## ## ## ## ## ||`Page`| |---|---| |`Trustees' annual report (incorporating the director's report)`|`1`| |`Independent examiner's report to the trustees`|`4`| |`Statement of financial activities (including income and`|| |`expendture account)`|`5`| |`Statement of financial position`|`6`| |`Notes to the financial statements`|`8`| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## JKT North London Company Llmited by Guarantee statement of Financial Activities (Including inoome and expendlture account) Year ended 31st December 2024 Unr•strlctèd lunds 2023 Total funds Total fund5 Notè Incomè and •ndowMents Donations And legacies Charitable acbiAties Investments 22 8,000 68,400 248 8,000 68,400 248 318,837 43.142 Total In¢ctm• 361979 Expandltur8 Expenditure on raising funds". Depreciation of leasehold improvements Expenditure on charitable aCtI￿tIeS.- 18,84fl 84,861 19,840 64.881 18,840 40,017 Total Exp8nditur• 83.701 83.101 N•t Inoom8 and n•t mov•m•nt In funds 17,053) 17.053) 303.122 Reconclllatlon of funds Total Funds brought forward 835,721 B35,721 532.599 Total Funds carried forward 828 e68 828 868 835 721 The statement of financial acbwlies incllides all gains and losses recognised in the year. All income and expendiliire derive froin continuing acbiqbes. The notes on pages 8 10 14 lorm part ol these financi81 statements. JKT North London Company Limited by Guarantee statement of Financlal Poslllon 31 December 2024 31 De¢ 2024 31-Dèc-23 Nots Flxod ass¢ts Tangiblp fLYed asseLs 1,491.041 1,509,881 Current as$ets Debtors Cash $1 bank and in hand 19,74T 19,747 21,817 21.817 Crèdltors:Amount falllng du• wlthln on• yaar 17 21.334 20,677 Net Currtm assets TotHI a¥s•t$ 18$$ ¢urr•nt 1labll1￿es 1.489,454 rÈdltors'. Amounifi115no dué aft•r more than one year PAO,786 876,300 Net As$8tS 828,688 835,721 Funds C*f th* ¢h#rfty Unrestricted Funds fjenwal Oesignated 14,6 813,9 17.055 818.868 T¢t•l ¢hHrfty fuhd$ 19 828.668 835 721 F￿the perrod endin• 31$1 December 2024 the chartywas entitted to exemptsontrom autht under sxtson 477 of the Conwanies Act 2006 rèlating to smoll compaThes tl'reclors responisibibties.. mEmbers have not required the companyto obtain an auditol rts Iinancial 512tements forlhe penod In quèsb.on in attty￿anCe￿th secb'on 476 olthe CompaniesAcl 2006 diie¢tor$ ackno￿edge thP￿ respon5ibdrtes for comptymg the requiren2erts ol Ihe Aciwlh respect accouThtuig record5 and the preparaiion of finan¢ial Slotemenls. statement oifinanaal posib'on cmpany limited by guarantee, ￿gistered in England and Wales and a registered charity in England and Wales. The address of the registered offKe is 913 High Road, London, N12 8QJ. Statement of compllanc These financial $lalemenls have been prepared in complianco with FRS 102. 'The Financial Reporting standard applicable in the UK and the Republi¢ of Ireland,. the Statement of Recommended Practice applica- ble to charities preparing their accounts in accordance with thè Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharilies SORP IFRS 1021) and the Companies Act 2006. Accountlng pollcies Bas1$ of prèparatlon The financk41 slaloments have been prepared on the histOTi¢al cost b8S1S. The financial slalements 8re PTepar6d in 8leding. which is the functional currency of the entity. Going concern There are no material uncertainties about the ¢haritY8 ability lo conlillue. Judgernpnts and key sources of estimatlon uncertalnty The prepaialion of the financial slalemenls requires managemenl lo make judgements, eslimales and assumptions that affect the amounts reptsrted. Thèse estim8tes and judgements are continually reviewed and ate based on experience and other factors. including expectaliong of lulure ev6nts that Sre believed to be ro8- sor>ablo under the circumslanc¢s. Incomlng ra$ourcgS All income is included in the slatament ol financial a¢tMties when enlillemelll has passed lo the charity, il 1$ probable that the economic benefits associated with the Iransacliun will flow to the charity and the amount can bg reliably measured. The following spocific policies are applied lo particular categories of income.. JKT North London Company Llmited by Guarantee Notes to the Financial Statements (¢ontinuo11) Year Ended 31 De¢ 2024 Accountlng policies (¢onllnued) Incoming resources {eonllnuodJ Income from donations or grants is recognised when Ihero is evKlèn¢a of entitlement lo the gift, receipt is probable and ils amount cgn b& measured reliably. Rg$our¢8$ expended Exp8nditur& is racognised on an accruals basi$ 88 a liability is incurred. Expendilurg includes 8ny VAT whih cannot be fully recovered. and is classrfied vnder headin9s of the statement of financial activrties lo which il relatgs.. expendilure on charilablg a¢tivilo8 includes all costs incurred by a Charity in undertaking activities that further its Charitab￿ aims for the benefit of its bgngfici8ries, including those support costs and costs relating lo the governance of th6 charity apportioned lo charitable activitiès. grants are only recognised when both Implicit and explicit ¢ondilion8 have been mel Operatlng leasgs Lease paymen18 are recognised as an oxpen59 over the lease term on a slraighl-line basi5. The aggre- gale benefit ol lease incentives is rtsu>gnised as a reduction lo 8xpense over thé lease term, on a slraighl-lin& basis. Tanglble a$sèts Tangible assets are initially recorded al cost. and subsequently slated 81 c08t less any accumulated d¢- pwialion and impairment losses. Fr8ehtsld land and buildings Bre held al cost. No depreciation is charged on fretshold buildings. This poI￿Y departs from the requ1￿ment of FRS102 requiring assets with fixed lives lo bo depreciated. HoweveT, the remaining u$oful economic life of the charills freehold building is greater than 50 years and in the opinion of the Iru81ees, depreciation is not Mateii81 lo the accounts. Building improvemerils li¢. Ihe refvrbishmenl of Oakleigh Community Church buildlngl were complele¢J on 3151 May 2021 and depreciation, commen¢ing on the 1st June 2021. has been charged al a r818 that will fully depreciate this assèt over the lrfelime of the lease Dapreclatlon Depre¢i*ion is calculated SCI as lo wrile off the cost or valuation of an asset, less its rosidual value. over the useful economic life ol that as$el as follows.. Long leasehold property 5% straight line JKT North London Company Limited by Guarantee Notes to the Financial Statements fcontsnue¢ Year Ended 31 D6¢ 2024 3. Accounting pollclès iconllnue(Q Fln4n¢lal Instruments A financial asset or a financial liability is reoognised only when the enlily becomes a party lo Ihg ontraclual Provis￿n8 of the inslrumenl. Basic financial instruments a￿ initially recognised 81 the amount re¢ewable OT payable including any related transaction ¢osts, unless the arrangement ¢onslilul&s a financing Iransaclion, where it is recognised at the present value of the f(rture payments discounted al a markot rat$ of int8re81 ft)r a similar debt inslrumenl. Current as$o18 and Current liabilities are subsèquently measured at the cash or other consid&rali(> expected lo be paid or received and not discounted. D8bl in$lrumant$ are subsequently measured at amortised cost. Financial assets that are msasur8d at cost or arnortised cost ar& reviewed f(Y objtrclive evklence of impairment 81 thg end ol each reporting dale. If there is objeetive 6viden¢o of impaimienl, an impairmènt1083 is recogni3ed under the appropriatè heading in the staternent of financial activities in which the initial gain was recogni$ed. Any reversals ol impairmeTII arry re¢ogni8ed immediately, lo the extent that the rovorsal doe8 not ¥e$ubt in a carrying amount of the financial asset that exceeds what the cawwn9 amount would hav8 been had the im- pam)8nt not pr&viously been recognised. Llmlted by guaranto9 The chaiily Is a company limited by gu8Tanleè. The member5 of the company are the Iruslaos named on page 1. Every member gf the charitable company undertake5 to Gontribule such amount that may be required not exceeding £110 the assets of the charilablo compally in the event of its being wound up whilo he or sha is a member. or within onts yettr after ceasing to be a member. Donations and legaclas Thè donation3 shown refer to grants of £8.000 received from St Bamabas Church. io JKT North London Company Limited by Guarantea Nptes to the Flnanclal Slalemenls (conilnued) Year ended 31st December 2024 harftabl* •cOvltl•¥ Unreslncted Tot#Ifu￿* Fund$ iknresthcled Toralfunds Funds Rentd ￿Orne 68,400 68.400 43.142 43.142 68.400 68.400 43.142 ￿142 exp•ndkur• on chorftsbl• a¢lvltl•J byfund typ• Uniestnded Funds Toral Unré51nclEd Tota1 fund$ Fwds See nDte ID, pkuL¢O 13,374 5,000 .OIT 64,861 64.861 40,DIT Èxp4ndthr• ott charttabl•actlvltl•s by a£￿vIty￿p• pporteosis Totaj lunds Total See n￿e la. finaDEiu1 rem¥ I CthaiA*le aCthi￿e5 (¥Jwernance costs 13,374 12,374 49.oe7 5,WO .tr37 45.087 51.487 knaly$l$ DI $upptsrt¢&¥ts T￿01 fvnd T￿3[lUndS F*ernBes F￿ance c0515 C￿e￿[￿et0$1$ B.OUQ 25,027 1.980 35,011 51.4B7 10 knalpl$ Of grant¥ Totsl 4rant$ Totsi srat715 Grontsto InstltUlSon$ Pccof StBar￿a￿s T￿algran li JKT North London Company Limited by Guarantue Notes to the Flnanclal 8tatements (continued) Year ended 31st December 2024 11 Net18xpendlturelltneomè Nei {eXpend￿re￿n¢0ffle Is sièted after chBrgingllcred￿ngl'. 31i18c-24 8%￿80-28 Deweci8t￿n oftsDoible W assas 18.840 18.840 12 Ind4p•nd•nt •X4mlnatlon fe&s Yeario 31.D•¢.24 Y•artts Fees payableto the independent &¥èminer for independent oxamin*ion of financial statemwks 13 Stsff costs The a￿a￿head count of empbyees during the Pe￿0d wa8 Nl (Previous period. No eniployee rÈ¢eiwed employee benefrts ofmore than £eO,000 d￿ng the yearlPreMous period.. Nil) 14 Trust•¢ r¢munér)Ilon and 0XP•YlStt$ No trLlSt2e expenses were reimbursed dUr￿g the ￿ThOd No ifuslpe ieceived any remuner81ion dllnng the pwkid. Tanglble Ilx8d a5S•tS Freehold Propérty Long Leasehold Prop•rty Tota Cost At 31 December 2023 AdditiDns At 31si De¢ 2024 1,192837 365,711 1,658 548 1192.837 385711 1558 548 Depreelatlon Al 31 Decen?ber 2023 Chafge lorthe penod At 315t Dec 2024 48,661 18.840 e7.507 48,661 18.B40 67.507 Carrylng amount AI 31st De¢ 2024 1.192.837 2g8.20 1491 (M1 Ai 31sl Dec 2023 1.192.837 317.044 1.509 891 12 JKT North London Company Lirnlted by Guarantee Note$ to the Flnanclal Statements (oontlnued) Year ended 31st Dec 2024 16 08btor 31st Doo 24 31st Dae 23 Trade debtors Other debtors 17 Creditors.. amounts l•lllng du• vAthln vne year 31st Dee 24 31$1 D•e 2J Bank loans and Dverdrats Accruals and deferred income 16,272 15.915 4762 21.334 8 ¢redltor$'. am¢unt$ talllno due ètter more than on•y•ar 31st DR¢ 21 SJ$t Dec 23 loans overdrafts 660.786 660 788 675,300 875.300 19 Anaty515 gt charftahlo funds UnrÈstriet¢rf fund5 At 31.D+￿?4 01-Jan-24 Incorr Expendrture Transfers Geneialfunds Design31￿ hjnds 17,055 818666 835.721 62,401 14.157 78.648 64.881 18.840 14 685 813983 828,668 13 JKT North London Cornpany Limited by Guarantee Notes to the Financlal Statements (continued) Year ended 31st Dec 2024 O Analysls ot net a$5ets belwèen funds Unrestricfrd Funds (General) Designaled Funds Total funds 31 Dac 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater Ih8n 1 year Net Ass8ts 1,491,041 1,491,041 19,747 {21,3341 860,78B 828 668 Ig,747 (5.OK2) 116,272} 680.786 813,983 14,685 Com aratNe information 31 Dec 2023 Unrestricted Funds (General) Designated Funds Total futtds 310èt 2023 Tangible fixed assets Current assets Credf(ors less than 1 year Creditors greater than 1 year N8tAssgts 1,509,881 1,509,881 21,817 120,6771 675 300 835,721 21,811 14,762) 115.9151 675 300 818,666 11 Operating Ipa5• commltments The total future minimum lease payments under non<8ncellable op8ratin91888¢$ are as foll0v￿.. 31.D•¢-24 31-Dec-23 Nol later than 1 year Laler than 1 year and not later than 5 years Lalerthan 5 years 8,000 32,000 8.000 32.000 54.667 22 Rèlatèd Partl•s JlffNL is ￿garded as a subsidiary ol St Barnabas Church Icharrty number I131412} because Ihe benefrt of Jffi￿L'S Current actwities flow to the public through St Barnebas which has also financed th2 properties and provides the rental and don2b.on income of JS(mL. During Ihe pwiod, JKfNL recewed from St Bamabas Church donations of £8,00012023 £318,837) and rental income ot £68,400 {2023 £43:142}. JKTP4L made donats.ons to Si Barnabas lotalling £13.374 12Q23 £5,000) At the period end, an amount of £NIL was due from St Bawnabas Church. 14