# **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.
_10_
## **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**|||
||||||
||||||
_14_
## **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_