THE ST JAMES’S CHURCH GROWTH TRUST
TRUSTEES ANNUAL REPORT & ACCOUNTS OF THE CHARITY
30 APRIL 2022
Charity Number 291697
THE ST JAMES’S CHURCH GROWTH TRUST
FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2022
| CONTENTS | PAGE |
|---|---|
| Officers and professional advisers | 3 |
| Chair of Trustees Statement & Annual Report | 4 |
| Independent examiner’s report to the Trustees | 5 |
| Statement of financial activities | 6 |
| Summary income and expenditure account | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
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THE ST JAMES’S CHURCH GROWTH TRUST
OFFICERS AND PROFESSIONAL ADVISERS
THE TRUSTEES OF THE CHARITY Mr Jonathan Thornton FCA (Chair)
Mr Julian Slater FCA Mr Larry Dickson CPA(Retired) REGISTERED OFFICE 79 Woodland Gardens London N10 3UD INDEPENDENT EXAMINER Gregor Grant, Solicitor, Muswell Hill
SOLICITORS Streathers Boustred, Highgate BANKERS HSBC Bank plc, Muswell Hill
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THE ST JAMES’S CHURCH GROWTH TRUST
CHAIR OF TRUSTEES STATEMENT & TRUSTEES ANNUAL REPORT
YEAR ENDED 30 APRIL 2022
The Chair of Trustees presents his Annual Statement and the Trustees present their Annual Report and the Un-audited Financial Statements of the charity for the year ended 30 April 2022.
OBJECTIVES & REGULATION OF THE ST JAMES’S CHURCH GROWTH TRUST
The Trust’s objectives are:
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(a) The promotion of the Christian gospel in the UK and elsewhere.
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(b) The promotion of church growth.
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(c) The provision of assistance to ministers of the Christian gospel.
A Declaration of Trust dated 13th April 1985 contains the provisions that regulate the purposes and administration of the Trust.
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
The Chair of Trustees has given due regard to the Charity Commissions’ guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion, education & training and the relief of poverty. All the activities of the Trust support one of these areas, most support two and some three of these areas.
During the reporting period the Chair of Trustees states:
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the Trustees received no financing from central or local government grants nor from contracts from central or local government to deliver services.
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the Trustees have a clear policy on paying staff when necessary.
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the Trustees have reviewed the Trust’s financial controls during the reporting period.
The Chair of Trustees further states that during this period, there was continuation of the support of: Christian ministries in London (focusing on social and gospel outreach).
With the Covid Virus ‘Lockdown’ in March 2020, the Christian Bookshop attached to St James Church, Muswell Hill (when all the church buildings were closed) the Bookshop made almost no sales in the 20/21 financial year. After the end of the ‘Lockdown’, the PCC of St James Church, Muswell Hill agreed to take responsibility and receive the income and expenditure of the Bookshop so there are no Bookshop transactions in 2021-22 except recording the donation of the Bookshop stock of books and cards to the PCC a fellow registered UK Charity.
The Chair of Trustees states that the Trustees review reserves policy annually and confirm that the year-end reserves are adequate to fulfill the obligations of the Charity. There are no material additional commitments or planned expenditure at the year-end.
THE TRUSTEES
The Trustees who served the charity during the period were Mr Jonathan Thornton (Chair), Mr Julian Slater & Mr Larry Dickson
Registered Office: Signed on behalf of the Trustees of 79 Woodland Gardens the charity by Jonathan Thornton FCA London N10 3U
14[th] August 2022
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THE ST JAMES’S CHURCH GROWTH TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
YEAR ENDED 30 APRIL 2022
I report on the un-audited accounts of the Trust for the year ended 30 April 2022 set out on pages 6 to 10.
RESPECTIVE RESPOSIBILITIES OF THE TRUSTEES AND THE INDEPENDENT EXAMINER
As described on page 8, you as the Trust’s Trustees are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 1993 does not apply. It is my responsibility to state, on the basis of the procedures specified in the General Directions given by the Charities Commissioners under section 43(7)b of the Act, whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charities Commissioners. An independent examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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(a) to keep accounting records in accordance with section 41 of the Act; and
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(b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- (2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
SIGNED BY GREGOR GRANT as Independent Examiner
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THE ST JAMES’S CHURCH GROWTH TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 APRIL 2022
| Unrestricted Unrestricted Restricted Total | Unrestricted Unrestricted Restricted Total | Unrestricted Unrestricted Restricted Total | Total | |
|---|---|---|---|---|
| General | Funds Designated Funds | |||
| Funds 2021/22 |
2020/21 | |||
| Note | £ £ £ £ | £ | ||
| INCOMING RESOURCES | ||||
| General Donations | 2 | 23,190_- -_23,190 | 45,592 | |
| Charitable trading activities | 200 - 200 | 669 | ||
| Rent & interest received | 3 | 20,621 - - 20,621 | 28,254 | |
| __ _ ____ | ______ | |||
| TOTAL INCOMING | 43,811 200 - 44,011 | 74,515 | ||
| RESOURCES | __ _ ____ | ______ | ||
| RESOURCES EXPENDED | ||||
| Cost of generating funds | - - - - | - | ||
| Charitable expenditure | 4 | 18_,279 14,896-_33,175 | 67,895 | |
| Management & | 5 | 130 -_-_130 | 112 | |
| administration | ||||
| __ _ __ ______ | ______ | |||
| TOTAL RESOURCES | 18_,_409 14,896 . 33,305 |
68,807 | ||
| EXPENDED | __ _ __ ______ | ______ | ||
| NET (OUTGOING)/INCOMING | 25,402 (14,696) - 10,706 | 5,848 | ||
| RESOURCES FOR THE YEAR | ||||
| Balances brought forward | 189,014 18,065 2,442 209,521 | 203,673 | ||
| _ __ ___ | _ | |||
| Balances carried forward | 214,416 3,369 2,442 220,227 | 209,521 | ||
| __ __ ______ | _ |
The notes on pages 9 to 10 form part of these financial statements
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THE ST JAMES’S CHURCH GROWTH TRUST
SUMMARY INCOME & EXPENDITURE ACCOUNT
YEAR ENDED 30 APRIL 2022
| 2021/22 | 2020/21 | |
|---|---|---|
| £ | £ | |
| INCOME | 23,390 | 46,261 |
| TOTAL EXPENDITURE | _(_18,409) | (67,223) |
| ______ | ______ | |
| OPERATING (DEFIENCY)/SURPLUS | 4,981 | (20,962) |
| DONATIONS | ||
| Bookshop Stock donated to St James PCC | (14,896) | 0 |
| (upon PCC taking over running of Bookshop) | ||
| OTHER INCOME | ||
| Interest and rents received | 20,621 | 28,254 |
| ______ | ______ | |
| NET (DEFICIENCY)/SURPLUS FOR THE YEAR | 10,706 | 7,292 |
| ______ | ______ |
The notes on pages 9 to 10 form part of these financial statements
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THE ST JAMES’S CHURCH GROWTH TRUST
BALANCE SHEET
AS AT 30 APRIL 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Freehold Property | 6 | 447,300 | 447,300 | |
| Interest Free Loans | 7 | 20,161 | 31,840 | |
| ______ | ||||
| TOTAL FIXED ASSETS | 467,461 | 479,140 | ||
| CURRENT ASSETS | ||||
| Stocks | 0 | 14,896 | ||
| Debtors & prepayments | 0 | 8,173 | ||
| Cash on deposit | 30,000 | 30,000 | ||
| Cash at bank | 92,227 | 55,707 | ||
| _ | __ | |||
| 122,227 | 108,776 | |||
| CREDITORS:Amounts falling | ||||
| due within one year | (28,872) | (37,257) | ||
| _____ | _____ | |||
| NET CURRENT ASSETS | 93,355 | 71,519 | ||
| CREDITORS: Amounts falling | ||||
| due after one year | 9 | (142,519) | (142,519_)_ | |
| _____ | _____ | |||
| NET ASSETS | 418,297 | 408,140 | ||
| ______ | ______ | |||
| FUNDS | ||||
| Unrestricted General | 128,017 | 117,181 | ||
| Unrestricted Designated | 90,447 | 90,447 | ||
| Restricted | _2,442 | 2,442 | ||
| 220,906 | 210,070 | |||
| Fixed Assets Revaluation Reserve | 198,070 | 198,070 | ||
| ______ | ______ | |||
| TOTAL FUNDS | 418,297 | 408,140 | ||
| ______ | ______ |
These financial statements were approved by the Trustees of the charity on 14[th] August 2022 and are signed on their behalf by:
................................................................
The notes on pages 9 to 10 form part of these financial statements
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THE ST JAMES’S CHURCH GROWTH TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2022
ACCOUNTING POLICIES
1. Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
Fixed Assets
Freehold property is not depreciated and is stated at its end-April 2022 valuation when a verbal Valuation was obtained from Pricket & Ellis, Estate Agents of 114 Alexandra Park Road, London N10 2AH.
Interest Free Loans made in foreign currencies are valued at year-end exchange rates to the £. Investments are valued at their market value at the year-end.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
| 2. GENERAL DONATIONS Gift Aided--general Gift Aided--restricted Charitable trading activities Other sources _ 3. OTHER INCOME Property rental income Interest receivable 4. CHARITABLE EXPENDITURE Provision of charitable services: UK ministry--general UK ministry—restricted Mission-UK Education Relief of poverty Mission-overseas (made in UK) Mission-overseas (made outside UK) Ministers’ housing, loan interest, repairs & agent's fee Costs of charitable trading activities Restricted Fund expenditure |
_ |
Total 2022 17,400 0 200 5,790 ______ 23,390 |
Total 2022 17,400 0 200 5,790 ______ 23,390 |
Total 2021 33,890 0 669 3,840 __ 38,399 28,200 54 ___ 28,254 31, 645 0 14,530 3,400 0 5,524 55,099 0 8,097 650 0 63,846 |
|---|---|---|---|---|
20,550 71 _____ 20,621 |
||||
7.800 0 6,370 1,500 0 1,255 16,925 0 749 132 0 |
7.800 0 6,370 1,500 0 1,255 |
|||
17,806 |
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THE ST JAMES’S CHURCH GROWTH TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2022
| 5. MANAGEMENT AND ADMINISTRATION | Total | Total |
|---|---|---|
| 2022 | 2021 | |
| Salaries | - | - |
| General administration | 132 | 72 |
| __ | __ | |
| 132 | 72 | |
| 6. FREEHOLD PROPERTY | ||
| Freehold of 18 Wroxham Gardens, London N11 | 1,050,000 | 1,050,000 |
| (at Prickett & Ellis formal valuation: Apr-21) | ||
| Less:57.4% share owned by Trustee ex his late-Wife (602,700) | (602,700) | |
| (rent paid by Trust re 04/20-03/21: £ nil) | _ | ______ |
| 447,300 | 447,300 | |
| 7. INTEREST FREE LOANS | ||
| Loan to Link Charitable Trust | 20,060 | 18,090 |
| (at US$ cost converted at year-end $/£ exchange rate) | ||
| Loan to Oxford Centre for Mission Studies | 0 | 13,750 |
| ______ | ______ | |
| 20,060 | 31,840 | |
| 8. CREDITORS DUE WITHIN 1 YEAR | ||
| Trade creditors |
28,862 | 37,257 |
| 9. CREDITORS DUE AFTER 1 YEAR | ||
| Interest free loans from Trustee: | ||
| Towards the purchase of above Freehold Property: | 142,519 | 142,519 |
| _ | ______ |
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