Complny Rtglitrilon N 05J44212 (England and Wale¥ Chrlty 140., 1105074 CHRIST FAITH TABERNACLE INTERNATIONAL (A company limlted by guarantee) Annual Report and Financfial Statements For the year ended 30 June 2023
CIIIUSTFAITH TABERNACLE INTERNATIONAL Refèren¢¢ ind Admlnl8tratlve knformatio Truitees l)Ireetors Reverend A.T.B. Williams Mr. T, O. Adisa Mr. S. C. Aham¢bJla Mr. O. A. Bilewu Secretary Mr. O. A. Bilewu Reglstered otee oper*tlollal address Bcihasda Building 56-62 New Cros$ Roud London SE14 5BD BaDkers HSBC 184 High Sircct Bromley Kent BRI IHE A¢countaDts Sterlings Accounlaney Solulions Limited 131-133 Roman Road Mountnessing Brenlwood Esscx CM15 OUD Audltors B¢aYis Morgan Audit Liinitcd 82 St John Street JA)ndon ECIM4JN Solldtors Wdl¢r8 Tenison House Tweedy Road Bromley BRI 3NF Cbarlty uMber 1105674 Company number 05144212 Charity web8it¢ www.cft¢hurd)e8.org
CHRIST FArrH TABERNACLE INTERNATXONAL Cont¢Dts Pages TnJ8tces' Report Ind¢pendent Audilors, Report io Statement of Financial Activities Balattc¢ Sh¢¢t 12 Siaternenl of Cash Fknvs 13-22 No¢¢s lo the Financial Statements
CHRIST FAITH TABERNACLE llYTERNATIONAL Tru8te¢8' Aolluil Report for the year ended 30 June 2023 The Twstees present Ih¢ir At]nual Report and the audited financial statements for thc year ¢nded 30 June 2023. This report is a Directors, Report as required by section 417 of the Companies Act 2006 and Trnslees. Annual Rcport as r¢quired under Part 8 ofthG ChltieS Act 2011, The Tnislee5 Gonfirni that the fmancial s(atem¢nts comply with the reqtsircmenls of the company's governing documents. Ihe Chariiies SORP (FRS 102), and the Companies Act 2006, Slructurfy Goyernlllce and Manxgtment cu Christ Faiih TAbernacl¢ Inl¢malional was inwrporated ond r¢gistered as a ChItable company on 3 Jun¢ 2004 and is limiied by guarante¢. The gov¢mingdocumcnt 1$ theMemorAndum and Articles of Associalion dated 4 May 2004. Christ Faith Tab¢rnacl¢ International was registered as a charity ott 3 I Augusl 2004. R.¢oNi!menl and A ste The board of Trustees eonsists of at least three and not more lhan nine individuals, all of whom musi be members. One third of the TNstees musl retire at each Annu81 General Meeling, thos¢ longeyt in offiee retiring fwst, any vacancies being filled by thc sel¢¢tion and appointment of suitabke persons by the TNS¢. Trnslee Indu n artd Trainin Th¢ ¢xisting trustees are alrcady familiaT wfftih the prn¢ti work of Ihe cot)wany. Additionally. any n¢w trnslees are invited and encoUred lo attend traiJ]ing sessions to familiaiise Ih¢m8¢1ves with the company Artd the context in which il operates, including obli8&tions of Trusl¢es, the operAlional framework fctrr lh¢ ¢ompanyJ including the Memorandum and Articles, and tUre plans and obj*tives. The Trnstees carry out ¢ontittuou$ assessment to prioriiise the company's risks and slr¢ngth¢n our resilience. Wc havc rcviewed the gaieral environment in which th¢ company operdtes lo identify any serious pot¢ntialiisks and make arrangements to avoid such risksor mili8al¢ Iheir impgcl. We havc worked to rther develop the risk managemcnl system which includ¢d lightening CODlrols on the comput¢r Systems. We conlinuc to monitorihe impletnenlalion of the Disasley Reeovery pla and undertake checks. as appropriate, witFi the DIlOsure and Barring Servicc (DBS), forn]erly Criminal Rewrds Bureau {CRB), on all thos¢ working direcily wilh childr¢n, Th¢ robustness of the 'Bu$iness Continuation, plans were lesled al Ihe onset of the Covid-19 pand¢nu¢ and remote working arrangements were 8ucc¢ssfvIIy implcmented with minimal disruption lo op¢ralions. The charily has mort8ag¢s outslanding of£2,449,528 in respEct oftheGranadaTheatrc, Woolwich. Interest is payable on the mortgag¢8 at r&l¢s linked to bas¢ ralo. Preventi ndD eclion of fraud The Tnlee$ have overall regponsibilily for ensurin8 that the ¢harily has an appropriatc system of controls. that its asseis are safeguarded against unauih(¥ri$ed use or disposal. that tli¢ cliarity complies with r¢levant &W8 and regulations and for taking reasonftble steps forthe pr¢venlion and detection offraud. TheTTustees Bre also responsiblc for ensuring that the charity is operating efficiently and eff¢¢liv¢ly. proper rOrdS are maintained and that the fjnancial information used within the charity or ftir publication 18 r¢liable.
CHRtS'l' FAITII TABERNACLE INTERNATIONAL Trustees. Anny*l Report for the y¢4r ¢nd¢d 30 June 2023 (contlnued) Gov¢rn & Intemal ontrol Th¢ Tnjslees meet rcgularly lo r¢view the finances and administration of th¢ charily. The 8y8tems of internal control ar¢ designed to provtde r¢asonabl¢ assurance against mai¢rial misstatement or108s. Thcy include an annual budgct approved by the Tru8t¢es; considerdtion by the Tn)s1$ of financtal rcsulis, variance4 fmm budgets hnd non-financial perforn)an¢e indicatorg. delegation of authority and scgresation of duli¢s' and identification and managcmcnt of Assues of strdlcgic and operation41 importan¢e to the Charily, The Tnjgtees are responsible for the overall running of the charity with foGUS on Ihe following kcy areas: Sirzlegry- agrccing objectives and slrale8y for th¢ ch8rily and delenniL)In8 principles and polioies io meet the overall strategy. Finance- setting 8uidolittes for and agreeing the annual budget; de¢iding on appropriate ffftancial monitoring proc¢dur¢$' authorising SI10n¢9 on baTLk accounts; arrIng borTowings and securities. auihorising signature of the Annual Ae¢ounls" ¢nsuring adequate response gnd action iy taken following the 8Jmual audit: agr¢¢ing investment 8lrat¢gy and paTameter8 and s¢tting policies for rese¢s. Personnel - d¢fining policy on Ernploymcnl Tern and Conditions, including dIlpI1nary and grievance matters: aw¢¢ing employee remun¢rnlion and salaries; General - selling parameters for the delegation of authority. review of risk man4gem¢nt with regular reporting 2nd giving noti¢¢ of meeting8. Tans ctions with Rela The transac(ions with rel8l¢d parties duritkg the year are set out in Note 13. ObJe¢tives Actlvltlei Th¢ company's principal obje¢live5 ar¢ lh¢ progallon of the gospel, the advancement of th¢ Christian Faiih and ihe relief of povrrty. Each ycar, the Trustees review the objective8 andaclivities to ensure Ih¢y continue lo r¢flect our aiths. tn carrying out this review, th¢ Trust¢es have considered Ihc Chariiy Commi55ion's general guidanc¢ on public benefit and in particular 118 supplementary public guidan¢¢ on the advancement of religion for th¢ public ben¢fit, A¢bAevement8, PerformABce and PIAII8 for tbe FUre Our charity remains ddicated lo ils core mission of making a IHngible diffcrcnc¢ in London, across the United Kingdom, Europe, and globally. W¢ have expandcd oiir re2¢h ihroiigh inlemalional operations, conduoling impactful missionary journeys to Gcmwiy, the Republic of Ireland, Nigeria, India, Gree¢ the Republic olBcnin, and l$ra¢l. NOtly. we ¢onliiiae lo progress our ongoing mission work in Nigeria Ihrough the Jesus City Project (A Kefuge forNa¢ions).
CHRIST FArfH TABERNACLE NfERNATIONAL Trll8t¢ts? Aonual Report for the year ended 30 June 2023 (contlnued) Through liv¢ webcasts and active engagement on sociol media platfOrn, w¢ ensure that our ¢hurrh programs are a¢G¢ssible lo a diverse global audience. Additionally, our lel¢vffision pr0m$ aT¢ regularly bIoadc8sted on the Faith channel, garncring positive feedback both loeally and inl¢rnalionally. Our proaclivc use of social media fa¢ilitatN & seamle88 transition between our regular church servic and online plgtfom)s. Throughout the ycar. our faciliti&s hosied t diver8e rang¢ of aciivitieg, includAng health and ¢An¢er awareness seminars, prayer eonferences, business Seminars. drama productions, musical concerts, and WOTkshops. These inilialives serve to ety]pow¢r and uplift individuals while fostering a sense of community and inclusion. In addition to our exte$[Ye eommunily outreach efforts and support for academic pmgres8, our charity is dccply ¢ommitied to advancing the professional d¢velopment of OUT members and cmpowering entrepreneurs through a series of tawtcd workshops and seminars. RQgnISIng the imp011an¢e of Continuous leaming and skill enhancerncnl in today's competitive 18ndscap4 we have curat¢d a div¢rse range of profcssional developmenl opportuniries lailor¢d to the need9 and interest$ of our community. From career Advancemenl workshops to iwKIu5try-$p¢cific 5eJninars. we provide valuable insights, practical lip$, and networking opportunities to help our mombers thrive In their chosen fields. Our workshops ¢over A wide arrny of topics, including ldhip developmcnt. communication skills, project management, and prrsonal branding. Through interactive sessions. ¢xpert-led discussions, and hands.on activities> participants Bain valuable knowIge and tools lo ¢x¢el in their cgr¢¢rs and take iheir professional 8rowih to the next level. Moreover, we undcrstand th¢ vil81 role that ¢nlr¢preneurship plays in Ltriving economic grtswih and foslering innovation. W¢ have lawjchcd iniliativ¢s specifically designed lo ¢nhanr¢ th¢ entr¢pren¢urial skills of business owners and aspiring entrepren¢urs within ourconununity. Through workshops, 8eminar8. and m¢nlo)El)ip programs, we provide 8vidan¢e on busi5$ planning, markcling stralegies, financial management, and mor These Aniliativ not (pnly enipower individual$ lo pursue their entrepreneurial dreams but fÈl80 contribut¢ lo the gTOWth and su8lainabilily of local busincssts and economie$. By fost¢Ting a culture of ijmovation 8nd ¢ntr¢preneurship, we gr¢ cr¢8ting opportunities for economi¢ ¢mpowem)¢nt and job creation, ultimately enriching the fabrib of our communities. Through Ihege inilialives, our chayly is making a meaningful and lasling impael on the profc55ional development landscap¢. equipping our members and enlrepreneurs with the knowledge, skills. and confidenee Ihcy need lo sueceed in today's dynamic and Competilive environment. The Dorcas Group continues to be a pillAr of 8upporf within our church community. offeriT)g emotional, physical. and financial assisldnce to those in need. Thelr etTorts havc be¢n inslrum¢nlal iii upholding our ethos of car¢ and inclusion. partirularly for older individuals, widows, widow¢TS, and those facing onomic hardships. outreach initiatives, 8uch as the Young Profcssionals in Chrisl (YPIC) and Youth of Royal Destiny (YORD), continue lo inspire and equip young individuals to reach their full poieniial. Through workshops, seminars, and onrichm¢nl programs, we aim lo foslcrconfidence, nclworking skill$. and holistic well-beiDg among our youth. 04Jr commitment to positiv¢ change extends beyond traditional av¢nu¢5, ¢ncompassing signifi¢ant wntribulions lo ad¢M1¢ progress and the athievcrnent8 of youth.
In addition to our core mission activiti, w¢ have 8Ctiv¢ly supported educational )deavours1 providing holarships, mentortng pn)grams, and resources lo ernpower youth in their academic pursuits. Our involvement In academic enrichment goes beyond financial assistance. We have organised tutoring scssions. study groups. and workshops ainKd al enhancing academic skills, crili¢&l Ihinktng. and pmbl¢m- solving abiliti¢5 among youth. These initiatives not only improve academic perforn)an¢¢ but al80 instil confidenee and a passion for1¢4rning, loying a solid foundaliotk for tUre success. Beyond ihe classroom. our commilmenl ¢n¢ompass¢s holistic d¢velopment and personal growth. We hav¢ organised le4dership S¢mina, career 8uidan¢e sessions, and personal dev¢loprnent workthops 10 empower youth to r¢81ise their fvll potential and become tllre leaders in their communili¢s. Through these efforts, our charity has made 8 txngible and lasting impact on thc acadcmic success and 4¢hievements of youlh, paving the way for a brighter and more prosperous fulure for generations to com¢. Furthernior¢. our fatch ihem Young (Ciy), probM for Children und¢r 12 focuse5 on mentoring and empowering the next generatiort. Through bible study clas$&8, workshops, and educational trip5, wc in8til essential skills and values while nurturing a deeper understanding of culture and history. Looking ahead. w¢ ar¢ ¢mbaTking on an ambitio prOjt to revitali$e Bethda Building lo¢aled in New Cross Road, London SE14. This redevelopment initiativ¢ aims lo creat¢ a muliifaceied Spaee ihat not only 8erves as a modem place of worship bul also 8ddr&8ses th¢prcssinB needs of our communily partiwlarly those of the rnosl disadYantHged and vulnerable individuals. Centrdl io our vision is the rtrprovision of a plac¢ of WoTShip design to Provide a welcoming and inclusive envimnmeni for spiritual growth, fellowship, and ¢onununity engagement. The sanctuary will incorporale state-of-th&art audio visual l¢chnology flexibl¢ seating angem¢nt5. and aw¢ssible am¢nities to accommodat¢ th¢ div¢r8¢ needs of our conggation and ¢nhae th¢ wors'p ¢xpwi¢nce for In addition lo the place of worship. th¢ red¢velopm¢nl pl8N8 include th¢ inlegrhtion of affordabl¢ housing units. addr¢ssin8 the ¢riti¢al shortage of af¥ordAble accommodation tn London. By providing safe, atTordablc housing options, we aim to alleviate housing ingecurily and hoTY]rlc55n¢ss among vulnerAble individuals and fatnilics, fosterinB stability and resilicncc within our ¢ommurrity. Furthern]ore, wc cnvision ilie ¢slablishmeni of a children's day centre withill Bethesda Building. offering a safe and nurturing environment for children to Ic8rn> play. and grow. Thi8 facility will provide essential child¢are services. including early educalion prowms, aft¢rschool c4re. ad relIOnaI activities. supporting workin8 parents and empowering childrcn to rca¢h their full potential. Beyoiid these core components, th¢ Bethela Building redevelopment will feature a rang¢ of fa¢ililie8 for community use, including multipurpose wooms, recr¢ational spaces, al eounselling serYice5. These amejjities will serve as hubs foreommuDltygaih¢rin88. social events, and ¢ducalional workshops, fostering social,ooh¢sion and mutual Support among residents. Ov¢rall, Ihe tyansfornti0n of the Beihesda Building r¢prc8¢nls a significant opportunily to enhance the support our rharily is able to provide for 50m¢ of the rnost disadvantaged and vulncrdble peopl¢ in our community. By creating a holistic space ihat intcgratu woJship, hou8in& chilokar¢. and Community services, we arc poised lo rnak¢ a lasting and positive impaol OJJ the lives of individuals and familie8 in New Cross and beyond.
CHRIST FAITH TABERNACLE ll4TERNATIONAL Tru8tee81 AllnuAI Report for tbe year ended 30 Junt 2023 (¢ontlnued) FlnAnclal Revlew The movem¢nl of the Charily's funcial resources for ih¢ year is shown in the StAtement of Financlal Activitie8 on page 9. The highlights are: lolal inwming resources of£2,133,935 (itscluding Gift Aid re¢overabl¢ of £272,255), lol¥l outgoing ffSOur of £1.574.061.' and a general Jjnd of £8,937.821 carried foNard lo 2023124. Princi al Fundin The principal ndIng souwL for the Chftriiy is donalions from the congregations al Krvices held. Reserves It is the policy of the Charity to maintain sufficient unrtrIcted fimds to cover managcmenl and adminislr4lion costs for A perlod of 3 months. When deciding Ihe level of reserv, th¢ Trnstees take into nsideration the foreeasis for levels of Income and expenditure for the coming year, the reliability of each source of inwme and the prospects for opening up new Sou¢$. The Truslees consid¢rthe Ctsent level of unrestricted funds maintained by the Charity 1$ deemed adequate. In the light of the long-tem) loans taken out on the frcchold propertie$ purchased for Ih¢ Cbarily's intended use, SUff1¢nI reserves musl b¢ maintained lo fi)nd th¢ related fiDanc¢¢osls and satisfy theloancovenanls until these loans are fully r¢paid. Reslrictcd fund5 are funds that account ftir silualions wh¢re a donoT ru4uires that a donation must be spent on a particular purpo8¢ or where have br£n raisv4 for a SFrtific purpose. There are no ttstiieted nds at present. Statement of Trustees, re6poD6lbilities The Twsiees (who arc also the directors for Ihe puryoscs of company law) 4re responsible for prq)2ring the Annu21 Report and fingla1 slatements in aeeordance with applicable law and regulations. Company law requirc8 the Irust¢e5 to pr¢par¢ financial statements for ¢?¢h financial year. Under thai law th¢ Iru8tee$ musi prepare the financial statements in Accordan¢e with lh¢ Uniied Kingdom Gcn¢rally Accepted Accounting Practice (United Kingdom Accounting Standards and. applicabl¢ law). Under company law th¢ IN$lees musl approve th¢ fina1?1 statements unless they are satisfied Ihat ihey give Irue and fair vicw of Ihc $t41e of affaiys of the charitable company and of the incoming r¢sources and application ofresources, including the ItOme and ¢xp¢ndilur4 of th¢ oharitable company for the period. In preparin8 these financial statements th¢Trusle¢s are required to.. select suitable ac¢ounling policies and 8pply them consistently, obse¢ th¢ methods and principles in th¢ Chaiili¢s SOR. mak¢ judgements And eslimales ihat are reasonable and pnmlenl. S1¢ wh¢ther appliLable UK aceounling standards have been followed, subject lo any mal¢rial departures dis¢losed and explRined in lh¢ financial statements. and prepare ihe financial slalemenls oyj th¢ going concern basis unless it 1$ inappropriate lo presume that the charitable company will continu¢ lo op¢rale.
CHRIST FAITH TkBERNACLE INTERNATIONAL Trustees, AnDu#l Report for the ye8r ended 30 June 2023 (¢ollllllu¢d) ststtMet of Tru$tee$' r¢spoll81blllde8 (contlnued) The TnlS ar¢ responsible for keeping ad¢quat¢ a¢¢OUnling records that are suffici¢nt to Show and explain the ¢haritable ¢ompany's transactions and disclos¢ with T¢430nable accuracy at any time the financial position of the ¢harilable company and to enable Ihcm lo ¢nsure that the financial slalements comply with the Cornpanies Act 2006, They are also rcsponsible foT safcguarding the as$els of the ¢haritable company and hence for laking reasonable steps for the prevention and detection of fraud and other irre8ularilieg. Th¢ Trnstees confm that so far as they are awar4 there is r¢levant audit inf0mtion (as defined by section 418(3) of the Companies Act 2006) of whith the charilable company'g xudilors arc unaware. They have tsken all the sl¢ps that they ought to have taken as ttuslees in order lo make themselves dwhre of any relevant audit infomiation and to wtablish that the ¢harilablo company'8 auditors ar¢ awar¢ of that inforniation. This report hhs been in aeeordance with the provision8 #pplicableto the small companies, Tegime. Approved by the T*ustee$ bnd 8iglled on the5r behalf by: Mr O. A. Bll¢wu Trustee 114k 4tJgt
ll¥DEPENDENT AUDITORS? REPORT TO THE TRUSTEES OF C]IRISTFAITIi TABERNACLE wfERNATIONAL Oplnion Wc hav¢ audiied the finanoial dalements of Christ Faith Tabemacle International (the 'eharitable ctsmpany,) for the year ended 30 June 2023 which comprise a Stalcmcnl of Financial Activili¢s. the Balanc¢ Sh¢¢l. Ihe StBtement olcash Flows and notes lo th¢ financial statements, including a Sufjllnary of si11r1¢&nI accounting policics. The financial reporting framework that been applied in their preparation is applicable law and the Unilcd Kingdom Accounling Standards. inGluding Financidl Reporting Standard 102 The Finance Reporting Siandard applicable in the UK and Republic oflrelaxd (Unilcd Kingdorn GenallY A¢¢ept¢d Aeeounting Pra¢li¢¢). In our opinion th¢ financial statements.. give a true and fair vi¢w of the state of the charitablc ¢ompany'$ affairs as al 30 June 2023 and of ils incoming resoue8 and application of rc30ur¢e$, including ils income and exp¢ndi¢ure, for the year then ended.. have been propeilyprcpard in accordance with United Kingdom G¢n¢rglly Accepted Ac¢ounling Practice; and have been prwared in accordance with the requirenwi18 of th¢ Companies Act 2006, BASIS for opinion We eonductd our audil in accordance with Ynlernational Standards on Audliing (UK) USAS (UK)) and app)ib]e law. Our responsibilities under those Standd8 are fvrther dc$¢ribed in the Auditor's responsibilities for lh¢ audit of th¢ finan¢ihl 8tat¢m¢nts Section of our report. We ar¢ ]nd¢pendl of th¢ charilablc company in accordan¢c with the ethical requir¢ments ihat &re relevant to our audii of the financial statements in the UK. inGludiftg ihe FRC'S EtILieal Siandard. aTKI wc have fvlfilled ow other cihilal r¢5ponsibililics in accordance with these requir¢ments. We beli¢v¢ that the audii eviden¢¢ wc havc oblained is sufficienl and appropriate to provide a basis for our opinion. ConclusloDs relidng to golD% Concern tn auditing the fjnancial slal¢menls, we have conclvd¢d that the trusiees, use of the going cneern basis oe 8CWUTlting in ihe preparation of Ihe financial slalemcnts is appropriatc. Based on the work we have perfomied, we hav¢ not identified any material un¢ertainties relaling to events or conditions that. individually or collcctivelyi may cast sigryifi¢ant doubt on the compatty'$ ability to ¢onlinu¢ as a going concem for a p¢riod of at least twelve monihs from when the financial 3tslements are auihorised for issue. Our reBponsibilili¢s and Ihe responsibilities of the tru8tee5' with yNpect to going conc¢m Rre described in th¢ r¢levant sections of Ihis r¢port, Otber information The Inistees are rewnsible for th¢ other inforniation. Thc other inforniation comprises the infonnation Includ in the annual report other than the financial slalemenls and our auditor's report thercon. Our opinion on ihe fina11 stat¢m¢nls doe8 not cover t!1¢ otheT infomation and, except lo th¢ extent othenvise explicitly stated in our r¢port, we do not exprcss any form of assuran¢¢ conclusion thereon. Jn connection with our audit of the financial statements, OUT r¢sptsiisibilily is lo r¢8d the other infornialion and, in doing so. consider whether the other infom)a(ion is matcrially iTh¢onsistent wilh the financial Statements or our knowledg¢ oblained in the audit or oih¢rwise appears malcrially misstated. If w¢ identify such material inconsislcnci&8 or apparent maierial mi88tatemenls, w¢ arerequired to detern)ine wheih¢rth¢T¢ 18 amaterial misslalement in the financial statements or a rnaterial missial¢ment of the other infornthlion. If, based on lh¢ work we have perfortncd, w¢ con¢lud¢ that thcrc is a mateTial misstatem¢nl of this inforn)ation, wc are rcquired to report that fact. We h8v¢ nothing to report in this r¢8ard.
INDEPENDENT AUDITORS? REPORT TO THE TRUSTEES OF CHRIST FAITH TABERNACLE INTERNATIONAL (eontillued) Oplnlon oll othtr m4tt¢r$ pr¢$¢ribed by tbe CompaDies A¢t 2006 In our opinion, bas1 on tELe work undertakert in the course of the audit.. th¢ Infomll0n givcn in thc Iruslc¢s' rcport, which includes the direclor8' r¢port preparcd for th¢ purp(w of company law, for ihe finoncial year for whÉch the financial atalcmcnts ar¢ prepored is consistent with the firtancial slatcrncnls; and the tnJ8tets' report. which includes ihe directorn, rq)ort pr¢poreAI for lh¢ putyoses of eompony law. ha8 been pr¢par¢d An accordance with applicable Icgal requirement8. Motters on w¢ are requlred lo report by ¢xeepdon Tn th¢ lighi of th¢ knowledge And und¢r8landing of lh¢ ch8ri(able company and ils environm¢Dt obtained in the course of the Audil, we have not identified malerial mÉs$tatements in the directors, report included within Ihc tnJ8lces' report. Wc have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 require8 US to report lo you if, Én our opinion; adquat¢ a¢¢ounlin8 rrKord$ hav¢ not beEn kept or r¢tums adequale for our audil hav¢ nol b¢¢n r¢c¢ived fvom branches not visited by us; or the financiol slal¢menl$ ar¢ not in agrccmenl with ihc a¢counting records and returns. or certain di5closurcs of tN$l¢es' remuneration Specified by law are not made,. or wc have not r¢ceived all the inforniailon and explana(ions we require for our audil. or the trustees were not entitled to prepare the fiftAneial statement5 in accordancc with the 8mall companies, regime and take advantage of th¢ small ¢omp4nies' exemption in preparing thc Irnslees, report and from the requirement to prepare a strategic report. R¢spoDslbUltles of trustees As explained more ]lY in the ttuslees, rasponsibilities statemenl s¢1 out on paBes 4 artd 5 the trustee5 (who are also lh¢ directors of the charitable company for the purposes of oornpany law) are rwonsibl¢ for the preparation of the financial stalemenls and for being satisfied that ihey give a tru¢ and fair view, and for such intemal control as the trustees del¢m)in¢ is nettssary to enable ihe prepaTation of financial slalemenls Ihat are free from malerial misslatemcnt, whether du¢ to fraud or error. In preparing the finati¢ial slal¢m¢Thls, th¢ Iruslees are re&p)nsibl¢ for oS8¢ssing tbe charilable company'$ ability lo conlinueos a goiiig concern, di8c105ingk as applicabl4 matters r¢lated to 80in8 n¢Crn and using the going conccrn basis of ai'counling unless the Iruslees either inlend or liquidats th¢ chaiitablc company or lo ce88e operatLons, or have no realistic alternative but to do so. Audltor's r¢spoll$lbllltle& IDT the wudlt of tkne flnAnclAI stalemellts Our obj¢clivc8 are to obtain reasonable assurance about whether the financial slatcin¢nl8 as a whole are fi'e¢ frtsill material Jnisstatemenl, whethcrduc lo fraud or¢rror. and Io issue aD auditor's report that included ouropinion. Re850nableassurdnce is a high level ofassurnnce bul is not a guaranl¢ethal an audit conducted in a¢¢ordance with ISAS (UK) will always det¢cl a malerial rnisstatement when il exists. Misslatements can arise from fraud or error and are considered material if, individually or in the agyegal4 they could reasonably be cxpecled lo influenc¢ th¢ economic d¢¢isions of uscrs lakcn on th¢ basis of Ih¢se financial slal¢menl$. The extent lo which our procedures ar¢ ¢apabl¢ of d¢tfxting iegularltlC5, including frdud, is detailed below.
INDEPENDENT AimlTORS' REPORT TO THE J'RUSTEES OF CHRIST FAITH TABERNACLE INTERNATIONAL (eontlnued) Extent to wblch the Audlt was eonsld¢red CAPAbl¢ of deleedng IrregulArltles, lllcludlng frAud Discussions with 8nd rnquiri¢8 ofmanagemenl and those charged with 8ovemance were held wilh a view lo idcnlifying tho5¢ laws and r¢gulalions th&t could be expKt¢d lo have a mat11 impaet on Ihe finAncial sthteinen18. During the engagement team briefing> the outcomes of Ih&%e dis¢us$ions and enquiri¢y wcr¢ 3hard with the team. as w¢ll as considcration as to wher¢ and how fraud may occur in the entity. The following laws and regulations w¢r¢ identified as being of 5ignifi¢an¢¢ to the entity.. Those laws and regulations considered have a direct effect on the financial AleMentS in¢lude UK fllmncial Teporting standards, charity SORP, company law. and pensions legislation. Audit procedures undertBken in response to the potential rtsks relalirtg to irregularitiu (which include fraud and non-complianc¢ with laws and r¢il8110ns) compri5cd of.. inquiries of management atd Iho8C charged with governance as lo whether the enlily complies with such laws and regulalion8' enquiries with the same concerning any actual or potential liligation or claims. inSptIon of relevant lesal Co8pond¢nc4 revi¢w of board minut¢s' testing ihe apprOpriateneS ofjournal ¢ntries: and the perfomLance of an81y¢l1 review to idenilfy unexpected movement8 in ac¢ount balances which may indieAtivc of fTaud. No instanc¢8 of material TLOnwcompliancc w¢r¢ idenlifi¢d. Howevcr, Ihc likclihood of d*tIng irregularities. including fraud. 1$ limited by the inherent difficulty in ddecling irregularities, the ¢ff¢¢¢iven¢ss of Ihc entity's controls, and the nature, tirning and extent of the audit proceduTes perfornied. trr¢gularilies that result from fraud migm b¢ inh¢r¢nily morc difficult lo det¢Gt than iegUlariti¢S that resuli from eryor. As explained above, there is an unavoid&ble risk thal material misstat¢m¢nls may nol be detected. even though the audit has been plan[d and perfornied in accordance with ISAS (UK). A further descriplion of ow, responsibilitiu for ih¢ audit of ihe finaneial stal¢m¢nls is lo¢at¢d on th¢ Financial Reporting Council'$ website at: hitps:Ihvww.frc.org.uklaudi¢oTrsponsibililies. This description forn part of our auditor's report. Use of our T¢POrt This report is made 501ely to the charitable company's members. as a body, in a¢cordan¢e with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so ihai we tnight slal¢ to the eharilable company's members thos¢ mairers we are re4uired to S¢al¢lo them in an auditor's reporl and for no other purpose. To (he lIest extent pennitted by law, we do not acccpl or assume responsibility to anvonc oiheT than the charitable ¢ompany and the chaTilablc company's memb¢rs as a bodyi for our audit work, for this Ttylort, or for the opinions w¢ have fom)ed. oy and beb•lf of Beavi$ MoTgatt Audk Llmlted D4t¢', Chartered AccovDtIDI Statutory Audltor 82 Si Jollll SireeA Inndoii ECIM4JN
CIIRIST FAITH TABERIY ACLE INTERNATIONAL Statement of Fln&nclAI Aetlvltles (intludiDg Incom¢ Ind Expendlture Ac¢ouMt) for the year ethded 30 JuDe 2023 Y¢nr ended 30 June 2023 Year ended 30 Julle 2022 Uortttrlcted FuDds Total Funds Total Fund5 Not¢8 In¢om¢ Income from: Donations Gift Aid on donations Charitable activilies 1,773,963 272,255 87.717 1,773,963 272,255 87,717 1,706,088 294,697 49.592 Total Income 2.133.935 2,133,935 2.050,377 Expenditure OD: Charitable activities Finance oosts, Interest payable and h¢r rhargcs Governance cosls 1,383,619 1,383,619 974,996 176,806 13,636 176,800 13,636 106.923 11,301 Total expelldilure 1,574,061 l J74.061 1,093220 Y4et 1collIe 559,874 559.874 957,157 To¢01 fund8 broiight fornArd 8,377,947 .377,947 7.42Q,790 Totpl fuDds ¢4rried forward io 8,937,821 8,937,821 8,377,947 The siaternent of financial ?¢liviti¢s includes gains and loss¢s re¢o8nised in the perlod. All incoming and ¢xpended resources delive from continuing activities, The slatem¢nl of financial activities also eoinplies with the requirements for aTh income and expenditure account under the Comp8ni¢s Act 2006. The not¢8 on pages 12 to 21 forni part of these financial statements. 10
CHRIST FAITH TABERNACLE INTERNATIONAL BalaDee sheet At 3(1 2023 Note 2023 2022 Fixed Assets Tangibl¢ fix¢d a$sets 8.221.416 8.178.693 CurreDt fI85ets Debio Cash al bank and tn hw 248,917 3,140,72S 223.031 2.990,593 Credltors du¢ wlthlm Olle yeAr (223.709) (283,585) N¢t ¢urreDt assets 3,165.933 2.930,039 Total Assets le55 ciirreDt llAbiliti¢J 11,387,349 11,108,732 Credltor8 due afttr year (2,449,528) (2,730.785) Net *S8ets 8,937,821 8.377.947 Income funds Unr&%tricted Funds io 8,937,821 8,377,947 These financial siatemenls have bccn prcpard in accordance with the special provisions of Part 15 of the Companics Ac(2006 Telaling to small companies. Approved by th¢TrusIOn.......... ............... signed on th¢ir behalf by.. Mr S. C. Abameful4 Tntte Comp4Dy Reg15tratlon No: 05144212 Charity No: l J05674 The notes on pages 12 10 21 fom] part of these financiiil 8lalem¢nts.
CHIUST FAITH TABERNACLE INTERNATIONAL Stat¢m¢nt of cftsh flows for the year èkdÈd 30 June 2023 Notes 2023 2022 Cash flows from oper&tlng Actlvltl Cash generated from operatio 15 890,854 1,413,477 Enveltlng aetfthe8 Purchage of tangible assets DisposÈl of tan8ible assets {383,689) 125,163 (713,147) Net t#$b u$¢d ill lllY¢Stltt% a¢tlvlde8 (258.526) (773,147) Flnanclng Pdetlvitl K¢paymenl of borrowin Jnteresl paid (312,Q41) (170.155) (149,425) (102,282) Net easb used ill flDall¢lDg a¢tlvitie8 (482,196) (251,71n) Net Inerea8e kn ea8b and cAsb equlvalents 150,132 388,623 Cash and cash equivalents al bcginning of year 2,990,593 1,743,483 Cash and cash ¢qulv8leml$ at end of year 3,140,725 2,990,593 12
CHRIST FAITH TABERNACLE INTV.RNATIONAL Notes to the i¢coullts for the ye•r ¢ded 30 JUD¢ 21>11 A¢£ouDtillg polic1¢$ Cbarlty Informtlo Christ Faith TabGrna¢l¢ Inl¢rnational is a private company limiied by guarantee incorporated in England and Wales. Bet1sda Building, 56-62 New Cross Road, London, SE14 5BD. (a) Basls of preparlng the financlal 8tstements The accounts have b¢¢n prepared in a¢cordancc with the FRS 102 'The Financial Reporting Sillndard &ppli¢abl¢ in the UK and R¢public of Irelaftd" ("FRS 102'),"AcLouniing and Reporting by Charili¢s" tlje Statemenl of Recommended Practice for Charities applying FRS 102, the Compani¢s Act 2006 ond UK Gcncrdlly Acccpled AOunting Practice. The Company is a Public Benefil Entily os defiDd by FRS 102. The ac¢ounls are prepar in Sterling. which is the ne110nl CUtrY of th¢ entity. Monetary amounts in Ih¢se financial stat¢rn¢nl8 arc round lo the nearest £. The accounts h8v¢ b¢¢n pr¢parcd unde¥ the historical ¢08¢ ¢onv¢ntion. The principal accounting poli¢i¢s adopt¢d are set oul below. Under Comp&tiies Aet 2006 5454, on a voluntary basis. th¢ tnte¢S can Amend these finanoial statements if they sub5quently PTove to bedefectiv¢. The financial st£lemcnts have be¢n pr¢par¢d on th¢ basis that the fi]ndomental accouniing eoneept of soing concem is applied, In 2011 the charitable company purchased a fr¢¢hold propcrty whid] wa8 finan¢¢d by w&y of a bank loan of £3.885m. In light of this, cash flow forcca$ls hav¢ been prepared on a monthly basis to ensure the chArit8ble eompany complies wilh the bank Gov¢nants, which il has done, and it is Considered that the charitable company will b¢ able lo con¢inu¢ in operational existae for the foreseeable future. On thc basis of ih¢ foregoing the Trustees consider that the going concern concept continu¢ lo be appropriale And has Ih¢refore been applied. Ib) Incorning re80urees Voluntary income ineluding donations. gifts and legac&es aro re8n1j wh¢re thert 1$ entitlement, which is generally on receipt, and the amount can be measurd with sufficient ieliability. Jnveslment incorne is recognised on a receivable btisi8. {e) Tanglble flxed assets All relevanl assets are capitalised at cosl at the lime OfpUhas¢. Assets ar¢ depcIaleAl from the da¢e that Ih¢y ar¢ ready for use. Dcprcciation l]as becn cliargeAI on th¢ fr¢¢hoLd prn)perty in order lo writ¢ off th¢ buildings over their e*tÉrnated usefvl liv¢s at th¢ rate of29/ts- IS% per annum on cost. D¢pr¢¢iation is provided to write off the cost of other fixed as8els over IheiT ¢Stimate41 useful lives al the ral¢ of15•/o - 250/0 per annurn on cost. Th¢ Truslees review the carrying value for impairment when ¢v¢nts or ¢hange$ in circurnslancKs indicate the carryin8 value may not be reeover&bl 13
CHRIST FArrH TABERNACLE INTERNATIONAL Notes to the accounts for the ytar ended 30 June 2023 (COtInUed) (d) Resourees expended Expenditure is [ols on acmwls basi8 as a liability is in¢utted. Resou expended includ¢ attributable VAT that caru)ol be recovered and is report¢d as part of the ¢Apenditur¢ to which it relates: Cost of 8en¢raling voluntary fijnds cornprise the costs associol¢d with allrn¢ling voluntary income. Charitable expenditure comprise$ (hose costs IncU¢d by the charitable company in the delivery of ils activities for 118 ben¢fi¢iaries. li in¢ludes both ¢0818 that can be allocated directly ro such aciivities and those costs of an indirect nature necessary to SUPPDrt them. Governance c051s include those costs asso¢iaia with m¢eiing the con5tilulional and slalutory requirements of the charitable ¢ompany And include the audit fe and costs lited lo the Str¢81¢ manag¢ment of the charitable con)pany. All costs ar¢ allo¢atAI bettY¢en the expcnditurc calcgorics of the Stalem¢nt of Ftnancial A¢tivili¢s on a basis designed lo reflect the use of the r¢$ource. Costs relating to a particular activity are allocat1 directly. others are apportionel on an appropiia¢e b?$is. (e) Gener8] fijnds are Unrestrict fjmds whieh are available for use at the discretion of the Thsltts in rtherance of th¢ general obje¢tive8 of the charitable company and which hav¢ not been de$ignat¢d for olhBr purpose$. Reslricled fjjnds ere fimds that account for $itu8lion8 wheTe a donor require8 that a donation mLt be 8penl Im a particular purpose or where funds have been rais for a specific purpose. There w¢re no such fvnds al 30 June 2023 (2022- £nil). (fj Flnance and operatlng lease5 Asse15 pUhased under finan¢¢ leases are capilalised as fixed asscts, and Ihc obligations und¢r such agreements ar¢ i]udrd in crcditors. The difference between the c8pilalis¢d cost and th¢ lolal obligalion under the lease r¢presen18 the finance ehArges. Finance ¢harg¢s are written off to the SOFA over the period of (he lease so as lo produce a constant periodic rate of charge. R¢nlals applicablc to opcrating Icascs aTe charg¢d lo lh¢ SOFA over Ik period in which the cost is incurred. (g) Employee benefits Thc ¢osl of any unused holiday entitlenlI is reeognised in th¢ period in which the employee's services are received. Terminalion b¢nefils 8r¢ OgnISed inuncdialcly as an cxpa)se wh¢n Ihc charity is demonstrably commillcd io l¢nninal¢ Ihe employment of an ¢mploy¢c or to provide lernlination bcnefils. (h) Retlrement benefits Payrnents to defined conlribulion reliremenl benefit 8chema8 are charged as an cxp¢nsc as Ihcy fall due. 14
CHRIST FAITH TABERNACLE INTEIU4ATIONAL Not¢s lo the aceounts for tbe year ended JO June 2023 (coed) (i) FiDaDcial In81ruments The charity has eleeled to apply th¢ provisions of Scdion I I 'Basi¢ Financial ltsslrum¢nl8' lo all of ils financiAI inslnllnenls. Financial inslNmenls arer0gnl3ed in th¢ charity's balance sheet when the charily becorn¢s party to the conlihctual provision of the inslrumcnl. Financial assas and liabililic8 arc offset, with the amounts presented in the fmancial statements, when there is a legally enforceabl¢ righi lo set off ihe recognised amoutils and Ih¢r¢ is intention to settle on a n¢t basis or to realise the asset and 6ettl¢ th¢ liabilily 8imuli•neous1y. Basic fJDAncial Assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs are subsequ¢nily carried al amortiscd ¢osl using the ¢ITliVe intcrc51 m¢ihod unless the arrang¢menl con8lilul¢s a flnancing Iransa¢lion, where ihe Irdll5actions is measured al the present value of the fikn reeeipts dig¢oun¢cd al a mark¢t rat¢ of &nrereg1. Financial as$cl8 Classified as re¢¢ivable within one year aT¢ not 2morti$ed. Bi$1¢ finanelil Ilabllliles Basic financial liabllilies. including creditors are initially reco]Sed al Iransactionprice un]ess the atrangement constituleg a financing trnn8aclion, wher¢ the debt instrnment is D]easured al the present value of th¢ fulure payments diOnted at a markel rale of interest. Fillan¢ial Liabililies Classified as payable within one year ar¢ not amortised. Debi instrum¢n¢S are subsequently cBrried at &mortisryJ cost, usittg the effeclive interest rale method. Trade crediiof8 are obligations to pay for goods or serviees Ihat have been acquired in the ordinary course of OpatiOnS from suppli¢r8. Arnouftis payable Rre classified ¢UlTent liabilities if p&ym¢nt 18 du¢ within one y¢ar or IGSS, If not, they are pr¢s¢nled as non-rnrent li8bAlities. Trade edtlors are recognis¢d initially at trnnsaction pric¢ and subswuently measured at amortised cost using the effective inl¢r¢st Ln¢ihod. Derecognitloll of flnnelal IfiAbllltle8 Finan¢ial liabilities Are derecognised when the Fund's coniraetual obligation cxpires or are dis¢har8ed or can¢¢llel. Volull¢ry Income 2023 2022 Donalions 1.773.963 1,706,088 Other Income 2023 2022 R¢nl re£eived Onlitte advertising 87,656 61 49,533 59 87.717 49,592 15
CHIUST FAITH TAiIERNACLE INTERNATIONAL Notes to tbe accounts for tbe year ended 30 June 2023 (COntined) Net intomlng regoureu for tbe yeAr 2023 2022 This i$ $lated after char& D¢preei#lion Loss on disposals Dire¢lors' remuneration (sce note 5) Auditors, remuneration. audit Auditors. rcmuncrati(trn- non audil 317.675 17,204 116,513 10,200 2,760 314,712 114,432 8.100 2,586 Aualy$ls of total re8our¢u expended 2023 Total 2022 Totgl Slaff costs Church running expense maint¢nance & repai Evungelism, ]¥Jnora¥ium & donations Sundry office costs Travcl & moloT expee5 Audit fe Professional fees Bank charges & finance costs LoAn & HP iThtere81 Depreciation {ProfLtyloss on dispo8al$ Tlmc 214,355 214,355 215,705 Usage 363,184 3,436 366,620 214.497 Direct Usage Usage Direct UsAge Usage Usage Usage U5Z4ge 265.963 84.887 81,052 265,963 84,887 81,052 10,200 39,299 6,651 170,155 317.675 17,204 82,300 66,341 53,190 8,100 32.399 3,694 102.282 314,712 10,200 39,299 6,651 170,155 317,675 17,204 £1,560.425 £13.636 £1,574.061 £1.093,220 Staff costs: 2023 2022 M.'Iiistw in chArge Housing allowance Wag&8 and salari¢s Social security cosls P¢nsion costs 85,313 31,200 80,132 14,486 3,224 83.232 31,200 84,180 13,900 3,193 214,355 215.705 16
CHRIST FAfrH TABERNACLE INfERNATIONAL Notes to the Accounts for tbe yeAr ellded 30 June 2023 (contlllued) During the year Rcv¢r¢nd A.T.B. William$, who was also a Tn]$tee Director. eamed £116.513 (2022 £114,432) including £31.200 (2022 £31,200) housin8 allowance for his Service in fiirthering the ObJIlve$ of the chorilable eompany. This was the only employee earning in excess of £60,000. In addition lo Salary and housing allowance, IheTrusle¢ Diree(or also rcceiv¢d benefits in kind of £2,414 (2022 - £2,394) durins ihe ye4r. Fuff herniore. the charitabl¢ company also purchased a motor vehicle hl a cost of £88.474 during the year on behalf of Reverend A.T.B Williams. Pension contributions paid by ¢h¢ charity in respect of R¢ver¢nd A.T.B. Williams w¢re £1,321 (2022- £1,321). The auihority foTth¢abov¢r¢munerationpaymentg was given by the charitsble¢ompany's arti¢l¢s and memorandum of auociatlon. The total Compensation paid to key managem1 personnel is £1 l6,513 (2022 - £114,432). The charitable conwany dld ttol reirnburse any expense# to the Tnjstees during the y¢ar. ADlysls of tot1 r¢sour¢es expended (conti#ued) The average numb¢r of ernployees, analYd by functio was: 2023 No. 2022 Church Administration Tangible flxed Assets Computer Ilxtur¢$ & ÈqulpmeDI Motor Vehki Property To¢81 At l July 2022 Additions Disposals 9,965,178 182,762 (50,077) 1,051.644 112,453 (1,086) 157,594 88,474 (74,000) 11,174,416 383,689 (125,163) At 30 June 2023 10.097,863 1,163,011 172.068 11,432,942 Depredatlon: At l July 2022 CharBe for the year On disposals 2.005,596 227,610 (27,710) 833,493 72,130 (162) 156,634 17,935 (74,000) 1995,723 317,675 (101,872) At 30 June 2023 2.205.496 9YIS,461 100,569 3.211,526 Net book v#lu¢: At 30 Juue 2023 7,892,367 257,550 71.499 8,221,416 At30 jDe 2022 7,959,582 218,151 960 8,178,693 17
CHRisf FAITH TABERNACLE INTERNATIONAL Notes to the aeeounts for the year ended 30 2023 (¢ontinued) Debtors 2023 2022 Pr¢paym¢nts and a¢etud inwme Gift Aid recoverable Other d¢btors 119,645 125,236 4,036 76,806 142,054 4,171 248.91? 223.031 Credltorj due within unc year 2022 Bank108ns (not¢ 9) Tr8de credito Taxation and social 5UrItY Oiher crediiors Accnwls and deferrd ineom¢ 112,786 74.2 3,404 13,259 20.060 143,571 [09.392 4.321 11,083 15.218 223,709 283,585 Cr¢dltors due ID more th*n OD¢ yr 2022 Bank loans 2,449J28 2,730,785 2,449,528 2.730.785 The bank loan figures incorporat¢ a single loan ftir one property which is as follows: Ebenezer BulldlDg The bank loan 1$ rqMyabl¢ monihly ov¢ra tern] of 300 moTh¢hs from Qctobey 2011 with inlerest th&r8¢d 013,2¥0 above bank base rale and is secured on the freehold property al 186 Pow18 Street, London, known A8 the Ebenezer Building. 19
CHRIST FAITH TABERNACLE INTERNATIONAL Notss to the accounts for tho year ended 30 June 2023 (continu¢dJ Credliors due In more than ye&r (condllued) 2023 2022 AllAly$l$ of loana Bank loans Bank loans due within (w year 2,562,314 (112,786) 2,874.356 (143,571) Bank loans due gfi¢r more than one year 2,449,528 2,730,785 L•*ll maturlty allaty81s Balance due between one and two yew Balance due be¢w¢en Iwo And fivc y¢a Balance due mor¢ than fiv¢ yc4ts 122,672 433,878 ,892,978 149,656 491,243 2.089.886 10. Statement of funds Tolal Fulld$ 2022 Oytgolng R¢wurces Totsl Funds 2023 Resource8 Unrestrlcted fuLd8: fjeneral funds £8,377.947 £2.133.935 £1,574,081 £8,937,821 Celleral Futtd$ Total FuDds 20 Total Fund5 2022 Represented by: Tangible fixed as8cts Nel cutrent aSset(liabIlItle$) Long term liabilili 8.221,416 8,221,416 8,178.693 3.165,933 3,165,933 2,930,039 (2,449,528) (2,449,528) {2,730.785) £8,937,821 £8,937,821 £8,377,947 Unrestricted funds Unreslricid fund$ comprix fvnds which lh¢ TruslKs are free io use in accordance with the charitable objec¢8. Rtricted fuDd8 Th¢w¢ were no restricted ndS during thc year. 20
CHIUST FAITH TABERNACLE INTERNATIONAL Notes to th¢ a¢¢ounts for the yeAr ended 30 June 2023 (¢ontlnued) ii. Flnanclal lllstrnments Carrying Amount of finr4ll¢tsl a88¢ts {excludlDg eAskn) 2023 2022 D¢bi in81mmenls measured ai amorlised cost C4rrylng mount of fillaD¢iAI libllltl 2023 2022 Debt insirumenls measured at amortised ciAsl 2,669,833 3,010.049 2,669,833 3.010.049 li Ultimate controlllng party The ultimate eontrolling party is considued to be the TrltCe$. as g body, 13. R¢lated party tr*tstsctlon8 During the year Rev¢rend A.T.B. Williams, who WAS also a Tnle¢ Director, earned £116,513 (2022 - £1 I4,432) including £31.200 (2022 £31.200) housing allowance for his scrvic¢ in furth¢ring Ihe objccliv¢s of the charitable company. In pddilion lo sal8ry and housing allow8nee, the Ttvst¢e Director a180 received benefits in kind of £2.414 (2022- £2,394) during the y¢ar. Furtherniore, the charitable ¢ompany also purchascd a motor vehicle 41 a cost of £88,474 during thc year on behalf of Reverend A.T.B Williams. Pension eontributions paid by the charity in resp¢ of Reverend A.T.B. Williatns were £1,321 (2022- £1.321). P,0. Williams, who is the 8pouse of A.T.B. Williams. wa5 paid £44.499 (2022 . £41.616) in Emuneralion for her servicc in furth¢ring the obJI1VeS ofthe charitable cornpany. In additiork to salary and housing allowan¢¢. the Tte¢ Director al80 IEceived benefits in kind of £2,408 (2022 - £2,394) during Ihc ycar. Pcnsion ¢onlribulions paid by Ihe eharily in respect of P. O. Williams were £l,1.30 (2022- £J,061). 14. SbA Ye CApltal The chdrilable company is limited by guaranlee and has no 8hare capital. Every mcmb¢r of lh¢ charitable company guarantees to ¢ontribute & maximum of £1 on winding up, within one year after ccasing lo be a m¢mber, 21
cItRIST FAITH TABERNACLE INTERNATIONAL Notes to the accounts for the ytar ended 30 June 2023 (eontlnued) Is. Cash gemerattd from op¢rAtlons 2023 21122 Surplu$ for the y 559,874 957,157 AdjustmeDts for Interest paid Depreciation and impairnient of tangible fixed assets Dcprecialion on disposal of tangible fixed assrts 170,155 317,675 (101,873) 102,282 314.712 Movement8 w(trrklDg capltal (Increase)Idecrease in debtors Incr¢a8¢1(dc¢r¢ase) in creditors (25,887) {29,090) (29,549) 68,875 890,854 1,413.477 16. Crltleal aceoullting e$thnate8 Judgement tn the application of the Charity's accounting policies, the tn1¢¢$ are required to make judgements, estimates and 8$sumplions about the Ing Amount of a85elS and liabilitie8 that are not readily apparcnl from h¢r$ourceS. TheNltmates ond associated 85sumplions are based on historical experience and oih¢r fa¢lois that are considered to bc rcl¢vanl. Actual results may differ ftom these estimates. The estimates and und¢rlying assumptions are revied on an ongoing basis, Revision8 to accounting e3limal¢s or¢ recognised in the period in which the estimat¢ is r¢vised wher¢ the revision affects only that period. or in th¢ period of the revision and tUre periods wh¢r¢ th¢ revisiort aff#ls both ¢urr¢nl and tUre periods. Annual deprwiation charged for the tangible a88¢18 is sensitive to ¢hang¢s in estimated u8eful economic lives and residu81 v8lue$ of the assets, which are ones of Ihc ar¢as where judgement has been applied. 22