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 B￿ance 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 S￿181 M(ther Pastor Ch*rge 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 Pa￿or 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 Ch*rity Rwtrition Nvmbtr 1063958 Indepe￿dent 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 ty￿eeS 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 Sp￿ificallY set out in the D￿j&ratiOn of Tn￿1 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 rel1￿￿Ls and charitable activbties in accordance its d)jecL% and the raising of fvrtds to further its L*jectÉves.,, 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, unSu￿asSed 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 w￿rS￿"p. Neverth¢le$5. we remain Com¥nitt￿l to enabling as many pexyle as ￿S￿ble 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 r￿ked the chU￿b 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 subsqUen￿Y 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 Pre￿de 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 beS￿nn1￿g 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 r￿rn5 for improvement and these w(xdd be expl(Yed &ig¢X4X￿Y in 2022. As well as nsible for S￿￿U￿rdIn8 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 AY￿d* 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 examin*1￿ 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 aCCorda￿e with the rs4uiremeDts of the Chatities Act 2011 ('the Act.). I report in reSp￿t 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 follo￿td all the applicable Th"rectiOnS 8iven by the Clwity Commission under se¢t]o 145(5Mb) of the Act_ ITrdependtDt eumioer's $t*itthent I have completed my examination I wtjfirtn th￿ no njatetial tnatters have come ￿ my attention in contwti¢)n wilh the examination 8i¥in8 me cawe to bdi¢ve in any material res￿." l. acc(￿￿tIng records wtie not kept in rwt of CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOLryT HOREB. LONDON ￿ required by sectson 130 ofthe ACL or 2. the acuxthts do n¢A ¥c¢)rd with those records. 3. th¢ accounts do nol comply with accoJntin8 r4uitements concuning the forn) and content of accounts sd out in th¢ Charities l.Accounis and Reports) Regul￿10n$ 21X)8 other than any rwuirement thai the acC￿ntS 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 conn￿￿ort wth the examination to which attention SIK￿ld be d in this rep(vt in thable a prw under￿dIng of the acc(xthts to be reached. N'siah B.4Rf.4 ccountants and External F￿ine[S Unit 9 Blackheath Busin￿$ Centre 78B Blackheath Hill London SE108BA O¢tober 2021 Pa8e 6 C.HERUBIM AND SERAPHIM CHiiRCH Mo1￿mE￿T, 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[t￿re 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$) 9.671 T￿41 expenditure Net movement in funds 14.212 292 14.504 (10.713) Tothl funds brou8ht forward 61.576 22.221 83.797 94,510 Totsi fimds carried fonw8rd 16 22.513 All of the charity's activities deriv¢ from ￿]nuing (￿￿311￿5 during th¢ abov¢ tw peri(xls The fihnds bleakdo￿ f(v 2019 is show) in ￿￿e 16. The n(ts ￿ge5 9 to 18 f(Th an tnt¢￿￿ finwial ￿*M¢￿$. 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 Tan￿ble 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 c￿rre￿I assets 110.550 118 523 Total 4sstts less c￿rrent liabiliti 113,972 122.801 Creditors: A￿0￿￿ts f￿11￿8 dut *fttr ohore tb*o o￿t year 15 39.004 Net asset5 98.301 Funds of thE chxrity: Restricted itt¢omt T￿ndS Resiri¢ied funds 22,513 22,221 Unrestrirted intome fu*d¥ 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 St*temtnt ofcompliaDfe The linanckal statements have been prepared in aCCorda￿e 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]i￿le kn the UK and Republic of Ireland (FRS 102) alxl the Charities Art 2011. B#$i$ of preparatio CHERUBIM AND SERAPHtM CHURCH MOVEMENf. MOu￿r 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 Ststen￿nI 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 ab￿1 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 ￿l￿ement to ihe I￿orne. 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 wi*n 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 p￿ormance 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]51n￿1Ive (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 all￿tell a b￿1$ consistent with the use of resources. with Centr￿ stsff ost5 alloaied on the b￿1$ 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 i￿urred in attr¥#ing voluntary inco￿. the rnaDa8ement of investments aNI those In￿￿ed 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 allct*ed direcdy to ￿ch acttvities and those costs of an indirect nature necessary to suFyKt than S￿ppOrt 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(K*in8 properry co&s by fl¢y)r areas, OT per capiw staff costs by the lime SF*ni 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 clKp0￿10n 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(x*ion 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 pU￿OSe5. TatJ¥ibk fixed assets Indi%idual fixed assds costing £0.￿ mtye are irttti811y at C￿L less any subwu¢nt aca￿ulat depr￿l*lon and subso4uent aC(2unul#t&l imrAirnwrt105Se5. Depreciation #mortisatiott Depreciation is pro￿d￿ on tangible f]x￿ assets so as to %￿lIe off the valuation. less any estimated resi{k￿l 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 obJ￿1ve evidence that the clwity Hqll ￿ be able to collect all amounts du¢ according lo the orI￿nI1 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 bOrr￿n8S are inibglly rwiyded at fair value. net of transactiffl Costs. IntereA-bearing bo￿o￿ngS 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 eff￿lIve intffe5t mdhod and is indUd￿l in interest payable and similar clwges. Borrowings are daSSifi￿ £i￿r￿ liabilities unless ihe charity has an unconditional right to defer settlement of th¢ li#bility for at least twdve mnths after the reporting d*e. Fund slrncture Untestric*d income fuThJs are general futtds that ar¢ d￿111b1e 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¢ ¢I￿lfi￿ 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 ass￿5 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 trans￿l0￿. 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 inst￿Ment. Fir￿nCIal 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￿ d￿tt￿lS¢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 $￿Ified in the c(NtrdcI is discharged. canceiled or expires. Pase 11 CHERUBIM AND SERAPHIM CHL,RCH MOVEMEIIT, MOUNT HOREB, LONDO Notes to the Finanei81 Statements for the I'eAr Ended 31 December 2020 D¢bt insxnmients which mett the follmwing widition5 are 5ub5wueDtly measurryj at aM(rtis￿l cost using the effective interest meththl.. la} The contractt￿ return to the holder is (i) a fixed amwrtt: (Éi) a positive fixed or a wsitive variable rate" or (iii) a ¢ombination of a positive or a negative fixd rate aThJ a p)sitive T48riable rate. Ibl The contract may provi(k for repayments of the Principal or the rewrn to the holder Ibul not b￿h) to be linked io YI single relevant observable index of general price infiation of the owrency in which the debt in*nllneDt is denominated pro*ided ￿ch links are t￿t leverag￿1. (c) The contract may pThde for a ddminable variation of the return to the holder duTing the life of th¢ it)strumeni providgj that (i) the new rd* satisfies conditi(m {a} and the variation is noi conringeni on future events gther than I l) a change of a contracrual variable rate: l?) io Pr￿ttl the holder against credti deterioration of the i55uer." (3) changes in Iwie5 applied by a central bank or arising from changes in relevaDt raK￿l0ft or law. or (li) the new rate is a matk¢t rat¢ of intwest and wi5fies c(yndition (a). (d) There is no contsactual PTO*lSi¢M by irs ienns result ID the holder10sin8 the principal amount or any interest atirtbutable to the qllr¢nt periixl pri(Y peri￿ (e) Contractual pr￿ls1On5 thai pennil the t$S￿y 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 Pr￿￿1 the holder or issuer a8ainst changes in levie5 applied by a central bat)k or atiSiD8 frorn clthrt8e5 in fElev#nt ta￿tion 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 provi*otts 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(M￿L of the cash or other consideration expectvj to be paid or ￿]Y&l. net of impairnw With the exception of 50nr hedging In$trthnen￿ other dth Instrun￿S not ￿etting these conditions ar¢ measure41 at fair value thr(NJgh profil ￿ loss. Commimients to make and receive loans which meer the eonth"tions mentioned above are Me&$Ur￿ 4t Cost (wthich may be nil) less impAiErn¢nt. Investtnent5 in non-¢onvertible preference shares and non*uttable ordinary or preference shares (where shares are publicly traded or theii fail value 15 reliably measurable) are measured at fair N'aiue thr￿gh 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$S￿lateS 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 rnovem￿ts. The charity not hold (* iw daivativ¢ finartei81 instnllws foT $p¢culative pwp(tses. Derivatives are initially rttognised at fair Val￿ At the d￿e a detivative effitract is entered into and are subsequently remeasured to their fair value &t each reportin8 date. The resulting gain 01 loss is reco￿lSed in ststement of financia] activities immojiatdy unless the derivative is de￿￿￿ed and effeaive as a hgJgin8 insmimen( in which event the timing of the recwiill(m in sweEnem of financial aaiviiie5 depends on the nature of the hage relatimship. Fuir vtslme mea5Mremenl The best eviden¢e of fair value is a qu￿ed price for an ideniicai assd in an aCti￿C njarkei. When quoted price5 unavailable, the pri¢¢ receni transartion for an idenucai &s5et pr￿]deS evidence of fair Value as lon8 8$ there has been a sig1ificani ¢lwi8e in ewnomic circumstances ￿ a signifiwji lapse of time since the transaction i￿k 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