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2022-09-30-accounts

REGISTERED COMPANY NUMBER: 07352319 (England and Wales) REGISTERED CHARITY NUMBER: 1138119

Report of the Trustees and

Financial Statements for the Year Ended 30th September 2022

for

Church Growth Trust Limited

Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

Church Growth Trust Limited

Contents of the Financial Statements for the Year Ended 30th September 2022

Page
Report of the Trustees 1 to 15
Report of the Independent Auditors 16 to 18
Statement of Financial Activities 19
Balance Sheet 20
Cash Flow Statement 21
Notes to the Cash Flow Statement 22
Notes to the Financial Statements 23 to 32
Detailed Statement of Financial Activities 33 to 34

Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30th September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objects

The Charity's objects are for the public benefit and are specifically restricted to the following:

  1. To permit properties held by the charity to be used by independent churches and Christian missions and evangelical churches as churches, mission halls, church centres, ministers' residences and otherwise for furthering the religious and other charitable work of such independent churches, Christian missions and evangelical churches.

  2. To make grants or loans or give guarantees for the purpose of:

  3. encouraging the planting of independent churches in the United Kingdom;

  4. developing, encouraging and supporting independent churches in the United Kingdom;

  5. assisting Christian missions whose primary purpose is to plant and/or support and/or work with independent churches in the United Kingdom.

  6. Also to apply the income of the charity:

  7. in developing encouraging and supporting independent churches outside the United Kingdom and in assisting Christian missions whose primary purpose is to plant independent churches outside the United Kingdom;

  8. in making grants or loans or giving guarantees to evangelical churches;

  9. in making grants or loans or giving guarantees to Christian missions.

  10. To promote the effectiveness and efficiency of independent churches, evangelical churches and Christian missions by the provision of:

  11. Advice services on property issues, new legislation and good practice in relation to the operation and management of churches and missions;

  12. Seminars, guidance and information on legal, property and charity matters affecting churches and Christian charities

Vision

As the name suggests, Church Growth Trust ("CGT") aims to offer not only property and trusteeship services but also ways of helping churches to grow. Its current working vision is "We aspire to glorify God by safeguarding for Gospel use independent church properties and making them fit for their God-given purpose".

In furtherance of the objects CGT permits church congregations to occupy CGT's properties for a rent that is concessionary to the commercial market and also CGT helps fund extensions and improvements to the Trust's properties. The Trustees continue to look for new ways of encouraging church growth.

Church Growth Trust supports church planting work through working closely with Counties (Charity Number 264278) and GLO Europe (Charity Number SC049681) and makes an annual grant to them, as well as giving free advice to church planters and churches supported by Counties.

The Trustees aim to combine the work of ensuring that churches have good governance, with inspiring and equipping them for future growth.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

OBJECTIVES AND ACTIVITIES Mission

Church Growth Trust aims to fulfil its vision by:

Values

At the heart of Church Growth Trust's approach to everything CGT does are four core values of:

Generosity

The heart of God is generous, and Christians are to be imitators of Him. CGT staff and Trustees commit to being generous in their dealings with others, their time, sharing knowledge, their openness to collaborate and their willingness to work with others and point to and promote other organisations. They commit to speaking well of others and of their colleagues. They commit to being ready to give their best and give that bit extra when circumstances require it.

Relationship

The Trustees understand that God prioritises relationship above all else. They and CGT's staff want to behave in a way that values relationships highly. CGT's aim is to develop long term, mutual value relationships. It seeks to understand where it fits relationally into the Kingdom of God. The Trustees and staff commit to do all they can to maintain good relationships with others.

Integrity

The Trustees and staff commit to being straightforward and honest with all those they interact with. Their aim is that what they present or say will always be matched by what they are and/or do. They will comply with all current legal and regulatory requirements relevant to their work and strive to promote the spirit, not just the letter, of the legal framework.

Excellence

Everything the Trustee and staff of CGT do they want to do well. If this is the work of the Kingdom, it must be done excellently. They commit, and expect their colleagues to be committed, to high quality work. They seek constantly to improve what they offer and when they make mistakes, they will take responsibility, learn from them and thereby improve. They will develop new processes and systems to improve the efficiency, effectiveness and quality of the services that they provide.

The Bible gives clear guidance that Christians should be above reproach in all they do. Seeking to apply this Biblical imperative the Trustees endeavour to apply the Charity Governance Code and the Nolan principles (selflessness, integrity, objectivity, accountability, openness, honesty and leadership). Furthermore, believing that corruption, bribery and unfair actions hamper development and impede progress they insist on integrity in all the CGT's activities.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

ACHIEVEMENT AND PERFORMANCE

Principal Activities - review of the last year

In exercising their powers and duties and in making decisions concerning the operations of the CGT in the period under review the Trustees have had regard to the public benefit guidance issued by the Charity Commission, including the guidance which relates to charities for the advancement of religion. The following paragraphs explain how CGT’s activities give public benefit, including keeping places of worship open for public worship. The main activities which CGT has undertaken in furtherance of its aims are set out below.

1. Management of Existing Properties

CGT owns for its own charitable purposes 101 properties. CGT continued to manage its properties in line with its objects. This includes over 60 visits to its owned and trusteeship properties during the year. In almost all cases where the Chief Executive, Property Manager and the Architect have visited the properties, a report on the condition of the property and other issues that have been raised at the visit is produced and given both to the occupying church (for them to action) and to the Trustees. CGT continues to engage with all its occupying churches by telephone and conference call to deal with issues as they arise and to ensure they meet their legal obligations under their tenancies/leases and general legislation. To help them do so, CGT has produced a booklet "Your guide to running church premises: Legal and compliance issues for churches". It has also given all occupying churches a "Property Book" for them to record and keep up to date their documents relating to compliance issues, such as electrical checks, gas checks and asbestos management plans. To ensure that CGT's own properties are fit for their God-given purpose, CGT carries out assessments of each property to see whether they are fit for purpose.

CGT employs a Property Manager, to pro-actively manage CGT's properties and continue to improve services to the occupying churches. A part-time Property Administrator assists the Property Manager in his role.

Over the year CGT has granted 17 new tenancies to occupying churches, and a further seven lettings to new churches. In line with CGT's objects and general policy all the tenancies have been let at a concessionary rent to the commercial market rate for church properties. The overall concessions from market rent levels for all CGT's properties are estimated to be over £1.83 million. These lower rents help churches, especially during their early stages of growth, to more effectively finance their charitable objects of proclaiming the Gospel, working in their community and general ministry and mission.

CGT continues to pay for the Stewardship Consultancy Helpline on behalf of all its occupying churches, so that they can make use of this facility (legal, property, accounting, insurance, employment and gift aid advice). CGT's Architect, as well as undertaking consultancy work for church clients, has also helped 25 of CGT's occupying churches with building projects, in most cases for no charge. This has included a number of feasibility studies to help churches consider how they can expand or adapt the properties. The consultancy work included obtaining planning permission for a café at Wilmington Community Church, Dartford. The largest projects have been at Coleman Street Chapel, Southend where the entrance and internal layout have been improved, The Tabernacle, Hastings where a new fully accessible entrance and WC were built, and Emerson Park Evangelical Church, Hornchurch (a separate Trust) where the building was refurbished.

CGT helped fund repairs to eight of its own properties. Where the occupying church carried out the work, further rent concessions were given. Where CGT paid for the work, this was either through grants or loans to occupying churches. These included a contribution towards a new boiler at Clumber Hall, Nottingham, continuing with investigating and agreeing a solution to structural problems at West Shore Baptist Church, Llandudno, investigating settlement problems at Latchett Hall, Woodford Green, resolving parking issues at Maldon Road Chapel, Colchester, agreeing detailed plans for altering Uxendon Hall, Wembley, and working up plans for refurbishing and improving Hey Street Evangelical Church, Cleethorpes.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

2. New Trusteeships and Ownerships

CGT's policy is to actively promote its services of holding church properties and to accept the transfer of the ownership or trusteeship of church properties in order to relieve individual trustees of the burden of responsibility, including the difficulty of finding new trustees when current trustees want to retire.

When a congregation/assembly closes CGT will ensure, so far as possible, the church property continues to be occupied by an evangelical church as a place of worship and a centre for mission in the neighbourhood. CGT charges concessionary rents to make the properties affordable for occupying churches. The rental income funds CGT’s services to occupying churches, church building projects and church planting work

During the year Foxhill Evangelical Church Nottingham, St Paul's Road Gospel Hall Peterborough, Braintree Evangelical Church (previously where CGT was acting as custodian trustee), Bethany Evangelical Church Mexborough, Hilmarton Chapel Calne, West Street Gospel Hall Hucknall and Milland Evangelical Church (and Manse) Liphook were gifted to CGT. CGT was appointed sole trustee of Lindfield Evangelical Free Church Haywards Heath, Cherith Christian Fellowship High Wycombe and Northumberland Hall Margate, and was appointed holding trustee of Grange Free Church Rayleigh, Alford Chapel Cranleigh, Avenue Road Evangelical Church Sandown, Laburnum Road Community Church Leicester, Clink Evangelical Church Frome and Highgate Road Chapel Highgate.

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Nottingham Mexborough Peterborough
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Braintree Calne
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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

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Hucknall
Liphook
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The Chief Executive is also in discussion with a number of other churches and Brethren assemblies with regard to gifting properties beneficially to CGT, the appointment of CGT as sole trustee, and the appointment of CGT as custodian or holding trustee. CGT continues to work closely with the Fellowship Property Trust (the trusteeship services of the Fellowship of Independent Evangelical Churches), which is closing its trusteeship services. At present CGT has had contact with 56 churches and is likely to result in CGT being gifted beneficially 8 properties, being appointed sole trustee of 5 properties and being appointed custodian/holding trustee of 28 properties. Some of these have already been transferred. It is expected that all those where trustees have made a decision to gift to CGT will be completed within the next year.

A database of independent evangelical churches in England and Wales, where the churches are not already provided for by other organisations (e.g. the Western Counties and South Wales Evangelization Trust) are being contacted sensitively and appropriately to make them aware of CGT's trusteeship and consultancy services.

3. Sales and Transfers

A house next to Coleman Street Chapel in Southend-on-Sea was no longer required for the benefit of the chapel and was sold during the financial year. Skellow Evangelical Church, near Doncaster, was also sold by a separate Trust, but the Charity Commission has given consent for the proceeds to be used for CGT's general objects. CGT had tried to find another church to use this building over the last four years, but none were interested. In both cases a Charities Act Valuation Report was produced and the properties were sold in line with the recommendations in the reports.

4. Grants

In line with CGT's objects of supporting church planting work, CGT made grants of £19,500 to Counties (Charity Number 264278) and £10,500 to GLO Europe (Charity Number SC049681) for church planting work in the UK. It has also given a grant to the Lord's Work Trust of £6,528. Grants totalling £4,000 were made to Partnership UK (Charity Number 802564) to support the work of the London Hub in their work with churches in London and to support the publication of a book on Brethren buildings. A contribution of £2,000 to seed fund the 2021 Living the Passion conference was made.

5. Guarantor

CGT acts as guarantor to a lease taken by Church in the Community (charity number 1159061) to help them continue to use a building for church and community use.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

6. Building Projects

A number of CGT's occupying churches have drawn up plans for building extensions to cope with their growth or provision for disabled access and CGT provides support, including architectural services and funding. These include:

7. Website and Briefing Papers

CGT continues to upgrade its website, which now allows churches to see more clearly the services it offers and access the website resources more easily. These include five videos on its services and 36 briefing papers to keep its connected churches and property/charity trustees up to date with charity and other legislation. CGT continues to update past briefing papers, published two new papers in the last year and is working on four new papers which should be published in the next year.

8. Advice to Churches

In fulfilment of CGT's objects, it continues to advise churches and trustees on property and trusteeship matters, with much of this advice being given free of charge at meetings, on the telephone, by email and via its briefing papers on its website. CGT also provides a consultancy service for churches and other charities as many struggle to find suitable sympathetic and cost effective professionals to advise on major projects, purchases or leases or to carry out survey work to help them meet their legislative and trusteeship requirements. CGT is now focussing on helping independent evangelical churches in the following areas:

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

10. Magazine, Email Bulletin, Monthly Tips and News

In furthering its mission to keep churches and charities up to date with legislation and the services that it provides, CGT produced two "Foundations" magazines over the year, which were sent out by post to approximately 1,000 Brethren assemblies, other independent evangelical churches and other interested parties. These have been well received.

CGT also sends its quarterly email bulletin and posts monthly tips and news items on its website. CGT’s booklet "Your Guide to Church Growth Trust's Property Trusteeship Services - What can Church Growth Trust do for you" has been well received by trustees who need CGT's help, along with a booklet on CGT's general services. The "Warehouse or winebar" video, which highlights CGT's work in recycling otherwise redundant church properties for occupation by new church congregations, is sent to trustees. The booklet "Your guide to running church premises: Legal and compliance issues for churches" was sent to CGT's connected churches and has received a positive response. Two new booklets on building projects have been produced, partly to help client churches know what to expect from a building project, but mainly for CGT's occupying churches to assist when CGT is working with them on building projects.

11. Other Connected Organisations

CGT is corporate trustee of the Church Planting Initiative (CPI) (charity number 1085172) along with CGT's company secretary, in order to keep it on the Charity Commission register. CGT continues to be involved in organising and sponsoring, with Counties (Charity Number 264278), GLO Europe (Charity Number SC049681), Partnership (Charity Number 802564) and Echoes International (Charity Number 1173851), the national Living the Passion conference, which successfully took place October 2021 and is next planned for autumn 2024.

CGT is participating in the Church Support Network (http://churchsupportnetwork.uk/), to explore how different organisations serving the Open Brethren constituency can work more closely together, and has been involved in discussions with other sister organisations and local church leaders to set up a network of independent evangelical churches, as well as considering effective ways of supporting church revitalisation. The Chairs and CEOs of CGT, Counties (Charity Number 264278), GLO Europe (Charity Number SC049681) and Partnership (Charity Number 802564) have met twice during the year to consider ways of working more closely and sharing resources.

12. Covid-19

All members of staff have continued to work from home during the lockdowns and no one was put on furlough or made redundant. Some additional rent concessions were given to help occupying churches where they needed them. The Trustees have reviewed the effect of the pandemic on the immediate and long-term viability of CGT and believe there will be little impact on its operations and ability to provide the services it currently offers.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

FINANCIAL REVIEW

CGT is registered for VAT. This enables CGT to recoup VAT on appropriate major building projects. CGT seeks advice from its auditors and VAT specialists as necessary.

The charity's financial position is satisfactory.

During the financial year, CGT supported two of its occupying church through and after the Covid-19 lockdowns by giving further rent concessions of £940. This compares with a further £6,000 of concessions in the previous year. It was not necessary to use CGT's reserves for this.

Operational activities in the year resulted in a surplus of £28,968 before a £503,600 loss on the revaluation of fixed assets and the receipt of gifts of properties valued at £995,416. During the year CGT focussed on ensuring owned properties were brought up to the highest standard possible. Restricted funds after transfers and gains on the revaluation of fixed assets increased by £67,642.

The value of the freehold properties owned by CGT provides a nominally strong financial position. This increased by £183,325 during the year, partly reflecting the gifting of seven new properties and renewal of a number of tenancies for five years at nominal rents. The holding of these property assets is fundamental to the charity's objects and, although unrestricted assets, they are held for the long-term purposes of the charity. To reflect this and to distinguish the fixed assets from those held for general operational purposes the Board of Trustees has resolved they should be held in a designated Property Holding Fund.

RESERVES POLICY

CGT’s reserve policy is reviewed annually at the October Trustees’ meeting. The Trustees have resolved that the operating fund reserve should not be less than £325,000, which is the same as the previous year. The figure is broken down as follows:

If at any time the operating fund reserve is projected to reduce to less than £325,000, only urgent and necessary works will be undertaken.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

ASSETS HELD ON BEHALF OF OTHERS

Church Growth Trust acts as Sole Trustee of the following Trusts, which hold properties or funds and in seven cases both:

Lindfield Evangelical Free Church Trust (Haywards Barton Hall Trust (Hereford) Heath) Bermondsey Gospel Hall Trust Loampit Gospel Hall Trust (Lewisham) Chadwell Evangelical Church Trust Northumberland Hall (Margate) Chainhurst Gospel Hall Trust Poulner Baptist Chapel Trust (Ringwood) Cherith Christian Fellowship (High Wycombe) Rock Dene Chapel Manse Trust (Rochford) Clapton Hall Trust Shirley Hall Trust (Enfield) Ebenezer Baptist Chapel Trust (Chester) Shrewsbury Chapel Trust (Redhill) Emerson Park Evangelical Church Trust (Hornchurch) Skellow Evangelical Church Trust Emmanuel Chapel Trust (Ditchling) Toftwood Gospel Hall Trust (Dereham) Hebron Hall Trust (Tipton) United Mission Manse Trust (Muswell Hill) Kings Road Chapel Trust (Walsall) Wilmington Christian Fellowship (Dartford)

Although CGT holds the legal title to all properties within these trusts, it has no beneficial interest in those properties and they are not incorporated in the charity's financial statements.

CGT is Custodian or Holding Trustee of the following properties, being mostly church buildings which are used for Christian worship:

Acton, Berrymead Evangelical Church East Hanningfield, Bethel Church Edmonton Banstead Baptist Church Croyland Evangelical Church Barnstaple, Grosvenor Church Frome, Clink Evangelical Church Bedford, Rutland Road Church Highgate Road Chapel Bradfield St George Gospel Hall Leicester, Laburnum Road Community Church Brentwood Vineyard Church Maidenhead, Blenheim Free Church Brighton, Fishersgate Mission Hall Orpington, Coppice Mission Church Camberwell, Victoria Hall Rayleigh, Grange Free Church Cranleigh, Alford Chapel Salisbury, Emmanuel Church and Grove House Dartford, South Darenth Village Church Sandown, Avenue Road Evangelical Church Dagenham Community Church Southport, Kew Evangelical Church Dereham, 29 & 30 Eckling Grange Sutton, Chiltern Church and house Diss, Burston Chapel Watford, Harebreaks Gospel Hall Dudley, Hellier Street Gospel Hall Woodbridge, Boyton Mission

CGT's involvement as Custodian and Holding Trustee is generally limited to holding the legal title to each property and because CGT has no beneficial interest in those properties they are not incorporated in the Charity's financial statements.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

PLANS FOR 2022/2023

1. Management of Properties

CGT will continue to look at ways of improving its pro-active management of its properties, including continuing its policy of reviewing risks, visiting each property every year or every other year, producing reports on each property visit and keeping regular contact with the occupying churches. It will also continue to provide the Stewardship's Consultancy Helpline for each of the occupying churches.

CGT's Property Manager and Property Administrator, whose work includes helping churches deal with major repairs, ensuring the churches are compliant with legislation and discussing building projects to improve buildings, will continue improving CGT's proactive management of its properties. This will enable CGT to deal more effectively with the increased number of properties coming to CGT and will provide an even better service to the occupying churches. Their work includes helping churches deal with major repairs, ensuring the churches are compliant with legislation and discussing building projects to improve the buildings.

Each occupying church has a responsibility to carry out a condition survey during their tenancy and CGT will look to help churches with these by employing a part-time Building Surveyor and offering to carry out the surveys at approximately 50% of the market cost, adding this to the rent for the property. Churches have received this positively.

2. Projects

The Trustees anticipate being involved in a number of building projects over the next few years including the following:

3. New Properties

Since the year end:

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

4. Church and Charity Consultancy Work

There is a growing need for property consultancy services at reasonable rates for churches and charities. Advice on lease and charity matters will continue to be provided by the Chief Executive and the Property Manager. CGT's Architect continues to provide architectural services, mainly to independent evangelical churches. CGT's new Building Surveyor will be able to offer survey services to churches.

5. Advising Church Trustees

CGT will continue in line with its objects to give best practical advice on legislation and church governance to church and property trustees through meetings, conversations, briefing papers and working with other organisations such as Stewardship, Partnership and specialist solicitors, surveyors, architects and others with technical expertise. CGT will also work closely with specialist charity solicitors on trust matters for new church congregations and co-operating with other specialist advisors in producing relevant and up to date briefing papers. In conjunction with Partnership and the Western Counties and South Wales Evangelization Trust, CGT has produced a Model CIO for elder-led churches and this is available free of charge on CGT's website.

6. Other Organisations

CGT anticipates making grants to Counties (Charity Number 264278) and GLO Europe (Charity Number SC049681) for their church planting work in the year. CGT, since the year end has given a grant of £20,000 to Counties to help them with the set-up costs for a new network of evangelical churches, as they are taking on some of the work of Partnership UK (Charity Number 802564) in 2023. CGT will continue its involvement with the Church Support Network, church revitalisation cooperation (with Partnership UK, Counties and GLO Europe) and future Living the Passion conferences (with Counties, GLO Europe and Echoes International (Charity Number 1173851)). The Trustees anticipate working closely with Stewardship (Charity Number 234714) as the property and charity advisor on church property trusts on Stewardship's Consultancy Helpline.

7. Investments

Church Growth Trust has the power to deposit any moneys, deed, securities or investments with any banker or any person firm or corporation anywhere for safe custody or receipt of dividends or other income and to pay out of the income of the charity any charges payable for such deposit and custody. In order to maximise the return, to benefit from depositor protection and to maintain flexibility of access to its funds, CGT places funds in a range of charity deposit accounts, specifically agreed by the Trustees. The current policy is to retain in its current account £125,000 to cover three months cash flow and to hold other funds in various savings accounts to obtain the best rate of interest, but to maintain flexibility on being able to withdraw the funds for anticipated building projects.

8. Magazine, Email Bulletins and Social Media

The Trustees anticipate sending out two Foundations magazines in the year and continuing with the quarterly email bulletins, sending these to connected churches and clients to keep them informed of new legislation and provide them with practical advice on property and charity matters. CGT is also intending to send its Foundations magazine to churches on its database from the recent research into independent evangelical churches. CGT is also investigating how to best use social media to build relations with and between its occupying churches and clients.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity was established under a Memorandum of Association which establishes the objects and the powers of the charity and is governed under its Articles of Association. All Directors of the Company are also Trustees of the charity, and there are no other trustees. The Trustees of Church Growth Trust Limited have the power by a two thirds majority to appoint additional Trustees. There is no formal recruitment practice, but the Trustees and the Chief Executive continue to look for new Trustees who will be able to add value to the existing team of Trustees and whose skills and experience would contribute to the development of the organisation.

Prospective Trustees are given the opportunity to examine the organisation extensively and to attend two trustees’ meetings before they, and the current Trustees, reach a conclusion as to the appropriateness of the appointment. New Trustees are provided with the opportunity to meet other Trustees and the Chief Executive. Any new Trustee is given the CGT Trustee's Handbook, which is regularly updated and a digital version of this is currently being considered by the Trustees.

Nigel Allen retired as a Trustee during the year due to work commitments. His contribution over the last six years has been much appreciated. Susanna Sanlon, who is a Planning Consultant and has experience of independent evangelical churches, was appointed as a Trustee in July 2022.

The Directors, who are the Trustees, have met together four times during the financial year to discuss and make decisions concerning the charity's affairs, including two meetings in person and two by conference call. Board-committees, with clear delegated authority, deal with specific matters outside of and report to the main Board Meetings. Current committees are Finance, Operations, Legal, Acquisitions & Lettings, Buildings and Nominations Committees. The briefs and effectiveness of the Board-committees were reviewed during the year and are reviewed regularly.

John Quinlan, a Chartered Architect with extensive experience of church buildings has been retained as an external non-executive advisor on CGT's Buildings Committee. Ian Gardner, a retired charity solicitor, continues to help CGT by remaining part of the Legal Committee of CGT. Paul Withams, one of the trustees, has provided a considerable amount of time on a voluntary basis to help with IT issues in CGT's office. Their contribution, along with all the Trustees, is appreciated.

The management of the Charity is delegated to the Chief Executive, who is also the Company Secretary. He is employed on a full-time basis. He has experience of property management, charity law, church governance and church leadership. The Operations Director directs and coordinates the internal structure of CGT to ensure an efficient working environment and is responsible for developing new and improving operating methods, service provision and delivery. The part-time Property Manager is responsible for managing CGT's properties and building good relations with the occupying churches. The part-time Property Administrator assists him and monitors CGT's fit for purpose strategic objectives. The Architect is full-time and is employed to offer independent evangelical churches a wide range of property and architectural services. This includes providing architectural and survey services to CGT's occupying churches, often free of charge. A part-time Building Surveyor has started work and will be able to carry out condition and compliance surveys for occupying churches and clients. A full-time Office Administrator is employed to run the office and provide book-keeping services. She is assisted by a part-time Cleaner and Administrative Assistant. Since the year-end a part-time Communications Manager has been taken on to help communicate with churches that may need CGT's help with trusteeship and other services. She will also be developing CGT social media presence.

Re-election of Board of Trustees

Under the Articles of the Charity, one third of the current members of the Board retire and, being eligible, offer themselves for re-election at each annual general meeting. The Trustees to retire by rotation shall be those who have been longest in office since their last appointment.

The Charity may by ordinary resolution appoint a person who is willing to act to be a Trustee and determine the rotation in which any additional Trustees are to retire. No person other than a Trustee retiring by rotation may be appointed a Trustee at any general meeting unless he or she is recommended for election by the Trustees with the appropriate notice given. The Trustee must show his or her willingness to be appointed and he or she subscribes to the Statement of Beliefs. A Trustee appointed by a resolution of the other Trustees must retire at the next annual general meeting and must not be taken into account in determining the Trustees who are to retire by rotation.

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustee Training

Trustees are encouraged to read the Charity Commission guidance on responsibilities of a trustee and specific training for Trustees has been given by Trustees attending trustee training seminars/conferences and reading specific trustee-related guidance. A review of CGT's performance in relation to the Charity Governance Code and an assessment of the Board's effectiveness was carried out in April 2020. Media and crisis training was provided in November 2020. Additional training was reviewed during the year and specific trustee training has been provided. Future training will be monitored.

Key Management Remuneration Policy

Salaries for key management posts are set with reference to the technical skills and experience required to fulfil the job duties, the comparative pay in the Christian charitable sector, and a differential to the salary of the Chief Executive (CE). The CE's skill set and leadership capabilities are essential for CGT achieving its mission aims. The CE's pay terms are set by the Trustees and take into account the responsibilities and expectations from the CE; the technical, management and promotion experience and expertise required; and the comparable salary for chief executives of Christian charities.

Recognising that CGT should be different from the commercial market on the pay ratio from the lowest salary level and that equity should characterise a Christian charity and CGT, the remuneration package of the Chief Executive is not to exceed a ratio of 4:1 to the lowest remuneration package of a clerical staff member at an annual full-time equivalent.

Risk Review

A formal and systematic approach to identification and management of risks has been introduced so that each Committee has responsibility for specific risks, reporting to the Board. All risks, mitigations and levels of likelihood and impact have been reviewed in detail and will continue to be fully reviewed and updated throughout the year. Keyman insurance for the Chief Executive, who has a key role in the charity, is in place to reduce CGT's exposure should he die suddenly.

In line with the Charity Commission's guidance on reporting serious incidents, the Trustees declare that during the reporting period there were no serious incidents that they have failed to bring to the Commission's attention.

Fundraising

CGT does not engage in fundraising. It always gives opportunities for people receiving mailings to unsubscribe. CGT has a privacy policy which includes how it aims to be GDPR compliant. This is available on CGT's website.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07352319 (England and Wales)

Registered Charity number

1138119

Registered office

The Barn Baines Lane Seaton Oakham LE15 9HP

Website

www.churchgrowth.org.uk

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Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

REFERENCE AND ADMINISTRATIVE DETAILS Trustees

N J Walker Chairman N E Allen (resigned 21.7.22) R E Canham D R Foster T E James Vice Chairman R Jones S K Sanlon (appointed 21.7.22) P Withams

Company Secretary (and Chief Executive)

A M Giles Arnold MRICS

Senior Statutory Auditor

P E H Wright FCA DChA Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

Solicitors

Ellis-Fermor & Negus 2 Devonshire Avenue Beeston Nottingham NG9 1BS

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Key Management Personnel

A M Giles Arnold MRICS - Chief Executive Garryl Willis - Operations Director John Duffield MRICS - Property Manager

Page 14

Church Growth Trust Limited

Report of the Trustees for the Year Ended 30th September 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Church Growth Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

In so far as the trustees are aware:

AUDITORS

Following the withdrawal of Brindley Millen from charity auditing the Trustees invited three firms of statutory auditors to tender for the Church Growth Trust’s audit. Sheen Stickland were appointed to fill the casual vacancy.

Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

........................................................................ N J Walker - Trustee

Page 15

Report of the Independent Auditors to the Members of Church Growth Trust Limited

Opinion

We have audited the financial statements of Church Growth Trust Limited (the 'charitable company') for the year ended 30th September 2022 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 (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 trustees' 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 charitable company'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 trustees 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 Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information 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 this gives rise to a material misstatement in the financial statements themselves. 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 that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 16

Report of the Independent Auditors to the Members of Church Growth Trust Limited

Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 17

Report of the Independent Auditors to the Members of Church Growth Trust Limited

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

P E H Wright FCA DChA (Senior Statutory Auditor) for and on behalf of Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR Date: .............................................

Page 18

Church Growth Trust Limited

Statement of Financial Activities for the Year Ended 30th September 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Property letting and upkeep
Professional services
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Property letting and upkeep
Grants
Direct services to churches
Office and support
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
17
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
995,966
633,535
23,320
5,332
1,658,153
192,999
12,528
204,103
166,733
576,363
1,081,790
(55,406)
(503,600)
522,784
20,443,188
20,965,972
Restricted
funds
£
-
-
-
-
-
2,561
-
-
-
2,561
(2,561)
55,406
12,797
65,642
46,602
112,244		 2022

Total
funds
£
995,966
633,535
23,320
5,332
1,658,153
195,560
12,528
204,103
166,733
578,924
1,079,229
-
(490,803)
588,426
20,489,790
21,078,216		 2021
Total
funds
£
581,696
548,933
19,096
5,336
1,155,061
278,217
35,356
211,599
159,543
684,715
470,346
-
(1,498,216)
(1,027,870)
21,517,660
20,489,790

The notes form part of these financial statements

Page 19

Church Growth Trust Limited

Balance Sheet 30th September 2022

Notes
FIXED ASSETS
Tangible assets
10
Investment property
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
434
20,447,944
20,448,378
81,005
777,610
858,615
(51,887)
806,728
21,255,106
(291,134)
20,963,972
Restricted
funds
£
-
108,931
108,931
4,750
79,542
84,292
-
84,292
193,223
(78,979)
114,244		 2022

Total
funds
£
434
20,556,875
20,557,309
85,755
857,152
942,907
(51,887)
891,020
21,448,329
(370,113)
21,078,216
20,965,972
112,244
21,078,216		 2021
Total
funds
£
542
20,373,550
20,374,092
83,135
457,606
540,741
(43,600)
497,141
20,871,233
(381,443)
20,489,790
20,443,188
46,602
20,489,790

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. N J Walker - Trustee

The notes form part of these financial statements

Page 20

Church Growth Trust Limited

Cash Flow Statement for the Year Ended 30th September 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Sale of investment property
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
(8,740)
(10,111)
(18,851)
420,000
5,332
425,332
(6,935)
(6,935)
399,546
457,606
857,152		 2021
£
(195,861)
(8,530)
(204,391)
170,000
5,336
175,336
(11,206)
(11,206)
(40,261)
497,867
457,606

The notes form part of these financial statements

Page 21

Church Growth Trust Limited

Notes to the Cash Flow Statement for the Year Ended 30th September 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2022 2021
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 1,079,229 470,346
Adjustments for:
Depreciation charges 108 136
Interest received (5,332) (5,336)
Interest paid 10,111 8,530
Non-cash income - rent and lease premium (98,712) (94,719)
Non-cash income - gifts of property (995,416) (581,387)
(Increase)/decrease in debtors (2,620) 570
Increase in creditors 3,892 5,999
Net cash used in operations (8,740) (195,861)
ANALYSIS OF CHANGES IN NET FUNDS
At 1.10.21 Cash flow At 30.9.22
£ £ £
Net cash
Cash at bank 457,606 399,546 857,152
457,606 399,546 857,152
Debt
Debts falling due within 1 year (23,779) (4,395) (28,174)
Debts falling due after 1 year (381,443) 11,330 (370,113)
(405,222) 6,935 (398,287)
Total 52,384 406,481 458,865

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 22

Church Growth Trust Limited

Notes to the Financial Statements for the Year Ended 30th September 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

The financial statements are presented in sterling (£).

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

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

Fixtures and fittings - 20% on reducing balance

Fixed assets costing £1,000 or more are capitalised over their estimated useful lives. Assets costing less than £1,000 are written off in the year of purchase.

No depreciation is charged in respect of freehold land and buildings as the residual value of the property after its estimated useful life is anticipated to be at least the carrying value of the property shown in the financial statements.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Property assets are valued internally by Giles Arnold, the Chief Executive and John Duffield, the Property Manager, who are Chartered Surveyors. They have a detailed knowledge of all the properties and experience of the church property market across the UK. The valuations are based on the estimated market rent for each property (rent per square foot multiplied by net lettable area) and divides the rental figure by a yield (a general term used to describe return on capital with an investment valuation), which is based on the type of property and quality of tenant, to find the capital value. This is then adjusted in each case for the type of letting arrangements, including allowances for any discounted rent paid now and potential increases in rent in the future. Comparable properties and any special circumstances for each property are also taken into account. Depreciation is not provided on rental properties, as their value is assessed and adjusted each financial year. As requested by the auditors CGT has arranged for an independent RICS valuer to check the values and methods of valuation used and this report has validated the value levels in the accounts.

continued...

Page 23

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

1. ACCOUNTING POLICIES - continued

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Funds held for other organisations

Church Growth Trust hold funds on behalf of 21 other organisations. The charity has no legal rights over the monies, which are held in their bank accounts.

The amounts are excluded from the cash balance on the balance sheet in accordance with the SORP.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially settled at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. DONATIONS AND LEGACIES

Gifts
Gifts of property
3.
INVESTMENT INCOME
Deposit account interest		 2022
£
550
995,416
995,966
2022
£
5,332		 2021
£
310
581,386
581,696
2021
£
5,336

continued...

Page 24

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

4. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Rents
Property letting and upkeep
Recharged expenses
Property letting and upkeep
Professional work
Property letting and upkeep
Trusteeship Fees
Property letting and upkeep
Other income
Property letting and upkeep
Recharged expenses
Professional services
Professional work
Professional services		 2022
£
540,469
63,438
700
12,928
16,000
1,012
22,308
656,855		 2021
£
481,651
40,296
575
10,411
16,000
782
18,314
568,029

Included in rents above is £82,712 of rent concessions (2021: 78,719) which have been agreed with tenants.

5. CHARITABLE ACTIVITIES COSTS

Property letting and upkeep
Grants
Direct services to churches
Office and support		 Direct
Costs
£
195,560
12,528
203,866
153,273
565,227		 Support
costs (see
note 6)
£
-
-
237
13,460
13,697		 Totals
£
195,560
12,528
204,103
166,733
578,924

6. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Direct services to churches 237
Office and support 13,460
13,697

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Auditors' remuneration 9,870 2,520
Accountancy and legal fees 2,378 2,638
Depreciation - owned assets 108 136

continued...

Page 25

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30th September 2022 nor for the year ended 30th September 2021.

Trustees' expenses

Trustees' expenses
2022 2021
£ £
Trustees' expenses 1,449 883

Trustees' expenses comprise travel and accommodation costs reimbursed to or paid on behalf of seven trustees for attending trustees' meetings, including board committee meetings. Trustee expense claims are subject to the charity's internal controls and are supported by appropriate documentary evidence.

9. KEY MANAGEMENT PERSONNEL

KEY MANAGEMENT PERSONNEL
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Total employees		 2022
£
247,363
23,774
25,056
296,193
2022
6		 2021
£
254,408
24,206
24,544
303,158
2021
6
The number of employees whose employee benefits (excluding employer pension costs) exceeded The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2022 2021
£70,001 - £80,000 1 1

The charity consider its key management personnel to comprise the Trustees, Chief Executive, Operations Director and Property Manager. Total Key Personnel remuneration for the year was £206,088 including employers national insurance and pension (2021: £203,650). Additionally vehicles were leased for two members of key personnel for the total sum of £7,377 (2021: £6,076), life assurance was paid of £1,285 (2021: £1,797) and key person insurance of £250 (2021: £250).

continued...

Page 26

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

10. TANGIBLE FIXED ASSETS

COST
At 1st October 2021 and
30th September 2022
DEPRECIATION
At 1st October 2021
Charge for year
At 30th September 2022
NET BOOK VALUE
At 30th September 2022
At 30th September 2021
11.
INVESTMENT PROPERTY
FAIR VALUE
At 1st October 2021
Additions
Disposals
Revaluation
At 30th September 2022
NET BOOK VALUE
At 30th September 2022
At 30th September 2021		 Fixtures
and
fittings
£
4,695
4,153
108
4,261
434
542
£
20,373,550
995,416
(420,000)
(392,091)
20,556,875
20,556,875
20,373,550

On 13 August 2012 a legal charge in favour of Stewardship Services (UKET) Ltd was created by Church Growth Trust. This is secured on the freehold property at Priory Terrace Gospel Hall, Leamington Spa in the sum of £240,000 together with all monies due or to become due from managing trustees of Christchurch Leamington. the occupiers of the property, Christchurch Leamington, are responsible for servicing the mortgage and there are personal guarantees from two trustees of Christchurch Leamington in favour of Stewardship Services (UKET) Ltd.

Fair value at 30th September 2022 is represented by:

Valuation in 2021
Valuation in 2022		 £
20,948,966
(392,091)
20,556,875

continued...

Page 27

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Trade debtors
15,075
Other debtors
69,966
Prepayments and accrued income
714
85,755
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Bank loans and overdrafts (see note 15)
28,174
Trade creditors
5,179
VAT
1,154
Other creditors
7,630
Accruals and deferred income
9,750
51,887
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022
£
Bank loans (see note 15)
291,134
Other loans (see note 15)
78,979
370,113
15.
LOANS
An analysis of the maturity of loans is given below:
2022
£
Amounts falling due within one year on demand:
Bank loans
28,174
Amounts falling between one and two years:
Bank loans - 1-2 years
28,174
Amounts falling due between two and five years:
Bank loans - 2-5 years
84,523
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more than 5 years by instalments
178,437
Other loans more than 5 years by instalments
78,979
257,416

continued...

Page 28

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

16. SECURED DEBTS

The following secured debts are included within creditors:

Bank loans
Other loans		 2022
£
319,308
78,979
398,287		 2021
£
342,748
62,474
405,222

During 2014 CAF Bank granted to Church Growth Trust a mortgage of £600,000 and a first fixed legal charge was created. This is secured on the freehold property known as Miracle House, Silva Way, Wickford, Essex and the freehold property known as Bignold Hall, Forest Gate. The balance on the mortgage as at 30 September 2022 is £319,308.

During 2017 J W Laing Trust granted to Church Growth Trust a loan facility up to the value of £500,000, to be drawn down as needed. The agreement is secured against the freehold property Roe Green Hall, Kingsbury.

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Property Holding fund
Restricted funds
Roe Green Hall
Wednesbury Property fund
TOTAL FUNDS		 At
1.10.21
£
508,520
19,934,668
20,443,188
3,124
43,478
46,602
20,489,790		 Net
movement
in funds
£
(2,507)
580,697
578,190
(2,561)
12,797
10,236
588,426		 Transfers

between
funds
£
331,324
(386,730)
(55,406)
-
55,406
55,406
-
At
30.9.22
£
837,337
20,128,635
20,963,972
563
111,681
112,244
21,078,216

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property Holding fund
Restricted funds
Roe Green Hall
Wednesbury Property fund
TOTAL FUNDS		 Incoming
resources
£
662,737
995,416
1,658,153
-
-
-
1,658,153		 Resources
expended
£
(566,532)
(9,831)
(576,363)
(2,561)
-
(2,561)
(578,924)		 Gains and
losses
£
(98,712)
(404,888)
(503,600)
-
12,797
12,797
(490,803)		 Movement
in funds
£
(2,507)
580,697
578,190
(2,561)
12,797
10,236
588,426

continued...

Page 29

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At
1.10.20
£
Unrestricted funds
General fund
447,848
Property Holding fund
20,884,932
21,332,780
Restricted funds
Roe Green Hall
110,761
Wednesbury Property fund
74,119
184,880
TOTAL FUNDS
21,517,660
Comparative net movement in funds, included in the above are
Incoming
resources
£
Unrestricted funds
General fund
573,675
Property Holding fund
581,386
1,155,061
Restricted funds
Roe Green Hall
-
Wednesbury Property fund
-
-
TOTAL FUNDS
1,155,061		 Net
movement
in funds
£
(89,766)
(812,300)
(902,066)
(107,637)
(18,167)
(125,804)
(1,027,870)
s follows:
Resources
expended
£
(568,722)
(8,356)
(577,078)
(107,637)
-
(107,637)
(684,715)		 Transfers
between
funds
£
150,438
(137,964)
12,474
-
(12,474)
(12,474)
-
Gains and
losses
£
(94,719)
(1,385,330)
(1,480,049)
-
(18,167)
(18,167)
(1,498,216)		 At
30.9.21
£
508,520
19,934,668
20,443,188
3,124
43,478
46,602
20,489,790
Movement
in funds
£
(89,766)
(812,300)
(902,066)
(107,637)
(18,167)
(125,804)
(1,027,870)
a

continued...

Page 30

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Property Holding fund
Restricted funds
Roe Green Hall
Wednesbury Property fund
TOTAL FUNDS		 At
1.10.20
£
447,848
20,884,932
21,332,780
110,761
74,119
184,880
21,517,660		 Net
movement
in funds
£
(92,273)
(231,603)
(323,876)
(110,198)
(5,370)
(115,568)
(439,444)		 Transfers

between
funds
£
481,762
(524,694)
(42,932)
-
42,932
42,932
-
At
30.9.22
£
837,337
20,128,635
20,965,972
563
111,681
112,244
21,078,216

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property Holding fund
Restricted funds
Roe Green Hall
Wednesbury Property fund
TOTAL FUNDS		 Incoming
resources
£
1,236,412
1,576,802
2,813,214
-
-
-
2,813,214		 Resources
expended
£
(1,135,254)
(18,187)
(1,153,441)
(110,198)
-
(110,198)
(1,263,639)		 Gains and
losses
£
(193,431)
(1,790,218)
(1,983,649)
-
(5,370)
(5,370)
(1,989,019)		 Movement
in funds
£
(92,273)
(231,603)
(323,876)
(110,198)
(5,370)
(115,568)
(439,444)

Property holding fund - represents the value of properties held by the charity in pursuance of its charitable activities, less any outstanding mortgage liabilities on said properties.

Roe Green Hall - represents monies given to Church Growth Trust for building works on Roe Green Hall, Kingsbury.

Wednesbury property fund - represents the value of the Gospel Hall on Price Road, Wednesbury, all monies are restricted to the advancement of the Gospel in the Wednesbury area only.

Transfers between funds

During the year a transfer was made from Wednesbury Property fund of £55,406 to the general fund in order to correct the year end balance.

continued...

Page 31

Church Growth Trust Limited

Notes to the Financial Statements - continued for the Year Ended 30th September 2022

17. MOVEMENT IN FUNDS - continued

Transfers between funds - continued

A transfer of £33,270 was made from the general fund to the Property Holding fund to show the movement of the mortgage balances in respect of properties held. In addition to this the gain from the sale of a property during the year of £420,000 was transferred to the general fund from the Property Holding fund.

18. RELATED PARTY DISCLOSURES

During the year the charity gave a grant of £4,000 (2021: £Nil) to Partnership (UK) Ltd (Charity no. 802564). One trustee; Neil Walker, is a trustee of Partnership.

During the year the charity gave a grant of £Nil (2021: £19,800) to Counties (Charity no. 264278) one trustee; Mr Richard Canham, is a trustee of Counties.

The named individuals took no part in the discussions or decision making regarding these grants.

19. FUNDS HELD ON BEHALF OF OTHER ORGANISATIONS

The charity holds £138,902 in its bank account on behalf of other charities, it has no legal right over these funds. As per the Statement of Recommended Practice these amounts have not been shown on the balance sheet.

Page 32

Church Growth Trust Limited

Detailed Statement of Financial Activities for the Year Ended 30th September 2022

INCOME AND ENDOWMENTS
Donations and legacies
Gifts
Gifts of property
Investment income
Deposit account interest
Charitable activities
Rents
Recharged expenses
Professional work
Trusteeship Fees
Other income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Insurance
Advertising
Training & recruitment
Gifts and donations
Direct expenditure on properties
Property insurance
Professional fees
Travel and subsistence
Office - general
Irrecoverable VAT
Office premises - rent
Office premises - costs
Fixtures and fittings
Bank interest
Mortgage		 2022
£
550
995,416
995,966
5,332
540,469
64,450
23,008
12,928
16,000
656,855
1,658,153
247,363
23,774
25,056
3,086
7,477
2,695
12,528
90,878
65,629
21,923
14,410
16,650
7,457
14,396
1,686
108
280
9,831
565,227		 2021
£
310
581,386
581,696
5,336
481,651
41,078
18,889
10,411
16,000
568,029
1,155,061
254,408
24,206
24,544
3,194
11,989
2,205
35,356
182,178
40,514
46,064
10,395
11,488
7,915
14,146
1,406
136
174
8,356
678,674

This page does not form part of the statutory financial statements

Page 33

Church Growth Trust Limited

Detailed Statement of Financial Activities for the Year Ended 30th September 2022

Support costs
Governance costs
Trustees' expenses
Auditors' remuneration
Accountancy and legal fees
Total resources expended
Net income		 2022
£
1,449
9,870
2,378
13,697
578,924
1,079,229		 2021
£
883
2,520
2,638
6,041
684,715
470,346

Signature:

Email: neil.walker@churchgrowth.org.uk

This page does not form part of the statutory financial statements

Page 34

CGT Annual Accounts 21/22

Final Audit Report

2023-03-20

Created: 2023-03-20 By: Garryl Willis (garryl.willis@churchgrowth.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAr2_YiaMhhmw0LSk3z-cg_RpmipSeqCEu

"CGT Annual Accounts 21/22" History

Document created by Garryl Willis (garryl.willis@churchgrowth.org.uk) 2023-03-20 - 12:30:24 PM GMT

Document emailed to Giles Arnold (giles.arnold@churchgrowth.org.uk) for approval 2023-03-20 - 12:30:30 PM GMT

Email viewed by Giles Arnold (giles.arnold@churchgrowth.org.uk) 2023-03-20 - 2:07:47 PM GMT

Document approved by Giles Arnold (giles.arnold@churchgrowth.org.uk) Approval Date: 2023-03-20 - 2:07:56 PM GMT - Time Source: server

Document emailed to Neil Walker (neil.walker@churchgrowth.org.uk) for signature 2023-03-20 - 2:07:57 PM GMT

Email viewed by Neil Walker (neil.walker@churchgrowth.org.uk) 2023-03-20 - 2:12:51 PM GMT

Document e-signed by Neil Walker (neil.walker@churchgrowth.org.uk) Signature Date: 2023-03-20 - 2:17:10 PM GMT - Time Source: server Agreement completed. 2023-03-20 - 2:17:10 PM GMT

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