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2020-12-31-accounts

Worship Tabernacle Ministries

Report and Accounts Year ended 31 December 2020

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

WORSHIP TABERNACLE MINISTRIES

FOR THE YEAR ENDED 31 DECEMBER 2020

COMPANY INFORMATION

Directors/Trustees T Benson-Idonije E Ogunleye D Okoturo D Boakye M Ekpe Company Secretary O Efeturi Key staff Pastor T Adeshugba Mrs F Adeshugba Governing Document Memorandum and Articles of Association Company Registration Number 04677368 Charity Registration Number 1099842 Registered Office The Citadel 131 St John's Way, Archway, London, N19 3RQ Independent Examiner Stephen Mathews FCA Stewardship 1 Lamb's Passage London, EC1Y 8AB Solicitors Addie & Co 6th Floor, Waterman House 41 Kingsway, London, WC2B 6TP Bankers HSBC plc Clydesdale Bank plc Metro Bank plc CONTENTS

Page
Directors' Report 1-11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14
Cashflow Statement 15
Notes to the Accounts 16-21
Detailed Statement of Financial Activities with Comparatives 22

WORSHIP TABERNACLE MINISTRIES

Report of the Trustees for the Period ended 31 December 2020.

The trustees present their annual report of Worship Tabernacle Ministries for
the period ending 31 December 2020. The report has been prepared in line
with the guidance of the Charities Act 2011.

Purpose and Aims

The purpose of Worship Tabernacle Ministries (WTM) is set out in our objectives
contained in the organisation’s Memorandum of Association.

The New Testament reveals the Church as a community of people, properly taught
and cared for, who by loving and serving Jesus Christ, were also committed
to love and care for each other and to bring a blessing to the area in which
they lived. WTM; its trustees, elders and members are committed to the
restoration of these New Testament principles. It is not alone in this, it
is one of many Churches in the area, country and all over the world that is
re-discovering the excitement of knowing Jesus Christ.

Aims and Objectives

In line with their main purpose, WTM’s objectives are enshrined in the vision
and mission statement of the Charity and include:

In compliance with the Charity Commission’s general guidance on benefits to
the public, the Board of Trustees has a sacrosanct duty of ensuring that all
planned activities contribute to the spiritual, social, and economic well-
being of the congregation and the wider public.

Page 1

Criteria for Measurement of Success

The following measurement criteria is used to evaluate the aims and objectives
stated above.

Review of Aims and Objectives

WTM regularly reviews its objectives and activities to reflect on achievements and
areas for improvement. This ensures that lessons are learnt so that meaningful
improvements can be made.

Reviews are done by:

Focus to Achieve Aims and Objectives

WTM’s main objective continues to be the advancement of the Christian religion
and the relief of poverty and sickness.

This will be achieved by the:

Page 2

Activities to Support Objectives

Weekly activities: the uptake of our weekly services, on Sundays and
Wednesdays, has grown exponentially in 2020 due, in part, to multiple national
lockdowns meaning congregants were able to attend services from the comfort
of their homes. These meetings are founded on the principles and value system
of Christ, and are designed to help people love God, love themselves and love
each other. The average attendance on Sunday’s this year (across 2 services
until April 2020 and between October and December 2020) was 400. Services in
the intervening period were provided online through the WT website and social
media platforms, with average attendance of 700 concurrent congregants; the
church had comparable attendance figures for mid-week services of around 100
(for in person services up to April) and 500 (for online services). All
services are free and open for all members of the public to attend.

Prayer and fasting: WTM have periods in the year dedicated to prayer and fasting.
During these times,members along with their friends and families come
together, online via zoom and in person attendance at the church, for
collaborative prayer. This year we had two periods of prayer and fasting in
January, September and December.

The Love experience: in the month of February, the church had its annual
valentine’s day service themed “the love experience.” It built on the success
of the inaugural year with a capacity crowd in attendance for the 2020 edition.
The emphasis of this event was on love, as the underlying fabric of trust, in
relationships both personal and inter-personal. These principles set the tone
for interactive engagements and discussions within the WT community about
relationships.

Organisational changes: the church adapted its strategy and delivery model in
order to cope with the unprecedented demands of the global pandemic. The
revisions saw the church invest in leadership development, with several new
department leads, and the introduction of service coordinator roles (voluntary
roles) to support social media and online broadcast services.

New Year’s Eve: our annual crossover service was broadcast online due to Covid
restrictions with a then record attendance of over eleven hundred concurrent
attendees. a time of celebration and worship reflecting on 2019 while praying
and thanking God in advance of the New Year. The theme for the year centered
on the book of Genesis and Israel’s settlement in the land of Goshen.

Whilst it is the organised activities above that are recorded, it is also the
work of every member of the church, whether in an organised team or not, that
will make the difference in the church achieving its great commission. This
is done in ‘being salt and light’ amongst the people they interact with every
day; by praying, by visiting the sick and others in need, in being involved
in training others, in teaching and worship.

We ensure that the principles of equality and diversity underpins all our
activities, and our events are open to everyone irrespective of their race,
sex, disability, sexual orientation, religion or belief, age, gender
reassignment, marriage and civil partnership and pregnancy and maternity.

Page 3

Human Resources and General Personnel

The overall structure of WTM is headed by the Senior Pastor, who is also
the Chief Executive of the Charity. Supporting the Senior Pastor are
volunteer Ministers who are responsible for the smooth running of weekly
meetings and oversee WTM’s departments and support units.

Heads of department, who are also volunteers, have day to day
responsibility for departments and units, providing direction and support
to groups of volunteer workers.

Both ministers and heads of departments are appointed by the Senior
Pastor, in his capacity as Chief Executive.

Salary & Remuneration

The below principles are employed by the Board of Trustees when considering
and making remunerations decisions and, benchmarking of the WTM’s key
personnel:

The board of Trustees assert that current levels of remuneration are well within sector benchmarks and have thus far proven successful to WTMs attraction and retention strategy. It will continue to review these arrangements against sector benchmarks and during and after the Covid pandemic .

Financial Review

Against the backdrop of the global pandemic, WTM has, whilst maintaining a
stable baseline, raised an income of over £780,000(2019: £580,000) over the
review period.

This is mostly down to the steadfast commitment of congregants to support
the vision of WTM. This support continues to prove exceptional and the
Trustees wish to thank every congregant who has given sacrificially in
support of the vision regardless of whether the amounts are large or small.

The church has invested significantly in communicating with its members
about the use of the Gift Aid scheme. There has historically been caution
on the use of this amongst congregants as there is the potential for those
with uncertain incomes to have to repay tax when claimed if circumstances
change during a tax year. Because of the increased involvement with
individuals, the church is now able to give confidence that those congregants
who are UK taxpayers and to give within the Gift Aid scheme. This is detailed
in Notes 2 and 6 to the accounts.

Expenditure was maintained at the same level as income and so the
net position was the reserves were maintained to carry forward for
the future ministry of the church.

Page 4

Financial Effects of Significant Events.

All events, be they significant or minor, are planned in such a way that
fiscal responsibility is of paramount importance.

The Senior Pastors in conjunction with Ministers and Trustees, undertake
a thorough evaluation of the financial effects of events to ascertain
viability and feasibility.

The Senior Pastors, Ministers and Trustees have a budgetary planning session
at the end of every review period to set targets for events and collectively
agree feasibility and viability.

With the levels of planning and mitigation put in place, the financial
effects of events become nugatory.

Principal Risks & Uncertainties .

WTM’s principal source of income is tithes, offering and tax relief
(gift aid) payments from congregants, so it is logical to assume that
a reduction in volumes in this area will pose a principal risk. However,
the generosity of the church members and supporters is a source of
great encouragement to the Trustees and despite the impact of the
pandemic, there are currently no indications of risk in this area.
The New Testament talks of churches where “in the midst of severe
trial, their overflowing joy and their extreme poverty welled up in rich
generosity”. This appears to be the spirit at Worship Tabernacle.

In the unlikely event of a drastic reduction in revenue accrued from tithes
and offering, the following mitigating steps will be taken:

Factor Likely to Affect Financial Position Going Forward

The biggest factor likely to affect our financial position is, as stated
in the above, the volume of revenue accrued from tithes and offering
whilst online broadcast remains the dominant delivery model. This risk
is partially mitigated by WTMs financial performance to date despite
restricted in-person services.

In the unlikely event that financial performance deteriorates the
actions articulated in the prior section will be enacted.

Page 5

Reserves Policy

The Board of Trustees examined the Charity's requirements for reserves
to mitigate any inadvertent risk to the organisation. A policy whereby
unrestricted funds not committed or invested in tangible fixed assets
held by the charity represents between 3 and 6 months of the expenditure,
was therefore established.

The expenditure, including capital, for 2020 was in the region of
£500,000 and therefore the targeted reserves should be broadly between
£125,000 and £250,000 in general funds. The reserves are needed to
meet the operational requirements of the Charity and the trustees are
confident that at this level they would be able to continue the current
activities of the Charity, even in the unlikely event of a significant
drop in funding.

This general reserve policy has been met and exceeded this year as in
previous years with free cash reserves standing at 31 December 2020
at £550,000. This has continued into 2021 due to the generosity and
commitment of its supporters and members.

Part of the policy of the Church is to make significant early
repayments of the mortgage, thereby releasing resources for wider
ministry in the future whilst also assessing the potential development
in its ministry in the next few years.

Plans for Future Periods

WTM’s overall plan is to continue running the activities outlined in
earlier sections of this report in forthcoming years, subject to
suitable funding arrangements and recovery from the global pandemic.
In addition to statutory, operational events, we also plan to expand
our horizons on missionary work and forging closer links with the
community.

To this end, our second missionary trip to Israel has been earmarked for
February 2021.

Also, we continue to maintain close links with the operator of Caxton
house, a near community hub.

As a responsible Board of Trustees, we have drawn on successes and

reflected of failures of statutory, operational, and capital events.
So, we that it is beneficial to allocate required levels of
resources to all planned events.

The Charity and Covid-19

The Covid-19 pandemic has had a profound impact on Worship
Tabernacle since the introduction of control measures in March
2020. The church has had to adapt its operating model and
religious practices to cope with a physically dispersed
congregation. These adjustments were most acute for our
congregation, who are primarily from disadvantaged and low-
income backgrounds, including millennials and senior citizens.

Page 6 

Whilst WT had previously introduced digital infrastructure, the
pace, scale, and variation of demand brought by Covid-19
necessitated a step-change in our capacity and capability to
operate. These changes (described later) have required
significant investment in infrastructure, adoption management
and technical capability, as well as the time to enact.

The implications on church life have been most severe in the
below areas:

As we begin to emerge from an extended period of sheltering and
social distancing, there are residual concerns about attendance,
engagement, and income. This builds on evidence from our brief
return to a restricted schedule of services in September through
October (compliant with Government and PHE guidelines) - where
each of those dimensions trended lower than our estimates. All
of this has put into context the challenge of returning to
normality when restrictions start to ease in the weeks ahead.

The church has incurred significant unplanned cost despite the
increased uncertainty of income. We have set out below several
interventions undertaken to mitigate the impact of the pandemic
on worship and community engagement.

1. Services: 

The positive effects of ‘going online’ has given us the
opportunity for creativity and the ability to reach audiences
outside of the usual physical gatherings.

Sundays with a restricted capacity of 60 attendants in line
with Covid guidelines.

2. Church Administration

3. Church Finances

In conclusion, despite the impact of covid-19, the church currently
is healthy spiritually and financially and we will continue to adapt
to the constant changes and challenges that Covid has presented.

Structure, Governance and Management

Governing Document

Worship Tabernacle Ministries is a Charitable Company limited by
guarantee, incorporated on 25 February 2003, and registered as a
charity on 3 October 2003. The Company was established under a
Memorandum of Association which established the objectives and powers
of the Charitable Company and is governed under its Articles of
Association. In the event of the company being wound up, members are
required to contribute an amount not exceeding £10.

Page 8

Structure, Organisation & Management

Worship Tabernacle Ministries is governed by a Board of trustees
elected to serve the charity and run its affairs. The Board reviews
the range of existing skills available annually and uses its power of
co-option to ensure that any gaps are filled appropriately. There
are several other criteria that trustees must meet.

The Board of trustees are assisted by a Pastor, Ministers and Heads of
Departments. Two members of the board of trustees also serve as unpaid
volunteer Ministers, so there is synergy in the governance approach.

As stated in an earlier section of this report, Heads of Department
manage volunteer workers garnered from the pool of congregants.

The Board of trustees meet quarterly and are responsible for the
Charity’s strategic direction and policy implementation. A scheme of
delegation is in place and day-to-day responsibility for the provision
of services rest with the Senior Pastors who take on the roles of
Chief Executive and Deputy Chief Executive.

The Chief Executive is ably assisted by his Deputy and an Executive
Assistant on day-to-day operational activities.

A group of part-time administrative personnel provide support on a
regular basis to the Executive Assistant.

The Board of Trustees undertake a constant review of the organisational
and staffing structure to ensure that high levels of engagement and
service satisfaction, which have been the hallmark of WTM, continue to
be maintained.

Decision Making Process

The Board of Trustees makes decision on the general policy and direction
of the church. The views of the Senior Pastors are considered, but the
ultimate decision is made by the Board of Trustees.

The senior Pastors, with some input from the Board of Trustees and
Ministers, make decisions on the spiritual and organisational direction
of WTM.

Heads of Department manage volunteer workers to implement the vision
of WTM as directed by Minsters, the Board of Trustees, and the Senior
Pastors.

Recruitment and Appointment of Trustees

The Directors of the company are also charity trustees for the purposes
of charity law and under the company's Articles are known as “Trustees”.
Under the requirements of the Memorandum and Articles of Association
the Trustees are elected to serve for a period of three years after
which they must be re- elected at the next Annual General Meeting. All

Page 9 

trustees give their time voluntarily and receive no benefits from the
charity.

As WTM is a church, trustees appointed have been so selected based on
their faith, strength of character, skill set in the area of business
management, growth and their individual commitment to the vision of
the Charity.

Trustees Induction and Training

Members of the Board of Trustees are already familiar with the practical
work of the charity because of their affiliation with the Church for
several years.

New Trustees are invited and encouraged to function in their capacity
as members of the church to understand the teachings of the Church and
its vision. They are invited as required and encouraged to attend a
series of training sessions to familiarise themselves with the charity
and the context within which it operates.

These sessions are jointly led by the Chair of Trustees and the Chief
Executive/ Senior Pastor of the Charity and cover the following topics:

A knowledgebase of FAQs is available which draws information from the
different Charity Commission publications signposted through the
Commission's guide "the Essential Trustee" as a follow up to these
sessions. This is distributed to all new trustees along with the
Memorandum and Articles and the latest financial statements.

In addition to all the above, with constant and often significant
changes to the legislation governing Charities under the auspices of the
Charity Commission, it is imperative that Members of the Board of
Trustees attend periodic refresher training courses to keep abreast of
methodologies.

Training for all members of WTM

Cornerstone Course: A comprehensive programme runs over 3 days to
reinforce the knowledge and advancement of the gospel. The
programme is usually well attended and targeted at members of the
congregation.

Page 10

Re3 n8ibilities of tha Tru8tee8 under charit lav The trustees are responsible for preparing the trustees, annual report and the financial statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) . Charity law requires the trustees to prepare financial statements for each financlal year which give a true and fair vlew of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expendlture, for the f inancial year. In preparing these f inancial statements, the trustees are required to: select suitable accounting policies consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. and apply them The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the Board of Trustees Members of the Board of Trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served durlng the year and up to the date of this report are set out below. In accordance with company law, as the company's directors, we certlfy that as far as we are aware, there is no relevant information whlch ,the Company account is not aware of and as Directors of the Company, we have taken all reasonable steps to familiarize ourselves with relevant informatlon and ensure the Independent Examiner is also aware of all relevant infornation. By order of Trustees: eptember 2021 D Okoturo Page 11

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WORSHIP TABERNACLE MINISTRIES ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020 on pages 13 to 22 following, which have been prepared on the basis of the accounting policies set out on pages 16-17.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Stephen Mathews FCA Institute of Chartered Accountants of England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 28 September 2021

Page 12

WORSHIP TABERNACLE MINISTRIES

Statement of Financial Activities

FOR THE YEAR ENDED 31 DECEMBER 2020

Summary Income and Expenditure Account

Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Bank interest
Charitable activities
Total income and endowments
EXPENDITURE ON
Charitable activities
3
Total expenditure
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2019
£
£
£
£
755,750
23,770
779,520
581,523
1,885
-
1,885
-
173
-
173
4,135
757,808
23,770
781,578
585,658
434,596
-
434,596
520,845
434,596
-
434,596
520,845
323,213
23,770
346,982
64,813
23,770
(23,770)
-
-
346,982
-
346,982
64,813
1,232,756
-
1,232,756
1,167,944
1,579,739
-
1,579,739
1,232,756

Movements on reserves and all recognised gains and losses are shown above.

The notes on page 16-21 form part of these accounts.

Page 13

WORSHIP TABERNACLE MINISTRIES BALANCE SHEEr FOR THE YEAR ENDED 31 DECEMBER 2020 Note Unrestricted Funds Restricted Funds Total funds 2020 Totsl funds 2019 FIXED ASSErs Tangible assets 1.711,688 1,711,688 1,757,659 CURRENT ASSETS Debtors Cash at bank 103,814 555,348 103,814 555,348 2,000 325,603 659,162 659,162 327,603 CURRENT LIABILITIES Liabilities falling due within one year Net Current Assets 66,143 66,143 55,023 593,019 593.019 272.580 LONG TERM LIABILMES Liabilities falling due over one year 724,967 724,967 797,483 NEf ASSErs 1,579,739 1,579,739 1,232,756 FUND BALANCES Unrestricted funds Generdl Funds 11 1,579,739 1,579.739 1,297,569 1,579,739:. 1.579,739 1,297,569 For the year ended 31 December 2020, the company was entitled to the exemption frDm audit under Section 477 of the Companies Act 2006 relating to small companies. Respon&"biliti"es of diredofthistees." The members have not required the char7table company to obtain an audit of its accounts for the ye8r in question in accordance with Secbon 476 of the Companies Act - however, in accordance ￿th Section 145 of the Charities Act 2011 the accounts have been examined by an independent examiner whose report fom?s part ofthis document. The diredorthstees acknO￿edge their responsibilities for complying Mth the requirements of the Companies Act with respect to accounting reconls and the preparation of accounts. These 8ccounts have been prepafpd in accordance with the pmvisions applicable to comp8nies subject to the small companies regime. Approved by the Directors and signed on their behalf on the 114, D Okoturo September 2021 by. Company number 04677368 Charity number 1099842 The notes on page 16-21 fomi part ofthese accounts. Page 14

WORSHIP TABERNACLE MINISTRIES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities:
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of property, plant and equipment
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Net cash provided by (used in) financing activities
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period
Change in cash and cash equivalents in the reporting period		 Total
Prior year
funds
funds
Note
£
£
294,306
117,848
a
-
-
-
-
(64,561)
(73,355)
(64,561)
(73,355)
229,744
44,492
325,603
281,111
b
555,348
325,603
b

Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities

Adjustments for:
Depreciation charges
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Note b: Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)		 Current year
Prior year
£
£
346,982
64,813
45,972
45,972
(101,814)
7,814
3,167
(750)
294,306
117,848
Current year
Prior year
£
£
301,035
97,212
254,313
228,392
555,348
325,603

Page 15

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the trustees have considered the impact of Covid-19 and have concluded that its impact on net income will not be material.

b) Income:

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies:

ii)

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

iii)

Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats and other events and courses.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

c) Expenditure

Page 16

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2020

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the church is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Fixed assets and depreciation:

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,500 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Depreciation periods are as follows: Freehold land Not depreciated Freehold buildings Over 50 years Equipment Between 3 and 7 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation

The company is a registered charity and is exempt from taxation under the Income & Corporation Taxes Acts.

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

Page 17

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2020

2
Donations and legacies
Note
General donations
Building fund donations
11
Legacies receivable
Tax recoverable
6
3
Charitable activity
a
Direct Charitable Costs
Church core costs
Salaries, travel and expenses
Conferences and training
Other expenses
Depreciation
Other premises costs
Ministry costs
Conference speakers
Grants payable
Note 3c
Church meetings and other project costs
b
Support & Administration
Governance costs
Finance and mortgage charges
Subscriptions and professional fees
Insurance
Combined charitable activity cost		 Total
Total
2020
2019
£
£
654,959
527,346
22,747
24,067
-
20,312
101,814
9,798
779,520
581,523
Total
Total
2020
2019
£
£
181,672
185,073
3,179
1,184
48,546
58,863
45,972
45,972
72,901
100,656
352,271
391,748
-
7,249
16,014
5,558
28,592
67,307
396,877
471,861
£
£
4,500
4,500
32,288
40,158
73
2,812
858
1,514
37,719
48,984
434,596
520,845

Within governance costs are fees payable to Stewardship, for the annual accounts and independent examination of £4,500 (2019 £4,500), and other expenses for payroll bureau services was £842 (2019: £842) and consultancy services, totalled £nil (2019: £740).

c
Grants
2020
Relief of poverty
2019
Mission support
Relief of poverty
The grants to institutions during the year comprised:
Pillion Trust charity
House of Wells - Africa		 Institutions
Individuals
2020
2019
£
£
£
£
12,000
4,014
16,014
5,558
12,000
4,014
16,014
5,558
Institutions
Individuals
2019
2018
£
£
£
£
-
-
-
11,500
-
5,558
5,558
3,288
-
5,558
5,558
14,788
2020
2019
£2,000
-
£10,000
-

Page 18

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2020

4 Staff , Trustees and Connected transactions

Gross wages and salaries
Employer's National Insurance costs
Pension costs
Other benefits
Total staff costs		 2020
2019
£
£
160,885
164,119
13,324
14,214
3,987
3,604
3,476
3,137
181,672
185,073

The average monthly number of employees during the year was 5 (2019: 5). Its activities are generally carried out by volunteers.

One staff member received salary in the band of £80,000-90,000 pa (2019: one). No others received salary over £60,000 pa.

Remuneration payable to key management amounted to £138,483 gross salaries (2019: £139,134) and £3,600 pension contributions in the year (2019: £3,300). Key management is considered to cover senior church leaders directly employed by the charity.

No employment benefits were provided to any trustee during the year or the previous year.

5 Tangible Fixed Assets

Cost
At 1 January 2020
Additions
At 31 December 2020
Accumulated Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 1 January 2020
Debtors and Prepayments
Tax recoverable 2020
Tax recoverable 2017-2019		 Land
Equipment &
Total
& Buildings
fittings
Vehicles
2020
£
£
£
£
2,109,002
316,151
24,538
2,449,690
-
-
-
-		 Land
Equipment &
Total
& Buildings
fittings
Vehicles
2020
£
£
£
£
2,109,002
316,151
24,538
2,449,690
-
-
-
-
2,109,002
316,151
24,538
2,449,690
362,686
304,807
24,538
692,031
42,180
3,791
-
45,972
404,866
308,598
24,538
738,003
1,704,135
7,552
-
1,711,688
1,746,315
11,344
-
1,757,659
2020
2019
£
£
54,816
-
48,998
2,000
103,814
2,000

6 Debtors and Prepayments

The church has invested significantly in communicating with its members about the use of the Gift Aid scheme. The benefits of this are reflected in claims made in 2021 for 2020 and prior years. To the date of signing of the accounts approximately £62,000 of the above has been satisfactorily claimed and received with the balance of the above debt being expected to be received by December 2021.

7 Cash at Bank and in Hand

Cash at Bank and in Hand
Bank operating accounts
Bank deposits		 301,035
97,212
254,313
228,392
555,348
325,603

Page 19

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2020

8 Creditors: liabilities falling due within one year

8
Creditors: liabilities falling due within one year
Trade Creditors
Mortgage loan due within one year
Accruals
9
Creditors: liabilities falling due over one year
Mortgage loan
Capital balance due
Less due within 1 year		 697
5,114
52,865
44,909
12,583
5,000
66,145
55,024
777,832
842,393
(52,865)
(44,909)
724,967
797,483

The mortgage is secured by a first charge on the freehold church property referred to in note 5. The mortgage is repayable by 2034 and the current interest rate is at 3.69%.

10 Loans and finance leases

The liabilities for mortgage loans referred to in notes 6 and 8 fall due for repayment as follows:

Repayable:
Within one year
Between one and five years
After five years		 By
instalments
52,865
223,663
501,304
777,832		 2020
2019
£
£
52,865
44,909
223,663
200,838
501,304
596,646
Mortgage
777,832
842,394

The mortgage referred to in the above notes is secured on the charity's building at the Citadel, 131 St John's Way, London by way of a fixed charge. Interest is payable at a variable rate, which at the balance sheet date was 3.69%. The loan is being repaid in monthly instalments and must be repaid in full by 2034.

11 Funds

During the year the movements in the charity's funds were as follows:

2020
General Unrestricted Funds
Building fund
Restricted Funds
Aggregate of Funds		 Opening
Incoming
Outgoing
Transfers
Closing
balance
resources
resources
in the year
balance
£
£
£
£
£
1,232,756
757,808
434,596
23,770
2,448,930
-
23,770
-
(23,770)
-
-
23,770
-
(23,770)
-
1,232,756
781,578
434,596
-
2,448,930

Funds held in the building fund are for the purpose of early repayment of the Church's mortgage. The Church has used all funds received by the church for this purpose during the year to repay part of the capital of the mortgage as intended by the donors, and this is reflected by a transfer from the restricted building fund to general funds.

The assets and liabilities represented by the various funds are as follows:

Restricted funds
Unrestricted funds		 Fixed
Bank & cash
Other net
Long term
Total
assets
balances
assets
liabilities
£
£
£
£
£
-
-
-
-
-
1,711,688
555,348
37,671
(724,967)
1,579,739
1,711,688
555,348
37,671
(724,967)
1,579,739

Page 20

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2020

2019

2019
Opening Incoming Outgoing Transfers Closing
balance resources resources in the year balance
£ £ £ £ £
General Unrestricted Funds 1,167,944 561,591 (496,779) - 1,232,756
Building fund - 24,067 (24,067) - -
Restricted Funds - 24,067 (24,067) - -
Aggregate of Funds 1,167,944 585,658 (520,846) - 1,232,756
The assets and liabilities represented by the various funds are as follows:
Fixed Bank & cash Other net Long term Total
assets balances assets liabilities
£ £ £ £ £
Restricted funds - - - - -
Unrestricted funds 1,757,659 325,603 (53,023) (797,483) 1,232,756
1,757,659 325,603 (53,023) (797,483) 1,232,756

12 Transactions with related parties

During the year the charity:

During the year the church paid £18,000 (2019: £18,000) as rent to Pastor T and Mrs F Adeshugba, under a lease agreement for the church to use a property owned by them as church accommodation. There were no amounts owed or owing at the year end.

13 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

14 Agency receipts and payments

During 2019 the charity received income and paid out expenditure for a trip to Israel as agent for church members. The receipts of £18,431 and expenditure of £42,683 were excluded from the income and expenditure in these accounts. No equivalent amounts we received or paid in 2020.

Page 21

WORSHIP TABERNACLE MINISTRIES

Detailed Statement of Financial Activities with Comparatives

FOR THE YEAR ENDED 31 DECEMBER 2020

Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Bank interest
Charitable activities
Total income and endowments
EXPENDITURE ON
Charitable activities
3
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Total
Total
Funds
Funds
2020
2019
2020
2019
2020
2019
£
£
£
£
£
£
755,750
557,456
23,770
24,067
779,520
581,523
1,885
1,885
-
173
4,135
173
4,135

Unrestricted Funds - General
Restricted Funds
757,808
561,591
23,770
24,067
781,578
585,658
434,596
496,778
-
24,067
434,596
520,845
434,596
496,778
-
24,067
434,596
520,845
323,213
64,813
23,770
-
346,982
64,813

23,770
-
23,770
-
-
-
-
346,982
64,813
-
-
346,982
64,813
346,982
64,813
-
-
346,982
64,813
1,232,757
1,167,944
-
-
1,232,757
1,167,944
1,579,739
1,232,757
-
-
1,579,739
1,232,757

Movements on reserves and all recognised gains and losses are shown above.

Page 22