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← St James Priory Project Limited

2024-03-31-accounts

ST JAMES PRIORY PROJECT

FINANCIAL STATEMENTS

31 MARCH 2024

Company Registration Number 04730515 Charity Number 1104408

ST JAMES PRIORY PROJECT

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

CONTENTS

Page
Report of the Trustees 1 - 5
Reference and Administrative Information 6
Report of the Independent Auditor 7 - 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes forming part of the Financial Statements 14 - 22

ST JAMES PRIORY PROJECT

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

This Annual Report forms the Trustees' report for the purposes of Section 162 of the Charities Act 2011 and the Directors' report for the purposes of Chapter 5 of Part 15 of the Companies Act 2006.

The financial statements have been prepared in accordance with the Charity’s governing document, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard FRS 102.

Administrative details and details of Trustees, senior staff and professional advisors engaged by the Charity are set out on page six.

Structure, Governance and Management

The St James Priory Project is governed by the terms of its Memorandum and Articles of Association. It has its roots in the foundation of the Monastic Community of Nazareth, a Roman Catholic religious community that was constituted by a Trust Deed dated 13 May 1991. The Charity was registered with the Charity Commission on 28 June 1991 (registration number 1003362). The name of the Charity was changed to the Little Brothers of Nazareth during July 1992.

The St James Priory Project was established to take over the charitable activities of the Little Brothers of Nazareth. Following approval from the Charity Commission, all operations and bank accounts of the Little Brothers of Nazareth were transferred to the new Charity on 1 April 2005. St James Priory Church, previously leased by the Little Brothers, was purchased for £1 from the Church of England Diocese of Bristol in November 2008. The final property held by the Little Brothers, St James House, was transferred on 23 April 2009.

The Charity is governed by Trustees who have the legal responsibility for the effective use of the Charity’s resources in accordance with the objectives of the St James Priory Project, and for providing effective leadership and direction.

New Trustees are appointed by the Board of Trustees with the aim of covering all appropriate skills and experience. On appointment, new Trustees undertake an induction which includes the provision of a pack of information that details the policies and activities of the Charity, and the Charity Commission’s leaflets on the responsibilities of Trustees.

Trustees’ meetings are held every three months to ensure that the Charity is achieving its objectives. Operational management of the Charity is delegated to three Project Managers who report to the Trustees at each Board meeting.

The Trustees meet annually to consider remuneration levels for all staff. Salary payments are based on local government National Joint Council scales. The Charity does not set remuneration levels for senior staff above point 49 on the NJC scale. This ensures that the senior management staff at St James Priory earn no more than 3 times the minimum paid employees.

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ST JAMES PRIORY PROJECT

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

Objectives and activities

The Charity’s aims are “the advancement of religion and education in accordance with the doctrines of the Roman Catholic Church in particular, but not exclusively, by the provision of a centre of healing, support and treatment to relieve human suffering in the community”.

The Charity’s objectives reflect its aims through activities that can be split into two areas:

When planning activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, how it relates to our Aims and Objectives. The Trustees have also considered the supplementary Commission guidance on the advancement of religion for the public benefit.

Achievements and performance

St James House

St James House is a third stage residential resource opened in June 1999. It offers supported provision for people with a history of homelessness who have experienced first-stage treatment for addiction and who are maintaining abstinence.

Ten bedsits are available with shared kitchen, dining and laundry areas. Residents are expected to take part in one group session per week and to work collaboratively to acquire the support necessary to meet their needs. Individual counselling is provided on a weekly basis. Residents are encouraged to participate in voluntary work in the community and also in further education.

Licence Agreements are available for periods of up to two years. These include a clause insisting on abstinence from all mood-altering substances. Residents are expected to take individual responsibility for their own bedsit accommodation and collective responsibility for communal areas.

Outcomes for this service have been good for this period with 80% of those admitted to St James House moving on in a planned way to independent accommodation or further support services.

Walsingham House

Walsingham House, in the grounds of St James' Priory, is leased by Sheronat Ltd on a fifteenyear agreement to provide accommodation for Catholic Students.

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ST JAMES PRIORY PROJECT

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

Project Staff & Volunteers

St James Priory Project currently operates with 3 staff and 2 regular volunteers as of 31st March 2024. We are indebted to our volunteers for the work they do in providing adequate support and cover in a variety of areas including decorating, cleaning, gardening and general support.

St James Priory Church

St. James Priory is a Grade 1 listed building of exceptional historical interest with parts of the structure dating back to the 12[th] century. The central nave is a small part of what was once a large and prosperous Benedictine Priory founded in 1129 by Robert, Earl of Gloucester and under the jurisdiction of Tewkesbury Abbey.

Since acquiring St James Priory, the charity has ensured that the church remains open for public worship, hosting weekly Roman Catholic services and a place for quiet prayer and meditation during weekdays, with approximately 700 people visiting every week. The church hall facilities are also used by various support group such as 12 step fellowship groups and bereavement support groups. The Priory provides outreach to the wider community by regularly inviting individuals who are lonely, sick/and/or housebound to come along for lunch and to socialise together, and the conference rooms are used by local businesses and organisations, which also generates income for the charity.

An annual event is also organised for Sixth Form Students and Staff from a local secondary school to spend two full days on A Drugs Awareness Event with both past and present residents of St James House sharing their own personal ‘Paths to Addiction and Recovery.’

St James Chapter House & Cafe

On 1 September 2012 a trading subsidiary of the Charity was formed. The company, St James Chapter House Ltd, managed any non-charitable trading previously carried out by St James Priory Project, including income from a café and conference rooms. The cafe area of the Priory is now leased to a third party, Priorato Limited, which guarantees a regular rental income.

As the café is not operating, the income generated by the leasing of the café area and the conference rooms are received by the charity. Therefore, the subsidiary company remains dormant.

Managing Risk

The Trustees regularly review the principal risks and uncertainties facing the Charity. Ongoing risks include changes in government & third-party policies that could result in cuts to funding streams such as the availability of Housing Benefit received by St James House residents, affecting the ability to pay rent. Other significant risks identified include disruption to the income received through the lease of Walsingham House, or large unforeseen repairs to the St James Priory buildings.

The Charity was built on the enthusiasm and personal commitment of key members of staff who still oversee the management of the charity today. Consequently, the Trustees are mindful

3

ST JAMES PRIORY PROJECT

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

that succession planning is vital to identify and develop future leaders to fill critical management positions when required.

Financial review

The Charity's regular income comprise a weekly charge per resident, consisting of Housing Benefit and a contribution from the client, as well as voluntary donations, meeting room income and rental income from Walsingham House. Unrestricted income for the year totalled £464,904 (2023: £181,103) and included a significant legacy of £258,878.

In consideration of the risks to which the Charity is exposed, Trustees have sought to establish a modest level of reserves. Reserves are defined as those unrestricted funds not invested in land and buildings and other fixed assets, and not designated for a specific purpose. The Trustees consider that they should aim to hold reserves equivalent to at least two full years of the annual average expenditure over the last five years of £494,053, to ensure the continuity of the Charity in the event of a significant interruption to income. Consideration is also being given to the designation of reserves for ongoing building maintenance.

There was a surplus on unrestricted funds for the year of £112,449 (2023: £123). The balance on unrestricted funds at 31 March 2024 amounted to £814,312 (2023: £701,863) including free reserves as defined above of £813,969 (2023: £577,230).

Endowment funds consist of donations and grants received by the Charity for the purpose of the development of its land and buildings and other restricted purposes. These funds amounted to £4,747,938 at 31 March 2024 (2023: £4,662,625 previously classified as restricted funds).

4

ST JAMES PRIORY PROJECT

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

Statement of trustees’ responsibilities

The trustees (who are also directors of St James Priory Project for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with 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 Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company [and the group] and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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.

Exemptions applicable to small companies

The Trustees’ report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime in Part 15 of the Companies Act 2006.

Approved by the Board on ……………..…….. and signed on its behalf by20 December 2024

Lyn Murray Trustee

5

ST JAMES PRIORY PROJECT

REFERENCE & ADMINISTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2024

Trustees and directors: Lyn Murray (Chair) Rev Canon Michael Fitzpatrick David Shakesby Corinne Fitzpatrick (appointed 15 August 2023) Secretary: James Banaghan Key management personnel: Susan Jotcham James Banaghan John Jotcham Company number: 04730515 Charity registration number: 1104408 Date of incorporation: 10 April 2003 Date of Charity registration: 17 June 2004 Registered office and St James Priory principal address: Whitson Street Bristol BS1 3NZ Independent Examiner: Joshua Kingston BSc, ACA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Solicitors: Edmondson Hall 25 Exeter Road Newmarket Suffolk CB8 8AR Bankers: CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ

6

ST JAMES PRIORY PROJECT

INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 MARCH 2024

Independent auditor’s report to the members of St James Priory Project Limited

Opinion

We have audited the financial statements of St James Priory Project Limited (the “Charity”) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of 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 Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted out audit in accordance with international Standards in Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities 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 sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, 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 twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information

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ST JAMES PRIORY PROJECT

INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 MARCH 2024

and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If based, on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the 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 the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and

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ST JAMES PRIORY PROJECT

INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 MARCH 2024

fair view, and for such internal control as they 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required

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ST JAMES PRIORY PROJECT

INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 MARCH 2024

to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditors/audit-assuranceethics/auditors-responsibilities-for-the-audit. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state in 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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joshua Kingston ACA (Senior Statutory Auditor)

For and on behalf of Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

20 December 2024 Date: …………………..

10

ST JAMES PRIORY PROJECT

STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account)

YEAR ENDED 31 MARCH 2024

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----- Start of picture text -----
Total Total
Unrestricted Restricted Endowment Funds Funds
Funds Funds Funds 2024 2023
Note £ £ £ £ £
Income from:
Donations and legacies 2 294,590 - - 294,590 45,699
Charitable activities 3 140,375 - - 140,375 115,758
Other trading activities 4 16,892 - - 16,892 17,352
Investments 13,047 - - 13,047 2,794
Total income 464,904 - - 464,904 181,603
Expenditure on:
Raising funds 5 5,376 - 9,319 14,695 15,969
Charitable activities 6 222,902 - 29,545 252,447 199,599
Total expenditure 228,278 - 38,864 267,142 215,568
Net income/(expenditure) 8 236,626 - (38,864) 197,762 (33,965)
Transfers between funds 16 (124,177) (4,662,625) 4,786,802 - -
Net movement in funds 112,449 (4,662,625) 4,747,938 197,762 (33,965)
Reconciliation of funds
Total funds at start of the year 16 701,863 4,662,625 - 5,364,488 5,398,453
Total funds at end of the year 16 814,312 - 4,747,938 5,562,250 5,364,488
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The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed a continuing.

The notes on pages 14 to 22 form part of these financial statements See note 10 for fund-accounting comparative figures

11

ST JAMES PRIORY PROJECT

BALANCE SHEET

AS AT 31 MARCH 2024 Company Number: 04730515 Company Number: 04730515
Note
Fixed assets
Tangible assets
11
Investments
12		 2024
£
4,748,278
3		 2023
£
4,787,255
3
Current assets
Debtors
13
Cash at bank and in hand		 4,748,281
22,202
815,791		 4,787,258
42,419
545,288
Creditors: amounts falling due
within one year
14		 837,993
(24,024)		 587,707
(10,477)
Net current assets 813,969 577,230
Total assets less current liabilities 5,562,250 5,364,488
Net assets 5,562,250 5,364,488
Funds
Unrestricted funds
General funds
17
Designated funds
17
Restricted funds
17
Endowment funds
17		 813,972
340
-
4,747,938		 577,233
124,630
4,662,625
-
Total funds 5,562,250 5,364,488

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 and with the Financial Reporting Standard 102 (FRS102).

These financial statements were approved by the Trustees on ….................................... and are signed on their behalf by:20 December 2024

Lyn Murray - Trustee

The notes on pages 14 to 22 form part of these financial statements

12

ST JAMES PRIORY PROJECT

CASH FLOW STATEMENT

YEAR ENDED 31 MARCH 2024

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2024 2023
Notes £ £
Net cash inflow from operating activities 18 257,456 9,565
Non-operational cash flows
Investing activities
Purchase of fixed assets - (566)
Investment income 13,047 2,794
13,047 2,228
Net cash inflow for the year 19 270,503 11,793
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Cashflow restrictions

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own Objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 14 to 22 form part of these financial statements

13

NOTES TO THE FINANCIAL STATEMENTS

ST JAMES PRIORY PROJECT

YEAR ENDED 31 MARCH 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006.

The financial statements contain information about the company as an individual undertaking and do not consolidate the financial statements of the company and its subsidiary because the group qualifies as a small group under company law and is under the threshold for charity law purposes.

The Charity is a public benefit entity as defined under FRS102.

There are no material uncertainties about the charity's ability to continue as a going concern, despite the significant uncertainty being caused by the national cost of living crisis. Whilst the Trustees expect there to be a significant impact on the charity's operations and reserves in the coming months and years, the charity has sufficient reserves to be able to meet these challenges.

If upon winding up or dissolution of the charity there remain any assets, after satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not have been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income

All income is included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. No amounts are included in the financial statements for services donated by volunteers.

Income from donations is included in come when these are receivable, except as follows:

I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-condition have been met.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation and allocated to the same fund as the original donation.

Legacies are included on a receivable basis where the charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed

Investment income is included on a receivable basis.

Expenditure

All expenditure is accounted for on an accruals basis inclusive of any VAT which cannot be recovered and has been included under expense categories that aggregate all costs for allocation to activities. Expenditure on raising funds includes those incurred in trading activities. Charitable activities include expenditure and includes both direct costs and support costs relating to those activities. Governance costs are those incurred in connection with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included ithi h it bl ti it t

Tangible fixed assets

Tangible fixed assets are classified as such when they have a value over £1,000 and a useful life of over one year. They are stated at cost less depreciation, which is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

14

ST JAMES PRIORY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

Tangible fixed assets (continued)

Depreciation is provided at the following annual rates in order to write off each asset over its estimated economic life.

Church and priory buildings 0.5% on cost Other freehold buildings 2% on cost Fixtures, fittings and equipment 20% on cost

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pension scheme

The charity contributes to defined contribution pension schemes. Contribution payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

Taxation

The Charity is exempt from corporation tax on its charitable activities.

Controlling entity

The charity is a company limited by guarantee, and as such holds no share capital. In the event of the winding-up of the charity, the liability of the members of the charity is limited to £10 each.

Donations
Legacies
Prior year comparative
Donations
Legacies
Income from: Charitable Activities
Housing benefit received
Client contributions for accommodation
Rental income - Walsingham House		 Unrestricted
Funds
£
53,873
19,394
67,108
140,375		 Unrestricted
Funds
£
35,712
258,878
294,590
Unrestricted
Funds
£
45,199
-
45,199
Restricted
Funds
£
-
-
-
-		 Restricted
Funds
£
-
-
-
Restricted
Funds
£
500
-
500
Endowment
Funds
£
-
-
-
-		 Endowment
Funds
£
-
-
-
Endowment
Funds
£
-
-
-
Total Funds
2024
£
53,873
19,394
67,108
140,375		 Total Funds
2024
£
35,712
258,878
294,590
Total Funds
2023
£
45,699
-
45,699
Total Funds
2023
£
41,368
7,282
67,108
115,758

All income from Charitable Activities in 2023 was unrestricted.

3

15

ST JAMES PRIORY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

4
Income from: Other Trading Activities
Room hire and catering income
Other income		 Unrestricted
Funds
£
16,750
142
16,892		 Restricted
Funds
£
-
-
-		 Endowment
Funds
£
-
-
-		 Total Funds
2024
£
16,750
142
16,892		 Total Funds
2023
£
17,232
120
17,352

All income from Other Trading Activities in 2023 was unrestricted.

5 Expenditure on: Raising funds

Staff salaries
Support costs (see note 7)
Staff salaries
Support costs (see note 7)		 Unrestricted
Funds
£
4,133
1,243
5,376
Unrestricted
Funds
£
3,876
2,774
6,650		 Restricted
Funds
£
-
-
-
Restricted
Funds
£
-
9,319
9,319		 Endowment
Funds
£
-
9,319
9,319
Endowment
Funds
£
-
-
-		 Total Funds
2024
£
4,133
10,562
14,695
Total Funds
2023
£
3,876
12,093
15,969

6 Expenditure on: Charitable activities

Staff salaries
Household costs
Rates and utilities
Repairs and maintenance
Liturgical costs
Charity Meal
Support costs (see note 7)
Prior year comparative
Staff salaries
Household
Rates and utilities
Repairs and maintenance
Liturgical costs
Support costs (see note 7)		 St James
House
£
27,963
478
15,430
16,187
-
-
8,094
68,152
St James
House
£
21,880
426
8,105
9,221
-
7,876
47,508		 St James
Priory
Church
£
24,745
541
40,406
11,499
3,207
947
102,950
184,295
St James
Priory
Church
£
29,796
206
14,963
10,936
4,492
91,698
152,091		 Total Funds
2024
£
52,708
1,019
55,836
27,686
3,207
947
111,044
252,447
Total Funds
2023
£
51,676
632
23,068
20,157
4,492
99,574
199,599

16

ST JAMES PRIORY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

7 Support costs of charitable activities & raising funds

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|||||| |---|---|---|---|---| |Raising|St James|Priory|Total Funds| |funds|House|Church|2024| |£|£|£|£| |Support staff salaries|-|-|14,666|14,666| |Telephone|-|1,697|3,960|5,657| |Office expenses|785|1,621|3,782|6,188| |Insurance|-|-|23,889|23,889| |Bad debts|-|-|10,717|10,717| |Advertising|458|-|-|458| |Bank charges|-|-|120|120| |Auditor's fees|-|-|14,320|14,320| |Legal and professional fees|-|-|6,614|6,614| |Depreciation of buildings|9,319|4,776|24,769|38,864| |Depreciation of equipment|-|-|113|113| |10,562|8,094|102,950|121,606| |Prior year comparative| |Raising|St James|St James|Total Funds| |funds|House|Priory|2023| |£|£|£|£| |Support staff salaries|-|-|18,547|18,547| |Telephone|-|1,660|3,873|5,533| |Office expenses|504|1,440|3,360|5,304| |Insurance|-|-|15,320|15,320| |Bad debts|-|-|7,048|7,048| |Advertising|2,270|-|-|2,270| |Bank charges|-|-|67|67| |Independent examiner's fees|-|-|12,842|12,842| |Legal and professional fees|-|-|5,148|5,148| |Depreciation of buildings|9,319|4,776|24,769|38,864| |Depreciation of equipment|-|-|724|724| |12,093|7,876|91,698|111,667|

----- End of picture text -----

Support costs are split between raising funds and charitable activities based upon usage.

Staff costs and pensions are allocated based on an estimated split of time spent. Other costs that are not directly related to a specific activity are allocated pro rata to the total costs.

8 Net income/(expenditure)

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|||| |---|---|---| |This is stated after charging:|2024|2023| |£|£| |Depreciation|38,977|39,588| |Auditor's fees| |- audit|10,800|-| |- accounts preparation fees|2,760|-| |- under/(over) accrual in previous years|-|8,545| |Independent examiner's fees| |- independent examination|-|938| |- accounts preparation fees|-|3,360| |- under/(over) accrual in previous years|760|-|

----- End of picture text -----

There were no Trustees' remuneration or other benefits for the current or prior financial year.

There were no Trustees' expenses paid during the current or prior financial year.

17

NOTES TO THE FINANCIAL STATEMENTS

10 Fund-analysis comparative figures

ST JAMES PRIORY PROJECT

YEAR ENDED 31 MARCH 2024

9 Staff costs and numbers

The aggregate payroll costs were:

Wages and salaries
Social security costs
Employers pension		 2024
£
58,463
-
13,044
71,507		 2023
£
59,237
356
14,506
74,099

The average weekly number of employees during the year, calculated on the basis of average headcount, was as follows:

Charitable activities 2024
No.
3
3		 2023
No.
4
4

No employee received emoluments of more than £60,000 (2023: Nil).

The key management personnel employee benefits totalled £63,671 (2023: £70,622)

Income from:
Grants and donations
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure) and
net movement in funds
Total funds at 1 April 2022
Total funds at 31 March 2023		 Unrestricted
General
Funds
£
45,199
115,758
17,352
2,794
181,103
6,650
174,330
180,980
123
701,740
701,863		 Restricted
Funds
£
500
-
-
-
500
9,319
25,269
34,588
(34,088)
4,696,713
4,662,625		 Total
Funds
2023
£
45,699
115,758
17,352
2,794
181,603
15,969
199,599
215,568
(33,965)
5,398,453
5,364,488

18

ST JAMES PRIORY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

11 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
12
Fixed asset investments
Shares in subsidiary undertaking		 Freehold
Land &
Buildings
£
5,658,422
-
5,658,422
871,620
38,864
910,484
4,747,938
4,786,802		 Furniture,
fittings &
equipment
£
21,155
-
21,155
20,702
113
20,815
340
453
Total
2024
£
3		 Totals
£
5,679,577
-
5,679,577
892,322
38,977
931,299
4,748,278
4,787,255
Total
2023
£
3

The investment consists of a 100% holding in St James Chapter House Limited, the charitable company's trading subsidiary. The results for the subsidiary are summarised below;

Profit & Loss Account
Turnover
Cost of Sales
Gross Profit
Administrative Expenses
Other Operating Income
Operating (Loss)/Profit
Capital & Reserves
Called up share capital
Profit and loss reserve		 2024
£
-
-
-
-
-
-
3
(37,960)
(37,957)		 2023
£
-
-
-
(301)
-
(301)
3
(37,960)
(37,957)

19

15 Related Party transactions

ST JAMES PRIORY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

13
Debtors
Trade debtors
Amounts due from subsidiary undertakings
Less: Provision for intercompany debtor
Other debtors
14
Creditors: amounts falling due within one year
Trade creditors
Taxation & social security
Other creditors
Accruals and deferred income
VAT Liability
The trading subsidiary St James Chapter House Limited is now dormant.		 Total
2024
£
22,202
-
-
-
22,202
Total
2024
£
5,540
2,055
350
15,949
130
24,024		 Total
2023
£
29,674
37,957
(37,957)
12,745
42,419
Total
2023
£
1,615
734
(40)
3,895
4,273
10,477

See note 13 for the intercompany balance and provision.

There were no further related party transactions other than those disclosed elsewhere in the financial statements.

20

ST JAMES PRIORY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

16 Movement in funds

Current year
Endowment funds
Restricted funds
Capital fund
Repairs and maintenance
Unrestricted funds
Designated funds
Net book value of fixed assets
General funds
General fund
Unrestricted funds subtotal
Total funds
Prior year
Restricted funds
Capital fund
Repairs and maintenance
Unrestricted funds
Designated funds
Net book value of fixed assets
General funds
General fund
Unrestricted funds subtotal
Total funds		 At
1 April
2023
£
-
4,662,625
-
4,662,625
124,630
577,233
701,863
5,364,488
At
1 April
2022
£
4,696,713
-
4,696,713
129,564
572,176
701,740
5,398,453		 Income
£
-
-
-
-
-
464,904
464,904
464,904
Income
£
-
500
500
-
181,103
181,103
181,603		 Expenditure
£
(38,864)
-
-
-
(113)
(228,165)
(228,278)
(267,142)
Expenditure
£
(34,088)
(500)
(34,588)
(5,500)
(175,480)
(180,980)
(215,568)		 Transfers
£
4,786,802
(4,662,625)
-
(4,662,625)
(124,177)
-
(124,177)
-
Transfers
£
-
-
-
566
(566)
-
-		 At
31 March
2024
£
4,747,938
-
-
-
340
813,972
814,312
5,562,250
At
31 March
2023
£
4,662,625
-
4,662,625
124,630
577,233
701,863
5,364,488

The endowment fund represents donations and grants received by the charity for the purchase and development of the freehold land and buildings, where the buildings must be retained for use by the charity. Capital development of the buildings increases the fund and each year a depreciation charge is expensed. The transfer of £4,786,802 has been made to reflect the net book value of freehold land & buildings.

The Restricted Capital Fund represents donations and grants received by the charity for the purchase and development of the freehold land and buildings. The trustees have considered the capital fund and have determined that it is better reflected as an d f d

Repairs and maintenance - donations received to go towards repairs for St James House.

The Designated Net Book Value of Fixed Assets Fund represents the portion of land and buildings not covered by the restricted donations received, and the net book value of fixed assets.

21

ST JAMES PRIORY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

17 Analysis of net assets between funds

Current Year
Tangible fixed assets
Investments
Cash at bank and in hand
Other current assets
Prior Year
Tangible fixed assets
Investments
Cash at bank and in hand
Other current assets		 Endowment
funds
£
4,747,938
-
-
-
4,747,938
Endowment
funds
£
-
-
-
-
-		 Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
4,662,625
-
-
-
4,662,625		 Designated
General
funds
funds
£
£
340
-
-
3
-
815,791
-
(1,822)
340
813,972
Designated
General
funds
funds
£
£
124,630
-
-
3
-
545,288
-
31,942
124,630
577,233
Unrestricted funds
Unrestricted funds		 2024
Total
£
4,748,278
3
815,791
(1,822)
5,562,250
2023
Total
£
4,787,255
3
545,288
31,942
5,364,488

18 Reconciliation of net movement in funds to net cash inflow from operating activities

Statement of Financial Activities: Net movement in funds
Investment income
Depreciation
Decrease/(Increase) in debtors
Net cash inflow from operating activities
19
Analysis of changes in cash flow during the year
Cash at bank and in hand
Cash at bank and in hand
Increase in creditors: Current Liabilities
Loss on disposal of tangible fixed asset		 2024
£
197,762
(13,047)
38,977
-
13,547
20,217
257,456
2024
£
815,791
815,791
2023
£
545,288
545,288		 2023
£
545,288
545,288
2022
£
533,495
533,495		 2023
£
(33,965)
(2,794)
39,588
-
1,146
5,590
9,565
Change
£
270,503
270,503
Change
£
11,793
11,793

22