Company registration number: 00092321 Charity registration number: 254007 ## Independent Methodist Association Incorporated (The) (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024 KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG ## Independent Methodist Association Incorporated (The) Contents Reference and Administrative Details 1 to 2 Trustees' Report 3 to 9 Statement of Trustees' Responsibilities 10 Independent Examiner's Report 11 Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14 to 21 ## Independent Methodist Association Incorporated (The) ## Reference and Administrative Details Trustees Mr A Britton Mrs A L A Cheers Ms L K Crockatt Mrs R Green-Prescott Mr G T Edmondson Mr W Hampson Mr D W Hughes Mrs D L Kendrick Mr M Long Mr S Newton Mr L Ogilvie Miss C E L O'Nions Mr N H Prescott Mrs M M Riding Mrs D C Roberts Mr B A Rowney Mrs P W Smith Mr R R Stone Mrs A Tipping Ms K L White Mr C W Woodall Principal Office Independent Methodist Resource Centre Fleet Street Pemberton Wigan WN5 0DS Company Registration Number 00092321 Charity Registration Number 254007 Independent Examiner KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG Bankers Barclays Bank plc 6 Market Place Wigan WN1 1QS Page 1 ## Independent Methodist Association Incorporated (The) ## Reference and Administrative Details Advisers Compass Financial Ltd Kingsley Hall 20 Bailey Lane Manchester Airport Manchester M90 4AN Page 2 ## Independent Methodist Association Incorporated (The) ## Trustees' Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024. Trustees Mr A Britton Mrs A L A Cheers Ms L K Crockatt Mrs R Green-Prescott Mr G T Edmondson (appointed 30 November 2024) Mr W Hampson Mr D W Hughes Mrs D L Kendrick Mr M Long Mr S Newton Mr L Ogilvie Miss C E L O'Nions Mr N H Prescott Mrs M M Riding Mrs D C Roberts Mr B A Rowney Mrs P W Smith (appointed 28 July 2024) Mr R R Stone Mrs A Tipping Mrs J A Wareing (Resigned 30 July 2024) Ms K L White Mr C W Woodall (appointed 29 August 2024) ## Objects The Charity's objects are specifically restricted to promoting the extension of the Christian 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 the principles and practices of the Independent Methodist Connexion of Churches. Statement of Faith The Independent Methodist Churches are Trinitarian, believing that God the Father is revealed through Jesus Christ his Son, who alone is Saviour of the world. The Holy Spirit makes God’s saving work real in the lives of his people. On acceptance of Jesus Christ as Lord and Saviour, a person is born again and becomes a child of God by adoption. Page 3 ## Independent Methodist Association Incorporated (The) ## Trustees' Report ## Independent Methodists structure The Association is a Charitable Company, limited by guarantee, and is responsible for the management and administration of properties and finances held in trust on behalf of, in support of, and under the direction of the self governing churches, which adhere to the principles of Independent Methodism and collectively are known as the Independent Methodist Connexion. At the year end there were 62 churches organised into ten Circuits on a geographical basis. Three of these churches are not attached to a circuit. The current trustees are the only 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 Independent Methodist Connexion, to whom it provides support in their work of ministering to their communities. ## Public benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## Grant making policies Grants are only available to Independent Methodist churches and their members, and other Christian organisations with similar objectives. Grants to churches may be for building repairs and improvements, evangelical projects, and interim support for the employment of specialist workers. Grants can be provided to assist with personal Christian development for training or education. In general, applications are administered by the Finance Committee although, where the grant is made from certain restricted funds, another committee may administer the process in accordance with the rules of the fund. Page 4 ## Independent Methodist Association Incorporated (The) ## Trustees' Report ## Achievements and performance In support of its objectives, the charity continues to work with churches and Circuits by administering those funds held in trust. The Independent Methodist Connexion reports the following Achievements and performance wholly supported by the Association. - providing training in evangelism, youth work, child protection, safeguarding and theology. - disseminating information on legal, religious and other topics. - providing assistance and resources for evangelical outreach. - accrediting, as Ministers of the Connexion, persons who have undergone a course of training and have passed the appropriate examinations. - being members of ecumenical bodies within the United Kingdom. - supporting members of Independent Methodist churches working with missionary organisations. - making grants to churches to assist in building repairs and extensions, and to individuals to assist in courses of study or other Christian activities. - providing facilities and resources which would be beyond their own ability. The Finance Committee administers the funds held by the Association, and processes applications for grants from the churches for approval by the Association. In particular, the Committee encourages churches to apply for grants to assist in evangelical work under the Kingdom Growth scheme which aims to return money from church sales to churches seeking to expand God's work in their locality. Grants totalling £142,400 (2023: £286,475) were made to churches in 2024. The Ministry Committee runs the Ministers' Education Scheme, a four-year course of study and practical work which prepares students wishing to enter the Independent Methodist ministry. Satisfactory completion of the course (or equivalent studies) is a prerequisite to becoming accredited as an Independent Methodist Minister, though the course (or elements of it) may also be followed by those who do not seek ministerial accreditation and wish to undertake it for personal education. The committee also provides ongoing support and training for Independent Methodist Ministers, including facilities such as residential study weekends (for both Ministers and students) and discounted books. Processes for establishing a Continuing Professional Development (CPD) for accredited ministers have been established, and ministers are now encouraged to generate a 'Development Profile'. The Church Support Group provides advice, information and support through its members and workers. It provides resources and practical help to churches in their work with the community, assistance to churches with access to low level development grants, practical help to churches in their work with the community and mission, and encouragement and discussion in developing their future plans and vision. The Overseas Missions department promotes interest and awareness of Christian work overseas, through the Connexion magazine, making resource packs available to churches and presentations to church and youth groups. It provides financial, prayer and personal support to Independent Methodists working with missionary societies, with five people (including two couples), some working in difficult overseas situations, being supported in 2024. Financial support from the Independent Methodist Association typically covers about 20% of their requirements, the balance coming from other sources which may include individual Independent Methodist churches and members. The Administration Group provides guidance to the churches on charity, legal and property matters as necessary. Communications is discussed as part of the Administration Group's agenda, and covers the Archives, Connexion Magazine, general issues regarding communications and the Connexional website. The magazine is produced on a bi-monthly basis and is free to all church members, the cost being absorbed by the Association. It is made available in hard copy and electronic format, as well as being accessible via the Independent Methodist Churches website. Page 5 ## Independent Methodist Association Incorporated (The) ## Trustees' Report The Northwood Christian Centre operates on a non-profit making, break-even basis for worship, teaching, youth work and fellowship retreats. Voluntary support for the operations at Northwood had fallen off in recent years, partly due to Covid and related consequences, potentially affecting its ongoing viability. However, it was decided to keep the centre open until 2026 at least and to reconstitute the management arrangements, with a core programme of activities to improve its usage. During the year, a group of Christians began to use the centre as a base for outreach to the local community in High Legh, which may result in more formal links with the Connexion in due course. Much of the above work is ongoing from year to year. ## Financial review The attached financial statements show income of £252,581, expenditure of £412,912, whish after investment gains of £55,717 give a deficit of £104,614. The principal item of expenditure are grants totalling £173,950. It is considered that sufficient funds are held in trust by the Association to continue current and future projects. ## Principal funding sources The primary sources of income in 2024 came from membership levies on churches in the Connexion and investment income. ## Investment policy and objectives It is the policy of the Finance Committee to invest in low risk assets to provide an income and maintain the capital value of investments. The Finance Committee considers social, environmental or ethical aspects when deciding on investments. ## Policy on reserves It is the policy of the Association to hold reserves which provide for the ongoing work of the Association whilst retaining financial stability and the potential to respond to new opportunities at a Connexional level or at an individual church level. For many years, the intention has been to generate sufficient income from reserves to avoid increasing membership levies and thereby increasing the financial burden on churches in a time of declining membership and increasing regulatory compliance costs. After receiving significant income from the sale of redundant church buildings in 2022 a flat rate gift of £4,000 was made to each church during 2023 from these proceeds. However, because of the ongoing annual deficit of income over expenditure (ignoring the proceeds of church sales which cannot be relied on year-on-year), it is considered that the current level of investment reserves needs to be maintained for ongoing sustainability. Page 6 ## Independent Methodist Association Incorporated (The) ## Trustees' Report At the 31st December 2024 the reserves position was as follows: Total Reserves £2,097,898 (2023 -£2,202,512). of which: Some were restricted in their use £32,115 (2023 -£31,446). Some were tied up in fixed assets £206,350 ((2023 -£216,732). Some were tied up in a loan for the sale of a former church building £66,076 (2023 -£72,116). Balance of reserves £1,793,357 (2023 -£1,882,218). The balance of the reserves is required for the following purposes: - to provide further investment income to fund the continuing work of the Association, maintaining membership fees. - to provide grants to member churches. Consideration continues to be given to exploring innovative ways of making available funds to member churches to extend their work whilst retaining sufficient reserves to provide for the continuation of the charity's activities. However, there may be increases in the membership levies in future years. Aims and key objectives for future periods In support of its objectives the Association will continue to work with the Connexion whose future aims and key objectives are shown below: A consultation was launched in 2024, seeking views on the long-term future of the denomination, in particular whether the two-tier structure of the Independent Methodist Connexion (as an unincorporated body) and the Independent Methodist Association (as a Registered Charity and a Company Limited by Guarantee) was still appropriate. As a result, the Annual Meeting of the Connexion agreed in principle to merge the two organisations, and set up a group to investigate the practicalities of so doing. The Independent Methodist Connexion is much smaller than it was when the structure was set up in 1907, and charity legislation has changed, facilitating a simpler structure should this be considered desirable. Further consultation will take place on the group’s findings, and the consultation may consider changes to the membership of the Association during this next financial year. If this occurs then some further changes to recruitment and appointment of Trustees will also be required. The various groups within the denomination continue to work together to: - Support the churches in developing their vision for their geographic area. - Work with the churches to identify support they will need from the denomination. - Assess those needs for completeness and affordability. - Deliver the agreed support. These activities will result in a fully costed rolling programme of support spread over a number of years which will identify the finance required which will then be planned for each period. Page 7 ## Independent Methodist Association Incorporated (The) ## Trustees' Report ## Funds held as custodian Trustee The Independent Methodist Association is the Custodian Trustee of over half the premises of churches within the Independent Methodist Connexion. Day to day running of each church is, however, in the hands of Managing Trustees, who retain control of their respective funds. The Independent Methodist Association would only hold funds in respect of these premises if the church had closed and the premises were awaiting disposal. Such churches are, in general, on a Trust Deed under which the proceeds from any sale would pass to the Independent Methodist Association as ultimate beneficiary. In some cases, the ultimate beneficiary is another body (usually a church circuit) and in those cases any associated funds are listed as assets of the church in question until they can be passed to the beneficiary on disposal of the premises. ## Structure, governance and management ## Nature of governing document The charity is controlled by its Articles of Association as updated in August 2024. ## Recruitment and appointment of trustees New trustees are appointed in two ways. Designated officers of the Connexion are trustees of the Association unless disbarred by reason of also being paid employees or having a conflict of interest. Their appointment as trustees is a consequence of their selection and formal appointment to their posts at the Annual Meeting. Circuits may also nominate Representatives to Connexional Committee who, unless disbarred as above, automatically become trustees of the Association and are formally appointed at the Annual Meeting. The trustees are appointed annually at the Annual Meeting by delegates from Churches in full membership. The Connexional Officers and Representatives are also known as Connexional Committee. ## Relationships with related parties The Association is a member of the Evangelical Alliance, Churches Together in England, Churches Together in Britain and Ireland, the Free Churches Group, the National Council for Voluntary Organisations and the Association of Wesleyan Evangelicals; and is accredited as a Living Wage Employer by the Living Wage Foundation. These bodies have no authority to affect or influence our operating policies. The Association contracts with Compass Financial Ltd to invest the funds of the charity in accordance with the investment policy. Page 8 Independent Methodist As50d•tion IDcorpor4ted (The) Trustees, Report Major and of¢bwe ￿k1 It 18 [C￿tted from the CoDnw"on of Indryenknt MeJh￿1rt Churdm ttwt the cotttinued d￿liA¢ in both cburch m¢mbersknp and the number of church¢s in CoDncxion il 8 uwtter for Conc￿ sitic¢ li CAlls into quesuon the netd for existiD8 CoDn¢xiok)al eVents￿y. tb¢ Viabl￿"ty of the CoDnvn"¢)n itself. A5 ￿uCh of tlle Ass￿l8tiOn's income comu frnm the CoDnexion of IDdwthnt Methodist ch￿ then this brings into question the fvturc lev¢1 of support the A550¢ialion ¢ao continue to provide to the Connexion in the futurt. In the longer terni the viability of tbe Connexion is dwm{￿t OD the 8tr¢D8th of the chur¢he5 thAt it supports. A sigoificaDi poteDtial risk is that the viability of some of th¢ Conttxion'5 Ghurths mi8bt be adversely 8ffecied, with a knock-on ¢fftct on the Viability of the Conmion. Ill Mitigati￿ tbe churthes nv)st ]ikely to be at risk do not represent & sigt)ificant part of the Association's income, and thi"$ mi8ht be offset by income from the sale of Yedwthnt building& Another potenti￿ effert is that the historic place of circuits within the governance And support stnJctUTt may need to be reviewed if demowhic ch￿g¢S result in this Th￿de1 becomin8 inappropriat¢. To yotne extenL this is already apparent with som¢ eircuits existing in rwDe only and noi ￿nCtiO￿lA8 as they once did A5 noted at*)vA a CODsuItsts'oD with the of the Connexion 18 plat)n¢d fLY 2024. to address 60m¢ of th¢8¢ i86ue& Att on80irtg potential thre•t could orise if htytoric g¢x alwJs¢ allegations bc ID r¢spcct of & chU￿h that had sin¢¢ c108ed. If it were Dot P0$5ible to idenufy insurers at tilne, il IJ possible that the Associaiion could be held to be Viwiousty liable. The likeliho￿1 of swh an rnt is Considered to b¢ low, since mo81 chu￿￿¢8 in the Cotmexion cho3¢ to be insured wth one particu]8r comp8ny for which the Resource Centre once held an a8ew. Measu￿$ have b¢en taken w ensure that ffcords on insuranc¢ are Te¢4iDed wheJe they still exist, 8nd that chwchL¥ are now tequired to confirni {via the atyttual rcturD) thal they have appropriat¢ in8uran¢e. Dd with whom. Sm*l] provl8JoD st*teme•t The aTrD opprovcd by thc ¢rusttt8 of th¢ clwrity QD 17 2025 8￿j on its Edjalf by: Mr A Britton Trustee Pa￿9 ## Independent Methodist Association Incorporated (The) ## Statement of Trustees' Responsibilities The trustees (who are also the directors of Independent Methodist Association Incorporated (The) for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 10 ## Independent Methodist Association Incorporated (The) ## Independent Examiner's Report to the trustees of Independent Methodist Association Incorporated (The) I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 12 to 21. ## Respective responsibilities of trustees and examiner As the charity’s trustees of Independent Methodist Association Incorporated (The) (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of Independent Methodist Association Incorporated (The) are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 ( ‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent examiner’s statement Since Independent Methodist Association Incorporated (The)'s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Charity Independent Examiners, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Independent Methodist Association Incorporated (The) as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ...................................... Mark Heaton FCCA DChA KM 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG 17 June 2025 Page 11 ## Independent Methodist Association Incorporated (The) Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) |Note
Income from:
Donations
Charitable activities
Investment income
Other income
3
4
5
6
Total income
Expenditure on:
Charitable activities
Other expenditure
7
8
Total expenditure
Net expenditure
Other recognised gains and losses
Gains/losses on revaluation of fixed assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18|Unrestricted
funds £
53,934
25,096
62,878
110,673
252,581
(400,977)
(11,935)
(412,912)
(160,331)
55,048
(105,283)
2,171,066
2,065,783|Restricted
funds £
-
-
-
-
-
-
-
-
-
669
669
31,446
32,115|Total
2024
£
53,934
25,096
62,878
110,673
252,581
(400,977)
(11,935)
(412,912)
(160,331)
55,717
(104,614)
2,202,512
2,097,898|Unrestricted
funds £
56,144
6,240
46,910
175,848
285,142
(446,027)
(11,195)
(457,222)
(172,080)
88,909
(83,171)
2,254,237
2,171,066|Restricted
funds £
-
-
-
-
-
-
-
-
-
1,080
1,080
30,366
31,446|Total
2023
£
56,144
6,240
46,910
175,848
285,142
(446,027)
(11,195)
(457,222)
(172,080)
89,989
(82,091)
2,284,603
2,202,512| |---|---|---|---|---|---|---| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 18. Page 12 Independent Methodist Assodath)n Ineoryorated ffhe) (Registrydtion number: 00092321) Balance Sheet as 4t 31 D¢eemb¢r 2024 2024 2023 rte Flx¢d *M¢ts Tangible assets Investm¢nts 13 14 2115350 1.742.072 216,732 1,852.914 1,949.022 2,069,646 Current *s*ts Dcbtors Cash at bank 2nd in haT 92.331 44.301 15 77.8 74.305 152.105 136.632 Credltorn: AmouDts f#Ulng due *lthl# •De yur 16 3229 3,766 148,876 2 097.898 132.866 2,202.512 et current Ame¢• FuDdi of tbe charlty. Rtttrlcted IncoDW funds Restricted fund8 32,115 31.446 Unrutrlcted I￿¢￿￿ funds Unrestrictrd funds 2 065 783 2.171 066 097,898 Total For th¢ finJn¢ial year ¢nding 31 DeceDthu 2024 the dwity VAS entided to exemption from audit under 8KtiOD 477 of the CompuDies Act 2(KJ6 r¢l#tin8 to SMAU compgDie8. DI￿lor5, rwottsiTrJilitie8'. The members have not Twuirtd ¢h¢ cbauty to obtsift an a￿lIt of its for th¢ year in question in Jc¢ordan¢e with sedion 476: and Thc dire¢tors acknowl￿￿¢ their rtsFM)n8ibilities for C(IDpty￿8 with the r4uitettMts of the Act with re$pe¢t These acwmts have be¢n prepATed iti &wrthn￿ vrith the ptoviyioDs appli¢able ￿ companiu subject to th¢ sm811 comp8tiies regime. The Enan¢i41 $t 2025 and 12 to 21 were ww)ved by th¢ tswtrt axKI ￿th￿rite4 for isBue on 17 June fby. Mr A Britton Tntstee P48e 13 ## Independent Methodist Association Incorporated (The) ## Notes to the Financial Statements for the Year Ended 31 December 2024 ## 1 Charity status The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered office is: Independent Methodist Resource Centre Fleet Street Pemberton Wigan WN5 0DS These financial statements were authorised for issue by the trustees on 17 June 2025. ## 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. ## Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. ## Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. ## Taxation The charity is exempt from corporation tax on its charitable activities. ## Tangible fixed assets Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Freehold property 2% per annum straight line basis Fixtures and fittings 30% per annum reducing balance basis Computer equipment 30% per annum reducing balance basis Page 14 ## Independent Methodist Association Incorporated (The) ## Notes to the Financial Statements for the Year Ended 31 December 2024 ## Fixed asset investments Fixed asset investments, other than programme related investments, are 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 at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. ## Fund structure Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. ## Pensions and other post retirement obligations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. ## 3 Income from donations |3 Income from donations||| |---|---|---| |Membership dues
Donations
4 Income from charitable activities
Conferences and events
Northwood Christian Centre income
Other sales|Total
2024
£
44,598
9,336
53,934
Total
2024
£
2,780
5,840
16,476
25,096|Total
2023
£
41,878
14,266| |||56,144| |||Total
2023
£
30
4,990
1,220| |||6,240| Page 15 ## Independent Methodist Association Incorporated (The) Notes to the ## Financial Statements for the Year Ended 31 December 2024 ## 5 Investment income |5 Investment income||| |---|---|---| |Income from fixed asset investments
Interest receivable on other loans|Total
2024
£
58,178
4,700
62,878|Total
2023
£
42,210
4,700| |||46,910| 6 Other income |6 Other income||| |---|---|---| |Other income
Closure of churches
Income from sale of closed churches|Total
2024
£
97
10,576
100,000
110,673|Total
2023
£
-
175,848
-| |||175,848| 7 Expenditure on charitable activities |Note
Unrestricted
funds General
£
Wages and salaries
Pension costs
Accountancy, legal and professional fees
Payroll services
Other costs
Grant funding of activities
Independent Examiner’s remuneration
70,765
1,268
21,335
1,064
129,995
173,950
2,600
400,977
The total grants paid to institutions during the year was as follows:
Grants to churches for property and
personnel
101,500
31,200
1,400
25,000
14,500
Overseas missionary grants
Development grants
Kingdom growth grants
Building work grants
Ministry grants
350
173,950|Total
2024
£
70,765
1,268
21,335
1,064
129,995
173,950
2,600
400,977
101,500
31,200
1,400
25,000
14,500
350
173,950|Total
2023
£
45,115
1,451
33,310
1,230
57,826
304,575
2,520| |---|---|---| |||446,027| |||179,000
18,100
10,500
25,000
71,975
-| |||304,575| Page 16 ## Independent Methodist Association Incorporated (The) Notes to the ## Financial Statements for the Year Ended 31 December 2024 8 Other expenditure |8 Other expenditure||| |---|---|---| |Depreciation
9 Analysis of governance and support costs costs
Independent examiner fees
Examination of the financial statements
Accountancy, legal and professional fees
Payroll services|Total
2024
£
11,935
11,935
Total
2024
£
2,600
21,335
1,064
24,999|Total
2023
£
11,195| |||11,195| |||Total
2023
£
2,520
33,310
1,230| |||37,060| 9 Analysis of governance and support costs costs 10 Trustees remuneration and expenses During the year the charity made the following transactions with trustees: £9,663 (2023: £5,856) of expenses were reimbursed to 11 (2023 -11) of the charity`s Trustees during the year. No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. ## 11 Staff costs The aggregate payroll costs were as follows: |11 Staff costs
The aggregate payroll costs were as follows:||| |---|---|---| |Staff costs during the year were:
Wages and salaries
Pension costs
The average monthly number of employees during the year was as follows:
Charitable activities|2024
£
70,765
1,268
72,033
2024
No
5|2023
£
45,115
1,451| |||46,566| |||2023
No
3| No employee received emoluments of more than £60,000 during the year. Page 17 ## Independent Methodist Association Incorporated (The) ## Notes to the Financial Statements for the Year Ended 31 December 2024 12 Independent examiner's remuneration Examination of the financial statements |2024|2023| |---|---| |£|£| |2,600|2,520| |13 Tangible fixed assets
Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023|Freehold
property
£
401,222
-
401,222
195,554
8,024
203,578
197,644
205,668|Fixtures and
fittings £
10,241
516
10,757
8,155
1,003
9,158
1,599
2,086|Computer
equipment
£
23,105
1,037
24,142
14,127
2,908
17,035
7,107
8,978|Total
£
434,568
1,553| |---|---|---|---|---| |||||436,121| |||||217,836
11,935| |||||229,771| |||||206,350| |||||216,732| Freehold property consists of The Resource Centre in Wigan, The Northwood Christian Centre (High Leigh) and a property in Stretford. Page 18 ## Independent Methodist Association Incorporated (The) Notes to the ## Financial Statements for the Year Ended 31 December 2024 14 Fixed asset investments |Market value
At 1 January 2024
Revaluation
Additions
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Other investments
Cost or Valuation
At 1 January 2024
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
15 Debtors
Debtors: amounts falling due within one year
Prepayments
Other debtors
Debtors: amounts falling due after one year
Other debtors||Portfolio cash
£
59,196
(12,641)
46,555
46,555
59,196
2024
£
11,724
6,040
17,764
2024
£
60,036||Listed
investments
£
1,793,718
55,717
186,998
(340,316)| |---|---|---|---|---| |||||1,696,117| |||||1,696,117| |||||1,793,718| |||||Total
£
59,196
(12,641)
46,555
46,555
59,196
2023
£
20,216
6,040| |||46,555||| |||46,555||| |||59,196||| |||2024
£
11,724
6,040
17,764
2024
£
60,036||| |||||26,256| |||||2023
£
66,075| Page 19 ## Independent Methodist Association Incorporated (The) ## Notes to the Financial Statements for the Year Ended 31 December 2024 ## 16 Creditors: amounts falling due within one year |16 Creditors: amounts falling due within one year||| |---|---|---| |Other taxation and social security
Other creditors
Accruals|2024
£
2
627
2,600
3,229|2023
£
873
373
2,520| |||3,766| ## 17 Pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £1,268 (2023 -£1,451). ## 18 Funds |18 Funds||||||| |---|---|---|---|---|---|---| |Unrestricted funds
General
General fund
Designated
Fixed asset reserve
Total unrestricted funds
Restricted funds
MM & WW Kay Memorial
Fund
F & B Tetlow Fund
Total funds|Balance
at 1
January
2024 £
1,954,334
216,732
2,171,066
1,753
29,693
31,446
2,202,512|Incoming
resources
£
252,581
-
252,581
-
-
-
252,581|Resources
expended £
(400,977)
(11,935)
(412,912)
-
-
-
(412,912)|Transfers £
(1,553)
1,553
-
-
-
-
-|Other
recognised
gains/(losses)
£
55,048
-
55,048
-
669
669
55,717|Balance at
31
December
2024
£
1,859,433
206,350
2,065,783
1,753
30,362| |||||||| |||||||32,115| |||||||2,097,898| Page 20 ## Independent Methodist Association Incorporated (The) ## Notes to the Financial Statements for the Year Ended 31 December 2024 ||Balance|Balance|||||||||Balance at| |---|---|---|---|---|---|---|---|---|---|---|---| ||at 1||||||||Other||31| ||January||
Incoming|||Resources|||recognised||December| ||2023 £||resources|||expended £||Transfers £|
gains/(losses)||
2023 £| |||||£||||||£|| |Unrestricted funds|||||||||||| |General|||||||||||| |General fund|2,033,522|||285,142||(446,027)||(7,212)|
88,909||1,954,334| |Designated|||||||||||| |Fixed asset reserve|220,715||||-|(11,195)||7,212||-|216,732| ||||||||||||| |Total unrestricted funds|2,254,237|||285,142||(457,222)||-|88,909||2,171,066| |Restricted funds|||||||||||| |MM & WW Kay Memorial|||||||||||| |Fund||1,753|||-||-|-||-|1,753| |F & B Tetlow Fund|28,613||||-||-|-||1,080|29,693| ||30,366||||-||-|-||1,080|31,446| |Total funds|2,284,603|||285,142||(457,222)||-|89,989||2,202,512| |19 Analysis of net assets between|funds||||||||||| ||||Unrestricted funds||||||||| |||||||||Restricted||
Total funds|| ||||General|||Designated||funds £||at 2024 £|| ||||£|||£|||||| |Tangible fixed assets||||-||206,350||||-|206,350| |Fixed asset investments|||1,710,557||||-||32,115||1,742,672| |Current assets|||152,105||||-|||-|152,105| |Current liabilities||||(3,229)|||-|||-|(3,229)| |Total net assets|||1,859,433|||206,350|||32,115||2,097,898| ||||Unrestricted|||funds|||||| |||||||||Restricted||
Total funds|| ||||General|||Designated||funds £||at 2023 £|| ||||£|||£|||||| |Tangible fixed assets||||-||216,732||||-|216,732| |Fixed asset investments|||1,821,468||||-||31,446||1,852,914| |Current assets|||136,632||||-|||-|136,632| |Current liabilities||||(3,766)|||-|||-|(3,766)| |Total net assets|||1,954,334|||216,732|||31,446||2,202,512| Page 21