THE STJAMES'S CHURCH GRowfH TRUST TRUSTEES ANNUAL REPORT & ACCOUNTS OF THE CHARITY 30 APRIL 2024 Charity Number 291697 THE STJAMES'SCHURCH GRowfH TRUST FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2024 CONTENTS PAGE Officers and profe88ion8l advisers Chair ofTrustees Statements & Annual Report Independent Examiner's Report to the Tru8tee8 Statement of Financial Actmties 88lance Sheet Notes to the Financial Statements THE STJAMES'S CHURCH GROWTH TRUST OFFICERS AND PROFESSIONALADVISERS THE TRUSTEES OF THE CHARITY Jonathan Thornton FCA (Chair) Julian Slater FCA REGisfERED OFFICE 79 Woodland Gardens London N10 3UD INDEPENDENT EXAMINER Stephen Booth SOLICITORS Streathers Boustred. Highg8te BANKERS HSBC Bank plc. Muswell Hlll CHAIR OFTRUSTEES &TRUSTEESANNUAL REPORT YEAR ENDED 30APRIL 2024 The Chair of the Trustees presents his Annual Statement and the Trustees present their Annual Report and Un-audited Financial Ststements forthe year ended 30April 2024. OBJECTIVES & REGULATION OF THE ST JAMES'S CHURCH GROWTH TRUST The Trust's objectives are: lal The promotion of the Christian gospel in the UK and elsewhere. Ib} The promotion of church growth. {c) The provision of assistance to mini8ters of the Christian gospel. A Declaration ofTrustdated 1VApril 1985 contains the provisions that regutste the purposes and adrninistration of theTrust. REVIEW OF DEVELOPMENTS.AcnviTIES AND ACHIEVEMENTS The Cheirof the Trustees has gI￿n due regard to the Charitycommisslons, guldance on public benefit and in particular. the specific guidance on chariti8s for the advancement of religion, education & training and the relief of poverty. All the activlties of the Trust support one of these areas. most supporttwo and some three ofthese areas. Duringthe reportlng period the Chair ofTrustee8 States the Trustees received no financing frorn central or local government grants nor Irorn contracts from central of local government to deliver 8ervice8. The Trustees have a clear policy on paying Staff when nece88ary. The Trustee8 have reviewed the Twst's financial controls. The Chair ofthe Trustees further ststesthat duringthe period, there was continuation of the support of Christian ministries in London (focusing on social and gospel outreach} 8nd thatthe Trustees review re8erves policyannu8llyand confirm that the year-end reserves are adequate to fulfillthe obligation of the Charity. There are no material addition81 commitments or planned expenditure atthe year-end. THE TRUSTEES Trustees who served the charity duringthe period were Mrjonathan Thornton and Mr Julian Slater. Registered Office: London N10 3UD Slgnod on behalf of tha Trustoe8 Qf tha charlty by Jonathan Thornton FCA Juli8n Slater FCA Approved by the Trustees on 11" May 2026 THE STJAMES'S CHURCH GRowfH TRUST INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES YEAR ENDED 30 APRIL 2024 I report on the Trust￿ Unaudited Accounts forthe year ended 30 Aprll 2024 set OLrt on pages ￿. RESPONSIBILMES AND BASIS OF REPORT A8 the charitytruBtee8 ofiheTru8t you are fe8pon8ibl8 forthe preparation of the 8ccount8 in 8ccordance with the requirements of the Charities Act 20111.the Act'l. I report In respect of my ex8mln8tion ot the Trusvs accounts carried out under section 145 ot the 2011 Act and in c8rryin8 Out my examination I have followed all the appli¢8ble Oire¢tions given by the Charity Commisslon under Section 14515llbl of the Act. INDEPENDENT EXAMINER% STATEMENT I h8ve completed my examination. I confirm that no rnatorial rnatters have come to my atlention in connection with the ex2minatSon which gives me ¢au8e to beU6ve that In, any materlal respect: 8ccounting records Y￿re not kept in accordance with section 130 of the Act or the accounts do not accord wlth the 8ccountin8 rncords I have no concerns and have come across no other matters in connection wlth the ex8mln8tlon to whl¢h 8ttentlon should be drnwn in owder to enable a proper und8rstandin8 Ot the accounts to be reached. SIGNED BY sfEPHEN BOOTH as Independent Examiner THE ST JAMES'S CHURCH GROWTH TRUST STATEMENTOF FINANCIAL ACTIVMES YEAR ENDED 30 APRIL 2024 Unrestricted Unrestricted Restricted Total Total General Funds Designated Fund8 2023124 202213 INCOMING RESOURCES Gener81 Don8tions 5,450 5.450 16.300 Charltable trading Rent & Interest received 3 24.3(K) 24,300 18.059 TOTAL INCOMING 29.750 29,7fA) 34,359 RESOURCES RESOURCES EXPENDED Cost of genergting funds Cherit8ble expendsture 21.728 21.728 23.895 M8n8gement & admlnistrgtion 91 91 TOTAL EXPENDED 21,819 21.819 23.975 NEf (OUTGOINGVINCOMING 7,930 7.930 10.384 Movom•nt In Funds For Th• Yoar Funds brought forward: 457.553 467.653 447,169 Funds c8rried forward: THE STJAMES'S CHURCH GRowfHTRUST BALANCE SHEET ASAT30APRIL 2024 2024 2024 2023 Note FIXED ASSErs Freehold Propety Interest-Free Loans Concessionary Loan 447.300 20.161 447,300 20.161 TOTAL FIXED ASSETS 527,461 467,461 CURRENT ASSETS Cash on Deposit 60.000 60.000 Cash at bank 80.541 132,611 CREDITORS: due within oneyear NET CURRENT ASSETS 80.541 132.611 CREDITORS: due after 1yr 7 NEfASSETS 465.483 457.553 FUNDS Unrestricted General 267.413 259,483 Unrestricted Designated Restrlcted Fixed Assets Revaluation Reserve Financial Statements were approved bythe Trustees 11 May2026 and are signed on their behalf byJGTThornton. THE ST JAMES'S CHURCH GRowfH TRUST NOTES TO THE FINANCIAL STATEMENTS FINANCIAL ACTIVITIES YEAR ENDED 30APPRIL 2024 1. ACCOUNTING POLICIES Ba•1• of accountlng The Financial Statements have b8en preparod under the historlcal c08t conventlon and In accordance with applicable accounting ￿andardS. Flxed Ag8•ts Freehold property 18 not depre¢i8ted and is stated at rts end Aprll 2024 V81uation based on observations derived from a major property portal. The Tru8t8e do not believe there ha8 been ary material change since an end-April 2021 valuation range of £1.05m41.10m w88 obtained from Prick8tt & Ellls, Estate Agenls of 114 Alexandra Part Ro8d. London N10 2AH. 2. GENERAL DONATIONS Total Total 2024 2023 Gift Aided 5,450 16,300 Other 80urc88 3. OTHER INCOME Property rental income Interest receivable 24.000 18.000 4. FREEHOLD PROPERTY 42.6% share in freehold of 18 Wroxham Gardens. N11 Informal valuation using online portal 1,050,000 1,050,000 Less: Share owned by Senior Trustee {EQllQQl (fiQllQQ) Jonathan Thornton FCA. as SeniorTrustee and owner of 57.4% of 18 Wroxham G8rdens. N11. has providod a waiver in favour of the St James Church Growth Trust regarding any rights to his share of ary rental income. The St James's Church Growth Trust pay8 all repairs and maintenance of the Property. 5. INTEREST FREE LOANS Total 2024 Total 2023 Loan to Link Charitable Trust 20,161 20,161 6. CONCESSIONARY LOAN An unsecured. interest4)eering loan of É60.000 with a term of 25 years was provided in November 2023 to tscilitate the 8cquisftlon of Bccommodation for the pastor of a church on the Isle of Wight. The loan is repayable in 2048, or earlier if th8 pastor168ves ChTlstian Service. The loan is being used to offset 8 mortgage b818nce and thus reduce the Interest CO8t. The intgrest charged Is 0% In years 1-3. 2% Inyears4-98nd the Bank of En8Land 8858 Rate ther88fter. Concessionary Loan 60.000 7. CREDITORSDUEAFTER 1 YEAR Interest free Loans from Trustee towards the purchase of the al)ove Propety.