THE METHODIST CHURCH IN SCOTLAND FORTH VALLEY CIRCUIT FORTH VALLEY METHODIST CIRCUIT TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Contents Page Report of the Trust Independent examiner's report Statement of firancial activities B-lance sheet Not& to the accobnts 8-11 Annex A.. Usr of Trustees 12 Responcirte to Gcd's Love Ir Discipl-ship. Worsh.'p and tviss on.
FORTH VALLEY CIRCUIT (Scottish Charity SCO279501 The Trustees have pleasure In presentlng their Feport for the year ended 31 August 2024. Reference and admin15trative informatk?n: Charlty rkirne: Forth Valley Methodist Circuit Charity r88iStration number: SCQ37950 Methodist Clrcutt reference number= Circuit Offlce address: Forth Valley Ctrcutrt was formed by the meT8ef of Central )cotlanc Circuit lu ISC0379501, renarned in May 2018. C03?9iGI w th Edinburgh and Forth Circuit Trustees: The Trustees of the Circuit arp known as the Clrcuit Meeting. Members of the Circuit Meeting are Manasin8 Trustees for Iklethodist properties Wlthin the Forth Valley Methodist Circui: boundary. Trustees serving dtJrin8 the l'ear and LJP to the dale of ihis Report are listed at Annex A Prlnap31 Offlce Bearers.. Superlntendent Minister: arcuit Secretary: QrcuitTreasurer- Independent ex3rniner'. Bankers: loyal Bank of Scotland pk 30 Nicolson Streèt Edinbur8h, EH8 9DL Central Finance Board of the Methodist Church 9 Ponhill Street London, EC2A 4PE The Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester, Ml IJQ GoverniTr8dcKument'. The Church is administered in accordance with the Constitutional Prartice and Cistipline of the Methodist Church. Recrultment and appolnrmem of Trustee5: Members ot tne circuit Meeting are the Clarity Tnjstees. The Twstees comprise all serving Methodist Ministers within the area covered by the Circuit, representatNes norninated by the Methodist Churches within the area, and nominees of speci¢l inte"esEs within Methcdigm_ htt forthvalle circuit.or
FORTH VALLEY CIRCUIT (Scottish Charity SC0379501 Or8ani5ational strutture: The Superintendent Minister is the Chairman of the Circuit Meeting. The Circuit Trustees meet at least two times a year. Whilst governance lies with the Circuit Meetin& adwdncement and direction is initiated by the Circuit Leadership Team, headed by the Superintendent Minister and comprising all Ministers in Appointment and Circuit Stewards. The Circuit Leadership Team meets at least four times a year. Objectives and activrcies.. The Circuit. in accordance with procedures for, and priorities set by. The Methodist Church, provides appropri3te support towards the advancement of religion in the area comprising The City of Edinburgh, Fife, East Lothian and Livingston in West Lothian, extending to Stirling and Falkirk. Such support include5 the stationing and housing of Ministers, assistance with administrative needs, stewardship and maintenance of manse properties owned by The Methodist Chureh, guidance for Church Councils in the Circuit, and consideration for assistance to relevant, worthy and deserving bodies within the local area. The Circuit acts within guidelines set by the Scotland Distrirt of The Meth(Klist Church. The Circuit ensures that terms and conditions arising from relevant legislation and Statutory demands are applied as nece553ry. In 2023124 the Forth Valley Methodist Circuit resolved to amalgamate with other Circuits to form a single Scotland Circuit from I. September 2025. Achievements and performance: All the foregoing artivitie5 havè continued to be pursued during the financial year. The Forth Valley Circuit has continued to LEse on-line and hybrid plarforms for meeting5 and worship. Now that these platForms are established, they will continue to be used and will indeed lessen the Circu(t's carbon footprint. The number of ministerial staff in 2023124 is three presbyters and one probationer deacon. ToEether with lay staff and volunteers, the worship, pastoral and missional life of the Circuit has continued in responsible, creative and appropriate way5. The Quality, quantity and viability of manse$ and places ol worship are regularly under review. Where appropriate. churches have been supported to develop their community engagement through development and use of their building, and to improve their eco-status. This has included the approval of Brant funding to supplement churche5' own fundraising and grant applications. Ecumenical links with other churches in the Circuit at Dunbar. Grahamston, Granton, Livingston and Rosyth have continued and are well established. Ecumenical relations with other denominations across the Circuit continue to be developed including where the Circuit is not involved in a formal Local Ecumenical Partnership. Ecumenical Chaplaincy Work is being developed at universities in Edinburgh and at Stirling University. Interfaith Relations are fostered through the involvement of one of our ministers in Edinburgh Interfaith Association and the promotion of initiatives from Interfaith Scotland. Financial review- The principal source of income is the annual assessments leied on member churches. The Circuit continued support to provide for ministers and layemployee5 whilst contributing to the wider artivities. The Circubt can sustain future commitments. Reserves polScf. A reserve is an unspent pool of money for which no particular purpose has been identified foT the time being. This is in addition to money prudently set aside for known future expenditure. At 31. August 2024 the Circuit's reserves (by this definition) Stood at £253,932 plus designated funds. htt forthwdlle circuit.or
FORTh VALLEY aRCUlf1Scottith (harity SC0379501
The ffrcut Meeling ITfUSteesl nave identified threE main reasonsfor hold518 rrves.
l. Aspiuderilpiovi%oll f(K unknown futureexpendiDJre le.& deienoTawnof sorne partof the nanse
properties and church Ddildin8s1.
2. Asprudent provrsion against untspetted1O or reducbon of irKon)e.
3. As a strategic financial resourceto.pump prime" new iniatives in fulfi[nntoIthe rCuit,5 objertives over the
next three years. which include estalshMent of diacon4 lninty, support for youth work and chur¢h
delopme1t.
RskAssessment:
TheTrUst have condurted a ofthe naior risksto vthich the Qrcuit assets are exsed. and systems h3ve been
pslablisned to miti23te the risks
Taxatlon:
The Circuit 15 a charity and Is recogni£ed a5 such by HM Revenue and Customs fo¢ taxation purposes. As a re5uIL there
Is no Iiabilry to taxèr1 on anyof its incorne.
Ststsment of Tntstees. responsibilities:
Chanty Isw require5 the truste to PJ epare fina•cial ststements for each finano
FORTH VALLEY CIRCUIT Isccittish Charity SC0379501 INDEPENDENT EXAMINER'S REPORT ON THE UNAUDITED ACCOUNTS TO 31 AUGUST 2024 To th* Trustees of Forth Valley Mothodlst Circuit I rtport on the financial statements of Forth Valley Methodist Circuit (The Circuit") for the year ended 31 AJgu5t 2024 which are set aut on IgeS 6 to 14. Respective responsibilities of Trustees and Independent Exarniner The charlty's rrustees are responsible for :.he prepration of the accounts in accordance with the terms of the Charities and T"ustee Investment IScot13ndl kt 2005 and the Charities Acccunts (Scotlandl Fegulations 26 las ameidedl. The Trustees cons der that the audit requirernert Regulation Iollllal lo Icl of the Accour.ts RegulatlDns does not apply. It is my rÈspon5ibility to examine the accounts urder ctIon 44llllcl of the Act and to state whether or not particular matters nave come to my attention. a515 of independent exarniner's Statement My examination is carried out in accordance w5th Re£ulat.'on 11 o.. the CharitTes Accounts15cotlandl Regulations 2006 las amcndcdl. An examination includa5 a review of the 3ccountinB records kept bythe charity and 3 comparison of the accounts presented with tliose iecords. It also includes consideratioi of any unusual items or disclosures in the accounts and seeks explanations fr(xn the Trustees concerning any such matters. The wocedures undertaken do not provide all the evidence that would be required ir. an audic, and conseqJently I do not express an audit opinion on the view given by the accounts. Independent examinevs statement During rny ex3mination no matter has come to my attention- 11 which 8ive me reasonable cause to believe trat in any material rèspect the requirements.. to keep accounting records in accordance w th Section 44llllal of the 2WS Act and Regulation 4 of the 2006 Accounts Regulations las amended), an¢ b. to prepare accounts which accord with the Gccounting records and comply with Regulation 8 of the 2(K)6 Accounts Regulatioi las amended) have not been met. or 21 to whTrch, in my opinion. attention should be drawn in ordèr to enable a proper undèrst2ndin8 of the account5 to be reached. Date: htt orthvalle circuit.or
FORTH VALLEY CIRCUIT Iscottish Charity SC0379501 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENOED 31 AUfjU5T Z024 *6trktyd fu ManS Oudrqt TOTAL TOYAL Account MDd•lYrust IVZ4 IrKome A As52S5nwnt5 8 Prwerty CGr3nis K MIscÈllOs Dother Incorre UftaopliÈd Cash Pawneni In¢ome To¢¥1 In¢<kne 251,330 40ffj5Z 23,587 467 251,330 JIO,652 21.710 467 191,52B I,DJ5,400 35,5VJ 251,330 75,455 36,249 467 40,198 9Z9,945 17491 141671 264,212 115,787 2,328 34,g03 12,662 34,803 12,662 1,876 316.036 314,159 1.876 1,332A28 365,501 968.927 Expenses 133.456 63.363 7.04$ 5,594 S5,146 96051 96.4151 7,214 7,214 -J916271_.......192 fi?7i........_...... 276,441 133.456 135,523 61,757 5,7SO 6,750 72,829 I,C62,769 LB.676 133,4S6,. 2.066 11,6051 IZ,0951 1.156 17.685 61,14a 12,OZSI 92.62? 168,9SO B ttther Sralllng Paydl C Travel DGera1 ExpE¢ise5 15YAIO Z5,927 4.398 7.751 77,077 91,Y43 6,162 7.845 7.845 S,594 59,146 1,001,617 20,701 .152,6271.. 1,195,094 F Properly G Other Expenses Unappliedcash Blll Poymenr Expendllure Total •Mpgns45 905.166 13,487 2,166 13,487 9O3.(ts) 918.6S3 Net Income l•xp•ndlL•r•l bltoré tr4nsf•rs •nd realls•d i•ln$ rr3nslp.rs beiwcen thds 39.595 37,718 1.876 31,812 j 11i.Tr841 Ili4,084j -131,017).. 1131,5931.. 157,3051 Nei iDr.ome before tsvaluaiic UhrealisÈd Ioss onrtvaluatitsn vf propertles contehis Nttt movement lThfwe4 and surplus Ideficltl lor the year Balan at Balan at 91,374 g4,64S -J3.272I Igss,272 -182.272 .-A903:cXj.. -131 6171.. -1893,8981 91,374 152,S59 253 952 94,646 125,600 2ZO.246 13.2721 36.959 1985.2ni 3.105,053 2,119,781 182,Z7ZI 30Z,125 1903,IX)01 2,802,929 1,899,929 1893,8981 3,267,612 2.373.714". 14,052 2 282,175 Frtdayl SpptÈrnbor2023 54turI31AU8U5t2O24 3,267,612 i:235P95 forthvalle circuit.or
FORTH VALLEY CIRCLIIT (Scottish Charity SC0379SOI BALANCE SHEET AS AT 31 AUGUST 2024 STATEMENT OF FINANCIAL AcrivlEs BALANCE SHEET AS AT 31 AUGUST 2024 Uwestrthd rrfes Clrwlt TOTAL TOTAL MovBmErrt Account odelTmst 2024 Z023 xed assets.. Manse proertSes and contents 1.899.929 i,B99.929 1,899,929 1,899,929 1,899,929 1,899,929 I,B32,929 1,832,929 Current a5$ats'. Prepaymerts and attrued income Loon5 to Clurches in Circult Cèsh at 8aik 39,111 10,630 2Z5.531 39,111 10,630 1,845 39,111 10,630 445,184 5,495 33,616 10,630 152,4991 33,686 219,853 219.853 497,883 275,273 241.586 119,853 119,853 495,12S 18,253) bllitios: Actruals due wlthln one year 21,340 21,340 21,340 4,080 17,260 Net wrrert assets 253,932 220,246 33,6B6 219,851 2L9,853 473,785 463,298 10,4B7 rotsl as5ety le55 IlatrAlltles 251,932 220,246 33,686 2,119,7BI I1953 1,899,929 2,373,714 3.267,612 893,898 Totol luntl at Siturdoy 31 A51 2024 18 253,932 220,2A6 2,119,781 I1953 1,899,929 2,373.714 A5JL 31 lUst)024 htt fonhvalle circuit.or .uk
FORTH VALLEY CIRCUIT Iscottish Charity SC0379501 NOTES TO THE ACCOUNTS- 31 AUGUST 2024 l. Accountin8 policies: The principa5 accounting policies, which have been applied consistently in the current and preceding years in dealing with item5 which are material to the accounts, are set out below. Basis of aecounting: The accounts are prepared in accordan with applicable accounting standards and under the historical cost convention as modified to reflect the inclusion of manse properties at market value, and in accordance with the Charitie5 and Trustee Investment Iscotlandl Act 2(X)S, and the Charities Accounts IScot13ndl Regulations 2LX)6 las amended). Funds.. Funds are classified as either designated funds or unrestrirted, defined as follows. Desl8nated funds are subjert to specific requirements as to their use which may be declared by the donor or with their 8uthority or created through legal processes but still within the wider objects of the Circuit. Unrestricted funds are expended at the discretion of the Trustees in furtherance of the objects of the Circuit. If parts of the unrestricted funds are earmarked at the Trustees, discretion for a particular purpose they are designated as a separate fund. Thi5 designation has an administrative purpose only and does not legally restrict the Tru5tees' discretion to apply the fund. Endowment funds are funds which have been Biven on the condition that the original capital sum is not reduced, but the income therefrom is used for the purpose defined in accordance with the objerts of the charity. Up to 2011, certzin funds were restrirted but reclassified by the Methodist Church as unrestricted," the Circuit deems the Model Trust and Property as dèsignated funds. Incomln8 resources: All donations and gifts are included within incoming resources tjnder either unrestricted or designated funds according to the terms ut)der which the donation is made and when the amount can be quantified with reasonable certainty. Resources expended: Expenditure is recognised on an accruals basis as the liability is incurred. Valuation of manse propertles and contents". The Trustees revised values of rn8n5e properties, two of which were acquired manyyears ago, at their estimated market V8lues. Reasonable estimates have been applied appropriate to properties of the size. type and location of each manse. It was not considered beneficial to incur the costs of professional valuations. The cost of furnishings and equipment is charged in full against income in the year of purchase. Depreciation: No provision is made for depreciation of manse properties and contents, on the basis that lal the estimated useful economic lives of these assets. with proper annual attention to maintenance. repairs and renewals, is in excess of 50 years,. and Ibl the annual depreciation charge would therefore be immaterial. Taxation: Forth Valley Methodist Circuit is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. The Circuit is not VAT-registered. and resources expended include irrecoverable input VAT. htt forthvalle circuit.or
FORTH VALLEY CIRCUIT (Scottish Ch3rity SC0379501 2023 TOTAL TOTAL 2. Dcvtlcrn & LeKacie5 reived Donations 118 118 1,255 3. Grnnts received Liviryston United Parish Church Meththlst & Dlstrfrt Fun 4. Investmert Incone Interest ¢J) funds In- TMCPTrustees Interest Fund Central Finance Brd Deposits 8ankaccoJnt5 12.662 11662.. 23.7% 9.215 27.215 23.796 23,914 11,662 5. m14ster1 Casts.. Ministry General Apkyenticeship Levv Orcult Addltlon National Insuran Penslon Cctsibutior6 Stlpends SuFerfntendent Allowancè Preachln8 Fee5 Rel¢xat6on Expenses Tr?Inlr. Inc Local Preachw5 16661 157SI 17761 111,6211 134.1671 111&6551 13,1631 16661 15751 11511 15571 {7(triJ {10.3121 13Q3991 1105,996) 12.468J IIL6211 134.1671 111fy65SI 13.1631 19,2011 lj,Oj9J.. ..lI60l%1.. 1167:6231...-...-.....-.....................1167,62311 The arn8e numberof emplwes dIrt8 the year, calculated on the basls of head c¢yJnt, and includin8 part-tlme employees, was a5 fdlows,. Mhlstets'Jttsendsorepthdth4xCOrt4Wth• Njtbnolsiiptndscole. Four FILt 6. Martses Gxncll Tax, INurn¢• and mahttenonc•: Council TAX Insurance, bui5dln8s & contents Manzgement Fees MCA Loan Fee5 Prokrty Purchase Prrty reVIe & Purchases I Sales Recuk*rativE Year (Recharged) Rental d property Repalrs & M31ntenance 112,5991 13.2121 14.6571 143,5841 (Q5991 13.2121- 14.6S71, 143,5841. {13.9421 16,5181 1974.946) f15,649J 13.720) 11321 I?,01 120,5171 13,950 11,364) 18.094) 135. 779) 17.8IK+I 120.5171 {3.9501 1.06lWJ.. 7, Affillatlons Dlstrfct Athance Fwd Clstrict ExFert%es Fund methIst thjrch Fund Met15t ProFerty Fund Relief & Extersion Fund Assesssments to LEPS Iii,1ci 144,0401 111.1061 1440401 112.560) 142,448) htt orthvall circuit.o -uk
FORTH VALLEY CIRCUIT (Scottish Charity SC0379501 2024 2023 TOTAL TOTAL 8. Grants and payaL4e St Anne's thurth, Chjnbar Others 13.cIKII 12.5(h)I 13.11)01 12.5001 13,0(KTrl 13,6641 9. Gener31 Èxpenses INAminl Stationery. printi, etc Communication Publicat$ and material Equipment and sundry costs 11.1371 12,2641 17901 11,4031 11,137) '"w12.2641 17901 11.4031 (4731 {5,1361 11.1371 12431 j6,989j 127,0151 rcuii Administrator 129.1961 (34789) -.{29:1%j_ 10. G(wemance costs Onllne Banknng feÈs Debtorslcreditors Trustee Fund management 12881 12021 13033 11851 {13.9(16J (14,394j 11,1761 115:5YOj 12021 113,4871 113.4871 Examination & Accountifig fees 11.2241 11.714 113A871 115.2011 11. ReVaItIOn OF marLse wiwrtte5 Unrealised gasn Ilossl on revaluatian of prertIeS based on Yrustees. estimate 12. Retlrement beneflts The Qrcuit is a member of a national defird benefits $Cme l( miNsiets. operaled tythe Methodist Church. The charge in these accounts represents £ontributior payJWe in respect of ministe. senAce in thÈ finarKial year. A Natl¢)nal Pension Scheme is in place for Lay EMple(SI, with contrilyjtions from tM)th Orciit and Erne{sI made. 13. Tru5tee5' remuneration and exwr6es No Trustee nor any close rel?tion of aryTrtstee had any personal interest in anytract wtrarsattion entered Into, by the Circuit dur4n8 the Itar. 2024 2023 Number of Trustees, affected Trustees, Remunerdtion {5.7491 14,6571 14. T3Ible fixed assets. MaTe properties and £ttents: The legal title to the manse properties is $ted jointlyin Trllstees flw MethLkJist (hurth pUrSe$ as custodian trustees and in Circuit MeetirLq rnembers as ManaRiThq Trustees. At cost or valuation.. At start of year Di5tKS5o1 during the year Purchase duri year EleIat1 of proFerties and contents at erKI of C05t LY waluation at end of sai ZOZ4 2023 1,832,929 202.929 1903,(Wl 970,( IA99,929 2,802,929 Note.. Irtsured ¥oluES (Teinstatement cost basis) MaTh5es Churthes Icockenziel Contents 2B38.515 4C¥).670 9Z,506 2,211,252 1.446,272 96,697 15. Qethtus Amounts falling due within one year Taxes payable to HMRC MCA Loan 01239 MCA Loan 01242 Pensions Advance funds for projects Accrued expenditure, other creditors 429 404 380,000 610,000 J,886 5,627 1,134 999,050 4.936 4,936 15.975 15.97S 21.340 htt forthvalle circuit.or
FORTH VALLEY CIRCUIT (Scottish Charity SC0379501 2024 2023 twnaied TOTAL TOTAI 16. Loans to thurches In amit Rosyth Methi)dist a)urch (10,6301 .110:630} 17. Analysis of net assets by furxk: Fixed 8ssets Current assets Icurrent liabilitie51 1,899,929 219,853 1.899.929 495,125 121.3401 2.373.714 2,802,929 521,458 1999,0501 1325,337 275,273 121.3401 253,932 2.119.781 18. Summary of fwrtl rnJwernents. FI&131 Ye•1 Fund rpame otISep23 I¢K¢Yhif Inter-[ Gain Iltysl 2024 trdnsfers Ths year UrÈthrtedfund%'. GeneTrl Fund Manses Fur 314,159 1.876 1276A411 $6,928 36.959 16Z 59 15.OC¥)I 15.tJM) 276,441 56.779 Desl8)ated fLk)-. TMCP (Model fru%EI PropertyFund 302,125 2,802,929 3.lQ5.053 47.465 115.6531 3.r 918.653 1114,0841 219,853 1,899,9Zg 2.119.781 47A65 114m4 T(al lukKL% U67.61Z Ll%.094 57305 15.COJI 2373.714 The General Fund is used at the Trustees. discretion to meet ministerial stipends and other day to day running CDSts. The Manses Fund is primarily for the upkeep of manses. The Circuit Model Trust Ipreviously Advance Fund) was primarily for propeity transartions. but from 2011 was released from Restricted statusto Designated. The Circuit Meeting (Trustees) control all financial transactions of the Model Trust and sets local policy. Model Trust values include the Margaret Batty Bequest and a residual trust from Ground Rent. The Property Fund represents the book value of the Circuit's manse properties. at cost or valuation. 18. Contlngent asset No Contingent Assets exist 19. Contin8ent Ilability Grants received from The Relief and Extension Fund for Scotland are repayable when the property is sold. During 2013 the Circuit assumed responsibility for Cockenzie Church. with a contingent liability of £16.295, refundable from the proceeds of eventual sale. The Circuit does not recognise any further liability to the Relief and Extension Fund. 20. Related party tran5actlons The members of the Circuit Meetin& being members of the constituent Churches within the Circuit, are related parties as far as these financial 5t3tements are concerned. There were no trans3Ctions during the year with related p3rtie5 that require special disclosure. 21. Ultlmate controlling party The Trustees for Methodist Church Purposes. as custodian trustees for 311 Church and Circuit assets, must be regarded as the ultimate controlling party. htt forthvalle circuit.or
FORTH VALLEY CIRCUIT Iscottish Charity SC0379501 ANNEX A- LIST OF TRUSTEES IN OFFICE IN YEAR FROM I SEPTEMBER 2023 TO 31 AUGUST 2024 htt forthvalle circuit.or