Nl Charity No 108435
ROI Registered Charity Number 20000578
The Methodist Church in Ireland
Report and Financial Statements
31 December 2024

The Methodist Church in Ireland
Contents
Contents
Officers ...............
Conference Report ........................................ .
Conference Members, Responsibilite5 Statement
21
Audit Report
.22
Group Statement of Financial Activities
.25
Statement of Financial Position
.26
Group Statement of Cash Flows
.27
Notes to the Financial Statements
.28

The Methodist Church in Ireland
Officers
President
Rev David Turtle (retired July 20241
Rev John Alderdice (appointed July 2024)
Lay Leader
Mr Tom Wilson (retired July 2024)
Ms Elaine Barnett (appointed July 2024)
Secretary
Rev Dr Heather Morris
Bankers
Danske Bank
49-51 University Road
Belfast BT7 IND
Solicitors
DWF (Northern Ireland) LLP
Jefferson House
42 Queen Street
Belfast BTI 6HL
Orpen Franks
Burlington Road
Dublin 4
Edwards and Co
28 Hill Street
BeSfast BTI 2LA
Mason Hayes Curran
South Bank House. 8arrow St
Dublin 4 D04 TR29
Auditors
Ernst & Young LLP
Bedford House
16 Bedford Street
Belfast BT2 7DT
Correspondence address
The Methodist Church in Ireland
Edgehill House
9 Lennoxvale
Belfast
BT9 5BY

The Methodist Church in Ireland
Conference report
With the delegated authority of The Members of Conference the Governance Board presents their
report and the audited group financial statements for the Methodist Church in Ireland for the year
ended 31 December 2024. The group financial statements have been prepared in accordance with
current statutory requirements and Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021.
a. Objective5 and activities of the Methodist Church in Ireland
The Methodist Church in Ireland 15 established for the advancement of the Christian religion by
promoting, through the work of Districts, Circuits, Societies, Teams and Projects. the whole mission
of the Methodist Church within Ireland.
This mission is promoted by the worship of God, by bearing witness through word and action to
God's love in and forthe world, and by providing opportunities for Christian fellowship and support.
The Methodist Church seeks to fulfil these objectives through the life and work of around two
hundred congregations (termed 'Societies'l, which are grouped into 53 Circuits throughout Ireland,
both in Northern Ireland and the Republic of Ireland. These Circuits are divided into three Districts
(North Eastern, North Western & Southern) which then are joined together in one 'Connexion',
overseen by the Annual Conference. The Connexion provides a means whereby Societies can
support each other in financial or other appropriate means.
The Methodist Church in Ireland is now constituted as a single charity in both jurisdictions.
Strategic goals
The vision statement for the Church is "Living wholeheartedly as followers of Jesus for the
transformation of the world"
The Church aims to enable those in the Methodist community to worship God in a manner which
will support and enrich their faith. It aims to share with others the message of God's love for the
whole of humanity and to serve the community in which it is placed. St also aims to give voice, as
opportunity arises, to Christian standards and insights on matters which affect the nation. It does
so in partnership with other Christian churches in Ireland, with other agencies which share its
concerns and in solidarity with Christian communities in other parts of the world.
The development of a theologically aware and skilled leadership, able to adapt to new situations,
is essential in developing this strategy. The Church is aware that it is called to mission at a time
when traditional 'Church' has less meaning for many in society and when movement of people has
changed the nature of the population in some parts of Ireland, while historic divisions are still very
evident elsewhere.
Leadership and mission are managed by a combination of the ordained office holders Iministersl,
lay people and those whom the Church employs. All who belong in the life of the Church are called
to share in these tasks. Therefore, the most significant place for undertaking the mission of the
Methodist Church is the local Society. Each congregation is required to have a Mission Statement,
and the Church Council is charged with settin6 objectives year on year to enable this mission to be
further fulfilled. Volunteers, therefore, have a substantial and highly significant role in the life of
the Church.

The Methodist Church in Ireland
Conference Report (continued)
b. Achievements and Performance
Review of 2024
The President, Rev Drjohn Alderdice, tackled the audacious objective of 'the transformation of the
world, naming it in his Installation address as 'the vocational calling of the people called Methodist,.
John's extensive previous study, broad experience and passion for Jesus in life and ministry meant
that he was uniquely positioned to point our Connexion to the nature of leadership required in the
Kingdom mission of God in a season when it is imperative for the Church to 'Be Real,. In doing so,
he led us to recognise the dangers of complacency and stagnation and, as people on the move,
transformed by Je5US, to persistently listen for the Spirit's leading in the ways we share the gospel.
Over the course of his year, John called us to become the 'first transformed, by Christ, living
transformed lives as a witness to the world around us- clay sar5 who carry precious treasure. His
example and encouragement opened the door for others to tell and hear many transformation
stories from across our island and beyond.
A full and detailed review of 2024 is included in the Annual Conference Reports and Agenda for
2025.
Governance Board
The Governance Board operates under the delegated authority of the Conference and act as the
body responsible for the day to day control, direction, administration and management of the
affairs of the church. Board members act as the Charity Trustees for the Church. The Board met
eight times during the year and in all things the Board has been mindful of the need to seek God's
guiding hand in everything that we do.
Living Wholeheartedly as Followers of Jesus for the Transformation of the World
"Living wholeheartedly...
Wholeheartedly means holding nothing back - giving 311 that we have to give, through the strength
that Jesus gives us, for'without Him we can do nothing..
As Methodists, this means our interactions with those in our neighbourhoods, schools, workplaces,
churches, and all the different communities that we belong to, are wholehearted.
Being wholehearted in our finances, our time, and our commitments is reflected in all aspects of life
whether it is how we respond to those who are suffering from poverty. those in addition. those
who differ from us. or wider societal issues such as climate change, human trafficking and the effects
of war.
Prayer remains a core value to the Methodist Church, and part of the Home Mission Team remit is
to encourage members of MCI to prioritise prayer with the local church and to promote
Connexional rythms of prayer througout the year. As part of the Connexional Theme of
'Transformation' this year, the Discipleship Development Group organised seven, 'Transformation
Prayer Gatherings, across the three districts. We are keenly aware that signiciant moves of God in
history are always preceded by season of heartfelt. intensive and sacrifical prayer. In our desire to
grow our church, both spiritually and numerically. the big challenge will be to call people to
prioritise seeking God in prayer in the context of our culture of busyness and distraction.

The Methodist Church in Ireland
Conference Report (continued)
b. Achievements and Performance (continued)
Pioneer Mission serves as one of the primary initiatives through which the Methodist Church in
Ireland explores, develops and test innovative mode15 of church. The Home Mission team oversees
this work through the Pioneer Mission Team subgroup, offering guidance and support to Pioneer
Mission leaders while also providing strategic insight into emerging Church models. The team
actively shares insights and le550n5 learned across the Connexion to foster groups in Pioneer
Mission and new expression of church. While Pioneer Mission has been taking shape for over a
decade, its roots extend even further. Today we witness a dynamic and diverse network or pioneer
individuals and communities.
There are currently 8 Pioneer Mission Projects, involving 12 Pioneer Mission Leaders. Ballynafeigh:
David and Jill Hines, Play it by Ear: Chris Neilands and Ross Jonas, Belfast City Centre Chaplaincy:
Andrew Irvine. Portrush: Chris and Hannah Agnew. Breathe= Anna Baenziger, Braniel= Neil Curran,
Galway: Steven Foster and Dublin: Stefanie and Antonio Gubayo.
Stefanie and Antonio are the most recently appointed Pioneer Mission leaders. They have
identified two or three core areas that they will focus on for the next 24 months. One of them 15
engaging people seeking asylum in IPAS centre, providing meaningful connexion and community.
They are a150 assisting people with navigating the asylum system in two locations.
The important on-going work of maintaining. renovating and transforming our buildings continues
to be the core work of the Property Board. This has been a year of transition, Conference 2024
approved the Property Process Policy and directed that it be implemented this Connexional year.
The Board has been working to this Policy during the year and has provided feedback where further
refinements are required.
The Irish Methodist Youth and Children's Department {"IMYC"l exists to love and serve children
and young people and those who lead them, desiring to help them take their place in God's mission
through the Local, Connexional and World Church. The focus of the work of the IMYC team is to
enable and support the implementation of the Methodist Church in Ireland's Youth and Children's
strategy, alongside and with the many volunteers and staff who love and seNe young people,
children and families. daily and weekly through local churches and projects.
The role of the Youth and Children's Ministry Development Workers, North and South, is to support
and resource those working with children and young people on the ground. They do this by
intentionally connecting with leaders and volunteers, visiting churches, meeting for coffees,
building connections between circuits and societies, offering encouragement, and practical help.

The Methodist Church in Ireland
Conference Report (continued)
b. Achievements and Performance (continued)
The work of the Child Care Society continued in 2024 by supportingninety-
two children within forty-two families.
. os followers of Jesus...
As Methodists the call to missional discipleship has been part of our story since the beginning.
What thi5 looks like has taken different forms at different times in history and may look different
in the future. With newly found meaning to the call we hold as Methodists, in 2023 we continued
to integrate the vision statement
'Living Wholeheartedly as followers of Jesus for the
transformation of the world. across the entire church.
The vision statement speaks to the level of commitment and intentionality of Methodists to
mission and discipleship in everyday life. On 3 practical level this takes the form of equipping
Methodists to reach out to those who do not yet know Jesus. and to support each other in
following Him. Mission is at the heart of what Methodists do and it is reflected both in the
stewardship of the finances we have been entrusted with. as well as the many initiatives which
seek to support local communities.
The Prison and Healthcare Chaplaincy Committee has a vital role in encouraging and supporting
MCI chaplains in their ministries, encouraging and sUPPOrting places of service, keeping in contact
with MCI Chaplains and gathering stories for chaplains to share with others.
Overthe past year, the MinistriesTeam has continued to support the Methodist Church's priorities
for lay and ordained ministry, by equipping people across Ireland to develop their ministry in a wide
variety of different roles and contexts. The priority of the Ministries Team is to seek opportunities
to support and equip lay and ordained ministry across the Connexion, whatever role or context
individuals are involved in. As a Connexion we recognise that each person's call and how they live
out that call is unique and distinctive. We have been created equal in God's eyes, and in God's
creative brilliance, we are different, individual and unique. As a team they look for way5 to enable,
support and resource the ministry and leadership of the whole people of God.
World Mission Partnership {WMPI connects Irish Methodists with their brothers and sisters in
other countries, so that we can help each other. In 2024, WMP supported four Irish Methodist to
serve in overseas mission: Bally and Gillian Sloan who are based in Germany, Gemma Barclay who
serves through 24-7 Prayer in Sbiza and Melissa Newell who serves through the South American
Mission Society Ireland (SAMS Ireland) and based in Ecuador.

The Methodist Church in Ireland
Conference Report (continued)
b. Achievements and Performance (continued)
The Irish Methodist World Development & Relief {WDR) question this year is simple, "Where is the
Church?-
Less money is available to those working amongst the materially poor as Non-
governmental organisations are finding it more difficult to obtain financial support or achieve as
much as they once did on their budgets. If the materially poor and those who work against them
can rely on anyone, surely it should be God's church on Earth. MCI cannot replace the previous
high levels of funding but it can do much more than it does. WDR hopes, prays and asks for
increased generous giving so that those on the margins can live life in all its fullness, as most of us
can.
Methodist Women in Ireland remain incredibly proud of their rich history of Knowing Christ and
making Him Known. MWI have exemplified unwavering dedication to mission and service, fostering
hope and support for communities around the globe.
Next year marks the 40 years of Castlewellan Holiday Week and we look forward to a year of
celebration of what has been and what isto come. Castlewellan Holiday week will be 2.
2025.
th
9 August
Belfast Central Mission's aim to provide quality, compassionate support to people at their point of
need gained a renewed focus during 2024, as they celebrated 135 years of the Mission's presence
in Belfast and beyond. As well as supporting people at their point of need, BCM have also re-
emphasised their determination to contribute to efforts to address the root cause of such need.
The work of Dublin Central Mission has focused on mobilising their Homeless Ministry,
recommencing coffee drop-in and healing service using Church of Ireland building in Dublin City
Centre, facilitating addiction support groups using rooms rented from a Presbyterian Church,
takeover of new site for day services forolder persons in conjunction with HSE and commencement
of a 3 year Pilot in social housing.
East Belfast Mission continues to focus on a number of areas including Education and Employment,
Crisis Support. Poverty and Homelessness. Faith and well-being. Development and Innovation and
Social Economy Business. Sadly. the Crisis Support, Poverty and Homelessness is a growth aspect of
the work of EBM. The Community fridge helps approximately 80 families per week.

The Methodist Church in Ireland
Conference Report (continued)
b. Achievements and Performance (continued)
Work of God
At two recent listening days with ministers and lay workers in the North Eastern District it became
clear as they shared that God is growing his church across the district. Nearly every church reported
that new people have joined. For many the number is small but a few report that growth is strong.
The conversation was encouraging but realistic as it was recognised that the pandemic was still
having a negative impact on the church. Because of the age demographic in many of our churches,
the number of funerals were outstripping the number of new people.
A notable feature of life in the North Western district is the ability to address problems, and to
maximise opportunities and this is shown in a variety of ways. They have significantly less ordained
colleagues seNing in the district compared to 5 years ago and a response has been the employment
of a number of excellent lay pastors, both full-time and part-time. There are levels of growth in
Sunday morning communities as almost all our congregations have seen new people come into
their life.
The Southern District has experienced a year marked by growth in many areas through community
engagement, and a commitment to serving diverse populations. Congregations across the Distrcit
have shown a strong desire to share the Gospel in meaningful and innovative ways. Congregations
are actively engaged in worship, outreach and service, demonstrating 3 commitment to embodying
the love of Christ in their communities. The Circuits all highlight the transformative power of the
Gospel and the dedication of congregations to sharing it with others.
for the transformation of the world"
While he had been a follower of Jesus for many years, in May 1738 at a meeting in Aldergate
Street, John Wesley, through an encounter with the Holy Spirit. had a new experience of God's
ove. He described this experience in hisjournal saying."I felt my heart strangely warmed". Wesley
welcomed the ongoing work of the Spirit in the world. the church and in the life of Christians. As
Methodists today we believe that every follower of Jesus can know this love of God deeply as
people who are "warm-hearted, rejoicing and confident in the Gospel..
All of this shows that Jesus is building His Church. Our role is to continue to get on board with what
the Holy Spirit is doing. There is hope for the future for God is not finished with us.
Strategic Plans:
The Connexional Team believes that the vision statement launched at Conference 2021 - 'Living
wholeheartedly as followers of Jesus, for the transformation of the world, is a vital expression of
who we are as a Methodist people and an invaluable tool for discipleship and mission. 'Living
wholeheartedly asfollowers of Jesus, forthe transformation of the world, first necessitates us being
a prayerful and worshipful people. Seeking God with heart, soul, mind, and strength individually
and communally.

The Methodist Church in Ireland
Conference Report (continued)
b. Achievements and Performance (continued)
Strategic Plans (continued)
This vision statement underpins our decisions and focus for the year5 ahead. It is significant to note
the common commitment across the Teams to this vision statement and the many ways in which
Teams are working closely together. Teams report of their work to the Connexional Team, which
is a vital forum for consultation, collaboration and alignment of activity.
An out-working of the vision statement is found in the Youth & Children's Strategy, agreed at
Conference 2023. It sets four key strategic priorities:
l. Every Circuit strategy- accompanying every circuit as they develop a strategy to enable
them to be intentionally discipling and actively reaching young people and their families.
2. New Faith Communities - Pioneering new faith communities. whose primary goal it is to
reach young people and their families.
3. Leaders who are young- Intentional passing on of leadership, engaging and releasing the
under 25s into leadership that shapes the Methodist Church in Ireland.
4. Theological resourcing We will be a church that is engaging and informing on cultural
issues so that young people have safe spaces to process the issues and questions relevant
to their world and stage of development.
It is our aim that "by 2028 there will be a substantial increase in the numbers of young people who
are wholehearted followers of Jesus for the transformation of the world." A substantial increase
will mean the Methodist Church in Ireland will look different due to the life and vitality young
people and children bring as they live as disciples of Jesus, sharing their faith and heart.
There is also significantfocus beinggiven to the area of growth, and an acknowledgement of decline
which is facing most churches. The Connexional Team has been engaging in conversation around
how to grow MCI numerically, spiritually and missionally and are looking to be intentional in growth
and evangelism over the coming years. A period of listening across the Districts by the District
Superintendents has brought encouraging stories of small pockets of growth across the Island and
we are hopeful that the appointment of a Growing Churches Officer Ilrelandl will help these small
signs of growth to expand. This new stationed post will begin in September 2025.
c. Financial Review
The Group Statement of Financial Activities forthe year ended 31 December 2024 is set out on page
25 of the financial statements. The Methodist Church in Ireland returned a funds surplus for the
year of £3m12023: £2m - restated} before unrealised gains and losses. This significant movement
is primarily due to an increase in income in the year and an increase in income from charitable
activities in the year.

The Methodist Church in Ireland
Conference report
c. Financial Review (continued)
Consolidated total income increased from £33.8m in 2023 to E36.7m in 2024, primarily as a result
of an increase in income from charitable activities received in 2024. During the year, the Methodist
Church in Ireland received a grant from Benefact Trust of £IOO,000 and from the Youth Services
Grant Scheme of £38,432.
Resources expended increased from £33m in 2023 to £34.9m in 2024, primarily due to additional
repairs and maintenance work on property during the year alongside an increase in salary costs for
the group.
During 2024 the Governance Board performed an assessment {including obtaining legal advice)
related to the Methodist Church in Ireland's control over the four missions historically consolidated
within the group annual financial statements. This assessment concluded that while the Methodist
Church in Ireland controlled the Dublin Central Mission Limited, East Belfast Mission and Belfast
Central Mission, it does not have control over the North West Methodist Mission. Consequently,
the Governance Board assessed that the consolidation of the North West Methodist Mission within
the group annual financial statements was incorrect. The 2024 annual financial statements have
been prepared excluding the consolidation of the North West Methodist Mission had never been
consolidated with the group financial statements since no control existed in the prior year. The
impact of this restatement is set out in note 31 to the financial statements, but in summary reduced
the Charity's previously reports Net Assets / Total Funds as at 31 December 2023 by £1.4m
Conference remains committed to good stewardship of funds received, a high standard of service
provision and a prudent reserves policy.
Investment policy and review
At 31 December 2024 fixed assets investments with a market value of £31.2m {2023: £29ml were
held. £22.7m 12023: £21.3m} of these investments are managed by Epworth Investment
Management on behalf of the Church in their Epworth Investment Funds for Charities. These are
ethical Charity Authorised Investment Funds. The Funds will seek to establish a diversified portfolio
of sustainable companies to capture exposure to all significant sectors of the market. No sector will
be automatically included or excluded. They will avoid investment in companies whose business 15
wholly or mainly involved in alcohol, armaments. gambling, pornography, tar sands. thermal coal
and tobacco.
The Epworth Multi Asset Fund is an all-in-one investment fund solution for Charities, seeking to
deliver an attractive level of income and long-term capital growth.
The Epworth UK Equity Fund for Charities seeks to provide a level of income and capital growth
greater than that of the FTSE All Share by investing ethically in the shares of UK companies.
The Epworth Global Equity Fund for Charities seeks to provide a level of income and capital growth
greater than that of the FfsE All World Index (measured in Sterling) by investing ethically in the
shares of global companies.
Epworth Investment Management follow the Ethical policy of the Methodist Church in Great
Britain. The Trustees of the Methodist Church in Ireland are represented on the Joint Advisory
10

The Methodist Church in Ireland
Conference Report (continued)
c. Financial Review (continued)
Investment policy and review (continued)
Committee on Ethical Investments which handles this policy, this Advisory Committee is made up
of five people nominated by the Central Finance Board of the Methodist Church in Britain and five
people nominated by the British Methodist Conference, and this committee monitors the Church
investments to ensure that they comply with the ethical stance of the Church.
Performance and holdings:
An annual review to 30 September each year is completed by the Statutory Trustees. The
performance of the funds to 30 September 2024 presented by Epworth to the Statutory Trustees
was as follows:
l year
+18.6%
3 years
+4.7%
Climate Stewardship Fund
Multi Asset Fund
+11.6%
+2.5%
In addition, investments are held by societies, funds and Missions and these are managed by a
variety of fund managers. Societies, Circuits and Connexional Funds are encouraged to invest
surplus funds in the Epworth funds as opposed to investing via independent fund managers.
Risk Management
The Governance Board recognise that it 15 neither possible nor appropriate to seek to eliminate risk
entirely. Risk-taking is inherent within the task of communicating the Gospel, John Wesley himself
took risks in establishing the Methodist communities. The task of the Governance Board is
therefore to embrace risks that aim to advance the Church's purposes while ensuring that those
risks which might have a negative impact are avoided or minimised.
During 2024 the most significant general risks are:
al Risk of people leaving congregations and not passing on faith to the next generation- this
15 being addressed by a number of new Pioneer initiatives which seek to reach those not
currently with faith through community presence and outreach.
b} Risk to Reputation
this is monitored at Circuit, District and Connexional level through
compliance with the Manual of Laws and a system of checks and balances contained
therein.
c) Failure to exercise an appropriate duty of care
this is mitigated by the Protection
Guidelines in place, the training offered and compliance with the various registration
requirements of the authorities.
d) Mismanagement or Erosion of Financial Resources- this is mitigated by adherence to the
Manual of Laws, external audit, the appointment of professional investment managers,
Trustee meetings and oversight by responsible Boards and Committees.
el Failure to engage effectively in mission
this is mitigated by review by the Governance
Board, effective recruitment and training of leaders, and development of strategie5.

The Methodist Church in Ireland
Conference Report (continued)
c. Financial Review {continued)
fl Failure to make effective use of people resources- this is mitigated by promoting ministry
within congregations, ongoing motivation and appraisal of staff and clear training,
recruitment and employment policies.
g) Failure to take appropriate profe55ional advice - this is mitigated by the training of staff,
having adequate insurance cover in place and seeking advice on specialist areas.
h) Failure to handle potentially divisive issues in a positive and creative manner- this is
mitigated by the wide representation of the Conference and the system of its
Committees. A process of conflict mediation is being developed.
The Methodist Church in Ireland is a widely dispersed organisation and as such faces certain
financial risks.
The key financial risks are:
al Dependency on limited income sources and inability to attract donations from the general
public. In order to manage this risk the Church reviews its structure regularly, changing
circuits when necessary to realign costs to match income.
bl Fluctuation5 in investment income. In orderto manage this risk the Statutory Trustees have
engaged the services of professional Investment Advisors and have established benchmark
criteria to monitor performance against the market. Investment5 are made in unitised
funds as opposed to a bespoke portfolio of individual stocks and shares.
c) An unforeseen increase in the actuarial shortfall on the defined benefit pension scheme.
The pension scheme is managed by a Board of Trustees, who meet regularly and include in
their discussion the liabilities and assets of the scheme. A prudent approach has been taken
to funding the Scheme.
d} A sustained fall in the value of the investments and property appearing in the balance
sheet. Whilst this is a key risk it is deemed as unlikely to occur given the dispersed location
of property throughout Ireland. Although there was a fall in the value of investments in the
prior year, this has not continued in the current year due to the working relationship with
the Investment Manager.
e) Fluctuations in the Euro/GBP exchange rate can significantly impact results.
Internal controls
Risk management is only a part of the wider system of internal control. This system encompasses
a number of elements that together facilitate an effective and efficient operation. enabling the
Church to respond to a variety of operation, legal, financial and commercial risk5. These elements
include:
12

The Methodist Church in Ireland
Conference Report (continued)
c. Financial Review (continued)
(a) Policies and procedures which are being written to underpin the internal control system.
(b} A reporting structure which allows for the monitoring of key risks and their controls,
allowing decisions to rectify problems to be made at regular meetings of the Governance
Board if appropriate.
Icl An annual budgeting process undertaken by the Finance and Budget Sub-committee
which is used to allocate resources.
(d) A review of the Risk management Policy was carried out during the year. In the coming
year it is planned to hold Risk Management training for all risk holders and keep all risk
registers, including Corporate Risk Register, across MCI under regular review.
lel Audit & Assurance Committee: the Audit & Assurance Committee oversees the audit
processes and when required reviews internal controls.
(f) External Audit: external audit provides a report to the Audit & Assurance Committee on
its findings.
Reserves policy
The Trustees reserve policy is to maintain reserves to cover the fixed asset5 and investments
together with approximately 6 months of consolidated expenditure. At 31 December 2024 total
reserves of £245m were held, of which £11.5m were restricted and £673k deficit relates to the
Pension Reserve which is held to cover the pension liability arising from obligations to the defined
benefit pension scheme {see note 21). Unrestricted reserves were £234.5m.
Going concern
Whilst there are overall pressures on the finances of the Methodist Church in Ireland as a result of
the current cost of living crisis and inflation, the Trustees believe that at this time the Church has
adequate financial resources and is able to manage the general risks. The overall fund balance at
the year ended 31 December 2024 amounted to £245m, comprising of £23m cash. £31m in
investments, and £185m of fixed assets. The cash and investment holdings alone equate to over 18
months of total spend. Planning processes including financial projections of Connexional Funds and
Societies covering a period to 31 December 2026 and the impact on various sources of income and
planned expenditure have been considered. The Trustees believe that there are no material
uncertainties that call into doubt the Church's ability to continue in operation, and further, that the
Church has sufficient resources to continue to meet its obligations for a period to 31 December
2026. Accordingly, the Methodist Church in Ireland continues to adopt the going concern basis in
preparing its report and financial statements.
d. Structure, Governance and Management
The entities included in these financial Statements are-
The Circuit5 and Societies of the Methodist Church in Ireland I"Churches"I
The Connexional Funds (as listed in note 27); and
The Missions, including East Belfast Mission, Belfast Central Mission, Dublin Central Mission
and Mount Tabor Limited (each of which are separately registered charities)
13

The Methodist Church in Ireland
Conference Report (continued)
d. Structure, Governance and Management (continued)
Structure
The Methodist Church in Ireland applied and became a registered charity in ROI during April 2016
and became a registered charity in Nl during February 2022.
The Governance and Discipline of The Methodist Church in Ireland and the management and
administration of its affairs are vested in the Conference. The Conference is responsible for the
governance of The Methodist Church in Ireland. The Conference is a representative body of equal
numbers of ministers and laypersons from the 3 districts of The Methodist Church in Ireland as well
as other bodies of the Church.
The Conference meets annually and consists of two sessions: Ministerial & Representative.
In accordance with the Constitution (VI.10}. and with the exception of the duties laid out in Chapter
7 (Manual of Laws), Conference delegates all control, direttion. administration and management
of the day-to-day governance of the Methodist Church in Ireland to the Governance Board. This
delegation also includes the direction that the Governance Board act as the Charity Trustees of the
Church. As Trustees their names are publicly available on the Charities Regulatory Authority
website.
Conference Delegates
Conference in 2023 agreed changes to the Constitution of the Conference, which are as follows:
The Conference in its Ministerial Session shall consist of:
The President and the ministers appointed by the British Conference to accompany
her/him.
All ministers in Full Connexion with the Methodist Church in Ireland.
The Conference in it5 Representative Session consists of the President of the British Conference and
the representatives appointed by that Conference, together with not less than 100, nor more than
150 ministers, and an equal number of lay members, elected or appointed in accordance with the
rules and regulations of the Conference.
14

The Methodist Church in Ireland
Conference Report (continued)
d. Structure. Governance and Management (continued)
The ministers shall consist of: The President of the Methodist Church in Ireland, The General
Secretary of the Methodist Church in Ireland, The Ex-President of the Methodist Church in Ireland,
The Assistant Secretaries, The District Superintendent5, All stationed ministers in Full Connexion
with the Methodist Church in Ireland, All ministers who are in Full Connexion, and who have
permission to be without a stationed appointment or to serye with other bodies who are not
retired, Covenant partnership ministers who are stationed in Covenant Partnership Churches,
Ministers who have filled the office of President of the Church prior to 1995; after 1995 minister5
who have filled the office of President of the Church following the completion of their Presidential
year for a period of four years, Additional members in Full Connexion, elected by all ministers in
Full Connexion according to the allocation printed in the Minutes of Conference.
The lay members shall consist of: The Connexional Lay Leader, Any Lay Assistant Secretarylsl of
the Conference, The District Lay Leaders, Lay Representatives nominated by Circuit Executives, as
provided for in paragraph 7.08, Lay Representatives to be elected by the Committees of the
following Funds and Institutions from among their own members: World Mission Partnership,
Methodist Youth and Children's Team, World Development and Relief. Council on Social
Responsibility12). The Faith and Order Committee12), Statutory Trustees, Local Preachers, The
Ministries Team, Methodist Women in Ireland (2), Finance Sub-committees of the Governance
Board, Prison and Healthcare Chaplaincy. Inter Church Relations. Home Mission Team, Property
Board, Board of Education, Irish Methodist Ministers Retirement Fund, Methodist Children's Fund,
Childcare Society. Three Youth Representatives, who shall not exceed twenty-eight year5 of age at
the time of her/his selection, from each District, selected by the District Superintendent in
consultation with the Irish Methodist Youth and Children's Team, The Lay members of the
Governance Board, Three representatives nominated by the Pioneer Mission Team, Lay
Representatives elected bythe Governance Board in such numbers, with the foregoing, to complete
the number required.
15

The Methodist Church in Ireland
Conference Report (continued)
d. Structure, Governance and Management (continued)
Conference Delegates Icontinuedl
Lay representatives to Conference shall be those persons nominated by the Circuit Executives.
Those eligible must be at least eighteen years of age and members of the Methodist Church for at
least two consecutive years immediately preceding nomination. Circuit Executives Shall also
nominate persons as substitutes in case the first nominee is unable to attend. Superintendents of
Circuits are required to inform the Secretary of the Conference of the names of the persons
nominated and that such persons are prepared to attend. Each Circuit with less than 300 members
shall have one representative, and each Circuit with 301 600 members shall have two
representatives, and Circuits with more than 600 members shall have three representatives
annually.
The numbers of members for this purpose shall be those printed in the Minutes of the previous
Conference and shall not include junior members.
The Lay Supplemental List shall consist of those nominated as substitutes by the Circuit Executives.
The full Supplemental List of each District shall be sent to the Secretary of the Conference who shall
summon representatives therefrom as vacancies occur
All mission partners of the Irish Conference on furlough at the time of the meeting of the
Conference shall be honorary members of the Conference. entitled to all the privileges of the
Representative Conference excluding the right to vote, while ministers shall also be entitled to full
membership of the Pastoral Session of the Conference.
Training of Trustees
All new trustees are encouraged to familiarise themselves with the aims and work of the charity,
and to ensure they understand fully their responsibilities as Trustees and the organisational
expectations in term5 of theircommitment. During the year a training course was provided for new
Trustees.
Related Parties
The various parts of the legal framework within which The Methodist Church in Ireland is governed
to allow for the setting up of separate bodies all reporting into the Governance Board to handle
specific aspects of the Church's work and/orto discharge a specific powerof the Church. The Church
has regular dealings with the Retirement Benefit Scheme. Lay employees and Ministers, who
receive a stipend, may be members of Conference. Full details of transactions with these related
parties and any outstanding balances at the year-end are provided under note 28 to the accounts.
16

The Methodist Church in Ireland
Conference Report (continued)
d. Structure, Governance and Management (continued)
The Methodist Church in Ireland Governing document
The Methodist Church Acts of 1915 and 1928 grant authority to the Conference to hold finance and
property through its Trustees, both Statutory and Local. The Constitution of the Methodist Church
in Ireland was registered in 1927 by Deed Poll both in the Court of Chancery in Northern Ireland
and the High Court of Justice in what is now the Republic of Ireland. Any changes to the Constitution
may only be approved after one yearfs notice of motion has elapsed and two successive
Conferences have passed them by at least a 75% majority.
The Manual of Laws and Discipline, which contains the regulations of the Church, can be altered bv
a majority vote of the Conference. A yearfs notice of motion must be given for the alteration of the
constitution of any Connexional Committee or Court of the Church. The Manual of Laws is available
on the Church's website.
The Governance Board
The Governance Board of the Methodist Church operates under the delegated authority of
Conference to act as the body responsible for the day-to-day control, directions, administration and
management of the affairs of the Church.
Audit and Assurance and Finance and Budget Committee's
The Audit and Finance Committees are the principal vehicle through which the Governance Board
Seeks assurance on, and oversight of, all things financial and on the processes and procedures
involved in the running of the Church. The work is split between two sub-committees, The Audit
and Assurance Sub-committee and The Finance and Budget Sub-committee. The Audit and
Assurance Sub-committee is responsible for the review and approval of the Financial Statements
and for liaison with the Auditors, who when they have approved the Financial Statements can
request the Governance Board to approve and for the President and Secretary of Conference to
sign the Financial Statements on behalf of Conference.
17

The Methodist Church in Ireland
Conference Report (continued)
d. Strurture, Governance and Management (continued)
The Audit and Assurance Sub-committee
The Audit and Assurance Sub-committee meets a number of time5 per year and reports to the
Governance Board. The remit of the AAC is:
al to review management's annual financial Statements and reports to ensure they reflect best
practice;
bl to discuss with the External Auditors the nature and scope of each forthcoming audit and to
ensure that the Auditors have the full cooperation of staff:
c} to consider the adequacy of the processes used to prepare relevant reports, including Strategic
Plans; Risk Registers; Budgets," Management Accounts," the Annual Accounts- and, if so applicable
and any other reports including responses by Management, issued by the Auditors, and to consider
the implications of such reports with respect to governance and risk monitoring and to make
recommendations to Governance Board;
dl to review the effectiveness of the internal control system and risk management processes to
ensure that the aims, financial results and key performance targets are achieved in the most
accurate. efficient and timely manner possible across the organisation to consider in conjunction
with management and the external auditors the appropriateness of the key accounting policies- the
impact of any changes to accounting policies; the basis for arriving at any significant estimates and
judgments applied in the financial statements. to give consideration to the appropriateness of the
going concern concept conclusions and the key overall financial and operational risks to which the
organisation is exposed.
e) to consider the completeness and accuracy of all financial returns prepared by Churches,
Missions and Connexional Fund personnel in conjunction with management and the training
arrangements operated by management to train treasurers to prepare accurate and complete pro-
forma returns;
fl to considerthe adequacy of systems maintained by management to ensure compliance with laws
and regulations (including, but not restricted to, environmental; health & safety; fire regulations,
data protection, employment; pension; child protection, taxation and charity laws};
The Finance and Budget Committee
The Finance and Budget Sub-committee is responsible forthe day-to-day finances of the Methodist
Church in Ireland and supports the work of the Finance Department. The committee met regularly
over the course of the year and oversaw the continuing implementation of the new Connexion-
wide accounting system.
Remuneration policy
The Finance and Budget Sub-committee is also responsible for setting the stipend structure for
ministers throughout the Church. The individual Committees for Home Missions, and the Standing
Committee of the Trustees of the Methodist Church in Ireland are responsible for the stipend5 for
the Home Missions Secretary when a minister and Secretary of Conference respectively. The
Standing Committee of the Trustees of the Methodist Church is responsible for the salary of the
Head of Finance. There is no performance related pay.
18

The Methodist Church in Ireland
Conference Report (continued)
d. Structure, Governance and Management (continued)
Remuneration policy (continued)
Through a combination of the Governance Board, Audit & Assurance Committee, Finance and
Budget Sub-committee, and other Committees there is oversight of the Connexional Fund budgets
and financial resourcing needs which are met and controlled via the comprehensive assessment
system. Actual performance against budget is monitored on an annual basis. Trustee office staff
seek advice from professionals in areas such as investment management, actuarial, legal, property
management and accounting as required.
The Statutory Trustees of the Methodist Church in Ireland
The Manual of Laws restricts the ability of Societies, Circuits and Connexional Funds to hold
property and hence with a small number of exceptions, instead property is controlled and
monitored centrally via the Statutory Trustees.
The StatutoryTrustees of the Methodist Church in Ireland119 in number, appointed by Conference)
hold the title deeds to the properties owned for the benefit of the Church and investments on
behalf of Circuits and Connexional Funds throughout the Church. The Statutory Trustees are
therefore in effect the custodian of the vast majority of Church property, tangible and intangible,
on behalf of the Methodist Church in Ireland. Trustee office staff seek advice from professionals in
areas such as investment management, actuarial, legal, property management and accounting as
required.
e. Reference and administrative details
The Church applied and became a registered charity, Yrustees of the Methodist Church in Ireland"
in April 2016 in the Republic of Ireland (reference number 200005781 and in February 2022 with
the Charity Commission in Northern Ireland (reference number 1084351.
The principal address for correspondence is The Office of the Secretary of Conference, Edgehill
House, 9 Lennoxvale, Belfast, BT9 5BY. The charity's Trustees are the members of conference who
served during the previous two Conferences and are listed on the Charities Regulatory Authority
website.
The charity trustees who served during the year were Mr David Best (Chair), Rev Dr Heather Morris
(General Secretary), Rev Dr John Alderdice (President), Ms Elaine Barnett (Lay Leaderl, Rev Alan
Wardlow {President Designatel, Rev David Turtle (Ex-President}, Rev Richard Rowe, Rev Derek
Johnston, Mr John Clarke. Rev Harold Agnew, Mr Paul Cummings, Mrs Gillian Kingston, Mr Bruce
Mullen, Mr David Brown, and Ms Jackie Wright.
f. Exemptions from Disclosure
No exemptions from disclosure have been taken.
19

The Methodist Church in Ireland
Conference Report (continued)
Volunteers
Whilst not quantified in these financial statements, this report would be incomplete without an
acknowledgement of the immeasurable contribution of volunteers giving their time and expertise
freely to serve at Conference, various committees and working groups and all through the
Connexion at district, circuit and local church levels.
Disclosure of information to the auditors
So far as each person who was an Audit and Assurance Sub-committee member at the date of
approving this report is aware, there is no relevant audit information, being information needed by
the Auditor in connection with preparing its report. of which the Auditor is unaware. Having made
enquiries of fellow committee members and the charity's Auditor, each Audit and Assurance Sub-
Committee Member has taken all the steps that he/5he 15 obliged to take as an Audit and Assurance
Sub-committee Member in order to make himself/herself aware of any relevant audit information
and to establish that the Auditor is aware of that information.
On behalf of the Governance Board on behalf of Conference
LOIVL 5
Secretary
th
30 October 2025
20

The Methodist Church in Ireland
Conference Members, responsibilities statement
The Conference Members have delegated the responsibility for preparing the Annual Report and
the financial statements to the Governance Board.
Under charity law the Governance Board are required to prepare financial statements for each
financial year which give a true and fairview of the state of affairs of the Funds and of their financial
activities for that year. As required by charity law the Governance Board have prepared the group
and charity financial statements in accordance with applicable law and United Kingdom Generally
Accepted Accounting Practice IUK GAAPI. including, "Financial Reporting Standard FRS 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland" IFRS 1021 and the
"Accounting and Reporting by Charities". Statement of Recommended Practice applicable to
charities preparing their account5 in accordance with the Financial Reporting Standard applicable
in the Uk and Republic of Ireland" (Charities SORPI. Under charity law the Governance Board 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 group and the charity and of the profit and loss of the group and the
charity for that period.
In preparing the financial statements the Governance Board are required to
Select suitable accounting policies in accordance with FRS 102 and apply them consistently.
make judgements and accounting estimates that are reasonable and prudent.
present information, including accounting policies, in a manner that provides relevant,
reliable, comparable and understandable information.
provide additional disclosure when compliance with the specific requirements in FRS 102
is insufficient to enable users to understand the impact of particular transactions, other
events and conditions on the group and charity financial position and financial
performance.
observe the methods and principles in the Charities SORP.
State whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The Governance Board are responsible for keeping adequate accounting records that are sufficient
to show and explain the group and charit¢s transactions and which disclose with reasonable
accuracy at any time the financial position of the Funds to enable them to ensure that the financial
statements comply with applicable law and UK GAAP, including FRS 102 and the Charities SORP.
They are also responsible for safeguarding the assets of the Funds and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities. Under applicable law and
regulations, the Governance Board are also responsible for preparing trustees report (the
Conference Report) that complies With that law and those regulations. The Governance Board are
responsible for the maintenance and integrity of the charity and financial information included on
the charity's website.
21

The Methodist Church in Ireland
Independent auditors, report
to the Conference Members of the Methodist Church in Ireland
Opinion
We have audited the financial statements of The Methodist Church in Ireland for the year ended 31
December 2024 which comprise the Group Statement of Financial Activities, the Group and Charity
Statement of Financial Position, the Group Statement of Cash Flows and the related notes I to 32,
including as summary of significant accounting policie5. The financial reportingframework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting standard
applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
give a true and fairview of the state of the Group and Charity's affairs as at 31 December 2024 and
of the Group's incoming resources and application of resources. for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
have been prepared in accordance with the requirements of the Charities Act {Northern Ireland)
2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK}l and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report below. We are independent
of the charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Conclusions relating to going concern
In auditingthe financial statements. we have concluded thatthe trustees. use of the going concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relating to
events or conditions that. individually or collectively. may cast significant doubt on the Group and
Charity's ability to continue as a going concern for a period to 31 December 2026.
Our responsibilities and the responsibilities of the Conference Members with respect to going concern
are described in the relevant sections of this report. However, because not all future events or
conditions can be predicted, this statement is not a guarantee as to the Group's and Charitvs ability to
continue as a going concern.
Other information
The other information comprises the information included in the annual report, otherthan the financial
statements and our auditor's report thereon. The Conference Member5 are responsible for the other
information contained in the annual report.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
22

The Methodist Church in Ireland
Independent auditors, report
to the Conference Members of the Methodist Church in Ireland
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements. we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of the other information. we are required to report that
fact.
We have nothing to report in this regard.
Matters on which we are ￿qUired to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and
Reports) Regulations {Northern Ireland) 2015 require us to report to you rf. in our opinion:
the information given in the Conference Report is inconsistent in any material respect with the
financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Responsibilities of Conference Members
As explained more fully in the Conference Members. responsibilities statement set out on page 21, the
Conference Members are responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view. and for such internal control as the trustees determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the Group and Charity's
ability to continue as a going concern. disclosing. as applicable. matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the charity
or to cease operations. or has no realistic alternative but to do so.
Auditor's responsibilities forthe audit of the financial statements
We have been appointed as auditor undersection 65{21 of the Charitie5 Act {Northern Ireland) 2008 and
report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an
audit condurted in accordance with ISAS (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate. they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
Explanation os to whot extent the audit was considered capable of detecting irregularities. including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities. outlined above. to detect irregularitie5. including f raud. The
23

The Methodist Church in Ireland
Independent auditors, report
to the Conference Members of the Methodist Church in Ireland
risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by. for example, forgery or intentional
misrepresentations, or through collusion. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below. However, the primary responsibility for the prevention
and detection of fraud rests with both those charged with governance of the entity and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the
Group and Charity and determined that the most significant are the Charities Acts (Northern
Ireland) 2008 and 2022, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015
and The Charities {Annual Return) Regulations (Northern Ireland) 2020.
We understood how the Group and Charity are complying with those frameworks by making
enquiries of the Governance Board and management of the Group and Charity to understand how
the Group and Charity maintains and communicates their policies and procedures in these areas,
and corroborated this by reading supporting documentation. We also read correspondence with
relevant authorities.
We assessed the susceptibility of the Group and Charity's financial statements to material
misstatement, including how fraud might occur by considering the risk of management override
and by assuming income recognition to be a fraud risk. Where this risk was considered higher, we
tested such income by agreeing specific transactions to source documentation, agreeing to records
maintained by the trustees and the receipt of payment in bank statements to address each
identified fraud risk to provide reasonable assuran￿ that the financial statements were free from
material fraud or error.
Based on this understanding we designed our audit proceduresto identify noncompliance with such
laws and regulations. Our procedures involved testing journal entries identified by specific risk
criteria. We read the minutes of various Board and Committee meetings to identify any non-
compliance with laws and regulations. We also made enquiries with those charged with governance
and of management of the Group and Charity regarding compliance with laws and regulation.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at https:/lwww.frc.org.uk/auditorsresponsibilities.
This
description forms part of our audttorfs report.
Use of our report
This report is made solely to the confe￿nce Members, as a body, in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations {Northern Ireland) 2015. Our audit work has been
undertaken so that we might state to the charity's trustees those matters we are required to state to
them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone otherthan the charity and the charity's trustees as a body, for
our audit work, for this report, or for the opinions we have formed.
Michael Christie {Senior Statutory Auditor)
Belfast
Date 30 October 2025
Ernst & Young LLP is eli8ible to act as an auditor in terms of section 1212 of the Companies Act 2006
24

The Methodist Church in Ireland
Group Statement of Financial Activities
for the year ended 31 December 2024
2024
Unrestricted Restricted Totalfunds
funds
funds
2023
Total
funds
(re5tatedJ
£000
Notes
£000
£000
£000
Income and endowments:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
Total
10,724
4,658
10,077
621
3.017
29.097
2,295
5,135
103
128
13,019
9.793
10,180
749
3.017
36,758
17,706
2,949
9,599
721
2,841
33,816
7,661
Expenditure:
Raising Funds
Charitable activities
Other
Total
50
52
40
19,765
8,058
27,873
7,039
76
7,117
26.804
8,134
34,990
26,310
7.047
33,397
Net gains/llosses) on investments
Net income/(expenditure)
13
1,151
2.375
356
900
1,507
3.275
1.663
2.082
Transfers between funds
13,413)
3,413
Other Recognised Gains and
Losses:
Actuarial110ssesl/gains on defined
benefit pension schemes
Other gains/llossesl
22
16731
(673)
173
io
11311
(81
(139)
(292)
Net movement in Funds
(1.842)
4,305
2,463
1,963
Reconciliation of funds:
Total funds brought forward
235,680
7,236
242,916
240,953
Total funds carried forward
233,838
11,541
245,379
242,916
The results for the year are represented by the net movement in funds in the group statement of
financial activities. There are no recognised gains or losses in the current or preceding year other
than those shown in the group statement of financial activities above. All amounts derive from
continuing operations. There is no material difference between the net expenditure for the
financial year above and their historical c05t equivalents.
25

The Methodist Church in Ireland
Statement of Financial Position
at 31 December 2024
Group
2023
(restotedj
Charity
2023
2024
2024
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
Investment property
Investments
Total fixed assets
li
12
13
185,383 183,302 174,257 171,782
6,525
6,145
6,350
6,145
31,204
29,046
25,159 23,904
223,112 218,493 205,766 201,831
Current assets
Property held for disposal
Stocks
Debtors
Current asset investments
Cash at bank and in hand
Total current assets
14
15
16
17
18
646
653
646
653
1,372
1,125
22,600
25,751
2,161
565
1.280
25.166
27,988
19,230 20,163
20,441 22,096
Creditors
Amounts falling due within one year
Net current assets
Total assets less current liabilities
19
2,587
3,468
866
1,666
23.164
24,520
19,575 20,430
246,276 243,013 225,341 222,261
Creditors
Amounts falling due after more than one
year
Net assets excluding pension assets and
liabilities
Pension asset
Pension liability
Net assets
20
224
97
224
97
246,052 242.916 225,117 222,164
22
22
673
673
245,379 242.916 224,444 222,164
Funds
Restricted funds
Unrestricted funds
Pension Reserve
Total funds
26
26
26
27
11,541
7,236
10,873
6.540
234,511 235,680 214.244 215,624
1673)
(6731
245,379 242,916 224,444 222,164
The financial statements were approved by Governance Board who authorised the following to
th
sign on its behalf on 30 October 2025:
President of the Methodist Church in Ireland
Secretary of Conference
26

The Methodist Church in Ireland
Group Statement of cash flows
for the year ended 31 December 2024
2024
2023
(restotedj
£000
£000
Cash flows from operating activities
Net incoming/(outgoing) resource5 for the year
Adjustments for:
Depreciation
Unrealised {Gainsl/Losses on investments
Dividends received
(Profit}/Loss on sale of fixed assets
Revaluation of investment property
Increase in property held for disposal
Ilncreasel/Decrease in stocks
Ilncrea5e)/Decrease in debtors
IDecrease}/lncrease in creditors
Foreign exchange arising on consolidation
Net cash (outflow)/ inflow from operating artivities
3,275
2,082
2,676
11,5071
14861
{2,4491
18
(7)
2,637
{1,6631
15421
(1,4861
(1,6891
{107)
789
(881)
(139)
1,289
462
1,060
(2921
467
Cash flows from investment activities
Proceeds from the sale of tangible 355ets
Payments to acquire tangible assets
Proceeds from the sale of investments
Payments to acquire investment5
Repayment of loans
Dividends received
Net cash (used in)/from investing activities
4,830
(7,6681
760
(1,568)
2,688
(1,8551
817
{684}
110}
542
486
(3,160)
1,498
Cash flows from financing artivities
Proceeds from loans
114
Net {decrease)/ increase in cash and cash equivalents
(1,757)
1,965
Cash and cash equivalents at the beginning of the year
Foreign exchange adjustment on cash and cash equivalent5
Cash and cash equivalents at the end of the year
25,115
340
23,698
22,849
301
25,115
Change in cash and bank balances for the year
{1,757)
1,965
27

The Methodist Church in Ireland
Notes to the financial statements
for the year ended 31 December 2024
Accounting policies
Basis of preparation
The financial statements are prepared under the historical cost convention, except for investments
and certain tangible fixed assets which are at valuation. The financial statements have been
prepared in accordance with applicable law and United Kingdom Generally Accepted Accounting
Practice (UK GAAPI, including "Financial Reporting Standard IFRS 102) and the "Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (effective l January 2019)" (Charities SORP). The charity constitutes a public benefit entity
as defined by FRS 102.
The charity financial statement5 include the results of all churches and circuits and all Methodist
Church in Ireland Connexional Funds. The consolidated financial statements includes IOO¥o of the
results of the following entities as subsidiaries:
Subsidiary Undertaking
Company/Charity
Registration no
469649
Principal Activity
Dublin Central Mission
Limited {ROI)
DCM Sheltered Housing
Limited IROI)
Mount Tabor Limited
Relief of poverty, deprivation and distress
470366
To develop and manage Sheltered Housing
288902
To develop and manage nursing
accommodation
The relief of poverty, deprivation and distress
IROII
East Belfast Mission
{Nll
Belfast Central Mission
INI)
Belfast South Network
Company Ltd INI)
Wesley Trust (High Street
Methodist, Lurganl
NIC100744
N1055693
NIC101271
N1603341
NIC101506
N1072101
NIC102256
The relief of poverty, deprivation and distress
To develop community relations
Relief of poverty, unemployment, financial
hardship. Advancement of education and
training
All subsidiaries have a year-end date of 31 December. Consolidation is on the basis of IOOYO control
of the subsidiary entities as conference either appoints the Board of each entity or the members of
the entity in which case conference approves the Board members. All subsidiary entities are
registered companies and their accounts are publicly available.
28

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
Accounting policies (continued)
Assessment of going concern
Whilst there are overall pressures on the finances of the Methodist Church in Ireland as a result of
the current cost of living crisis and inflation, the Trustees believe that at this time the Church has
adequate financial resources and is able to manage the general risks. The overall fund balance at
the year ended 31 December 2024 amounted to £245m, comprising of £23m cash, £31m in
investments, and £185m of fixed assets. The cash and investment holdings alone equate to over 18
months of total spend. Planning processes including financial projections of Connexional Funds and
Societies covering a period to 31 December 2026 and the impact on various sources of income and
planned expenditure have been considered. The Trustees believe that there are no material
uncertainties that call into doubt the Church's ability to continue in operation, and further, that the
Church has sufficient resources to continue to meet its obligations for a period to 31 December
2026. Accordingly, the Methodist Church in Ireland continues to adopt the going concern basis in
preparing its report and financial statements.
Significant accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in applying the
group and charitvs accounting policies
Significant accounting judgments
In preparing the group and charity financial statements the judgements, apart from those involving
estimations that the Governance Board has made in the process of applying the entity's accounting
policies and that have the m05t significant effect on the amounts recognised in the financial
statements are as follows-
Consolidation of missions
During 2024 the Governance Board performed an assessment (including obtaining legal advice}
related to the Methodist Church in Ireland's control over the four missions historically consolidated
within the group annual financial statements. This assessment concluded that while the Methodist
Church in Ireland controlled the Dublin Central Mission Limited. East Belfast Mission and Belfast
Central Mission, it does not have control over the North West Methodist Mission. Consequently,
the Governance Board assessed that the consolidation of the North West Methodist Mission within
the group annual financial statements was incorrect. The 2024 annual financial statements have
been prepared excluding the consolidation of the North West Methodist Mission, with the 2023
comparative amounts being restated a5 if the North West Methodist Mission had never been
consolidated with the group financial statements since no control existed in the prior year. The
impact of this restatement is set out in note 31.
29

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
l. Accounting policies (continued)
Significant accounting judgments (continued)
Recognition of defined benefit pension asset
Judgement is also required in respectof the amount of the defined benefit pension asset recognised
in respect of the Methodist Church in Ireland Retirement Benefits Scheme (the "Scheme"). In the
absence of specific guidance in FRS 102 the assessment of the recognition of this asset been
determined using the applicable requirements of International Accounting Standards Board's IFRIC
14 '1AS 19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their
Interaction"
Details of the assessment made in determining the amount of the recoverable surplus
and hence net asset recognised at 31 December 2024 (which is £nill is set out in note 21.
Key sources of estimotion uncertainty
The following are the group and charity key sources of estimation uncertainty:
Pensions and other post-employment benefits
The cost of the defined benefit pension plan is determined using actuarial valuations. The actuarial
valuation involves making assumptions about discount rates, future salary increases, mortality rates
and future pension increases. Due to the complexity of the valuation, the underlying assumptions
and the long term nature of these plans, such estimates are subject to significant uncertainty. In
determining the appropriate discount rate, this is derived from yields on AA-rated corporate bonds,
or yields on Government bonds, with extrapolated maturities corresponding to the expected
duration of the defined benefit obligation. The mortality assumptions are based on standard
mortality tables which allow for future mortality improvements. Future salary and pension
increases are based on CPI inflation. Further details of the assumptions made are set out in note
21.
Revaluation of investment properties and properties heldfor disposol
The group and charity measure their investment properties and properties held for disposal at fair
value, the carrying amounts of which are disclosed in notes 12 and 14, respectively. Fair value is
assessed by the Governance Board based on agreed sale prices when available, discussions with
local property agents and the market value of comparable properties in the same area. No formal
valuation from an independent valuer who holds a recognised and relevant professional
qualification is performed for investment properties. Such valuations are inherently judgemental
with the value attributed sensitive to changes arising from market factors, such that the carrying
value is at risk of material adjustment within the next financial year.
Fund Accounting
Unrestricted funds comprise those funds which the trustees are free to use for any purpose in
furtherance of the charitable objects. Unrestricted funds include designated funds where the
trustees at their discretion have created a fund for a specific purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
the donor or trust deed.
30

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
l. Accounting policies (continued)
Income recognition
All income is recognised once the Church has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Member Contributions are accounted for when received.
Legacy gifts are accounted for when received or earlier if there is reasonable certainty that it will
be received and its value can be measured with sufficient reliability. If the gift is in the form of an
asset other than cash or a financial asset traded on a recognised stock exchange, recognition is
subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and
the title of the asset having been transferred to the charity.
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received
of the dividend due. This is normally upon notification by our investment advisor of the dividend
yield of the investment portfolio.
Other income is accounted for when received.
Expenditure recognition
Liabilities are recognised as expenditure as 500n as there is a legal or constructive obligation
committing the charity to that expenditure, it is probable that settlement will be required and the
amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and
governance costs are allocated or apportioned to the applicable expenditure headings.
Services provided by volunteers are not included in the Statement of Financial Activities but are
disc105ed in the Conference report.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Allocation of support and governance costs
Support costs have been allocated between governance costs and othersupport costs. Governance
costs comprise all costs involving the public accountability of the charity and its compliance with
regulation and good practice. These costs include costs related to statutory audit and legal fees
together with an apportionment of overhead and support costs.
31

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
Accounting policies (continued)
Costs of raising funds
The costs of generating funds consist of investment management Costs and certain legal fee5.
Realised gains ond losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gain5
and losses on investments are calculated as the difference between sales proceeds and their
opening carrying value or their purchase value if acquired subsequent to the first date of the
financial year. Unrealised gains and losses are calculated as the difference between the fair value
at the year end and their carrying value. Realised and unrealised investment gains and losses are
combined in the Statement of Financial Activities.
Exchange rates
The presentation currenoi of the financial statements is GB pounds. Transactions in other
currencies are initially recorded in the individual entity's function currency and monetary assets
and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at
the year end.
Revenue grants
Revenue grants are recognised when notified.
Fixed assets
Fixed assets are recorded at cost. As the organisation did not have records of the costs of land and
buildings a valuation was performed as at 31 December 2012 and the valuations obtained have
been deemed as the cost of the land and buildings going forward. Fixed assets received as gifts are
capitalised at their estimated valuation and the equivalent amount included as voluntary income.
Freehold land is not depreciated. Depreciation is recorded on all tangible fixed assets other than
freehold land. at rates calculated to write off the cost, less estimated residual value, of each asset
over its expected useful life as follows:
Churches and Ha115
Manses and other Buildings
Improvements to buildings
Fixtures, Fittings and Equipment
Motor Vehicles
Computers and audio visual equipment
over 50 to 200 years
over 50 years
over 20 years
over 10 years
over 4 years
over 5 years
32

The Methodist Church in Ireland
Notes to the financial statements
for the year ended 31 December 2024
Accounting policies (continued)
Investment Properties
Investment properties are recorded at open market value based on existing use as assessed by the
Trustees.
Property heldfor disposal
Properties held for disposal are recorded at the lower of open market value less cost to sell or
deemed cost. Deemed cost is based on the carrying of the property at the date it was assessed as
held for disposal, which will be either its fair value if previously held as an investment property or
historical cost based on net book value if previously held as a tangible asset.
Financial instruments
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction
value and subsequently measured at their fair value as at the balance sheet date using the closing
market price. The statement of Financial Activities includes the net gains and losses arising on
revaluation and disposals throughout the year. The main form of financial risk faced by the Church
is that of volatility in equity markets and investment market5 due to wider economic conditions,
the attitude of investors to investment risks and changes in sentiment concerning equities and
within particular sectors or sub sectors.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hard and in short
term deposit5. For the purpose of the consolidated cash flow statement, cash and cash equivalents
consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any1055es arising from impairment are recognised in the Statement
of Financial Activity in other operating expenses.
Reserves
Reserves are primarily held:
In the form of investments and fixed assets to assist with the charitable activities of the
organisation
In the form of cash to assist with the charitable activities of the organisation
33

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
Accounting policies (continued)
Pension
The Methodist Church in Ireland operates a defined benefit scheme which requires contributions
to be made to separately administered funds. The cost of providing benefits under the defined
benefit plan is determined using the projected unit credit method, which attributes entitlement to
benefits to the current period (to determine current seniice cost) and to the current and prior
periods {to determine the present value of defined benefit obligations) and is based on actuarial
advice. Past service costs are recognised in the statement of financial activities on a straight-line
basis over the vesting period or immediately if the benefits have vested. When a settlement or a
curtailment occurs, the change in the present value of the scheme liabilities and the fair value of
the plan assets reflects the gain or loss which is recognised in the statement of financial activities.
Losses are measured at the date that the employer becomes demonstrably committed to the
transaction and gains when all parties whose consent 15 required are irrevocably committed to the
transaction.
The net interest element of the defined benefit cost represents the change in present value of
scheme obligations relating from the passage of time. and is determined by applying the discount
rate to the opening present value of the benefit obligation, taking into account material changes in
the obligation during the year. The expected return on plan assets is based on an assessment made
at the beginning of the year of long-term market returns on scheme assets, adjusted for the effect
on the fair value of plan assets of contributions received and benefits paid during the year. The
difference between the expected return on plan assets and the interest cost is recognised in the
statement of financial activities as finance costs within other resources expended.
Actuarial gains and losse5 are recognised immediately in full in the Statement of Financial Activity
in the period in which they occur.
The defined benefit pension asset or liability in the balance sheet comprises the total of the present
value of the defined benefit obligation {using a discount rate based on high quality corporate bonds
that have been rated at AA or equivalent status), less any past service cost not yet recognised and
less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is
based on mid-price where available.
The pension liability also includes the liabilities for two unfunded pension arrangements which the
organisation operates. The liability relating to these unfunded pension arrangements has been
disc105ed separately within note 21.
The Church also operates a defined contribution scheme. Contributions to this schemes are
recognised in the Statement of Financial Activity in the period in which they become payable.
The Methodist Church in Ireland is the sponsoring employer of the defined benefit scheme as it has
lega I responsibility for the plan. There is no contractual agreement or stated policy for charging the
defined benefit cost of the plan as a whole to individual group entities and therefore the charity
has recognised the entire net defined benefit cost and relevant net defined benefit liability of the
scheme in its individual financial statements.
34

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
Donations and legacies
2024
2023
Unrestricted Restricted
funds
funds Totalfunds Totolfunds
£000
£000
£000
£000
Donations and legacies to:
Societies
Missions
Connexional funds
Total
9,964
297
463
10.724
476
1,018
801
2,295
10,440
1,315
1,264
13.019
10.885
6,212
609
17,706
There were no legacies which have been notified which have not been included in the Statement
of Financial Activities.
3. Charitable Activities
2024
2023
Unrestrirted Re5trirted
funds
funds Totolfund5 Totalfunds
£000
£000
£000
£000
Project Specific income within Missions
Project specific income within
Connexional Funds
Project specific income within Societies
Total
2,906
5,135
8,041
2,869
4(MJ
400
80
1,352
4.658
1.352
9,793
5,135
2.949
Other trading activities
2024
2023
Unrestricted Restricted
funds
funds Totalfunds TotGlfunds
£000
£000
£000
£000
Rents
Other
Total
10,031
46
10,077
103
10,134
46
10,180
9,599
103
9,599
35

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
Investment income
2024
2023
Unrestricted Restricted
funds
funds TotGlfunds Totalfunds
£000
£000
£000
Epworth investments
Other investments
Bank interest received
Total
333
36
252
621
117
450
36
263
749
58
179
721
li
128
Other incoming resources
2024
2023
Unrestricted Restricted
funds
funds Totalfunds Totalfunds
£000
£000
Profit/{Lossl on disposal of fixed assets
Methodist insurance
Other income from:
Societies
Connexional funds
Missions
Total
2,449
72
2,449
72
1,486
42
208
288
208
288
975
338
3.017
3,017
2,841
Expenditure on raising funds
2024
2023
Unrestricted Restrirted
funds
funds Totalfunds Totalfunds
£000
£000
£000
£000
Fundraising Costs
50
52
40
36

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
8. Charitable Activities
2024
2023
Unrestricted Restricted
funds
funds Totolfunds Totalfunds
£000
£000
£000
£000
By sector within the orgonisotion..
East Belfast M i55ion
Belfast Central M ission
Dublin Central Mission
Connexional activities
Church charitable activities
Total
656
4,817
3,769
2,171
8,352
19,765
2,426
3,091
745
734
43
7,039
3,082
7,908
4,514
2,905
8,395
26,804
2,504
7,291
4,441
3,538
8,536
26,310
2024
2023
Unrestricted
funds
£000
Restricted
funds Totalfunds Totalfunds
£000
£000
£000
Direct activities:
Project expenses- Missions
Mi55ion support payments
230
230
139
139
369
369
360
360
Support costs:
Staff costs
Property costs excluding repairs
Other support costs
13.523
3,749
1,840
19,112
5,182
18,705
3,749
2,961
25,415
17,441
4,093
3,087
24,621
1,121
6,303
Grant making:
Donations to Methodist and other
charities
Grants to related parties
315
315
430
108
423
19.765
597
597
7.039
705
1,020
26.804
899
1,329
26,310
Total
37

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
8. Charitable activities (continued)
Included within charitable activities are the following costs in respect of personnel:
2024
£000
17,323
668
714
18,705
2023
£000
15,984
633
824
17,441
Stipends, salaries and allowances
National insurance
Pension contributions
2024
2023
The average number of personnel during the year was
The average number of personnel who are members of the defined
benefit pension scheme
720
687
85
85
No employee received benefits of more than £60k. The total employee benefit (excluding employer
national insurance and pension contributions} received by the President. Secretary of Conference
and Chief Financial Officer was £136k12023 - £129kl.
Auditors, remuneration (including VAT) of £97k (2023-£89k) included within legal and professional
fees above relates to the audit of financial statements. Fees were incurred during the year in respect
of non-audit work amounting to £Nil12023- £Nil).
9. Other expenditure
2024
2023
Unrestricted
funds
£000
Restrirted
funds Totalfunds Totalfunds
£000
£000
£000
Governance costs
Finance costs
Church depreciation
Property expenses
Other
250
2,674
2,413
2,718
8,058
253
2,676
2,413
2,789
8,134
273
2,637
1,984
2,152
7,047
71
76
10. Other unrealised gains/(losses)
2024
2023
Unrestricted
funds
£000
Restricted
funds
£000
Totalfunds Totalfunds
£(￿0
£000
Foreign exchange on consolidation
(131)
181
11391
12921
38

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
11. Fixed assets
Group
Freehold Leasehold
Fixtures,
lond and
land and fittings ond
buildings
buildings equipment
£000
£000
Motor
vehicles
£000
Total
£000
Cost:
At l January 2024
Foreign Exchange
Reclassification
Additions
Disposals
At 31 December 2024
Depreciation:
At l January 2024
Foreign Exchange
Reclassification
Disposals
Charge for the year
At 31 December 2024
Carrying amount:
At 31 December 2024
At l January 2024
206,825
1552)
{2341
7.210
12.384)
210,865
6,335
(1331
(44)
437
(1511
56
213,216
(685)
(278)
7,668
(2,535)
217,386
21
77
24,633
(224)
{57)
(201
2,358
26.690
5,243
(1171
(35)
1134)
309
5,266
38
29,914
{341)
(92)
(154)
2,676
32,003
47
184,175
182,192
1,178
1,092
30
18
185,383
183,302
The total value of land included above which is not depreciated is £34,529.572 {2023
£34,592,989).
The Carrying amount of fixed assets consists of:
Freehold Leu5ehold
Fixtures
lond and
lond and fittings ond
buildings
buildings equipment
£000
£000
Motor
vehicles
£000
Total
At l January 2024:
Societies
Connexional funds
Missions
Total
166,332
5,034
10,826
182,192
404
166,736
5,046
11,520
183,302
li
687
1,092
18
At 31 December 2024:
Societies
Connexional funds
Missions
Total
169,292
4,527
10.356
184,175
431
169,723
4.534
11,126
185,383
747
1,178
23
30
39

The Methodist Church in Ireland
Notes to the financial statements
for the year ended 31 December 2024
11. Fixed assets {continued)
Charity
Freehold
Fixture5,
land ond fittings and
buildings
equipment
£000
£000
Motor
vehicles
£000
Total
£000
Cost:
At l January 2024
Additions
Disposals
Foreign exchange
Reclassification
At 31 December 2024
Depreciation:
At l January 2024
Charge for the year
Disposals
Reclassification
At 31 December 2024
Carrying amount:
At 31 December 2024
At l January 2024
189,004
7,166
(2.3841
(137)
1243)
193.406
1,974
134
27
191,005
7,300
(2.384)
(137)
(243)
195.541
2,108
27
17,638
2,025
120)
156)
19,587
1.569
108
16
19,223
2,137
(20)
{56)
21.284
1,677
20
173,819
171,366
431
405
174,257
171,782
li
The total value of land included above which is not depreciated is £34.529,572 {2023-
£34,592,989).
12. Investment property
Group
£000
Chority
£000
At l January 2024
Reclassification
Addition
Revaluation
Total
6,145
187
175
18
6,525
6,145
187
18
6,350
40

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
13. Investments
The investments held at 31 December 2024 were as follows:
Group
2023
£000
Chority
2023
£000
2024
2024
£000
Epworth Funds
Quoted securities
Total
22,703
8,501
31,204
21,346
7,700
29,046
22,494
2,665
25,159
21,160
2,744
23,904
Group
2024
£000
Charity
2024
£000
At l January
Foreign exchange movement
Additions
Disposals
Fair value adjustment
Carrying amount at 31 December
29.046
11571
1,568
(760)
1,507
31,204
23.904
1301
612
{3001
973
25,159
Group
Charity
Totalfunds Totolfunds Totolfunds Totalfunds
2024
2023
2024
2023
£000
£000
£000
£000
Analysed..
Societies
Connexional funds
Missions
5,992
19,167
6.045
31,204
5,824
18,080
5,142
29.046
5,992
19.167
5,824
18,080
25,159
23,904
All investments were listed on recognised stock exchanges and can be analysed as follows:
Group
2023
£000
Chority
2023
£000
2024
£000
2024
£000
Investment assets in the UK
Investment assets outside the UK
25,275
5,929
31,204
24.147
4,899
29,046
24,314
845
25,159
23,244
660
23,904
41

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
13. Investments (continued)
There were no individual shareholdings or investments which are considered to be material with
regard to their market values and proportion of the portfolio as at 31 December 2024. The Trustees
have set 5% of the year end market value of the investment portfolio as the threshold for reporting
material investment5.
FRS 102 requires the disclosure of investments under the following hierarchy.
Category A- Quoted price for an identical asset in an active market
Category B- When quoted prices are not available, the price of a recent transaction for an
identical asset as long as there has not been a significant change in economic circumstances
or a significant lapse of time since the transaction took place
Category C - If the market for the asset is not active and recent transactions on their own
are not a good estimate of fair value, fair value is determined based on valuation
techniques.
2024
£000
30,148
1.056
31,204
2023
£000
28,056
990
29,046
Category A
Category B
Investment Risk Disclosures
Investment Risks
FRS 102 requires the disclosure of information in relation to certain investment risks. These risks
are set out by FRS 102 as follows:
Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for
the other party by failing to discharge an obligation.
Market risk= this comprises currency risk interest rate risk and other price risk.
Currency risk- this is the risk that the fair value or future cash flows of a financial asset will
fluctuate because of changes in foreign exchange rates.
Interest rate risk: this is the risk that the fair value or future cash flows of a financial asset will
fluctuate because of changes in market interest rates.
Other price risk- this is the risk that the fair value or future cash flows of a financial asset will
fluctuate because of changes in market prices {other than those arising from interest rate risk
or currency risk). whether those changes are caused by factors specific to the individual
financial instrument or its issuer, or factors affecting all similar financial instruments traded in
the market.
The Statutory Trustees determine their investment strategy after taking advice from a professional
investment adviser. The Statutory Trustees manage investment risks, including credit risk and
market risk, within agreed risk limits which are set taking into account the strategic investment
objectives. These investment objective and risk limits are implemented through the investment
management agreements in place with the Scheme's investment managers and monitored by the
Statutory Trustees by annual reviews of the investment portfolio.
42

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
13. Investments (continued)
Further information on the Statutory Trustees, approach to risk management, credit and market
risk is set out below.
Credit risk
The Statutory Trustees, investment portfolio is subject to credit risk because the fund manager
directly invests in bonds and has cash balances. The fund manager also invests in pooled
investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it
holds in the pooled investment vehicles. The Statutory Trustees, investment portfolio is indirectly
exposed to credit risks arising on the financial instruments held by the pooled investment vehicle5.
Credit risk arising on bonds held directly is mitigated by investment in government bonds where
the credit risk is minimal, or corporate bonds which are rated at least investment grade. Credit risk
arising on other investments is mitigated by investment mandates requiring all counterparties to
be at least investment grade credit rates which is the position at the year-end. Cash is held within
financial institutions which are at least investment grade credit rates which is the position at the
year-end.
Currency risk
The Statutory Trustees, investment portfolio is subject to currency risk because some of the
investments are held in overseas markets, either as segregated investment5 or via pooled
investment vehicles. The Statutory Trustees have a set a benchmark limit to overseas currency
exposure of less than 1% of the total portfolio value. This was the net currency exposure at the
year-end.
Interest rate risk
The Statutory Trustees, investment portfolio is subject to interest rate risk because some of the
investments are held in bond5, interest rate swaps, either as segregated investment5 or through
pooled vehicles, and cash.
Other price risk
Other price risk arises principally in relation to the Statutory Trustees, investment portfolio return
which includes directly held equities, equities held in pooled vehicles, equity futures, hedge funds,
private equity and investment properties.
The fund manager manages this exposure to overall price movements by constructing a diverse
portfolio of investments across various markets.
14. Property held for disposal
Group
2023
£000
653
Charity
2023
£000
653
2024
£000
646
2024
£000
646
Former churches
15. Stocks
Group
2023
£000
Charity
2023
£000
2024
2024
£000
Consumables (all missions)
43

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
16. Debtors
Group
2023
£000
Charity
2023
£000
2024
2024
£000
Trade debtors
Gift a id receivable
Prepayments and accrued income
Other debtors
418
351
304
299
1,372
486
iii
342
1,222
2,161
22
351
13
179
565
42
111
1,121
1,280
Group
Charity
Totolfunds Totalfunds Totalfunds Totolfunds
2024
2023
2024
2023
£000
£000
£000
Analysed..
Societies
Connexional funds
Mission5
443
122
807
1,372
1,154
126
881
2,161
443
122
1,154
126
565
1,280
17. Current Asset Investments
Group
2023
Charity
2023
£000
2024
£000
2024
£000
Money on deposit
1,125
18. Cash and cash equivalents
Group
Ch(7rity
Totalfunds Totalfunds Totolfunds Totalfunds
2024
2023
2024
2023
£000
£000
£000
£000
Cash in hand
Bank overdrafts
Loans
22,600
127)
25,166
151)
19,230
{271
20,163
{461
22,573
25,115
19,203
20,117
44

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
18. Cash and cash equivalents (continued)
Group
Charity
Totolfunds Totalfunds Totolfunds Totalfunds
2024
2023
2024
2023
£000
£000
£000
Cash in hand
Societies
Connexional funds
Missions
12,083
7,147
3,370
22,600
11,659
8,504
5,003
25,166
12,083
7,147
11,659
8,504
19,230
20,163
Bank overdrafts
Group
Totalfunds Totalfunds
2024
2023
£000
Charity
Totalfunds
2023
£000
Totalfunds
2024
£000
Societies
Missions
27
46
27
46
27
51
27
46
19. Creditors: amounts falling due within one year
Group
2023
Chority
2023
£000
2024
£000
2024
£000
Trade creditors
Taxation and social security
Bank overdrafts
Current instalments due on loans
Accruals
Other creditors
559
221
27
564
52
51
13
625
2,163
3,468
li
27
46
13
181
1,425
1,666
604
1,175
2,587
136
690
866
Group
Totalfunds Totolfunds
2024
2023
£000
£000
Charity
Totalfunds
2023
£000
Totalfunds
2024
£000
Anolysed..
Societies
Connexional funds
Missions
58
808
1,721
2,587
178
1,488
1,802
3,468
58
808
178
1,488
866
1,666
45

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
20. Creditors: amounts falling due after more than one year
Group
2023
£000
Charity
2023
£000
2024
£000
2024
£000
Loans
224
224
97
97
224
224
97
97
Group
Charity
Totalfunds Totolfunds Totalfunds Totalfunds
2024
2023
2024
2023
£000
£(￿0
£000
£000
Analysed..
Societies
Connexional funds
153
71
224
97
153
71
224
97
97
97
21. Loans
Loans repayable included within creditors are analysed as follows".
Group
2023
£000
Charity
2023
£000
2024
£000
2024
£000
Wholly repayable within five years
Not wholly repayable within five years
224
13
97
iio
224
13
97
iio
224
224
46

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
22. Pensions
Group and Charity
The Methodist Church in Ireland operates a defined benefit pension scheme, the Methodist Church
in Ireland Retirement Benefits Scheme (the "Scheme"), and also has two unfunded pension
arrangements, the Irish Methodist Ministers, Retirement Fund (IMMRFI and the In-Lieu of SERPS
fund.
The Scheme is a funded plan, providing retirement benefits based on final salaries. The Scheme
has assets held in a separately administered fund managed by a board of Trustees. The Church and
the Scheme Trustees have agreed a funding plan to ensure the Scheme is sufficiently funded to
meet current and future obligations. The latest triennial actuarial valuation of the Scheme as at I
July 2024 indicates the Scheme has a funding surplus. The resultant newly agreed schedule of
contributions states that the Church will pay 26.1¥o of Stipends from I September 2025 to 31
December 2025, 10% between l January 2026 and 30 September 2026 and 20% from l October
2026, to cover accrual of benefits for future service, administration expenses and death-in-service
benefits.
Church contributions to the Scheme in 2025 are estimated to be £703k. Additional Church
contributions may be required if there are any augmentations during the year.
The present values of the defined benefit obligation, the related current service costs and any past
service costs were measured using projected unit credit method.
The FRS 102 valuation of the Scheme as at 31 December 2024 resulted in an estimated net pension
plan asset of £3.9m12023 - £3ml. FRS 102 requires that an entity shall reco8ni5e a plan surplus as
defined benefit plan asset only to the extent that it is able to recover the surplus either through
reduced contributions in the future or through refunds from the plan. Since FRS 102 provides no
further guidance in this respect, as allowed under FRS 102 the Governance Board have considered
the relevant requirements of International Financial Reporting Standards, in particular IFRIC
Interpretation 14 IAS 19 "The Limit on a Defined Benefit Asset. Minimum Funding Requirements
and their Interaction {IFRIC 14).
The Governance Board have considered the ability of the Church to recover a surplus through
reduced contributions in the future. This assessment estimates that the present value of the
estimated future service cost in each period less the estimated minimum funding requirement
contributions that would be required for future service in those periods would be
negative. Consequently, no economic benefit is available as a reduction in future contributions.
IFRIC 14 requires that the right to recovery through a refund must be unconditional. While the
Scheme trust deed and rules require any surplus to be paid to the Church. this is only after the
Scheme trustees have exercised their unconditional right to enhance the benefits of members. In
view of the Scheme trustees so called "spending right" possible amendments to IFRIC 14 that will
prevent recognition where "Spending rights" exist, and the resultant uncertainty over the amount,
if any, of any surplus that could be paid to the Church, the Governance Board have made an
accounting policy choice not to recognise the FRS 102 surplus.
47

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
22. Pensions (continued)
The assets and liabilities of the scheme are as follows (including unfunded obligations):
2024
£000
2023
£000
Scheme asset5 atfoir value
Equities
Gilts
Corporate Bonds
LDI Pooled funds
Annuity Policies
Property
Liquidity Funds
Other
Fair value of assets
Present value of funded scheme liabilities
7,530
8,334
5,064
3,143
2,147
2,104
1,133
21.121
117.2441
3,877
13,877)
6,435
3,422
2,034
999
21,224
(18,273)
2,951
{2.9511
Restriction on Scheme asset recognition
Asset recognised on the balance sheet
Present value of unfunded scheme
liabilities
(673)
{720)
The liability in respect of the unfunded schemes was not previously recognised in error, but has
been recognised in full in the current year. The amount at 31 December 2023 has been assessed
as not material to warrant restatement of the comparative amounts.
The principal assumptions used were as follows:
2024
2023
Discount rate
Inflation
General stipend increase
Pension increases post 30 June 1992 and pre l July 2010
Pension increases post 30 June 2010
5.40
3.25
2.90
2.80
1.95
4.60
3.10
2.70
2.65
1.85
The mortality assumptions are based on standard mortality tables which allow for future mortality
improvements. The assumptions are that a member currently 65 will live on average for a further
23 years if they are male12023: 23 years) and for a further 24 years if they are female12023-. 25
years).
For a member who retires in 2041 at age 65 the assumptions are that they will live on average for
a further 24 years12023: 25 years) after retirement if they are male and for a further 25 years12023.'
26 years) after retirement if they are female.
48

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
22. Pensions (continued)
Amounts chargeable to charitable activities- support costs (staff costs):
2024
£(￿0
2023
£000
Current seNice cost
Administration expenses
Net interest cost
Total recognised in the Statement of Financial Activities
293
163
(1161
340
345
135
183)
397
The following amounts have been recognised in the Statement of financial activities- other
recognised gains and losses:
2024
£000
2023
£000
Actual return / (deficit) on scheme assets
{Lossesl/gains on assumptions
Experience Ilossesl/gains on Scheme liabilities
Total Ilossesl/gains
(1,269)
1,438
{iii
158
1261
379
11801
173
Changes in the fair value of assets-.
2024
£000
2023
£000
Opening fair value of Scheme assets
Interest income of Scheme assets
Remeasurement gains
Employer contributions
Member contributions
Insured pension contributions
Benefits paid
Closing fair value of Scheme assets
21,224
971
(1,269)
20,146
990
{261
616
174
429
(1,105)
21,224
181
413
11,0431
21,121
49

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
22. Pensions (continued)
Changes in the present value of the defined benefit obligations-
2024
£000
2023
£000
Opening defined benefit obligation valuation
Current service cost
Administration expenses
Interest cost
Member contributions
Actuarial Igainsl/losses on Scheme liabilities in respect of
assumptions
Actuarial10sses/lgains} on Scheme liabilities in respect of experience
Benefits paid
Closing defined benefit obligation valuation
18,993
293
163
855
181
18,833
345
135
907
174
(1,4381
13791
li
{1, 1411
17,917
180
11,2021
18,993
23. Taxation
The Methodist Church in Ireland is registered with HM Revenue and Customs and the Revenue
Commissioners as a Charity. Certain missions are also registered for Value Added Tax. There were
no activities during the year which gave rise to any liability to Corporation Tax.
24. Capital commitments and contingencies
There were no capital commitments contracted for, or contingencies at 31 December 2024 which
are not otherwise disclosed in these financial statements other than immaterial operating leases.
In order to provide support in the event of a deficiency in the Methodist Church in Ireland
Retirement Benefit Scheme, the Statutory Trustees of The Methodist Church in Ireland have agreed
to provide, if required, properties at 16 and 22 Donegall Place, Belfast.
25. Events since the balance sheet date
There are no post balance sheet events which are required to be disclosed in these financial
statements.
50

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
26. Statement of Funds
Balance ot I Incoming Outgoing Recognised Movement
Transfer Balonce at
January Resource5
resources
goins/
onforeign
from
31
(Ios5esJ
exchange unrestricted December
£000
£000
£000
£000
Restricted Funds
Trustees
Ministries Team
World Mission
Partnership
Methodist Child
Care Society
World Development
and Relief Fund
East Belfast Mission
Belfast Central
Mission
Dublin Central
Mission
Societies
Total restricted
funds
Unrestricted Funds
Pension Reserve
Unrestricted
Reserves
Total Funds
103
2,948
3,051
190
191
{1)
3,196
493
{3281
182
89
3,632
983
86
{95)
54
1.028
1,420
487
350
2,336
(388)
(2,426)
51
1,433
397
3,190
(3,091)
199)
209
750
730
476
(745)
143)
21
155)
{8)
64
411
271
1,539
7,236
7,661
{7,117}
356
18)
3,413
11,541
16731
(673)
235,680
242,916
29,097
36.758
(27,8731
(34,990)
1,151
834
(131)
(139)
{3,413)
234.511
245,379
27. Analysis of Funds
2024
2023
Unrestricted
funds
£000
185.270
6,525
21,909
23.618
12,587)
{224}
Pension
Reserve
Restricted
funds Totalfunds Totalfunds
£000
£000
£000
113
185,383
183,302
6,525
6, 145
31,204
29,046
25,751
27,988
12,5871
13,468)
{224)
{97}
(673)
245,379
Fixed Assets
Investment Property
Investments
Current Assets
Current Liabilities
Creditors after one year
Pension Liability
9,295
2,133
{6731
{673)
234,511
11,541
242,916
51

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
28. Connexional funds and Missions
The following funds have been included within the consolidation".
The Trustees of the Methodist Church in Ireland
World Mission Partnership
Ministers, Children's Fund
Home Mission Department
Belfast Methodist Student Chaplaincy
Methodist Child Care Society
General Purposes Fund
World Development and Relief Fund
General Education Fund
Ministries Team
Edgehill Candidates Grant Fund
Irish Methodist Youth & Children's Department
Irish Methodist Ministers, Retirement Fund
1984 Retirement Scheme
Property Board and Church Development Board
Ministers. Medical Fund and Ministers, Spouses Fund
Local Preachers, Fund
Council on Social Responsibility
Dublin District Student Chaplaincy
Surf Project
well.com
Methodist Women in Ireland
Ardfallen Grove Sheltered Housing
Newtownabbey Methodist Mission
The following entities have also been included within the consolidation:
Belfast Central Mi55ion
Dublin Central M ission
East Belfast M ission
Belfast South Network Company Limited
Trinity Community Initiatives
Wesley Trust (High Street Methodist. Lurganl Limited
Mallard Community Charitable Hub Limited
52

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
29. Related party transactions
The majority of stationed Ministers and some employees serve as voting members of Conference
and some serve on Boards or Committees. The majority of stationed ministers are remunerated
from the central funds of the Church in the form of a stipend and other allowances usually paid for
by Societies/Circuits/Missions who benefit from their teaching and leadership. The employees who
serve as voting members of Conference will be remunerated by the Society/Circuit/Mission which
benefits from their services. The aggregate total emoluments including pension contributions for
this work and not in their role as trustees amounted to £3,383k {2023- £3,266k). A full list of the
trustees, being the members of the Conference 15 available on request from the registered office
and on the Charity Regulatory Authority website.
Outlined below is a list of those bodies considered to be the main related parties of The Methodist
Church in Ireland. Details of the transactions occurring during the year and amount5 owing by or
to the related parties as at 31 December are stated for each one as appropriate. The charity has
not disclosed transactions between fellow group undertakings which are eliminated on
consolidation.
2024
2023
£000
£000
Methodist Ministers Pension Scheme
Income from
Payments to
Grants to
Amount owed from related party at 31 December
18141
18031
Whilst there are transactions with other parties where members of conference are also
directors/trustees of those parties, there are over 200 member5 of Conference and therefore each
individual member does not have significant control over the decisions of MCI. For completeness
the parties who meet the definition of related party and who have members of conference as
directors/trustee5 and transactions with the Methodist Church in Ireland are Irish Methodist
Ministers Housing Society, Methodist Publishing Company, Wesley College Dublin, Gurteen College,
Methodist College Belfast, Methodist Church in Britain, Churches together in Britain and Ireland,
Irish Council of Churches, Irish School of Ecumenics, Forthspring Inter Community Group,
Youthspirit, Presence in Portaferry Ltd, LHK Insurance, Wesley Trust, Arrow Ireland, Youth Link Nl,
Christian Aid Ireland. Scripture Union INII, The Big House (Irelandl, 4 Corners Festival. All We Can
(The Methodist Relief and Development Fund), Trinity Community Initiatives and St Patrick5
Gateway Centre Waterford.
53

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
30. Financial Instruments
Group
Charity
Totalfunds Totolfunds Totalfunds Totolfunds
2024
2023
2024
2023
£000
£000
£000
Financial assets at fair value through
Statement of Financial Activities:
Listed inve5tmentS
Financial assets at amortised cost:
31,204
29,046
25,159
23,904
Debtors
1,372
2,161
565
1,280
Financial liabilities at amortised cost
Bank overdraft
Trade Creditors
Loans
Other Creditors
27
559
224
1,175
51
564
iio
2,163
27
li
224
690
46
iio
1,425
31. Republic of Ireland State Funding
Grant I
Agency
Sponsoring Government Department
Grant Programme
Total Grant
Expenditure
Term
Received year end
Capital grant
Restriction on use
Pobal
Department of Children & Youth Affairs
Youth Services Grant- Main
38.432
38.432
Expires 31 December 2024
31 December 2024
Staff salary contribution, program costs and overhead
contribution
54

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
32. Prior period adjustments
During 2024 the Governance Board performed an assessment (including obtaining legal advice)
related to the Charity's control over the four mission5 historically consolidated within the Charitls
annual financial statements. This assessment concluded that while the Charity controlled the
Dublin Central Mission Limited. East Belfast Mission and Belfast Central Mission, it does not have
control over the North West Methodist Mission. Consequently, the Governance Board assessed
that the consolidation of the North West Methodist Mission within the Charity's annual financial
statements was incorrect. The 2024 annual financial statements have been prepared excluding the
consolidation of the North West Methodist Mission, with the 2023 comparative amounts being
restated as if the North West Methodist Mission had never been consolidated with the Charity's
financial statements since no control existed in the prior year.
The impact of this restatement is set out below, but in summary reduced the Charity's previously
reported Net Assets / Total Funds as at 31 December 2023 by £1.4m:
Line item description
Amount as
previously
reported
Adjustment
Amount as
restated
Income
Donations and legacies
Charitable Activities
18,754
(1.0481
17,706
2,945
2,949
Other Trading Activities
Investments
10,183
(584)
9,599
730
(9}
721
Other
2,841
2,841
Expenditure
Raising Funds
40
40
Charitable Activities
27,951
1,641
26,310
Other
7,096
49
7,047
55

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
32. Prior period adjustments (continued)
Line item description
Amount as
previously
reported
Adjustment
Amount as
restated
Balance Sheet
Tangible Assets
183,319
{171
183,302
Investment Property
Investments
6,145
6,145
29,656
{610)
29,046
Property held for disposal
Stocks
653
653
Debtors
2,226
165)
(949)
211
2,161
Cash at Bank
26,115
25,166
Amounts falling due within one year
Amounts falling due after more than one year
Pension A55et
3,679
3,468
97
97
Pension Liability
Restricted Funds
7,272
36
7,236
Unrestricted Funds
237,074
1,394
235,680
56

The Methodist Church in Ireland
Notes to the financial statements (continued)
for the year ended 31 December 2024
32. Prior period adjustments (continued)
Line item description
Amount as
previously
reported
Adjustment
Amount as
restated
Cash Flow
Net incoming/loutgoingl resources for
the year
2,029
53
2.082
Depreciation
2,638
2,637
Unrealised Igains}/losses on investments
Dividends received
{1,663)
{1,663)
(551)
11,4861
{1,689)
(107)
(542)
(Profitl/Loss on sale of fixed assets
11.4861
Valuation of investment property
Increase in property held for disposal
Ilncrease}/decrease in stock
Ilncreasel/decrease in debtors
11,689)
(107)
462
462
(Decreasel/increase in creditors
1,060
1,060
FX on consolidation
{292}
12921
Proceeds from sale of tangible assets
Payments to acquire tangible assets
Proceeds from the sale of investments
2,688
2,688
{1,865)
io
(1,8551
817
817
Payments to acquire investments
1686)
(io}
(684)
{ioi
Repayment of loans
Dividends received
551
{9)
542
Cash and cash equivalents at beginning
of year
23,796
(9471
22,849
Foreign exchange adjustments on cash
and cash equivalents
Cash and cash equivalents at the end of
the year
220
81
301
26,064
(949}
25,115
57