CHERUBIM AND SEIL4PHIM CHURCH MOVEMENT, MOUNT HOREB, NDON Contents Referen and AdminislTative iknils Tru51¢es' Report 2to4 Statement of Trustees, Resrthsibiliti¢s Endepcndent Examinerf5 Repc Sthtement of Financial Adiviiies Bance Sheet Notes to the FinwKial St•twnents 9t018
CHERiiBIM AND SERAPHIM CHURCH MOVEMENT, MOITNT HOREB, U)NDON Reference and AdmiDiStrative Detsils Chairptrw Ms Elizabeth Foluke Ayand4 S181 M(ther Pastor Chrge Emmanuel Oluw&w Ademorthi Trusttts Ms Elizabeth Fduke Ay4ndL Specid M(xher Reverend Pastor Ademda AnimashawK Past Ms Esther Ayobarni AdwiyA IAdy EvanWi5t Special Aposde Ola Adewurni Paor Emmanuej OluwisenBun Ademoroti Theresa Yemisi Williams. Seni(K District Sttrdary SecrtlAry Theresa Y¢rni5i Williams. Sen1 District S Principal oifict 602 Woolwi¢h Road Charlton London SE78 Chrity Rwtrition Nvmbtr 1063958 Indepedent ExaJDiJ*r K&lomart & Co Accountants Accountants and Externa] Exarniner5 Unit 9 BlxkheAth Buyintss Centre 78B Blackheath Hill London SE108BA Pa8e I
CHERUBIM AND SF.RAPHIM CHIIRCH MOVEMENT, .MOI',NT HOREB. Trustees. Report The tyeeS present the annuat r¢wt togrther with the financtal statements of th¢ thtitity ts th¢ y¢ar ¢nded 31 D¢¢¢mber 2020. Objectives and etivi¢ies Obieets ¢TinL Cherubim & Sernphim Church Movemw m(nI Horeb, wa5 forn1 as a charitable or8anisation in EnglaEJd and Wale5 and was registerd 01(kn3958 a5 a charity on 14 August 1997 The Church was esthblish urKler a Tnm Deed in 1997. which established ()jKts and power5 of the ¢hatitabl¢ organisati(m. It is governd tFos deed as amended on the 8 January 2(K19 Under th¢ am¢nded Trust deed. January 2009. the church's ()jects are SpificallY set out in the Dj&ratiOn of Tn1 as "The advan¢¢m¢nt of the Christian Faith in the United Kingdom or abroad. the relief of persons who are in condiiions of ne•1 hardship or distress or wljo are aged OT sick in t UnKt¢d Kingdom or abroad. the funherance of lis rel1Ls and charitable activbties in accordance its d)jecL% and the raising of fvrtds to further its LjectÉves.,, Amendrnents to ihe Objects clearance with the Charity Commi%siort may only b¢ made on written rtsolution at an Annual General M¢¢tin Purposes. Aim* Obje¢tive5 and Activities To involve in cxJtrts¢h (STamme$ design] to increase Chri#ian awareness aTrJ Spr the gospel of 1r Lord Jesus Christ Page 2
CHLRUBIM AIYD SERAPHIM CHURCH MOVEMEJT, MOIINT HOREB, LONDON Trustees, Report Gocd4)ye to that horrible year 2020 that witnessed pandemic of COVID-19. unemploymen( SPIT inflations gjobaily, unSuasSed fo banks 2nd oth¢r pe51ilencef4newii.iiies. 2021 stsrted With the New Year Setvi¢e and the usua] Annua] ThaEJk$8ivin8 Service with efv'ffj member app[lating Giyj and the role the Church played in their lives dyn.ng the palxlemic. The impact of the pandemic on members both emotionally and psycholowcally w8s evidenced thrtyJ8h the decline of rnernbers corning to church io wrS"p. Neverth¢le$5. we remain Com¥nittl to enabling as many pexyle as Sble io w(thtp ai OUT church and tobecome part of OUT Christian family (kn &¢rvi¢es and WLYskn"p wt faith into prxti¢¢ thTW8h prayer arÉd SCTiPDJr< music and Holy Sacrament. In Febn]ary 2021. the unthinkable happenql when the church loa the Chairnlan and Spiritual leadet in the person of Reverend JaTnes Jide AyaThla. The incident rked the chUb to its foundation but we thanked G(yJ that the church weathered the storni aThJ some Members remaÈned cornrnitted io the mission and vision of the late leader A new Leader in Charge was subsqUenY annCwnC in the pers(m of Pa5tOT Olusegun Ademoroti. The Church Sttretary M5 Yemisi Faloye was elevaied to the wsi of the Sentor DistTirt Secretary. Mis E]izabeth Ayand4 wife of the late Ch&rman w&% unanitnously apw)intd as the Board of Tru5ttts Chairperson. The Board of Tn]5tees in panrership with the new leadet in charge COTrtinue5 to Prede over the affairs of the Church. Meetings are held virtua]ly with 0¢S1Onal meetsngs hdd in the church ha]1 Achievemettt #nd PerformaTrcv. In spite of hitches the Churth has Since continued to progressivdy Members are beSnn1g to return to the church and efforts have been made to make the church actiTrities as all-embracing as possible The church now offers a weekly activity on Wednesdays, first Friday of the month 05 opposryj to every Friday that members now find both beneficia] and spiriwally fulfi11in8 SimtlaTly, we have been in welcomjng nTrofe faniilies into cw dmwch. There are rrn5 for improvement and these w(xdd be expl(Yed &ig¢X4XY in 2022. As well as <w regular service& and as part of th]r cotnrnunity yxial iftclusiorL we enabled (x]r communtty to olebrnfr thank G(xi by distyibutin8 gIdlI1 ft bags to all our neighErf)urs to celebr¢ Christm5 wd tsdings in ?020. We hope to continue io proiide this 8(xMlwryll to ow neighbws on a yearly b&i$. Tryets for 2022 As the youth is th¢ father of a nauw we will ensure the youth ministry is d¢velopa with optsmd returns. The purchase of (rfI2 Wl1¢h Ro&d will be a pri(rity in 2022. The bold plan to ueate greater impact positively ithin our wrnmunity will be Thith gretE efforts in 2022. P4blic benefv ent The trustee5 confirni they have wMpli with the req¥Jirements of section 17 of the Charities Act 2011 to have due regard to the public be1 guidan bliShl by th¢ Charity Comrnissi( for England and Wales. Pa8e 3
CHERUBIM AND SERAPHIM CHLRCH MOVEMENT. MOUIYT HOREB, tDI%DON Trnstees, Report SIrnctw. governn¢e J maTragemtnt Financial iThstrnmeNts ObiectiTe5 aRdpolia The charity's activities expose it to a number of financ1 risks including credit risk c45h flow risk and liquidity risk. The use of financial detivatives 15 gover1 by the charity's w4iaes approvryj by the board of trustees. which proyide WTilt¢n PriDciples on the use of financia] denallY¢S to manage these risks. The charity does not use derivative financial instmments f(Y SrrtuIivt purFrfXts. Ca$hflowris The charity's aCtitieS extM)se it primarily to the finala risk5 of changes in forugn ¢urrency exchan8¢ rates and interest rntes. Th¢ rlwity use5 foreign exchange forward ccffltrxts and intere51 rate Swdp contrarts to heAl8e these exposures. Interest beaTing a&8ds arml liabilities are Idd at fixej tate to enyJTe cextsinty of cash flows. The charity's principal financial &s%ts are bank baiwKes and Ca5 trade and other re1V#b]eS. and investtnents The charity's credit risk is priMllY attributsble to it5 trade reeeivables. The amntS presented in the balance sheei ate net of allow4ncw for d(mtful rweivables. An allow7n¢e for irnpairnient ts made where there is an identified loss event wM"ctL preb]S expe[lee. 15 evidence reduclion in the recoverability of the cash flow5 The credit risk on liquid funds and detivative finattcial insttuments is 11rnitl baUse the wjnterpdes are banks with high ¢redit-raiings aSsita by international ciedit-nting agencie5. The charity has no si8oificant concentrati(x) of crojit risk with exposure Spread over a large number of counterpartie5 and C4L5tomers. Li4#i¢lity risk In ordtt to nllintxin liquith.ty lo ensure that sufficient ndS aTe available for ongoing operations and futslre developtnents, the charity uses a mixture of long-iemi and shon-rerni debi finance. Further details rewdin8 liquith.ty risk can be louThJ in the Siatemfflt of accoLmtsn¥ wlicies tn the financial siatema)ts. The annuai repcffl was approved by the trnstees of the chuity on by: Oct(1) 2021 and sign1 on its behr Ms Elizabeth Foluke AYd* Chairperson and Trusl¢e Theresa Yerni5i William5 Srfretary and Tte£ Page 4
CHERUBIM AIYD SERAPIIIM CHL RCH MOVEMEYT. MOLNT HOREB. LONDON Statement of Trustees, Responsibilities The trustees are r¢sponstblc for preparing the tnkstees, re and financial statements in accdance with thc United Kingdom Acc(WLting SthTraards (Unit&l Kin&JosTb ceTaIlY A] AcMNIng Prdclice) and appli¢able l&w and re8ulalions The law applicable to ¢harities rwjires the thjmees to prq)are financial stAtem¢nts for ¢Aeh fLnAn¢ial year th]ch give a true #nd fair iiew of the sthte of affaiT5 of the ¢han"ry and of the incoming re%MJrces application of re50Ut£es of the ¢han'ty for that petithl In pFepatin8 these finaTh¢i8] ststemenis. the trysttts are requirfd io. select suitable acc11n8 policies and then apply them consiAendy' (¥serve the meth(xls and princip1¢5 in the Charities SORP. make JI8¢M¢nts and estimates that are re{)nAble and pruden(" state whether applicable 4ocwntin8 stsndards have been fdlowrf gjbject to any n[1 deparr¢S 1li5cIosed and explained in the fin4]Kiai ststements" and prepare the financial 5taternents on the going ¢rn¢¢rn basis unless it is inappropriate to presume that the Charity will otinUe in bu5ines5. The ttustee5 responsible for keeping PToper accojnting rec(ffds thai disclose with reasonable accuracy at any tim¢ the financial positi( of the charity and enable them to ensute that financial ststements comply wilh the Charities Act 2011. the applithle Charities (Accounts and Repons) Regulations. and the provisions of the ¢onstiiuuon The $t$ are also ie5tK>nsible for SUrdIn8 the &ssets of the ch¥riry and henc¢ for tsking reasonable sleps for the preventi(m and dettttion of fraud and other irrwlarÉties. Approved by the trustees of thecharlty on 2021 and its bebalf by: Mswi Foluke AYd Chatrperson and Trustee ILJIl Theresa Yemisi Williams Page 5
CHERUBIM AND SERAPHIM CHLTRCH MOVEMENT, MOL,NT HOREB. Independent Examiner's Report to the Irustees of CHERI,BIM AND SEKIPHIM CHIIRCH %IOVE.%IENT, MOI'NT HOREB, LONDO I reFK)Tt tt) the chgriry mirteeg on my examin1 of the accujnts of the Ch]ry for the year eTrd 31 December 2020 whi¢h are set on pages 7 10 18. Respectivt mpDnsilxli¢ies of trusiees #nd euminer As the charity s trustees of CHERLBtM AND SERAPHIM CHURCH MOVEMEKf. MouKf HOREB. LONDON you are resw)nsibl¢ for the preparation of the accounts in aCCordae with the rs4uiremeDts of the Chatities Act 2011 ('the Act.). I report in reSpt of my examination of the CHERUTIM AND SELIPHtM CHURCH MOVEMENr. MOUNT HOREB. LONDON'5 accujnts carried wt under stttion 145 of the 2011 Aa and in carrying out my ¢xaminaiion I have follotd all the applicable Th"rectiOnS 8iven by the Clwity Commission under se¢t]o 145(5Mb) of the Act_ ITrdependtDt eumioer's $titthent I have completed my examination I wtjfirtn th no njatetial tnatters have come my attention in contwti¢)n wilh the examination 8i¥in8 me cawe to bdi¢ve in any material res." l. acc(tIng records wtie not kept in rwt of CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOLryT HOREB. LONDON required by sectson 130 ofthe ACL or 2. the acuxthts do n¢A ¥c¢)rd with those records. 3. th¢ accounts do nol comply with accoJntin8 r4uitements concuning the forn) and content of accounts sd out in th¢ Charities l.Accounis and Reports) Regul10n$ 21X)8 other than any rwuirement thai the acCntS 8iV¢ 4 'true and fair view which is not a maller considerod as part of an independent exatninalion. I hav¢ no Goncerns and have ¢(rtne across no othth- matters in connort wth the examination to which attention SIKld be d in this rep(vt in thable a prw underdIng of the acc(xthts to be reached. N'siah B.4Rf.4 ccountants and External Fine[S Unit 9 Blackheath Busin$ Centre 78B Blackheath Hill London SE108BA O¢tober 2021 Pa8e 6
C.HERUBIM AND SERAPHIM CHiiRCH Mo1mET, MOUNT HOREB, LONDON Ststement of Financial Activities for the Year Ended 31 December 2020 Totsl 2020 Unrestricted Restricted 2019 Note Income EndowmeDts froJD: Donation% 4nd legacies Expend[tre ott: funds Charttable &ctiviti¢s Other expendiDJre 59225 1.2W2 60.517 63.176 {9.712) (27,848) 7.453 (9.712) 127,848) 8.453 (21,323) (42.89$) 9.671 T41 expenditure Net movement in funds 14.212 292 14.504 (10.713) Tothl funds brou8ht forward 61.576 22.221 83.797 94,510 Totsi fimds carried fonw8rd 16 22.513 All of the charity's activities deriv¢ from ]nuing (3115 during th¢ abov¢ tw peri(xls The fihnds bleakdo f(v 2019 is show) in e 16. The n(ts ge5 9 to 18 f(Th an tnt¢ finwial *M¢$.
CHERIIBIM AND SERAPHIM CHITRC.H MOVEMENT, MOI:,NT HOREB, (Registration number: l(K)3958) Balanee Sheet as at 31 Detember 2020 2f120 21119 Note Fiicd 55e¢s Tanble assets io 3.422 4.278 Current assets Debti>r5 Investments Cash ai bank and in hand 5,669 66.91 12 13 49.302 112,326 122,201 Crediiors: Amoullt5 fallittg due within One year 14 1.776 3.678 Nei crreI assets 110.550 118 523 Total 4sstts less crrent liabiliti 113,972 122.801 Creditors: A0ts f118 dut fttr ohore tbo ot year 15 39.004 Net asset5 98.301 Funds of thE chxrity: Restricted itt¢omt TndS Resiri¢ied funds 22,513 22,221 Unrestrirted intome fud¥ Unresiricted funds 61.576 Total fuDds 16 98.301 83.797 The finanthal statements on pa8¢s 7 to 18 w¢te 4ppmve41 by th¢ trwt¢¢s. and authoti3¢d for i5Su¢ on .. Iktober 2021 and siwvi their behalf by.. Ms EISZAbeth Foluke Ayanda Chaitp¢rson and TrwQee Theresa Yemisi Williarns Secretary and TTUStee The pages 9 to 18 fc(m an intewl part of these fin&121 state1. Pa8e 8
CHERUBIM AND SERAPHIVd CHITRCH MOVEMENT. MOLTNT HOREB, )NDON Notes to the Finan¢iAI Statements for the Year Ended 31 Deeember 2020 l Aceouttiitig policiu Sttemtnt ofcompliaDfe The linanckal statements have been prepared in aCCordae with Accounting aTrJ ReF&¥ting by Charitie5'. Statement of Recommended Ptactice aH)licable to chattties preptirin8 their account5 in accordance with the Financial Rew)nin8 Sthndard applicable in the and Republ?c of Irdand (FRS 10?) leffeciive l January 201 S) - (Charities SORP IFRS 102)), the Finan¢iai Rwrting Ststxlard app]ile kn the UK and Republic of Ireland (FRS 102) alxl the Charities Art 2011. B#$i$ of preparatio CHERUBIM AND SERAPHtM CHURCH MOVEMENf. MOur HOREB, LONDON meets the definition of a public benefit eEltity under FRS 102. Assets and liabilities are initially re£o8nised at hsstorical cost or trartsaction value unless otheTh4ise staioj in the rdevant accThLntin8 Fdicy notes Eiemption from preparing a cash flow StstennI The charity Opted to eaTly adopt Bulletin I published on 2 F¢bwary 2016 and hav¢ therefore not included a cash flow staiement in these financial statements. Going ¢on¢ern Th¢ tn]5tees consider that there are no nwerial uncertwmies ab1 the ¢haTity'S ability to continue as a 80iD8 concern Income endowments Voluntsry income induding donation& 8iti& legac1 and grants that provide wre funding 4y are of a general nature is reco8nised wthen the charity has lement to ihe Iorne. it is pr(l)able that the income will be received and the amount can be meawred with sufficient rdiability. Donations and legackLs are tecwiwl m a e1Vable basis win rrf¢ipt 15 probable and the amount can be reliably meawred. Granis are re¢o8nised wkn ihe charity has an entitlement to the funds and any cimdition5 linked to the grants have been met. Where pormance condtiion5 are attached io the grant and are yd to be the in¢(e is rwiseJ as a liability and induded on the balanct sheet as deferred inc4Jme to be rdeasol. Eiptllditure All expenditute tttogni5ed thery is a 1¢8al (Y ax]51n1Ive (A)ligati to that ¢xp¢ndilure, it is prdbable settlement is requirvj and the am(yJnt be Measu rdiably All £O#s are allocated to the applithle expendiwre heading ag8reg*e similar costs io that caiegory. Where costs cannot be direct]y atiribuied to particular headings have been alltell a b1$ consistent with the use of resources. with Centr stsff ost5 alloaied on the b1$ of time spenL and depre£iaiion charges all(Kated (m the p(Ytion of the asset's use. (hher 51EPPOrt wsts are all(J based on the spread of s#aff costs. Page 9
CHERUBIM AND SERAPHIM CHI:.RCH MOVEMENT, MOI".NT HOREB, Notes to the Financial Statements for the Year Ended 31 December 2020 Rdifift8fMMds These are costs iurred in attr¥#ing voluntary inco. the rnaDa8ement of investments aNI those Ined in trading adivitse5 that raise funds. Chariiable adiiitie5 Ch&tttable expendiwre c(Mnprises those co#s incurrol by the charity in the ddivtty of its activitses and servtces for its berjeficiaries It iTKlwJes b costs tbat can be allcted direcdy to ch acttvities and those costs of an indirect nature necessary to suFyKt than SppOrt costs Suppon costs include central functtons artd have been ajI(ed to acttNuty Cost categories on a basis consistent with the use of ftr exampl¢ ail(Kin8 properry co&s by fl¢y)r areas, OT per capiw staff costs by the lime SFni and crther coAsby their usage. T#x#tio The charity is considered to pass the tests set cwJt in Parwaph I Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a clwitable company for clKp010n tsx purposes Accordinpjy, the charity is Potentidly vternpt from ttxation in respea of income or capitsl gains received wthin egorieS ¢OVer by Chapter 3 Pan l l of the C(Mp(xion T&¥ Act 2010 or Section 256 of the T&Kation of Chaige4ble G"rtS Act 1992, to the extent that such income w gains are applie41 exclusively to charitsble pUOSe5. TatJ¥ibk fixed assets Indi%idual fixed assds costing £0. mtye are irttti811y at CL less any subwu¢nt acaulat deprllon and subso4uent aC(2unul#t&l imrAirnwrt105Se5. Depreciation #mortisatiott Depreciation is prod on tangible f]x assets so as to %lIe off the valuation. less any estimated resi{kl val. over tha'T )1¢ life &$ follows". CurreD¢ asse¢ Current asset investmettts are induded the lower of CO and realisable value I market value. Trade debtors Trade debt(XS are arn(w due from (¥sts)mers f mercbar#Jise wAd (r services JRrfomied in the otdinary course of busitw. Trth debtors are reco8nis& initially at the transactson pric£. They are wb5equendy measured at amortisel cost using the effective interesi tneth(ML Iw proNrysion for impairnem. A proiision for the impairnient of trade debtors 15 establisha kn there is obJ1ve evidence that the clwity Hqll be able to collect all amounts du¢ according lo the orInI1 tum5 of the rett4vables. CaJh nd tash tquivxltnts Cash and cash equival¢nis prIse cash w hand and call deposiw and other short4erm highly liquid nvestments that are readily cfflvertible tt) a known am(yJnt of c&sh and ar¢ subjxt to insignifiGynt risk of change in value. Page 10
CHERLfBIM AND SERAPIIIM CllLfRCH MOVEMENT, MOIINT HOREB, LONDO l%otes to the Finaneial Ststements for the Year Ended 31 December 2020 BorrowiTrgs Int¢iest.beaTing bOrrn8S are inibglly rwiyded at fair value. net of transactiffl Costs. IntereA-bearing boongS are th5equently carried at amorrised co#, with diffemjce between the proceeds, net of transtction costy And the arnouni due on redemoion bth"n8 recognis&J &8 a dwge to the Sthtement of Finan¢ia] Athivitses over the pviod of the relevant borrowing Inierest expertge is rewBDised on the basis of the efflIve intffe5t mdhod and is indUdl in interest payable and similar clwges. Borrowings are daSSifi £ir liabilities unless ihe charity has an unconditional right to defer settlement of th¢ li#bility for at least twdve mnths after the reporting de. Fund slrncture Untestricd income fuThJs are general futtds that ar¢ d111b1e for * th¢ tsus*es's dÈxretson in further4n¢e of the obj&tives of the charity. Restricted income funds are those d(Thted for use in a partiallar area for spxific purposes. the use of which is restricted io area w EWOSe. Financial assds and financial liabilities are rKogni5ed when the charity becomes a party to the contractual provisions of the instrument. Financiai liabilities and 4uity instrurn¢nts ar¢ ¢Ilfi a¢Illn8 io the gjbstsnce of the cotttractt arrangemems entered in. An 4uKty inStrurn is any that evidences a residual intuest in the assets of the charity after deductin8 all of its li&biliti¢3. All financial assets and liabilities are initially mewed ai tyansa¢ti(Yt price (includin¥ transaction costs). exc¢pi f(K Ihose firtancial ass5 classified as at fair thrLYJ8h profit or lo twhich are iniiially measured &1 fair value {which is normally the transaction price excluding transactioii Costs). unless the arTrngernent constitutes a financing transaction. If an arrangerneni consritutes a fJnancin8 transl0. the financial asset or financial liabiliry is measured * the present va]ue of the future p2yThents discounied at a rnarkM rate of interest for a Similar debt instMent. FirnCIal assets and liabilities are thly offset in the statement of financial position when, atKI only when there ejasts a legally enforceable ri8hi to w off ihe reccgnisoj amwnts aThJ the clwity intends either to settle on a net basi& or realise Se1 and 5¢tt1¢ the liabiliry 5irnuliane(wly. Finamal assets a dttlS¢d when and (dY when a) the traCtUal rights to the cash flows frorn the financial asset expire or are settled. b) the charity transfers to another paty substhntiaily all of the risks and rewards of ownership of the financial &%s¢( cl the charity. despi hairyng retsined som< bui not ail, 5ignifiwit fi5ks and reu4rds of ownwship. has tr8nsfenEd control of th¢ assa aDother party. Financial liabilities are duw.soj only wben obli8Atiott $Ified in the c(NtrdcI is discharged. canceiled or expires. Pase 11
CHERUBIM AND SERAPHIM CHL,RCH MOVEMEIIT, MOUNT HOREB, LONDO Notes to the Finanei81 Statements for the I'eAr Ended 31 December 2020 D¢bt insxnmients which mett the follmwing widition5 are 5ub5wueDtly measurryj at aM(rtisl cost using the effective interest meththl.. la} The contractt return to the holder is (i) a fixed amwrtt: (Éi) a positive fixed or a wsitive variable rate" or (iii) a ¢ombination of a positive or a negative fixd rate aThJ a p)sitive T48riable rate. Ibl The contract may provi(k for repayments of the Principal or the rewrn to the holder Ibul not bh) to be linked io YI single relevant observable index of general price infiation of the owrency in which the debt innllneDt is denominated proided ch links are tt leverag1. (c) The contract may pThde for a ddminable variation of the return to the holder duTing the life of th¢ it)strumeni providgj that (i) the new rd satisfies conditi(m {a} and the variation is noi conringeni on future events gther than I l) a change of a contracrual variable rate: l?) io Prttl the holder against credti deterioration of the i55uer." (3) changes in Iwie5 applied by a central bank or arising from changes in relevaDt raKl0ft or law. or (li) the new rate is a matk¢t rat¢ of intwest and wi5fies c(yndition (a). (d) There is no contsactual PTOlSi¢M by irs ienns result ID the holder10sin8 the principal amount or any interest atirtbutable to the qllr¢nt periixl pri(Y peri (e) Contractual prls1On5 thai pennil the t$Sy to prepay a dd)i instrument or pern)ii the holder to pui li back to the issuer before rna]ty are not ¢ontin8eN on futtwe e%'ent& ¢Aher than io protect the holder a8ainst the credit deterioration of the issuer or a Change in control of the issuer. or to Pr1 the holder or issuer a8ainst changes in levie5 applied by a central bat)k or atiSiD8 frorn clthrt8e5 in fElev#nt tation or law. 10 ContTactua] provisions pumit the extensi(m of the term of the dtht irt5ffillnen( provid¢d that the return lo the holts and any (rther contractual proviotts 4)plicable during the extrnded tm satisfy the ¢ondition5 of paragraphs (a) to (c). Debt in#ruments that are classified as payable or rxeivable wrythin one year tnitia] rwition and which meet the above conditions are measured at the undiscounted am(ML of the cash or other consideration expectvj to be paid or ]Y&l. net of impairnw With the exception of 50nr hedging In$trthnen other dth InstrunS not etting these conditions ar¢ measure41 at fair value thr(NJgh profil loss. Commimients to make and receive loans which meer the eonth"tions mentioned above are Me&$Ur 4t Cost (wthich may be nil) less impAiErn¢nt. Investtnent5 in non-¢onvertible preference shares and nonuttable ordinary or preference shares (where shares are publicly traded or theii fail value 15 reliably measurable) are measured at fair N'aiue thrgh profjt or loss. WheJE fair value cannot be Measu r¢liably. in¥¢5tm¢nts are m¢Lwred at cost less impairnient. Investments in wbsidiaries and a$SlateS meagjrtd at less impairn)ent. Ftr inve5tii*nts in subsidiaries aquired for ClHtsideration in¢ltrJing the iswe of Sha qualifytng for merger relief. c4)st is meayjred by reference to the nominal value of the shares plus fair Va] of other consideration. Any premiutn is ignored. Page 12
CHERUBIM AND SERAPHtM CIWRCH MOVEMENT, MOI",NT HOREB, Notes to the Fiugneivdl Ststements for the Year Ended 31 December 2020 The ¢lwiry uses dwiwive financial inslnunenls to reduce exposuff to foreign exchange risk and inter¢st rate rnovemts. The charity not hold ( iw daivativ¢ finartei81 instnllws foT $p¢culative pwp(tses. Derivatives are initially rttognised at fair Val At the de a detivative effitract is entered into and are subsequently remeasured to their fair value &t each reportin8 date. The resulting gain 01 loss is recolSed in ststement of financia] activities immojiatdy unless the derivative is deed and effeaive as a hgJgin8 insmimen( in which event the timing of the recwiill(m in sweEnem of financial aaiviiie5 depends on the nature of the hage relatimship. Fuir vtslme mea5Mremenl The best eviden¢e of fair value is a qued price for an ideniicai assd in an aCtiC njarkei. When quoted price5 unavailable, the pri¢¢ receni transartion for an idenucai &s5et pr]deS evidence of fair Value as lon8 8$ there has been a sig1ificani ¢lwi8e in ewnomic circumstances a signifiwji lapse of time since the transaction ik place. If the market 15 TKrt active aThJ Tecart transa¢ti(ms of an identi] a55et their own are not a go(Ml estimaie of fair value. th¢ fair vatu¢ is ¢stimat<l by usin8 a valuation trfhnique 2 lTrcomt from dothatwjw Dd Itgarits funds GtDeral Rtsiritted fllnds Total funds Dor]ation5 and legaci Legacies Regular giving and Colle£ttona 24.621 32.564 655 637 25.276 33.201 Totsl for 2020 57.185 ,292 58,477 Totsl for 2019 02.356 820 63.176 3 Expenditure o rAiiing fu•(L Cojts oftrading i¢tiv#Ks Ullrestricted funds General Total runds Nott Costs of 8(KNJs 501d (hhef direct cOS of activities f gu)eratin8 fuThJs AllIKateAI sUPPOrt costs 1.126 4.941 620 1,126 4.941 620 Tot1 for 2020 6.687 6.687 Totsl for 2019 18.023 18.023 Page 13
CHERUBIM AND SERAPHIM CHI,RCH MOVEMENT. MOI,NT HOREB. LONDON Notu to the Financil StstemeDts for the Ye4r Ended 31 December 2020 CDSL4 4 ExpedItre on cbaritable activities Unrestrided funds Gener1 Total fund$ Note A]located suptth Costs 27.848 27,848 Totsl for 2019 42.895 42.895 Total eipendiiurt S Other e4JtDditsr Unrtstrirted funds Restricted funds funds Note All(1ed r05ts 7.453 Totsl for 2020 7.453 8.453 Total for 2019 9.671 9,671 6 Iyet i¢&1gI0u7tt8 resourr Nei incomin{t80lng) reswtts for the year iwlude". 2020 7 Trusttts rtmuDern¢ion and exptoses 8 Staff costs The 4we8at¢ payrdl wsts were as follows.. 2020 2019 St*ff etssts during the year Ivert: Wa8es aT¥J Salaries 3.3(X) Page 14
CHERUBIM AND SERAPHIM CHURCH MOVEMEIIT. MOUNT HOREB, LONDON Notes to the Financi81 Statements for the lear Ended 31 December 2020 No employee reeeived errtt)lum¢nts of m¢ than £60.IJY) dillg the year Pa8¢ 15
CHERUBIM AND SERAPHIM CHL, RCH MOVEMENT. MOUNT HOREB. LONDON Notes to the Financial Ststements for the Year Ended 31 December 2020 9 Txatlon The charity is a re8iSteEEd djarity and is therefo exempt tlIon. 10 TngÈble fixed ssets Furnithre equipment Total Cost At l January 2020 28,159 28,159 Ai 31 Dwber 2020 28,159 28.159 Depreciaiion At l January 2020 Charge for the year 23,881 856 23.881 856 At 31 D&ember 2020 24.737 24,737 Nei book value Ai 31 Dber 2020 At 31 De¢embw 2019 4.278 4,278 I l Debtors 2020 2019 Ihher debtors 5.669 12 Crre0t asset invults 20211 13 Cash equivalents 2020 2019 Cash 4t bank 14 Crediton: mounts rlIng due within one y¢•r 2020 2019 (tther Creditors ACC5 2,828 850 730 Pa8e 16
C.HERIIBtM AND SERAPHIM CHURCH MOVEMENT. MOUNT llOREB. )liDON Ilotes to the Financial Stgtements for tbe Year Ended 31 December 2020 IS Credii•r¥: [118 fter one year 2020 2019 Other loans 16 Funds Re5Durres tInded BalaDce at 31 Dttember 2020 JaDu#ry 2020 resources Uttrestricted funds Gener 61.576 59.225 (45.013) 75,788 Restricied funds 221 1.292 To1 83.797 60.517 IDcotniDg 146.013 Resources pended 98.301 Balance #t 31 l)tteJnber 2019 JJ)Mary 2019 Unreytricted fuDds Gener 73,109 62.356 (73.889) 61.576 Restricted funds 21.401 820 22.221 Tot1 funds 94.510 63.176 17 of De¢ ssets be"ten fujbds Unrr51ritt¢d fund$ To¢4J at 31 DecernbeT 2020 Tangtble fix a$5¢ts Current assets Current liabiliti¢S Cr¢ditors over l year 3,422 12.3?6 {1.776) 3.422 112.326 (1.776) Tota] net assets 98,301 98.301 P4g¢ 17
CHERL'BIM AND SERAPHIM CHITRCH MOVEMENT, MOI;,NT HOREB, LOINDOIN Notes to the Financial Ststements for the Year Ended 31 December 2020 UreStrted Tortal fund5 a131 fund5 Decembtr General 2019 Tangible fixed 455ets Current assds Current liabilities Creditors over l year 4,278 122,201 (3.678) 39,CK 4.278 122.201 (3.678) Total net assets 83.797 18 An*lygis funds Ai l JxTrwJry 2020 in#fte1 ush At 31 December nt)WS 2020 Cash at bank and in hand Current asset investments 49.626 49.626 Net debt 116,532 At l JaTrry 2(119 {66.6) 49.626 Finclg cash At 31 December flows 21119 Cash at bank and in hand c.urrent asset investsnents 53.336 91.508 53.336 91.508 Nei debt 144.844 91.508 53,336 Pa8e 18
CHERUBIM AND SEIL4PHIM CHL,RCH MOVEMENT. MOLNT HOREB. .Statement of FingneiAI Activit*s by fund for the Year Ended 31 December 2020 Total Total UDrestri¢ted Unrtstricted FndS Funds 2020 21119 Intome #nd from: Donation5 and legacies 59 Tota] iT0e 59.225 62.356 Expettditurt Raising funds Chatitabl¢ activities Other expendibjre (9.712) (27.848) 7.453 121.323) {42.895) TO expenditu N¢t incomel(expenditurel 14.212 Net movement kn fuThJs 14212 (11.533} Re¢onciliatioD offuB(Ls Total fimds broJ8ht forWd Tota] funds Carri fon¥ard 75.788 61.576 Pa8¢ 19
CHERUBIM AND SERAPHIM CHURCH MoVEmET, MOUNT HOREB, LONDON Stalemeol of Finaneigl Activities by fuDd for the Year Eoded 31 DLYember 202U Totsl Restrictttl Funds 2019 Rtstrifttd Funds 20211 Income and Endow)nents from: Donations and lesleS 92 820 Totsl ancome 1292 820 Expenditure on: Other expenditur¢ Total ¢xprndilure Net income 292 820 Net movement in fuThls 292 820 Re¢oDeiliation of fndS Totsl furtd$ br(1 f1rd 22221 21.401 Totai fillMl$ carrked foE%wd 22,221 Pa8e 20
CHERUBIM AND SERAPHIM CHURCH MOVEMENT. MOLINT HOREB. )NDON Detailed Stalement of Financial Aclivities for the Year End1 31 December 2020 rotsl 20ZO Totsl 2019 Imomt lld EDdowments frow: Donations and legacies {analysed bdow) Totsi incorne 60.517 60.517 63.176 Expenditurt on: Raisin¥ funds {any$1 below) Charitable actitieS landysed bdow) Other expenth.tyre (analysed below) (9.712) (27,848) 8.453 121.323) (42.895) (9.671 Totsl expdirtsre 46,013 73,889 Net incomeJ(expenditswe 14.51M 10.713 Net movernent in funds 14,504 (10.713) Reconciliation of funds Total funds brought frThMrd T(rtai fuThls cartied fmwaTd 98,301 83.797 Pa8e21
CHERUBIM AND SEIi4PHIM CllllRCH MOVEMENT. MOUNT HOREB. Detsiled Statement of Financial Activities for the Yegr Ended 31 December 2020 Total 2020 TDtAI 2019 Tith¢s speci Thanksgihittg Special ThanksVing Othcr income Building Fund 32.5&1 655 24.621 2.040 637 27.738 28,949 5.669 820 60.517 Wages and sal8ries Wages and salaries Sub%riptions Motor 2nd Fud expen Motor expenses Rent Rent Insurance InsuraTh¢¢ Subscriptions {3.025) (3,3} {1,126) (1,282) (3,837) {2.563) (11,922) (1.096) (2.264) 620 21.323 Chariiable acli%Yties Wages and salaries Orher expenses Organist wage5 Staff welfare Rent (3,025) (3.3) {2.486) (7,333) (5.932) 23,844 42,895 (2.210) (10501 20.563 27.848 Thi$ p8e does n( fim part of the wttrt(Ky financial 44thents. Pa8e 22
CHERiiBIM AND SERAPHIM CHI:,RCH MOVEMENT, MOtiNT HOREB, Delailed Statement of Financial Activities for tbe Year Endal 31 December 2020 To 2020 Tothl 2019 LighL heat &tKI po Repatrs aod mainten&tKe R¢pair5 and mainienar Telephone and fl Printin& postsge and sthtionery Accountancy fees Bank charges Depreciati(yn of pjarf and machintty Depreciation of fixwres and fitlin8S Depreciation of office quipm4Xt 12,826) (I.(xx)I (1831 {1.641} (884) {730) (3331 (25) (3) 531 8.453 (2.747) (2.1641 (1.8491 {420) (850) (5611 (42) (374) 9.671 Page 23