Charity registration nurnber.. 106)958 CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Annual Report and Financial Stalements for the Year Ended 31 December 2023
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Contents (continued) Reference and Administrative Details Trustees, Report 2to4 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes lo the Financial Statements 9t0 18
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Reference and Administrative Details Chairpersons Ms Elizabeth Foluke Ayanda, Special Mother Pastor Emmanuel O Ademoroti Trustees Ms Elizabeth Foluke Ayanda, Special Mother - appointed June 2015 Reverend Pastor Ademola Animashaun, Pastor- appointed July 2015 Ms Esther Ayobami Adesanya. Lady Evangelisi- appointed Aug 2011 Special Apostle Ola Adewumi - appointed Augusi 2021 Paslor Emmanuel O Ademoroti- appointed July 2020 Babajide Akinlade - appointed - Aug 2022 Olut"unke Aduloju - Appointed Augyusl 2022 Theresa Yemi5i Will lams, Senior Districi Secreiary - appointed Jan 2021 Secrelary Theresa Yemisi Williams. Senior Districi S¢¢r¢tary' Charity Registrfttion Number 1063958 Prineipal Office 602 Woolwich Road Charllon London SE7 8rh Independent ExAminer Kalomart & Co Accountants Accountants and External Examiners First Floor 2 Markel Place Bermondsey London SE16 3UQ Page I
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Trustees, Report The irusiees present the annual report Togeiher wilh Ihe financial staiements of the charity for the year ended 31 DeL¢mber 2023. Objectives and activities Cherubim & Seraphim Church Movement, Mount Horeb, London was forni¢d as a charitable organisation in England and Wales and was regisiered 01063958 as a charity on 14 August 1997. The Church was established under a Trust Deed in 1997, which established the objects and powers of the charitable organisation. It is governed under this deed as amended on the 8 January 2009. Under the amended Trust deed. J¢inuary 2009. the church's objects are specifically set out in ihe Declaration of Trust as "The advancemeni of ihe Chrisiian Faith in the Uniled Kingdom or abroad. the relief of persons who are in conditions ot'need. hardship or distress or w'ho are aged or sick in the United Kingdom or abroad. the furtherance of its religious and chariiable aciivilies in accordaiice with its objects and the raising ol. lunds lo further its objectives., Amendments to the Objects for clearance with the Charity Commission may only be made on written special resoluiion at an Annual General Meeting. Purposes, Aims. Objectives and Activilies To involve in outreach programmes designed to increase Christian awareness and spread the gospel of our Lord Jesus Christ. The Iruqiees confirm thal they have complied with the requiremenis of section 17 of the Chariti¢s Act 201 I to have due regard to the public benefit guidance published by the Charity Comm ission for England and Wales. Activities in 202312024 Achievement and Performance in 2023.. We thank God for the progress of the church in the period in review and under the coniinued leadership of Special Apostle/Pastor/Prophet Emmanuel Kofoworola Ademoroti. As usual, 2024 started with the New Year Service and the Annual Thanksgiving Service with every member appreciating God and the role the Church played in their lives especially during the pandemic. Although the impact of the pandemiL on members both emotionallj and psycholog?ically was evidenced through the decline of members coming lo church to worsh ip in 2023. nevertheless. we continue tn remain cammitted to enahling as many people as possible to worship al our church and to become part of our Christian fam ily. Our services and worship pul faiih into practice through prayer and scripture, music and Holy Sacrameni. Achievement and Performance in 2024: In the period under review, we organised a serie5 of programmes and activities ihat led to growth and increased engagement in our community. 'fhese activities coll¢ctiv¢ly enhanced individual and community capacities. lost¢ring a supportive environment for growth in our church. These include but is not lim ited to: New Year Programme: Focused on disseminating the goals set by the church for the year and strengthening taiih ot. members. Women Gala.. aimed ai empowering women through workshop on identifying and reporting domesti abuse amongst oiher iopics. SW AG Night- To Foster connection for singles in our church and other churches, emphasising self- development and identifying early signs of abusiv¢ relaiionships. Youth Praise Night & Camp.. Aimed at developing leadership and teamwork skills in youth through music and skills development. Seaside and Fellowship Retreat: Offer personal development and spiritual growth opportunities for members Achievemeni and Perfomiance in 2024: Page 2
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Trustees, Report (continued) Cultural Night.. Foster communiiy engagement and cultural understanding. Celebrating one faith and many culture5. Youth Sundays & Perfonnances: Enhance public speaking and artistic thlents of Ihe youths in our church Mental Health Sunday.. Provided resources and training on menial well-being. Pastoral & Prophetic Training.. Equip leaders with essential ministry skills. Our leadership also attended iniernational conferences to broaden perspectives and network with global faith l¢aders. In addiiion, the church continues to run food bank on Sundays from 12-3pm. This continues lo benefit the community and church members. The church continues 10 offer breakihrough service on Wednesdays and on the first Friday of the month; Ihe church runs a Shiloh service from 12 noon to 6pm. We now have a bible study on Sundays Irom l Oam to l 0.30 am to atTord members the opportunity to attend and leam. Topical topic5 are discussed and the church has noticed marked improvement in members. attendance on Sundays. Furthermore. we have siarted an outreach programme where members go to areas within Charlton and its environ to preach Jesus Christ to the communiiy. As well as our regular services, and as part of our community social inclusion, we enabled our community to celebrate and thank God by distribuiing goodwill gift bagys 10 all our nei&Thbours to celebrate Chrisimas good tidingis in 2023. We hope lo continue lo provide Ihis bJoodwi11 to our neighbour5 on a yearly basis. There are rooms for improvement, and these would be explored vigorously in 2025. Targets for 2025 In the coming year, we aim to increase the purchase of 602 Woolwich Road will be a priority in 2025. The bold plan to create gyreater impact P0511ively within our community will be pursued with greater efforts in 2025. There is a plan io have robusi policies and procedures in place especially where children and the youih are concerned. There will be a service risk assessment in place and everyone who works with the children will have a ¢urreni DBS in place. Page3
CHERUBIM AND SFRAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Trustees, Report (continued) Structure, goi'ernanee and management Financial instruments Objecllve.i andpolicies The charity's activities expose it to a number of financial risks including credit risk, cash tlow risk and liquidity risk. The use ol"financial derivaiives is govemed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes. Cashflow rlsk The charity's activities expose it primari ly to ihe financial risks of changes in foreign currency exchange rdte5 and interesi raies. l-he charity uses for¢ign exchange forward contracts and interest rale swap contracts to liedge these exposures. Interest bearing assets and liabilities are held at fixed rate lo ensure certainty of cash flows. Credll rlsk The charity's principal financial asseis are bank balances and cash, trade and other receivables. and investments. The charity's credit risk is primarily attribuiable 10 its trade r¢c¢ivables. The amounls presenied in the balance sheei are nei of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss ¢vent which. based on previous experienc¢. is ¢vid¢nce of a reduction in the recoverability of th¢ cash flows. The credit risk on liquid funds and derivative financial insiruments is limiled because Ihe counlerparties are banks with high credit-ratingTS assi&Fned by international credil-raiing agFencies. The charily hds no sigynificant Loncenlration of credit risk, with exposure spread over a large number of counterparties and customers. Llquldlty rlsk In order to maintain liquidity to ensure that sufficient funds are available for ongFoing operations and future developments. the charity uses a mixture of long-temi and short-lerm debt finance. Further details regarding liquidity risk can be fouftd in the Statement of accounting policies in the financial statements. The annual report was approved by the trustees of Ihe charity on 29.10.2024 and signed on its behalf by.. Ms Elizabeth Foluke Ayanda Chairnian and trusl¢¢ Theresa Yemisi Williams Trustee and Gen Secretary Page
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Statement of Trustees, Responsibilities Th¢ wu¥t¢¢s arv r¢sponsibl¢ for pl¢ping Ih¢ Irusi¢¢s' repvn Ih¢ finaniial siaiemenis in accord(c wilh Ihe Un ited Kingdom Accounting Standards (United Kingdoin Generall>. Accepted Accounting Practic¢) and applicable law and regulations. The law applicable (o Charities requires the trustees 10 prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incorning resources and application of resources of the charity for that period. In preparing these financial siatements, Ihe Iruslees are required to: select Suitable accounting policies and then apply ihem consisiently: observe the method5 and principles in the Charities SORP. make judsemenls and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statemenis,. and prepare the financial siaiemenis on the going concern basis unless it is inappropriate 10 presume that the charity will coniinue in business. The Irustees ari. responsible for kl'eping proper accountin&T records that disclose with reasonable accuracy at any lime the financial position of the Lharity and enable them lo ensure thai the financial slaiemenls comply with Ihe Charities Act 201 l. the Charities (Accounts and Reports) Res?ulations 2008. and the provisions of the constitution. The trustees are also responsible lor safeguardin&J the assets of the charity and hence for iakin&F reasonable steps for the prevention and deiection of fraud and other i¢gU]ar1I]¢s. The Irusiees are responsible for the mainienance and integFrily of the corporate and financial informalion included on the charitable company's ivebsile. Leg¥islalion byoverning the preparation and dissemination of finan¢ial statements Inaj. differ froni leg? islalion in oih¢r jurisdictions. Approved by the trustees of the charity on 29.10.2024 and signed on Lis behalf by,. Ms Elizabeth Foluke Ayanda Chairperson and Trustee Theresa Y Williams Gen Secretary and Trustee Page 5
CHERUBIM AND SERAPHIM CHURCH MOVEMENT. MOUNT HOREB, LONDON Independent Examiner's Report to the trustees of CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON I report io the truslees on my examination of Ihe accounts of CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOIINT HOREB. LONDON for the year ended 31 December 2023. Responsibilities and basis of report As the charity trustees of CHF.RUBIM AND SERAPHIM CHURCH MOVEMENT. MOUNT HOREB, LONDON J'ou are responsible for the preparation ot the accounis in accordance w'ith the requirements of the Charities Acl 2011 ('the Aci. ). I report in respect of my examinalion of the CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LON DON'S accounts carried out under section 145 of the 201 l Act and in carrj in¥ out my examination I have tollowed all Ihe applicable Directions given by the Charity Commission under section 145(5)(b) ofthe Act. Independent examiner's statement I have completed my exam ination. I confirni that no maierial mallers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounlingy records were noi kept in respect of CHERUBIM AND SERAPHIM CHURCH MOVEMENT. MOUNT HOREB, LONDON as required by section 130 of the Act; or 2. the accounts do not accord with Ihose records; or 3. the accounts do not comply with the accounting requirements concerning the forni and content of accounts set out in the Charities {Accounts and Reponsl Regulations 2008 other than any requirement Ihat the accounis give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concL'rns and have comL' acr055 no other maiters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of Ihe accounts to be reached. Nsiah I3A FQC'A Kalomart & Co A¢¢ounthnts First Floor 2 Market Place Berniondsey London SE16 3UQ Date:.. Page 6
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON tatement of Financial Activities for the Year Ended 31 Deeember 2023 Total 2023 Total 2022 Unrestricted Restricted Note Income and Endowments from: Donations and legacies Expenditure on: Raising funds Charilable activities Other expenditure 77.063 1,735 78,798 64,787 (9,391) (52,984) -(15.789 (9,391) (58,100) 16,584) (6,409) (43.171) (5,116) 795 Tothl expenditure 78,164 (84,075) L56,835) Nei movement in funds (1,101) {4.176) (5,277) 7.952 ReconeiliAtion of funds Tothl funds brought fonvard 108,030 115,435 100,078 Tothl funds Carried fonvard 14 106,929 110 158 108 030 All of the charity's activilies derive from continuing operations during the above two periods. The fund5 breakdown for 2022 is shown in note 14. The notes on pages 9 to 18 form an integral part of ihese financial statements. Page 7
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDOIN (Registration number: 1063958) Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangiible assets 10 6,882 6.213 Current assels Investmenis Cash ai bank and in hand 26.631 75.987 102.618 12 70.193 70,193 Creditors: Amounis falling due within one year 13 Iyet current assets 69,319 101,817 Net assets 76.201 108,030 Funds of the charity: Restrieted income funds Restricted funds 3,229 7,405 Unrestricted income funds Unre51ricted funds 72.972 100,625 Total funds 14 76,201 108,030 The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on 29.10.2024 and signed on Iheir behalf by.. Ms Elizabet Foluke Ayanda Chairperson and trustee Theresa Yemisi Williams- Secretary and Trustee The notes on pages 9 to 18 fonn an integral part of these financial statements. Page 8
CHERUBIM AND SERAPHIM CHURCH MOVFMENT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 l Accounting policies Statement of compliance The financial statements have been prepared in accordance 'Ith the second edition of the Charities Stalemenl of Recommended Practi¢¢ issued in October 2019, th¢ Financial Reporting Standard applicabl¢ in the United Kingdom and Republic of Ireland {FRS 102 } and Ihe Charities Act 2011. Basis of preparalion CHERUBIM AND SERAPHIM CHURCH MOVEMENT. MOUNT HOREB, LONDON meets the definition of a public benefit entiry under FRS 102. The accounts (financial staiemenisl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in th¢ relevant noie(s) to these accounts. Going eoncern The trusl¢¢s consider thai Ihere are no material uncertainties about the charity's abilily to continue as a going concem. Income and endowmenls Voluniary income including donations. gifts, legyacies and b>ranls that provide core fundingi or are of a g?eneral nature is recogn ised when the charity has enliilemenl to the incume, il is probable that th¢ incoine will be received and ihe amount can be measured with sufficient reliability. Donailon.f and legacles Donation5 and legacies are recognised on a receivable basis when receipt is probabl¢ and Ihe amount can be reliably measured. Grani.$ recelvuble Granis ure reLu¥lli5ed when the chariiy has an entitlement to the tunds and any conditions linked to the grants have been mel. Where perfomiance conditions are atiached to the grant and are yet 10 be met, the income is reco&Fnised as a liability and included on the balance Sheet as deferred income to be released. Expenditure All expenditure is recognised once there is a legal or constructive obligation to Ihal expenditure, it 15 probabl¢ settlemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggJregate sim ilar costs to thai cat¢gory. Where costs canno( be directly attributed to particular headings they have been allocated on a basis consistent with the use of resource5. with central staff cost5 allocated on the basis of lime speni. and depreciation chargleg allocated on the portion of the asset's use. Other support costs are allocated based on ih¢ spread of staff cosis. Rai5ingfund.s These are costs incurred in artracting voluntary income. the management of investments and those incurred in trading activities thai raise funds. Page 9
CHERUBIM AND SERAPHIM CHURCH MOVEMEIYT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Cliurliuble 4¢ilvliles Charitable expenditure comprises those cosls incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes boih costs thai can be allocaled directly to such aciivities and those cos15 of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocaied to activity cost categFories on a basis ¢onsisteni wilh the use of resources, for example. allocating property COSIS by floor areas. or per capila, siaff costs by the time spent and other costs by their usage. Taxation The charilj. is ioiisidered to pass the les(s sei oui in Par¢i¥raph I Schedule 6 of ihe Finance Aci 201 O and Iherefore il meets ihe definition of a charitable company for UK corporation lax purposes. Accordingly. the charity is potentially exempl from taxation in respect ot income or Capital gains received within caiegiories covered by Chapier 3 Part I l of the Corporation Tax Act 201 O or Section 256 Ol'the Taxation of Chargeable Gains Act 1992, lo the exient thai such income or gains are applied exclusivel J. 10 charitable purposes. Tangible fixed assets Individual fixLd assets costing £0.00 or more are initially recorded al cost. less any subsequent accumulated depreciation and subsequent accumulated impairnieni losses. Deprecialion and amortisation Depreciation is provided on tangible fixed assets so as to write offthe cost or valuation. less any estimated residual value, over their expected useful economic life as follows.. Current Asset investments Current asset investmenis are included at the lower of cost and net realisabl¢ value I markei value. Cash and cAsh equil'alents Cash and cash equivalenls comprise cash on hand and call deposits. and other short-temi highly liquid investments thai are readily convertible lo a known amount of cash and are subject to an insignificant risk of. change in value. Borrowings Inlerest-bearing boOW]ngS are initially recorded at fair value, net of transaction cosls. Interest-bearing borrowings are subsequently carried at amortised cost. with the difference between the preeds, nei of transaction cosis, and the amounl due on redempiion being recognised as a Charge to the Statemenl of Financial Activitie5 over the period of the relevant borrowing. Interest expense is recogni5ed on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as ¢urr¢nt liabilities unless the chariiy has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Page 10
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Fund strueture Unresiricied income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricled income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted lo thal area or purpose. Financial instruments ClussifiL'ulion Financial asseis and financial liabiliiies are recognised when the Charity becomes a party to the contractual provisions of Ihe inslrumenl. Financial liabili11¢5 and equity. insirumenis are classified according 10 the substance of the conlractual arrangJements ¢nt¢red into. An equity instrument is any contract that evidences a residual int¢r¢sl in Ihe assets of the charity after deduclin&J all of its liabilities. Rec'i)Rnlilan and mea.iuremenl All financial asseis and liabilities are initial l), measured al transaction price (includingy Iransa¢lion cosis), except for those financial assets classified as al fair value through profil or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs). unless the arrangyenieni constitutes a financin&Tr transaction. Iran arrangjemenl consiitutes a financingJ Iransaciion, the financial asset or financial liability is measured ai ihe present value of the future payment5 discounted at a market rate of interest for a similar debt instrument. Financial a55els and liabilities are only offset in the statement of financial position when, and only when Ihere exists a leb>ally enforceable right io sei off the recogn ised aniounls and the charity iniends either to settle on a nel basi5, or lo realis¢ the asset and SLttle the liability simultaneously. Financial assels are derecogjnised wh¢n and only when a) the contractual rights to the cash flows from Ihe financial asset expire or are settled. b) the charity transfers lo anoiher party substantially all of the risks and rewards of ownersh ip of the tinancial a%set. or c) the charity. despiie havingF retained some, bul not all. sigii ificant risks and rewards of ownership, has transferred control of the asset lo another pany. Financial liabiliiies are derecognised only when the obligalion specified in (he contract is discharged. cancelled or ¢xpires. Pag¢ 11
CHERUBIM AND SERAPHIM CHURCH MOVEMEIYT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Debl inslrumen15 Debt instruments which meet the following condiiions are subsequenily measured at amortised cost using the effeciive interest method: (a) The contractual return to the holder is (i) a fixed amount: (li) a posiiive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rale and a Posilive variable rale. (b) The contract ma! provide for repayments of the principal or the retum lo (he holder (bul not boih) lo be linked to a single relevant observable index of general price inflation of the currency in which the debi inslrumeni is denominated, provided such link5 are not leveraged. (c) The contract may provide for a detenninable variaiion of the return to the holder during the life of the instrument. provided thai (il the new rate satisfies condiiion la) and the variation is noi continglent on future events other than { l ) a change of a contra¢tual variable raie; (2} 10 proteci th¢ holder against credii deterioration of the issuer: (3) changies in levies applied by a central bank or arising from changes in relevant taxation or law; or (li) the new rale is a markel rale of interest and 5aiisfies condition (a). (d) There is no contractual provision thal could, by ils ternis, result in Ihe holder losing the principal amount or any interest aiiributable to the current period or prior periods. (e) Contractual provisions that perniil the issuer to prepay a debt instrument or pern)it the holder io put it back to Ihe issuer before maiurily are not ¢onlingenl on future events. other than to protect Ihe holder against the credit deterioration ot. Ihe issuer or a chan&Te in control of the issuer, or 10 protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. (n Contractual provisions may pemit Ihe exlension of the terni of the debi instrument, provided that the retum io the hold¢r and any other contractual provisions applicable during the ¢xt¢nded lemi satisfy the conditions of paragraphs (a) lo (c). Debt instruments that are classified as payable or receivable within one j'ear on initial recognition and which meet the above conditions are measurL.d ai the undi5counled amount of ihe cash or other consideration expected to be paid or receivLd. nel of impairnienl. With the exception of some hedgying instruments, other debi inslruments not meeiing these conditions are measured at fair value through profil or loss. Commitments lo make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairnient. Inve.slmenl. Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profil or loss. Where fair value cannot be measured reliably, invesiments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impaimient. For investments in subsidiarie5 acquired for c()nsideralion including the issue of shares qualifying for merger rel ief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any prem ium is ignored. Page 12
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Derivaliveflnonclql in31rumenls The charity uses derivative financial instruments to reduce exposur¢ 10 foreign exchange risk and inleresi raie movements. The charity does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value ai each reporting, date. The resulting gTain or loss is recobynised in siaiement of tinancial activities immediately unless (he derivative is designated and effective as a hedging instrumenl. in which event th¢ timing of Ihe recogniiion in stat¢ment of financial activities depends on the nature of the hed&>e relaiionship. Fair vulue mell&uremenl The best evidence of fair value is a quoted price for an ideniical asset in an active market. When quoted price5 are unavailable, Ihe price of a recent transaction for an identical assei provides evidence of fair value as longF as there has not been a sigynificant change in econom ic circumstances or a signilicani lapse of time since the transaction took place. If the market is not active and recent transaciions of an ideniical asset on their own are not a good estimate of fair value, the fair value is esiimaled by using a valuaiion technique. 2 Ineome from donations Unrestricted funds General Restricted funds Tolal funds Donations Regyular gyivingF and capilal donations 42.652 34,101 42,652 Total for 2023 76,753 78.488 Total for 2022 3 Expenditu re on raising funds Costs of generaling funds activilie5 Unrestricted funds General Total funds Nole Costs of generating funds Other direct costs of activitie5 for generating funds ,179 4,734 1,179 4,734 Total for 2023 Total for 2022 5,076 Page 13
CHERUBIM AND SEIL4PHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Tot31 costs 4 Expenditure on charitable activities Unrestricted funds General Restricted funds Total fund5 Note Allocaied support costs 52,984 5,116 58,100 Tolal for 2022 35.470 7.701 43,171 Total expenditure 5 Other expenditur¢ Unreslricted Restricted funds Total funds General Note Allocated support costs 15,789 795 16,584 Total for 2023 15,789 795 Total for 2022 5.965 1.290 7,255 6 Net incomingloutgoing resources Nel loutgoing)lincoming resources for the year include.. 2023 7 Trustees remuneration and expenses- Reimbursement of expenses £5,390 (2022.. £6,470) 8 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Staff costs during the year Ivere: Wages and salaries 3,478 Page 14
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) No employee recetved emoluments ot more than £60,000 during th¢ ycar Page 15
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 9 Taxation The chariiy is a registered rharity and is iherefore exempt from taxation. l O Tangible fixed assets FurDilure and equipment Total Cost At l January 2023 Additions 33.187 2.455 33.187 2,455 At 31 December 2023 Depreciation At l Janudry 2023 Charge for the year 26.974 1,786 26.974 1,786 At 31 December 2023 28.760 28,760 Net book vlllue At 31 December 2023 6.882 6,882 At 31 December 2022 I Current Asset investm¢nts 2023 12 Cash and Cash equivalents 2023 2022 Cash at bank 70,193 13 Creditors: amounts falling due within one year 2023 2022 Other crediiors Accruals 875 874 800 801 Page 16
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HORF.B, LONDON Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 14 Funds Balance at I January 2023 Incoming resources Resour¢¢s expended Balance at 31 December 2023 Unrestricted funds General 74073 77.063 (78,164) 72972 Restricted funds 7,405 1.735 L5,911). 3,229 Total fund5 115.435 Balance ai I January 2022 78.798 Incomin resource5 184.075 Resources expended 76?01 Balance at 31 December 2022 Unrestrieted funds General 84,707 63,762 (47,844) 100,625 Restricted funds 15.371 (8.991) 7,405 Total funds 100,078 64,787 56,835 108,030 1 S Analysis of net assets between funds Unrestricted Total funds at 31 funds December General 2023 Tangible fixed assets Current assets Current liabilities 6.882 70193 6,882 70193 Total nel assets 76201 76.201 Un restricted Total fund5 at 31 funds Decem ber General 2022 Tangible fixed assets Current assets 6,213 102.618 801 6.213 102,618 801 Current liabilities Tolal net assels 108.030 108,030 Page 17
CHERUBIM AIND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Notes to the Financial Statements for the Y¢ar Elld¢d 31 Dec¢mb¢r 2023 (continued) 16 Analysis of net funds At l January At 31 December 2023 2023 Cash at bank and in hand Current asset investments 75,987 26,631 75.987 26,631 Net debi 102,618 102.618 At l January Financin% cash At 31 December 2022 now's 2022 Cash at bank and in hand Current asset invesiments 69.452 69.452 -L49:302) Net debt 118.754 49.302 69,452 Page 18
CHERUBIM AND SF.RAPHIM CHURCH MOVEMENT, MOUINT HOREB, LONDON Statement of Financial Activities by fund for the Year Ended 31 December 2023 Total Total Unrestricted Unrestricted Funds Funds 2023 2022 Income and Endowments from: Donations 77.063 63,762 Total income 77.063 63.762 Expenditure on: Raising funds Charitable activities Other expenditure (9,391) (52.984) 15.789 (6,409) (35,470) Total expenditure (78.164)_ 47.844) Net (expenditure)lincome (I 101) 15,918 Nel movement in funds {i.101} 15,918 Reconciliation of funds Total funds broughi forward 108,030 84,707 Total funds carried forward 106.929 100.625 This page does not forni part of the statutory financial statements. Page 19
CHERUBIM AND SF.RAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDOIN Statement of Financial Activities by fund for the Year Ended 31 Detember 2023 (continued) Total Restricted Fund5 2023 Total Restricted Funds 2022 Income and Endowments from: Donaiions 1,735 1,025 Toial income 1,735 1,025 Expenditure on: Charitable activities Other expenditure (5.116) 795 (7,701) 1.290) Total expenditure -L5:911) -(8,991) Net expenditure (4,176) L7,966) Net movement in funds (4,176) (7,966) Reconciliation of funds Total funds brought fonvard 7,405 Total funds carried fonvard 7,405 This page does noi forni part of the statutory financial statements. Page 20
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDON Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Total 2022 2023 Ineome and Endowments frojn: Donations (analysed below) 78.798 64,787 Total income 78,798 64.787 Expenditure on: Raising lunds (analysed below) Ch<iritiible a¢tiviii¢s lanalysed below) Other expenditure (analysed below) 19.391) (58.100) 16,584) (6,409} (43.171) Total expenditure - 184,075) L56:835J Nel (expenditure)lincom¢ 7,952 Nei movement in funds (5.277) 7.952 Reconciliation of funds Total funds brought forward 100.078 Total funds carried fonvard 72,972 108,030 This page does not form part of the statutory financial statem¢nts. Page21
CHERUBIM AND SERAPHIM CHURCH MOVEMENT, MOUNT HOREB, LONDOI Detailed Statement of Financial Activities for the Year Ended 31 December 2023 (continued) Total 2023 Total 2022 Donalions Tithes 34,101 42,652 310 1,735 78,798 27,958 27.450 8,354 Special Thanksgiving Other incom¢ Building Fund 64,787 Ral.%lnRfunds Wages and salaries Subscription5 Motor and Fuel expenses Insurance {3.478} {1,179} (4,022) (712) 9.391 (1.333) (3,071) (577) (1,428) 6,409 Churllable aclivllles Wag?e5 and salaries Wages and salaries Trustees expenses & Freelance wages Staff welfare Rent and rates Rent Rent Chariiable donations (2,140) (5,242) (6,470) (7,822) (4.000} (9.390) 13,383) (10.116} (5,116) (25.231) (864) 58.100 (5,561) {13,561) -L2,375J 43.171 Oilier £¥pendilure Staff training Lighl, heat and power Repairs and maintenance Repair5 and maintenance Telephone and fax Printing, postage and stationery Accountancy fees Bank charges Depreciation of plant and machinery Depreciation of fixtures and fittings Depreciation of office equipment {795) (5,835) (1,443) (1,290) {424) (1,069) (606) {800} (70} (16} (1.197) (4.008) (1.815) (1.396) {875) (75) (65) {957) 763 7,255 This page does not form part of the statutory financial stat¢ments. Page 22