There are three Conference decisions which may impact upon a number of entities within the Church and so I wish to highlight them as early as possible so that there is a no surprises approach if the Board of Administration seeks to set your entity within Xero or we assign an accountant to undertake the end of year financial reporting for your entity.
The relevant decisions are:
• In the event of an entity within the Methodist Church not supplying the appropriate financial reports by the due dates for the current and previous financial year, then Conference asks the General Secretary to make arrangements with that entity to transfer their accounting system to Xero (or other approved accounting system) commencing from the new financial year.
• If the entity is already using Xero and still does not prepare and send annual financial statements in accordance with the standards necessary to comply with Church Law, then Conference asks the Board of Administration to prepare accounts. The cost of preparation and filing will be charged directly to the entity.
• Conference notes that the financial information required to be completed and returned on the M4 Form need NOT be completed if the same information is contained in the Notes to the Accounts of the annual financial statements.