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2023-12-31-accounts

CROYDON TABERNACLE LIMITED BY GUARANTEE

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Company No: 03546731 Charity No: 1070276

CROYDON TABERNACLE

Financial Statements for the Year Ended 31 December 2023

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||||||| |---|---|---|---|---|---| |Contents|Page| |Legal|and Administrative|Information|1| |Report of the Trustees|2| |Independent Examiner's|Report|7| |Statement of Financial|Activities|8| |Balance|Sheet|9| |Notes|forming|part of the|Financial|Statements|10-13|

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CROYDON TABERNACLE

Financial Statements for the Year Ended 31 December 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name:

CROYDON TABERNACLE

Company Registration Number: 0354671 Charity Registration Number: 1070276

Registered Office & Operational Address: 38/40 Parsons Mead Croydon CRO 3SL Trustees: Abiola Olufeyimi (Chair) Chuka Nwafor (Secretary) Catherine Runsewe

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Accountants:

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Bankers:
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APM Consultants (CA) Ltd 40 Lorne Gardens Croydon CRO 7RY HSBC Bank Lloyds Bank

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CROYDON TABERNACLE

Trustees’ Report and Financial Statements For The Year Ended 31 December 2023

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Trustees Report

The Trustees present their report together with the accounts for the year ended 31 December 2023. The accounts have been prepared in accordance with the Statement of Recommended Practice 2005 and other applicable laws.

Structure, Governance and Management

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 appointed and co-opted under the terms of the Trust Deed.

b) Policies Adopted for the Induction and Training of Trustees

The induction process for any newly appointed member of the trustees comprises of an initial meeting withmeetingsthe Chairwith the and Ministerother Trustees,in charge.attending relevant, training sessions, followed by a series of short

c) Organisational Structure and Decision Making

The charity is organized, with Trustees meeting regularly to manage its affairs. There is a Church Administrator, who is assisted by a team of volunteers, tasked with responsibilities of handling the daily affairs of the charity.

' dj Risk Management

The Trustees have assessed the major risks to which the charity is exposed, those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate its exposure to the major risks.

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CROYDON TABERNACLE

Trustees’ Report and Financial Statements For The Year Ended 31 December 2023

Objectives and Activities

a) Policies and Objectives

The objectives of the church are to advance the Christian religion for the public benefit in accordance with the doctrines of our Lord Jesus Christ, through the holding of prayer meetings, evangelism, distributing of Chrisian literature and tracts, broadcasting, relief of poverty, and such charitable means as the Trustees consider appropriate.

b) Strategies for Achieving Objectives

The charity has adopted the following strategies for achieving the above objectives: Organising seminars and events with proven speakers and ministers of the faith to guide members in the various aspects of the Christian faith, and support for other local charities and events.

c) Activities for Achieving Objectives

d) Grant making Policies in line with the object of the charity, to relief poverty and the advancement of Christian religion worldwide, the charity support missionary programmes and organisations. These include Redeemed Christian Church of God (RCCG), Festival of Life, African Child Trust, World Evangelical Mission (WEM) Outreach, and other charities and residents within its local community. Members of the congregation who are in need and need the support of the charity, are also supported, at the discretion of the trustees and the pastorate.

e) Volunteers

The charity is grateful for the good efforts of its volunteers who are involved in service provisions across the various groups and teams in the church. The charity has a Volunteers Coordinator to ensure that best value is derived from the sterling efforts of its volunteers. The volunteers, who are mostly members of the church, anchor most of the activities of the Charity as carried out by the various departments in the church. The departments include:

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CROYDON TABERNACLE Trustees’ Report and Financial Statements for The Year Ended 31 December 2023

ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT

Croydon Tabernacle as a place of worship, is also engaged in evangelism, discipleship, fellowship, and ministry. The charity 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 partnered with and reached out to various community groups through the provision of seasonal hampers, and hardship programme support for its members and residents in the local community. The Charity continues to provide invaluable financial support to the Festival of Life prayer event held in London and in other regions in the UK. In addition, the Charity continues to provide financial support to other charities within the UK and overseas, which operate within its objectives.

During the year, the charity hosted events to build stronger fellowship and family ties among its members. The charity provided forum for manpower development for its members to be equipped educationally, socially and spiritually. It offers various counselling sessions to its members, the needy, and the unemployed.

The charity reached out in other ways to members of the local community through targeted approach with gifts, and provision of day to day items and resources. The charity celebrated Christmas with services such as the Christmas Carol and celebrations for its members and other less privileged members of its community. This aims to share the good news of the gospel with its members and the local community.

To continue to be more relevant, the charity continued to improve its outreach programme. It invested an additional sum in sound and media systems and equipment. The church continued to stream its programmes live on You Tube, providing access from any part of the world through the internet. Other activities and events in support of the outreach and evangelism programmes continued throughout the year at the Whitgift Shopping Centre, Croydon.

The Charity also embarked on various training programmes to equip more church volunteers with the relevant skills in basic counselling that will help them serve the community better. The Charity continues to support and encourage young people by providing a Youth Church, where teenagers meet on Sunday, to support, encourage, and learn from one another.

The charity continues to fulfil its main objectives, by creating facilities to support and help develop the whole man, spiritually, mentally, and physically. The charity's Men and Women’s ministries continue to hold regular meetings, where members are encouraged to grow in every area of their lives: in faith, family, finance, and to be good role-models in society, and other walks of life.

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CROYDON TABERNACLE Trustees’ Report and Financial Statements for The Year Ended 31 December 2023

Financial Review

a) Reserves Policy The trustees have established a policy where the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the church should be 3 months of annual expenditure. At this level, the trustees feel that they would be able to continue the current activities of the church in the event of a significant drop in funding.

b) Principal Funding

This is generously provided mainly through voluntary offerings and tithes by the Church members. The charity applied to HMRC for gift aid claims on the donation from the congregation.

c) Plans for the Future The charity aims as part of fulfilling its charitable objectives, to continue to explore various ways of spreading the gospel of Christ in an effective manner through poverty alleviation and addressing the core needs of people in the local community. In this regard, the charity is also looking to make life changing impact in society, and in line with its investment policy that supports its main objectives the charity is exploring options of setting up a Housing Association, in which it can invests its excess funds and put its asset to effective use. This, the Trustees believe, will assist with alleviating housing accommodation challenges being encountered by specific groups in the local community.

The Charity seeks to provide services and activities that meet the needs of people in the community. These activities provide a positive change in the moral and spiritual climate of the local borough which reflects the charity’s Christian ethos and beliefs. The demography of its congregation is fast changing, and the church is striving to support and meet the needs of its growing membership, who have recently migrated to the United Kingdom.

In between all the developments, and challenging circumstances faced by the charity, members continue to focus on the soul winning objective of the charity. The outcomes are huge and the charity continues to impact positively on the lives of its members and the local community.

d) Financial Controls The Trustees continue to review the systems and processes of financial controls. There are improvements in the charity’s systems of financial controls, with more transparency and accountability. The Finance Committee continues to work closely with the Board of Trustees in overseeing compliance with all financial processes and controls of the charity.

e) Post Balance Sheet Event

The charity is still in discussion with HMRC to resolve issues surrounding the shortfall payment of £100,686 received for the Gift Aid submission of £105,657 for the year to December 2018.

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| CROYDON TABERNACLE

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Annual report and financial statements in accordance with applicable laws and applicable laws and laws and and regulations.

/ with applicable laws and applicable laws and laws and and regulations. Company law requires the Trustees to prepare financial staternents for each financial year. Under the | law, the Trusteés have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). : The Financial statements are required by law te give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Trustees are requested ta: . i e SelectMake js u itabldgem e accountingnts and estirnates policies that and are reasonablethen apply them and consistently. prudent. : '® State whether applicable accounting standards and statements of recommended practice | have been followed, subject to any departures disclosed and explained in the financial /7 staternents.° repard the financial statements on the going concern basis unless it is inappropriate to pres“y that the charity will continue in operation. Theaccuracytrusteesat anyy responsibletime the financial for kee p ositioning properof the accountingcharity records,and to enable which disclosethem to withensurereasonablethat the financial statements comply with General Directions given by the Charity Commission. They are also : responsible for pteguacting the assets of the charity and hence for taking reasonable steps for the ‘ prevention and | etection offraud and other irregularities.

|| Thisbehalf report by: vas approved by the Board of Trustees on 2p Septem pelKa signed on its me Ablola OLUFE TM : Signature:cL cbeeenhamncennLibel }evs pate. LS ESP TEMB El L024

Financial Statement for the Year Ended 31 December 2023

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CROYDON TABERNACLE

INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the Trustees of Croydon Tabernacle

I report on the accounts of the above Charity for the year ended 31 December 2023 set out on pages 5 to 12

Respective responsibilities of trustees and independent examiner

The Charity's Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that independent examination is needed.

It is my responsibility to: - examine the accounts under section 145 of the 2011 Act - follow the procedures laid down in the general direction given by the Charity Commission under section 145 (5)(b) of the 2011 Act, and - to state whether particulars matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with general direction given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair! view and the report is limited to those matters set out in the statement below.

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Independent examiner's statement ;
In connection with my examination, no matter has come to my attention:
1. Which gives me reasonable cause to believe that in any material respect the requirements me reasonable cause to believe that in any material respect the requirements reasonable cause to believe that in any material respect the requirements cause to believe that in any material respect the requirements to believe that in any material respect the requirements believe that in any material respect the requirements that in any material respect the requirements in any material respect the requirements any material respect the requirements material respect the requirements the requirements requirements
- To keep To keep keep accounting records records in accordance with with section 130 of the 2011 2011 Act; and
- To prepare accounts which To prepare accounts which prepare accounts which accounts which which accord with the accounting records and to comply with the accounting with the accounting records and to comply with the accounting the accounting records and to comply with the accounting accounting records and to comply with the accounting records and to comply with the accounting and to comply with the accounting to comply with the accounting comply with the accounting with the accounting the accounting accounting
requirements of the 2011 2011 Act have not been have not been not been been met; or
2. To which To which which in my opinion, my opinion, opinion, attention should be drawn be drawn drawn in order to to enable a proper understanding proper understanding understanding of
accounts to be reached.
APM Consultants (CA) Ltd Consultants (CA) Ltd (CA) Ltd Ltd Date: 9-7 }a LY
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1. Which gives me reasonable cause to believe that in any material respect the requirements me reasonable cause to believe that in any material respect the requirements reasonable cause to believe that in any material respect the requirements cause to believe that in any material respect the requirements to believe that in any material respect the requirements believe that in any material respect the requirements that in any material respect the requirements in any material respect the requirements any material respect the requirements material respect the requirements the requirements requirements
- To keep To keep keep accounting records records in accordance with with section 130 of the 2011 2011 Act; and
- To prepare accounts which To prepare accounts which prepare accounts which accounts which which accord with the accounting records and to comply with the accounting with the accounting records and to comply with the accounting the accounting records and to comply with the accounting accounting records and to comply with the accounting records and to comply with the accounting and to comply with the accounting to comply with the accounting comply with the accounting with the accounting the accounting accounting
requirements of the 2011 2011 Act have not been have not been not been been met; or
2. To which To which which in my opinion, my opinion, opinion, attention should be drawn be drawn drawn in order to to enable a proper understanding proper understanding understanding of the
accounts to be reached.
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APM Consultants (CA) Ltd Consultants (CA) Ltd (CA) Ltd Ltd 40 Lorne Gardens Croydon. CRO 7RY

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CROYDON TABERNACLE Financial Statements for the Year Ended 31 December 2023

STATEMENT OF FINANCIAL ACTIVITIES

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||||||| |---|---|---|---|---|---| |2023|2022| |Unrestricted|Restricted|Total|Total| |Notes|Funds£|Funds£|Funds£|Funds£| |Incoming resources| |incoming resources fom generated finds:| |Voluntary Income:| |Donations snd Offerings|6|321,722|~|321,722.|226,018| |Activities|for generating funds:| |Total incoming resources|321,722|a|geh|122,226,018| |Resources Expended| |Cost ofgenerating funds| |Cests ofgenerating voluntary income| |Charity activities|7|58,759|73,714| |Govemance and other|support costs|3|142,592.|127,548| |Total|resources expentied|201,350|201,262| |Net|Income / expenditure before other|120,372|24,756| |recognised gains or (losses)| |Other recorgnised gains or (losses)|-|«| |Neé movement in fends|420,372|24,756| |Reconciliation|of|funds| |Total finds|brought|forward|724,156|699,400| |Transfer between fonds|oe|-| |Balance|written off|-|-| |‘Total fands carried forward|844,528|724,156|

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CROYDON TABERNACLE

Financial Statements for the Year Ended 31 December 2023

BALANCE SHEET AS AT 31 DECEMBER 2023

Notes 2023 2022.
£ £
Fixed Assets
Tangible,Assets		 2 380,366 404,720
CurrentAssets
Debtors
Cashatbankandin band		 3 206,329
410,089		 202,054
244,488
616,418 446,542
Creditorsduewithinoneyear 4 (26,750) (1,600)
NetCurrentAssets $89,668 444,942
Creditorsdueafteroneyear 5 (125,506) (125,506)
_ FotalNetAssets 844,528 724,156
UnrestrictedFunds
General funds 724,156 699,400
Surplusfortheyear 120,372 24,756
Fundbalances 844,528
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Financial Statements for the Year Ended 31 December 2023

CROYDON TABERNACLE

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1 Accounting Policies

(a) Accounting Convention

The Financial Statement has been prepared under the historical cost convention, in accordance with applicable UK Accounting Standards and also with the recommendations in the Statement Of Recommended Practice (SORP): Accounting and Reporting by Charities issued in March 2005.

The Charity has taken advantage of the exemption of Financial Reporting Standard no.1 from the requirements to produce a Cash Flow Statement on the ground that it qualifies as a small Charity applicable accounting standards and the Charities SORP (Statement Of Recommended Practice)

(b) Fund Accounting

General funds are unrestricted funds, which are available for use at the discretion of the trustees in furtherance of the general objectivesof the company and which have not been designated for other purposes. Unrestricted funds may include a revaluation reserve representing the restatement of investment assets at market value where applicable. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

(c) Incoming Resources

Income is mainly from voluntary contributionsfrom members of the Church and bank interest received which are included in the financial statements.

(d) Resources Expended

Expenditure is accounted for on an accrual basis and are classified under headings that aggregate all costs related to the category on a consistent basis year to year. Management and administration costs are those incurred in connection with administration of the organisation and compliance with constitutional and statutory requirements.

(e) Tangible Fixed Assets and Depreciation

Fixed assets are stated at cost less accumulated depreciation.

Depreciation is provided on all tangiblefixed assets at rates calculated to write off cost over their expected useful lives as follows:

Freehold Building Straight line method Furnitures, Fixtures and Fittings. 20% Straight line method Computers and Equipments 33% Straight line method

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CROYDON TABERNACLE

Financial Statements for the Year Ended 31 December 2023

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

2 Fixed Assets Freehold
Building		 Computer&
Equipment		 Computer&
Equipment		 Furniture&
Fittings		 Total
£ £ £ £
Cost
As 1 January2023
Additions		 800,912
-		 50,887
4,706		 12,911
1,666		 864,710
6,372
At31 31 December2023 800,912 55,593 14,577 871,082
Depreciation
AtJanuary2023
Charge fortheyear		 426,620
15,600		 30,418
12,443		 2,951
2684		 459,989
30,727
At31 31 December2023 442,220 42,861 5,635 490,716
Net BookValue
At31 December2023		 358,692 12,732 8,942 380,366
Net Book Value
At31 December2022		 374,292 20,468 9,960 404,720
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Debtors		 2023 2022
Amounts fallingdue : £ £
Debtors - Other Debtors 202,498 198,098
~Prepayment 3,831
206,329		 3,955
202,054
4
Creditors: Amounts fallingduewithinoneyear		 2023 2022
£ £
Other creditors - -
Accruals 26,750 1,600
26,750 1,600
5
Creditors: Amounts fallingdue afteroneyear		 2023 2022
£ £
Taxand Social Security 43,893 43,893
Bank loan - -
Others& accruals 81,613 81,613
125,506 125,506

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CROYDON TABERNACLE

Financial Statements for the Year Ended 31 December 2023

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

6
IncomingResources		 Unrestricted
Funds		 ‘ Restricted
Funds		 2023
£		 2022
£		 2022
£
Tithes, Offering&Thanksgiving 217,445 - 217,445 225,737
GiftAidReclaim 100,657 - 100,657 -
Bank InterestReceived 3,620 - 3,620 281
321,722 - 321,722 226,018
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Costof generatingfunds
the charity's object:		 in furtherance of 2023
£		 2022
£
Telephone, Internet&Fax
Salaries&Wages (InclNI)
Honorarium
Light, Heat, Water&Power
Church Outreach, Evangelism&		 Publicity 3,048
22,746
2,100
11,826
1,438		 - 2,113
48,476
1,000
3,904
1,671
Training, Meetings&Conferences (incl hall hire)
Events, Hospitality &Welfare Support		 640
16,960
58,759		 -
16,550
73,714
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Management& Administration ofCharity		 2023
£		 2022
£
Charitable Donations:
Central OfficeFund - -0
WEMFund 13,450 16,887
Festival ofLife 1,200 1,200
Others
Repairs&Maintenance
Church RunningExpenses&Administration		 8,318
26,849
18,969		 14,220
-
25,615
Legal&Professional Fees
Insurance		 20
4,963		 9,700
5,450
Office ofthe Pastor 211 2,129
CleaningExpenses 3,703 4,839
ChoirExpenses 20,529 9,265
ComputerCosts& Software 2,055 2,291
BankCharges (inclprocessing fees) 3,572 3,461
TravellingExpenses 1,120 -
Printing, Postage& Stationery 1,291 1,302
AccountancyFees 4,713 3,250
Depreciation:
Furnitures, Fixtures and Fittings		 2,684 2,581
Computers&Equipments 12,443 9,240
Freehold Property 15,600 15,600
Subscription& Publication 902
142,592		 518
127,548

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CROYDON TABERNACLE

Financial Statements for the Year Ended 31 December 2023

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

9 Post Balance Sheet Transaction - Gift Aid

An amount of £4,971.03 was received post year end for the Gift Aid submission of £105,657.93 for the period to 31st December 2018. Croydon Tabernacle is in discussion with HMRC to resolve the issues surrounding the shortfall in payment received.

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