Company registrdtion number.. 00092321 Charity regtstration number.. 254007 Independent Methodist Association Incorporated (The) (A Company limited by guarnnteel Annual Rert and Financial sents for the Year Ended 31 ember 2023 Chartered Accountants 1st Floor, Block C Manchester Ro&d Burnley Lan¢ashir¢ BBI I IJG
Independent Methodist Association Incorporated (fbe) Contents Refer¢n¢e and Administrative Details Ito2 Tnjstees, Report 3109 Siatemeni of Tntees, Responsibilities 10 Independent Exatnin&s Report Statement of Financial Activities 12 Balance Shttt 13 Notes to the Financial Statements 14to21
Independent Methodist Association Incorporated (The) Reference and Administrative Details Trustees Mr A Briiton Mrs A L A Cheers M5 L K Crockatt Mrs R Green-PreSlI Mr W Harnpson Mr D W Hughes Mrs D L Kendrick Mr M Long Mr S Newton Mr L Ogilvie Miss C E L ONions Mr N H Prescott M M Riding Mrs D C Roberts Mr B A liowney Mr R R Stone Mrs A Tipping Mrs J A Wareing Ms K L White Prlllelp81 Otllce Independenr Methodisi Resource Centre Fleet Street Pemberton Wigan WN5 ODS Company Registration Number 00092321 Charity Registratifjn Nurnb¢r 254007 Independent Examlner Chartered A¢countsnts 1st Flcor. Block C The Wbarf Manchester Road Burnley Lallc&sbire BBII IJ Page I
Independent Methodist Association Incorporated (fhe) Reference and AdministratEve Details Bankers Barclays Bank plc 6 Market Pla¢e Wigan WNI IQS Advisers C¢)mp8ss Finan¢ial Ltd Kingsley Hall 20 Bailey Lane Manchester Airport Manchester M90 4AN Page 2
Independent Methodist Association Incorporated (The) Trustees, Report The ttijstees, who are directors for the purposes of company law, present the annual Teport tsjgether with the rinan¢ial statements of the charitable copartY ftir the year ended 31 December 2023. Trustees Mr A Britton Mrs A L A Cheers Ms L K Crockatt Mrs R Grttn-Prt%cott Mr W Hampson Mr A D Harrison {resigned 29 July 2023) Mr D W Hughes lapFK)illtd 28 Cktober 2023) Mrs D L Kendrick Mr M Long Mr S Newton Mr L Ogilvie Miss C E L Owions Mr N H Prescott Mrs M M "dIng Mrs D C Roberts Mr B A Rowney Mr I C Stanworth (resigned 29 July 2023) MrR R Stone Mrs A Tippll Mrs J A Wareing Ms K L White Objeets The Charitys objects ar¢ specifically restricted to promoting the extension of the Cbristiall faith in the United Kingdom and in all or any other parts of the world through worship, education and social action that is in accord with tbe principles amd practices of the Independent Methodist Connexion of Churches. Statem¢Dt of Faith The Independent Methodist Churches are Trinitarian. believttig tbat God the Father is revealed through Jesus Chrisi his SOD, who alone ts Saviour of the world. The Holy Spirit tllakes God's saving work real in the lives of his people. On a¢ceptanc¢ of J&ws Christ Ls Lord and Saviour, a person is IK)m again and becomes a clll.ld of God by adoption. Page 3
Independent Methodist Association In¢orporated (The) Trustees. Report IDdepeDdeDt Methodists structure The Association is a Clkritable Cottwany. litnited by guardntee, and 15 responsible for the ttkanagernent and athninistrdtion of properties and fllwEces held in trust on behalf of, in support of, and under the direction of the self governing church£s, which adhere to the principles of Independent Meth¢)dism and collectively are known as the Independent Meth¢xltst Connexion. Ai the year end there were 62 churches organised into ten Circuits on a geographical basis. Three of these ¢hurches are not attached a circuir. The current twstees are the ¢)nly persons who are able to be members of the company. The effectiveness of the charity is inextricably linked with that of the member churches of the llldependeni Methodist Connexiofy lo whom it provides support in their work of tttinistertng to their collllnunities. Publle beneftt The ttustees confm that they have complied with the wuirements of secrion 17 of the Chariries Act 2011 to have due regard to the public benefit guidanee published by the Charity Commi&sion for England and Wales. Grant making policie5 Grants are only available to IndeEndent method] Churches and tbeir mernbers, and otber Christian organisations with similar objectives. Grdnts to churchcs rnay be for building repair5 and irnprovements. evangelical projects, and inlerirn support for the employellt o(5pecialist workers. Grallts can be provided to assist wsth personal Christian developrnent for trainillg or edueation. In gelleral. applications atr administered by the Finance Committee although. wbere the grant is made from certaiti restricted fijnds. another ¢onllnittee may administer the proccss in accordance with tbe rules of the fulld. Page 4
Independent Methodist Association Incorporated (fhe) Trustees, Report A¢hievemellt% attd performance In support of its objectives, the oharity continues to work with churches and Circuits by administering those funds held in trnst. The tndependeni Meth(dist Connexion reports the following AchÈevetuen$ and perfornwiee wholly supportej by the Association. - providing training in evangelism, youth wort child PTOtectioty safeguarding and theology. disserninat]ng inforniation on legal. religious and other topic$. - providing assistsn¢e and resources for evangelical outreach. - accrediting. as Minisiers of the connex10 persons who bave undtt8one a course of training and have passed the appropriate examtnarions. - being tnembers of ecumenical bodies within the United Kiti8donL . sUprtIllg members of Independent Meth(Mlist churches workin8 Witb mi&%ionary otganisations. - rnaking gtattts churches io assist in building repair5 and ¢xt¢nsions, and to illdivithiais to assist iti courses of study or other Cbtistian activilies. - providing facilities aud resoutcos whicb would be beyond their OWD ability. The Finance Ctsmturttee adrninisters the funds held by the Asso¢iauon. and PTo¢esses applications for grants fr(>tn tbe churches for approval by the Asswiaiion. In particular, the Conrnittee encourdges churches to apply for grants to assisi in evangelical work under the Kingdorn Gn)wth scheme which airns to return money from hurch sales to churches seeking to expand Gods work in their localiry. Grants totalllng £286,475 12022.. £76,987) were made to Cburches iti 2023. The Min2sty Comrnittee runs the MÈllisters' EthItiOn Scheme. a ftiur-year course of SdY and practic work which prepares students wishing to enter the Independent Methodist rnillistry. Satisfactory completion of the course (or equivalent studies} is a prerequisite to bec0mU accredited as an Independent Methodist Minisier. though the course {or elements of it) rnay also be followed by those who do not seek ministerial accrediiation and wish to undertake it for personal edutiOn. The conjmiuee also provtdes 0llg0ll suppoff and training for Independent Methodist millier5. ill¢ludinE facilities such as tesidetttial swdy weekends (for both Ministers and students) and discounted l%)oks. Processts for estsblisbing a Coniinumg Professional Development (CPDI for 2ccredited tl&Ts have been establishrf and ministers are now encouragoj to generate a T)evelopment Profile,. The Church SupwTrrt fjr(>up provides advice. inforniation and sUprt through its metnbers and W0erS. It provides Te50urces and practical help to churches ill tbeir work with the com]nunity. assistsnce to cburches with access to low level developtnent grants, practitai help to churches ill their WO with the community and Missio and ¢ncourageroent al discussion in develop]ng their flltte plans and vision. The Overseas Missions department promotes interest and awareness of Cltrtstian work overseas, through the Connexion Ellagazine, ll1g resource packs available to churches and pre5ClltatLOtLS to church and youth groups. It provides f]nancial, prdyer and personal support to IDdqKndent Methodists workmg with missionary societies, with five people (including couples), some working in diffLcuIt overseas situations. bell supported in 2023. Financial support from the Independent Metbodist kntKiatioll typically Covers about 20% of their requirements. the balae coming from other sourcu v/hich may inchth indiv1thl Independent Methodist ¢hur¢hes and members. The Adrninistration Group provides guidance the churches on clwity, leg and propery matters as necessary. Communications is discussed as part of the Administyati¢)n Group's agenda, alld eovers the Archives, Connexion Magazine. gette issues regarding con]muniri0nS and th¢ Connexional website. The ttLagazine is produced on a bi-monthly basis and is free io au church Members. the cost belu8 absorbed by the Association. It is rnade avadable in hard copy and electronic fornuL &s w¢U &s being acccssible via the Independent Methodist Churches website. Page 5
Independent Methodist Association Incorporated (The) Trustees, Report The Northwood Christian Centre operates on a non-profjt making, break-even basis for worship, teaching, youth work and fellowship retreats. Volunlary support for the operati¢)ns ai NorthwoLxI had fallen off in re¢eni years, partly due to Covid and related consequences, poteniially affecting its ongoing viability. However, it was decided to keep the centre open until 2026 ai leasi and to reconstim the management arrangements. with a core programrne of actLVlties to improve its usage. During the year, a group of Christians began ro use the Centre as a base for outreach tt) the l(Kal ¢omrnunity in High Legh, which may result in more fornlal links with the ConJ)¢xion tn due course. Much of the above work is ongoing from year to year. Financial rewieTrY The attached fmancial stsiements show intome of £285.142. expenditure of £457222, whish after investmeni gains of £89,989 give a defecii of £82.091. The principal item of expenditLEre are grant8 totalling £304,575. It is considered tbat suffieiellt fids are held iti trust by the ASS(1110 to continue OJTTent and fuDJre proj¢&. Fundraisittg The charity does not en8a8e hdraiSIng and tbereforc no disclosur&s are rnade as rquired by the Clwities Act 2006. Prlneipal funding sourees The largest proportion of income to the funds held by the knociation in 2023 came from membership levies on churches in the Cotmexion and the sale of redundant buildings. Inve$ttlleDi poliey and obJeetEves It is the poli¢y of the Finance Commiltee 10 itiv&%t in k)w risk a&sets to provide an tncome and maintsin the capital value of investments. The Finance Committee considers laL environtDental t)r ethical Lspeets when deciding on itivestsnents. Policy on reserves li is ihe policy of the Association to hold reserves which provide for the ongoing work of the Association whilst retaining fanCial slabiliry and the po¢eniial to respond to new oppornjnities at a Connexion81 level or at an individual church level. For rnany years, the tniention b&s been t(Tr generdte sufficient income frorn reserves to avotd increasing membership levies and thereby increasing the fman¢ial burden on churches in a time of deelining membership and increasing regulatory compliance costs. After receiving significant incorne frotn the sale of redundant chur¢h buildings in 2022 a flar raie gift of £4.(KK) was made to each church during 2023 from these proceeds. However, be¢ause of the ongoing annual deficit of income over eXF¢nd2ty (ignoring the proceeds of church sales which cannot be relied on year-on-yearl. it is considered that the current level of illvestsnent reserves needs to be maintsined for ongoTtig Stathi11ty. Page 6
Independent Methodist Association Incorporated {The) Trustees. Report At the 31st December 2023 tbe resthves position was &s follows.. Total Reserves £2.202,512. of which.. Some were restrtcted in their se £31.446. Some were tied up in fixed assets £216,732. Sorne weie tied up in a loan for the sale of a forlller Chh builthllg £72,116. Balance of reserves £1,882,218. The balance of th¢ reser is required for the following puw: . tt) provide firther inv£stment tncorne to fid the contitiuiug work of the AssociatEon, maintsining membership fees. - to provide graTLts to rnemberehurches. Consideration continues to be given to exploring inllovative ways of making available fidS to member churches to extend their work whi]st retaining sufficient reserves to provide foT the coniinuation of the charitsls a¢tivitie& However, there may be lota$¢$ in the tllembetship levies in fiLwre years. Aim$ and key objectives for future peri•ds In support of its objectives the Association will contitiue to work with the Connexion whose future aims and k¢y objectives are shown below.. A consultation will be launched in 2024. seekt.ng views on the long-term future of the denornination, in particular whether the two-iier strucDJre of tbe Independent Methodist Conllexion (as an unincorporated body) and the Independent Methodist A*%ociatitsn (as a Registered Clwity aDd a Company Limited by Guarantee) is still appropriate. The Independent Methodist Connexioll is rnuch smaller than Et wos when the s¢rncture was set up in 1907, and charity legislation has changed, facilitating a simpler stwctyre should this be Considered desirable. In addition, the consultation may consider improved methods of representation (given that some circults are barely functioning) and rationaliSKDg the departmeni structur< which las¢ reviewed over 30 years ago when the denomination wa5 fdther larger. The vorious groups within the denomination continue to work together to: - Support the churches in developing their vision for their geogrdphic ar¢& - Work with the churches to identify sUPPQrt they will need frotn th¢ denomination. - Assess those needs for completeness and affordability. - Deliver the agreed support. These activities will result in a fully costed roIlts pn)gTamn)e of supwrt spread over a number of years whieh will identify the flllance required wbich will then be planned for each period. Page 7
Independent Methodist Association Incorporated (The) Trustee5' Report Funds held as custodlan Trustee The Independent Methodist A&g)ciation is the Custcmlian Tntstee of over Elllf tbe preiSeS of churche$ within the Independent Methi)dist Connexion. Day to day nwiing of each Church is, however. in tbe hands of Managing Trustees, who retain c¢)ntrol of their respective funds. The Independeni Methodist Association would only hold fid5 in respect of these preEllises if the church had closed and the premises were awaiting disposal. Such cburches are, in general, on a Trusi Deed er which the proceeds from any sale would pass to tbe Independent Methodist Association as ultIme beneficiary. In some the ulti]lla beneflciary is another body (usually a church ¢ir¢uii) and in those cases any aswiated lld$ are listed as assets of the church in quesiion until they can be passed io (be beneficiary on disposal of the pre]nises. Structure? governaDce and managemellt Nature of govern5ng doeumellt The charity is controlled by its governing documellL its Articles ofknociation as upjated ill July 2022. Recruittnent and appointment of trustees New trustees are appointed in two ways. Designated oificers of the Connexion are ttustees of the A&sociation unless disbarred by reason of also being paid employees or having a confli¢1 of interest. Their appointment as trustees is a consequence of their selection and fonnal apwinrrnent to their posts at the Annual Meeting. Circuits may also nominate Representatives ro Connexional Committee who, unless disbarred os above, automatically become trustees of the Association and are fornially appointed at the Annual Meering. The trustees are appointed atmually at the Annual Meeting by delegate5 from Churches in full membership. The Connexional Officers and Representstives ar¢ also known as CoDnexional Committee. Rel#tionships wilh Telated parties The A&%ociation is a tuember of tbe Evallgelical Alliance, ChUheS Together tn England, Churches Together in Britain and Ireland, the Free Churches Group and the National Council for Voluntary Organisations, and is accredited as a Livllg Wagc ETnployer by the Liw Wage Foundation.. These bodies have no authority to affect or tnfluence our operdting policies. The A&sociatioll contract5 with CollEpa5s Financial Ltd to invest the funds of the ctwi.ty in accordance with the Investent policy. Page 8
Independent Metbodist Association Incorporated IThe) Trnstees, Report MAjor risks and tllanagemettt of those risks It is reported froTn the Connexion of Independeni Methfylist Churches that the continued decline in both church membership and the number of churches in the Connexion is a rnatter for concern. since it Calls into question the need for exisiing Connexionaj stnLcttJres and, eventually, the viability of the CoDnexion itself. As much of the Association's income comes from the Connexion of Independent Methodist Churches then this brings into question the fvttjre level of support that the Association call continue to provide to the CO[exI0 in the future. En the longer temi. the viability of the Connexion is dependent on the strength of the churche5 that it supports. A significant potential risk is the viability of some of the Connexi¢)n's member churches might be adversely affected, with a knock-on effect on the viabiliry of the C¢)nnexion_ In miiigaiion, the ¢hurche5 mosi likely to be at risk do not represent a significant part of the Association's income. and this mighr be offs¢i by income from the sale of redurtdani buildings. Another pon(la1 effect is thai the hisiori¢ place of Circuits within the governance and support stru¢wre may need to be reviewed if demographic ciwiges result in this model becomints JAapppAaie. To some exieni. this is already apparenr with some Circuits existing in name only and not n¢t101]Ing as they once th"d. As noted atK>ve. a ¢ODsult8rion wtth the churches of the Connexion is planned for 2024, to address sotne of these i&wes. A ongoing potential threai could arise if historic sex abuse allegations were to be rnade in respect of a church that had since close& If it were not po&sible ro idencify the tnsvrers ai thai lime. li is possible rhat the Association could be held to be Vil0u$1Y lthle. The likelthood of such an eveni is considered to be low. since most cburches in tbe Coonexion cbose be insured with one particular company for which the Resource Centre once held an ageney. Measures have been J¢¢n io easure thai records oll insurance are retsined where they still exisL and that churches a now required io conflltll (via the annual rettlln) thal they have appropriate iJSUTaJ)ce, and with whom. Small companies provision st#temeDt This report has beell prepargj in accordance with the small companies regime under the Companies Act 2(K)6. The annual report w&s approved by the trustees of tbe cbartty on IS July 2024 al signed on its behalf by.. Mr B A RowDey TnL8tee Page 9
Independent Methodist Association Incorporated h¢) Statement of Trnstees, Responsibilities The tnte¢S (who are also the dIrtt)rs of Independent Methodist Assrtiation Incorporated lThe) for the purptssel Of company law} are responsible for preparing the ttwiees. report and the fllwicial statetnents tn accordance with the UnÈted Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law alld regulations. CollLpauy law requires the trustees to prepare fiJwicial slatements for each fxnanctal year. Under company law the trustee5 tnust not approve tbe fanCIat statements UDless they are satisfied thai they give a uue and fair view of the state of affairs of tbe charitsble company and of its incoming resources alld application of resources. illcluding Its incorne and expendltLe, for thai period In preparing these statrmeat& the tswiees are required to.. seleet suitable attoullting wlicics and apply them consistently" observe the meth¢yJs and principles in the Chan"ries SOR. judgements and estirnates that are reasothle and prudenL state whether applicable UK AccountiD8 Standards have been followeiL subjxt to any material d¢partures disclosed and explained in the fanCIal statements. and prepare the funCial ststements on the going concern b&8is unless it Is inappropriate to presume that the charitable cotnpany will coDtinue tn busin. The uusiees are responsible for keeping adequatr accounting Tecords that ate sutTL¢iellt to show and explain the charitable CoMpanS transactions and dis¢l¢)se with Teasonable a¢¢uracy at any time the financial position of the charitable company and enable them to ensure that the financial stsrements comply with the Companies Act 2006. They art also responsible for safeguarding the assers of the charitsble company and hence for tsking reasonable steps for the prev¢ntion and d¢wuon of fraud and other irregularities. Page 10
Independent Methodist Association Incorporated (The) Independent Examiner's Report to the trustees of Independent Methodist Association Ineorporated (the) I report to the charity trustees on rny examitmtion of the accoullls of the chariry for th¢ year ended 31 Decernber 2023 which are set out on pa8es 12 to 21. Respective re$ponsibilitie5 of tru5tee5 and cmIner As the charity's trusttts of tttdependeni Methodisi Aswiation In¢oTp)rated (The) (and a]so its directors for the purpose5 of copanY law} you are restx)n$ible for the preparatioll of the accounts in a¢cordan¢e with the requirements of the copani&S Act 2006 ('the 2006 Aci.). Having satisfied myself that the accounts of ludependent Methodist A&sociatitsn Incorporated ffliel are not required to be audited under Part 16 of the 21K)6 Act and are eligible for independent examination. I report in respect of EThy examination of your charity's a¢counts as Carried oui under se¢¢ion 145 of the Chariiies Aci 2011 ('tbe 2011 Act.). In Carrying Out my examinauon I have followed the Direciions given by the Charity CoMmi10n under section 145(5)Ib) of tbe 201 I ACL Independent examiner's statement Since Independent Meth¢)dist Association Incorporated (Ibe}'s gross income exceeded £250,(KK) your examiner must be a tnember of a body listed in section 145 of the 2011 Act. I confrn that l am qualifled to undertake the examination because l arn a tnember of the knociatioD of Clwity Idqnde1 ExamEners, which is onc of tbe listed bodies. I have cotnp1ed tny examination. I conftrm that no matters have come io my attention in connection with the exaTnination giv8 me cause to believe". l. accounting records were noi kept in respect of Indedent Methodist Association IncoTP)rnied (The) as required by se¢iioll 386 of the 2(XJ6 Act: or 2. the a¢¢ounts do not a¢¢ord with those re¢ords,' or 3. tbe accounts do not comply with tbe accoun1ll requiretnellts of section 396 of the 2(X)6 Act other than any requlrement that the accounts give a 'truc and fair vithrf which is not a matter considered as part of an independent exatnination- or 4. the accounts have noi been prepared in accordance with the methods and principles of tbe Sment of Recommended Practice for attounting and reponing by ciwities lapplicable to chan.ties preparing their accounts in accordance with the Fitiancial RertIllg Standard applicable iti the UK and Republic ol lTrland (FRS 10211. I have no concerns and bave come across no other mauers In comlection with the exaJnination to w]ll"¢h attrntion should be drawn iti thi.s report iti order to enable a pn)per understsnd]ng of the accounts to be reached. Mark Heaton FCCA DCIL4 Isi Floor. Bl¢xk C Manchester Road Bumley Lancashire BBII IJG 15 July 2024 Page 11
Independent Methodist Association Incorporated (The) Statement of Finneial Activitfie$ for the Y¢ar Ended 31 December 2023 (Including Ineomc and Expenditsrc Account 2nd Statement of Total Recognised Gains and Losses) Unre51ricted funds Total 2023 Unrestrleted funds Total 2022 Restrleted funds Restricted fundg Note Income from: Donation Charitable actlVLties Investment income Other income 56,144 6.240 46.910 173848 56.144 6.240 46,910 175 848 54.533 13,847 9,809 391497 54.533 13,847 9,809 391497 Toi81 in¢om¢ 283 142 285 142 469 686 469 086 Expendlture on: Charitable a¢livstics Other expendilure {446,027) 11 195 (446.0271 -11 1951 {211.023) 13,213) 1214,236) -(10 811) Total expenditure -L457 222 457,222).. 221,834. (3 213) ..I225,047) Nci lexpenditurc)lincome Other reeognlsed 8lns and losses Gaing110&8es on revaluation ofrixed assets 1172,080) {172,0801 247,852 13,2131 244,639 150.157) (1,824) 151,981) Net movement in fund8 {83,1711 1.080 (82,0911 97,695 15,0371 92.658 Reeonciliation of funds Total fund¥ brought fonvord 2 254 237 2 284 603 2 156542 2 191945 Total funds carried fonvard 18 2 171066 2 202,512 2 254,237 2 284 603 All of th¢ charity$ a¢tiviti¢s derive from continuing operation5 during the aLK)v¢ two periods. The funds breakdown for 2022 1$ Shown in note 18. Page 12
Independent Methodist Association Incorporated (fhe) (Regi$tr2tion number: 00092321) Balance Sheet as at 31 December 2023 2023 2022 Note Fixed 8ssets Tangible assets [nVeStents 13 216,732 1852914 2.069.646 220.715 1568 122 1788.837 14 Current a55ets Debtors Cash at bank and in hand 15 92.331 91,474 136.632 498.538 Creditor5: Amounts falling due witbin one year 16 2,772 Net current assets 132.866 495.766 Net a55ets 2.202.512 2.284 603 Fullds of the charlty: Restrieted income funds Restricted funds 31,446 30.366 Unrestricted income funds Unrestricted funds 2.171066 2 254 237 Total fund$ 18 2,202,512 2,284,603 For ihe fun¢181 year ending 31 December 2023 the charity w&$ entitled to exernption from audit under section 477 of the Companies Aci 2(X)6 relating to small companies. Directors, responsil)ilities: The members have noi required the charity io obtsin ao audii of its a¢¢ounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for cotnplying with the requir¢m¢nts of the A¢t with respe¢t to accounting records and the prepardtion of accounts. These accounts have been prepared in accordance with the proYAsions applicable ro cojnpanies subject to tbe small co]npanies regi]ne. The fmonciai statements on pages 12 to 21 were approved by the Irustees, and authorised for issue ¢)n 15 5uly 2024 and si ed on their behalf by: Mr B A Rowney Trustee Page 13
Independent Methodist Association Incorporated (fhe) Notes to the Fthancial Statements for the Year Ended 31 December 2023 I Charity status The charity is limited by guardnree. inwrporated in Englanc and consequently does uot have share capital. Each of the trnstees is liable w contribure an amouni not exceeding £10 towards the assets of the charity tn the event of liquidaiion. The address of its registered office is.. Independent Methodist Resource Celltre Fl¢et Street Pemberton Wigan WN5 ODS These statements were authorised for by tbe trustxs on 15 July 2024. 2 Accounting policies Summary of significant accounting policies alld key accounting estimates The principal accounting pob.cies applied in the prepardtion of these fmancial stat¢tnents are set out below. These policies have been consistently applied to all the years presenied. unless otherwise sthted. Income All income is recognxsed once the charity has ettiitletnent io the income. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Expenditure All expendittwe is recognised once there is a legal or constructive obligation to that expendittwe. it is probable seirlement is required and the amount can be measured reliably. All costs are allocated tbe applicable expendiwre heading thai aggregare similar costs that category. Where costs caTll)Ot be directly attribuied to particular headllS they have been allocared on a basis consiswLi with the use of resources. Taxation The charity 1$ exempt frorn ¢orporntion tax on its cbaritable activities. Tangible re assets Depreciation is provided on tangible fixed asm so as to write off the cost or valuation, less any estimated residual valu¢, over their expect¢d useful economic life as follows: Freehold property Fixtures and fittings Computer equipment 217/0 per anThutn straight line basis 30Y4 per annum reducing balance basis 300/0 per annum reducing balance basis Page 14
Independent Methodist As$ocAation Incorporated (fhe) Notes to th¢ Financial Statements for the Year Ended 31 December 2023 Flxed asset investments Fixed asset investments. other than progra0ll¢ related invc5tments, #re included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value ai the start of the year, or their subsequctht cost, and are charged or CredId to the stsment of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement irt markei values durin8 the year and are credId or char8ed its the Stalemeni of Financial A¢tiviiies basd on the market value at the year end. Fund structure Unrestrieied income funds are general funds thal ar¢ availhbl¢ for us¢ at th¢ In1¢¢$,$ diser¢tion in furtheron of the objectives of the chartry. Designated funds are unrestricted sd aside for specific puo)oses ai the discretion of the truscees. Restricted income funds are those donaied for use in a particular area or for spKifi¢ purposes. the u8¢ of whi¢h 1$ r¢$tri¢t¢d to that area or purpose. Penslons and other post Teilr¢tn¢Di obll%#tltyrts The charity operates a defined contribution pension herne which is a pension plan under which fixed contributiorts are paid ill a pension fimd and the chaTiry no legal or con3CtiVe obliga¢ion to pay fvrther c()ntributiorts even if the nd does noi hold sufficienl assets to pay all employees the benefits relating ¢0 employee service in the curreni and prior periods. Corttributions io dered contribution plans are recognised in the slement of Financial Activities when they are du¢. If ¢ontributiort payments exceed the contribuuon due for service. the excess is regnIsed as a prepayment. 3 Income from donatlon$ Total 2023 Total 2022 Membership dues Donations 41,878 14 40,566 4 Income from cbarltable actlvltles Total 2023 Total 2022 Conferences attd events Northwood Christian Centre income Other sales 30 4.990 20 1,120 5,165 Page 15
Independent Methodist A$$ocigtion Incoryorated (fhe) Notes to the Financial Statements for the Year Ended 31 December 2023 S Investment IDCOtne Total 2023 Total 2022 Income from rtxed asset investments Interest receivable on other loans 42,210 4,982 46.910 9,809 6 Other illtome Toi81 2023 Total 2022 Other income C105ure of churchcs Rental incotne 2.940 385.557 3.000 391.497 175,848 175 848 7 Expenditure Charitable a¢tivities Ullre5tricted funds Total 2023 Total 2022 General Note Wages and salaries Pension ¢o$ts Accountancy, legal al profe&siotLal fe Payroll services Other costs Grant fjJtthg of activities Independent ExaTlliner's remuneration 45.115 1,451 33.310 1.230 57.826 304.575 2.520 45.115 1,451 33 Jlo 1230 57.826 304.575 41.129 859 12.450 948 53,066 103.384 214236 The totsl 8rants paid to institutiotts during the ye4r w&8 as follows". Grants to churebes for property and personnel Overseas missionary grants Development grants Kingdorn growth 8ratits Building work gtallts Ministy grallts 179.IKM) 18,1Th) 10,5IKI 25,0(M) 71,975 179.OLK) 18,100 10,5(X) 25,0(M 71,975 12.000 23,170 750 34,612 29,625 304.575 304,575 103,384 Page 16
Independent Methodist Association Incorporated (The) Notes to the Financial Statements for the Year Ended 31 Deeember 2023 8 Otber expenditure Total 2023 Total 2022 Depwiation 11.195 9 Analysis of eovtrllanee alld support costs Costs Total 2023 Tolal 2022 Independent examiner fe& Examination of the flnancial statements Accountancy, legal prof$10#1 fe Payroll services 2,520 33,310 2,400 12,450 948 15,798 37,060 10 Trustees remuneration and expense5 During the year the charity made the following tra[CtionS with trustees.. £5,85612022.. £8210) of expenses were reiTnbursed to 1112022 - 81 of the Ch7ty's Trustees during the year. No trustees. nor any perso]L8 conttected with them. bave re{Vj any retnunera(ion from the charity duritig the year. 11 Staff costs The aggregaie payroll costs were as follows: 2023 2022 Staff co$ts during the year wer¢: Wages and salaries Pension Costs 45,115 1,451 46.566 41,129 859 The average monthly nutnber of employe during the year was as follows: 2023 2022 Charitable activities No employee received emoluments of more than £60.0(M) during the year. Page 17
Independent Methodist Association Incorporated (fhe) Note5 to the Financial Statements for the Year Ended 31 December 2023 12 1ndependeDt examiner's remuneratio 2023 2022 Examination of the finattcial statemenL8 13 Tanglble r]xed #ssets Freehold property Fixtures alld rittings Computer equiprnent Total Cost At l January 2023 Additions 401222 10241 15.893 427,356 At 31 December 2023 401.222 10.241 434 568 Depreeiatioll At l January 2023 Charge for the year 187.530 8,024 7.259 896 11,852 2.275 206,641 11,195 At 31 Decetllber 2023 8.155 217 836 Net book value At 31 December 2023 205.668 2.086 8.978 216,732 At 31 Decethber2022 213692 2.982 220 715 Freehold property consists of The Rcsource Centre in wiga Th¢ NorthwcA)d Clwistian Centre (High Letgh) and a propety in Stretford. Pag¢ 18
Independent Methodist Association Incorporated (The) Notes to the Financial Statements for the Year Ended 31 December 2023 14 Fixed a$set lllvestments Listed illvestments Market value Ai l January 2023 Revaluatign Additions Disposals 1,484,018 89.989 762,652 542,941 At 31 December 2023 l 793 718 Net book v¥]ue At 31 December 2023 1793 718 At 31 DecellLber 2022 1484 018 Other investments Portfolio cash Total Cost or ValuAtion At l January 2023 Disposals 84,104 84,104 At 31 December 2023 Net book value At 31 Decembei 2023 59.196 59.196 At 31 December 2022 84.104 IS Debtors 2023 21122 Debtors: amounts falling due thIll one year Prepayments Other debtors 20,216 13,318 26.256 19,607 2023 2022 Debtors: amounts falling due after one year Other debtots Page 19
Independent Methodist Association Ineorporated (The) Notes to the Financial Statements for the Year Ended 31 December 2023 16 Creditors: amounts fal]ittg due Trvithin one year 2023 2022 Other taxation and social security Other creditors Accruals 873 373 2.520 172 17 Pension scheme The ¢hariry operates a defined contribution pension scheme. The pension cost chaige for the year represents contributi¢)ns payable by th¢ charity to the scheme and a]nounted tc> £1,45112022- £8591. 18 Fund5 Balanc¢ at Other 31 Incomlng Resources recognised December resources expended TraDsfers gainslllosses) 2023 Balance at I January 2023 Unrestri¢ted fund5 General nd 2.033.522 282,476 1446,032) {7,212) 88,909 I,951,663 Desigrt4¢ed Fixed asset reserve 220 715 216732 Total unrestrlcted funds 2 254 237 282 476 457 227 88 909 2 168 395 Restricted fund$ MM & WW Kay Memorial Fund F & B Tetlow Fund 1,753 I.753 Total funds 2.284,603 282,476 457.227 89.989 2,199,841 Page 20
Independent Methodist Association Incorporated (fhe) Notes to the Fin*nclal Statements for the Year Ended 31 December 2023 Other Balance at recogni5ed 31 gainslllosses December 2022 Balance at I January Ineoming Resources 2022 reUrCeS expended Transfers Unr¢$trieted funds General General fimd 1.926.625 469,686 (211,023) (1,61N) (150.1571 2.033.522 DÉsign4led Fixed assei reserve 229.917 10.811 220.715 Toial unrestrlcted fund$ 2 156.542 469.686 221.8M 150 157 2.254 237 Restri¢ted funds MM & NVW Kay Memorial Fund F & B Tetlow Fund 1,753 33.650 1,753 3.213 3213 1,824 Total funds 2 191.945 469.686 225.047 151981 2 284 603 19 Aoalysi$ of net a55et5 between funds Unrestri¢ted funds Total funds at 2023 Gen¢rai Desl8llated Restricted fuDd$ TatL871 )le fjxed assets Fixed asset tnvesttnents Current assets Current liabilities 216.732 216,732 1,852,914 136,632 1.821,468 136,632 31.446 Total net assets 216732 31.446 2.202 512 ulestricted fuDds Total funds at 2022 General Designated Restricted funds Tangible fixed assets Fixed asset investments 220.715 220,715 I,568,122 498,538 1,537,756 498,538 30,366 Current assets Current liabilities Total net assets 2 033 522 220 715 30.366 2 284.603 Page2l