2024-09-30-accounts

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Charity Registration Number: 1062118

Annual Report and Financial Statements 30 September 2024

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Annual Report and Financial Statements 30 September 2024 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 2024

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.

• Objects • To advance the Christian faith in accordance with the statement of beliefs in London and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit

• To relieve persons who are in conditions of need or hardship or who are aged or sick and to relive the distress caused thereby in London and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit

• To promote and fulfil such other charitable purposes beneficial to the community in and in such other parts of the United Kingdom or the world as the Trustees from time to time think fit

Trustees The Trustees who served during the year and who were serving at the date of this report were: Brian Brazier Sean Shepley Heather Davies Simon Thompson (Chairman) 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 Pastor and the Church Council. 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 Tandem Accounting 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 2024

The Trustees submit their annual report and the financial statements of Muswell Hill Christian Assembly Trust (“the Church”) for the year ended 30 September 2024. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019 (FRS102)). 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’s objects. Trustees meet at least once per annum to receive and discuss annual reports and plans from the Pastor/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:

• the trust deed

• the most recent financial statements

1.2 Day to Day Management

The day to day management of the Church is undertaken during the year by the Pastor and his Church Council which includes one of the Trustees (from 30 September 2024). 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‘s objects 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 19.

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:

• Sunday Worship

• Children & Youth’s activities

• Bible Study and prayer meeting

• Christian counselling

• Pastoral visits

3. Review of Activities

The church congregation on Sunday is around 30-35.

The home groups continue to meet regularly, free legal advice has been given weekly (except during school holidays). We are facilitating the running of a Trussell Trust Food Bank which is open 3 morning a week.

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 letting’s income.

3

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Annual Report of the Trustees For the year ended 30 September 2024

The financial position is reviewed by the Church 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 decreased by £98,208 during the year (2023: decreased by £5,920). The balance sheet shows total net assets of £1,650,031 (2023: £1,748,239).

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 2024 the Church had net free reserves of £182,935 (2023: £38,899).

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	2024	2023 £ 1,748,239 (938) (1,734,731) 26,329
	£
	1,650,031
	(2,805)
	(1,464,291)
	-
		38,899
	182,935
		25,000
	17,000

The Trustees are aware that the free reserves are currently in excess of free reserves requirement.

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.

5. Plans for Future Periods

The church will concentrate on its activities in the church building and the manse.

4

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Annual Report of the Trustees For the year ended 30 September 2024

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:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles of the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue.

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 27 May 2025 and signed on its behalf by:

Simon Thompson (Chair) Trustee[S][ fi)]

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 2024, 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:

• Examine the accounts (under section 145 of the Act);

• To follow the procedures laid down in the General Direction given by the Charity Commission (under section 145(5)(b) of the Act); and

• To state whether particular matters have come to my attention.

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

27 May 2025

6

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Statement of Financial Activities For the year ended 30 September 2024

Note Income from: 2 Donations and legacies Charitable activities Other trading activities Investments Total Income Expenditure on: Charitable activities 3 Total Expenditure Net gains/(losses) on investments Net (expenditure)/income Transfers between funds Other recognised gains/(losses) Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2024 £ 34,284 - 14,605 1,913 50,802 67,772 67,772 - (16,970) - - (16,970) 1,014,432 997,462		Restricted Funds 2024 £ 1,985 - - - 1,985 2,215 2,215 - ( 230) - (81,008) (81,238) 733,807 652,569		Unrestricted Funds 2023 £ 34,872 - 10,665 924		Restricted Funds 2023 £ 3,366 30 - - 3,396 3,023 3,023 - 373 - - 373 733,434 733,807	Total 2023 £ 38,238 30 10,665 924
				Total
				2024
				£
				36,269
				-
				14,605
				1,913
					46,461			49,857
				52,787
					52,754			55,777
				69,987
					52,754			55,777
				69,987
					-
				-
					(6,293)			(5,920)
				(17,200)
					- -			- -
				-
				(81,008)
					(6,293) 1,020,725			(5,920) 1,754,159
				(98,208)
				1,748,239
					1,014,432			1,748,239
				1,650,031

7

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Balance Sheet As at 30 September 2024

		Unrestricted	Restricted
		Funds	Funds	Total	Total
		2024	2024	2024	2023
	Note	£	£	£	£
Fixed Assets
Tangible Assets	4	814,527	649,764	1,464,291	1,734,731
Current Assets
Debtors	5	4,128	-	4,128	2,414
Cash At Bank And In Hand		183,810	2,805	186,615	60,890
		187,938	2,805	190,743	63,304
Creditors - Amounts Falling Due Within
One Year	6	5,003	-	5,003	23,467
Net Current Assets		182,935	2,805	185,740	39,837
Total Assets Less Current Liabilities		997,462	652,569	1,650,031	1,774,568
Creditors - Amounts Falling Due After
More Than One Year	7	-	-	-	26,329
Net Assets		997,462	652,569	1,650,031	1,748,239
Represented by:
Restricted Funds	8	-	652,569	652,569	733,807
Unrestricted Funds		997,462	-	997,462	1,014,432
Total Funds		997,462	652,569	1,650,031	1,748,239

The financial statements were approved by the Trustees on 27 May 2025 and signed on its behalf by:

Brian Brazier Trustee

8

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

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:

• Grants/gifts payable are payments made to third parties in furtherance of the Church’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Church.

• Governance costs comprise all costs involving the public accountability of the Church and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

9

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

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 2024. 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. The loans were fully repaid during the year to 30 September 2024.

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:

• Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

• Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

2. Income

2. Income
Unrestricted Funds 2024 £ Donations and legacies Offerings and donations 31,247 Income tax reclaimed 3,037 34,284 Charitable activities Conference income - Other trading activities Lettings income 14,605 Investment income Bank interest 1,913 50,802	Restricted Funds 2024 £ 1,985 - 1,985 - - - 1,985						Total 2023 £ 36,967 1,271 38,238 30 10,665 924 49,857
				Total
				2024
				£
				33,232
				3,037
				36,269
				-
				14,605
				1,913
				52,787

11

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

3. Expenditure – Charitable Activities Provision of Minister Gross salary, Employers NI & Allowance Pension contributions Accommodation (council tax, insurance, maintenance, water, equipment etc) Removals Financing the manse (loan interest) Church Life & Outreach Toddlers, children & youth CAP Job Club Training, teaching & house groups Outreach/evangelism/mission Advertising Catering & refreshments Visiting speakers Membership & Licences Equipment Music & music licence Gifts and grants (see note 3b below) Sundry Office Costs Printing, stationery & postage Bank charges Administration & accountancy Provision of church building and facilities Heat, light & water Insurance Maintenance, equipment & cleaning Internet & Website Manse professional costs Governance Independent examination	Unrestricted Funds 2024 £ 27,250 630 5,922 6,966 2,283	Restricted Funds 2024 £ - - - - - 0 - - - - - - - - - - 2,215 - 2,215 - - - 0 - - - - - 0 - 2,215
				Total 2023 £ 27,000 623 3,881 - 1,901 33,405 145 480 - 800 306 87 400 102 137 285 3,083 - 5,825 90 60 3,003 3,153 3,391 932 5,434 587 2,800 13,144 250 55,777
			Total
			2024
			£
			27,250
			630
			5,922
			6,966
			2,283
	43,051 594 480 325 345 - 95 150 102 - 283 - 250
			43,051
			594
			480
			325
			345
			-
			95
			150
			102
			-
			283
			2,215
			250
	2,624 314 60 3,244
			4,839
			314
			60
			3,244
	3,618 4,855 973 5,684 837 5,880
			3,618
			4,855
			973
			5,684
			837
			5,880
	18,229 250
			18,229
			250
	67,772
			69,987

12

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

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		2024		2023
		£		£
		27,250		27,000
		2,505		2,489
		(2,505)		(2,489)
		630		623
		27,880		27,623
		27,250		27,000
		630		623
		27,880		27,623

The average number of employees during the year was xx (2023: 1). 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 Pathway (regd no. 803639) UK Tear Fund UK IMJP Gifts to individuals (local & overseas) Uma Sharma (Nepal) Palermo (Italy)	Unrestricted Funds 2024 £ - - - 0 - - 0 0	Restricted Funds 2024 £ 470 - 525 995 590 630 1,220 2,215		Total 2023 £ 815 253 - 1068 740 760 1500 2,568
			Total
			2024
			£
			470
			-
			525
			995
			590
			630
			1,220
			2,215

13

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

4. Tangible Fixed Assets

Freehold land and buildings: manse £ Freehold land and buildings: church £ Cost/Valuation At 1 October 2023 1,084,731 650,000 Additions 814,291 - Repayment of investor interest (see note) 27,269 - Disposals (1,112,000) - At 30 September 2024 814,291 650,000 Depreciation At 1 October 2023 - - Charge for the year - - Disposals - - At 30 September 2024 0 0 Net Book Value At 30 September 2024 814,291 650,000 At 30 September 2023 1,084,731 650,000	Fixtures, fittings & equipment £ 1,629 - - - 1,629 1,629 - - 1,629 0 0
			Total
			£
			1,736,360
			814,291
			27,269
			(1,112,000)
			1,465,920
			1,629
			-
			-
			1,629
			1,464,291
			1,734,731

All of the fixed assets are used for charitable purposes.

The manse property at 82 Wilton Road, London N10 1LT was sold during the year. A new manse at 3 Halton Close, London, N11 3HQ was simultaneously purchased.

5. Debtors

Gift Aid Receivable Other debtors		2024		2023 £ 1,228 1,186
		£
		3,038
		1,091
				2,414
		4,129

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MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

6. Creditors - Amounts Falling Due Within One Year

Personal loans Accruals Other creditors including tax and social security		2024		2023 £ 18,750 2,275 2,442
		£
		-
		1,524
		3,479
				23,467
		5,003

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 7 below. Loans are not secured, repayment is over an original range of up to 12 years and interest is paid at a rate of 3% per annum. The loans were repaid early during the year.

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

Personal loans (see note 6 above)		2024		2023 £ 26,329
		£
		-

8. Restricted Funds

8a. Current year Manse Building Residual funds from Wilton Community Housing Trust Uma Sharma (Nepal) Giuseppe and Rachel Palermo (Italy) Pathway Personal gifts Pembroke Road Church IMJP		At 1 October 2023 £ 730,772 2,097 (100) 335 483 170 50 - 733,807		Income £ - - 590 630 240 - - 525 1,985	Expenditure £ - - (590) (630) (470) - - (525) (2,215)	Gains/ (losses) £ Transfers £ (81,008) - - - - - - - - - - - - - - - (81,008) 0	Gains/ (losses) £ Transfers £ (81,008) - - - - - - - - - - - - - - - (81,008) 0	At 30	At 30
								September
									2024
									£
									649,764
									2,097
									(100)
									335
									253
									170
									50
									0
									652,569

15

MUSWELL HILL CHRISTIAN ASSEMBLY TRUST (WILTON COMMUNITY CHURCH)

Notes to the Financial Statements For the year ended 30 September 2024

8. Restricted Funds (continued)

8b. Prior year Manse Building Residual funds from Wilton Community Housing Trust Uma Sharma (Nepal) Giuseppe and Rachel Palermo (Italy) Pathway Personal gifts Pembroke Road Church Tearfund		At 1 October 2022 £ 730,772 2,097 - 385 10 170 - - 733,434		Income £ - - 640 710 1,288 455 50 253 3,396	Expenditure £ - - (740) (760) (815) (455) - (253) (3,023)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - - 0 0	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - - 0 0	At 30	At 30
								September
									2023
									£
									730,772
									2,097
									(100)
									335
									483
									170
									50
									0
									733,807

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 church work and church planting in Nepal.

9. Related Party Transactions

Mrs Joy Brazier, the wife of Brian Brazier, a Trustee, held a loan of £nil (2023: £18,752). The loan is repayable over a 12 year term maturing in 2027 and interest is payable at 3% per annum. The loan was repaid during the year.

Mrs Jeanie Grant, the wife of Gregor Grant, a Trustee, held a loan of £nil (2023: £8,916). The loan is repayable over a 12 year term maturing in 2027 and interest is payable at 3% per annum. The loan was repaid during the year.

During the year the trustees and related parties gave a total of £13,415 (£13,030) in unrestricted offerings, donations and gifts.

16