REGISTERED CHARITY NUMBER 1194708 **Report of the Trustees and** **Financial Statements for the Year ended 31 August 2024** **for** **Oldham Methodist Circuit** ## **CONTENTS OF THE FINANCIAL STATEMENTS For the Year Ended 31[st] August 2024** **Page** Report of the Trustees 1 - 7 Statement of Financial Activities 8 Balance Sheet 9 Cash Flow Statement 10 Notes to the Financial Statements 11 - 19 20 **Oldham Methodist Circuit Report of the Trustees** ## **REFERENCE AND ADMINISTRATION DETAILS Registered Charity number 1194708** The members of the Circuit Meeting are the Charity Trustees. A full list of trustees is included Appendix A of the trustees report. ## **Solicitor** North Ainley Halliwell 34/36 Clegg Street Oldham OL1 1PS ## **Advisers** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **ORGANISATION OF OLDHAM METHODIST CIRCUIT** 1 Oldham Methodist Circuit Re ort of the Trustees Asub-committees responsible to the trustees. including both representatives of thetrustees and others with appropriate ski115 and experience, have been established for a nurnber of routine purposes and for day-to-day management of the Christians Against Poverty Debt Centre. During the accounting period the Circuit W35 Part of the Manchester and Stockport Di5tiict of the Methodist Church, a5 from 01109124 we have merged to become the North West England District INWEDI. Oldham Circuit is a mernber of the Greater Manchester Plus Mission area within NWED and is accountable to the Methodist Conference. Detailed governance arrangements are outlined within theconstitutional Practice and Discipline of the Methodist Church ICPDI by order of the annual conference. Additional G¢)vernanee Issuès Inductionifraining of Trustees As is evident from Appendix A, the appointment of a substantial Number of trustee5 15 the responsibility of the local churches. On appointment, all trustee5 are rnade aware of the dutie5 and responsibilitie5 of trustees through relevant guidance notes issued by the Methodist Connexion and the Charity Commission. Risk Management The trustees regularly review the risks faced by the Charity, both financial and otherwise- professional advice is taken. when required. Procedures and Buidelines for mitigating risks issued by the Methodist Church are consulted. The Methodist Church's robust safeguèrding ptslicy and safeguarding procedures are adopted by the Circuit in the Circuit's Safeguarding Policy which are both reviewed annually. Safeguarding 15 an agenda topic at every Circuit Meeting. Related Parties S31t Cellar Ltd was a related party of the Oldham Methodist Circuit. The two director5 of the Cornpany were appoirit8d by the Circuit trustees and the trustees established an Executive Board, including representatives of the trustees and others, to manage the Company. The principal activities of the Company were management and maintenance of the Salt Cellar premises, the operation of a café/restaurant and managing long-term and ad-hoc lettings. The annual taxable profits of Salt Cellar Limited were paid to the Circuit as the parent Charity under the gift aid scheme. The Salt Cellar ceased operating in July 2022. The Salt Cellar building wa5 Put up for Sale by the circuit as of January 2023. The Salt Cellar building has been sold, final completion on 05104/2024. with the money from the sale being incorporated into Circuit Funds with a restriction of use for Town Centre Mission. The churche5 forming the Circuit are either excepted charitie5 or registered charitie5 and, a5 they are re5pon5ible for their own financial affairs, their accounts are reported separately by the individual churches. cHAR￿ABLE OBJECTIVES AND MAIN ACnVITIES Summary of the Objects of the Charlty set out In Its Governlng Document The purposes of the Methodist Church are and shall be deemed to have been since the date of Union the advancement the Christian faith in accordance with the doctrinal standards and the discipline of the Methodist Church.. any charitable purpose for the time beine of any Connexional. District, Circuit, local or other organisation of the Methodist Church- any charitable purpose for the time being of any society or institution subsidiary or ancillary to the Methodist Church,. any purpose for the time being of any charity being a charity Subsidiary or ancillary to the Methodist Church. Summary of the Main Activities undertaken for Public Benefit in Relation to these Objects We confirm that the trustees have regard to the Charity Commission's guidance on public benefit, including the specific guidance On charities for the advancement of religitsn. The Circuit aims to live out the Calling of the Methodist Church, summarised as.. to increase awareness of God's presence and to celebrate God's love.. Oldham Methodist Circuit Re ort of the Trustees to help people to grow and learn a5 Chri5tian5 through rnutual support and care,. to be a good neighbour to people in need and to challenge injustice,. to make more followers of Jesus Christ. The trustees are committed to reachinE as many petsple as possible in the Circuit's geographical area. The Circuit produces a quarterly preaching plan to ensure that regular public acts of worship take place at each of the fourteen churches. Worship is open to all people (church members and non-members alike) without charge. The churches formine the Circuit provide Christian teaching, pastoral care lincludinE visiting the sick and bereaved) and, as part of their outreach, provide activitie5 for 3 broad section of the whole community (from toddlers to Senior citizensl. The Circuit supports and encourage5 the churches IN thi5 work and funds the provision of ministers, a150 supplying and maintaining their accommodation Imansesl and covering their legitimate expenses. The Circuit has a Partnership Agreement with the national debt counselling charity'christians Against Poverty, to provide a free debt coun5elling service to the residents of Oldham. A number of ministry and mission activities throughout the local area are provided with financial sUPPOrt. ACHIEVEMENTSAND PERFORMANCE Circuit Staff During the accounting period the Revd Dr Adrian Burdon is the Circuit Superintendent and Chairperson of the Circuit Trustees. Revd Dr Burdon is re5pon5ible for Trinity, Fir Lane and Gravelhole with Support from supernumeraiy minister Revd R Davie5. Revd Kennedy Gondongwe, appointed in Septembei 2022, was responsible for South Chadderton, Bardsley, Hollins and Limeside churche5. Revd Suva Catford is responsible for East Oldham and Zion churches, with continued oversight of Hey with Zion school along with the Oldham Town Centre Mission. Revd Ken McNally continues to be responsible for the three Saddleworth churches of Uppermill. Greenfield and Delph and for Shore Edge Church and St Andrew'5 churche5 in Shaw. Deacon Angleena Keizer-is leading the pioneer mission project for High Crompton. Further New Appolntmentslchanges In Responslblllty Deacon Angleena Keizer was appointed as leader of the pioneer mission project at High Crompton as from I, September 2023. The appointments of Revd Eddie Gordon and Revd Lindsay Neal, Supernumerary ministers, within the circuit as paid circuit staff, ended in August 2023. A Circuit Restructure wa5 proposed in April 2023, following a Circuit Meeting held in March 2023 which approved exploring th8 use of Standing Order 605A in order to gather the fourteen churches of the Oldham Circuit into four geographical groupings. The restructure, responding to the challenges the circuit faces, created the four geographical areas to be known as 'mission areas, with the reassignment of pastoral charge for the fourteen churches being shared between the four presbyters with support from the new deacon and a supernumerary minister. The restructure was agreed in 5urnrner 2023 and came into effect from September 2023. Worshlp. Prayer and Dlsclpleshlp Worship continued in a variety of patterns across the Circuit. Funding of Ministry and Mi55ion Projects Churches and individuals continue to support the Christians Against Poverty Debt Centre Project-. Circuit Properties (Manses) The Circuit currently owns Six manse5 which are inspected regularly to identify essential rnaintenance i55ues and to help plan for r8newals of m3jor item5. Both routine and emergency repair works have been carried out during the year. Th vacant manse at Brae Side continues to be rented out on a six-rnonth rolling tenancy, until its future use as a manse, is determined. The Denbydale manse became unoccupied during April 22 las the Pioneer Missioners left the circuit) and was put on the market and sold as of 30 June 2023. The manse at 9 The Avenue. Shaw. in close proximity to the High Crompton estate, wa5 purchased on 3, July 2023 to be the manse for Deacon Angleena Keizer. Oldham Methodist Circuit Re ort of the Trustees General Administration The circuit ctsntinue to adhere to the Circuit Safeguarding Policy for Children and Vulnerable Adults, dated September 2023, which continues to reflect current Connexional policv. The Salt Cellar Following closure of the Salt Cellar project the building was put up for sale. The final sale of the building was completed on 0510412024. Chrlstlans Agalnst Poverty ICAPI Debt Centre Since Auturnn 2012 a free debt counselling service has been provided for local residents. This is a partNer5hip between the Circuit and Christians Against Poverty. The project is managed by a management committee appointed by and responsible to the trustees. The service has proved highly successful in helping clients to deal with debt and related problems. The service continues to serve many clients in a climate of incre3sinÈ dernand for support. The project is home-ba5ed and does not need an office. Kelkina Ackrill, appointed in 2022, is the CAP Centre Manager. The paid Mènager is assisted and supported by around 20 'befrienders' and other volunteers from the churches in Oldham and the community. The Debt Centre also operates in partnership with Keyring & Oldham Food Bank running the Ancora Project helping people in crisis. This project includes running the CAP Lifeskills course The demand for the service 15 ever increasing as more people are experiencing financial hardship a5 a result of Covid 19 and the cost of living. For some time, CAP has been wanting lusl to try and increase it5 capacity, however, current funding does not allow for this. The project is funded by a combination of regular and tsccasional donations from churches and church members and a grant of £8000 per year frorn the Circuit Model Trust Fund. Volunteer Contributions A valuable resource for the Circuit continues to be the many volunteers who assist in various ways with the ministries of the Circuit and CAP Debt Centre. The Future Revd Dr Adrian Burdon, Superintendent minister, having cornpleted hi5 extended term of office16 years) within our circuit went into the stationing process in the springlsummer 2023 and left Oldharn in August 2024 to take up a new ministerial appointment. Having considered the circuit financial situation along with the wealth of experience. skills and knowledge held by our circuit ministerial team the circuit decided not to seek a new superintendent minister from outside the circuit but to appoint from within. Following a series of consultation rneetings with ministers and the circuit leadership team, and full approval of the circuit meeting, Revd Dr Kennedy Gondongwe was appointed as the superintendent minister as from I" September 2024. Following a review of the situation regarding Gravelhole Methodist Church, including membership decline and the difficulties with regard the building and disabled access, and many months of reflection and consultation with the Methodist churches in Royton. it was agreed that Fir Lane, Gravelhole and Trinity Methodist churches will merge to form united trust with one church council and two worship centres. The new trust will be known as The Methodist Church in Royton ITMTIRI This will come into being as from I" September 2024. Gravelhole Church is to seek permission to cease worship with its member5 joining to worship at Trinity. FINANCIAL REVIEW Revlew of 2023-24 Accounts General Fund Iunrestrlctedl Income and expenditure were broadly in accord with the budget. The main source of income continues to be the assessment contributions from local churches, which brought in £246,216. Churches were experiencing financial difficultles, some of this due to the continuing impact of covid19 and in particular to the high increase of energy costs. **Oldham Methodist Circuit Report of the Trustees** These assets are included in the unrestricted funds total. ## **Reserves Policies** 5 Oldham Methodist Circuit Re ort of the Trustees 'Free' reserves are defined as unrestricted reserves less the investment in tangible assets/property and designated funds. In line with guidance provided by the Methodist Church, the trustees aim to maintain 'free' reserves at a level of between three and six months, typical expenditure i.e. between £IOO,000 and £200,000. On the above basis, 'free' reserves at 31st August 2024 totalled £219,317. This rneans that the 'free' reserves a5 they stand at 3110812024 are currently within the target range. Clrcuft Model Trust Fund- CMTF (Unrestricted) The balance on the Circuit Model Trust Fund is £581,342 at 31. August 2024. The accounts show a £829 gain lincrea5eJ in the value of investment during the financial year. It is anticipated that these fund5 will be utilised for future expenditure Such as the missionary work in HiEh Crompton and Shaw, payrnent towards church quinquennial inspections and necessary work to the Circuit manses and ongoing support for CAP. A replacement for the Salt Cellar project in Oldham town centre is to be considered. with funds coming from the sale of the Salt Cellar Resource Centre buildine. Restricted Funds Restricted funds amounted to £30,253 at 31" August 2024. These funds are restricted for use by the Christians Against Poverty ICAPI pioject1£26,6871,. TMCP investrnents1£3,4261', and the toddler group1£1401. OTHER OPTIONAL INFORMATION No further information. DECLARATION The trustees declare that they have approved the trustees. report above at the trustees. meeting held on Signed on behalf of the charity's trustees. Signatures The Revd Dr Kennedy Gondongwe Janet Abbott Position Superintendent Minister Senior Circuit Steward Date 310312025 271c1212025 **Oldham Methodist Circuit Report of the Trustees** **----- Start of picture text -----**
1. The Revd Dr Adrian Burdon Superintendent Minister
Chair of the Meeting (resigned 31/8/24)
2. The Revd Suva Catford Circuit Minister
3. The Revd Dr Kennedy Gondongwe Circuit Minister (appointed Superintendent
Minster and Chair of the Meeting 1/9/24)
4. The Revd Kenneth McNally Circuit Minister
5. Deacon Angleena J Keizer Circuit Minister
6. The Revd Robert Davies Supernumerary Minister
7. The Revd Edward Gordon Supernumerary Minister
8. The Revd Neville Whitehead Supernumerary Minister
9. Janet Abbott Senior Circuit Steward
10. Dave Alllonby Greenfield Steward
11. Bob Ashton Hollins Steward
12. Nigel Bacon Trinity Treasurer
13. Moira Bergin Zion Steward
14. Ian Crossley Trinity Royton Steward
15. Annie Goldthorpe Bardsley Steward up to 31/08/24
16. Stephen Foster Zion Treasurer
17. Barbara Howard Delph Steward
18. Kathryn Heathcote Circuit Steward (Pastoral)
19. Denis Heyes Limeside Steward
20. Julie Hughes Shore Edge Shaw Treasurer up to 31/08/24
21. Helen Williams Shore Edge Treasurer from 01/09/24
22. Glennis Kirkwood Circuit Steward (Property)
Hollins Treasurer
23. Judith McArdle Gravelhole Royton Steward
24. June Mills East Oldham Steward
25. Malcom Milwain Hey with Zion School (Chair of Govs)
26. Janet Mitchell
27. Susan Nuttall Gravelhole Treasurer
28. Lesley Perry St Andrews Shaw Steward
29. Graham Radcliffe Circuit Steward (Mission)
30. Ruth Radcliffe South Chadderton Steward
31. Val Ridley Shore Edge Steward
32. Dorothy Roberts Uppermill Steward
33. Gordon Roscoe East Oldham Treasurer
Chair of CAP Management Cttee
34. David Schofield Circuit Steward (Finance) up to 31/08/24 now
South Chadderton Rep
35. Carol Stopford Fir Lane Steward
36. Margaret Taylor Delph Finance Committee Rep
37. Dorothy Thorpe Bardsley Treasurer
38. Paul Titmuss Greenfield Rep
39. Norman Unsworth
40. Jim Upton Uppermill Treasurer
41. Michael Wilson Limeside Treasurer
42. John Wilkinson South Chadderton Rep
43. Andrina Baxter South Chadderton Treasurer from 01/09/24
44. Edwin Winterbottom Fir Lane Treasurer
Circuit Meeting Officers
Joanna Ortiz (Circuit Administration Officer - non-voting) Secretary to the Meeting
Circuit Safeguarding Officer
Circuit GDPR Officer
**----- End of picture text -----**
7 **Oldham Methodist Circuit** ## **Statement of Financial Activities for the Year Ended 31 August 2024** |**Income**
1 Donations and legacies
2 Income from monetary investments
3 Income from investment properties
4 Assessments on Churches
5 Net capital receipts
6 Grants received
7 Internal Organisations
8 Other charitable income
9
Transfer of account balances from
Honeywell Lane Church
10**Total income**
**Expenditure**
**Expenditure on charitable activities:**
10 Grants and donations
11 Stipends, salaries, NIC and
pension costs
12 Property maintenance
13 District Assessment & Levy
14 Purchase of property
15 Depreciation
16 Office, administration and travel
expenses
17 Internal Organisations
18 Other outgoings
19**Total charitable expenditure**
**20 Net income before investment**
**losses/gains**
21 Losses/gains on monetary
investments
22 Gains on revaluation of fixed assets
**23 Net income/(expenditure) before**
**transfers**
22 Transfers between funds
23 Reclassification of funds
24 Other gains/(losses)
**25 Net movement in funds**
26 Funds brought forward
**29 Total funds carried forward**|**Note**
2
14
14
3|**General Fund**
**(Unrestricted)**
**Circuit Model**
**Trust**
**(Unrestricted)**
**Restricted**
**Funds**
**Endowment**
**Funds**
**Total**
**2023-24**
**Total**
**2022-23**
£
£
£
£
£
£
-
**-**
**67**
2,913
25,288
158
1,624
**29,983**
**14,058**
12,528
**12,528**
**10,363**
246,216
**246,216**
**248,105**
304,020
**304,020**
**303,890**
10,287
**10,287**
**9,539**
12,960
**12,960**
**12,927**
13,282
35,000
**48,282**
**13,604**
6,339
**6,339**
**-**
**281,278**
**364,308**
**23,405**
**1,624**
**670,615**
**612,553**| |---|---|---| ||4
5
2
14
8|3,100
360
**3,460**
**12,000**
204,113
19,326
**223,439**
**182,011**
35,733
**35,733**
**42,691**
54,216
17,005
**71,221**
**77,080**
-
**-**
**302,188**
**-**
**-**
23,844
979
5,437
85
**30,345**
**23,889**
19,152
**19,152**
**18,430**
13,083
2,566
**15,649**
**17,539**
**334,089**
**17,984**
**46,841**
**85**
**398,999**
**675,828**| |||**(52,811)**
**346,324**
**(23,436)**
**1,539**
**271,616**
**(63,275)**| ||9|829
69
898
(585)
(13,301)
(13,301)
(456,955)
**(66,112)**
**347,153**
**(23,367)**
**1,539**
**259,213**
**(520,815)**| ||10|101,213
(109,213)
8,000
-
-
(466,699)
(466,699)
(1,702)
-
-
**(431,598)**
**237,940**
**(15,367)**
**1,539**
**(207,486)**
**(522,517)**| |||2,210,915
343,402
45,620
30,063
2,630,000
3,152,517
**1,779,317**
**581,342**
**30,253**
**31,602**
**2,422,514**
**2,630,000**| 8 ## **Oldham Methodist Circuit** ## **Balance Sheet** ## **for the Year Ended 31 August 2024** **----- Start of picture text -----**
General Circuit Model Restricted Endowment Total Total
Fund Trusts Funds Funds 2023-24 2022-23
(Unrestric (Unrestricted)
Note ted)
£ £ £ £ £ £
Fixed Assets
Circuit Manses & Equipment 11 1,387,000 1,387,000 1,387,000
Other Properties (resource
centre) 11 - 480,000
Investment Properties 11 173,000 173,000 173,000
Investments 14 31,602 31,602 30,063
Total fixed assets 1,560,000 0 0 31,602 1,591,602 2,070,063
Current Assets
Debtors 12 17,528 17,528 32,686
Loans by the Circuit
Investments with TMCP 60 581,342 3,426 584,828 346,672
Central Finance Board Deposits 113,306 113,306 48,585
Cash at Bank and in hand 92,202 26,827 119,029 145,574
Total current assets 223,096 581,342 30,253 - 834,691 573,517
Current liabilities
Creditors (due in under 1 year) 13 3,779 3,779 13,580
Grants payable within 2022-23
Total current liabilities 3,779 3,779 13,580
Net current assets/liabilities 219,317 581,342 30,253 - 830,912 559,937
Total assets less current
liabilities 1,779,317 581,342 30,253 31,602 2,422,514 2,630,000
Long term liabilities
(due after more than one year)
Grants payable after 2022-23 -
Loans to the Circuit -
Net assets 1,779,317 581,342 30,253 31,602 2,422,514 2,630,000
Funds of the Circuit
General Fund (Unrestricted) 1,779,317 1,779,317 2,210,915
Circuit Model Trust Fund
(Unrestricted) 581,342 581,342 343,402
Designated Funds
(Unrestricted)
Total Unrestricted Funds 2,360,659 2,554,317
Restricted Funds 30,253 30,253 45,620
Endowment Funds 31,602 31,602 30,063
Total Funds 14 1,779,317 581,342 30,253 31,602 2,422,514 2,630,000
**----- End of picture text -----**
9 ## **Oldham Methodist Circuit Cash Flow Statement for the Year Ended 31 August 2024** ||**2024**|**2023**| |---|---|---| |**Statement of cash flows**|**£**|**£**| |**Cash from operating activities**||| |Net cash used in operating activities|**(62,471)**|**(89,837)**| |**Cash flows from investing activities**||| |Dividends and interest from investments|29,983|14,058| |Net proceeds from the sale of tangible fixed assets|304,020|1,702| |Cash balance transferred from Honeywell Church|6,339|-| |**Net cash provided by investing activities**|**340,342**|**15,760**| |**Change in cash and cash equivalents in the year**|**277,871**|**(74,077)**| |Cash and cash equivalents at the date of merger (1stSeptember 2021)|570,894|644,971| |**Cash and cash equivalents at the end of the year**|**848,765**|**570,894**| ||**2024**|**2023**| |**Reconciliation of net movement in funds to net cash flow from operating activities**|**£**|**£**| |Net income for the period (as per Statement of Financial Activities)|(207,486)|(72,814)| |**Adjustments for:**||| |Dividends and interests from investments|(29,983)|(14,058)| |(Gains)/losses on monetary investments|-|(585)| |(Gains)/losses on property revaluations and disposals|13,301|-| |Capital receipts and bank account closure transfers|(310,359)|(303,890)| |Capital purchases|-|302,188| |Reclassification of property funds|466,699|| |Increase in debtors|15,158|(1,715)| |Increase/(decrease) in creditors|(9,801)|1,037| |**Total cash generated from operating activities**|**(62,471)**|**(89,837)**| ||**2024**|**2023**| |**Analysis of cash and cash equivalent**|**£**|**£**| |Cash at bank|119,029|145,574| |Central Finance Board Deposits|113,306|48,585| |Trustees for Methodist Church Purposes deposits|616,430|376,735| |**Cash and cash equivalents at the end of the reporting period**|**848,765**|**570,894**| 10 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **1 Basis of accounting policies** ## **i Accounting standard** The financial statements have been prepared under the Charities Act 2011 in accordance with the 2014 version of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS102 the Charities SORP (FRS102) and taking note of the Update Bulletin 1 issued in 2016. ## **ii Public benefit entity** The Oldham Methodist Circuit meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical costs or transaction value unless otherwise stated in the relevant accounting policy note(s) below. ## **iii Funds** The funds held constitute: General Funds held for any purpose of the Circuit which are Unrestricted. The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted funds which are held for a narrower purpose . There are also Endowment funds as listed. Details of each material fund are disclosed in the final note to these accounts. Any funds may be represented by more than just cash. ## **iv Basis** These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the financial position and activities. ## **v Content** The financial information presented is relevant, reliable, comparable and complete. Where estimates are used these are based on experience, research, and judgement. The accounts are expressed in £ Sterling, rounded to the nearest pound. ## **vi Going concern** Based on the monetary assets and human resources available at 31 August 2024, the trustees believe that the Circuit is a going concern. ## **vii Consolidation** The Circuit has denominational regulatory oversight in respect of the work of the Churches within the Circuit but has no legal or operational control of those Churches and their governing bodies except in extreme circumstances. For this reason, the financial statements of Churches within the Circuit are not consolidated into these financial statements. ## **viii Income recognition** Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the trustees are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient reliability. Individual amounts categorised as _Other income_ in the SOFA will be shown separately if they are considered material. The Circuit acts as agent in two matters: - the collection from Churches and payment over of their contributions to various funds controlled and administered by The Methodist Church - "Connexional Funds" - the administration (application, collection and disbursement) of grants requested by Churches within the Circuit from, but not limited to, the District and Connexion. In all these matters the transactions are not reflected in the SOFA because they are the income of either the Connexion or Churches as appropriate. Instead, the transactions are disclosed in the Notes to the Accounts as required by SORP (FRS102), module 19.12n. In accordance with the Charities SORP (FRS 102), the time of volunteers is not recognised. If goods are donated, a value will be shown in the SOFA or Notes where the value is considered material. ## **ix Expenditure** This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources. 11 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **x Grants** Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment. When the grant is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the Balance Sheet against the appropriate fund, the provision being released in future years as instalments are paid in accordance with the originally agreed terms. ## **xi VAT** Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers. ## **xii Critical accounting estimates and judgements** ons about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The trustees have made judgements and estimates in respect of: the fair value of tangible assets, and investment properties shown at fair value. The trustees have determined that any differences arising between actual amounts realised upon sale and fair value estimates will have ## **xiii Tangible fixed assets** These are capitalised if they can be used for more than one year, and individually cost at least £500. The freehold and/or long leasehold residential property is shown in the accounts at fair value determined by the trustees based on market value research. The land component is not recognised in these figures. No depreciation is provided on the residential properties because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The residential properties have been reviewed for impairment. ## **xiv (a) Investment Properties** Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year. From time to time the Circuit may hold residential property (formerly manses) which is surplus to its normal staffing requirements. When the intention is to hold the property for capital appreciation or its rental income, the property is classified as investment property and carried at fair value. ## **xiv (b) Investments** The Circuit's investments are in monetary assets classified as basic financial instruments under FRS102 and are held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. The unrealised gains arising on investments are shown in the SOFA. ## **xv Debtors and Prepayments** Debtors are stated at the amounts owed to the Circuit or prepaid. ## **xvi Creditors and Accruals** Creditors are initially recognised at settlement amount after any trade discounts, or the amount advanced to the Circuit. Creditors include both sundry expenses and specifically the 1st quarter assessment received in August. ## **xvii** The Circuit is required to provide accommodation for each minister in the Circuit and their families and this is seen as a benefit to the Circuit. Ministers are expected to occupy the manse provided for them. The Circuit bears the cost of repairs, maintenance, buildings insurance, Council Tax and water charges. These figures are not separately disclosed as benefits-in-kind for ministers as HMRC does not seek to tax these receipts in the hands of minsters. 12 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **2. Net Capital Receipts** Capital receipts relates to the sale of the Salt Cellar Resource Centre. All sales of Methodist property are subject to a levy by the Connexion calculated on a sliding scale based on the gross sale price. The figure is shown net of this CPF Levy. Also, any historic grants made by the Connexion to the closed church are reclaimed from the proceeds of sale before the CPF Levy is applied. **----- Start of picture text -----**
Circuit Model
General Fund Trust Restricted Total Total
(Unrestricted) (Unrestricted) Funds 2023-24 2022-23
£ £ £ £ £
Gross sale (Salt Cellar Resource Centre) 466,699 466,699 -
-
CPF Levy on property sales (162,680) (162,680)
Gross sale (26 Denbydale Way) - - 303,890
- -
Gross purchase (9 The Avenue, Shaw) (302,188)
Total proceeds 304,020 304,020 1,702
**----- End of picture text -----**
## **3. Other Charitable Income** **----- Start of picture text -----**
Circuit Model
General Fund Trust Restricted Total Total
(Unrestricted) (Unrestricted) Funds 2023-24 2022-23
£ £ £ £ £
Contribution towards manse costs 3,000 3,000 3,000
Pension reserve refund of previous
contribution made 35,000 35,000 -
Recharges received for Lay worker
salaries* 9,417 9,417 9,523
Other 865 865 1,081
Total 13,282 35,000 - 48,282 13,604
**----- End of picture text -----**
* Recharges for Lay worker relates to the East Oldham Children & Youth Worker where the church refund the Circuit of the payroll process.. ## **4. Grants and donations paid** **----- Start of picture text -----**
Circuit Model
General Fund Trust Restricted Total Total
(Unrestricted) (Unrestricted) Funds 2023-24 2022-23
£ £ £ £ £
Zion Church grant - 10,000
Caleb Tiddlers Tots 360 360 -
Donation for 3 Generate tickets 3,000 3,000 2,000
Other 100 100 -
Total 3,100 360 3,460 12,000
**----- End of picture text -----**
13 **Oldham Methodist Circuit Notes to the Accounts** ## **for the Year Ended 31 August 2024** ## **5. Staff Costs** **----- Start of picture text -----**
Staff Costs paid during the year were:
Ministers
(trustees) Lay staff 2023/24 2022/23
£ £ £ £ £
Stipends, salaries and benefits in kind 155,076 12,962 168,038 141,601
Social security costs 14,496 534 15,030 10,939
Pension costs 39,059 478 39,537 28,936
Apprenticeship levy 783 51 834 717
Total staff costs
209,414 14,025 223,439 182,011
Expenses (Travel, accommodation and other expenses incurred in the
normal course of employment) 10,925 0 10,925 8,125
Average number of staff employed during the year were: 6 1 7 8
**----- End of picture text -----**
No employee received remuneration amounting to more than £60,000 in either year. Wages and salary costs includes £nil in respect of redundancy payments in 2023 (2023: £nil). ## **6.** |**6.**|||| |---|---|---|---| |||**2023/24**
**£**|**2022/23**
**£**| |Payments made to trustees for additional services provided to the Circuit by agreement
with the Circuit Meeting||0|0| |Number of trustees who werepaid expenses relatingto trustee duties||0|0| |Total amountpaid||0|0| |There were no trustees' remuneration or other benefits for the year ended 31 August 2024|(2023: £nil) other than that paid to||| |ministers and laystaff in the normal course of their duties and disclosed above.|||| ## **7. Fees for examination or audit of the accounts** |**7. Fees for examination or audit of the accounts**||| |---|---|---| ||**2023/24**
**£**|**2022/23**
**£**| |accounts|1,725|1,825| |Other fees (eg: advice, accountancy services) paid to the independent
examiner or auditor|0|0| |**Total**|**1,725**|**1,825**| 14 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **8. Other outgoings** **----- Start of picture text -----**
General Fund Restricted 2023/24 2022/23
(Unrestricted) Funds £ £
£ £
Bad debt written off 5,840 5,840 -
Stationing - 1,832
Salary recharges 7,243 7,243 9,523
Salt Cellar Resource Centre outgoings 2,566 2,566 6,034
Other outgoings - 150
Total 13,083 2,566 15,649 17,539
**----- End of picture text -----**
The bad debt written off in the year related to a 2011-12 assessment due from Honeywell Lane Church. Since the church has closed down this is no longer receivable. A balance of £6,339 was transferred from the closed Honeywell bank account into the Circuit bank account during the year, shown as gross income received. ## **9. Property Disposals/Revaluations** The net gains or losses are detailed below. During the year and in accordance with note 1.xiii (Tangible fixed assets) the residential properties have been assessed for fair value and been determined by the trustees as being materially in line with the 2022-23 fair value valuations provided. **----- Start of picture text -----**
Details
2022-23 Fair Sale 2023-24 Gain/(loss)
Value Fair Value
£ £ £ £
Salt Cellar Resource Centre realised 480,000 466,699 - (13,301)
2 The Avenue, Shaw unrealised 200,000 200,000 -
15 Nudger Green unrealised 357,000 357,000 -
1 Spinners Way unrealised 300,000 300,000 -
2 Bannach Drive unrealised 228,000 228,000 -
9 The Avenue, Shaw unrealised 302,000 302,000 -
Brae Side unrealised 173,000 173,000 -
Total 2,040,000 466,699 1,560,000 (13,301)
**----- End of picture text -----**
## **10. Reclassification of Funds** Circuit property is always carried in the General Fund but upon sale the net proceeds are processed through the Circuit Model Trust Fund. This requires an adjustment and any such sales during the year are reflected below at the gross sale price. There was a net reclassification in the year from the sale of the Salt Cellar Resource Centre. **----- Start of picture text -----**
Circuit Model
General Fund Trust Restricted Total Total
(Unrestricted) (Unrestricted) Funds 2023-24 2022-23
£ £ £ £ £
Sale of Salt Cellar Resource Centre (466,699) - - (466,699) -
- -
Sale of 26 Denbydale Way (303,890)
Purchase of 9 The Avenue, Shaw 302,188
Total (466,699) - - (466,699) (1,702)
**----- End of picture text -----**
15 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **11. Fixed Assets (including investment properties)** |**Cost or valuation**
Balance brought forward
Additions
Revaluations (+/-)
Disposals (-)
Transfers * (+/-)
Balance carried forward
**Accumulated depreciation**
Balance brought forward
Depreciation charge for year (-)
Revaluations (+/-)
Disposals (-)
Transfers* (+/-)
Balance carried forward
Brought forward
**Carried forward**|**Manses**|**Manses**
**held as**
**investment**
**properties**|**Other**
**buildings**|**Fixtures,**
**fittings and**
**equipment**|**Total**| |---|---|---|---|---|---| ||**£**|**£**|**£**||**£**| ||||||| ||1,387,000|173,000|480,000|0|2,040,000| ||||||-| ||||||-| ||||(480,000)||(480,000)| ||||||0| ||1,387,000|173,000|0|0|1,560,000| ||||||| ||0|0|0|0|0| ||||||0| ||||||0| ||||||0| ||||||0| ||0|0|0|0|| ||||||| ||1,387,000|173,000|480,000|0|2,040,000| ||**1,387,000**|**173,000**|**0**|**0**|**1,560,000**| The fair value of the manses includes the land on which they are built. The fair value of the manses has been determined by the trustees by comparing the properties to market values of similar properties in the area through online research. ## **12. Analysis of debtors** **----- Start of picture text -----**
2023/24 2022/23
Due within one year £ £
Trade debtors 2,170 5,840
Prepayments 14,858 17,307
Accrued grant income 500 9,539
Total 17,528 32,686
**----- End of picture text -----**
16 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **13. Analysis of creditors** **----- Start of picture text -----**
2023/24 2022/23
Amounts failing due within one year £ £
Trade Creditors 1,993 4,742
Other Creditors 1,786 1,917
Prepaid Assessments - 6,921
Total 3,779 13,580
**----- End of picture text -----**
## **14. Detailed analysis of individual fund movements** ## **Unrestricted Funds** |**Unrestricted**
**Fund Name**|**Brought**
**forward**
**funds**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfers &**
**Reclassification**|
**Gain/(losses)**|**Closing**
**Balance**|**Purpose of**
**the fund**| |---|---|---|---|---|---|---|---| ||||||||| |General|2,210,915|281,278|(334,089)|(365,486)|(13,301)|1,779,317|The general purposes
of the Circuit| |Model Trust
Fund|343,402|364,308|(17,984)|(109,213)|829|581,342|Support for the mission
of the Circuit| |Totals|2,554,317|645,586|(352,073)|(474,699)|(12,472)|2,360,659|| ## **Restricted Funds** **----- Start of picture text -----**
Restricted Brought Incoming Resources Transfers Gain/(losses) Closing Purpose of the fund
Fund Name forward Resources Expended Balance
funds
TMCP 3,213 158 (14) 69 3,426 Various small bequests/gifts for
Investments specific purposes.
Internal 24,879 12,960 (19,152) 8,000 26,687 Christians Against Poverty
Organisations
Salt Cellar 7,989 - (7,989) - For closure costs of the Salt Cellar
Resource Resource Centre
Centre
Pioneer 9,539 9,787 (19,326) - Circuit project for pioneer mission
Mission work
Caleb - 500 (360) 140 Grant gifted for the purpose of the
Tiddlers Tots toddler group
Totals 45,620 23,405 (46,841) 8,000 69 30,253
**----- End of picture text -----**
17 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **14. Detailed analysis of individual fund movements (continued)** ## **Endowment Funds** **----- Start of picture text -----**
Endowment Fund How the capital is The current value of Annual income What the income was used for
Name invested the capital
James Cocker gift TMCP (T1473) 31,602 0
Totals 31,602 0
**----- End of picture text -----**
## **Prior year comparatives for detailed analysis of individual fund movements** ## **Unrestricted Funds** |**Unrestricted**
**Fund Name**|**Brought**
**forward**
**funds**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfers &**
**Reclassification**|
**Gain/(losses)**|**Closing**
**Balance**|**Purpose of**
**the fund**| |---|---|---|---|---|---|---|---| ||||||||| |General|2,728,228|272,803|(326,350)|(6,811)|(456,955)|2,210,915|The general purposes
of the Circuit| |Model Trust
Fund|352,197|315,428|(320,857)|(2,891)|(475)|343,402|Support for the mission
of the Circuit| |Totals|3,080,425|588,231|(647,207)|(9,702)|(457,430)|2,554,317|| ## **Restricted Funds** **----- Start of picture text -----**
Restricted Brought Incoming Resources Transfers Gain/(losses) Closing Purpose of the fund
Fund Name forward Resources Expended Balance
funds
TMCP 3,250 82 (9) (110) 3,213 Various small bequests/gifts for
Investments specific purposes.
Internal 22,382 12,927 (18,430) 8,000 24,879 Christians Against Poverty
Organisations
Salt Cellar 17,251 836 (10,098) 7,989 For closure costs of the Salt Cellar
Resource Resource Centre
Centre
Pioneer - 9,539 - 9,539 Circuit project for pioneer mission
Mission work
Totals 42,883 23,384 (28,537) 8,000 (110) 45,620
**----- End of picture text -----**
## **Endowment Funds** **----- Start of picture text -----**
Endowment Fund How the capital is The current value of Annual income What the income was used for
Name invested the capital
James Cocker gift TMCP (T1473) 30,063 0
Totals 30,063 0
**----- End of picture text -----**
18 **Oldham Methodist Circuit Notes to the Accounts for the Year Ended 31 August 2024** ## **15. Analysis of net assets between funds** Fund balances at 31 August 2024 are represented by: **----- Start of picture text -----**
Circuit Model
General Fund Trust Restricted Endowment Total
(Unrestricted) (Unrestricted) Funds Funds 2023-24
£ £ £ £ £
Tangible fixed assets 1,560,000 31,602 1,591,602
Current assets 223,096 581,342 30,253 834,691
Current liabilities (3,779) (3,779)
Total 1,779,317 581,342 30,253 31,602 2,422,514
**----- End of picture text -----**
## **16. Related party transactions** During the year the Circuit received assessment income totalling £246,216 from the various churches within the Circuit (2023: £248,105). The Circuit incurred assessment costs of £54,216 payable to the District (2023: £59,415 ). The Circuit incurred an annual levy to the District Advance Fund of £17,005 payable to the District (2023: £17,665). 19 Re rtof the Inde endent Examlners To the Trustees of Oldham Meth¢)dlst Cir I report to the charrty trustees on my examlnatlon of the accounts of Oldham Methodist Clrcult for the year ended 31* A￿gust 2024 which are sot out on pa8es B- 19. Respornsibllitie5 and basls of report A5 the Charfty'5 truste￿ you are responslble for the preparatlon uf the accounts In accord3nce wlth the requlrements of the Charftle5 Act20111'the Act'l. i ￿pOrtin respect ot myexaminatlon ofthe charltysaccounts c3rried outundersertlon 145oltheActand In carrylnEOUt myexamlnatlon I hèvefolbwed all the applicable Directk)ns given bythe Charity Cornrnis5ion under section 14515llbl of the Act. Independent examlner's statement I hove completed my examlnatlon. I conflrm that no material matters h3ve £ome to my attentlon In connectlon wlth the examI￿￿on glying me cause to believe that in any rnaterial respect= accountln8 ￿CordS were not kept in respect of the charltyas reqylred by sertlon 130 of the Art,. or the atcounts do not accord with those retords,. or thg. 3trniintÉ An Thntrnmp￿ with th@ applicable requirèments eontèmin8thÈ form znd content of 4ccovnts 5etout in the Charitios (Accounts and Repcrtsl Regulatlons 2008 otherthan requirement that the accounts give 8 'true and f8lr vlew, whl¢h is not a matterc0ns￿ered as part of an lndependentexamlna￿0n. I have no concems and have come atres5 no other matters in connection wlth the examinatlon to which 3ttentlon should be drawn In this r4port in ord4rtO 4nable a proper understanding of the accounts to be reached. Lganne Nield AC Arc Accountsncy Solution5 Lirnf(ed 51 Laverton Road Lytham 5t. Annes L3ncashire FY8 IEN Date.. 20