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2021-12-31-accounts

Worship Tabernacle Ministries

Report and Accounts Year ended 31 December 2021

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

WORSHIP TABERNACLE MINISTRIES

FOR THE YEAR ENDED 31 DECEMBER 2021

COMPANY INFORMATION

Directors/Trustees T Benson-Idonije
E Ogunleye
D Okoturo
D Boakye
M Ekpe
Company Secretary T Olaiya
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
Auditors A Warren FCA
McBrides AccountantsLLP
Nexus House, Sidcup
Kent DA14 5DA
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 1-13
Auditor's Report 14-17
Statement of Financial Activities 18
Balance Sheet 19
Cashflow Statement 20
Notes to the Accounts 21-26
Detailed Statement of Financial Activities with Comparatives 27

WORSHIP TABERNACLE MINISTRIES

Report of the Trustees for the Period ended 31 December 2021.

The trustees present their annual report of Worship Tabernacle Ministries for the period ending 31 December 2021. 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.

WTM’s main purpose is to promote the advancement of Christian religion and relieving poverty and sickness in line with Christian principles in the UK and around the world.

To preach the Gospel in the City of London with an operational focus in the boroughs of Camden and Islington.

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:

1

Creating an appropriate and effective environment for the congregation to enhance their learning and application of the good news of Jesus Christ.

Shaping lives through the word of God; Fulfilling Dreams through the provision of spiritual guidance; Guaranteeing success by adhering to dictates of the walk with Christ. Working closely within the community to, through its work, help alleviate poverty, depression, and equip people with the good news of the Gospel; enabling people to discover and develop their own gifts and talents; and, to become economically active members of the community.

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.

Criteria for Measurement of Success

The following measurement criteria is used to evaluate the aims and objectives stated above. Quality of Sermons & Service: The expectation is that the sermons are based on biblical principles and designed to empower people’s lives with meaning and purpose.

Retention to Leaving Ratio: This is defined as the percentage of congregants who leave over a given period. The number of new congregants over a period is also taken into account. An evaluation of a representative sample of the congregation to measure how well their Christian lives have evolved and the tangible impact on their personal lives within the community and society at large.

Monthly active users of the WT digital app and engagement with Instagram and YouTube handles

Regular engagement with the immediate community to measure compliance to stated aims and objectives. This may be by way of formal or informal means.

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:

Activities to Support Objectives

Weekly activities: the uptake of our weekly services has grown steadily since the pandemic and throughout 2021. Online platforms have extended their reach to thousands of people in the UK and beyond. 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 has gone up to 800 people (combined online and in-person audience); Midweek attendees went up to 150 on average. 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 three periods of prayer and fasting in January, July, and December.

3

The Love experience: in the month of February, the church had its annual valentine’s day service themed “the love experience.” The emphasis of this year’s event, like prior years, was on love. These principles set the tone for interactive engagements and discussions within the WT community about relationships.

Organisational changes: changes enacted in 2020 have been scaled-up with career development, financial support, prayer and outreach teams; social media and broadcast, and ministerial leadership teams all fully operational.

New Year’s Eve: our annual crossover service was broadcast online to comply with Covid restrictions. A record 1400 people attended the event online. The church reflected on what had been a tough year, but one filled with many reasons to be grateful and optimistic about 2022. The theme for the new year centered on the book of Exodus 9 and Israel’s exit from the land of Egypt.

Our values are demonstrated through all our teachings with equality, diversity, and inclusion underpinning our activities and events. Our congregation is 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.

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:

4

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 £1,060,000 (2020: £780,000) over the review period.

This is mostly down to the steadfast commitment of congregants to support the vision of WTM. Expenditure was inline with the prior year so the net position was positive by the end of the year.

WTM has paid off a significant chunk of the outstanding mortgage increasing its equity in both properties (131E and 131F St John’s Way) to 90 percent. The board of trustees anticipate the remaining balance will be paid off within 2 years, if revenue and expenditure remain in line with 2021.

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

5

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 about churches that where “in the midst of severe trials, 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.

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.

6

The expenditure for 2021 was approximately £500,000 and our financial reserves are in excess of the targeted range of 25% to 50% of annual revenue. 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 reserves standing at 31 December 2021 at approximately £850,000; being current assets less immediate amounts due.

The Church holds funds above reserve level as it expects to undertake development in its ministry in the next few years. Should for any reason the development undertaken not require the surplus funds they would use it to repay the mortgage.

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 2023.

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

As a responsible Board of Trustees, we have drawn on successes and reflected on failures of statutory, operational, and capital events. So, we believe 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.

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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, which started in 2020, have continued throughout 2021 with an uplift in technical infrastructure, adoption management and internal capability.

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 during the year - 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 unplanned costs despite the uncertainty of income. We have set out below several interventions undertaken to mitigate the impact of the pandemic on worship and community engagement.

Services:

8

Conclusion

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.

9

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.

Decision Making Process

The Board of Trustees makes decisions 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 Ministers, 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

10

which they must be re- elected at the next Annual General Meeting. All 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:

The Obligations of Trustees.

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.

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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.

Responsibilities of the Trustees under charity law

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view 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 expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper 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 during the year and up to the date of this report are set out below.

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In accordance with company law, as the company's directors, we certify that:

As far as we are aware, there is no relevant information which the Charitable company’s auditor is not aware of and as Directors of the Company, we have taken all reasonable steps to familiarize ourselves with relevant information and ensure the Auditors are also aware of all relevant information.

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

By order of Trustees

E Ogunleye

E Ogunleye

Date: 27 September 2022

13

AUDITOR’S REPORT ON FINANCIAL STATEMENTS

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORSHIP TABERNACLE MINISTRIES

Opinion

We have audited the financial statements of Worship Tabernacle Ministries (the ‘company’) for the year ended 31 December 2021 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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Key audit matters

The financial statements for the prior period were unaudited.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion :

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Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

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No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Warren

Andrew Warren (Senior Statutory Auditor)

For and on behalf of McBrides Accountants LLP, Statutory Auditor

Nexus House Cray Road Sidcup Kent DA14 5DA

Date: 29 September 2022

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WORSHIP TABERNACLE MINISTRIES

Statement of Financial Activities

FOR THE YEAR ENDED 31 DECEMBER 2021

Included Profit and Loss 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
2021
2020
£
£
£
£
1,039,439
15,769
1,055,208
779,520
2,673
-
2,673
1,885
2,596
-
2,596
173
1,044,708
15,769
1,060,477
781,578
491,964
-
491,964
434,596
491,964
-
491,964
434,596
552,744
15,769
568,513
346,982
15,769
(15,769)
-
-
568,513
-
568,513
346,982
1,579,739
-
1,579,739
1,232,756
2,148,252
-
2,148,252
1,579,739

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

The notes on page 21-26 form part of these accounts.

Page 18

WORSHIP TABERNACLE MINISTRIES

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2021

Note
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Debtors
6
Cash at bank
7
CURRENT LIABILITIES
Liabilities falling due within one year
8
Net Current Assets
LONG TERM LIABILITIES
Liabilities falling due over one year
9
NET ASSETS
FUND BALANCES
Unrestricted funds
11
General Funds		 Unrestricted
Restricted
Total funds
Total funds
Funds
Funds
2021
2020
£
£
£
£
1,719,977
-
1,719,977
1,711,688
124,603
-
124,603
103,814
791,539
-
791,539
555,348
916,142
-
916,142
659,162
88,779
-
88,779
66,143
827,363
-
827,363
593,019
399,088
399,088
724,967
2,148,252
-
2,148,252
1,579,739
2,148,252
-
2,148,252
1,579,739
2,148,252
-
2,148,252
1,579,739

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Directors and signed on their behalf by:

D Okoturo
D Okoturo Date: 28 September 2022
Company number: 04677368 Charity number: 1099842

The notes on page 21-26 form part of these accounts.

Page 19

WORSHIP TABERNACLE MINISTRIES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

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
Analysis of changes in net debt:
At start of
Non-cash
year
movements
£
£
Cash
555,348
Bank loans:
Falling due within one year
(52,865)
(71,259)
Falling due after one year
(724,967)
71,259
Total net funds / (debt)
(222,484)
-
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 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
Analysis of changes in net debt:
At start of
Non-cash
year
movements
£
£
Cash
555,348
Bank loans:
Falling due within one year
(52,865)
(71,259)
Falling due after one year
(724,967)
71,259
Total net funds / (debt)
(222,484)
-
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 Total
Prior year
funds
funds
Note
£
£
616,204
294,306
a
(72,527)
-
(72,527)
-
(307,486)
(64,561)
(307,486)
(64,561)
236,191
229,744
555,348
325,603
b
791,539
555,348
b
At end of
Cash-flows
year
£
£
236,191
791,539
52,865
(71,259)
254,621
(399,087)
543,677
321,193
(222,484)
-

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
£
£
568,513
346,982
64,238
45,972
(20,789)
(101,814)
4,242
3,167
616,204
294,306
Current year
Prior year
£
£
658,744
301,035
132,795
254,313
791,539
555,348

Page 20

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2021

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 21

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2021

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 22

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2021

2
Donations and legacies
Note
General donations
Building fund donations
11
Tax recoverable
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
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
2021
2020
£
£
915,242
654,959
15,366
22,747
124,600
101,814
1,055,208
779,520
Total
Total
2021
2020
£
£
210,255
181,672
263
3,179
69,283
48,546
64,238
45,972
79,903
72,082
423,942
351,452
8,140
16,014
39,480
28,592
471,562
396,877
£
£
10,800
4,500
8,026
32,288
0
73
1,576
1,677
20,402
38,538
491,964
434,596

Within governance costs are fees payable to McBrides Accountants LLP, for the annual audit of £7,200 (2020: nil). No other amounts were payable to them for the year.

c Grants

Grants
2021
Mission support
Relief of poverty
2020
Relief of poverty
The grants to institutions during the year comprised:
House of Wells - Africa
Power House International Church Outreach
Pillion Trust charity		 Institutions
Individuals
2021
£
£
£
1,000
-
1,000
2,000
5,140
7,140
3,000
5,140
8,140
Institutions
Individuals
2020
£
£
£
12,000
4,014
16,014
12,000
4,014
16,014
2021
2020
£
£
2,000
10,000
1,000
-
-
2,000

Page 23

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2021

4 Staff , Trustees and Connected transactions

f , Trustees and Connected transactions
Gross wages and salaries
Employer's National Insurance costs
Pension costs
Other benefits
Total staff costs		 2021
2020
£
£
184,526
160,885
15,896
13,324
4,538
3,987
5,295
3,476
210,255
181,672

The average monthly number of employees during the year was 5 (2020: 5). Its activities are generally carried out by volunteers.

One staff member received salary in the band of £90,000-100,000 pa (2020: one member of staff in the band £80,000£90,000). No others received salary over £60,000 pa.

Remuneration payable to key management amounted to £151,823 gross salaries (2020: £138,483) and £3,904 pension contributions in the year (2020: £3,600). 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 2021
Additions
At 31 December 2021
Accumulated Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 1 January 2021
6
Debtors and Prepayments
Tax recoverable 2021
Tax recoverable 2020
Tax recoverable 2017-2019
7
Cash at Bank and in Hand
Bank operating accounts
Bank deposits		 Land
Equipment &
Total
& Buildings
fittings
Vehicles
2021
£
£
£
£
2,109,002
316,150
24,538
2,449,690
-
72,527
-
72,527		 Land
Equipment &
Total
& Buildings
fittings
Vehicles
2021
£
£
£
£
2,109,002
316,150
24,538
2,449,690
-
72,527
-
72,527
2,109,002
388,677
24,538
2,522,217
404,866
308,598
24,538
738,003
42,180
22,058
-
64,238
447,046
330,656
24,538
802,240
1,661,956
58,021
-
1,719,977
1,704,135
7,552
-
1,711,688
2021
2020
£
£
111,777
-
12,826
54,816
-
48,998
124,603
103,814
658,744
301,035
132,795
254,313
791,539
555,348

Page 24

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2021

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
697
71,259
52,865
16,825
12,583
88,781
66,145
470,346
777,832
(71,259)
(52,865)
399,088
724,967

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 3.84%.

10 Loans and finance leases

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

Note
Repayable:
Within one year
8
Between one and five years
9
After five years
9		 By
instalments
71,259
283,802
115,285
470,346		 2021
2020
£
£
71,267
52,865
283,811
223,663
115,294
501,304
Mortgage
470,372
777,832

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 3.84%. 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:

2021
General Unrestricted Funds
Building fund
Restricted Funds
Aggregate of Funds		 Opening
Incoming
Outgoing
Transfers
Closing
balance
resources
resources
in the year
balance
£
£
£
£
£
1,579,739
1,044,708
(491,964)
15,769
2,148,252
-
15,769
-
(15,769)
-
-
15,769
-
(15,769)
-
1,579,739
1,060,477
(491,964)
-
2,148,252

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
£
£
£
£
£
-
-
-
-
-
1,719,977
791,539
35,824
(399,088)
2,148,252
1,719,977
791,539
35,824
(399,088)
2,148,252

Page 25

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2021

2020

2020
Opening Incoming Outgoing Transfers Closing
balance resources resources in the year balance
£ £ £ £ £
General Unrestricted Funds 1,232,756 757,808 (434,596) 23,770 1,579,739
Building fund - 23,770 - (23,770) -
Restricted Funds - 23,770 - (23,770) -
Aggregate of Funds 1,232,756 781,578 (434,596) - 1,579,739
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 1,711,688 555,348 37,670 (724,967) 1,579,739
1,711,688 555,348 37,670 (724,967) 1,579,739

12 Transactions with related parties

During the year the charity:

i) Received donations totalling £34,609 (2020: £17,198) from related parties (which includes trustees, anyone closely connected to them and key management).

ii) No expenses (2020: £nil) were paid to, or for, the trustees.

During the year the church paid £18,000 (2020: £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.

Page 26

WORSHIP TABERNACLE MINISTRIES

Detailed Statement of Financial Activities with Comparatives

FOR THE YEAR ENDED 31 DECEMBER 2021

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
2021
2020
2021
2020
2021
2020
£
£
£
£
£
£
1,039,439
755,750
15,769
23,770
1,055,208
779,520
2,673
1,885
2,673
1,885
2,596
173
2,596
173
Unrestricted Funds - General
Restricted Funds
1,044,708
757,808
15,769
23,770
1,060,477
781,578
491,964
434,596
-
-
491,964
434,596
491,964
434,596
-
-
491,964
434,596
552,744
323,213
15,769
23,770
568,513
346,982
15,769
23,770
15,769
-
23,770
-
-
-
568,513
346,982
-
-
568,513
346,982
568,513
346,982
-
-
568,513
346,982
1,579,739
1,232,757
-
-
1,579,739
1,232,756
2,148,252
1,579,739
-
-
2,148,252
1,579,739

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

Page 27