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2020-09-30-accounts

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Charity Registration Number: 1062118

Annual Report and Financial Statements 30 September 2020

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Annual Report and Financial Statements 30 September 2020 Contents

Page
Legal & Administrative Information 2
Annual Report of the Trustees 3
Independent Examiner's report to the Trustees 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9

1

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Legal & Administrative Information For the year ended 30 September 2020

Charity Name Muswell Hill Christian Assembly Trust (Wilton Community Church). Principal Address 82 Wilton Road, Muswell Hill, London N10 1LT. Charity Registration 1062118. The church was established in 1898 and registered with the Charity Commission on 4 April 1997

The Governing Document Declaration of Trust dated 28 April 1997.

Trustees The Trustees who served during the year and who were serving at the date of this report were: Brian Brazier (Chairman) Gregor Grant Sean Shepley Church council member Heather Davies Key Management Personnel Those in charge of planning, directing, controlling, running and operating the Church, including those members of staff who are the senior management personnel to whom the trustees have delegated significant authority or responsibility in the dayto-day running of the Church on a day to day basis are the Trustees, the Pastor and Assistant Pastor. Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent Examiner Christine Cheung Poston Flat 48, Samford House, Charlotte Terrace, Islington, London N1 0JF Accounting John Helm ACA Simply Churches 17 Heathville Road London N19 3AL

2

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Annual Report of the Trustees For the year ended 30 September 2020

The Trustees submit their annual report and the financial statements of Muswell Hill Christian Assembly Trust (“the Church”) for the year ended 30 September 2020. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

1. Structure, Governance & Management

1.1 Trustees

The appointment of Trustees is made by the serving Trustees at the time. Their duties include the holding of the Church’s land and buildings for the benefit of the Church and the monitoring of the implementation of the Church constitution. Trustees meet at least once per annum to receive and discuss annual reports and plans from the Minister.

None of the Trustees currently receives remuneration.

The induction process for any newly-appointed Trustee comprises an initial meeting with the Chair and receipt of copies of:

1.2 Day to Day Management

The day to day management of the Church is undertaken during the year by a Church Council (formerly Eldership) which includes two of the Trustees (one from 30 September 2020). Council members are elected by the Church member’s meeting. Council members will normally serve a term of 3 years. Council members meet approximately 12 times per annum to discuss a full range of matters relating to finance, fabric, general administration, the observance of the Church constitution and responsibility for the keeping of the Church membership roll.

2. Activities and the Public Benefit

The Church is an urban multi-ethnic evangelical congregation with a membership of 25.

The Trustees have given due regard to the Charity Commissions’ guidance on public benefit. During the year the Church continued to carry out the following activities in order to promote the Gospel in the local neighbourhood:

3. Review of Activities

The church congregation on a Sunday is around 25-30, meeting in the church building where government restrictions allow, otherwise via the internet, or a combination of the two

The home groups continue to function regularly, free legal advice was given weekly to the local community, Christians Against Poverty (CAP) Job Clubs and CAP Money courses continue to run 2 or 3 times a year, a toddlers groups runs weekly during term time meeting the needs of parents/carers and young children, all subject to the current Covid restrictions.

3

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Annual Report of the Trustees For the year ended 30 September 2020

We continue to have students training for the Christian ministry placed with their colleges. They have strengthened our work and in turn have benefited from the experience gained and mentoring by the Minister.

4. Financial Review

4.1 Financial Activity and Financial Position

The church is funded by the freewill offerings of members and others in attendance, together with some lettings income.

The financial position is reviewed by the Council monthly and as necessary the congregation is informed of any needs to be met. It is also encouraging that requests for specific needs or activities have been met in full.

The Statement of Financial Activities and the balance sheet can be found on pages 7 and 8 respectively. The Church’s financial resources increased by £12,395 during the year (2019: decreased by £70,456). The balance sheet shows total net assets of £1,744,792 (2019: £1,732,397).

Restricted funds are monies raised or donated subject to conditions attached to their use. Details of these funds are shown in note 8.

4.2 Reserves Policy

The Trustees have examined the requirements for free reserves, ie unrestricted funds not invested in tangible fixed assets. The Trustees consider that, given the nature of the church’s work, free reserves should be equivalent to approximately 3 months’ routine general fund expenditure, plus committed future expenditure on other projects, where funds permit. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the Church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 30 September 2020 the Church had net free reserves of £111,531 (2019: £140,027).

Total reserves
Less: restricted funds (excl. tangible fixed assets)
Less: tangible fixed assets
Add: long term loans
Free reserves
Free reserves requirement:
3 month’s budgeted routine expenditure		 2020 2019
£
1,732,397
(2,827)
(1,683,709)
94,166






£
1,744,792
(3,242)
(1,701,049)
71,030
140,027
111,531
25,000
25,000

The Trustees are aware that the free reserves are currently in excess of free reserves requirement. These are earmarked for the repayment of loans over the next few years.

4.3 Investment Policy

The church currently invests spare funds in an interest-bearing bank account.

4.4 Grants Policy

The Church makes grants as a result of special appeals to support missionary endeavours both in the UK and abroad. The policy of the church is to give grants on the basis that they are subject to annual review. The missionary works supported this year are shown in note 8. In addition, the Church makes anonymous love gifts, at the discretion of the Council members, to those in need within, and outside of, the Church fellowship.

4

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Annual Report of the Trustees For the year ended 30 September 2020

5. Plans for Future Periods

The church will concentrate on its activities in the church building and the manse, supplemented by the use of Pembroke Road Church (PRC) as and when agreed. A Trussell Trust Food Bank now operates from the PRC building.

6. Responsibilities of Trustees for the Financial Statements

The Trustees are responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees and Church Council are responsible for the maintenance and integrity of the Church’s financial information included in the Church’s website.

7. Approval

The report of the Trustees was approved by the Trustees on 12 February 2020 and signed on its behalf by:

Brian Brazier (Chairman) Trustee

Gregor Grant Trustee

5

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Report of the Independent Examiner to the Trustees of Muswell Hill Christian Assembly Trust (Wilton Community Church)

I report on the financial statements of Muswell Hill Christian Assembly Trust for the year ended 30 September 2020, set out on pages 7 to 17.

This report is made solely to the Trustees in accordance with section 145 of the Charities Act 2011 (the Act). My independent examination has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by the law, I do not accept responsibility to anyone other than the Trust and the Trustees for my independent examination, for this report, or the opinions I have formed.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The Trustees consider that an audit is not required for this period (under section 144(2) of the Act) and that an independent examination is needed.

It is my responsibility to:

BASIS OF INDEPENDENT EXAMINER’S STATEMENT

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the church as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christine Cheung Poston ACCA

12 February 2020

6

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Statement of Financial Activities For the year ended 30 September 2020

Note
Income from:
2
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
Total Income
Expenditure on:
Charitable activities
3
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses)
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2020
£
73,834
-
6,098
682
-
80,614
68,634
68,634
-
11,980
-
-
11,980
980,798
992,778		 Restricted
Funds
2020
£
14,553
400
-
-
-
14,953
14,538
14,538
-
415
-
-
415
751,599
752,014		 Unrestricted
Funds
2019
£
56,067
-
11,954
1,287
373




Restricted
Funds
2019
£
12,102
-
-
-
12,102
13,875
13,875
-
(1,773)
-
-
(1,773)
753,372
751,599		 Total
2019
£
68,169
-
11,954
1,287
373
Total
2020
£
88,387
400
6,098
682
-
69,681 81,783
95,567
138,364 152,239
83,172
138,364 152,239
83,172
-
-
(68,683) (70,456)
12,395
-
-		 -
-
-
(68,683)
1,049,481		 (70,456)
1,802,853
12,395
1,732,397
980,798 1,732,397
1,744,792

7

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Balance Sheet As at 30 September 2020

Note
Fixed Assets
Tangible Assets
4
Current Assets
Debtors
5
Cash At Bank And In Hand
Creditors - Amounts Falling Due Within
One Year
6
Net Current Assets
Total Assets Less Current Liabilities
Creditors - Amounts Falling Due After
More Than One Year
7
Net Assets
Represented by:
Restricted Funds
8
Unrestricted Funds
Total Funds		 Unrestricted
Funds
2020
£
952,277
6,943
116,027
122,970
11,439
111,531
1,063,808
71,030
992,778
-
992,778
992,778		 Restricted
Funds
2020
£
748,772
3,242
3,242
-
3,242
752,014
-
752,014
752,014
-
752,014		 Total
2019
£
1,683,709
9,265
149,661
Total
2020
£
1,701,049
6,943
119,269
158,926
16,072
126,212
11,439
142,854
114,773
1,826,563
1,815,822
94,166
71,030
1,732,397
1,744,792
751,599
980,798
752,014
992,778
1,732,397
1,744,792

The financial statements were approved by the Trustees on 12 February 2020 and signed on its behalf by:

Brian Brazier (Chairman) Trustee

Gregor Grant Trustee

8

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting except for the revaluation of freehold land and buildings which are shown at fair value.

The financial statements include all transactions, assets and liabilities for which the Church is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The Church meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

Voluntary income and donations (including legacies) are accounted for once the Charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period in which the relevant donation is received.

The income from other trading activities includes rental income from the letting of the church manse which is accounted for when earned. It is shown gross, with the associated costs included in expenditure on fundraising.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Church; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The Church is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Charitable expenditure includes those costs in fulfilling the Church’s principal objects, as outlined in the Report of the Church. These include grants payable and governance costs:

9

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

1. Accounting Policies (continued)

Taxation

As a charity, the Church is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the Trust.

Tangible Fixed Assets

The Church building and the Church manse are stated at fair value. The buildings will be revalued on a regular basis with the next valuation taking place as at 30 September 2020. Depreciation is not provided as the estimated residual value is considered to be the same or higher than the carrying value of the property in the accounts.

The cost of furniture, fittings and equipment, less any expected residual value, is depreciated on a straight line basis over the effective useful life of the asset, which has been estimated as three years.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Loans

The Church’s loans, which are with church members and regular attenders, are all unsecured and pay interest at a rate of 3% per annum, qualify as basic financial instruments and are classified as concessionary loans. Concessionary loans are initially recognised at transaction value and subsequently measured at their settlement value.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Provisions have been calculated at the best estimate of the settlement amount and discounted to present value at the reporting date.

Fund accounting

The funds held by the charity are either:

10

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

2. Income

Unrestricted
Funds
2020
£
Donations and legacies
Offerings and donations
43,913
Income tax reclaimed
6,952
Legacies
22,969
73,834
Charitable activities
Conference income
-
Other trading activities
Lettings income
6,098
Investment income
Bank interest
682
Other income
-
80,614		 Restricted
Funds
2020
£
14,553
-
-
14,553
400
-
-
-
14,953		 Total
2019
£
64,352
9,051
(5,234)
Total
2020
£
58,466
6,952
22,969
68,169
-
11,954
1,287
373
88,387
400
6,098
682
-
81,783
95,567

11

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

3. Expenditure – Charitable Activities
Provision of Minister & Assistant Minister
Gross salary, Employers NI & Allowance
Pension contributions
Accommodation (rent, council tax, insurance,
maintenance, water)
Financing the manse (loan interest)

Church Life & Outreach
Provision of worker (gross salary, Employer’s
NI & Allowance)
Toddlers, children & youth
CAP Job Club
Training, teaching & house groups
Outreach/evangelism/mission
Advertising
Catering & refreshments
Visiting speakers
Music & music licence
Gifts and grants (see note 3b below)
Sundry

Office Costs
Printing, stationery & postage
Office accommodation
Administration & accountancy
Sundry

Provision of church building and facilities
Heat, light & water
Insurance
Maintenance, equipment & cleaning
Sundry

Governance
Independent examination


 Unrestricted
Funds
2020
£
25,803
548
14,660
3,340		 Restricted
Funds
2020
£
-
-
-
-
0
8,874
400
-
-
-
-
-
5,264
14,538
-
-
-
-
0
-
-
-
-
0
-
14,538
Total
2019
£
44,353
2,200
19,997
4,354
70,904
11,431
2,494
480
8,363
1,207
1,015
523
85
452
9,354
448
35,852
312
3,300
3,596
12
7,220
2,680
755
34,248
330
38,013
250
152,239
Total
2020
£
25,803
548
14,660
3,340
44,351
7,038
522
487
279
244
77
292
60
460
50
171
44,351
15,912
522
487
679
244
77
292
60
460
5,314
171
9,680
374
-
2,941
191
24,218
374
-
2,941
191
3,506
4,903
787
4,635
522
3,506
4,903
787
4,635
522
10,847
250
10,847
250
68,634
83,172

12

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

3. Expenditure – Charitable Activities (continued)

3a. Staff Costs

Included within Expenditure – Charitable Activities are the following staff costs:

Wages and salaries
Employer’s National Insurance
Employer’s Allowance
Pension costs
Of which the following salaries and pension contributions were in relation to Key
Management Personnel:
Wages and salaries
Pension costs		 2020 2019
£ £
40,955 54,528
3,323 4,078
(2,563) (2,822)
548 2,200
42,263 57,984
25,300 43,169
548 2,200
25,848 45,369

The average number of employees during the year was 2 (2019: 3). No employee received emoluments in excess of £60,000.

3b. Gifts & Grants

Included within Expenditure – Charitable Activities are the following gifts & grants:

Gifts and grants to organisations
Christian Witness to Israel
Uma Sharma (Nepal)
Pathway
Tear Fund

Gifts to individuals (local & overseas)


 Unrestricted
Funds
2020
£
-
-
-
-
0
50
50		 Restricted
Funds
2020
£

415

3,275

430

225

4,345

919
5,264		 Total
2019
£
1,205
2,670
-
-
3,875
5.479
3,880.479
Total
2020
£
415
3,275
430
225
4,345
969
5,314

13

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

4. Tangible Fixed Assets

Freehold land
and buildings:
manse
£
Freehold land
and buildings:
church
£
Cost/Valuation
At 1 October 2019
1,033,709
650,000
Additions
-
-
Repayment of investor interest (see note)
1,340
-
Disposals
-
-
At 30 September 2020
1,035,049
650,000
Depreciation
At 1 October 2019
-
-
Charge for the year
-
-
Disposals
-
-
At 30 September 2020
0
0
Net Book Value
At 30 September 2020
1,035,049
650,000
At 30 September 2019
1,033,709
650,000		 Fixtures,
fittings &
equipment
£
1,629
-
-
-
1,629
1,629
-
-
1,629
0
0
Total
£
1,685,338
-
17,340
-
1,702,678
1,629
-
-
1,629
1,701,049
1,683,709

All of the fixed assets are used for charitable purposes.

The manse property at 82 Wilton Road, London N10 1LT was professionally valued on 5 August 2015 by Prickett & Ellis Surveyors Limited of 114 Alexandra Park Road, London N10 2AH at a valuation of £1,130,000. The amount of £1,033,709 recorded as the valuation of freehold land and buildings: manse has been calculated as follows:

Property at valuation
Less: investor interests		 £
1,033,709
17,340
1,051,049

The church property has not been professionally valued as the Trustees do not think the expense would be justified. For the year ended 30 September 2015 the Trustees arrived at a valuation of £650,000 based on class D1 use, applying £250 per square foot to the external size of this building of 2,600 square feet. The Trustees believe this represents a realistic valuation also having regard to some comparable properties in the North London area.

14

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

5. Debtors

Gift Aid Receivable
Prepayments		 2020 2019
£
8,800
465
£
6,943
-
9,265
6,943

6. Creditors - Amounts Falling Due Within One Year

Personal loans
Accruals
Accrued interest (net of tax)
Other creditors including tax and social security		 2020 2019
£
7,123
3,950
3,108
1,891
£
7,623
2,000
-
1,816
16,072
11,439

Personal loans: these have been made to the Trust by various members of the church. The amount disclosed above represents the portion of the loans which are estimated to be repayable within one year. The amount which is payable after more than one year is disclosed in note 8 below. Loans are not secured, repayment is over a range of up to 12 years and interest is paid at a rate of 3% per annum.

7. Creditors - Amounts Falling Due After More Than One Year

Personal loans (see note 6 above) 2020 2019
£
94,166
£
71,030

15

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

8. Restricted Funds

Manse Building
Residual funds from Wilton Community
Housing Trust
Children’s Ministry
Uma Sharma (Nepal)
Giuseppe and Rachel Palermo (Italy)
Christian Witness to Israel
Tear Fund
Pathway
Personal gifts
High Leigh Conference		 At 1
October
2019
£
748,772
2,097
0
100
560
70
0
0
0
0
751,599		 Income
£
Expenditure
£
-
-
-
-
8,874
(8,874)
3,675
(3,275)
714
(889)
425
(415)
225
(225)
440
(430)
200
(30)
400
(400)
14,953
(14,538)		 Income
£
Expenditure
£
-
-
-
-
8,874
(8,874)
3,675
(3,275)
714
(889)
425
(415)
225
(225)
440
(430)
200
(30)
400
(400)
14,953
(14,538)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-		 At 30 At 30
September
2020
£
748,772
2,097
0
500
385
80
0
10
170
0
752,014

Descriptions of the main restricted funds are as follows:

Manse Building. Represents the grant of the manse that was made by Wilton Community Housing Trust (WCHT) on the restricted trust of advancing Christianity in such manner as the trustees decide or for housing full-time Christian workers.

Residual funds from Wilton Community Housing Trust. Represents the grant of residual funds that was made by Wilton Community Housing Trust (WCHT) on the restricted trust of advancing Christianity in such manner as the trustees decide or for housing full-time Christian workers.

Giuseppe and Rachel Palermo. In support of church work in Milan, Italy.

Uma Sharma. In support of Uma Sharma’s work in Nepal, in particular the provision of a new church building

Christian Witness to Israel. Represents funding for Christian Witness to Israel (Charity no. 271323.

9. Related Party Transactions

Mrs Nadine Shepley, the wife of Sean Shepley, a Trustee, held a loan of £17,756 (2019: £21,336) together with gross interest payable of £nil (2019: £834). The loan is repayable over a 12 year term until and interest is payable at 3% per annum.

Mrs Joy Brazier, the wife of Brian Brazier, a Trustee, held a loan of £32,385 (2019: £38,190) together with gross interest payable of £nil (2019: £1,479). The loan is repayable over a 12 year term until 2027 and interest is payable at 3% per annum.

Mrs Jeanie Grant, the wife of Gregor Grant, a Trustee, held a loan of £14,688 (2019: £17,088) together with gross interest payable of £nil (2019: £662). The loan is repayable over a 12 year term until 2027 and interest is payable at 3% per annum.

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MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2020

9. Related Party Transactions (continued)

During the year the trustees and related parties gave a total of £24,190 (£28,497) in unrestricted offerings, donations and gifts.

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