OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Christ Embassy

2024-12-31-accounts

Christ Embassy

Trustees Report and Financial Statements

for the year ended 31 December 2024

Registered Charity Number 1059247

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

CONTENTS

Page
Charity information 1
Trustees’ report 2
Independent auditors’ report 9
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Accounting policies 15
Notes to the financial statements 18

CHRIST EMBASSY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHARITY INFORMATION

Trustees Pastor Gabriel Adesina
Mr Ikemefuna Oluwarotimi Nwankpele
Mrs Tolulope Moradeke Osuntubo
Dr Victor Uba
Principal office 45 Thames Road, Barking, London, IG11 0HQ
Registered charity number 1059247
Chairman of the board of Trustees Pastor Gabriel Adesina
Senior Management Pastor Elizabeth Akinwolemiwa
Pastor Obi Chiemeka
Pastor Tayo Ojo
Pastor Kemi Adesina
Auditors Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY
Bankers HSBC Bank Plc
Barclays Bank Plc
Lloyds Bank Plc
Solicitors Palmers Solicitors
Ascension Chambers, Fleming Road
Chafford Hundred
Grays RM16 6HH

Page 1

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

TRUSTEES’ REPORT

The Trustees present their annual report together with the audited financial statements of Christ Embassy (the Ministry ) for the year ended 31 December 2024.

The Trustees confirm that the annual report and financial statements comply with the current statutory requirements, the provisions of the Charities SORP (FRS 102), and the governing documents of the Ministry.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Christ Embassy was established by Trust Deed on 23rd October 1996. The ministry was registered as a Charity on 19th November 1996 with registration number 1059247.

Method of appointment or election of Trustees

New Trustees may be appointed by a resolution of the Trustees usually dependent on the skills and experience needed by the Charity. There must be a minimum of three Trustees and a minority of the Trustees may be remunerated if necessary.

Policies adopted for the induction and training of Trustees

The Trustees meet quarterly to review their legal obligations under charity law, the growth of the Ministry and its financial performance. All new Trustees receive an induction and training is provided for all Trustees on an ad hoc basis.

Organisational structure and decision making

The churches are structured into zones with a zonal Pastor heading groups of Churches. The Zones have Zonal Managers who are responsible for the administration of the churches within their Zone and executing decisions made by the Trustees. As an example, invoices are raised and recommended for approval by the pastors and coordinators in charge of each church branch of the Charity. This is then passed to the Zonal Pastors and then to The Trustees, who give final approval before payments are made.

The Board of Trustees oversees all the church chapters and their roles within the guidelines of the Trust Deed. The Board of Trustees are mandated to meet at least twice a year to review the progress of the Charity and set policies and plans for the future. In some instances, at least three of the Trustees meet to take urgent decisions necessary for the smooth running of the Charity.

Subsidiary and related party relationships

The subsidiary ceased trading in November 2016 and procedures for winding up of the company began.

Christ Embassy charity is part of Christ Embassy Worldwide International. The relationship between the two entities is spiritual for guidance purposes.

Arrangements for setting pay

Remuneration of key management personnel is proposed by zonal pastors, based on local remuneration levels for similar roles, and approved by the trustees.

Page 2

CHRIST EMBASSY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES’ REPORT

RISK MANAGEMENT

The Trustees recognise that effective risk management is essential to the successful delivery of the Ministry’s objectives and the protection of its assets, reputation, and beneficiaries. A structured risk management framework is in place to identify, assess, and mitigate major risks that could impact the Ministry. The risk register is reviewed regularly by the Trustees to ensure emerging risks are promptly addressed.

Key risks identified during the year and the corresponding mitigation measures include:

The Ministry faces various financial risks, including fluctuations in income, cost inflation, and financial control weaknesses. These risks are mitigated through stringent financial controls and procedures, including regular financial reporting, budgeting and forecasting, segregation of duties, and oversight by the Trustees’ Finance Committee. Independent audits further support financial integrity.

As a faith-based organisation engaging with adults, youth, and children, there is a risk of harm or safeguarding breaches. The Ministry has implemented a comprehensive Safeguarding Policy and provides regular training to all staff and volunteers. Health and safety procedures are also enforced to ensure all activities and premises remain safe and compliant with legal standards.

There is a risk of non-compliance with statutory obligations, including charity law, employment law, data protection, and financial reporting standards. To mitigate this, the Trustees ensure that appropriate professional advice is sought where required and that compliance calendars and internal review processes are in place to monitor adherence to all legal and regulatory requirements.

The Ministry’s reputation is vital to its mission and ongoing public trust. Risks to reputation could arise from governance failures, safeguarding issues, or financial mismanagement. To mitigate this, the Trustees maintain high ethical standards, transparent communication, and robust internal controls to uphold the Ministry’s integrity.

Operational and Continuity Risks There is a risk of disruption to ministry operations due to staff turnover, volunteer shortages, or external events (such as public health crises or economic downturns). The Ministry mitigates this by maintaining effective planning, training, and delegation structures, as well as by utilising digital platforms to ensure operational continuity.

Conclusion:

The Trustees are satisfied that appropriate systems and internal controls are in place to manage and mitigate the key risks faced by the Ministry. The Board remains committed to continuous improvement in risk management, governance, and accountability to safeguard the Ministry’s mission and ensure long-term sustainability.

Page 3

CHRIST EMBASSY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES’ REPORT

OBJECTIVES AND ACTIVITIES

Charitable Objectives

The objectives of the Trust, as set out in its governing document, are:

General Aims

The Ministry has the general aim of contributing to the quality of life of people in England and Wales, other parts of the United Kingdom, and across the world in accordance with Christian faith and principles as specified in its Statement of Beliefs .

Strategies for achieving objectives

The strategies employed to achieve the Ministry’s objectives — in line with its commitment to public benefit — are as follows:

Public Benefit

All of these activities are carried out to advance the Christian faith and provide tangible benefits to the public. They promote moral and spiritual welfare, provide educational and social support, and offer relief to individuals in need — regardless of background, belief, or circumstance. The Trustees confirm that they have complied with the duty under the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Activities in Furtherance of Objectives and for Public Benefit

During the year, all chapters of the Ministry were actively involved in organising and hosting special outreach activities within their local communities. Through these initiatives, more people were reached with the Gospel, and membership of the Ministry increased, thereby enhancing our collective ability to build a better world and advance our charitable mission.

The Ministry also expanded its digital presence, reaching many more people across diverse locations through online platforms and virtual services. This continued engagement enabled the Ministry to serve both existing members and new audiences, regardless of geographical boundaries.

Page 4

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

TRUSTEES’ REPORT

In alignment with our charitable objectives and public benefit obligations, the Ministry continued to render help to people experiencing hardship and maintained its established Grant Making Policy , which includes the following key areas of support:

Short-Term Objectives

Our short-term objectives include:

Long-Term Objective

Our long-term objective is to contribute to the Christianisation of society by promoting Christian values and principles, leading to more people coming to the knowledge of Christ and actively participating in church life. The Trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit when planning and carrying out the activities of the Ministry.

Criteria and Measures to Assess Success

To assess the effectiveness of our activities and progress toward our objectives, the Ministry employs the following performance indicators:

Grant Making Policy

A Grant Making Policy is in place to ensure that all grants align with the charitable purposes of the Ministry. The policy currently includes two principal streams:

  1. Ministry in Britain Grant Stream – supporting missionary, pastoral, and community initiatives within the United Kingdom.

  2. Ministry Overseas Grant Stream – providing support to missionary campaigns and outreach activities conducted internationally.

The Grant Committee, comprised of the Trustees, reviews grant applications periodically to ensure that funds are used effectively and in direct furtherance of the Charity’s objectives.

During the year ended 31 December 2024 , a number of grants were made in support of the Ministry’s global missionary campaigns and pastoral care programmes across various chapters. Spiritual guidance and counsel were also provided where needed.

Volunteers

The Ministry relies heavily on the commitment and dedication of unpaid volunteers who contribute significantly to the achievement of its objectives. Volunteers are active across all aspects of ministry life, including:

Page 5

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

TRUSTEES’ REPORT

All volunteers are members of Christ Embassy and freely give their time and skills in service to the Ministry. On average, each volunteer contributes approximately 10 hours per week . The Trustees express sincere appreciation for their invaluable contribution to the success of the Ministry’s work throughout the year.

ACHIEVEMENTS AND PERFORMANCE

Achievements and Performance

The Trustees are pleased to report that Christ Embassy continued to make significant progress toward fulfilling its charitable objectives during the year ended 31 December 2024 .

Despite ongoing social and economic challenges, the Ministry experienced growth in reach, participation, and impact across its various chapters, digital platforms, and community programmes. The Trustees are grateful for the continued dedication of members, partners, and volunteers whose commitment made these achievements possible.

Spiritual Growth and Outreach

Digital and Media Expansion

Community and Welfare Support

Education and Training

Partnerships and Collaboration

Overall Impact

The Ministry’s activities during the year contributed to:

Page 6

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

TRUSTEES’ REPORT

The Trustees acknowledge the dedication of all staff, volunteers, and partners for their invaluable contributions to these achievements. Their collective effort continues to advance the Ministry’s vision of taking the divine presence of God to the nations of the world

Fundraising activities/Income generation

All the funds required for the support of all the activities of the Charity were raised through the principles of prayer and direct giving of members. Fund raising was exclusively carried out by special committees who are members of ‑ the Ministry on a non remuneration basis and no external consultant or body was employed for the purpose of fund raising throughout 2024.

FINANCIAL REVIEW

Overview

The Trustees are pleased to report that the Ministry maintained a stable financial position during the year, supported by the continued faithfulness and generosity of members, partners, and donors. Total incoming resources amounted to £8,241,702 (2023: £8,089,327) and total expenditure was £8,214,955 (2023: £8,312,596) The charity’s subsidiary Christ Embassy Limited did not trade during 2024.

Total income for the year was derived primarily from voluntary donations, tithes and offerings, and partnership contributions. Additional income arose from the sale and distribution of ministry materials, events, and grants from supporting entities within the Loveworld network. The Trustees express sincere appreciation to all donors, partners, and supporters whose generosity has made it possible to continue and expand the Ministry’s work both in the United Kingdom and abroad.

Expenditure during the year was directed towards the advancement of the Ministry’s charitable objectives — particularly missionary work, community outreach, welfare initiatives, and the administration necessary to support ongoing activities. The Trustees carefully monitor expenditure to ensure value for money, effective stewardship, and adherence to the Ministry’s charitable purposes.

The Trustees continue to ensure that all funds are applied responsibly and transparently in furtherance of the Ministry’s mission.

Reserves policy

The Trustees have established a Reserves Policy to ensure that adequate funds are available to meet ongoing operational needs and to safeguard the Ministry against unforeseen financial challenges.

The target level of unrestricted reserves is generally set at the equivalent of three to four months of core operating expenditure, considered to be approximately £1.1m. This allows the Ministry to continue its essential charitable activities should income temporarily decline or unexpected costs arise.

At the balance sheet date the Charity’s reserves, having taken into account restricted funds, fixed assets and the revaluation reserve were a deficit of £1,485,204 (2023: £1,557,927).

In order to recover the deficit on reserves the trustees are considering the use and disposal of fixed assets, in particular buildings not in current use, together with the use of restricted funds for the purposes they have been received.

Impact of significant events

There are no significant events that have affected the Charity in the year.

Going Concern

The Trustees have reviewed the Ministry’s financial position, performance, and cash flow forecasts and have concluded that there are no material uncertainties about the charity’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.

Page 7

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

TRUSTEES’ REPORT

PLANS FOR THE FUTURE

As part of our objectives of advancing the Christian faith in the UK and around the world, we intend to continue to strengthen our existing churches and outreach fellowships. This will be done by the establishing of Home cell groups and regular trainings for leaders through seminars and conferences

We will continue to grow and increase our reach outside the borders of the United Kingdom through the use of various online platforms. One of such platforms is the use of virtual churches where people from all around the world can participate in our church services and teachings. We already established several online platforms for our churches and the pandemic of 2020/21 enabled us to reach even many more in their homes with the gospel.

The daily devotional, ‘Rhapsody of Realities’ has been of great blessings to many all around the world and we will be sponsoring both hard copies and e-copies of the Rhapsodies. The E-Copies will be made available for free download in strategic countries to aid the propagation of the gospel of Christ.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees confirm that they have complied with statutory duties and have had due regard to the Charity Commission guidance on public benefit.

This report was approved by the Trustees on

26 January 2026 and signed on their behalf by:

………………………………………….. Trustee

Page 8

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Trustees of Christ Embassy

Opinion

We have audited the financial statements of Christ Embassy (the ‘charity’) for the year ended 31 December 2024 which comprise of the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement , the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 9

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

INDEPENDENT AUDITOR’S REPORT

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 10

CHRIST EMBASSY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

INDEPENDENT AUDITOR’S REPORT

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cawley Priory South Pallant falta Chichester West Sussex Blue Spire Limited, Statutory Auditor PO19 1SY Date 26 January 2026

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 11

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Other trading activities
2
Investments
3
Charitable activities
4
Other income
Total
EXPENDITURE ON:
Raising funds
5
Charitable activities
6
Total
Net Income/(expenditure)
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
18
Total funds carried forward
18		 Unrestricted
Funds
£
5,290,718
120,000
2,644
1,644
-
5,415,006
319
5,531,594
5,531,913
(116,907)
-
(116,907)
(116,907)
8,406,824
8,289,917		 Restricted
Funds
£
2,826,696
-
-
-
-
2,826,696
-
2,683,048
2,683,048
143,648
-
143,648
143,648
1,197,129
1,340,777		 2024
Total
Funds
£
8,117,414
120,000
2,644
1,644
-
8,241,702
319
8,214,642
8,214,961
26,741
-
26,741
26,741
9,603,953
9,630,694		 2023
Total
Funds
£
7,963,400
124,208
995
724
-
8,089,327
1,080
8,311,516
8,312,596
(223,269)
-
(223,269)
(223,269)
9,827,222
9,603,953

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities. All of the above results are derived from continuing activities.

Page 12

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2023
Note £ £ £ £
FIXED ASSETS
Tangible assets 11 7,250,121 7,439,751
Investment property 12 3,950,000 3,950,000
11,200,121 11,389,751
CURRENT ASSETS
Assets held for sale 13 733,410 733,410
Debtors 14 7,538 7,538
Cash at hand and in bank 649,138 765,517
Total current assets 1,390,086 1,506,465
CURRENT LIABILITIES
Creditors: amounts falling due within one year 15 1,869,954 1,948,180
Net current assets/(liabilities) (479,868) (441,715)
Total assets less current liabilities 10,720,253 10,948,036
Creditors: amounts falling due after more than one year 16 (1,089,559) (1,344,083)
Net assets/(liabilities) 9,630,694 9,603,953
THE FUNDS OF THE CHARITY
Restricted funds 18 1,340,777 1,197,129
Unrestricted funds 18 8,289,917 8,406,824
Total charity funds 9,630,694 9,603,953

26 January 2026

The financial statements and accompanying notes were approved and authorised for issue by the trustees on ….......... and signed on their behalf by:

…………………………………………. Trustee

Page 13

CHRIST EMBASSY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
159,755
Cash flow from investing activities
Interest received
2,644
Proceeds from sale of fixed assets
-
Transfer to assets held for sale
-
Purchase of fixed assets
(19,759)
Net cash flow from investing activities
(17,115)
Cash flows from financing activiites
Repayment of borrowings
(259,019)
(259,019)
Net increase/(decrease) in cash and cash equivalents
(116,379)
Cash and cash equivalents at 31 December
765,517
Cash and cash equivalents at 31 December
649,138
Cash and cash equivalents consist of:
Cash at bank and in hand
649,138
Cash and cash equivalents at 31 December
649,138
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the year
26,741
Adjusted for:
Interest and dividends
(2,644)
Depreciation and impairment of tangible fixed assets
209,389
Profit on disposal of fixed assets
-
Decrease/(increase) in debtors
-
Increase/(decrease) in creditors
(73,731)
133,014
159,755
2024
2024		 £
£
363,766
995
-
-
(13,699)
(12,704)
(61,517)
(61,517)
289,545
475,972
765,517
765,517
765,517
£
£
(223,269)
(995)
212,955
-
-
375,075
587,035
363,766
2023
2023		 £
£
363,766
995
-
-
(13,699)
(12,704)
(61,517)
(61,517)
289,545
475,972
765,517
765,517
765,517
£
£
(223,269)
(995)
212,955
-
-
375,075
587,035
363,766
2023
2023
363,766

Page 14

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

Christ Embassy is an unincorporated charity, registered in England, and established under a Trust Deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Page 15

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

ACCOUNTING POLICIES

Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property 2% straight line Leasehold improvements 2% straight line Office equipment 33.3% straight line Computer equipment 20% straight line Motor vehicles 25% straight line

At each balance sheet date the charity's management and trustees consider whether there is any indications the assets are impaired. Where indications of impairment exist the assets is written down to its recoverable amount.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Assets held for sale

Assets held for sale comprise assets available for immediate sale, which are being actively marketed at a market rate. These assets are reported at net residual value less costs to sell.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable and allocated to funds on a basis in line with the allocation of expenditure.

Redundancy and termination payments are recorded as an expense in the financial statements as they fall due with any amounts unpaid at the balance sheet date accrued.

Page 16

CHRIST EMBASSY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNTING POLICIES

VAT

The Charity is not registered for VAT and cannot recover VAT incurred on costs. These are therefore stated inclusive of any VAT element.

Tax

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern and can be supplemented through the sale of vacant buildings.

Page 17

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies
Tithes and offerings
2. Other trading activities
Rental income
3. Investments
Bank interest
4. Charitable activities
Ministry bookshop
5. Raising funds
Ministry bookshop costs		 Unrestricted
Funds
£
5,290,718
5,290,718
Unrestricted
Funds
£
120,000
120,000
Unrestricted
Funds
£
2,644
2,644
Unrestricted
Funds
£
1,644
1,644
Unrestricted
Funds
£
319
319		 Restricted
Funds
£
2,826,696
2,826,696
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 2024
Total
Funds
£
8,117,414
8,117,414
2024
Total
Funds
£
120,000
120,000
2024
Total
Funds
£
2,644
2,644
2024
Total
Funds
£
1,644
1,644
2024
Total
Funds
£
319
319		 Unrestricted
Funds
£
5,237,053
5,237,053
Unrestricted
Funds
£
124,208
124,208
Unrestricted
Funds
£
995
995
Unrestricted
Funds
£
724
724
Unrestricted
Funds
£
1,080
1,080		 Restricted
Funds
£
2,726,347
2,726,347
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 2023
Total
Funds
£
7,963,400
7,963,400
2023
Total
Funds
£
124,208
124,208
2023
Total
Funds
£
995
995
2023
Total
Funds
£
724
724
2023
Total
Funds
£
1,080
1,080

Page 18

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

NOTES TO THE FINANCIAL STATEMENTS

6. Charitable activities

Grants to institutions (see note 6a.)
Grants to individuals - Other
Missionary work
Rent, rates and premises expenses
Event costs
Television and internet broadcasts
Advertising
Motor and travel expenses
Repairs and maintenance
Wages and salaries
Books, music and audio
Depreciation
Support and governance costs (note 7)
Grants to individuals - Rhapsody of
Realities		 Unrestricted
Funds
£
-
14,205
2,950
1,094,396
15,166
1,294,074
13,058
476,682
32,303
1,379,906
16,557
209,389
982,908
5,531,594
-		 Restricted
Funds
£
782,887
146,930
-
-
252,783
-
-
-
-
-
-
-
-
2,683,048
1,500,448		 2024
Total
Funds
£
782,887
161,135
2,950
1,094,396
267,949
1,294,074
13,058
476,682
32,303
1,379,906
16,557
209,389
982,908
8,214,642
1,500,448		 Unrestricted
Funds
£
-
7,655
5,111
1,289,548
13,036
945,510
37,118
500,694
45,604
1,353,909
5,564
212,955
853,886
5,270,590
-		 Restricted
Funds
£
667,480
259,224
-
-
370,546
-
-
-
-
-
-
-
-
3,040,926
1,743,676		 2023
Total
Funds
£
667,480
266,879
5,111
1,289,548
383,582
945,510
37,118
500,694
45,604
1,353,909
5,564
212,955
853,886
1,743,676
8,311,516

6a. Grants to institutions

Healing For The Nations
Healing School
Inner City Mission
Independent Schools Association
Loveworld Medical Centre		 2024
£
159,534
623,353
-
-
-
782,887		 2023
£
223,080
417,190
12,210
15,000
-
667,480

7. Support and governance costs

7. Support and governance costs
Light and heat
Printing postage and stationery
Telephone and internet
Sundry expenses
Bank interest payable
Bank charges
Legal and professional fees
Accountancy fees
Auditor's remuneration
Loss/(profit) on disposal of fixed assets		 Unrestricted
Funds
£
91,872
130,270
124,786
440,929
117,898
58,941
95
326
17,791
-
982,908		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 2024
Total
Funds
£
91,872
130,270
124,786
440,929
117,898
58,941
95
326
17,791
-
982,908		 Unrestricted
Funds
£
96,688
125,456
84,675
374,635
120,342
31,202
5,445
-
15,443
-
853,886		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
Funds
£
96,688
125,456
84,675
374,635
120,342
31,202
5,445
-
15,443
-
853,886

Page 19

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

NOTES TO THE FINANCIAL STATEMENTS

8. Auditors remuneration

Audit
Accounts preparation
Other support services and travel		 Unrestricted
Funds
£
10,800
4,200
2,791		 Restricted
Funds
£
-
-
-		 2024
Total
Funds
£
10,800
4,200
2,791		 Unrestricted
Funds
£
10,800
4,200
443		 Restricted
Funds
£
-
-
-		 2023
Total
Funds
£
10,800
4,200
443

9. Wages and salary cost

Gross wages
Employer's national insurance costs
Employer's pension contributions
Staff numbers:
Average head count		 2024
Total
Funds
£
1,185,728
121,092
46,903
1,353,723
2024
34		 2023
Total
Funds
£
1,184,058
120,513
46,743
1,351,314
2023
34

No employee received employee benefits, excluding employer pension contributions, in excess of £60,000 during the year under review or the comparative year.

The charity operated a defined contribution pension scheme for its employees. The contributions shown above are recorded as an expense within the Statement of Financial Activities with no amounts outstanding at the balance sheet date.

10. Related party transactions

The following trustees were remunerated for their full time roles as Pastors, being a minority of the total number of trustees and thus allowed under the Trust Deed. The amounts payable during the for the period in which they were trustees was as follows:

Pastor Gabriel Adesina
Gross pay
Employer's NIC
Employer's pension		 2024
£
58,020
6,752
2,201
66,973		 2023
£
58,020
6,752
2,201
66,973

Inclusive of Pastor Adesina the charity's four paid members of key management personnel received employee benefits totalling £235,482 (2023 four: £235,482) consisting of gross pay and employer's pension contributions.

None of the trustees, listed on page 1, were reimbursed or had expenses paid on their behalf during the year under review or the comparative year.

£5,400 (2024: £nil) travel costs were reimbursed or paid on the behalf of one of the key management personnel during the year under review.

Page 20

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

NOTES TO THE FINANCIAL STATEMENTS

11. Tangible fixed assets

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
Accumulated at 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value at 31 December 2024
Net book value at 31 December 2023		 Freehold
property
£
9,148,840
-
-
9,148,840
2,214,942
182,977
-
2,397,919
6,750,921
6,933,898		 Leasehold
improvements
£
658,618
-
-
658,618
174,531
13,172
-
187,703
470,915
484,087		 Office
equipment
£
790,982
2,909
-
793,891
780,278
10,389
-
790,667
3,224
10,704		 Church
equipment
£
2,658,926
16,850
-
2,675,776
2,647,864
2,851
-
2,650,715
25,061
11,062		 Motor
vehicles
£
15,145
-
-
15,145
15,145
-
-
15,145
-
-		 Total
£
13,272,511
19,759
-
13,292,270
5,832,760
209,389
-
6,042,149
7,250,121
7,439,751

12. Investment property

Carrying (market) value brought forward
Transfers to assets held for sale
Revaluation adjustments
Carrying (market) value carried forward		 2024
Total
Funds
£
3,950,000
-
-
3,950,000		 2023
Total
Funds
£
3,950,000
-
-
3,950,000

The property was valued in 2022 by Lambert Smith Hampton, Chartered Surveyors, on an open market value for existing use basis.

13. Assets held for sale

Building (received from subsidiary) 2024
Total
Funds
£
733,410
733,410		 2023
Total
Funds
£
733,410
733,410

14. Debtors

Prepayments and accrued income
Purchase tax control		 2024
Total
Funds
£
7,538
-
7,538		 2023
Total
Funds
£
7,538
-
7,538

Page 21

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

NOTES TO THE FINANCIAL STATEMENTS

15. Creditors: amounts falling due within one year

15. Creditors: amounts falling due within one year
Bank loans and overdrafts
Other loans
Trade creditors
Other creditors
Accruals and deferred income		 2024
Total
Funds
£
67,794
232,203
780,719
774,087
15,151
1,869,954		 2023
Total
Funds
£
72,289
232,203
853,610
774,927
15,151
1,948,180

16. Creditors: due after more than one year

Bank loans payable between one and two years
Bank loans payable between two and five years
Bank loans payable in more than five years		 2024
Total
Funds
£
73,726
245,898
769,935
1,089,559		 2023
Total
Funds
£
78,632
279,831
985,620
1,344,083

17. Analysis of net assets between funds

Tangible fixed assets
Investment property
Current assets
Current liabilities
Non-current liabilities		 Unrestricted
Funds
£
7,250,121
3,950,000
49,309
(1,869,954)
(1,089,559)
8,289,917		 Restricted
Funds
£
-
-
1,340,777
-
-
1,340,777		 2024
Total
Funds
£
7,250,121
3,950,000
1,390,086
(1,869,954)
(1,089,559)
9,630,694		 Unrestricted
Funds
£
7,439,751
3,950,000
309,336
(1,948,180)
(1,344,083)
8,406,824		 Restricted
Funds
£
-
-
1,197,129
-
-
1,197,129		 2023
Total
Funds
£
7,439,751
3,950,000
1,506,465
(1,948,180)
(1,344,083)
9,603,953

18. Analysis of net movement in funds

Restricted funds
Partnership
Ministry
Pastoral
Building
Total restricted funds
Unrestricted funds
Designated funds
Fixed asset reserve
Revaluation reserve
Total designated funds
General fund
Total charity unrestricted funds
Total funds		 Year ended 31 December 2024 Year ended 31 December 2024
Total funds
brought
forward
£
-
440,680
52,593
703,856
1,197,129
7,439,751
2,525,000		 Total
incoming
resources
£
2,714,049
109,797
-
2,850
2,826,696
-
-		 Total
resources
expended
£
(2,673,550)
(9,498)
-
-
(2,683,048)
(209,389)
-		 Transfers
between
funds
£
-
-
-
-
-
19,759
-		 Gains/(losses)
on fixed assets
& investments
£
-
-
-
-
-
-
-		 Total funds
carried
forward
£
40,499
540,979
52,593
706,706
1,340,777
7,250,121
2,525,000
9,964,751
(1,557,927)
8,406,824
9,603,953		 -
5,415,006
5,415,006
8,241,702		 (209,389)
(5,322,524)
(5,531,913)
(8,214,961)		 19,759
(19,759)
-
-		 -
-
-
-		 9,775,121
(1,485,204)
8,289,917
9,630,694

Page 22

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

NOTES TO THE FINANCIAL STATEMENTS

18. Analysis of net movement in funds

Restricted funds
Partnership
Ministry
Pastoral
Building
Total restricted funds
Unrestricted funds
Designated funds
Fixed asset reserve
Revaluation reserve
Total designated funds
General fund
Total charity unrestricted funds
Total funds		 Year ended 31 December 2023 Year ended 31 December 2023
Total funds
brought
forward
£
2
387,768
52,593
701,779
1,142,142
7,639,007
2,525,000		 Total
incoming
resources
£
2,607,018
117,252
-
2,077
2,726,347
-
-		 Total
resources
expended
£
(2,976,586)
(64,340)
-
-
(3,040,926)
(212,955)
-		 Transfers
between
funds
£
369,566
-
-
-
369,566
13,699
-		 Gains/(losses)
on fixed assets
& investments
£
-
-
-
-
-
-
-		 Total funds
carried
forward
£
-
440,680
52,593
703,856
1,197,129
7,439,751
2,525,000
10,164,007
(1,478,927)
8,685,080
9,827,222		 -
5,362,980
5,362,980
8,089,327		 (212,955)
(5,058,715)
(5,271,670)
(8,312,596)		 13,699
(383,265)
(369,566)
-		 -
-
-
-		 9,964,751
(1,557,927)
8,406,824
9,603,953

19. Description of restricted funds

Partnership Funds for other arms of the Ministry; namely Rhapsody of Realities, Healing School, Loveworld Television, Innercity Mission, Cyber Ministry and International School of Ministry. Ministry Funds to support missionary projects. Pastoral Funds to assist a small group of fellowship within the ministry congregation Building Funds for the acquisition of a bigger venue or expansion of existing venues to accommodate the fast growing membership of the Church.

20. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

Financial liabilities
Measured at amortised cost:
Trade creditors (note 15)
Bank loan (notes 15 and 16)
Other loans (note 15)
Other creditors (note 15)		 2024
Total
Funds
£
780,719
1,157,353
232,203
774,087
2,944,362		 2023
Total
Funds
£
853,610
1,416,372
232,203
774,927
3,277,112

Page 23

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHRIST EMBASSY

NOTES TO THE FINANCIAL STATEMENTS

21. Comparative statement of financial activities

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Other trading activities
2
Investments
3
Charitable activities
4
Other income
Total
EXPENDITURE ON:
Raising funds
5
Charitable activities
6
Total
Net Income/(expenditure)
Transfers between funds
18
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets and investment property
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
18
Total funds carried forward
18		 Unrestricted
Funds
£
5,237,053
124,208
995
724
-
5,362,980
1,080
5,270,590
5,271,670
91,310
(369,566)
(278,256)
-
(278,256)
8,685,080
8,406,824		 Restricted
Funds
£
2,726,347
-
-
-
-
2,726,347
-
3,040,926
3,040,926
(314,579)
369,566
54,987
-
54,987
1,142,142
1,197,129		 2023
Total
Funds
£
7,963,400
124,208
995
724
-
8,089,327
1,080
8,311,516
8,312,596
(223,269)
-
(223,269)
-
(223,269)
9,827,222
9,603,953

Page 24