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2022-12-31-accounts

Worship Tabernacle Ministries

Report and Accounts Year ended 31 December 2022

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

WORSHIP TABERNACLE MINISTRIES

FOR THE YEAR ENDED 31 DECEMBER 2022

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 McBrides Accountants LLP
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
Charity information 1
Directors' Report 2-10
Auditor's Report 11-14
Statement of Financial Activities 15
Balance Sheet 16
Cashflow Statement 17
Notes to the Accounts 18-23
Detailed Statement of Financial Activities with Comparatives 24

Page 1

WORSHIP TABERNACLE MINISTRIES

Annual Report for the Period Ended 31 December 2022

The Board of Trustees of Worship Tabernacle Ministries is pleased to present the annual report for the period ending on December 31, 2022. This report encapsulates the remarkable achievements, transformative initiatives, and profound growth that our church community has experienced throughout the year.

Purpose, Aims, and Objectives

Worship Tabernacle Ministries remains committed to its core purpose and aims, which are rooted in promoting the advancement of Christian religion and relieving poverty and sickness in line with Christian principles in the UK and around the world.

Our objectives continue to align with our vision of creating an environment for congregants to enhance their learning and application of the gospel, shaping lives through the word of God, and alleviating poverty, depression, and equipping individuals with the good news of the Gospel.

Objectives and Enabling Activities:

1. Objective: Enhance Congregational Engagement and Growth

2. Objective: Strengthen Men's Ministry and Unity

Page 2

3. Objective: Empower Women in the Church and Community

4. Objective: Expand Digital Reach and Online Community

5. Objective: Advance Global Outreach Efforts

6. Objective: Foster Strong Relationships and Marriages

By pursuing these objectives and implementing the corresponding enabling activities, Worship Tabernacle Ministries continues to fulfil its mission, strengthen its congregation, and positively impact both the local community and global outreach efforts. The commitment and dedication of our members, volunteers, and leadership will be essential in realising these goals.

Page 3

Our Activities in 2022

1. Expanded Worship Services:

2. Mortgage Reduction Milestone:

3. Revamped Men's Ministry:

4. Worship Night Service:

5. Empowered Women's Ministry:

Page 4

6. Growing Online Church:

7. Mission Endeavours:

8. Charitable Engagement:

9. Premarital Course Success:

10. Marriages and Relationship Seminars:

Page 5

11. Baptism :

12. Lease Extension and Share of Freehold for 131F:

Measurement of Success

Our success is measured through various metrics, including the quality of worship services, the impact of our ministries on spiritual growth and unity, the engagement of our online church community, the positive outcomes of our mission projects, and the support provided to charitable organisations. Our aim is to see congregants' lives transformed, relationships strengthened, and our influence extended to the broader community.

Principal Risks & Uncertainties

While Worship Tabernacle Ministries has achieved significant progress, we recognise that there are inherent risks and uncertainties that could impact our operations and mission. The primary source of income for the church is through tithes, offerings, and charitable donations. A reduction in these contributions due to economic challenges or changes in congregation dynamics could pose a risk to our financial stability. Additionally, external factors such as regulatory changes, shifts in societal attitudes, or unforeseen events could impact our ability to carry out our activities effectively. Despite these potential risks, our congregation's generosity and our commitment to responsible financial management provide a foundation of strength that helps mitigate these challenges.

Human Resources and Remuneration

Worship Tabernacle Ministries recognises the invaluable contribution of its dedicated human resources in achieving our mission. The Senior Pastor serves as the Chief Executive, providing visionary leadership and direction for the organisation. Volunteer Ministers and Heads of Departments play pivotal roles in running weekly meetings and

Page 6

overseeing various church functions. These roles are filled by individuals who are deeply committed to the church's vision and values.

In the context of remuneration, the Board of Trustees adheres to a set of principles to ensure fairness, transparency, and accountability. Our approach is characterised by:

It's important to note that the vast majority of our personnel, including Ministers and Heads of Departments, serve on a voluntary basis, driven by their dedication to the church's mission rather than financial gain. This alignment of purpose ensures that our resources are directed towards advancing our mission and serving our congregation and community

As we look ahead, we remain committed to cultivating a harmonious and motivated team that embodies our values and helps us achieve our goals, both spiritually and operationally. Our remuneration policies will continue to reflect our commitment to fairness, accountability, and responsible stewardship of the resources entrusted to us.

Financial review and Reserves Policy

The charity continued to see a steady level of income in the year above £1 million which, for the second year running enabled a significant reduction in long-term debt (of approximately £400,000) as well as increasing planned expenditure on direct charitable expenditure by approximately £160,000 and grants to others by £50,000.

The Board of Trustees maintains a prudent reserves policy to ensure the financial stability of Worship Tabernacle Ministries. Unrestricted funds not committed or invested in tangible fixed assets are held at an amount not less than a range of three to six months of the charity's annual expenditure. Our financial reserves are well above this targeted range, due to the generosity of our church members, enabling us to continue our current

Page 7

activities and operations, even in the unlikely event of a significant drop in funding. This policy provides a safeguard against uncertainties and supports the sustainability of our ministry. The Leaders and Trustees are now considering how the strategic goals are best achieved with the surplus funds provided by the generosity of our members during 2022.

As we reflect on the achievements and growth of Worship Tabernacle Ministries throughout 2022, we are humbled and grateful for the steadfast support of our congregation, the tireless efforts of our volunteers, and the boundless blessings from above. As we move forward, guided by our faith and united in purpose, we remain committed to our mission of spreading God's love, compassion, and hope to our community and beyond.

Structure, Governance, and Management

Governing Framework

Worship Tabernacle Ministries is registered as a Charitable Company limited by guarantee, founded on February 25, 2003, and officially recognized as a charity on October 3, 2003. The organisation's constitution is outlined in its Memorandum of Association, defining its aims and powers. Governance operates through its Articles of Association. Should the organisation dissolve, members are liable to contribute up to £10.

Organisational Structure and Leadership

The governance of Worship Tabernacle Ministries is entrusted to a dedicated Board of Trustees, elected to oversee the charity's operations and objectives. An annual review diligently evaluates the breadth of expertise within the Board, with any identified gaps thoughtfully addressed through a co-option process. The selection of trustees adheres to stringent criteria, ensuring alignment with the organisation's values and mission.

Supporting the Board are a Pastor, Ministers, and Department Heads, forming a robust leadership network. Adding to this cohesive structure, two Board members serve as voluntary, unpaid Ministers, reinforcing a harmonised approach to governance. The leadership ensemble extends further to encompass Department Heads, skilfully overseeing volunteer workers drawn from the congregation, as elaborated earlier.

Quarterly meetings of the Board play a pivotal role in shaping the charity's strategic course and executing its policies. At the operational level, the dynamic leadership of the

Page 8

Senior Pastors, who concurrently assume roles as the Chief Executive and Deputy Chief Executive, ensures the seamless functioning of day-to-day activities. This essential operational framework receives supplementary support from an accomplished Executive Assistant, complemented by a team of part-time administrative personnel.

A continuous process of organisational evaluation underscores Worship Tabernacle Ministries' commitment to upholding the exemplary levels of engagement and service satisfaction that have become its hallmark.

The Decision-Making Process is underpinned by a well-defined structure. While input from the Senior Pastors is valued and considered, ultimate decisions pertaining to the church's general policy and direction rest with the Board of Trustees. In tandem with this, the Senior Pastors collaborate with Trustees and Ministers to make informed decisions pertaining to both the spiritual and operational facets of Worship Tabernacle Ministries' journey.

Trustee Appointment and Training

The individuals serving as company trustees also hold the position of charity trustees, serving in three-year terms and undergoing re-election during the Annual General Meeting. Trustees carry out their responsibilities voluntarily, without receiving any form of compensation. The selection process for trustees is rooted in considerations of faith, character, business management expertise, and a strong alignment with the charity's vision.

Trustees participate in training sessions designed to align with their affiliation to the church and its teachings. Freshly appointed trustees engage in training workshops overseen by the Chair of Trustees and the Chief Executive/Senior Pastor. These comprehensive sessions cover a range of crucial topics, including trustees' duties, fundamental documents, the current financial standing, and forthcoming plans.

To ensure a continued understanding of evolving charity legislation, trustees also take part in periodic refresher training courses. These courses provide a mechanism for keeping trustees informed about the latest developments in the field.

Training for All Members

A comprehensive three-day Cornerstone Course supports the spiritual growth of congregants.

Page 9

Responsibilities of Trustees under Charity Law

The Board of Trustees consists of individuals who serve as both directors and trustees under the contexts of company and charity law. They meticulously ensure that they are well-informed about pertinent information and uphold the standards of accurate financial reporting.

The trustees bear the responsibility of producing the annual report and financial statements, ensuring they align with both UK Accounting Standards and charity law. These financial statements are imperative in presenting an accurate representation of the charity's financial state, including its resources, income, expenditures, and adherence to established accounting standards. Trustees diligently oversee the consistent application of suitable accounting policies, exercise sound judgement, and ensure the preparation of the financial statements maintains the perspective of a going concern.

Moreover, meticulous upkeep of proper accounting records is paramount, serving the dual purpose of facilitating precise financial reporting and safeguarding against the potential risks of fraud.

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.

This report is approved as of 22 September 2023, under the direction of the Trustees.

On behalf of the Board of Trustees,

D Okoturo

D Okoturo

Trustee

Page 10

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 2022 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.

Page 11

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 :

Page 12

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.

Page 13

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.

McBrides Accountants LLP

Andrew Warren (Senior Statutory Auditor)

For and on behalf of McBrides Accountants LLP, Statutory Auditor

Nexus House Cray Road Sidcup Kent DA14 5DA

Date: 26 September 2023

Page 14

WORSHIP TABERNACLE MINISTRIES

Statement of Financial Activities

FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
2021
£
£
£
£
1,075,803
18,922
1,094,725
1,055,208
2,423
-
2,423
2,673
42
-
42
2,596
1,078,268
18,922
1,097,190
1,060,477
694,175
-
694,175
491,964
694,175
-
694,175
491,964
384,093
18,922

403,015
568,513

18,922
(18,922)
-
-
403,015
-
403,015
568,513
2,148,252
-
2,148,252
1,579,739
2,551,267
-
2,551,267
2,148,252

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

The notes on page 18-23 form part of these accounts.

Page 15

WORSHIP TABERNACLE MINISTRIES

BALANCE SHEET

AS AT 31 DECEMBER 2022

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
2022
2021
£
£
£
£
1,676,927
-
1,676,927
1,719,977
42,687
-
42,687
124,603
876,715
-
876,715
791,539
919,402
-
919,402
916,142
45,062
-
45,062
88,779
874,340
-
874,340
827,363
-
-
399,088
2,551,267
-
2,551,267
2,148,252
2,551,267
-
2,551,267
2,148,252
2,551,267
-
2,551,267
2,148,252

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: 22 September 2023
Company number: 04677368 Charity number: 1099842

The notes on page 18-23 form part of these accounts.

Page 16

WORSHIP TABERNACLE MINISTRIES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

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
791,539
Bank loans:
Falling due within one year
(71,259)
(16,168)
Falling due after one year
(399,088)
16,168
Total net funds / (debt)
321,192
-
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
791,539
Bank loans:
Falling due within one year
(71,259)
(16,168)
Falling due after one year
(399,088)
16,168
Total net funds / (debt)
321,192
-
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
£
£
556,398
616,204
a
(17,045)
(72,527)
(17,045)
(72,527)
(454,177)
(307,486)
(454,177)
(307,486)
85,176
236,191
791,539
555,348
b
876,715
791,539
b
At end of
Cash-flows
year
£
£
85,176
876,715
71,259
(16,168)
382,920
-
539,355
860,547
321,192
-
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
Current year Prior year
£ £
Net income/(expenditure) for the reporting period (as per the
statement of financial activities) 403,015 568,513
Adjustments for:
Depreciation charges 60,095 64,238
(Increase)/decrease in debtors 81,916 (20,789)
Increase/(decrease) in creditors 11,372 4,242
Net cash provided by (used in) operating activities 556,398 616,204
Note b: Analysis of cash and cash equivalents
Current year Prior year
£ £
Cash in hand 724,762 658,744
Notice deposits (less than 3 months) 151,953 132,795
Total cash and cash equivalents 876,715 791,539
The notes on page 18-23 form part of these accounts.

Page 17

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2022

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.

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:

i) Includes recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

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.

Page 18

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2022

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

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 19

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2022

2
Donations and legacies
Note
General donations
Building fund donations
11
Tax recoverable
3
Charitable activity
a
Direct Charitable Costs
Church core costs
Salaries and staff costs
Church meetings and other project costs
Other expenses
Depreciation
Other premises costs
Ministry costs
Grants payable
Note 3c
Travel and training
b
Support & Administration
Governance costs
Finance and mortgage charges
Subscriptions and professional fees
Insurance
Combined charitable activity cost		 Total
Total
2022
2021
£
£
960,694
915,242
18,922
15,366
115,109
124,600
1,094,725
1,055,208
Total
Total
2022
2021
£
£
240,974
210,255
110,998
39,480
85,406
69,283
60,095
64,238
91,807
79,903
589,280
423,942
58,292
8,140
13,749
263
661,321
471,562
£
£
12,300
10,800
12,355
8,026
5,634
-
2,565
1,576
32,854
20,402
694,175
491,964

Within governance costs are fees payable to McBrides Accountants LLP, for the annual audit of £7,200 (2021: £7,200). No other amounts were payable to them for the year.

c
Grants
2022
Mission support
Relief of poverty
2021
Mission support
Relief of poverty
The grants to institutions during the year comprised:
Horn of Revival - Africa
Zone TwentyOne
City Chapel
House of Wells - Africa
Other grants not exceeding £1,000		 Institutions
Individuals
2022
£
£
£
30,000
-
30,000
22,878
5,414
28,292		 Institutions
Individuals
2022
£
£
£
30,000
-
30,000
22,878
5,414
28,292
52,878 5,414
58,292
Institutions
£
1,000
2,000		 Individuals
2021
£
£
-
1,000
5,140
7,140
3,000 5,140
8,140
2022
2021
£
£
25,000
-
20,000
-
5,000
2,000
2,000
878
1,000
52,878
3,000

Page 20

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2022

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		 2022
2021
£
£
210,974
184,526
19,565
15,896
5,066
4,538
5,369
5,295
240,974
210,255

The average monthly number of employees during the year was 7 (2021: 5). Its activities are generally carried out by volunteers.

One staff member received salary in the band of £100,000-110,000 pa (2021: one member of staff in the band £90,000£100,000) and one member of staff in the band £60,000-70,000). No others received salary over £60,000 pa.

Remuneration payable to key management amounted to £166,042 gross salaries (2021: £151,823) and £4,513 pension contributions in the year (2021: £3,904). 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 2022
Additions
At 31 December 2022
Accumulated Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 1 January 2022
6
Debtors and Prepayments
Tax recoverable
Prepayments
7
Cash at Bank and in Hand
Bank operating accounts
Bank deposits
8
Creditors: liabilities falling due within
Trade Creditors
Mortgage loan due within one year
Accruals
9
Creditors: liabilities falling due over on
Mortgage loan		 Land
Equipment &
Total
& Buildings
fittings
Vehicles
2022
£
£
£
£
2,109,002
388,677
24,538
2,522,217
-
17,045
-
17,045		 Land
Equipment &
Total
& Buildings
fittings
Vehicles
2022
£
£
£
£
2,109,002
388,677
24,538
2,522,217
-
17,045
-
17,045
2,109,002
405,722
24,538
2,539,262
447,046
330,656
24,538
802,240
42,180
17,915
60,095
489,226
348,571
24,538
862,335
1,619,776
57,151
-
1,676,927
1,661,955
58,021
-
1,719,976
one year
e year
Capital balance due
Less due within 1 year		 2022
2021
£
£
13,787
124,603
28,900
-
42,687
124,603
724,762
658,744
151,953
132,795
876,715
791,539
3,870
697
16,168
71,259
25,024
16,825
45,062
88,781
16,168
470,346
(16,168)
(71,259)
-
399,088

The mortgage was secured by a first charge on the freehold church property referred to in note 5.

Page 21

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2022

10 Loans and finance leases

The liabilities for mortgage loans referred to in notes 8 and 9 fall due for repayment as follows:

Note
Repayable:
Within one year
8
Between one and five years
9
After five years
9		 By
instalments
16,168
-
-
16,168		 2022
2021
£
£
16,168
71,286
-
283,800
-
115,290
Mortgage
16,168
470,376

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 7%. The loan is being repaid in monthly instalments and must be repaid in full by 2034 but was paid off early in April 2023.

11 Funds

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

2022
General Unrestricted Funds
Building fund
Restricted Funds
Aggregate of Funds		 Opening
Incoming
Outgoing
Transfers
Closing
balance
resources
resources
in the year
balance
£
£
£
£
£
2,148,252
1,078,268
(694,175)
18,922
2,551,267
-
18,922
-
(18,922)
-
-
18,922
-
(18,922)
-
2,148,252
1,097,190
(694,175)
-
2,551,267

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
£
£
£
£
£
-
-
-
-
-
1,676,927
876,715
(2,375)
-
2,551,267
1,676,927
876,715
2,551,267
(2,375) _______
-

Page 22

WORSHIP TABERNACLE MINISTRIES

Notes to the Accounts

FOR THE YEAR ENDED 31 DECEMBER 2022

2021

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
1,076,246
(491,964)
-
2,148,252

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

12 Transactions with related parties

During the year the charity:

ii) No expenses (2021: £nil) were paid to, or for, the trustees.

During the year the church paid £18,000 (2021: £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 23

WORSHIP TABERNACLE MINISTRIES

Detailed Statement of Financial Activities with Comparatives

FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
2021
2022
2021
2022
2021
£
£
£
£
£
£
1,075,803
1,039,439

18,922
15,769
1,094,725
1,055,208
2,423
2,673
2,423
2,673

42
2,596
42
2,596
Unrestricted Funds - General
Restricted Funds
1,078,268
1,044,708
18,922
15,769
1,097,191
1,060,477
694,175
491,964
-
-
694,175
491,964
694,175
491,964
-
-
694,175
491,964
384,093
552,744

18,922
15,769
403,015
568,513
18,922
15,769
(18,922)
(15,769)
-
-
403,015
568,513
-
-
403,015
568,513
403,015
568,513
-
-
403,015
568,513
2,148,252
1,579,739
-
-
2,148,252
1,579,739
2,551,267
2,148,252
-
-
2,551,267
2,148,252

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

Page 24