Charity registration number 1132283 (England and Wales> Company registration number 06962947 THE CHURCH AT JUNCTION 10 ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE CHURCH AT JUNCTION 10 LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr K Davis Mr J D Clark MrAAkani Mr P Begg Mrs H Chiuriri Mrs S Elliot Mrs R Kaguramamba-makwembere {Appointed 18 June 2024) (Appointed 19 November 20241 Charity number {England and Wales} 1132283 Company number 06962947 Registered office clo Anochrome Ltd Reservoir Place Walsall West Midlands United Kingdom WS2 9RZ Independent examiner Burgis & Bullock 23-25 Waterloo Pla Leaminglon Spa Warwickshire CV32 SLA
THE CHURCH AT JUNCTION 10 CONTENTS Page Trustees report Independent examiners report Statement of financial activities Balance sheet Notes to the accounts 9-20
THE CHURCH AT JUNCTION 10 TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the Directors of the charitable company. present their report and accounts for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Church's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019)" Objectives and activities The Church's objects are the advancement of Christian Religion by the proclamation and furtherance of the Gospel according to God concerning His Son Jesus Christ the Lord. During 2024 the Church continued in its main activities of Christian evangelism, worship and teaching. through a model of congregalional and small group meetings. The Church meels in a local secondary school and has aimed to be more involved in the life of the local communities in which it 15 based and where a local resource centre is to be built in collaboration with Walsall Council. The activities are centred on the church building, through traditional and online groups. supported by a strengthening House Group structure. Further activities for special interest groups continued to be well SUPPOrted, such as Youth Club and children's discipleship. This includes successfully linking with national and local leadership development organisations to help develop young leaders. The Church relied on offerings from the donors identified in the financial statements. whose support is valued. There have been limited other fvndraising activities. Through our tithe, our annual support for local. national and intemational missions continue. Public benefit The Truslees have paid due regard to guidance issued by Ihe Charity Commission on Public benefit in deciding what activities the Church should undertake. Public benefit is delivered through the activities undertaken by the Church as described above. Achievements and perfonnance The Board of Truslees (Church Counall are satisfied with the financial perfomiance of Ihe Church during the year. In addition to progressing our plans for a new Church and resource centre, during 2024 the ongoing objeclives of the Church were lo= The missional communities programme is still active and serves the local communities of Walsall, bringing supporting activities and core values, to help those of the Church. We continue to work closely wsth local schools and other agencies within our community where possible. Beyond and including traditional services and festivals. these activities were nIred on prayer, Study. fellowship and collective worship in our growing joumey groups. The Church has sought to empower members through a variety of resources and activities that model Apostolic, Prophetic, Evangelistic, Teaching and Pasloral ministries. Our full time Youth and Childn.$ Pastor continues to develop and strengthen the focus of the Church's activities around the young people associaled wtth our Church family.
THE CHURCH AT JUNCTION 10 TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Our supporl of Ihe Love Walsall and wider Love Black Country iniliative has seen the Church partner with other Christian charities to provide a united. efficient approach to mission and social action. This included partnering with the local secondary school in July to host the Knife Bee sculpture. The sculpture is made from weapons taken off the streets of Manchester and is an anti-violence crime inttiative aimed at making our streets safer by raising awareness about the dangers of carying weapons. The entire school and local community were invited to see it, and a special Sunday Service was held aimed at the local communty. The Trustees are satisfied with the progress made during the year in furthering the objectives of the Church. This conlinued in community engagemenl activity and the regular gathering oflhe Sunday congregation confims the need to build a new building that will meet all the various demands from the congregation and community works. Building Project In line wilh Ihe Church's long temi vision to re-estsblish tlself on the land a 323 Wolverhampton Road, 2024 was year of faithhjl preparation, strategic alignment and patient perseverance. Our commitment to see a permanent, community-focused [alIty emerge on the site remained slrong. despsle wider political and economic uncertainty. Throughout the year, we conlinued to strengthen relationships with like-minded organisalions who share our vision for communty renewal. These partnerships several now confimied in principle are expected to underpin the future co-utilisation of the new building, offering joined up services to meet the social, relational and spiritual needs of the Alumwell community. In parallel. we engaged a bid-writing specialist to help identify and pursue appropriate grant-based funding streams to support the delivery of the full facility. While no fijrther construction or srf(e development tool place during 2024, the Church remained active behind the scenes building the financial, govemance and parlnership frameworks necessary for sustainable delivery. It was a year defined not by visible change, but by strategic preparation, reflecting the Church's commitment to steward the vision with both faith and diligence. One significant development related to the opportunity for a temporary facility on the land. In 2021, Walsall Council approached the Church wilh a proposal to use our vacant Stte as a lemporary travellers site. This plan included Council funded infrastructure and a modular building to serve as a community hub. Although the Council ultimately located the travellers site elsewhere in the borough and removed provision for a community hub from their revised plans - the modular building had already entered procurement. In 2024, the Council offered this modular building to the Church for repurposing and temporary use on our site, recognising the alignment between the Church's vision and the Borough's wder regeneration priorities. partnership with the Council, it was agreed that this temporary facility - now referred to as the tARC (temporary Alumwell Resource Cenlrel - would be used by the Church nol onty for intemal activities but also for delivering a range of community outreach and support initiatives in Alumwell. This indudes engaging local residents through food supporl, family services and well being programmes. laying the groundwork for fvture, more permanent provision. To progress this opportunty. planning pemiission for the IARC was secured in 2023. During 2024, the Church worked with suppliers, statutory undertakers and the Local Planning Authority to prepare for delivery, including steps lo satisfy remaining pre-commencement planning conditions. Subject to these being resolved, we anticipate installation and commissioning of the tARC by Spring 2025. While the full vision for a permanent Alumwell Resource Centre (ARC) remains our long term goal, the IARC represents a vital first step enabling us to serve the community more directy, build relationships locally and create a visible presence on the land, even as long temi fundraising and development conlinue. We ended 2024 with hopefvl anticipation. The national shift in political leadership following the General Election brought a pause to several funding programmes under the previous Govemment, including the Healthy Levelling Up Fund through which our initial application had been submitted. However, the incoming Labour administration launched the Community Regeneration Partnerships (CRP) fund as a successor programme. In collaboration with Walsall Council. we actively repositioned our proposal wtthin this new framework. Though final decisions had not been made by the year end, we entered 2025 with cautious optimism thal this new scheme could translate into a significant investment for Ihe realisalion of the ARC.
THE CHURCH AT JUNCTION 10 TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Future plans There were no significanl changes in activities in the year. There were changes in the organisational structure (see section "The organisational structure and how decisions are made") but Ihey did not impact the Church's activities or plans for the future. It is still the intention to construct a new church building in the future., to this end conslruclion professionals from within the congregation are developing plans to engage exlernal organisalions lo plan. cost and fund its development. Contributions from volunteers The Church is dependent on the kind support of its members in temis of giving time, money and prayer. Financial review The accounls on pages 6 10 19 show the financial results for the year. The statement of financial activities show total incoming resources for the year were £225,854 and resources expended were £197,809. Al 31 December 2024 the Church has accumulated funds of £932,869 of which £36,669 relales lo designated funds and £808,044 relates to restricted funds. The Trustees consider that the liquid unrestricted reserves required by the Church should idealty be equivalent to a minimum of 3 months operating costs to cover the costs of winding up that would be incurred in the case of the Church ceasing to operate. These funds are shown as a designated fvnd and are held in a separate bank account. The Trustees have also resolved to establish additional reserves to provide for future activities to reduce the following risks as set out below. The Trustees identify the major risks to vthich the Church is exposed each financial year, in particular those relating to the operations and finances of the Church. The Truslees review any major risks which are idenlified, and establish systems to mitigate those risks. The Church is satisfied that systems are in place to mitigate the exposure to the major risks which had been so identified and reviewed.. Financial risks The Church is open to the usual financial risks of any organisation and introduced controls lo minimise these risks, such as two signatures being required for payments from the bank account. In addition the financial statemenls are regularly explained to members of the Church and are open for members inspection al any time. Investment In line wilh Ihe Church's tslent programme, the Church has also invested some monies from Ihe surplus in Iknowa Limited, a low risk investment retum mechanism. which safeguards the initial investment and guarantees a return. The Trustees reviewed the opportunty and agreed to proceed with the investment in 2020 and is being reviewed annually. The Trustees agreed to conlinue with the investmenl during 2024. Other risks Work with children and vulnerable adults are open to risks. An Aduli and Child Safeguarding Policy covering work with the children and vulnerable adults is in operation and reviewed annualty- Police checks are requested for anybody working with childrenfyoulh or vulnerable adults. Counselling and any transportation of children and youth are done in pairs.
THE CHURCH AT JUNCTION 10 TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governance and management The Church is a charitable company limited by guarantee. The Church's registered company number is 06962947. The Church is also a registered charity, number 1132283. The registered Offi is clo Anochrome Ltd, Reservoir Pla. Walsall, West Midlands, WS2 9RZ. The Church is govemed by a trust deed and it5 articles of association. We have had 1 Trustee, the Chair of Trustees. step down in June 2024 and 2 new Trustees appointed bringing additional expertise from corporate business. Three leaders (Elders) continue to retain oversight of all church matters. each tasked wtth maintaining, developing and leading aspects of the running of the Church in line with their gifting and strengths. 2 of Ihe leaders are Trustees and are referred to as Elders within the Church context. All 3 are answerable to the Church Council. The Church Council meet regularly to discuss and plan objectives and implementation thereof. General matters including matters of general concern are reported to all members annualty. All matters are subject to prayer and God's direction. Relationships with other groups, charities and individuals The Church works closely with other smaller churches by assisting them with resources and volunleers. The aim is that they will grow and become independent. Legal status The Church is an incorporated charity govemed by a written constitution adopted by its members. There are no restrictions in the goveming documenl on the operation of the Charity or on its investment powers, olher than those imposed by general Chanty Law. The Trustees, who are also the director5 for the purpose of company law. and who served during the year and up to the dale of signature of the financial statements were.. Mr K Davis Mr J D Clark MrAAkani Mr P Miles Mr P Begg Mrs H Chiuriri Mrs S Elliot Mrs R Kaguramamba-makwembere {Resigned 18 June 2024) {Appointed 18 June 2024) {Appointed 19 November 2024) Appointrnent of Trustees New Truslees are recruited as deemed ne$Sary. New Trustees are invited to attend Trustee and management meetings before being formally appointed at a Trustees meeting. None of Ihe Truslees has any beneficial interest in the charity and company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Training and induction of Trustees Training and induction of new Trustees is undertaken on an infomial and ongoing basis via discussions with existing Truslees, altendance of board meetings etc. The Trustees reporl was approved by the Board of Trustees. 28 Jul 2025 Dated.. MrAAkani
THE CHURCH AT JUNCTION 10 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHURCH AT JUNCTION 10 I report to the Trustees on my examination of the financial statements of The Church at Junction 10 (the Church) for the year ended 31 December 2024. Responsibilities and basis of report As the charity trustees of the company (and also its directors for Ihe purposes of company law) you are responsible for the preparalion of the accounts in accordance with the requirements of the Companies Act 2006 (,e 2006 Acr). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of Ihe Charities Act 2011 {'Ihe 2011 Act"). In carrying oul my examination I have followed the direction given by the Charity Commission under section 145151{bl of the 2011 Act. Independent examinerfs ststement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the company as required by section 386 of the 2006 Act- or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounls five a true and fair view which is not a matter considered as part of an independent examination- or Ihe accounts have nol been prepared in accordance wilh the methods and principles of Ihe Statement of Recommended Practice for accounting and reporting by charities (applicable to charities prepared their accounts in accordance wilh the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland {FRS 102)). I have no concems and have come across no other matters in connection with Ihe examinalion lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. W A Hubbard FCCA Burgis & Bullock 23-25 Waterfoo Place Leamington Spa Watwickshire CV32 SLA 28th July 2025 Dated..
THE CHURCH AT JUNCTION 10 STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Inveslments 169,147 3,068 49,822 3,817 218,969 6,885 162,708 2,132 51,032 3,700 213,740 5,832 Tolal income 172,215 53,639 225,854 164,840 54,732 219,572 Expenditure on: Charilable activilies 190,149 7,660 197,809 173,936 7,887 181,823 Total expenditure 190,149 7,660 197,809 173,936 7,887 181,823 Net incomel{expenditure) and movement in funds {17,934) 45,979 28,045 {9,096) 46,845 37,749 Reconciliation of funds: Fund balances at 1 January 2024 142,759 762,065 904,824 151,855 715,220 867,075 Fund balances at 31 December 2024 124,825 808,044 932,869 142,759 762,065 904,824 The statement of financial activities includes all gains and losses CogniSed in the year. All income and expenditure derive from continuing activities.
THE CHURCH AT JUNCTION 10 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 500,137 5,000 504,147 11,527 505.137 515,674 Current assets Debtors Inveslments Cash at bank and in hand 10 11 34.210 15.000 383.390 7,876 386,664 432.600 394,540 Creditors: amounts falling due within one year 12 {4.868) 15,390) Net current assets 427.732 389,150 Total assets less current liabilities 932,869 904,824 Income funds General restricted funds Revaluation reserve 460.329 347,715 414,350 347,715 14 808,044 762,065 Unrestricted funds Designated funds General unrestricted funds 15 36,669 88.156 36,669 106,090 124,825 142,759 932,869 904,824
THE CHURCH AT JUNCTION 10 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The company is enlttled to the exemption from the audtt requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.The members have not required the company to obtain an audit of its financial ststements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for comptying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of finanaal statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 28 Jul 2025 The financial statements were approved by the Trustees on ......................... AL_ MrAAkani Trustee Company Registration No. 06962947
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infonnation The Church at Junction 10 is a private company limited by guarantee incorporated in England and Wales. The registered office is clo Anochrome Ltd, Reservoir Place, Walsall, West Midlands, WS2 9RZ, United Kingdom. 1.1 Accounting convention The financial stalemenls have been ppared in accordance with the Church's memorandum and articles of association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191" The Church is a Public Benefit Entty as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the Church. Monetary amounts in these financial slatements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified lo include the revaluation of freehold land due for development. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the accounts. the Trustees have a reasonable expedation that the Church has adequate resources lo continue in operalional existence for Ihe foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the accounts. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the Trustees in fvrtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the noles lo the financial statements. 1.4 Incoming resources Income is recognised when the Church is legalty entilled to it afler any performance conditions have been met, the amounts can be measured reliabty. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Church has been notified of the donation, unless Performan conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid is recognised at the time of the donation. 1.5 Resources expended Liabilities are recognised on the accruals basis in accordance with nomial accounting principles. All expenditure is accounted for on an accruals basis and has been classtfied under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amounl of the obligation can be measured reliabty. It is categorised under the following headings.. Charilable aclivilies- expenditure incurred relating directy lo the charitable activities of Ihe Church., Support costs and Governance costs are allocated between charitable and other activities on a basis consistent with the use of resources.
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Support costs are those costs which enable fijnd generating and charitable acttvities to be undertaken. These costs include finance, managemenl and administration. Where expenditure incurred relates lo more than one cost category it is apportioned using a method considered appropriate for each case. Governance costs are associated with the govemance arrangements of the Church at Junction 10, and relate to the general running of the Church. These costs include accounlancy costs associated with meeting constitutional and statutory requirements of the Church. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient 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.. Freehold land Fixtures and fittings 200A straight line The gain or loss arising on the disposal of an asset is detennined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initialty measured at transaction price excluding transaction costs, and are subsequently measured at tsir value al each reporting date. Changes in fair value are recognised in net incomellexpenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impaimient of fixed assets Al each reporting end date, the Church vIewS the carrying amounts of its tangible fixed assets to detemiine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemine the exlent of the impaimient loss (rf any). 1.9 Financial instruments The Church has elected lo apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Olher Financial Inslrumenls Issues, of FRS 102 to all of tls financial instruments. Financial instruments are recognised in the Church's balance sheet when the Church becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are measured al transaction price. Financial assets classified as receivable within one year are not amortised. 10-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, e.g. creditors, are recognised al transaction price unless the arrangemenl constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted al a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or servi$ that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are dasstfied as current liabilities rf payment is due within one year or less. Derecognition of financial liabilities Financial liabilities are derecognised wthen the Church's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cosl of any unused holiday entittement is recognised in the period in which the employee's services are received. Termination beneffts are recognised immedialety as an expense when the Church is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Paymenls to defined contribution retirement benefft schemes are charged as an expense as they fall due. 1.12 Mixed motive inveslment The mixed motive investment is measured at Cost with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted is necessary for any impairment. Any impairment and any gainsllosses on disposal are included wtlhin gainsAosses on investments. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Totsl 2024 2023 Donations and gifts 169,147 49,822 218,969 162,708 51,032 213,740 11
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Staff cosls Tithes Apostolic (excluding Tithes) Pastoral (excluding Tithes) Evangelistic (excluding Tithes) Teaching {excluding Tithes) Buildings New Church 72,571 18,839 6,065 12,267 4,959 3,146 37,768 7,660 67,828 15,293 5,738 9,035 6,261 2,405 28,913 7,887 163,275 143,360 Share of support cosls (see nole 5) Share ofg0veMan costs (see note 5) 30,800 3,734 35,813 2,650 197,809 181,823 Analysis by fund Unrestricted funds Restricted funds 190,149 7,660 173,936 7,887 197,809 181,823 13-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs Support Govemance costs costs 2024 2023 Basis of allocation Staff costs Depreciation Office costs Vine Trust service costs Other costs 14.598 4,010 7.300 14,598 4,010 7,300 14.649 loo0 charitable 4,509 1 OOO/D charitable 3,794 100 /0 charitable 499 1000/ts charitable 12,362 100 /0 charitable 4.892 4,892 Independent examiners fees Governance 3.734 3,734 2,650 30.800 3.734 34,534 38.463 Anatysed between Charitable activities 30,800 3,734 34,534 38,463 Net movement in funds 2024 2023 The net movement in funds is ststed after chargingl{crediting)= Fees payable for the independent examination of the charity's financial statements Depreciation of owned langible fixed assets 3.734 4,010 2,650 4,509 14-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees Number of employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Engaged on charilable activities Administration Employment costs 2024 2023 Wages and salaries other pension costs 82,843 4,326 78,357 4,120 87,169 82,477 Key Management Personnel costs= Remuneration, including pension and employerfs national insurance contributions, of key management personnel totalled £27,800 (2023.. £26,416}. There were no employees whose annual remuneration was £60,000 or more. 15-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible fixed assets Freehold land Flxtures and and bulldlngs ffttlngs Total Cost or valuation Al 1 January 2024 500,000 23,441 523,441 At 31 December 2024 500,000 23,441 523,441 Depreciation and impairnient At 1 January 2024 Depreciation charged in the year 19,294 4.010 19,294 4,010 At 31 December 2024 23.304 23,304 Carrying amount At 31 December 2024 500,000 137 500,137 At 31 December 2023 500.000 4,147 504,147 The carrying value of land included in land and buildings comprises= 2024 2023 Freehold land al current valuation 515.741 500,000 The land was revalued on 10 January 2023 by N J Plant. MRICS of PGB Chartered Surveyors. The valualion is based on Ihe freehold market value. The Trustees consider Ihal this represenl current markel value at 31 December 2024. At 31 Dember 2024, had the revalued asset been carried at historic cost less accurnulated depreciation and accumulated impaimient losses, the carrying amount would have been £152,285 (2023- £152,285)- 16-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed asset investments Investment loan note Cost or valuation At 1 January 2024 Interest reiVed Disposals 11,527 491 17,018) At 31 December 2024 5,000 Carrying amount At 31 December 2024 5,000 At 31 December 2023 11,527 10 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 6,130 28,080 6,806 1,070 34,210 7,876 11 Current asset investments 2024 2023 Unlisted investments 15.000 12 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 4.868 5,390 13 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined conlribution schemes 4,326 4,120 17-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Retirement benefit schemes (Continued) The Church operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separatety from those of the Church in an independentty administered fund. 14 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended At31 December 2024 New Church Special collections Community Fund 757.042 23 5.000 53,639 (7.6601 803,021 23 5,000 762.065 53,639 {7,6601 808,044 Previous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 New Church Special collections Community Fund 710.197 23 5.000 54,732 {7,8871 757,042 23 5,000 715.220 54,732 (7,8871 762,065 The Community Fund has been set up to support communty works that will be undertaken in Ihe temporary building. The monies are to be used for activities related to cofflmunity events cairied out in the temporary building. 18-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Unrestricted funds The unreslricled funds of the charity comprise the unexpended balances of donalions and granls which are not subject to specific conditions by donors and grantors a5 to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended At31 December 2024 Designated Contingency Fund General funds 36.669 106.090 36,669 88,156 172,215 (190.1491 142.759 172,215 (190,1491 124,825 Previous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 Designated Contingency Fund General funds 36.669 115,186 36,669 106,090 164,840 {173,9361 151,855 164,840 {173,9361 142,759 16 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 December 2024: Tangible assets Investments Currenl assetsllliabilities) (15,604) 5,000 135,429 515.741 500,137 5,000 427,732 292.303 124,825 808,044 932,869 Unrestricted funds 2023 Reslri¢ted funds 2023 Totsl 2023 At 31 December 2023: Tangible assets Investments Current assetsllliabilities} 4,147 11,527 127,085 500.000 504,147 11,527 389,150 262.065 142,759 762.065 904,824 19-
THE CHURCH AT JUNCTION 10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Related party transactions Transactions with related parties During the year the Church entered into the following transactions with related parties= Mr K Davis ITrustee) is also Chief Executive of The Vine Trust, Walsall. During the year the church paid £8,796 (2023 £8,387) for services provided by The Vine Trust. During the year expenses were reimbursed to the 3 trustees totalling £227 (2023 £122). -20-