Charfty reglstration number 1149780 Company reglstration number 08032776 (England and Wales) JUNCTION COMMUNITY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Caladine Chartered Certified Accountants
JUNCTION COMMUNITYTRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Revd Martyn Layzell Mr Rajlv Jayaratnam Ms Sarah Wfilliams Mr Christopher Payne Mr Jonathan Walker Mr Daniel Free Ms A Meeson Ms R Coverdale MrA Sleator (Appointed 15 January 2024) (Appointed 15 March 2024) (Appointed 15 December 2023) Charlty number 1149780 Comp•ny numb•r 08032776 Prlnclpal addrM• clo St Mark's Church Battersea Rise London SW11 1EJ Regl8tsred offlce clo St Mark's Church Battersea Rise London SW11 1EJ Independent oxamlner John Caladine FCCACTA FCIE Caladine Llmited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF Banker• National Westminster Bank 6&68 St John's Road Batter8ea London SW19QR
JUNCTION COMMUNITYTRUST CONTENTS Pag Trustees, report statsment of trustees, re8ponslbilltles Independenl examlnerfs report statement of financlal 8Ctlvltie6 ststement of financl81 position Slatement of cash flow8 Notes to the flnanclal stat8ments 10-21
JUNCTION COMMUNITY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustee5 present their annual report and financial statements for the year ended 31 March 2024. The fin8nclal statements have been prepared In accordance Voith th8 accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities.. Slatemenl of Recommended Praclice appllcable to charities preparing their accounts In accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland {FRS 102)" leffeclive 1 January 20191. Objectlves and actlvlties JCT Is a charity set up by, and linked to, St Mark's Battersea Rise. It is a positive expression of St Mark's Church demonstrating God's love in pr8Ctlcal ways. JCT seNes people and works with organisations of any belief to bring about transformation in the community. We believe that everyone has the right to food on their plate, dignity in society, the chance to develop their skills and find work that pays falrfy, and hope for the futu,. and we advocate for these to become reality. JCT Irustees are motivated by the hope of the message of Jesus Christ and the desire to tum faith into practical action, by living out God's love for people who are in need and marginalised. Based on Jesus, teachlng on povety and Injustice, they believe in the Christs'an values of compasslon, justice, honesty, integrity, and care for all people. The objectlves of the Trust, as set out In Its Artlcles of A8so¢latlon, are.. The relief of persons who are in condltions of need, hardship or dlstress as a result of poverty, Social i501ation, addiction, sickness or other social or e',conomlc circumstances, In particular any such persons in the community local to St Mark's and the Borough of Wandsworth,. and The promotion and support of such other excluslvely charitable purposes and Institution5 as may from time to time be determlned by the Trustees. The tNstees consider the work of JCT to be In accordance with Charity Commission guidance on public benefit through the impact of Its prlncipal activities, specifically.. Supporting local young people through the Spear programrne., and Helping local people in crisis and facing slgnificanl deprivation through the Foodbank. Each Is review8d In turn. Achlevoments and perfomiancè Spear Clapham Junctlon From 1 April 2023 10 31 March 2024, JCT successfully continued Ils Spear progr8mmes In cooperalion with Resurgo Trust. These are personal and professional development programmes providing young people aged 16-24 and not in education. ernploymenl or training {"NEET"I with the work and life skllls they need. Each programme stsrts with a 6-week foundation phase, which consists of group sessions and one-to-ones on becoming more work- ready through: discussions and coaching on mindsets- pre5entalions' self-esteem and self-motlvation-, guidance on Ihe completion of job application forms and cover letters., training In interview ski115 (including participatlon in mock Interviews), as well as wellbeing. Following the foundation phase, further support in gaining and retaining employment continues for 12 months. The programmes are free for participants. Resurgo has successfully run these programmes for eighteen years- JCT started running them in 2012. To achieve ils objective, JCT sought to.. mainlaln a strong relationship wlth its partner Resurgo; Taise adequate funding.. retain suitably qualified and Irained staff- publicise the work of JCT and the Spear programmes in order to encourage attendance; and rnainlain a strong volunleer base and continuing financial support.
JUNCTION COMMUNITY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 JCT has typically employed three pemianent members of staff to coach the foundation programme and support the young people for 12 month5 after the foundation phase. They receive regular training from Resurgo. The relatpnship with Resurgo is further strengthened through regular formal and informal meellngs between Individual JCT trustees and Resurgo. Wandsworth Foodbank From 1 April 2023 10 31 March 2024, JCT successfully continued to Tun the Wandsworth Foodbank 11 launched in 2013. This aims to provide emergency food and support to local people In financial hardship. Each food box contains a mlnimum of three days, nutritlonally balanced, non-perlshable food. Clients of the foodbank are referred by care professionals, when extreme financial hardship means they Can't afford essentials Ilke food. To achieve Its objectlve, JCT maintalned a strong relatlonship with Its partner Trussell Trust.. to raise adequate funding-, retaln sullably qualified and trained staff-, publicise the food bank,. and build a strong volunteer base and continuing financial support. Tru5sell Trust and Citizens Advice have created a free national helpline. where people can speak to a Citizens Advice Advisor and be referred lo a local food bank across the UK, including to Wandsworth Foodbank. Flnanclal revlow JCT'S overall income In the year ended 31 March 2024 was £885,204, compared to £980,892 for the year ended 31 March 2023. Income received In relatlon to Foodbank in 2024 was £677.735 (2023.. £777,466). Income received In relation to Spear in 2024 was £164.647 (2023: £161,678). Expenditure for the year ended 31 March 2024 was £989,697, compared to £893,496 for the year ended 31 March 2023. Expenditure in relation to Foodbank was £814,456 (2023: £713,446). Expenditure in relation to Spear was £167,725 (2023.. £171,739). Reserves policy Reserves JCT engages In several dlstinct charltable 8Ctivltie8. Contributions to JCT are typically dlrècted to one of these adivities, and since their use is restried they are nol reserves. Much of JCT'S income to support these activilles comes from one-off grants and large fundraising events, rather Ihan regular donations. It is therefore irregular In tlmlng and size. For this reason, it aims to have assets that, 10gelher wilh future regular contributions and other committed sums, would be sufficient lo cover at least the next 6 months of e8Gh of it5 actlvities. JCT makes use of St Mark's Church premlses. It therefore has a Ilmited exposure to the costs of repair and upkeep of its facllities. In the year ended 31 March 2024, these costs totalled £41,00012023'. £33,000). JCT expects that any new charltable iniliatlve would be funded through addltional fundraising activity. It therefore does not hold reserves to cover the c051s of such expansion. Given these facts, and the pollcy of pre-fijnding specific activities it sees limited need for substantial additional reserves. Nevertheless, to meet contingencies such as mlnor repair costs throughout the year or a delay in the receipt of a promised sOue of income, it aims to hold a sum equlvalent to at least one month of its total regular outgoings as a general reserve. Assets not immediately required would normally be held on deposit. As at 31 March 2024, JCT held restricled funds sufficient to cover less than one month of regular outgoings for Spear. and less than five months of regular outgolng5 for Foodbank.. it held unrestricted funds sufficient to cover five months of total regular outgoings. These figures Ignore future income. 11 plans to continue fund raising. Total unrestricted reserves at the end of the year were £229,908. Major risks The Trustee5 have assessed the major risk5 to which the charity is exposed, and are 5alisfied that systems are in place to mitigate exposure to Ihe major risks.
JUNCTION COMMUNITY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management JCT is constltuted under Artlcles ofAssociation as a Company Limiled by Guarantee and not having a share capitsl. The Trustees, who are a150 the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Rev'd Martyn Layzell Mr Rajiv Jayaratnam Ms Lucy Price Mr Padmesh Vishani Ms Sarah Wlliams Mr Christopher Payne Ms Esther Chew Mr Jonathan Walker Mr Thomas Ahern Mr Daniel Free Ms A Meeson Ms R Coverdale MrA Sleator (Resigned 2 December 2023) (Resigned 3 June 2024) (Resigned 6 December 2023) (Resigned 15 January 20241 (Appointed 15 January 2024) {Appointed 15 March 2024) (Appointed 15 December 2023) ReCltment and 8ppointment of trustees Any person who is willing lo act as a trustee, and who would not be disqualified Irom acllng, may be appolnled lo be a trustee by a decision of the trustees. The Vicar of St Mark's Church is an ex officio trustee and Chair of JCT. In 2024, Mr Christopher Payne was appointed co-chair of JCT by the Board of Trustees. The PCC of St Mark'8 also has the right to appoint up to two members of the PCC to the position of trustee. There are no specific policies or procedures relating to the induction and tralnlng of trustees. However, In practlce, trustees with relevant knowledge or experience are appointed. Any declsion of the trustees must be either by decision of a majority of the trustees present and voting at a quorale trustees, meetlng, or when the malority of Iruslees have Indicated to all the trustees by any means (including email) that they share a common view on a matter. Full trustee Meetings typlcally occur every two months. Day-to4ay decislon making latIng to JCT'S specific charitable activities is delegated to JCT staff appolnted to oversee these activities. The organisatlon of fundraising events is typically delegated to an events commlttee consisting of selected trustees and other indivlduals with relevant experience. The trustees have reviewed the major dsks to which the charity is exposed and systems or procedures have been established to manage those risks. In particular, the Gharity has documented procedures wlth regards to finanGe, working wlth children and vulnerable adults, health and safety and other matters. JCT looks to learn from and work in partnershlp with other organisations with experience relevanl to Its Gharftable activities. In particular, since 2012, it has worked c105ely with Resurgo Trust. Resurgo Trust is a charlty founded through St. Paul's Church in Hammersmith in 2004. Resurgo aims 10 stimulate slgnificant social transformalion In local communities by helping people facing serious social disadvantage to transform their siluation. In particular, among its activities, il has provided 'Spear' programmes for young people (discussed above). Resurgo has provided JCT staff with extensive training, ongoing support and materials to enable them to conduct these programmes.
JUNCTION COMMUNITY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Similarty, since 2013 JCT has worked closely with the Trussell Trust. The Trussell Trust's niission is lo develop, run. and enable communities to Teplicate sustainable projects Ihat combat povety and exclusion, and to share their experiences in order to ralse awareness of the issues. In 2004, Trussell Trust launched the UK Foodbank Network to teach thurches and communllies nationwide how to start their own foodbank. Trussell Trust has provlded extenslve guldance and support to JCT as it launched its Foodbank. Non8 of the Trustee5 has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contrlbute £1 in the event of a winding up. The trustees, report was ap rov by the Board of Trustees. Rev'd Martyn Layzell Trustse 4th Npvember, 2024
JUNCTION COMMUNITY TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The TTUStees, who are also the directors of Junction Community Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financlal year which give a true and fair view of the state of affairs of the charity and of the incomlng resources and application of resources, including the Income and exp8nditure, of the charltsble company for that year. In preparing these flnancial statements, the Trustees are required to.. Select suitable a¢countlng policles and then appty them consistently; - observe the methods and prlnclples in the Charltles SORP; make ludgement$ and estlmates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explalned in the financial statements. and prepare the financial statement5 on the going concem basis unless It is inapproprlate to presume that the charfty will continue in operation. The Trustees are responsible for keeplng adequate accounting records that dlsclose wlth reasonable accuracy at any time the financial position of the charlty and enable them to ensure that the financial statements compSy with the Companies Act 2006. They are also responsible for safeguardlng the assets of the Gharity and hence for taklng reasonable stepg for the preventlon and detection of fraud and other irregularities.
JUNCTION COMMUNITY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JUNCTION COMMUNITYTRUST I report to the Trustees on my examinatlon of the financial statements of Junction Communlty Trusl (the charity) for the year ended 31 March 2024. Regponslbilie5 and bas18 of report As the Trustees of the charity (and also its directors for the purposes of company law) you are Tesponsible for the preparation of the financial slatements in accordance with the requlrements of the Companles Acl 2006 (the 2006 Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for Independent examination. I report in respect of my examination of the charity's financial statements carried out under secllon 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examinatlon I have followed all the applicable Dlredlons glven by the Charity Commlsslon under Sectlon 145(5)(b) of the 2011 Act. Indgpendent examlneV8 Btstem•nt Since the charity's gross Income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirrn that l am quallfied to undertake the examination b8cau8e l am a member of the Association of Chartered Certified Accountants, whlch is one of the listed bodies. I have completed my examination. I confirm that no fflatters have come to my attentlon in connecllon with the examination glving me cause to belleve that In any materlal respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord wlth those records., or the financial statements do not comply with the accounting requlrements of secllon 396 of the 2006 Act other than any requirement that Ihe accounts give a true and fair view which Is not a matter considered as part of an independent examlnation., or the financial statements have not been prepared in accordance with the methods and PTlnciples of the Statement of Recommended Practlce for accounting and reporting by charities applic8ble to charities preparlng their accounts in accordance with the Flnancial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examinallon to which attention should be drawn In thSs report in order to enable a proper understanding of the financial statements to be reached. John Caladlne FCCA CTA FCIE Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1 BF Dated.. 2ALY
JUNCTION COMMUNITY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlctod Restricted funds lund8 2024 2024 Total Unrestrlcted Restrlctsd funds funds 2023 2023 Total 2024 2023 Not88 Incofflo from: Donations and legaclès Charitable actlvities Investment5 41,525 534,801 307,581 576,326 307,581 1,297 41,373 626,839 312,305 668,212 312,305 375 1,297 375 Total Income 42,822 842,382 885,204 41,748 939.144 980,892 Expendlture on: Raislng funds Charitable activltles 550 981,631 550 989,147 17,838 867,347 17,838 875.658 7,516 8,311 Total expendlture 7,516 982,181 989,697 8,311 885,185 893,496 Not Incomèl(8xpendlture> 35,306 {139,799) {104,4931 33,437 53,959 87,396 Transfers between funds 17 13,078) 3,078 (9,8321 9,632 Net mov•ment In funds 32.228 (136,721) (104,493) 23,805 63,591 87,396 Roconclllatlon of funds: Fund balances at 1 April 2023 197,680 312,991 510,671 173,875 249,400 423,275 Fund balances at 31 March 2024 229,908 176,270 406,178 197,880 312,991 510,671 The statement of financial acllvltles includes all galns and losses recognlsed In the year, All Income and expendlture derfve from continulng actlvities.
JUNCTION COMMUNITY TRUST STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2024 2024 2023 Notes Current assets Inventories Trade and other receivable8 Cash at bank and In hand 12 13 13,179 54,028 803,552 11,515 48,693 605,500 670,757 (264,579) 665,708 (155,037) Curr•nt Ilabllltle8 14 Not current a88ots 406,178 510.671 Net assets excludlng penslon Ilablllty 408,178 510,671 The funds of the ch•rlty Restrlcted income funds Unrestrlcted funds 17 176,270 229,908 312,991 197,680 406.178 510,671 The company15 entitled to the exemptlon from the audlt requirement contslned In 8ectlon 477 of the Companles Act 2006, forthe year ended 31 March 2024. The directors acknowledge thelr responsibllltles for complying with the requirements of the Companies Act 2008 with re8pect to accounting record8 and the preparatlon of financl81 statements. The members have not requlred the company to obtaln an audli of Its finanaal statements for the year In questlon In accordance wlth section 476. These fin8nclal statements have been prepared In accordance wlth the provisions appllcable to companles subjed to the small companies reglme. The financial ststements w Te roved by the Trustees on .. 2111012024 Rev'd Martyn Layzell Trustee Company registratlon number 08032776 {England and INales)
JUNCTION COMMUNITY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng actlvltle$ Cash (absorbed by}Igenerated from operations 22 {3,245) 197,878 Invèstlng actlvltles Investment Income recelved 1,297 375 Net cash gener4t•d from Investlng •ctivltle8 1,297 375 Net {decrea8o)Ancrea8e In c••h •nd cash equlvalents (1,9481 198,253 Cash and cash 8qulvalents at beglnning of year 605,600 407,247 Cash and ca8h equlvalonts at end of yoar 603,552 605,500
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Company Informatlon Junction Community Trust is a private company limited by guarantee incorporated In England and Wales. The registered office is clo St Mark's Church, Battersea Rise, London, SW11 1 EJ. 1.1 Accountlng conventlon The financial statements have been prepared In accordance wlth the charity's Memorandum and Articles of Assoclatlon. the Companles Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ( FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reportlng Standard appllcable in the UK and Republic of Ireland {FRS 102)" leffectlve 1 January 2019), The charlty Is a Publlc Beneflt Entity a8 defined by FRS 102. The financlal statements are prepared in sterfing, whlch Is the functional currency of the charlty. Monetary amounts In these financlal statements are rounded to the nearest £. The financial stalernents have been prepared under the hlstorlcal cost conventlon. The principal accountlng policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue In operallonal existence for the foreseeable future. Thus the TTUStees conilnue to adopt the going concern basis of accounting in preparing the financial Statements. 1.3 Charltable fund8 Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectlves. Restricted funds are subject to specific conditlons by donors or grantors as to how they may be used. Th8 purposes and uses of tha restrlcled funds are set out in the notes to the financial statements. 1.4 Incom• Income is recognlsed when the charlty is legally entitled to it after any performance conditions have been met, the amounts can be measured rellabty, and11 Is probable that income wlll be received. For donatlons to be recognlsed the charity will have been notified of the amounts and the settlement date In writing. If there are ¢ondltlons attached to the donation and this requires a level of performance before entitlement can be obtained then income Is deferred until those condilions are fully met Dr the fuifilment of those condition5 is wilhln the control of the charity and it 15 probable that they will be fulfilled. Donated facilitles and donated professional services are recognised in income at thelr fair value when thelr economic benefit is probable, it can be measured reliably and the charity has Gontrol over the item. Falr value Is determined on the basis of the value of the glft to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and serrfices. A corresponding amount is recognised in expenditure. Where practicable, gifts in kind donated for dislribution to the beneficiaries of the charity are included in stock and donalions in the financial statements upon receipt. Donated food for the Foodbank has been measured at £2.371kg (2023: £2.371kg), as recommended by The Trussell Trust. If it is impractlcable lo asse5S the fair value at receipt or if the cosls to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and 8n equivalent amount recognised as charitable expenditure. 10-
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollclos (Contlnued) Legacies are recognised on recelpt or otherwise if the charity has been notified of an impending distribution, the amount is known, and re¢eipt is expected. If the amount is not known, the legacy is Irealed as a contingent asset. Income frorn trading activities Includes income eamed from fundraising events and trading activities to raise funds for the charity. Income is received In exchange for supplying goods and services in order to raise funds and is recogni8ed when entlll8ment has occurred. Interest Income is recognised uslng the effecllv8 Inlerest method and dlvldend and rent Income Is rècognised as the charity's rlght to receive payment Is established. 1.6 Expendlture All expendlture is accounted for on an accruals basis and has been das8lfied under headlngs that aggregate all costs related to Ihe category. Expenditure Is recognised where there is a legal or constructive obllg8tion to make payments to third parties, 11 Is probable that the settlement will be requlred and the amount of the obligation can be measured reliably. It 15 categorised under the following headings: Costs of raislng funds includes all costs in relation to generating voluntary Income, fundralsing events and fundraising tradlng., Expenditure on charltsble activities Includes costs In relation to the Spear Courses, and Food Bank Activities. Irrecoverable VAT is charged as an expense against the actlvlty for which expenditure amse. staff costs are allocated between cost headings according to the function of each employee. Support costs are those that assist the Work of the charity but do not directly represent charltable activities and include governance costs, admlnlstrative office function costs, HR and recrultment, and premises costs. They are incurred directly in support of expenditure on the objects of the charltable company. Governance costs comprise all c08ts Involvlng the public accountablllty of the Trust and Its compllance wlth regulation and good practice. These costs include costs related to the independent examlnation, statutory audit and legal fees. Support and Governanc8 Costs have been allocated across the charitable actlvllles based on an analysis of the tlme spent on each project. 1.6 Inventorles The Balance Sheel contains the estlmated value of food that can be donated and used in thè Junction Community Trust Foodbank. The estlmaled cost of food is calculated by weighl at an aveiage retail c08t of £2.37 per kllogram {2023'. £2.37 per kilogram). 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call wSth banks, other short-term liquid investmenls with orlginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wlthin borrowings in current liabilitles. 11
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Icontlnued) 1.8 Financlal Instruments The charity has elecled to apply the provisions of Section 11 'Basic Flnancial Instruments, of FRS 102 to all of lis financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Flnanclal assets and Ilabilltie8 are offset, wlth the net amounts presented in the flnancial statements, when there is a legally enforceable right to set off the recognised amounts and there Is an intention to settle on a net basls or to realise the 88881 and settle the Ilablllty simultanaou81y. Basic financl•l assets Basic financial assets, whlch Include trade and olher receivables and caBh and bank balanGes, are Inllially measured al transaction price Including transaction costs and are subsequently carried at amortised cost Uslng the effectlve interest method unless the arrangement constitutes a financing transartion, where the transaction Is measured at the presenl value of the future receipts discounted at a market rate of Interest. Financl818ssets classified as recelvable within one year are not amortlsed. Basic financlal liabilltles Basic financial liabllltles, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument Is me8sured at the present value of the future payments discounted at a market rate of interest. Financlal liabilitles classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade payables are obligations to pay for goods or 8ervices th81 have been acquired In the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities If payment Is due within one year or less. If not, they are presented as non-current Ilabililies. Trade payables are recognised inltially at transactlon price and subsequentty measured at amortised cost uslng the effective interest method. Dern¢ognltlon of financlal Ilabllltles Flnancial liabilltles are derecognlsed when the charlty's contractual obllgatlons expire or ar8 discharged or cancalled. 1.9 Taxatlon The charitable company Is considered to pass the lesls set out In Paragraph 1 Schedule 6 Finance Act 2010 and therefore It meets the definition of a charitable company for UK corporatlon tax purposes. Accordingly. the chartty Is potentially exempt from taxation in respect of income or capital gains received within categorie8 covered by Chapter 3 Part If Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.10 Employee beneflts The cost of any unused hollday erititlement is recognised in the period in which the employee's service5 are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to temiinate the employment of an employee or to provide teTmination benefits. 1.11 Retirement benefits Payments to defined contribution retlrement benefit sthemes are charged as an expense as they fall due. 12
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estlmates and judgements In the application of the charty's accounling policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considerèd to be relevant. Actual results may dlffer from these estlmates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised In the pemod in whSch the estlmate is revised where the vIsion affects only ihat period. or in the perfod of the revislon and future periods where the revislon affects both current and future periods. Income from donatlong and logacle• Unrn•trlcted Re8trlct•d funds fund8 2024 2024 Total Unr•strlcted Restrlcted funds fund• 2023 2023 Total 2024 2023 Donations and gifts Grant5 41,525 346,211 188,590 387,736 188,590 41,373 452,387 174,452 493,760 174,452 41,525 534,801 576,326 41,373 626,839 668,212 Donatlons and gift• Donallons Gift ald recovered Donated services (Management Consultancy) 36,141 5,384 254,805 36,408 290.946 41,790 39,520 1,853 349,971 47,418 389,491 49,269 55,000 55,000 55,000 55,000 41,525 346,211 387,738 41.373 452,387 493,760 Income from ¢harltable actlvltl•s Re8trl¢ted fund8 2024 Restrlcted funds 2023 Spear Other income 40,152 52,284 Foodbank Sale of goods 267,429 260,021 307,581 312,305 13-
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Investments Unrestrlcted Unrestrlcted lund8 funds 2024 2023 Interest recelvable 1,297 375 Ralslng funds Restrlcted Restricted fund8 fvnds 2024 2023 Fundraisin and ublici Costs of generating voluntary income 550 17,838 14-
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditurn on charltable activities Spear Foodbank Total Spear Foodbank Total 2024 2024 2024 2023 2023 2023 Direct costs Staff costs Supemiarket vouchers Food distributed Childcara voucher admln fees Citlz8n's Advice contTlbutions PCC contributions Storage Publiclty MiBcellaneous costs Consultancy and tralning 92,617 274.268 19,073 277,751 386,885 19,073 277,751 84.045 251,308 9,734 280,093 335,353 9,734 280,093 3,072 3,072 118 116 151,204 31,135 13,279 889 1,608 14,475 151,204 41,513 13,279 889 4,568 69,875 54,288 25,141 6,713 629 2,884 48,000 54,288 33,521 6,713 629 5,147 103,000 10,378 8,380 2,958 55,400 2,263 55,000 161,353 786,754 948.107 149,688 678.906 828.594 Share ol support and governance c08ts (see note 8) Support 6,618 28,374 Governance 3,024 3,024 34,992 8,048 6,111 2,608 35,742 2,605 41,853 5,211 170,995 818,152 989,147 158,405 717,253 875.658 Analysls by fund Unrestrlctad funds Restricted funds 3,758 167,237 3,758 814,394 7,516 981,631 4,156 154,249 4,155 713,098 8,311 867,347 170,995 818.152 989,147 158,405 717,253 875,658 15
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities 2024 2023 Sundry Office expenses Telephone and IT Postage and stationery Travel and subsistence Insurance Admln cost5 Client and stock tran8POrt costs Governance cost3 1,271 1,067 7.684 325 2,870 2,680 7.110 12,008 6,047 1,044 7,987 5,470 721 2,234 2,367 10,149 11.881 5,211 41,040 47,064 Anal ed between.. Spear Foodbank 9,642 31,398 8,717 38,347 41,040 47.064 2024 2023 Govomance costs compri8e: Legal and professional Accountancy fees Independent Examination 3,527 1,610 910 2,751 1,570 890 8,047 5,211 Tru8te•• None of the Trustees (or any persons connected wlth them) received any remuneration or benefflts from the charity during the year. The Trust recelved aggregate donations from Trustees and related parties of £2,15012023.' £2,365) durlng the year. 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 10 11 16-
JUNCTION COMMUNITYTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employaès (Contlnued) Employmènt costs 2024 2023 Wages and salarles Social security costs Other pension costs 329,031 22,981 14,873 298,497 21,931 14,925 368,885 335,353 There were no employ8es whose annual remun8ratlon was more than £60,000. Remuneratlon of key management personnel The remuneration of key rnanagement personnel was as follows: 2024 2023 Aggregate compensation 73,400 73.400 11 Taxatlon The charlty is exempt from taxalion on Its actNlties becBUS8 all its incoffle is applied for charltable purposes. 12 Inventorle8 2024 2023 Food stocks for dlstributlon 13,179 11,515 13 Trade •nd ather rocelvabl•i 2024 2023 Amounts lalllng due wlthln one yoar: Other recelvables Prepayments and accrued income 2,066 51.960 4,419 44,274 54,026 48,693 17-
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Current liabilities 2024 2023 Notas Deferred income Trade payables Other payables Accruals 16 146,195 111,901 3,963 2,520 75,767 72.457 4,353 2,460 264,579 155,037 15 Deferred Incarne 2024 2023 other deferred income 146,195 75,767 Deferred income Is Included In the financial staternents as follows: 2024 2023 Deferred income 18 Included withln: Current liabilities 146,195 75,767 Movements in the year.. Deferred Income at 1 Aprll 2023 Released from prevlous periods Resources deferred in the year 75,767 175,767) 146,195 10,000 110,000) 75,767 Deferred Income at 31 March 2024 146,195 75.767 Deferred Income primarily relates to grants recelved towards WOTk to be carrted out in future perfods. This viill be released in the period that the work felales to. 18 Retlrement beneflt •chemes 2024 2023 Deflned Contrlbutlon schemes Charge to profit or loss In respect of defined contribution sthemes 14,873 14,925 Ttte charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 18-
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restrlcted fund8 The restrfcled funds of the charity comprise the unexpended balances of donatlons and grants held on trust subject to specific conditions by donors as lo how they may be used. At 1 April 2023 Incomlng resourc68 Resource8 expended Transfer8 At 31 March 2024 Spear Foodbank 164,647 677.735 {167,725) {814,4561 3,078 312,991 176,270 312,991 842,382 (982,1811 3,078 176,270 Pr•vlou8 year: Al 1 Aprll 2022 Incomlng resOUe8 Ra8ource• •xpended Transfers At 31 March 2023 Spear Foodbank 429 248,971 181,678 777,468 (171,739) <713,4461 9,632 312,991 249,400 939,144 885,185 9,632 312.991 éar Spear funds are held for the use Df the "Spear" tralning course, focused on aiding young people to gain key skills to aid employment and life chances. The deficit at 31 March 2024 has been met by a transfer from unrestrfcted funds. F dbank The Foodbank fund 16 aimed at providing emergency food and support to people in crlsls, 18 Unrestrlcted fund6 The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These Include designated funds whlch have been set aside out of unrestrlcted funds by the trustees for specific purposes. Incomlng resources Resources expended Transfers At 31 March 2024 2023 General funds 197,680 42,822 (7.516) 13,0781 229,908 Prevlous yèar: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 General funds 173,875 41,748 (8,311) {9,632) 197.680 19-
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of nèt assets between fund8 Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Current 8ssetsllliabllitles) 229,908 176,270 406,178 229,908 178,270 406,178 Unre•trlcted funds 2023 Re8trl¢ted fund8 2023 Total 2023 At 31 March 2023: Current assetsl{liabilities) 197,680 312,991 510,671 197,680 312,991 510,671 20 Oparatlng lease comrnltments Les8ee At the reporting end date the charity had outstanding commitments for future mlnlmum lease payments under non-cancellable operating leases, whlch fall due as follows.. 2024 2023 Imthln one year Beeen hvo and five years 7,628 6,354 7,826 13,980 13,980 21,606 21 Related party transactlons There were no disclosable related party transaction5 during the year (2023 - none). 20-
JUNCTION COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Cash generated from operatlon8 2024 2023 {Defjcitllsurplus for the year (104,493) 87,396 Adjustments for: Investment income recognised in statement of financial actlvlile8 (1,29n (375) Movements In working capital: (Increase)Idecrease In Invantorfes (Increase) in trade and other receivables Increase in trade and other payables Increase In deferred Income {1.664) 15,333) 39.114 70.428 14.949 (43,331) 73,472 65,767 Cash (absorbed byllgen•rated from operallon* (3,245) 197,878 23 Analy81¥ of change8 In net funds The charlty had no material debt durlng the year. 21