CROYDON TABERNACLE LIMITED BY GUARANTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EIWED 31 DECEMBER 2020 Company No: 03546731 Charity No: 1070276 CROYDON TABERNACLE Ffinaneial Statements for the Year Ended 31 Deeember 2020 Contents Page Legal and Administrative Inf0m￿tiOn Report of the Tn￿tee8 Independent Examin&s Rqx)rt Statement of Financial Activities Balance Sheet Notes forniing part of th¢ Financial Statements 10-12 CROYDON TABERIYACLE Fln&ncial St&teRnents for the Y￿r EDded 31 De¢ember 2020 REFERENCE AND ADMINISTRATIVE DETAILS Charity Name: CROYDON TABERNACLE Company Registratlon Number: CharitybReglstr*tion Number: 0354671 1070276 Registered Offi¢e & Operatlonal Address: 38140 Parsons Mcad Croydon CRO 3SL Truste￿. Abiola Olufeyirri (Chair) Chuka Nwafor (Secretary) CatheTinc Runsvwe Accountants: APM Consultants (CA) IAd 40 Lorne Gardens Croydon CRO 7RY Bankers: HSBC Bank Lloyds Bank CROYDON TABERNACLE Trustees. Re ort and Financlal Statements For The Year Ended 31 December 2020 Trustees Re ort The Trustees present thelr report together with the accounts for the year ended 31 December 2020. The accounts have been prepared in accordance with the Statement of Recommended Prartice 2CN)5 and other applicable laws. Structure G(wernance and Mana ment The charity is constituted under a Trust Deed with registered charity number 1070276. a) Method of Appointment or Election of Trustees The management of the charity is the responsibility of the Trustees who are apwinted and coopted under the terms of the Trust Deed. b) Polkles Adopted for the Inductlon and Tralnln8 of Trustees The induction pro￿55 for any newty appointed member of the trustees comprlses of an initial meeting with the Chair and other Trustees. followed by a series of short meetings with the Minlster in charge on the powers and responsibilities of the Trustees. cl Organlsatlonal Strurture and Declslon Maklng The charity is organi5ed so that the Trustees Meet regularly to manage tts affairs. There is an Administrator / Accounts personnel that handle the daily affairs of the charlty. dl Rlsk Management The trustees have assessed the major risks to which the chartty is exposed. in particular those related to the operations and finan￿5 of the charity, and are satisfied that systems are in place to mitlgate Its exwsure to the major risks. Croydon Tabernacle Ob es and Acthiltles a) Policies and Objertives The objectives of the church are to advan￿ the Chrlstian religion for the public benefit in accordan￿ with the dortrines of our Lord Jesus ChrisL through the holding of prayer meetings, evangelism. distributing of literature and tracts. broadcasting and such charitsble means as the trustees consider appropriate; and the relief of poverty. b) Strategies forAchie¥ln8 Objectives The charity has adopted the following strate8ies for achieving the above objectives.. Organlslng seminars and events with proven speakers and ministers of the fatth to guide members in the various aspects of the Christian faith: arKI support for other charities and Christian events. c) Actfvltles for Achleving Objectlves Advancement of Christian religlon Community OLrtreach events Provision of v￿lfare support to members and residents In the local community Provision of support to other charities Conferences and events to support its objectives. forthe benefit of its mernber5 and the community In which it operates. dl Grant maklw Policies In line with the object of the charity, to relief p)verty and the advancement of thristian reli8ion worldwide. The charity has a policy of sUPPOrting missionary organsiation5 such as the Festival of Life, African Child Trust, World Evangelical Mission Outreach. and other charities and resldents within its local communtty and members of the congregation who are in need and need support of the charity, which is at the discretion of the trustees. el Volunteers The charity is groteful for the good efftlrts of its volunteers who are involved in service provislons across the various groups and teams in the church. The charity ha5 a Volunteers Coordinator to ensure that best value is derived from the sterling efforts of its volunteers. Croydon Tabernade Achlevements & Perfomwnce Revlew of Actl¥ftles As a God focused Church, Croydon Tabernacle is more than a place of worship. It also engage in evangelism, discipleship, fellowship, and ministry. The charty continues to consolidate on the gains of previous development and has successfully ministered to the needs of various social groups within and outside the church. During the year. the charity partrte￿d with and reached out to various community groups through the provision of COVID-19 relief packages. Christmas Love Hampers and hardship programme sUp￿rt for its mernbers. Durin8 the year, the charity also donated substantial fvnds to the UNICEF Covid Vaccination Fund. The charity provides forum for manpower development for its members to be equipped educationalfy. socially and spiritually- It offers various coun5elling se&5ions to its members, the needy. unemployed and educational and makes ￿ferra1 whenever the need arises. Due to COVID-19 restrictions. the charity suspended its popular all year round Sunday morning breakfast provision and Christmas party to less privileged members of the local community under its Heart of Compassion programme. Nevertheless, the charity still reached out in other ways to members of the local community through targeted approach with gifts and provision of other day to day items and resources. In order to continue to be more relevant. the charity improved on its outreach pro8ramme. It Invested substantial sum in new sound and media systems and equipment. This investment has enabled the church to Stream its programmes Irve on You Tube. The charitV5 programmes can now be accessed from any part of the world through the internet. We have also embarked in vorious training programmes to equip more church volunteers wlth the relevant counselling skills that will help them Se￿￿ the community better. We contlnue to support and entourage young people by providing a Youth Church where teenagers met virtually on Sunday afternoons to supporL encourage and learn from one another. The charlty contlnues to fulfil its main objectNes. by t￿atIng facilities to help develop the whole man, spiritualty, mentalty and physically. We have invested time. energy and resources into activities and programmes that have helped prevent youth crimes. depressions in people, child abuse and such social vices that are eating deep into the fabric of our society- Croydon Tabemacle Flnanclal Revlew al Resems Pollcy The trustees have established a policy where the unrestricted funds rK>t committed or invested in tsngible fixed assets I'the free ￿serveS,) held by the church should be 3 months of annual expendlture. At this level, the trustees feel that they would be able to continue the Cu￿nt activities of the church in the event of a signiftsnt drop in fvnding. b) Principal Funding This is provided mainly through voluntary offerings and tithes by church members. Pledges are also taken for specific projects. The charity did not apply to HMRC for 8ift aid claims on the donation from HMRC during the year. It will make the claim in the next financial year. Plans for the Future Futurè Develownènts The charity aims as port of fulfilling its main objettives. to continue to explo￿ variou5 Way5 of spreading the gospel of Christ in on effertwe manner through poverty alleviation and addressing the core needs of people in the local community. In this regards, the charity is also looking to make life changing impact in society, and in line wtth tts investment policy that supports its main objectwes etc, the charity is looking at options of setting up a Housing Association. in which it can invests its excess funds and put its asset to effectbve use. This, the Trustees believe will assist with alleviating housing acwmmodation challenge5 being encountered by Specific groups in the local community. In between all of the developments, and challenging circumstan￿5 faced by the charity. the Trustees continue to focus on the soul winning objective of the charity. The outcomes are hu8e and the charity continues to impact positively on the lives of its members and its lotal community. Charity Commission Inquiry There is no further update on the Charty Commission's statutory inquiry which opened in March 2018 to examine the charl￿5 financial inforniation. due to Ser￿juS regulatory concem. Following on from previous yearfs Trustees report, the new Trustees have implemented the recommendations in Sayers Vincent LLWS reports. following their examination of the financial affairs of the charity of the previous 8oard. The Trustees continue to review t1￿ systems and prO￿$se$ of financial controls. There are now noticeable improvements in the charl￿5 systems of financial controls. with more transparency and accountability. The Finance Committee set up with the remit of overseeing financial processes and controls of the charity continues to work closely with the charity and the Board of Trustees. The charity is in continuous discu￿On with the Charity Commission regarding the inquiry. It is expected that the Charity Commission will issue a rewrt on its findin8s on conclusion of the inquiry. Croydon Tabemacle Statement of Trustee< Responslbllltles The Trustees are responsible for preparing the Annual report and Financial statements in accordance with applicable laws and regulations. Company law requires the Trustee5 to prepare financial ststements for each financial year. Under the law, the Trustees have elected to prepare the financial statements in accordance with United Kin8dom Generalty Accepted Accountlng Practice (Untted knngdom Accounting Standards and applicable lawl. The Financial statements are required by law to give a true and fair view of the stste of affairs of the charity and of the surplus or deficii of the charity for that period. In preparing these financial statements. the trustees are requested to: Select suitable accounting kK)licies and then apply them consistentty; Make judgements and estimates that are reasonable and prudent- State whether applicable accounting 5tsndards and ststements of recommended practice have been followed. subject to any departures disclosed and explained in the financial ststements Prepare the financial ststements on the going Con￿rn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records. which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements compty with General Directions gNen by the Charity Commission. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. rovol This report was approved by the Board of Trustees on .. behalf by: signed on its OÈ IoL.A............o..LLJfr.f qIM/ .. IlbL_.n(..ky'" Signature:.......-... ## ## ## ## ## CROYDON TABERNACLE FI))￿￿￿1 St*teJI￿ts fff theYe*r Ended 31 D*wb¢r 211211 STATEMENf OF FINANCIAL A￿1vITIEs 2019 Funds Fwjds Funds Volutttary It}CO1￿.. tk>nations atld Offerings Activiti¢s for 8￿￿￿tIngfu￿k. 197.116 197.1 16 234.556 197.1 16 197 116 234.556 Cost of geueratlng Costs of ¥aLerathig voixntary Imerffjbe Ciwity activities 17,046 89,150 77.705 102.933 94 751 192.083 Net Income l ex￿&￿￿￿¢ b¢f•)rt recogDl*d gain$ or (10sxs) Oth¢r Tw(ryiis¢d 8ain8 (r (1088es) 102.305 42.473 Net moveDMt li fun 102,365 42.473 Re¢￿111*11￿￿ Tota] fun(L8 brougbt f¢xivard S22,1￿ 479.636 Balance WTitten off Tfjt￿ funds rarrled for**rd 624.474 522.109 The stateme￿( of firLan¢ial actiwiti¢S in¢lu(k all gain5 8t￿ lo￿ in the Jrar. All iti¢>)mtrb8 CROYDON TADERNACLK FiD*ndal Ststements for the Yo*r E*ded 31 2020 BALANCE SUEET AS AT 31 DECEMBER 2020 2020 2019 Flxed Asttts Tangibl¢ Ass¢ts 4￿,056 423.733 Current As*ts 2{￿.86] 178,691 379552 2ty).633 71.446 272.078 Cllsh 8tb8nk &)d in baDd (IJ￿) (5585) Net Current A¥¥et¥ 3782S2 266,493 (159.833) {168.117) TO￿ Net As•ets 624,474 Crtne￿ fimd8 Swplus fortheye4r 522.109 I¢F2J65 479.636 42,473 Fund 624.474 Pr￿1￿(￿. Ct*rntL CROYDON TABERNACI Fknantial Statements for the Yur Ended 31 Detembtt 2020 NOTES FORMING PART OF THE FINANCIAL STATEMENTS l Aceoumting Poll¢le6 (•} A¢¢oty*ting CoDventio> Th¢ Finan¢iAI Statemcnt ha8 been Prep￿01 the bistiyical ctht in acoxdance wtth applicable UK ACCO￿ting Stsndards and a]50 with the reCom￿datiOnS in thc Statement Of Re&)mma￿VAl Practice (SORP): A¢co￿ting and RcFKYtin8 by (I￿ltieS i&su4xl in March 2￿5. Th¢ Charity has tsken advantage of the eXeiDpti￿ of Fipancial Rwting Standard no.L from th¢ require io pr(duce a Cash Flow Statement (rt) the gr(M]rtd that it qyalifics as a small Charity applicabl¢ arwunting standards and the Charitics SORP {Stst¢mclli 0fRCco￿ PractÈce) (b) Fmlld A¢¢ounthig General fimds are utir¢stri¢ttyJ which available fw use aE th¢ di￿alon of the trustees in fiwtherdnce of the general objectiV¢50f the ¢ompaDy and whkch have not been d¢$i￿t￿l for other puw. Unrestrict¢d may include a rcvaluation reserve r¢pr¢s¢nling the resthtement of illvtstment &wts at market v￿u¢ where applicabl¢. DesI￿ated fimds ¢ompriK unrestricted funds that baye beo) srt aside by the trustecs for particular purposes. Rcstricted filnds ar¢ wbjeCt￿ to r&strictions th their ex￿ndIts￿e by the donor c* through th¢ tern)s of au ap￿aL. (¢) ID¢On￿l8 Re¥•uree5 Income 15 mainly frorn voluntary conMbUti￿1sfroM membtts of thc Church andb¥Dk intenst rtteive4J which are iucluded in the financial wt¢menl& (d) knour¢u Expwded Expenditure is accounted for ￿ an actyual b&sis and are classifieJJ ￿derheading% that awegate all ¢osts r¢lat¢d to the categ(¥y ￿ a consistcnt bLSi5 year to year. Manag¢mrnt and admiDi5trdiion costs are those statutory requirement& (e) T#tigibie Fiied Assets Depre¢l•tb)• Fixed assets ar¢ stst+>J at ¢051 Irs5 accumulated depreciatirAL DeP￿latIon is provided on all tangible fix￿1 as%ts * rat¢s to write off c<>st overtheir expected useful livas as follows: Frtthold Buildin8 Fixtur¢s Fittings and Equipment Straight line straI￿t lin¢ mdh(*J 10 CROYDON TABERNACLE Flnalleiai Sthtements for the Ye*r Ended 31 De¢enther 21120 NOTES FORMING PART OF THE FINANCIAL STATEMENTS 2 Ftsed Amtts Freehold Budding Totsl Cost As l January 2020 AdditioL 8(M),912 13J99 814Jll At 31 D￿ember 2020 8￿.912 13J99 814Jll Depreci¥4tion At January 2020 Charge for the year 379.820 l5,fAM) 10.758 2,077 390578 17.677 At 3L December 2020 395,420 12.835 408 Net Book Value At 31 DeGcmb¢r 2020 405.492 406.056 Net Book Value At31 Decenkn20I9 421.LV92 2,641 423,733 3 Debtor4 All￿￿nts falling d￿. 2020 21119 Debtors. Other DebtsTrr5 . Prepaymettt 197.637 3.224 197.637 2,996 4 Creditors: An￿llnts T￿1￿% due vAthln one year 2020 2019 3,385 2,2 A¢¢n￿lS 1.31K) 1.3 5.585 5 Credltors: All￿￿ttts due after one ye*r 2020 2019 Tax and Social SecurAty Bank lofin 43.893 34.327 81.613 159,833 43,893 41.86l 82,363 168,117 11 CROYDON TABERNACLE Fiti•ncknl Statements for the Ye*r Ettd¢d 31 December 2020 OTES FORMING PART OF THE FINANCIAL STATEMENTS 6 Inromlng Resour¢¢8 UnTestrtcted RestrActed 2020 2019 Tithes. Offering & Thanksgivin8 Gift Aid Rexlaim 197.116 197.116 234J56 197.116 197.116 234.556 2018. 2019 & 2020 Gift Aid is ￿ to be prc*e 7 Cost of generathig fllttd$ ID furtheranee of the eharity's objeet: 2020 2019 T¢kphone. lntrrn￿ & Fax Salaries & Waw (bKI ND 4.441 6,855 49.807 4,999 3.971 4.043 8.299 11.176 Honorarium LigbL heat, Wa￿ & power Church Outreach. Evangelism & Publicity Training, Meetings & Conferences {in¢l h411 hire) Hospitality & Welfar¢ Support 2,530 2.866 263 2,952 17,046 Management & Adminbtradon of Charlty 21120 21J19 Charitable Donations.. Central Office Fu￿j WEM Fund Festival of tif¢ 88 12 5256 180 22.510 1.883 1.2 1,425 3,062 22.667 24,955 4,063 4,630 7,132 2.3 1.158 4,757 625 2.243 1565 Repairs & Matlltenan¢e Church Running Expenses & Admintstytion Legal & Pmfe88ional Fe¢8 Insur4n¢¢ Office of the Pastor Cle4Ding Expense8 Loan Interest Computercosts & Softwatr Bank Chargu (incl pmces5ing fecs) Trdvelling Ex￿￿e4 Printing, Postsge & Ststionery A￿o￿ntancY Fees Depreciation.. FiX￿reS & Equipm¢nts Freehold ProF￿ty Subscription & Publicali( Equipment Ltase 960 2,863 2J06 478 4J65 350 1.076 1.7(X) 2.077 15.600 285 1,882 77.705 2,077 15.flKI 550 1,917 102,933 12