Docusign Envelope ID.. AF5E4F52-8BC7499>927F-27F6A8F676E4 Charity registration number 1125578 Company registration number 06648312 (England and Wales) THE JUNCTION FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Docusign Envelope ID.. AF5E4F52-8BC7499>927F-27F6A8F676E4 THE JUNCTION FOUNDATION CONTENTS Page Trustees, report Independent auditorfs report Statement of financial activities 15-16 Statement of financial position 17 Statement of cash flows 18 Notes to the financial statements 19-39
THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
Trustees' Report
STRUCTURE, GOVERNANCE AND MANAGEMENT
TRUSTEES
Registered Office: Westfield Farm The Green Dormanstown Redcar TS10 5NA Company Registration Number: 06648312 Charity Registration Number: 1125578
Matthew Knibbs, Chairperson Christopher McEwan, Vice Chairperson Robert Davies, Treasurer Mark Adams Helen Williams Judith Peacock Alicia Jeanette Katherine Hierons
Bankers:
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Azets Audit Services Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS
Jonathan Harwood Shaun Hogg (Resigned 13[th] August 2025)
Auditors:
Secretary:
Beth Major Chief Executive Officer
Senior Leadership Team:
Beth Major Chief Executive Officer
Jamie Noble Deputy Chief Executive Officer
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements of the charity for the year ended 31st of March 2025.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Junction Foundation was established as a Company Limited by Guarantee on 16th July 2008, and as a registered charity on 21st of August 2008, commencing operational activities on September the 1st 2008. The Junction was originally established under a constitution in 2000, amended in 2001 and 2004. The memorandum and Articles of Association establish the objects and powers of the organisation.
Organisational Structure
-weekly cycle and has the power to establish sub-committees as and when required.
Day-to-day running of the organisation is delegated to members of the Senior Leadership Team.
The Finance and Risk Subcommittee, has responsibility for funding and development, focus on maintaining a healthy cash position in light of changes to the funding mix as well as monitoring the progress made towards the Business Plan and managing risks associated
The Evaluation and Learning Subcommittee, has an advisory role to the board of trustees and is responsible for reviewing the charities Evaluation and Learning Framework and ensuring insights and learning are consider for all project design and delivery.
who provide information and insight to the board of trustees as well as contribute towards the development and direction of the organisation.
In November 2019, the trustees create a wholly owned trading subsidiary which remains dormant at this time.
Members of the Senior Leadership Team
Beth Major (Chief Executive and Company Secretary) Jamie Noble (Deputy Chief Executive)
relevant sub-committees, directly to the board or through the management team.
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
Arrangements for setting key management personnel
The board, who are trustees who give their time freely received no remuneration in the year. The board have considered who the Key Management Personnel (KMP) of the charitable company are and conclude that that the below are considered to be Key Management Personnel:
Beth Major - Chief Executive Jamie Noble - Deputy Chief Executive
Trustee Recruitment, Induction and Training
The board regularly review the skills, knowledge and experiences of its members to identify any current and future areas of expertise that are required to deliver high quality strategic leadership to the organisation. Interested parties complete a Trustee Application Form which is reviewed by the Chief Executive to appraise their experiences, skills and knowledge. If the prospective trustee has the desired skill set and experiences a formal interview is carried out with the Chief Executive and nominated members of the board. If successful at interview the prospective trustee is then invited to observe a Board Meeting where the full board can make an appraisal on their suitability before taking a vote on whether to appoint them to join the organisation.
Once appointed the Trustees are inducted into the working environment of The Junction.
Each year one third of the Trustees are required to step down under the conditions of the Memorandum and Articles of Association. Each member can stand for re-election if they wish with the board deciding via votes. All resignations and appointments are recorded in the minutes of the Trustees Meetings.
Assessment of Risk
The Trustees have assessed the major risks to which the charity is exposed. They have developed a Strategic Risk Management Register and Action Plan which is reviewed at every Finance & Risk Sub Committee meeting and they are satisfied that systems are in place to mitigate The Junctions exposure to major risks.
The risk areas have been identified as:
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
Fundraising Disclosure
The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.
Public Benefit
The Trustees have complied with the duty under Section 4 of the Charitable Act 2006 to have due regard to the public benefit guidance published by the Charities Commission and the Trustees have paid due regard to this guidance in deciding what activities the charity should undertake.
The trustees have referred to the guidance in the Charity Commission general guidance on public benefits when reviewing the aims and objectives in planning and future activities. The charitable objectives are also set out in order to provide a clear and demonstrable public benefit, which the trustees believe are continually achieved.
The legal objects for which the charity is established are:
Such charitable purposes for the benefit of young people aged under 25 years in the Tees Valley region and in particular the relief of those in need by the provision of facilities in the interest of social welfare for their recreation and leisure time occupation so to enhance their personal development as individuals and members of society and improve their conditions of life.
people and their families and are undertaken to further our charitable purposes for public rt. The impacts we help create for our beneficiaries are only limited by resources and geographical boundaries of the Tees Valley.
Our Vision: A world where no child, young person or family is left to struggle. We want a world where there is always someone to talk to.
Our Mission: To empower children, young people and families to embrace life with confidence,
Our place in Society: We are a force for good in a world that can be tough.
Our Values:
We listen: their own support which empowers them towards healthier, happier lives.
We genuinely care: expertise is second to none, showing empathy towards each individual situation.
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
We never judge anybody. Children and young people are free to express themselves as they wish.
We empower: We go on adventures, push young people out of their comfort zones and tackle issues head on. We show them their potential
We support children, young people and families across Tees Valley through an array of services design to support people holistically with shared goals all focusing on making a difference to the lives of children young people and their families, Including:
tibank
Information advice and guidance still features heavily in our delivery models and we employ multidisciplinary teams of professionals with wide ranging qualifications and experiences:
-based interventions to improve the mental health and emotional wellbeing of children and young people.
Our Strategic Objectives:
Access: We will ensure we can meet the challenges of increased demand in specialist areas with sensitivity, knowledge and expertise.
Capacity to deliver: We must invest in people and resources, to enable us to evidence outcomes and impact, and work efficiently so we can spend more time supporting people and building our capacity.
Evidencing impact: We will clearly demonstrate the impact we make on our local communities through a focus on outcomes data while never losing sight of the individual difference made. Partnerships: Will enhance packages of support and seek to influence systems for the benefit of children and young people.
Public facing and responsive to local need:
achievements and increase engagement with stakeholders.
Thought leaders and co-creators: We will be confident in our place leading service for children and young people, using our expertise and specialisms to influence the system for good.
Sustainable and Future Proof: Be creative in our approaches to fundraising to increase unrestricted funding through enterprise, charitable donations and diversification enabling value-based decision making.
Workforce and Value Base: We will grow our workforce, creating opportunities and pathways to grow within retaining skills and talent, we will ensure our culture and values remain embedded through our teams.
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
Our Year in Numbers
All figures relate to 1st April 2024 31st March 2025
Children, Young People and Families
2,851 individual service users directly supported
8,543 one to one and group work sessions provided
30,824 attendances at The Junction services
Workforce
70 workers employed at 52 FTE
936 Training and Development opportunities accessed by team
Supporting the system
6 new delivery partnerships developed
661 Training and Development opportunities delivered to external professionals
Quality and Outcomes
As an organisation, some of our services use Goal Based Outcomes. Goal Based Outcomes are where young people will take control of their own priorities for support and areas they would like to develop through measuring and reviewing where they are in relation to progression on their goals.
In 2024/2025 of 915 children and young people who had paired Goal Based Outcome Scores 75.3% reported positive change against goals and changes they wanted to see in their lives.
Other indications of quality and outcomes:
95% satisfaction rate from children and young people
58,711 children and 143,796 individuals living in poverty supported through The Junction Multibank 8 systems change projects supported with practical action
934 partner organisations and fellow professional supported 918,212 Items distributed through The Junction Multibank 98.6% workers found their work meaningful and engaging 94.2% of workers would recommend The Junction as a good
Highlights of the year
Launch of The Junction Multibank: In November 2024 we launched The Junction Multibank. The Multibank Movement was founded by Former Prime Minister Gordon Brown and Amazon are a clothes, food, personal hygiene, cleaning and Household goods bank all rolled into one that support people experiencing poverty within a given area. It utilises predominantly surplus so is part of the circular economy. The Junction was selected to be the regional partner for Tees Valley in early 2024. After months of mobilisation to find premises, the funding and develop our expertise The Junction Multibank had its official press launch. The Impact for those experiencing poverty and the organisations supporting them has been profound in just over four months.
Sustainability and Futureproofing Building supporters and diversification of income: We delivered our annual Charity Music Night sponsored by Kozo design and VOVE, took part in the Heritage Walk scaled up our partnerships with our corporate supporters through campaigns including sponsorship of events, direct donations to Christmas and Easter Campaigns, and volunteering at events and skills shares. Although in its early days we will be scaling up activity in 2024.
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
We further developed key partnerships in our areas of work including: Middlesbrough Youth Mutual delivering on infrastructure and child poverty Developing our network of referral partners through The Multibank both to ensure surplus is utilised effectively and we are as response in delivery to simply the system. Ensuring our partnerships deliver on real change for local children, young people and families.
We have invested in our workforce: By enabling the highest ever number of our workforce to complete qualifications ranging from level 2 to post graduate qualifications, ensuring we have the right skills and abilities in our workforce to create and sustain change for families and we retain talent. We have imbedded our wellbeing and culture programme ensuring we retain organisational values as we grow. We have also started work on our long-term organisational design to ensure investment in infrastructure is effective.
Commitment to the Environment: We started delivery on All Our Futures (climate action through nature) with RCBC and Tees Valley Wildlife Trust and hosted a climate action conference for Redcar and Cleveland, co-produced with, by and for young people. We also made huge strides on our work in climate action achieving the Bronze Investors in the Environment Award driving organisational change towards net zero.
Our Key Priorities Next 12 Months
Increasing Access:
Furthering our work responding to poverty The Multibank is a huge step forward in responding to the immediate needs of families experiencing poverty in Tees Valley. But we cannot assume that providing the material goods alone with support families out of poverty in the long term. This year we will take learning from our work in The Multibank to inform support that will help move families out of poverty and use the platform of The Multibank to ensure systems are influenced to change long term outcomes.
Places and Spaces for people we know there is a need for spaces that are welcoming for young people. In 2025-26 we will progress work to ensure that local young people have access to the environments they need to thrive.
Partnerships:
Supporting our children and Young Peoples Mental Health we will continue to work with our crosssector partnership to ensure that children and young people are able to access the right support at the right time and that the offer is responsive to local need.
Working across Sectors to benefit local children and young people with additional challenges - we will enhance our engagement and partnership arrangements across sectors including the public and private sector to ensure we work together to ensure efficient systems in meeting need, maximise the efforts of everyone to make the most amount of difference as possible and increase front line resources to support people.
Supporting young people in communities we will continue our collaborative efforts with the young sector to ensure children and young people can access support and opportunities where they live by increasing the available youth offer.
Sustainable and Future Proof:
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
Meeting the challenge around increased demand and diversification of income- we will be scaling up our activity around events and fundraising this year with a focus on diversifying income alongside enterprising solutions to ensure we are resilient to static values in other funding opportunities and able to retain a responsive service offer.
Sustaining our vital services a key focus for us in year both in relation to project and contract ends, with several due in year and in our projects where we are establishing true costs of delivery (for example The Multibank).
Workforce and Value Base:
Supporting our workforce we will scale up our already established offers around wellbeing and sense of belonging, while deepening our commitment to an inclusive workforce through work around the Disability Confident mark (progression to level two) and The Armed Forces Covenant.
Capacity to deliver:
Organisational design- we will be reviewing our structures and ways of working from a position of organisational growth this year with the board to consider future organisational format ensuring we are able to respond to the challenges and growth ahead.
Infrastructure we will be inducting two new roles in the organisational infrastructure to ensure we are able to deliver our vision for our people and income diversification.
Financial review
The trustees are satisfied with the financial position of The Junction at year end and continue to be mindful and conscious of the effort to raise general unrestricted reserves in light of future predicted growth and due to the pressures that will arising in future periods.
Trustees have managed cashflow effectively and are satisfied with the current cash position.
The board are satisfied with the performance of The Junction including a) the efforts made to secure funding whilst ensuring services are efficiently and effectively delivered b) that the values and ethos of the organisation have not been lost in the pursuit of funding and c) the use of reserves to ensure the organisation continues to meet its charitable objectives.
Reserves Policy
The trustees have considered the level of risk associated with the continued financial viability of the organisation and are satisfied with the progress made towards mitigating financial risks. Trustees are conscious that as growth continues the reserves policy will require regular attention to ensure it is fit for purpose and utilised to the fullest. Trustees to increase general unrestricted reserves whilst aiming to sustain a reserve level of up to 33% of planned future turnover.
This level of reserves is reviewed annually by the Finance and Risk Sub-Committee to ensure they are within these thresholds.
Conscious efforts over a sustained period of time have resulted in unrestricted reserves growing, however, reserves will be impacted over future periods due to the use of designated funds to support the charities objectives.
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THE JUNCTION FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The trustees are conscious of the need to invest unrestricted reserves into the day-to-day running of the organisation and where needed will commit reserves to meet the needs of the organisation.
The actual free reserves currently held at 31st March 2025 amounted to £834,289 (2024: £639,724).
The free reserves are those held within current assets/liabilities which are not restricted or designated.
Statement of Trustees' Responsibilities
The trustees (who are also the directors of The Junction Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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material departures disclosed and explained in the financial statements; and
presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Reappointment of auditor
In accordance with section 485 of the Companies Act 2006, a resolution for the reappointment of Azets Audit Services as auditors of the charity.
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THE JUNCTION FOUNDATION TRUSTEES , REPORT (INCLUDING DIRECTORS , REPORT) FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on and signed on its behalf by:
......................................... R Davies Treasurer
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Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JUNCTION FOUNDATION Opinion We have audited the financial statements of The Junction Foundation (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities. the statement of financial position, the statement of cash flows and notes to the financial ststements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted A¢Unting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources. induding its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance viith the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditoffs SponSIbl1111eS for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the twstees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance condusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance wth applicable legal requirements. 11
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE JUNCTION FOUNDATION Matters on which we are required to report by exception In the light of the knowledge and understanding of the charty and its environment obtained in the course of the audit, we have not identified material misststements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees. remuneration specified by law are not made" or we have not received all the infom)ation and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing ihe trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to Cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance th ISAS (UK} will always detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 12-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE JUNCTION FOUNDATION Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, ils activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying th that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial stalements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual. suspected and alleged fraud- Reviewing minutes of meetings of those charged wth governance., Assessing the extent of Complian wth the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and tesling to supporting documentation to assess Compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustrnents for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the field in which the charity operates. we identified the following areas as those most likely to have a material impact on the financial statements: health and safety and compliance wth both the UK Companies Act and UK Charities Act. Because of the inherent limitations of an audit, there is a risk that we will not detect all iegUlar1ties, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of intemal control. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the CompaniesAct 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable Company s members as a btyjy, for our audit work, for this report, or for the opinions we have formed. 13-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE JUNCTION FOUNDATION Svjned by. Simon Brown BAACA DChA (Senior Statutory Auditor) for and on behalf of Azets Audit Services A919EiOF4BZ841D... 05 DeCber 2025 Chartered Accountants ststutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS 14-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current financial year Unrestricted Restricted funds funds 2025 2025 Total Total 2025 2024 Notes Income and endowments from: Donations and legacies Charitsble activities Investments other income 40.553 7.725,996 7,766,549 671.546 1.796,472 2,468,018 23,364 23,364 339 339 16.833 2,065.262 2,146 26 Totsl income 735,802 9,522,468 10,258,270 2,084,267 Ex enditure on: Charitable activities 543,166 9,273,838 9,817,004 1,660,687 Other 11 (320) {320) Total expenditure 542.846 9.273,838 9,816,684 1,660,687 Net incoming resources before transfer5 192.956 248,630 441,586 423.580 Gross transfers between funds 11,483 (11,483) Net income for the yearl Net movement in funds 204.439 237,147 441,586 423,580 Fund balances at 1 April 2024 922.528 505,981 1,428,509 1,004,929 Fund balances at 31 March 2025 1,126.967 743,128 1,870,095 1,428.509 The ststement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 15-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prior financial year Unrestricted Restricted funds funds 2024 2024 Total 2024 Notes Income and endowments from: Donations and legacies Charitsble activities Investments other income 16,033 649,417 2,146 26 800 16.833 1.415,845 2,065.262 2,146 26 Totsl income 667,622 1,416,645 2,084,267 Ex enditure on: Charitable activities 553,545 1,107,142 1,660,687 Total expenditure 553,545 1,107,142 1,660,687 Net incoming resources before transfers 114,077 309,503 423.580 Gross transfers beeen funds (21.836) 21,836 Net income for the yearl Net movement in funds 92,241 331,339 423,580 Fund balances at 1 April 2023 830,287 174,642 1,004,929 Fund balances at 31 March 2024 922,528 505,981 1,428,509 16-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 13 170.111 91.913 Current assets Debtors Cash at bank and in hand 14 310,745 1,558,593 337,534 1,131,050 1,869,338 1,468,584 Creditors: amounts falling due within one year 15 (169.354) 1131.988) Net current assets 1,699.984 1,336.596 Total assets less current liabilities 1,870.095 1,428.509 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 16 743,128 505,981 17 162,307 964.660 190,891 731,637 1,126.967 922,528 1,870.095 1,428.509 04 December 2025 The financial statements were approved by the Trustees on ......................... Sbjtted by.. fo>Lrf 2301611&3212B_. RA Davies Trustee Company registration number 06648312 17-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flov from operating activities Cash generated from operations 21 490.455 261.820 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income received (86,596) (76,742) 320 23.364 201,483 2,146 Net cash (used in)Igenerated from investing activities (62,912) 126,887 Financing activities Repayment of bank loans (137,963) Net cash used in financing activities {137,963) Net increase in cash and cash equivalents 427.543 250,744 Cash and cash equivalents at beginning of year 1,131.050 880.306 Cash and cash equivalents at end of year 1,558.593 1,131.050 18-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information The charity is a private company limited by guarantee, registered in England and Wales and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 lowards the assets of the charity in the event of liquidation. It is also a registered charity in England and Wales. The address of the registered office is 19 Station Road, Redcar, TSI 0 1AN. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Igoverning document], the Companies Act 2006. FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include listed investments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concem At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The charity has a strong positive cash position and is forecasting for this to Continue to be the case.The Trustees have stress tested their forecasts, taking into account various scenarios and remain confident that there are no material uncertainties that cast significant doubt on the charity's ability to continue as a going concern. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtheran of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set OLrt in the notes to the financial statements. 1.4 Income Income and endowments All income is included in the statement of financial activities when entttlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. Donations and legacies Income from donations or grants is recognised when there is eviden of entitlement to the gift, receipt is probable and its amount can be measured reliably. Legacy income is recognised when receipt is probable and entitlement is established. 19-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which. it has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Grants receivable Grants are recognised when the charity has an entitlement to the fvnds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be mel, the income is recognised as a liability and induded on the balance sheet as deferred income to be released. Donated services and facilities Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case., Donated goods are recognised in the accounts when they are fully and freely distributed to beneficiaries using the average value of the crate of goods received. The donated goods are then shown as equal and opposite entries to both Donations Received income and Charitsble Activity expenditures. The income and expenditure is shown as restricted on the basis that the donation of goods are given by Businesses to be freely distributed (to beneficiaries} without benefits'ng the charity directly or being able to be resold for financial gain. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of services is recognised v4ith the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Other trading activities Income from other trading activities is income that is neither related to raising funds for the charity no part of its income on charitable activities. 1.5 Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. and is classified under headings of the statement of financial activities to which it relates. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Charitable activities Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. Governance costs These include the costs attributable to the charity's compliance wth constitutional and statutory requirements. including audit, strategic management and Trustees's meetings and reimbursed expenses. Raising funds Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. -20-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) Support costs Support costs include ntral functions and have been allocated to activity cost categories on a ba consistent with the use of resources. for example. allocating propety costs by floor areas. or p capita, staff costs by the time spent and other costs by their usage. Government grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are dassified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an assel is deferred, it is recognised as deferred income. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Fumiture and Equipment Computer Equipment Motor vehides 200h reducing balance 330h reducing balance 25% straight line The gain or loss arising on the disposal of an asset is detennined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets A review for indicators of impaimient is carrted out at each reporting date, wth the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 1.8 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 1.9 Employee benefits Pensions and other post retirement obligations A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the beneffts relating to employee seNice in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for servi. the eXsS is recognised as a prepayment. Operating Leases Rentals payable under operating leases, induding any lease incentives reived, are charged as an expense on a straight line basis over the term of the relevant lease. 21
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods vthere the revision affects both current and future periods.
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Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities Unrestricted Restricted funds funds 2025 2025 Total 202S Transport NHS North East &Cumbria ICB NHS Education Funding The National Lottery Community Fund Youth Music Grant Middlesborough TYSS MHST Mental Health Support Team Short Breaks- Redcar Council South Tees Young Carers Police & Crime Commissioner for Cleveland Triangle Trust Police & Crime Commissioner for Cleveland You've Got This Woodsmith Foundation John Swire 1989 Charitable Trust RCBC Participation Middlesbrough TYS Additional The National Lottery Fund- dimate action Fund Anglo American Fund Blue influence Fund The National Lottery Community Fund-YEES The National Lottery Community Fund- Million hours fund Woodsmith Foundation & Anglo - Youth Employment Tesco Stronger Starts Thirteen Group - Netherfield's Youth Work Se1 The National Lottery Community Fund-middlesbrough Youth Mutual HAF - SummerActivity Fund Comic Relief- Multi-Bank Funding Mercers County Durham Community Foundation - Darlington Youth Club Gosling Foundation- Darlington Youth Club Tees Valley Multibank Project PCC - CURV knife crime PCC Autumn Activity Funding Middlesbrough Council - Eat Well Live Well Programme Tees Valley Multibank Project- Middlesbrough Council Funding Tees Valley Mullibank Project- Redcar Council Funding Tees Valley Mullibank Project- Stockton Council Funding Tees Valley Multibank Project- Teesside Charity Funding Tees Valley Multibank Project- County Durham Community Foundation Funding National Youth Agency- Thrive Programme County Durham Community Foundation - Saltbum Folk Festival Community Foundation - Multibank Project Government Disability Grant Grants 169,182 169,182 152.163 154.247 96.201 30,835 104,810 298,662 67,111 221,575 34,578 13,011 21,942 51,441 30,000 20,000 31,715 30.000 150.721 109.616 20.096 148,022 43,498 28,954 375 14,541 30,897 3,433 150,000 35,879 5,000 20,000 25,000 5.659 179 1.782 25.000 25,000 24,831 15,900 152,163 154,247 96,201 30,835 104,810 298,662 67,111 221,575 34,578 13,011 21,942 51,441 30,000 20,000 31,715 30,000 150,721 109,616 20,096 148,022 43,498 28,954 375 14,541 30,897 3,433 150,000 35,879 5,000 20,000 25,000 5,659 179 1,782 25,000 25,000 24,831 15,900 37,704 400 2,000 1,000 3,890 8,821 37,704 400 2,000 1.000 3.890 11.169 2,348 671,546 1,796,472 2,468,018 -24-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 {Continued) Charitable activities For the year ended 31 March 2024 Unrestricted Restricted funds funds 2024 2024 Total 2024 Transport NHS North East &Cumbria ICB NHS Education Funding ESPIDWP - Youth Employment Initiative The National Lottery Community Fund Youth Music Grant Middlesbrough TYSS Mercers Young Carers MHST Mental Health Support Team Paul Hamlyn Foundation Short Breaks- Redcar Council South Tees Young Carers Police & Crime Commissioner for Cleveland Triangle Trust Police & Crime Commissioner for Cleveland - YAG Middlesbrough Short Breaks You've Got This Woodsmith Foundation The CcFop Your Local Community Fund John Swire 1989 Charitable Tnjst 1989 Wllan Charitable Trust RCBC Participation Middlesbrough TYS Additional YIF Funding Redcar Hydrogen Fund st Martins Trust - The Skills Development and Education Programme 2023124 CDCF - John T Shuttleworth Ropner Memorial Trust Karin Brass Memorial Fund Anglo American Fund You've Got This- YALF 2 Funding Blue Influence Fund The National Lottery Community Fund- YEES John and Penelope Lebus Trust The National Lottery Community Foundation- Million Hours Fund Woodsmith Foundation & Anglo - Youth Employment Tesco Stronger Starts Grants 122,886 122,886 394,828 95,380 118,963 145,925 29.841 105.293 32.400 244.430 33,000 57,694 223,776 35,866 26,070 23,041 3,518 48,929 36,759 2,189 30,000 5,000 15.000 30.000 10.000 2.418 394,828 95,380 118,963 145,925 29,841 105.293 32,400 244,430 33,000 57,694 223,776 35,866 26,070 23,041 3,518 48,929 36,759 2,189 30.000 5,000 15,000 30.000 10,000 2,418 7,245 4,924 7,245 4,924 7,500 11,770 7,000 20,000 74.167 2.500 21.545 21.164 1,125 13,116 7,500 11,770 7,000 20,000 74,167 2.500 21,545 21,164 1,125 10,773 2,343 649,417 1,415,845 2,065,262 -25-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 23,364 2.146 Other income Unrestricted Unrestricted funds funds 2025 2024 other income 339 26 Charitable activities Unrestricted Restricted funds funds 2025 2025 Total 2025 Support of Children, Young People and Families Support Costs (see below) 482,320 8,914,290 9,396,610 60,846 359,548 420,394 543,166 9,273,838 9,817,004 As explained in note 3. Charitable Activities indudes gift in kind costs of £7.693,511, which is equal and opposite to the income recognised as Donations (2024.. £Nil) representing the freely distributed donated goods. Governance and support costs allocated to charitable activities Staff costs Other support costs 2025 Total 2025 2025 Staff costs Other expenses Depreciation 298,297 298.297 113.699 8.398 113,699 8,398 298,297 122,097 420,394 -26-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities {Continued) For the year ended 31 March 2024 Unrestricted Restricted funds funds 2024 2024 Total 2024 Support of Children, Young People and Families Support Costs (see below) 437,591 115.954 863,334 1,300,925 243,808 359.762 553.545 1.107,142 1,660.687 Governance and support costs allocated to charitable activities Staff costs Other support costs 2024 Total 2024 2024 Staff costs Other expenses Depreciation 260,679 260,679 92,966 6,117 92,966 6,117 260,679 99,083 359,762 Auditor's remuneration Fees payable to the charity's auditor and associates: 2025 2024 Audit of the charity's annual accounts 8,000 7,600 Non-audit seNices All other non-audit services 2,000 Trustees No trustees. nor any persons connected wth them. have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. -27-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number 70 56 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 1,449,857 119,500 64,381 1,161,480 93,825 52,387 1,633,738 1,307,692 The total employee benefits of the key management personnel of the charity were £135.066 (2024 - £128,222). The number of employees whose annual remuneration was more than £60,000 is as follows= 2025 Number 2024 Number £60,001- £70,000 11 Other Unrestricted funds Unrestricted funds 2025 2024 Net (gain)Iloss on disposal of tangible fixed assets (320) 12 Taxation The charity is exempt from tax on income and gains falling v4ithin section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. -28-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tangible fixed assets Furniture and Equipment Computer Motor vehicles Equipment Total Cost At 1 April 2024 Additions Disposals 3,930 5,070 42,411 11,141 97,275 70,385 (6,895) 143,616 86,596 {6,895) At 31 March 2025 9,000 53,552 160,765 223,317 Depreciation and impaimient At 1 April 2024 Depreciation charged in the year Eliminated in respect of disposals 2,434 526 21,988 5.462 27.281 2.410 (6.895) 51.703 8.398 {6.895) At 31 March 2025 2,960 27,450 22,796 53,206 Carrying amount At 31 March 2025 6,040 26,102 137,969 170,111 At 31 March 2024 1,496 20,423 69,994 91,913 14 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Accrued Income Other debtors Prepayments 215,343 49,111 17,400 28,892 278,465 54,635 4,434 310,746 337,534 -29-
Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Creditors: amounts falling due within one year 2025 2024 Other taxation and social security Deferred income Trade creditors VAT repayable Other creditors Accruals 29,345 14,900 39,673 35,449 23,612 26,375 25,815 15,000 12,817 35,171 22.307 20.878 169,354 131.988 2025 2024 Deferred income at 1 April 2024 Resources deferred in the period Amounts released from previous periods 15,000 14,900 (15,0001 15,000 Deferred income at 31 March 2025 14,900 15,000 -30-
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Docusign Envelope ID.. AF5E4F52-8BC7499&927F-27F6A8F676E4 THE JUNCTION FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Operating lease Commitments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows= 2025 2024 Within one year Between two and five years 58,000 83,901 4,600 141,901 4,600 20 Related party transactions During the year the charity made the followng related party transactions.. 1.VOVE Agency Limited S Hogg, a Trustee of the Charity is the director of the entity During the year, the charity paid VOVE Agency Limited £25,057 (2024: £3,808) for services provided to the charity. and received £525 for a fundraising Event (2024.'Nil) at the balan sheet date the amount due tolfrom VOVE Agency Limited was £Nil {2024 - £Nil). 21 Cash generated from operations 2025 2024 Surplus for the year 441,586 423,580 Adjustments for= Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets (23,364) (320) 8,398 {2,146) 6,117 Movements in working capital.. Decreasel(increasel in debtors Increase in creditors 26.789 37,366 {202.296) 36.565 Cash generated from operations 490,455 261.820 22 Analysis of Changes in net funds The charity had no debt during the year. -39-