REGisfERED COMPANY NUMBER: 07352319 (England and Wales) REGISTERED CHARITY NUMBER: 1138119 cliurch trust Report ofthe Trustees and Fin¥neial Stslements Year Ended 30th September 2024 Church Growlb Trust Limited
Church Growth Tntst Limited Contents of the Financial Ststemenls for the Year End¢d 30th September 2024 Page Legal & administr2tive inforniation I to 2 Report ofthe Trustees 3 trj 13 Report of the Ind¢pendent Auditors 14 to 16 Statement of Finanti#l Activities 17 B21An¢e Sheet 18 Cash Flow Ststement 19 Notes to the Cash Flow Statement 20 Notes to the Financial StstemeDts 21 to 31 Detailed Statement of Flnantial Activities 3? to 33
Church Growth Trust LÉmited Letral & Admintstr2tive Inforn]ation for tbe Year Ended 31hh September 2024 Charity Name Church Growth Trust Limiled Registered Company 07352319 (England and Wales) Registered Charity No. 1138119 Registered office The Barn. Baines Lane, Seaton, Oakham LE15 9HP Governing Document Memorandum and Articles of Association dated ?0 September 2010 as amended on 19 February 2016. ?5 September ?018 and 5 Odober 20?4. Objects To perniit properties held by the charity to be used by independent churches and Christian missions and evangelical churches as ¢hurche4 mission halls, church centres. minislers, residences and othetvlise for furthering the religious and other charitable work of such independent churche4 Christian missions and evan8eli¢al churches. To make grants or loans or give guarantees for the purpose of: Enwurdging the planting of independent ¢hur¢hes in the UniTrd Kingdom Developing. en¢ouMging and supporting independent churches in the United Kingdom A55iSting Christian missions whose primary purpose is to plant andloT SUPPOrt and work with independent churches in the United Kingdom Also to apply the income of the charity: in developing encouraging and supporting independent churches outside the United Kinodom and in &s5iSting Christian missions whose primary purpos¢ is to plant independent churches outside ihe United Kingdom: in making grants or loans or giving guarantees to evanoelical churches. An making grants or loans or giving guarantees to Chrisiian missions To promote the effectiveness and efficiency of independent churches, evangelical churches and Christftan missions by the provision of.. Advice services on property issues, new legislation and good practice in relalion to the operation and management of churches and missions. Seminars, guidance and infoffliation on legal. protty and charity malfrr5 affecting churches and Christian charitie5 Trnstees N J Walker RJones R E Canham S R David D J Leafe S K San]on M A Wallace P Withams Chairynan Vice Chairnlan (appointed ?4 May 20?4) (appointed 3 Oct ?024) Company Secretsry G Willi5 (replacing A M Giles Arnold) Key Management Personnel The charity considers its key manauernem personnel to comprise the Trnstee& Chief Executive (A M Giles Arnold MRICS). Operations Director (Garryl Willis) and Property Manag¢r (Jonath3n Bennett).
Church Growth Trust Limited Legal & Administrative Information for the Year Ended 30th Stpttmber 2024 Bankers CAF Bank Ltd 25 KinJo Hill Avenue Ktngs Ftill. West Malling Kent ME19 4JQ Auditors Sheen Stickland Chartered Accountsnts 7 Easl Pallant Chichester West Sussex P019 ITR Solieitors Ellis-Fern]or & NegLt5 2 Devonshire Avenue Beeston Nottingham NG9 IBS Page 2
Church GroM*h Trust Limited Report of the Tntste¢s for the Year Ended 31)th September 2024 The TSte¢S who are also directors of the charity for the purposes of the Companies Act W06. present their report with the fmancial statements of the charity for Éhe year ended 30th September 20?4. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Prnctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 10?) (effective l January 2019). OBJEcrtVES AND AcfIviTIES Vision As the name suggests, Church Growth T ("CGf) aims to offer not only propety and trusteeship services but also ways of helping churches to grow. Its current working vision is 'We aspire to glorify God by securing for Gospel use independent chu properties and together with churches making them fit for their God-given purpose" In rth¢rance of the objerts CGT pennits church congregations lo occupy CGT'S properties for a rent that is concessionary to the commercial market and also CGT helps fund extensions artd improvements to the Chartty's prop¢rti¢s. The Truslees cnntinue to look for new ways of encournging church gr0h. Church Gromrth Trust supports church planting work through working closely with Counties (Charity Number 264?78) and GLO (Charity Number SC049681) and making an annual 8Yani to them, as well as giving free advice to church planters and churches supported by Counties. The Trustees want to combine the work of ensuring that churches have good governance. with inspiring and equipping them for future growth Mlsslon Church Growrth Trust aims to fulfil its vision by: o HoldAng and accepting independent church properties (as owner or trustee) and-. Blessing churches which occupy its buildings by granling concessionary rents. Helping these churches to keep their properties in good condition, compliant with legislation and suitable for modern church use, including helping lo fund building prOJts. Providing professional property and architectural services aJKI guidance in church practice and governance, in¢luding encouraging churches to make best us¢ of their properties. Supporting church planting and revitalisation of independent churche& Values At th¢ heart of Chur¢h Gromth Trust's approa¢h to everything CGT does are four core values of: The heart of God is g¢nerous, and Christians are to be imitators of CGT staff and Trustees commil lo being gener()us with their dealings with others, their time. sharing knowledge. their openness io 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 comrnit to beino ready to give Iheir best and give that bit extrn when circumstances qUIre it. Relationshi The TnteeS understand that (k>d prioritL5es lationship above all else. They and CGfs staff wanl to behave in a way that values .%' relationships higbly. CGT5 aim is to develop long iern], mutual value relationships. It Seek-s to undeistand where it fits relationally into the Kingdom of God. The Trustees and staff commit to do all they (an to maintain good relationships with others. Page 3
Chureh Growth Trust Limited Report of the Trustees for the Year Ended 30th September 2024 OKJECTIVES AND ACTIVITIES Inte The Trustee5 and staff Commit to being straighrforward and honest with all those they interact with. Their aiin is that what they present or say will always be matched by what they andlor do. They will comply with all cuent legal and regulatory requirements relevant to their WOTk and strive to promote the spiriL not just the letter, of the legal framework Excellence Everythino the Trustees and staff of CGT do they want to th) M'ell. If this is the work of the Kingdom. it must be done excellently. They commit, and expect their colleagues to be committel kn high quality work. They seek constantly lo improve wbat they offerand when they makemistakes, they will tske responsli )ility. Iwn 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 ChiTStians should be above reproach in all they do. Seeking to apply this Bibli¢81 imperative the Trnstees endeavour to apply the Charity Governance Code. including the updated Code published on 8 D¢¢¢mber 2020, and the Nolan principles (selflessness. inicerity, obje¢tivity. accountability, openness. honcsty and leadership). Furthennore, believing that rnjPtIOry bribery and unfairaltions hamper development and impede progress Ihey insist on integrity in all the Charity's activities. STRATEGIC REPORT Principal Activities - review of iht last year Ln exercisingtheir wwers and dLrties and in making dls1OnS concerning the operdtions of the Charity in the period under review the Trustees have had regard to the public benefit guidance issued by the Charity Comrni&qion. including the guidance which relates to chariti¢s for the advancement of religion. The following paragraphs explain how the Charity, activities give public benefit, including keeping places of w0h1p open for public worship. The main activities Hthich the Charity has undertak¢n in furtherance of its aims are set out below. l.New s and Ownershi CGT'S policy is to actively promote its services of holding church properties and to accept the transfer of the ownership or trnsteeship of church properttes in order to relieve individual trustees of the burden of responsibility, including the difficulty of finding new trustees when current trnstees want to retire. When a ¢ongregationla&8ernbly closes CGT will ensure, so far as wssible, the church property continues to be oeeupied 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 contributes to CGT bein8 able to fund its services to occupying churches, church building projects and church planting work During thc year Dagenh3m Community Church and Boyton Mission Woodbridge (previously where CGT was acting as custodian trustee for both), Bishopstuk¢ Evangelical Church Eas¢leig Malvern Gospel Hall. Atherton F.vangelical Church and Bethesda Chapel SouthFXTrrt were gifted to CGT. CGT Was appointed sole trustee of Great Warford Baptist Chuwh Alderley Edge and <er Baptist Church Cambridge, was appointed Custodian trustee of Southgate Evangeli1 Church Gloucestsr, and was appointed holding trustee of Bideford Town Mission and MtheW Henry Evangelical Church Chester. Page 4
Church Growth Trnst Limited Report of the Trustees for the Year Ended 30th September 2024 The Chief Executive is aLso in discussion with a number of othcr churches and Brethren assemblies with regard io gifting properties beneficially to CGT, the appointhient of CGT a£ sole trustee, and th¢ appointment of CGT as custodian or holding trustee. CGT continues to work closely with the Fellowship Property Trw (the trusteeship services of th¢ Fellowship of Independent Evangelical Churches), which is closing its tnjsteeship services. A database of independent evangelical chujrhes in Fgland and Wales. where the churches are not already provided for by other organisations (e.g. the Westem Counties and South Wales Evangelization Trust) are being ntacted sensitively and appropriately to make them aware of CGT'S Irusteeship and consultancy seTvices. Mana ement of Existin CGT owns for its own charitable purposes I I I properties. CGT continued to manage its properties in line with lis objects. This includes visiting almost every property that is beneficially owned or held as sol¢ trustee over the last year. In most e5 where the ChiefExecutive. Property Manager and the Architect have visited the properties, a reFQrt on ihe condition of the property and other issues that have been rnised at the visit is produced and given both to the occupying church (for them lo action) and to the Trustees. CGT helps occupying churches to deal with issues as they arise, to ensure they meet their legal obligations under their tenancie&Qeases and genernl leoislation. This includes helping churches keep their pmperties in good condition, compliant with legislation and suitable for modem church use. CGT emplty a Property Manager, to pro-actively manage CGT'S properties and ¢ontinue to improve services to the occupying churches. The part-time Property Administrator 8SSiSts the Propeity Manager in his role. CGT ¢ontinues to grant tenancies to occupying ehurches. In line with CGT'S objects and genernl policy all the tenancies have been let at a concessionary rent to the comme181 market rate for church propertie5. Th¢ overall con¢¢ssions from market rent levels for all CGT'S properties are e5tTmated to be £1.84 million. These lower rents help churches, ¢specially during their early stages of gn)wth to more effcctivcly finance their charitable objects of proclaiming the Gospel. w01ng in Ihcir community and general ministy and missio 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. aCuntIng. insurance, employment and aid advice). CGT'S Architeth. as well as undenaking consultancy work for church clients. has also helped CGT"s occupying churches with building PJects, in most cases for no charge. This has included a number of feasibility studies to help chLtrches Consider how they can expand or adapt the properties. CGT helps fund repairs to its own properties. Where the occupying church cany out the worK further rent con¢essions are given. Where CGT pays forthe worl this is either through grants or loans to occupying churches. Sa]es ofPro erties There have been no sales of properties owned by CGT over the finCiaL year. Page 5
Church Growth Trust Limited Report of the Trustees for the Year Ended 30th Sept¢mber 2024 Grant In line Mryth CGT'S objects of supporting church planting work. CGT made grants of£19.500 to Counties (Charity Number ?64278) and £10,500 to GLO (Charity NumEtr SC049681) for church planting work inthe UK. A further grdnt of £?5,000 has been made to Counties (Charity Number ?64?78) to supprt the WO of networking independent churches in the U A grant of £5.000 was made to GLO {Charity Number SC049681) to suptK)rt the publication of Perspectives magazine. previously published by Partnership UK (Charity Number 802564) and a book.. Grdnls of £3.000 were made to support the Living the Passion Conference and £2,500 10 Old City Hall. West Mersea to help ihem with fundraising for thelr building projecl bringing the total of grants during the financial year 10 £65.500. uildin Pro ects A number of CGT'S occupying churches havc drawn up plans for building extensions to cope wilh their growth or provision for disabled access and CGT has provided support. including architecturdl services and fundin These include: Lewisham, Loampit Gospel Hall - building project for rebuilding parapet w211 and chimneys. East Cowe4 Clarence Road Evangelical Chur¢h- disabiliry access and refvrbished internally. Hastings, Tabernacle c.hapel - new roof. Liphook. Milland Evangelical Church - solar panels and tmwovernenls the house. Southport, Bethesda Chapel - n)ofing ond new heatin& dvi In fulfilment of CGT'S objects, it continues io advise churches ond trustees on various propety and trusteeship matters, with much of this advice being given frec of charge at m¢etings, on the telephone, by email and via its practical 4yuides on its website. CGT also provides a Consultancy service for churches and other chartlies as many struggle to find SUiTable sympathdic and ¢ost*ffective professionals to advise them. Due to the Chief Executive EEducing his hours, consultsncy work on negotiating leases and purchasing properties has stopped CGT still provides help for indep¢ndent evangelical hur¢hes in the following areas: Guidance on major projects Planning pennission for change of use Charity advice ArchiteGtural services for building projec including extensions and alterations to existing buildings Asbestos surveys & management plans, A¢¢ess audits and Condilion surveys as part of Feasibility studies for ¢hur¢hes. azine Email Bulletin Fa¢ebook Website and kntical Guides In furthering its mission to keep chuT¢hes 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 nonnal p)sl to approximatrly 1.000 Brethren assemblie& other independent evangelical churches and other interested partie5. These have been received well. CGT sends out weekly email bulletins and $t$ on Fabook with each week foCUd on a specific subjecr. There are many resources available on CGTS website, includ&ng i8 prnctical guides to keep its connected churches and propertyl¢harity truslees up to date with charity and other leoislalion. Other onn¢Gted Or isations CGT continues to be involved in organi5ing and sponsoring, with Counties (Charity Number ?64?78), GLO Icharity Number SC049681), and Echoes Internationa] (Charity Number 1173851), the national Living the Passion conference. whi¢h took place in October ?024. The Chairs and 0S of CGT. Counties (Charity Number ?64?78). GLO (Charity Number SC049681), Partnership (Charity Number 802564) and Echoes Intemational {Charity Number 1173851) have met once this year to consider ways of working more closely and sharing resourtts. CGT also WOTks closelywtth Counties and GLO on a church revitalisation project.
Church Growth Trust Limit¢d Report of the Trustees for the Year Ended 30th September 2024 FINANCIAL REVIEW CGT is funded by donations. rents from proFthie4 fees from acting astrustee and from professional worL and investment income. Financial position The Statement of Financial Activitie& Balance Sheet and statement of flows can be found on pages 18. 19 and ?0 respectively. CGTS reserves increased by £l,00? 191 (20J? IncSed by £710,837) during The year. The balance sheet Shows total net assets of £22,793,734 (2023: 21.7?1,54i). Cash and cash equivdlents de¢reased £86.455 from £713.010 to £6?6555 (2023: increased £i,O10 from £709.997 10 £713,010). The charity's financial position is satisfactory. with a recorded surplus of £1.00? 191. Operational activities in the year resulted in a deficit. as the charity Wds focussed on ensuring owned properties were brought up lo the highest slandard possible. This figure is ihen mitigated by prop¢rties valued at the year end at £1,09J.394 being gifted to CGT. The value of the freehold properties owned by the charity provides a nominally strong fTnaD¢iat position. This increased by approximately £1,08l.372 duringtheyear. p2rt1y reflecting the giftints of six new prop¢rties. The holding ofthese property assets is fundamenta] to the charity's objccLs and, although unrL%tricted assets. they are held for thc long-lenn purposes of the charity. To reflectthis 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 Fixed Asset Fund. The charity deregistered for VAT with effec¢ from l July ?024. EXPErDITuRE COME & EXPENDITURE Net income r.:>pe.:"I Officè and
LII)l)OIt, 27Y. EAKDOWN OF INCOIVIE P4 oféssional services & niisc, £46,855 Page 7
Church Growth Trust Limited Report of the Trustees for the Year Ended 30th September 2024 Reserves policy Included in total funds are amounts totallÉng £11? 346 (2023: £216.8V) which Testricted. These monies and their use restricted to, specific puSes. as specified by donors. Full detsils of these &tricted funds can be found in note 18 to the accounts together with an analysis ofmovements in the year. The Trustees have examined the requirements for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets. The Trustees consider that. given the nature of CGfs Work, free reserves should k equivalent to approximately 3 months, routine general ftind expenditure together with a disaster fund for major works and io allow for varialions in hflow plus committed fijtrjre expenditure on other project% where fijnds mIlL The Trnstees are of the opinion that this provid¢s sufficient flexibllity to cover lempordry shortfalls in incoming resources and will allow CGT to cope and respond to unforeseen erneryvencies whilsi specific action plans are implemented. At 30 September ?024 CGT had net free reserves of £271,705 (20?J". £357.358) as follows= 2024 2023 Total r&8Èrves Less: restricted funds Less: unr¢stricl¢d fixed assets used for the continuing work of CGT Less: Imresiricted fixed asset investments used for the continuing work of CGT ??,723,734 (122.346) (?77) (22,329.406) ?1,7?1,543 (216.87?) (347) ?1.146.966) ?71.705 357.358 2024 2023 Free reserves requirement Three months, budgel¢d routine core opernting costs Disaster fund for major works Vartations in the cashflow 140,OIX) 165,000 1?5.000 160,000 loo.000 loo 000 4?0.000 The trustees are awa that the free reserves requirement is in excess of free reserves. due to two specif1¢ and exceptional cases to support churches. The Trustees have plans to replenish these reserves ovtr the coming year, ASSETS HELD ON BEHALF OF OTHERS Church Gmwth Trust acts as Sole Trustee of 30 separate Trusts. which hold properties andlor funds. Although CGT holds the legal title to all properties within these Trust4 it has no benefieial interest in those properties and th¢y are not incorporated in the charity's firthnoial statements. CGT 15 Custodian or Holding Tntstee of 41 properties. being mostly church buildings which are used for Christian worship. CGT'S involvernent as Custodian and Holdlng Trustee is genernlly limited io holding the legal title to each property and because CGT h&8 no nefiCIal intercst in those propertiesthey are not incorpordted in the Charity's financial statements. Page 8
Church Growth Trust Limited Rtport of the Trustees for the Year Ended 30th September 2024 PLANS FOR 202412025 l. Man tment of Pro crties CGT WRII ¢ODtinue to look at ways of improving its pro-active management of its Properties, including continuing its policy of reviewing risks. visiting ea¢h property every year or every other year. producing rerK)rts on each property visit and keeping regular ¢onfact with the occupying churches. It will also continue to provide the Stewardship's Consultsncy Helpline for each of the occupying chur¢hes. CGT'S Property Manager, Property Administrntor and Architect are improving CGfs proa7Ve management of its properties. This is enabling CGT to deal more effectively with Ihe increased number of properties comtng to CGT and to provide an even tter service to the occupying churches. Their WO includes helping churches deal with major repairs, ensuring the churches are compliant with legislation and discussing building projects to improve the building Each occupying church has in the past had a responsibility to cairy out a Condition survey durints their tenancy. CGT is now providing this service to help churches. CGT has also made aangcments with Wootton George Consulting (fundraisinty consu]tants) to give all its occupying ¢hur¢hes access to a church grants website and training on making grant applications. 2. EtoiLcts The Trustees anticipate being involved in a number of building projects over the next few years including ihe following- lihyl, Vale Puk Chapel - reconfigurin8 the building layout. Llandudno, West Shore Baptist Church - new a¢Ssible rdmp and WC. Oxford, Northway Church- new ellensions. Stafford. Highfields Christian Centre - new accessible WC and kttchen. Swindon. Penhill Gospel Hall- portakabin. Wolvcrhampton. Westbury Chapel- new lifL Bideford Town Mission - disability access projeci. Bethesda Gospel Hall. Darlin8ton - ttfurbishmenl. Bethesda Chapel, West Bromwich - new accessible WC. Liph(y)k, Milland Evangelical Church - new roof and accessible WC/entrance. Sidcup, Birkbeck Hall - reconfigure layout and accessible WC. West Merse4 Old Cty Hall - extension and refU]shments. Wrexham, New Zion English Baptist Church - rebuilding ext¢nsion. Wifjkford, Miracle House - enlarging worship area. 3. New Pro ert The trustees of Zion English Baptist Church Wrexham, Dial Park Hall Sto¢k"por¢ Rock"ingham Road Gospel Hall Corby, Victoria Hall Cowes and Pinehurst Gospel Hall Swindon have also agTeed to gifting their propxrties lo CGT. Langley Park Baptist Church Durham and Christ Church Evangelical Fellowship Peckham have agreed to appointing CGT as sole trustee oftheir property Trusts. There are a furth¢T 16 churches. where further groups of prop¢rty trustees, have expressed an interest in CGT'S trustecship services. wh¢ther sole, holding or cuaodian. 4. chUh and Chari onsultanc WoTk There is a growing need for property consultancy seTvicesat reasonable rates forchur¢hes and charities. CGT'S Architect continues lo provide archite¢turdl services, mainly to independent evangelical churches. Page 9
Church Growth Trust Limited Report of the Trustees for the Year Ended 30th S¢ptembtr 2024 5. Advisi Church Trnstees & Model CIO CGT will continue in line witb its objects to give best practical advice on legislation and church govemance to church and property trustees through meeting4 conveTsations, practiol guides and working with other oriyanisations suGh as Stewardship and specialist solicitors, surveyors. ahIteCtS and oihers with technical expertise. In ¢onjunction with Wes*rn Counties aud South Wales Evangelization Tru CGT has produced and Tecently updated a Model CJO forelder- led ¢hur¢hes and this is available fice of charge on CGT'S w¢bsite. 6. Chher ations CGT anticipates making grants to Counties (Charity Number ?64?78) and GLO (chlty Number SC049681) for their church planting work in the year. CGT will continue its involvement with the chUh revifalisation project (with Counties and GLO) and future Living the Passion conferences (with Counties. GLO and E¢hoes International). The Trusle¢s anticipate working closely with Stewardship (Charity Number 234714) as the property and charity adviser (on church property trusts) on Stewardship's Consuliancy Helpline. CGT will also work closely with specialist charily solicitors on trust matters for new church ¢ongregations and c04)perdting with oih¢r specialist advisers in producing ff levant and up to date pr2cli¢a] guides. vestments Church GroH¢h Trust h&s the power to deposit any monies deed, SeWitieS or investments with any bank or any person fimi or corporation anywhere for safe custody or re¢eipt of dividends or other income and to pay out of the income of the Charity any charges payable for such deposit and cuslody. In order io maximum tFLe return, to nefit from depositor prn)tection and to maintain flexibility of access to 115 fu14 CGT plaees funds in a range of charity deposit account specifically agreed by the Trustees. The current policy is to retain in its Current accounts £177500 to cover three months ¢ash flow and to hold other funds in various Savin(1 accounts to obcain the best rat¢ of Inle$( but lo maintain flexibility on being able to withdraw the funds for various anticipated buildin ? projects. a2ine Email Bull al Media The Trnstees anticipate sending Out two Foundations magazines in the year and continuing with the weekly email bull¢tins, sending these to ¢onne¢ied churches and clien1S to keep them informed of new legislation and provide thern with practical advice on propety and charity mallers. CGT is also intending to send its Foundations magazine io churches on its database from the recent research into independeni evangelical churches and to contact these chuTches and those which already receive the magazine to ensure they are amzre of CGT'S services and that CGT has up to date infonnation on th¢m. CGT will continue its social media presence on Fa¢ebook to build latiOnS with and between its occupying churches and clients. Page 10
Church Growth Trust Limited Report of thè Trustees for the Year Ended 30th September 2024 srRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity was established under a Memordndum of Association which establishes the objects and the powers of the charity and is governed under its Articles of Association. All Direclors of the Comwany are also TTUStees of the charity, and there are no other trustees. The Trustees of Church Growih frust Limited have the power by a two thirds majority to appoint additional Trustees. There is no forn7 reeruitsnent praciice, but the Trustees and the Chief Executive continue to look for new Ttustees who will be able to add value to the existing team of Trustecs and whose skills and experience would contribute to the developmenl of the organisazio Prospective Trustees are given the opportunity to examine the organisation &Ktensively and to allend two tru*ee meetings before they. and other Trustees. reach a conclusion as to the appropriateness of the appointh]enL New Trustees are provided with the opportuntty 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 now available. CGT now has a questionnaire and application forni for any prospective Trttee 10 complete. Simon Davi4 who has prdcti¢ai experience of running a charity, was appointed as a Tnte tn July ?4 and Mark Walla¢e, who is a practising accountant wilh charity accounts experttse, was 8ppointed as a Truslee in O¢tober ?024. The Direclors. who are the Trustee4 have met together fourtimes during the financial year to disouss and make decisions concerning the charity's affairs, including two meeiiDgs in person and two by conferenc£ call. A number of Board- committees, with clear d¢lryated authority. deal wtth specific matters outside of and port to The rnain Board Meetings. These include Finance. Operdtions, Legal, Acqutsitions & Lettings, Buildings and Nominations Committees. The briefs and effectiveness of the Board<ommittees are reviewed regularly. John Quinlan. a Chartered Ar¢hiiect with extensive experience of church building4 has been retained as an ext¢mal non-executive adviser on CGf's Butldings Comm itte¢. Simon Hal¢ of Ellis-Fennor & Negus has helped CGT by bein(v part of the Legal Comminee. Paul Withams, one of the Trustees, h&8 provided a considerable amount of time on a voluntary basis to help with IT issues in CGT'S office. Their Contributio along wilh all the Trustees, is oi appreciated. ,'•Vk- The managcmeffl of the Charity is delegated io the Chief Executive. He reduced his hours in January 20?4 to four days per week- and has moved to Devon. He has experienee of Property management, charity law, ChUh governance and church leadership. The Operations Director, who is also the Company Secretary. directs and ¢oordinates the internal structure of CGT to ensure an efficient working environment and is responsible for developing new and improving operatina method4 service provision and delivery. The previous Property Manager retired in June 2024 and a full-time replacement Property Manager started in May ?024. He is responsibl¢ for managing CGT'S properties and building good relations with the ¢upY1ng chur¢he& The part-time Property Administrator assisls him and monitors CGT'S fit for purpose strategic objectives. CGT'S Architect is fvll-time and is employed to offer independent evangelical ChUhe5 a wide range of proixty and architectural services. This includes providing architectural and sU¢Y Services to CGT'S occupying Church4 often free of Cha¢. Consultant Building Surveyors are contracted to carry out condition and compliance surveys for wcupying churches. A full-time Office MaThager is employed to run the office and PTovidc b(M)k-keeping services. She is &ssisted by three part-time Administrative Assistants. A part-time Communications Manager communicates with churches that may ne¢d CGT'5 help with trusteeship and other sernices. She is also dev¢loping CGT'S communications generally and its social m¢dia pres¢nce. Pagell
Chvrth Groivth Trust Limited Report of the Trustees for the Year Ended 30th September 2024 STRucfuRE, GOVERNANCE AND MANAGEMENr Re-elertion of Board of Truste&% Under the Articles of the Charity, one third ofthe current membersof the Board retire arf being eligible. offerthemselves for re-election at each annual general meeiing. The TTus¢ees io tIre by rotation shall be those who have be¢n longest in office since their1&8t appointment. The Charily may by ordinary resoluiion appoint a person who is willing to t to be a TrusTee and detennine the rotation in which any additional Trustees are to fftire. No person other than a TNstee retiring by rotation may be appointed a Trustee at any general meeting unless he or she is recommended for elertion by the Trusiees with the appropriate notice given. The Trustee must show his or her willingness to be appoinled and he or she subs¢ribe5 TO the Statemeni of Beliefs. A Trustee appointed by a resolution of the other Trustees must retire at the ne annual general meding and must not be taken into account in deterniinino the Trustees who are to retire by rotaiion. Trustee Training Trust¢cs are encouraged to read the Charity ComMi10n guidanee on responsibilities of a tnstee and specific training for Trustees has been given by TTuslc¢s attending trust¢¢ training seminaTsJconferences and readino specific tTUStee-relaled Euidan¢e. A review of CGT'S performance in relation to the Charity Governance Code and an assessment of the B02rd's effectiveness is currently being canied OUL Additiona] trdining reviewed during the year and specific trustee tTaining has been provided. FuttEre trdinin¢F will be monitored. Key Management Remuneration Poli¢y Salaries for key management P05ts are set with reference to the technical skills and experience Tequired to fulfil the job duties, the comparntiv¢ pay in rhe Christian charitable secior, and a differential to the salary of the Chief Executive (CE). The CE'S skill set and leadership Capabilities are essential for C:GT achievin8 its mission aims. The CE'S pay temis are set by the Trustees and lake into account the responsibilities and expeclations from the CE" the technical, management and promotion experience and ¢xp¢rtise require4. and the comparable salary for chief executives of Christlan charities. R¢¢ognising that CGT should be different from the commercial market on the pay ratio from the lowesi salary l¢vel and that equity should Characterise a Christian ¢harity and CGT. the ffmunerdtion paCke of the Chief Executive is not to exceed a rntio of 4=1 to the lowest remuneration package of a clerical staff member at an annual full-time equivalent. Risk Review A fornial and systematic approach to identification and management of risks has been introduced so that each Committee has responsibility for specific risks, reporting to the Bard. All risks, mitigations and levels of likelihood and impact have been reviewed in detsil and will wntinue to be fully reviewed and Updat throughout the year. Keyman insurance for the Chief Executiv4 who has a key role in the Charity. is in place to reduce CGT'S exF4)sure should he die suddenly. In line with the Charity Commission's guidance on reportin8 serious in¢idents, the Trustees declare that during the reporting period there were no serious incidents th they have failed to bring lo the Commission's allention. Fundr*ising CGT does not engage in fundraising. It a]ways gives oppor1t1es for people receiving mailings to unsubscribe. CGT has a privacy policy whi¢h includes how it aims to be GDPR compliant. This is available on CGT'S website.
Chvreh Growth Trust Limit¢d Report of the Trustees for the Year Ended 30tb September 2024 srATEMENT OF TRusfEES' RESPONSIBILITIES Thctrn5tees (who 8rc also the dIlorS ofChuLrh Gzowth Tnlst Limit¢d forthepuwises oft¢Anpany law) are spOnSible for preparing the Report of the Trustee5 and the financial staiements in accordance with applicable law and United Kingdom AccountiT]g StaJKlards (United Kingdom GeneL3lly ACCeed ALtountstig Pra¢*ice). Company law T¢quires the bustees to prepare financial statrrneuts for cach finan¢ial year which give a tru¢ And fair view of the state of affairs of the charitsble Company and oftbe incomirg resourcts and application of resources, including ihe income and expendi1.< of the c}lble mpany for that period. In preparing ihost financial stalemenis, )e trustees are required to select SUiTable accounting policies and then apply them CODsislcndy' observe the methods and prtnciples in the Charily SORP" make judsements estimates that are reasonable and pruden¢ pr¢par¢ the financia] stat¢ments on the 470ing ¢cceM basis uttless it is inappropriate to presume that the chari14ble tompany ivill contÈnue in business. The trteeS are responsible for keeping proper at¢ounting records whicll disclose with reanable QUra¢Y * any lime the hnancial position of ihe charitable coypany and lo ¢nable tl%m to ensuTe ihat the fin8ncial statmentS compl)I wilh the Companies Act 2IJ06. They are also responsible for safe8uarylirsg th¢ assets of the ¢h&ritable company and li¢nc¢ for tsking r¢asonable sÈep$ for the PTeveTrtioTr and detection of hud and other iTregulartries. In so far as the Injstees are awate: there is no Televani audit information of which the charitsble company's audttors are unawarc. and thtt Érustees have taken a]1 steps that they ought lo have tsken ro Thak-e themselvc& awarc of any relevant audit infomiatioft and to establish that the auditors are aware of that infomiatiotL AUDITOILS On 16th December 2024 the Chichester office of Sheen Stickland merged wsth Lewis Brownlee (Chichester) Limita. Lewis Brownlee (Chichester) Limited will be propos¢d for 3ppointm¢ni as AudilOTS ai ihc Annuaj Gencrnl Meeting. Repott of the trustee4 in¢oryorating a straiegi¢ Teporl. 4)PToved by ¢tr of the board of tNstee& as the company direc10, on ..Jun.13,.2025................ and signed on the board's t¢half by". N J Wa]ker- Cijair of Tntslets Page13
Report of the Independent Auditors to the Members of Chureh Growth Trnst Limited Opinion We have audited the financlal statements of Church Gr0h Trust Limiled (the 'charitable company,) for the year ended 30th September 20?4 which comprise the Statement of Finan¢ial Activities, the Balance SheeL the C2sh Flow Stat¢ment and notes to the financial statements, including a swnmary of significant accounting polici¢5. The financial reporting framework that has been applied in their preparation is applicable law and UnÈted Kingdom Accounting Standards (United Kingdom Generdlly Ac¢epted Accounting Prd¢ti¢e). In OUT opinion the financial statements- (pive a true and fair view of the state of the charitable ¢ompany's affairs as at ioth September ?0?4 and of its incoming resOU¢S and application of resourtts. including its income and expenditure. for the year then ended. have been properly prepared in a¢cordance with United KinJom Generally Acceptsl A¢countino Practic< and hav¢ been prepared in accordance with the requirements of th¢ Companies Act ?006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those Stsndards are knh¢r described in the Auditors. responsibilities for the audil of the financial statements section of our report. We are ind¢pendenl of the charitable company in accordance with Ihe ethica] requirements that are rel¢vont to our audit of the financial slaternents in the I,l(. including the FRC'S Ethical Standard. and we have fulfilled our other ethical respK)nsibilities 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. Conelusions relating to going coneern In auditing the financial statements, we have concluded that the Ttusttts. us¢ of the going concem basis of accounting in the prepardtion of the fin8n¢ial statements is appropria. B&4ed on ihe work we have perfonne4 we have not identified any material uncertainties relating to events or conditions thal individually or collefflively, may cast significant doubt on the charitable company's ability to continue as a going cem for a period of at least twelve months fTDm when the financial si&ements are authorised for issue. Our responsibilities and the responsibilities of the trustees with re5pecI to going concern are described in the relevant sections of this repon. Other inf()mation The TTUStees are responsible for the other information. The other inforniation comprises the infonnation included in the Annual Report, other than the financia] Sfements and our Report of the Independent Auditors th¢r¢on. Our opinion on the financial statements does not cover the other infornlation an except to the extent otherwise explicitly stafrd in our rep)r¢ we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial staiemenl% our responsibility is to read the other infomiation anl in doing so, consider whcther the other information is materially in¢onsistenl with the financial statements or our knowledge obtained in the audit or otherwise appcars to be materially misstated. If we identify such matcrial inconsistencies or apparent material misslat¢ment4 we are rcquired detcmine whether this gives rise to a material misstal¢ment in ihe financial statements themselves. If, based on the work we llave perforn)e(L we conclude that there is a material misstatement of this other Infoall0 we are requId to report that fact. We have nolhing to report in this ffgard. Page 14
Report of the JDdependent Auditors to the Members of Church Growth Trust Limited Opinions on rf)ther matters prescribed by the Compgnies Act 2006 In our opinion. bd on the work undertaken in the course of the audiL' the infomiation gÈven in the Report ofthe Trustees forthe finan¢ial )'ear for which the financial statements are prepared is consistent with the financial ststements- and the Report of the Trnstees has beett prepared in )rdance with applicable legal requirements. Matters on which we are required to report by ex¢eption In the light of the knowledge and understanding of the charitsble ¢ompaThy and its environment obtained in the course of th¢ 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 A¢t ?006 requires us to report to you if, in our opinion-. adequate accounting records have not been kept orreturns adequate for ouraudit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and relums; or certain disclosures of sEceS, remunerdlion specified by law are not made. or we hav¢ not received a]1 the infomiaiion and explanaiions wc requitE for our audiL Responsibilities of Trustees As explained more fully in the Statemerkt of Trustees, Restrf)nsibilitie& the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the prepardtion of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees deTern]ine is necessary to enable the preparation of financial statsments that are free from matrriat misstatemenL whether due to fraud or enDr. In preparing the financial statements, the TTUStees are rtsponsible for assessing the eharilable company's ability to continue as a going concern, disclosing, as applicable. Matt5 related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operation4 or have no realistic aliernativ¢ but lo do so. Our responsibilities for the audit of the financial stattments Our objectives are to obtain reasonable &8surance about whether the financial stalements as a whole atE 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 li exists. Misstatements can arisc from ud or error and are considered rn*erial if, individually or in the agggate. they could reasonably be expected to influence ihe economic decisions of users taken on the basis of these financial statements. Th¢ extent to which our procedures are capable of detecting irregularities. in¢luding fraud is detsiled below: enquiry of managemenL thosc charged with governance and the entity's solicitOTS around actual and polential litigation and claims. enquiry of enttiy's aff to identify any instances of non-compliance wt¢h laws and regulations. reviewing minut¢5 of meetings of those thaed wilh govern¢incc' reviewing financi statement disclosures and te5tingto supportinodocumenlationto assess compliance with applicable laws and gulations. and auditing the risk of management override of controls including through testing joumal entries and other adjustments for appropriat¢ness, and evaluating the business rationale of significant transactions outside the nom)al course of business A further description of our responsibilities for the audit of the financial statements is located on the Financial RetK)rtin Council's website at www.fr¢.org.uklauditorsresponsibilities. This description forn)s part of ourReport ofthe Independent Auditors. Page l5
Report of the Independent Auditors to the Members of Church Growth Trust Limited Use of our report This report is made 501ely to the charitable company's members, as a IM)dy, in accoTd2nce with Chapter 3 of Part 16 of the Cornpanies Act 2006. audit work has been undertaken so that we might state to the charitable eornpany's tnembers those matters we are quiredt0 state to them in an audiiors. report and for no other purpose. To the fullest extent perniitted by law, we do not a¢¢ept or assume resF<)nsibility io anyone other than the charitsble company and the charitable ¢OTnpany's membets as a body. for our audit WOTL for this report. or for the opinions we have fomied. Paul Wright FCA DChA Isenior Statutory Auditor) for and on behalf of Sheen Stickland Chartered Accountsnts Statutory Auditors 7 Ea5¢ Pallant Chi¢hester West Sussex P019 ITR i) I./.%(.......................... The notes fomi tort of these fiJ)ancial statements Page 16
Chureb Growth Trust Limited ststement ofFinaneial Activities for the Year Ended 30th September 2024 Unrestri¢ted fijnds Restrtcted funds To funds Total fiLnds Notes INCOME AND ENDOWMENTS FROM Donations and legleS 1.095.?j4 23,646 1,118,880 708,761 Charitable activities Propety letting and upkeep Professional services 700.853 32,770 908 701,761 3?,770 659.043 Investment income 14.085 14.085 6.130 TotAI 1.841942 24,554 1.867.496 1.407 084 EXPENDITURE ON Charitable activities Property letting and upkeep Grants Direct services lo churches Offi¢¢ and support 291.707 65.500 284.l61 193.903 18.012 309.719 65.500 284,161 193.903 314.895 65.176 253,378 195.086 Totsl 835271 18,012 853 ?83 828 535 NET INCOMEI(EXPENDITURE) 1,007,671 6,542 1,014.?13 578,549 Other recognised gainslO055es) GaIn(lOSSes) on rewaluation of fixed assets Transfers from separate tsts 89.046 (101,068) (12,022) 100,338 Net movement in funds 1.096,717 (94.526) 1,009 191 710.837 RECONCILIATION OF FUNDS Total funds brought fonvard 21,504,671 21,721.543 ?1,010,706 TOTAL FUNDS CARRIED FORWAIiD 22 601388 122.346 22 723 734 21.7?1.543 Th¢ not¢s fonn part ofthese financial statements Page 17
Church Growth Trnst Lilted B%l4nce Sheet 30th September 2024 20?4 Tota] fjjnds 9023 Total funds Unrestricted nds Restricted funds Notes FIXED ASSETS Tangible assets Investment propety io 277 22,329.406 277 ?2.381.746 347 21.300.374 52.340 L? J?9,683 5?,340 L?.38? 0?" ?1.300.7?1 CURRENT ASSETS Debtors Cash ai bank 12 148.937 750 69.256 149.687 626.555 169.436 71J.010 706.236 70,006 776,?42 88?.446 CREDITORS Amounts falling due within one year 13 (85,284) (85.284) (66,0?8) NET CURRENT ASSETS 620 952 70.006 690.958 816,418 TOTAL ASSETS LESS CURRENT LIABILITIES 22,950.635 ?3,07? 981 ?? 117,139 CREDITORS Arnounts falling due after more than one vear 14 (349,?47) (349,?47) (395,596) NET ASSETS ? 601.388 1 ?2.j46 2? 723.734 21721,543 FUNDS Unrestricted fijnds Restricted funds 18 ?2,601,388 21,504,671 ?16,87? TOTAL FUNDS 2? 7?3.734 21.721.543 IJ. Jyae, 2025 The financial statements were approved by the Board ofTrnstees and authorised for issue on .................... and were signed on its khalf by: N J Walker N J Walker- Chair of Trustees The notes foTm part of these financial statern¢nts Page 18
Church Growth Trust Limited Cash Flow Ststefflent for the Year Ended 30th September 2024 2024 Notes Cash flows from operatitig activities Cash generdted from operations Interest paid (26,787) ?8.791 {10,003) (22.9?5 Net cash used in operating activities 155.578 {3? 9?8 Cash flows from investing activities Interest received 14.085 6.130 Net cash provided by investing activities Cash flows from financing activities New loans in year Loan repaynents in year 75,000 45.189 {44.96? Net cash (used inyproTrided by fman¢ing a¢tivitics 144 961) Change in cash and cash equivalents In the reporting period Cash and cash equivalents It the beginning of the reporting period (86.455) 3.013 71) 010 709,997 Cash and cash equivalents gt the end of the reporting period 6?6 555 713.010 The notes forn) part ofthese finaneiai statements Page 19
Church Crowth Trust Limited Notes to the Cash Flow Statement for the Year Ended 30th September 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcfiTr]TIES ?0?4 20?3 Net income for th¢ reporting period (a$ per the Statement of Financial Activllties) Adjustments for. Depreciation ¢harges 1,014,213 578,549 70 87 Int¢r¢st received Interest paid Non-cash income - gifts of propety Separdte Twsts prior yw adjustment Decrease/(incre&se) in debtors Increas¢ in ¢reditors (14,085) ?8,791 (1.093.394) {6,130) 2?.9?5 (643,161) 31.950 (3,i08) 19.749 17.869 Net cash used in operations (?6,787} 10.003) ANALYSIS OF CHANGES IN NET FUNDS At l.10.?3 C&sh flow At 30.9 ?4 Net cash Cash ai bank 713.010 (86.455 623.555 713.010 (86.455 623,555 Debt Debts falling due within l year Debts falling due after l year (28.523) 395.596 (1,387) 46.349 (?9,910) 349.247 424.119 (379,157) Total ?88.891 41.493 ?47.398 The notes form part of these financial statements Page ?0
Church Growth Trust Limited Notes to the Financial Statements for the Year Ended 3ikh September 2024 ACCOUNTINC POLICIES Basis of preparing the financial slatements The financial statements of the chaTiiable company. which is a public benefit etrtity under FRS 10? have been prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Staiement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic oflreland (FRS 102) (effective l January ?019)'. Financial Reporting Standard 102 'The Financial Reportintr Standard applicable in the UK and Republic of Ireland, and the Companies Act ?006. The financial ststemerLts have been prepaTed under the historical cost convention, as Modified by the revaluation of certain assets. The fman¢ial statements are presented in sterling (£1 The Trustees ¢onsider that there are no material uncertainties about the Chariry's ability to continue as a going concern. Income All income is recognised in the Statement of Financial Activities once the Chariiy has entitlement to the fiinds. it s probable that the income will be re£eived and ihe amount can b¢ m¢asured reliably. Expenditure Liabilities are recogntsed as expenditure &% soon as there is a legal or ¢onstru¢tive obligation committing the CharÈty to ihat expenditure. it is probable that a transfer of economi¢ 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 th& aggregate ail cost relatrd lo the caiegory. Where costs cannot be directly attributed to particular h¢adings they haN'e been allocated to activities on a basis consist¢nt with the use of resources. Tangible fixed assets Deprecialion is provided at the following annual rates in order to writ¢ off each asset over its estimated useful life. Fixtures and fittings 200/¢* on reducing balance Fixed assets costing £l,Cl)O or more are capitalised over their estimated usefvl lives. Assets costing less than £1,000 are WTitten off in the year of purch&se. No depreciation is Gharged in respect of frcchold land and buildings as the residual value of the property after its estimated useful life is anticipated lo be at least the carying value of the property shown in the financial statements. Investment property Investment property is shown at mosi recent valuaiion. Any aggregate surplus or deficit arising from changes in fair value is CogniSed in the Statement of Financial Activirie& Property set8 are valued internally by Giles Arnol¢ the Chief Executive who is a Chartered Surveyor and Jonathan Bennett, the Propety Manager. who has considernble property management experience. They have a detailed knowledge of all the properties and e.xperience of the church property market across the UK. The valuations are based on the estiTnaled market rent foreach properry (rent per square foot multiplied by net lettable area} and divtdes the rentsl figure by a yield (a oeneral 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 l¢tting arrangemeni% including allowances for any discounted rent paid now and potential incre&8es in rent in the future. Comparable propert1¢5 and any special circumstances for each property are also taken into a¢count. Depreciation is not provided on rental propertie5, as their value is assessed and adjusted each financial year. A5 requesfrd b). the auditors CGT has orranged every five years for an independent IUCS valuer to check the values and methods of valuation used 2nd the most r¢¢ent report has validated the value levels in tbe accouttt Pag¢21 continued...
Chureh Growth Trust Limited Notes to the Financtgl Statements - eontinued for the Year Ended 30th September 2024 AccouNfING POLICIES - tontinued T#x2tion The Charity is exempt from ¢orpoTation t&x on its charilable activities. Fund accountlllg Unrestricted llds can be used in accordance with the charitable objectives at the disctttion of the Trustees. Restricted ndS can only be used for particular r¢stri¢ted purposes within the objects of the Chlty. Resirictions arise when spxcified by the donor or when funds are rnised for particular restricted purposes. Further explanation of the natyre and purpose of each fund is included in the notes to the financial statements. Pension eosts and other post-retirement benefits The charifable company operates a defined contribution pension scheme. Contributions payable to the charilablc company's pension scherne are charged io the Siatement of Financial Activities in the period to which they relate. Funds held for other org#nisations Church Growth Twst hold funds on behalf of 10 other or8anisations. The Charity has no legal rtghts over the monies, which are held in their bank. accounts. The amounts are excluded from the cash balance on the balance sheet in aGLX)rdance with the SOR. Financial instruments The Charity only has financial assets and financial liabilities ora kind that qualify as basic financial instrumenls. Basic financial instruments are initially settled at transaction value and sub*quently meaSUd & their settlement value with the &xception of bank loans which a subsequently measured at amortised cost using the effective interest method. DONATIONS AND LEGACIES 20?4 2023 Gifts Gifts of property 25,486 1.093 394 65,600 64J,161 1.118880 708.761 INVEsfMENf INCOME 20?4 202) Deposit account interest 14.085 6,130 Page 22 ontinued...
Church Growth Trust Limited Notes to the Financial St2temeots - continued for the Year Ended 30th SeptÈmber 2024 INCOME FROM CHARITABLE ACFIVITIES 20?4 ?0?3 Activity Property letting and upkeep Property letting and upkeep Property letting and upkeep Property letting and upkeep Professional services Professional services Rents Recharged expenses Professional work Trusteeship Fees Recharged expenses Professional work 57?.895 103,707 1,53? 23.627 8,661 548.111 90,710 715 19.507 13,115 20,035 734,531 69? 193 CHARITABLE ACTivrriES COSTS Support costs (see note 6) Direct Costs Totals Propety letting and upkeep Grants Direct seryices to churches Office and support 309.719 65,500 984,161 170.760 309.719 65.500 ?84,161 19J.903 23,143 830.140 853 ?83 SUPPORT COSTS Governance ¢osts Trustees, expenses Auditors, remunerdtion Accountancy and legal fees 4,074 11,080 7.989 NET INCOME/(EXPENDITURE) Net in¢ome/(expenditure) is stated after char8ingl(crediting): 20?4 ?023 Auditors, remuneration Depreciation - owned assets 11,080 70 9,000 87 Page ?3 continued...
Church Groivth Trust Limited Notes to the Financial Statements - continued for the Year Ended 311th Septcmber 2024 TRUSTEES, REMUNERATION AND BENEFITS TheTe w¢re no Tnee$, remuncrdtion or Lrtber benefits for the year ended 30th Sepmber ?0?4 nor for the year ended 30th SeptembeT 20?3. One Trustee (SK Sanlon) w&$ paid £1.398 {20?3". £3,290) forplanning services provided to the Charity during the year. CGT followed its procedure forpaying a Trustee. including excluding that Trustee from the decision-making process. ensuring any payment is reasonable in relation 10 the SeiceS providert being satisfied ihat any payment is in the best interests of the Charity and providing a written agreement between CGT and the TNstee. Trustees, expenses ?024 ?023 Trustees, expenses 4,074 686 Trustees, expens¢s comprise travel and accommodation costs tEimbursed to or paid on behalf of eight trustees for attcnding Trustees, meetings induding Board committee meetings. Truse expense claims are subject to the Charity's inrernal controls and are supported by appropriate documenrary evidence. KEY MANAGEMENT PERSONINEL 2024 ?0?3 Wages and salaries Social security costs Other pension costs 302.254 ?7.637 294,788 ?6.575 ?8.022 358.650 349.385 The average monthly number of employees during the yearwas 2$ follows: 2024 2023 Totsi employees Th¢ number of employees whose employee benefits (excluding employer pension ¢osts} exceeded £60,000 was.. 2024 £80.001- £90,000 Total Key Personnel remunerdtion for the year was £199J03 including Ernployerfv National Insurance and pension (?0?3.. £?13,937). Additionally vehicles were leased for thtEe members of staff for the total sum of £12,397 {?023: £7,316). life assurance was paid of £1.333 (2023: £1,460) and key person insurance for Giles Arnold of £21 (?0?3: £?50). Page ?4 continued...
Chureh Growth Trust Limited Not¢s to the Financial Statements - Continued for the Year Ended 30th September 2024 io. TANGIBLE FIXED ASSETS Fixtures and fittings COST At 1st October ?0?3 and 30th Septernber 2024 4.695 DEPCIATIoN At 1st October ?0?3 Charge for year 4,348 70 At 30th September ?024 4.418 BOOK VALUE At 30th Seplember ?0?4 ?77 At 31)Lh Sept¢mber 2023 347 ii. INVESTMENT PROPERTY FAIR VALUE At 1st Oolober 2023 Additions Revaluation 21.300,374 1,093.394 At 30th September 20?4 22 381.746 NET BOOK VALUE At 30th September ?0?4 ?2 381.746 At 30th September 20?J 21.300.374 Investment prop¢n(es are revalued internally exh financial using the basis as outlined under the accounting policies contsined in these financial statements. Additions to investment properties during the year represents the value of properties gifted to the charity as dis¢losed within the Statement of Financial Activitie& Page 25 continued...
Church Crowth Trust Limited Notes to the Financial Statements- coDtinued for the Year EDded 30th September 2024 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trdde debtors Other debtors Prepayments and accrued income 38,363 107.?04 4.120 3?.739 131,682 5,015 149,687 169.4J6 13. CREDITORS: AMOUNTS FALLING DUE wfTHIN ONE YEAR 20?4 ?0?3 Bank loans and overdrafis (see note 15) Trade creditors ?9.910 39,7?6 28.5?3 14.882 5.090 8,533 VAT Other creditors Accruals and dcferred income 5.348 10.300 66.028 14. CREDITORS: AMOtFNTS FALLING DUE AFTER MORE THAN ONE YEAR ?0?4 Bank loans (see note 15) Oth¢r loans (see note 15) ?49.247 ?70,596 349.247 395,596 15. LOANS An analysis of the maturity of loans is given below. ?0?4 20?3 Amounts falling within on¢ year on dunand: Bank loans 29.910 28.523 Amounts fallino between one and two years: Bank loans - 1-2 years ?8,5?3 Amounts falltng due between two and five years: Bank loans - 2-5 years 89.730 85.568 Amounts falling due in more than five y¢ar5: Repayable by instalments". Bank loans more than 5 years by instalments Other loans more than 5 years by instalments 129,607 loo.000 156,505 1?5.000 ??9.607 ?81.505 Pa8e 26 continued...
Church Growth Trust Limited Notes to the Financial Statements- continued for the Year Ended 30th Septerttber 2024 16. LEASING AGREEMENTS Minimum lease payments under non-oncellable operating leases fall due as follows: 2024 2023 Within one year Between one and five years 37.931 48,160 41,517 64.3?6 17. SECURED DEBTS The following secured debts are included within credilors: 20?4 20?3 Bank loans Other loans ?79,157 299.119 379,157 424.119 During 2014 CAF Bank granted to Church Gro Trust a mortgag¢ of £6IKI.000 and a first fixed legal charge was created. This is secL]red on the freehold property known as Miracle House, Silva Way. Wickfor¢ Essex and the freehold property known as Bignold Hall. Forest Gate. The balance on the mortgage is £279,157. During 2017 J W Laing Trust grdnted to Church Growth Trust a loan facility up to the value of £500,000, to be drawn down as needed. The agreement is SeCud against the freehold property Roe Green Hall, Kingsbury. MOVEMEKf IN FUNDS 18. Nei movement in funds Transfers between fvnds At -10.23 At 30.9.24 Unrestricted funds Genet31 fund Property Holding fund Property Projects fund 465.694 ?0,847.848 191.129 (34,764) 1.182.44 (50.959) 527.059 21,980,159 94.170 (50.129) (46,000) 21,504.671 1,096,717 22.601,388 Restricted funds Roe Green Hall Wethiesbury Property fund Penhill Gospel Hall (Swindon) Milland Evangelical Church {Liphook) Caidmore Evanu¢lical Church (Walsall) Bethesda Chapel (Southport) Bishopstoke Evangelical Church Bethesda Gospel Hall (Darlington) 563 156.158 699 37,452 L?,000 563 55,998 699 ?5,199 16,291 1,350 (100,160) (12.?5i) (5.709) 17246 5,00 5.000 (94,526 1?? 346 TOTAL FUNDS ?1,7?1,543 1.001191 22,723.734 Page 27 continued...
Chureh Growth Trust Limited Notes to the Financial Ststements - continued for the Year Ended 30th September 2024 18. MOVEMEL¥T IN FUNDS- tolktinued Net movement in funds, included in the above are as follows: Incoming resources Re9)urces expended Gains and losses Movement in funds Unrestricted funds General fund Propety Holding fund Property Projects fund 749,398 1.093.394 150 (784.162) (34,764) 1,18?.440 (50.959) 89,046 (51,109) 1,841942 (835,271) 89,046 1,096,717 Restricted funds Wednesbury Propety rund Milland Evangelical Church (Liphook) Caldmore Evangelical Church (Walsall) Bethesda Chapel (Southpon) Bishopstoke Evangelical Church Bethesda Gospel Hall (Darlin8ton) 908 (101,068) (100.160) (1? ?53) (5,709) 1.350 17,246 5,000 (1? ?53) (5,709) (50) 1.400 17246 5.000 24.554 18.01? 1101.068 94.5?6 TOTAL FUNDS 853.283 1.867.496 12022} 100? 191 Page ?8 continued...
Church Growth Trust Limtttd Notes to the Financial St*trments - continued for the Year Ended 30th September 2024 18. MOVEMENT IN FUNDS- continued Comparatives for movement in fwids Prior Net movement in funds Transfers between fiJDds At 1.10.2? At 30.9.?3 adjusthlent Unrestricted funds General nd Property Holding fund Property Projects fund 837.337 20,128.635 (67.510) (4,227) 679.794 {60.?5?) (?99,906) 39,419 251.381 465,694 ?0,847,848 191,129 20,965.972 (67,510) 615.315 (9,106) 21,504,671 Restritted funds Roe Green Hall Wednesbury Propety fund Penhill Gospel Hall (Swindon) Hey Street Evangelical Church (Cleethorpes) Milland Evangelicxl Church (Liphook) Caldmore Evangelical Chur¢h (Watsall) 563 111.681 56i 156,158 44.477 (9 519) 3,218 699 (5,888) 5,888 37,452 37.45? ??.000 11?244 95.522 ?16.872 TOTAL FUNDS 21.078.216 167,510) 710,837 ?1,7?1.543 Page 29 continued...
Church Growth Trust Limited Notes to the Financial Statements - continued for th¢ Year Ended 3ffth September 2024 18. MOVEMENT IN FUNDS- cotstinued CompaTative net movement in fund4 included in the above ar¢ as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fijnd Property Holding fund Property Projects fund 698.973 64i.161 (735.150) (19.2?8) (60,252) 31.950 55.861 (4.??7) 679,794 (60,252) 1,342,134 (814.630) 87.811 615.315 Restricted funds Wednesbury Propety fund Penhill Gospel Hall (Swindon) Hcy Street Evangelical Church (Cleethorpes) Milland Evangelical Church (Liphook) Caldmore Evangelical Church (Walsall) 44.477 44.477 (? 519) (2,519) (5,888) (5.498) 15,888) 37.452 42,950 ??.000 64.950 TOTAL FUNDS 1407.084 (8?8 535 13?.288 710.837 Descriptlon of designated funds Property holding nd represents the value of properties held by the Charity in pursuance of its charitsble activiiies, less any outstanding mortgage liabilities on said propertie& Certain properties are separately deS1atrd where building projects are ongoing. Description of restrieted funds Roe Green Hall Kingsbury. represents monies given to Church Growth Tn for building works on Roe Green Hall, Wethiesbury property fund - represents the vue of the G05pel Hall on Price Road. Wednesbury. All monies are restrieted to the advancemeTtt of the Gospel in the Wedn¢sbury area only. Penhill Gospel Ha]1 - represents monies given to CGT for building works on Penhill Gospel Hall. Swindon. Milland Evangelical Church- represents monie5 given to CGT for building wo$ on Nfjlland Evangelical Church. Liphook. Caldmore Evangelical Churdj - represents monies given to CGT for building WOTks on Caldmore Evangeli[ ChurclL Walsall. Bethesda Chapel SouthpoQ BIshOp0ke Evangeli1 Church and Bethesda Gospel Hajl (Datlington) represent funds given forthe wo. Page 30 continued...
Chureh Growth Trust Limi1 Notes to the FinaneÉAI Statements - continued for the Year Ended 30th September 2024 19. RELATED PARTY DISCLOSURES During the yeaT the charity gave a grdnt of £44.500 {20?3= £39,500) to Counties (Charity no. ?64?78). One Trustee. MT Richard Canham, is a trustce of Countie& The named individuals twk no part in the discussions or decision making regarding these grdnts. FUNDS HELD ON BEHALF OF OTHER ORGANISATIONS 20. The Charity holds £73J71 in its bank account on behalf of oth¢r cForities, it has no leJl right over these nds. The Charity also hold investments having a value of £201591 on behalf of other charities. As per ihe steM¢llt of Recommended Prddice these amounts have not been shown on the balance sheeL Page31