper accountlng records, whlch dlsdose wlth reaSo￿ble attura¢y at any tlm¢ the finandal posltlon of the Chvrth. They aTr èlso respon51ble for s4feguardln9 the a55ets of the Churth and for taktng rea*ondble steps forthe preventlon and det¢ctlon of fraud arrfl other Ivegylarfle Approved by the Clr¢ult Meotlng on 311312o2S. and slgned on thelr behalf by: Revd Paul Wood Chalr of Trustees NOTllNG HILL MEfHODIST CIRCUIT Clrcuit no.35114 INDEPENDENT AUDITOR'S RepoRT TO THE MEMBERS OF NOTrINS HILL MEfHODisf CIRCUIT Oplnlon We have audlted the ftnandal statem¢nts cf Nottlng Hlll Methodlst aT￿lt (the'tharltf) for the year ended 31 August 2024 whlth comprfse a statement of flnandal actlvlty. bal- ancè sheetand notes to the finafidal statements. Indudlng slgnlflcant accountlrrfJ polldes. Thè flnandal ￿Port[ng framework that has been applled In thelr preparatlon ts apFllcable law and Unlted Klngdom Accountlng Starkdarts, indudlrtg Flninclal Reportlng Stsndard 102The Flnandal Rewung St4ndard applicable In the UK and Republlc of Ireland (Unlted Klngdom Genernlly A¢￿pted Accourrtlng PractEce). In our optnlon the ffFHncl¥l statemeTts: glve a true and fatr vlew of the state of the charltvs affalrs as * 31 August 2024, and of Its Incomlng r￿oUrceS and appllotlan of resou￿85. Indudlng Its Incomeand £)nttm bas15 of occoundng unless the tn￿eeS elther Intsnd to Ilquldate the tharfty or to cèas• opffatlons, or have no reallstyc alt￿atIve Ix to do so, Audltor YespDn•lblUtlo•for the oudft of theflMnclAI stNt•m• We hove been appc4nted as audltor undwsectlon 144 of thecharltles Act 2LIII and rwt In accwdance wlth regul•tlons made under ¥ectJM 154 of that ACL Our objgctsvesareto obtjln reasonable assurnnce aboutwhethertheflnandal statements as a whole are free from materfal MISState￿ whett*r due to fraud Dr error, *KI to Issue an audltorfs repytthat Includes OPTnlffi. Reasonable assurnnols a hlgh level of assurdnce, butls riot a guarantee that aft audlt conducted In accordance bylth ISAS (UK) wlll always detett a matsrfal mlsstatsment when It exlsts Ml*tatements can arfse frcwn fraud or error and are o)nsldered matsrfal If, Indlvl(lually or In the aggragate, they ¢ould reasonably be expected to Tnfluence the econgmtcded￿ons of uswstèken on th8 ba* of these flMndal statenwtts. NOTnNG HILL MEfHODIST CIRCUIT Clrcull n&3W14 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OV NOTfIHÉ HILL METHODZST CIRCUIT IrregularFtte5, Induoyng fvud, are Instances of nonrfompllanct wlth lèw3 4nd re9ulatlons. We ￿￿Ign procethjres In Ilne wlth our responsSbllttles, outllned above, to detett materlal mlsstatements In respect of Irregularitles. Indudlng fraud. The extent to whlth our cedure5 are capable of detecung Iregularldes, IrKludlng fraud Is detalted below: Enqulry ofTrJsteeyand th¢M dJarg&J wlth govemanco around attual an potsntFal lI￿gallon dalms; Enqulry of Trustees In compllance functk*n5 to Idertlfy any Instances or non- compli0￿ce wlth lay￿ and regulatlons; Revlewlng flnandal statements dlsdosure and testlng ts support(ng d￿- mentattorÈ to asse55 complianee wlth appllcable law￿ and regu]atlons' Perfonnlng audlt wort over the rlsk of managem•nt oven1de of control4 In- dudlng testlng of Journal entrles and other adjustmonts for JPPTopr]at n￿, evaluatlng the ratlonale of slgnlffont tt3nsactlons outslde the nomial cowse of bustness and revlewlng aceountlng esdmates for blas. Becau￿ of the Inherent Ilmltatlons of an audlt, there Is a rlsk that we wl]I r￿t detett all Irregularftles, Includln9 those leadln9 to a matsrlal ml¥*atEment In the fiFtandal stat ments or non-¢ompllarKe wlth regulatlon. Thls rfsk Increases the more that mmpllance a lavi or regulattm Is removed from the events and transacttt)ns reflected In the nandal statem¢nts, as w• wlll be less Ilkely to become aware of Instances of non- com- pllance. The rfsk Is also greatsr regardlng Irregularitl•s oc¢urrfng due to fraud fatherthan error, as fraud Involves Intenttonal concealment, forgery• Collu￿ONI omlsslon or m15 Is part of an audtt In 8ccorylan¢e wlth ISAS (UKI, we exe￿Ise prof￿￿onal Judgment and rnalntsln profess10￿1 sceptldsm throughout the audlL We also: Identsfy and asses%the rlsks of matsrlal mlsstatement of theflnandal *tements, vthethèr due to fraud or error. de51gn and perfm audft procedures wonslve to those rbks, and (thln audlt evldence that15 suffldent and approprlate to provlde a ba51s forouroplnkm. The ￿sk of not detttung a materfal mlsstatement resultlng from fraud15 hlgherthan for one resultlng from errnr, as fraud may tnvolve collu- on, forgeryt Int•rtlonal oml551ons* Mlsrepresentatl¢h￿, orthe overtrdeof Interrwl Cl)taSn aTr understandlng of Intsmal control relévant to the audlt In onierto deslgn audtt proceduresthat arn approprlate In the ctrcum*ance5, but nrtforthe purpose of exprexslrvJ an oplnlry) on the effetheness of the chadtyts Internal control, Ey4luate the approprf4tene￿ of 4ccountlng polldes usod and the reasonableness of accountlng e5tlmates and related dlsclosures made by the trustee5. Cortdude on the 1ppr0prfater¢￿ of the trnstee5.use ofthe concern basls of accountlng and, based oft the audtt evldence obtalned, whether a Mater1￿ uncer- tslnty e%Jsts related to events or condttlons that may cast slgnlflcant doubt on the ¢harfty sabllltyto tontlnu•as a galng conttm. If we condude that a materlal unce talnty exlsts, we are r*qulred to draw atterrtlon In our audltorfs report to tho re- lated dlsclosures In the flnandal #atoments or, tf such dSsdosur¢s aTe InadequJte. to modlfyour oplnlon. Our condusions8re based on the audltevldeno ot￿lned up to the date of ouraudltorfs reporL However. futurE events or con(Iltlans may Thjse the d)ailty to cease to contlnue as a golng concern. 10 NOTTING HILL METHODIST CIRcurr Clrcult noJW14 INDEPENDENT AUDrrows RepoRT TO THE MeMBeRS OF NOTfxNG HILL METhODIST CIRcuIr Evaluate the oveRII p￿S•￿tatIon, structure and ccfitent ottha Ilnand?l statem*s, Induding the dlxlosures, arKI whether the finandal statements represent the u deylylng transactlons and events In a manner that athleves falr pr•s•ntsdon (l.e. glve5 a true falr vlew). We comnwnlcate wlth those tharged wlth govemance reg8rdlThJ, among *)ther matters, the planned scope and tlming of the audlt and slgnltkant audlt flndtngsi Sndu(fing any slgnifwt deadendgs In Ittternal control th* w¢ ￿entIfy during our audti Uso of our r*port Th1$ report Is made soldy to thé tharlty's trnstees, as a body, In accsydance wlth Part 4 or the Charltles IAccounts and R8ports) Regulatlons 2008. Our aud]t has been un- dertaken so th)t we mlght state to the charfty's trustees those mattus we arn requlred to State to them In an audSttJrfs report and f¢r no othar purpose. fo the fullest exknt per- mlttad by14w, we do not accept or assuTre responslbllltyto anyone otherthan the d)arfty and the charftyts tNstees as a body. forour iudlt worl forthls repoTL orfor the oplnlons we have fornRd. Banks &Co Umlted, Stathtory Audltsr Chartered Certlfled Accountants I Camegle Road Newbury Berkshlye RG14 5DJ 8anks & Co Umtted 1$ ￿19Ible for appclntmert as aUd￿0T of the dHrfty by vlrtu& of Its ellglbllSty for appolntJnent as audltor of a company under sectlon 1212 of the Comparles Act 2006. 11 No￿ING HILL MEfHODIST CIRcurr Clreull noaM4 STATEMEKf OF FINANCIAL ACTIVrnES (SOFA) FOR THE YEAR ENDED 31ST AUGusf 2024 Lucome 50JOI 75533 53,120 83532 17 77381 80554 MaioTW¢) Connexional assess0￿￿ & (rnst levy Dlslrict A8S¢5ty*nt& ￿Y 15.712 9.656 11028 J43 20591 14,320 23,7 4258 Oilw out8Oin Totsl charitqble oxpendittue 136S16 deficil -IoA T￿al fur*ts bmu8btfonvard 1.765,442 1,779,762 1.754.923 1.765.442 The IrKome and expertdlture statement h)v• been prepared on thÈ ba*$that am operatlons are contlnuing opeTatSon5. There ore no recognl*d galns and 1055e5 other than those passlng thmugh the Income and ￿PendIture statement. 12 NOTfiNG HILL METHODIST CIRCUIT Clr¢uft n￿4 8ALqNCE SHE AS AT 31ST AUGUST 2024 67203 74239 Cash •t baDk 17 io 85232 The fln4ndal statements wereapprry4ed and aLrthc*lzed for Issue by the Thistqes moetlng. Sl.3.202S Secretary 13 NOTnNG HILL METHODIST CIRCUIT Clrcult noJ5114 NOTES TO THE FtNANaAL 5rATEME￿$ FOR THE YEAR ENDED 31 AUGUST 2024 i. Ac¢wntlng Po51d•b a) B•si¥ for prepJrlng th• flnafid*l Jtatwnonts These flnanclal statements have been prepared under the hlstorkal c05t o)nventlon wlth Items recognlsed at Cost or transactlon value unless otheNlse stated In the rdevant )co)untyn9 pollcie5 below or In the notes to the flnardal statements. They hove also been prepared In compllance wlth FPS 101 The Inandal Rwtlng Stsndard Jppllcable In the UK and the Kepubllc of Treland the Statement of Recommended pr*to appllLzble to chaTttles pyeparlng thelr accpunts wlth the Financlal Reportlng Stsndard Bppllcable tt* the UK and thé Republk of troland (FRS102) (Charlttes SORP (FRS102)) and the Cha￿￿ Act 2011. Nottlry HMI Methodlst arcult Is a publlc efit entlty, as deflned by FRSIO2. The Trustees consider that there are no materfal uncfftalntles ￿t￿ut the entsty￿ ablllty to contlnue as d gcing concem otherthan those noted bElgW, There were no sIgnIfl￿fjt areas of adlusknent ar W a￿1MPtI￿S that effect Items In the accounts. b) Fundi The funds held con*ltsrte general funds hejd for any purpo¥e of the Clrojlt, whlth are unrestrlcted. c) Incomlno rosour¢os Incomlng resources are Induded in the Ststement of Flnandal Actlvltles (SOFA) when the arojlt becomes entltled to that Income. and the trustees are reasonably certaln they wlll recdve tho resourees. the amcwnt can be quantEfied wlth rea5ty)able accuracy. d) R*SOUK•S •wnd•d e%pendltwe Is reojgnlsed on an accruils ba4$ when a liablllty Is InoJThed or a constructlve obllgatlon arlses that resjlts In the payment belng unavofdaWÈ. Uabllltles are reoignlsed as 9)on as an tyJLfiow of economlc benefft Is considered more Ilkely tran noi under the legal or con*DJrtlve obIlga￿On commituftg the Ckcult to pay out resources. e) Nothlftg PMII Methodlst Clrcult Is exempt from Income and corporatloo tsx on Inwme dwlved from Jts charftable actlvlues becaus8 of Its tharftak4e status. sIn￿ the arEuit Is not VAT reglstered, all Input VAT bome 1$ ¢haryed wth the exp¢nses to whlch It rders. 14 NOTllNQ HILL METhODIST CIRcurr Clrcutt nfy35n4 NOTES TO THE FINANCIAL sfATEMENTS (Contlnued...) YEAR ENDED 31 AUGUST 2024 f) Tangible fix•d Tho manses are legally owned by The TrusteA> Method1# Church Purpos•s In Its capacity as trustee or custodlan Tr(stee The marw have, from the account1ng ythr2016117, been stated based on thElr Insurnnce valuatlons In 2017. The¥e now Tepre5ent their deemed cost under FPS 102. The bulldlng element of this for depredaum purposes Is deemod to be40% of the full valu4 glven the hlgh land costs In Ker￿[n9¢on and Chelsea. g) D•pro¢l•do It 1$ the Cirojvs poilcy to capltsllse its non-bulldlng fixed assets. Includlng vehldes. fijrnlture and equlprrRnt assets, wRh costs ¢)ver £5,01)Q and to charge depredatlon on D•pred*lor* Is charyed as follow5, on a stralghtrmne bast* on bull￿￿4 and non-bulldlng tlxed ossets: BulldSngs Vehldes, fumlture and equlpment assets Computerg arrfl ￿ 4quipment over 50 years over 4 yeats over 3 years h) Flnwnclal Zfistrum•nts Plnanclal Ats￿t• ¢arrf¢d at •mortls•d cost Flnandal a5s¢ts comprfse other debtors ond rash at bank. Where the effert ofdlxountlng Is materlal, )Inandal assets ère measured at amortlsed cost ustng the effecth l¥threst A fln8ncFal e55et Is dereeognlsed when the a>ntraetu¥l rlghts to the cash explre. or vthen the tlnanclal asset and al substsntlal btsks and rewanl are transferad. Pln•n¢l•l Il•bllftle• eattkd at •mortLT•d Cost Tkryndal Ilabllltl•s Indude other credltors and Jcryuals. Ual￿￿￿e5 whldb are dassed as baslcflnandal InstnThents are measured at Ornortbed cosL A flnandal Ilabtlity Is dewgnlsed only Ythen the contractual obllqaoon Is exyngulthed, that Is. when the obligatlon Is dJschary•d, canc¢lled or e¥plres. I Income from DMHA Mbtals The arcult lejw reSId￿tIal propertles tt> Denblgh Methodlst Hou¥ng Asscthtlon (DMHA) to mènage, wlth the eXpeCtadC￿ that for Trost of the propertlÈs STr￿al houslng rent levels wlll be tharged. The Clrcuit Is ￿U[led to tharye a market rental under the 7- ye4r lease to DMHA The rentsl Is ￿Sed on the market rents establ1*￿ Sn 2018 of the prq>erttes, less an allowants for all the costs of management 4nd malnten4n* other than major works and upllftpd for Infladon. Th8 arcult Income from thls sourL* 15 related to the propertles detalled In note 5 bel¢Thi. 15 NOTllNG HILL MEfHODIST CIRCUIT Clrcult no.35n4 NOTES TO THE FINANCIAL STATEMETrrrs (Contlnued...} YEAFi ENDED 31 AUGUST 2024 3. Asse•smwts on Chur¢ly The Incow* of £75,533 12023- £83532) Fs froffl the ch4r9• bome by Nottlng Hlll Methodlst Chwch for mlnlstry and manse exP￿se$ pald by the arojlt. *& Stlpend91 ialDrl8s and asso¢l•t•d ￿$t0 Mlnlster and stafl costs recharged to the Notting Hlll Method15t arctht by the Nrttsng NS11 Methodlst Church durtng the y￿r weré £76.834 as set out below. 2024 2023 Gross Stipends, salarfes and benetSts In klnd Employer's Natlonal Insurnnce employer's penslon costs 6Q,916 6,174 9,744 76,834 58,410 s￿89 9,687 The average wmber of staff employed by the Churth and arcult durfng the year were 2.6 {full time equlvalents) (2023 - 2.6). The Churth provldes and admlnlsters a morsey purchase penslon arrangernent for all Staff wtth Tpf R•tErement Solutlons. NoTn*thsare remrteyated thr￿jgh the payrdl scheme. No eFnp14)yeesare pald tn excess of £￿,000. 16 NOTfiNG HILL METhODIST CIRCUIT Clrcult no35114 NOTES TO THE FINANCIAL sfATEMENTS (Contlnued...) YEAR ENDED 31 AUGusf 2024 T•nglbl• Plxed Jts8et• There are two mar4F•s Induded wlthln the ar￿1t In St Qulntln Avenue and Denblgh Road. These have a dedarod Insurnnry value of £2,519,075. The St Qulntin Avenue rnanse and the basement flat of the 9 Denblgh Fioad mnse a￿ monaged by Denblgh Methodlst Houslng A*atlon 4)n behalf of the ClrculL The rest of the Denblgh Road manse Es ocoJpled by the SuF¢rfntend4nt Minlster. Depredatlon Is sboym In the Sthedule below, thary￿ on bulldlng and non-t>ultthng flxed a￿et5 at the rates shown urKler arujlt Accountlng PoNdes above. Flxture* flttlngs Jnd equlpm•nt Tanqlble Flx•d ao8¢ts Total Ctssl bFoughtlryw(18t1 S*nb8f 2023 4nd t)arrfod loNMrd at31 2024 1.788.COJ I.788￿ rJepF8datkJn ￿￿(or￿a￿ at i SOWomtw2023 I￿340 i(Kb240 Depredthrsi*8vJ&forthe 14J20 Dapredath?n carrknlfoTh¥wd at31 Auou8f2024 114,560 114J60 1x#)k￿• brw0htfoTh￿d I￿￿.76) 1,687.760 1.673A40 2024 2023 Ints due ftcm Nottlng Hlll Methodlst Churth Denblgh Methodlst Houslng Pssodatlon 41,886 49.432 17 NOTTING HILL METHODIST CIRcurr Clrcult no.86114 NOTES TO THE FINANCIAL sfATEMENTS (Contlnued...) YEAR ENDED 31 AUGusf 2024 7. Credltors Accruals 2,812 7,550 8. Few for thè audlt of the accounts The Independent audltors. fee pDyable by Nottlng Hlll Methodlst Qrojlt Is £3,620 (2023- £3,000). Durlng the year one Trustee was relmbursed a totsl of £5.949 {2023 - £3fft0) by the Nottlng Hlll Methodlst thurch on behalf of both the Nottlng Flll Methodlst arcult and Churth. The followlng trustee hod a related lrterest durlng the year. Revd. Paul Wood occupled one of the arcults marw slnce September 2023. NO Othertru*ee had a related interest durlng the ye47r 10.Coplkal eoAimltm•nts and Contlwnt 11?bllltl The arcult had no capltal commltments or contlngont Ilablllties at thè year end. 18