Company Registration E40." 05144212 (England and Wales) Charlty No: IIO5674 CHRIST FAITH TABERNACLE INTERNATIONAL (A company limited by guarantee) Annual Report 2nd Financial Statements For the year ended 30 June 2024 *AEOSF3CI• 1910412025 COMPANIES HOUSE A6
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CHRIST FAITH TABERNACLE llYTERNATIONAL Reference and admlnlstratlve Informatlon Trustee5 and Directors Reverend A.T.B. Williams Mr. T. O. Adisa Mr. S. C. Ah3mefula Mr. O. A. Bilewv Secretary Mr. O. A. Bilewu Reglstered offlee operational Vdddress Bethesda Building 56-62 New Cross Road London SE14 5BD BAnkers HSBC 184 High Streer Brornley Kent BRI IHE Accountants Sterlings Accountancy Solutions Limited 131-133 Roman Road Mountnessing Brentwood Essex CM150UD Auditors Beavis Morgan Audit Limited 82 St John Street London ECIM 4JN Solicitors Well¢rs Tenison House Tweedy Road Bromley Kent BRI 3NF Charity number 1105674 Company number 05144212 Charity website vw.¢ftchurches.org
CHRIST FAH TABERNACLE INTERNATIONAL Contents Pages Trustees, Report Independent AudiloTS' Report Statement of Flnancial Activitie$ 10 Balanc¢ Sh¢¢t li Statement of Cash Flows 12-22 Notes to the Financial Ststements
CHRIST FArtH TABERNACLE INTERNATIONAL Trustees, AnnuAI Report for the year ended 30 JuDe 2024 The Trustees present their Annual Report and the audited financial statements for the year ended 30 June 2024. This report is a Directors. Report as required by section 417 of the Companies Act 2006 and a Trustees, Annual Report as required under Part 8 of the Charities Act 2011. The Trustees confjm that the finan¢i21 statements comply with the requirements of the company's governing documents, the Charities SOIIP (FRS 102), aDd the Companies Act 2006. Structure, Governance and Management Govemin document Christ Faith Tabernacle International was incorporated and registered as a charitable company on 3 June 2004 and is limited by guarantee. The governing documenl is the Memorandum and Articles of Association dated 4 May 2004. Christ Faith Tabernacle Jnternational was restered as a charity on 31 August 2004. cruitment and A ointment of Trustee The board of Trustees consists of at least three and not more than nine individuals, all of whom must be members. One third of the Trustees must retire at each AnDual General Meeting, those longest in office rctiring fSt. any vacanci¢5 b¢ing fllled by the selection and appointment of suitabl¢ persons by the Trust¢es. Trustee Inductioo and Trainin The existing trustees are already familiar with the practical work of the company. Additionally. any new trustees ar¢ invited and encournged to attend trdining sessions to familiarise themselves wilh the company and the context in which it operates, including obligations of Trustees, Ihe operational framework for the companyi including the Memorandum and Articles. and future plans and objectives. Risk Mana ement Tbe Trustees carry out continuous assessment to prioritise the company's risks and strengthen our resilience. We have reviewed the general environment in which the company operates to identify any serious potential risks and make arran8emenls ¢0 avoid sucb risks OT mitigat¢ their impact. W¢ have worked to further develop ihe risk management System which included tighlening controls on ih¢ computer systems. We continue to monitor the implementation of the Dlsaster Recovery Plan, and undertake checks, as appropriate, with the Disclosure and Barring Service (DBS), fornierly Criminal Records Bureau (CRB), on all those worktng diiectly with children. The robustness of the 'Business Continuation, plans were tested ai the onset of the Covid-19 pandemic and remote working arrangements were successfully implemented with minimal disruption to operations. The charity has mortgages outstanding of £2,455.720 io respect of the Granada Theatre, Woolwich. Interest is payable on the mortgages at rates linked to base rdte. revention and Detection of Fra d The TNstees have overnll responsibility for ensuring thai the cbarity has an appropriate system of controls. that its assets aTe safeguarded against unauthorised use or disposal, thai the cbaTity complies with relevant laws alld regulations and for taking reasonable steps for the prevention and detection of fraud. The Trustees are also responsible for ensuring that the charity is operating efficiently and effectively, proper records are mainlained and that the financial infomiation used withtn the charity or for publication is reliable.
CHR]ST FAITH TABERNACLE INTERNATIONAL Trustees, Annual Report for the year euded 30 June 2024 (continued) Governance & Internal Control The Trustees meet regularly to review the finances and administration of the charity. Th¢ systems of internal conlrol are designed to provide reasonable assur2n¢e against material misstatement or loss. They include an annual budget approved by the Trustees. consideration by the TNstees of financial results, variances from budgets and non-financial performance indicators: deletiOn of authority and segregation of duties. and ideDts'fJcation and managem¢nt of issues of strate¢ and operational importance to the charity. Structure The TNslees are responsible foT the overall running of tlie charity with focus on the following key areas.. Stralegy - agreeing objectives and strategy for the charity and detemiining principles and policies to meet the overall strategy. Finance setting guidelines for and agreeing the annual budget. decith'ng on appropriate financial monttoring procedur¢s' auth0ri5ing signaiories on bank accounls. agTeeing boowing5 and 5ecuriti¢s' authorising signature of the Annual Accounts" ¢nsuring adequate response and action is taken following the annual audit. agreeing investment strategy and parameters and setting policie5 for reserves. Personnel - defining policy on Employment Tern]s and Conditions. including disciplinary and grievance matters. agreeing employee remuneration and salaries. General - selting parameters for the delegation of auihoTity; review of risk manageDJent wilh regular reporting and 81ving notice of meetin8S. Transactions with Related Parties The transactions with related parties during the year are set out in Note 13. Objectlves and A¢tlvltle$ The company's principal objectives are the propagation of ihe gospel. the advancement of the Christian Faith and the relief of poverty. Eacb year, the Trustees review the objectives and activities to ensure they continue to reflect our aims. In carying out this review, the Trustees have considered the Charity Commission's genernl guidance on public ben¢fit and in particular its supplementary public guidance on the advancernent of religjon for the public benefit. Aehlevements, Performance and Plans for the Future Our charity remaijjs steadfast in its commitment to creating meaniDgfid change in London, the U Europe, and globally. This year, our international presence continues to support communities through impactful missionary work ID Gernjany. the Republic of Ireland, Nigeria. India, Republic of Benin. and Cote d'lvoire. Our ongoing project in Nigeria. the Jes8 City Project (A Refuge for Nations), remain5 in its forn)ative phase, with significant investment required to transfonn the 400-acre site into a centre for community developmenL education. and spirifual growth. While progress has been made in laying . the groundwork, substantial resources and paTthetships are still needed to bring this vision to fiuition.
CIIRIST FAITH TABERNACLE INTERNATIOIYAL Trustees. Annual Report for the year ended 30 June 21124 (tontinued) We have also made significant progress in using digital platfornis to engage a broadeT 3udienc¢. Our church programs are now accessible worldwide through live webcasts and social media such as YouTube and Facebook, and our television broadcasts on the Faith Channel have been met with positive responses both locally and internatlODally. This integration of online and in-person services ensures that our re2ch extends far beyond our immediale community, strength¢niDg conne£tions with those who may not be able to attend in person. Throughout the year, we hav¢ hosted a wide rnnge of community ¢vents, including health and cancer awareness seminats. PTayer conferences, business workshops, drama PToductions. rnusical concerts, aDd leadership training sesstons. These initiatives have provided valuable resources, knowledge, and 5UPPOrt to individuajs and families, reinforcing our conimilment to holistic well-being, personal growth. and community empowerment. Additionally, we continue to prioritise the professional development of our members, offering targeted workshops and seminars covering leadership, communication, entrepreneUhlp, and financial literacy. By equipping individuals with the necessary skills and l(nowledge, we empower them to navigai¢ today's competitive World and contribute meaningfully to society. A key area of focus this year has been our food distribution programme, in partnership with Neighbourly. Through this initiative, we have received generous food donations from well-known superniarkets, including Marks & Spencer. Aldi, and Pret A Manger. This collaboration has not onjy helped rcduce food was1¢ but has also provid¢d fresh, nutritious meals to hom¢less individuals and families experiencing financial hardship. By actively distributing surplus food 10 those in need, we have been able to extend vital support lo some of the most vulnerable members of our community. ensuring they receive nourishment and relief during difficult times. This programme has become a cornerstone of outrea¢h work, reinforcing our mission to serve with compassion and generosity. The Dorcas Group continues to be a pillar of support within our churcb community, providing emoiional. physical, and financial assistance to those in need. Their efforts have been instrumental in upholding our ethos of care and tnclusion, particularly for older individuals, widows, widowers, and those facing economic hardships. Our youth-focused inttiatives, including Young Professionals in Christ (YPiC} and Youth of Royal Destiny {YORD). remain centTal to our vision of inspiring and eqLLipping young individuals to achieve their full poterttial. Throtsbli aA'A'ay of mentOTsh4) progroms, workshops, career development seminars, and enrichment activities, we continue to foster confidence, networking skills, and a sense of purpose among our youth. Our commitment to education extends beyond professional development. We have actively SUprted academic excellence by providing scholarships, tutoring sessions, mentoring programs, and study workshops aimed at enhancing critical thinking and problem-solving abilities. These initt'atives help students excel academically, build confjdence, and develop lifelong skills that will serve them in their future career5. Beyond academics, we have also organised leadersbip Iraining, perSODal development semtnars. and career guidance session5, equippjng young individuals with the necessary tools to ircome future leaders and contributors to society. Our"Catch Them Young (Cty)" program for children under 12 continues to play a crucial role i shaping the next generation. Through Sffuctured Bible study sessions, WOTksbops, and educational trips, we instill fundarnental values while nurturing a deeper understanding of faith, culture, and history. By providing a strong moral and educational foundation, we empower ¢hildr¢D with the knowledge and confidence to thrive in their fonnative yeaps and beyond.
CHRIST FAITH TABERNACLE INTERNATIONAL Trustees, Annual Report for the year ended 30 June 2024 (continued) After years of searching for a suitsble location, we were delighted to acquire a pennanent pla¢¢ of worship for our congregation in Bristol City. This milestone marks a significant slep forward in establishing a dedicated spiritual bome wbere members can gather for W0h1p, fellowship, and community activities. The new facility will provide a stable and welcoming environment for our growing congregation, enabling the charity to expand our outreach efforts and strengthen our presence tn the region. This acbievement reflects our unwavering commitment lo serving the spiritual and practical needs of our members while creating a lasting foundation for future generations. Looking ahead. we are embarking on a major redevelopment project: the revitalisation of Bethesda Building in New Cross Road, London SE14. This ambitious initiative seeks to create a multifunctional space that will serve as a hub for worship, affordable housing, and community services. The rejlevelopment will include: A state-of-the-art worship facility, designed to provide a welcoming and inclusive environment for spiritual growth, fellowship, and community engagement. Affordable housing units to help address the pressing housing crisis in London, providing secure accommodation foi those in ne¢d and supporting efforts to tackle homelessness. A children's day centre. offering essential childcare services such as early education PTograms, afterschool care, and recreational activities lo support workijjg parents and foster child developmenl. Multipurpose rooms. recreational spaces, and counselling services, which will serve as hubs for Community gatherings, educational workshops, and social support initiatives. The transformation of Bethesda Building represent5 a significant opportunity to enhance our charity's ability to support the most disadvantaged and vulnerable individuals in our community. By inlegrating spiritual, soci81, and practical resources, we aim to create a sustainable inodel that fostets long-tenn empowernient, slability, and hope for the future. As we move forward, we remain committed to expanding our impact, strengthening our partnerships, and continuously evolving to meet the changing needs of the communities we serve. Through faith. dedicalion, and collective aclion, we will continue to brin8 posilive, lasting change to lives both locally and globally.
CHRIST FAITH TABERNACLE ThTERIYATIONAL Trustees, Annual Report for the year ended 30 June 2024 (continued) Flnancial Revlew The movement of the Charity's financtal resources for the year is shown in the Statement of Financial Activities on page 9. The highlights are.. totsl incoming resources of £2,387,847 (including Gift Aid recoverable of £293.302)' total outgoing resources of £1,668,258. and general fund of £9,657,410 carried forward to 2024125. Princi al Fundin Sources The principal funding source for the Charity is donations from the congregations at services held. Reserv It is the policy of the Charity to maintain sufficient unrestricted funds to cover management and administration costs for a period of 3 months. When deciding the level of reserves, the Trustees take into consideration the forecasts for levels of income and expenditure for the coming year. the reliability of each source of income and the prospects for opening up new sources. The Trustees consider the current level of unrestricted funds maintained by the Charity is deemed adequate. In the light of the long-temi loans taken out on the freebold properties purchased for the Charity's iDtended use, sufficient reserves must be maintained to fund th¢ related financ¢ Costs and satisfy the loan ¢ov¢nants until ihese loans are fully repaid. Restricted funds are funds that account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose. There are no restricted funds at present, Statement of Trustees, responsibilities The Trustees (who are also the directors for the purposes of company law) are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under tbat law the trustees must prepare the financial statements in accordance with the United Kingdom Generdlly Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the truste¢s must approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for the period. In preparing these financial statements the Trustees are required io.. select suitable accounting policies and apply them consistently; observe Ihe methods and principles in the Charities SORP. make judgements and estimates that ar¢ reasonable and prudent. state whetheT applirable UK accouDting standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the finaDcial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate.
CHRIST FAITH TABERNACLE INTERNATIONAL Truste¢s' AnnuAI Report for the year ended 30 June 2024 (continued) Statement of Trustees, responslbllltles (contlnued) The Trustees are responsible for keeping adequate accounting Tecords that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial p051tion of the charitable Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of th¢ charilable compaDy and hence for taking re&sonable steps for the prevention and detection of fraud and other irregularities. The Trustees confinrA that so far as they are aware, there is no relevant audit inforn]ation (as defined by section 418(3) of the Companies Act 2006) of which the charitable company's auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant Pdudit infornmtion and to establish that the charitsble company's auditors are aware of that inforn)ation. This report has been prepared in accordance with the provisions applicable to the small companies, regime. Approved by the Trustees and signed on their behalf by: Mr O. A. Bllewu Trustee Date: 30 March 2025
INDEPENDENT AUDITORS. REPORT TO TEtE TRUSTEES OF CHRIST FAITH TABERNACLE INTERNATIONAL Opinion We have audited the financial statements of Christ Faith Tabernacle International (the 'charitable company,) for the year ended 30 June 2024 wbich comprise a Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, includiiig Financial Reporting Standard 102 The Finance Reporting Sidndard applicable in the UK twd Republic oflreland (United Kingdom Generdlly Accepted Accounling Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resource5 and application of Tesource5. including its income and expenditure, for the year then ended. bave been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis.for opinion We conducted our audit iii accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'$ responsibilities for the audit of the financial statements section of OUT r¢port. We are iDdep¢ndent of the charitable company in accordanc¢ with the ethical requirements that are r¢levant 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. Concluslons relatlng to golng eoneern In auditing the financial statements, we have concluded that the trustees, use of the goingconcern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have nol identified any material uncertainlies relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when th¢ fiI)aiiLial 5tat¢ments are authorised foi issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other inforniation comprises the infonnation included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othenvise explicitly stat¢d in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our r¢sponsibility is to read the other infonnation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in tlje audit or otherwise appears materially misstated. If we identify such material inconsistencies or apparent material misstslements, we are required to detennine whether there is a material misstatement in the financial statements or a m".----. misslatement of the other inforniation. If, based on the work we have performed, we conclude that there is a material misstatement of this infom)ation, we are requir¢d to report ihat fact. We have nothing to report in thAS regard.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF CHRIST FAITH TABERNACLE INTERNATIONAL (continued) Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the infomiation given ID the tNstees' report, which includes the directors. report prepared for the putposes of company law, for the financial year for which the financial statements are piepared is CODSlStenl with the finantial statements- and the trustees, report, which includes the directors, report prepared for the purposes of company law, has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we have not identified material misstatements in the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in aeement with the accounting records and returns. or certain disclosur¢s of trustees, remuneration specified by law are not made; or we have not received all the infonnation and explanations we require for our audit; or the tsustees were not entitled to prepate the financial statements in accordance with the small companies. regime and take advantage of the small companies, exemption in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbilitles of trustees As explained more fully in the trustees, responsibilities stgtemen¢ set out on pages 4 and 5 th¢ trustces (who are also the directors of the charitable company for the purposes of company law) 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 trustees detemiine is necessary 10 enable the preparation of financial statements that are free from tnaterial misstatcment, whether due to fraud or error. In preparing the financial siatemenls, the tste are responsible for assessing the cbaritable company's ability to continue as a going concern, disclosing, a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend or liquidate the charitable company or to cease operations, or have no realistic alt¢rnative but to do $0. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain Teasonable assurance about whether the financial ststements as a whole are free fTom material misstatement, whether due to fraud or error, and to issue an auditor's report that included our opinion. Reasonable assurnnce 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 exisls. Misstatements can 8ris¢ from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influ¢n¢e the economic decisions of users taken on the basi5 of these financial statements. The extent to which procedures are capable of detecting irregularities, including hud, is detailed below.
INDEPENDENT AiJDTTORS' REPORT TO THE TRUSTEES OF CHRIST FAITHTABERNACLE INTERNATIONAL (continued) Extent to which the audit eonsidered capable of detecting irregularities, including fraud Discussions with and enquiries of management and those charged with governance were held 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 entlty. The following laws and regulations were identified as being of sibrnificance to the Cntity: Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, charity SORP. company law, and pensions legislation. Audit procedures undertaken in response to the potential risks relating to itTegularities (wbich include fraud and non-compliance with laws and regulations) Comprised of.. inquiries of management and those charged with governance as lo whether the entity complies with such laws and regulations" enquiries with the same concerning any actual or pot¢ntial litigation or claims; inspection of relevant legal correspondence. review of board minutes- testing ihe appropriateness of journal entries- and the performance of analytical review to identify un¢xpect¢d movements in account balances which may be indic8tivc of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting iegulaTit1e$, including fraud, is limited by the inherent ditriculty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit Procedures perfornied. Irre8ulaiities that result from fraud migbt 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 perforn)ed in accordance with ISAS (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council'5 websile at.. https://www.frc.org.uklauditorresponsibilities. This description fornis part of our auditor's report. Use of our report This report is rnade solely to the charitable company's members, as a body, in accordance with Cbapter 3 of Part 16 of the Companies Act 2006. Our audit work h&s been undertaken so that we might state to the charilable company's members those matters we are required to stat¢ to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyon¢ other than the charitable company and the charitable company's members as a body, for our audit work, for this Teport, or for the opinions we have fornied. Date: Matthew Burge for and on behalf of Beavls Morgan Audit Llmlted 82 St John Street London ECEM4JN Chartered Accountanl$ Statutory Auditor
CHRIST FAITH TABERNACLE INTERNATIONAL Statement of Financial Activities (including Income and Expenditure Ac¢ount) for the year ended 30 June 2024 Year ended 30 June 2024 Year ended 30 June 2023 Unrestrltted Funds Total Funds Total Funds Notes Income Income from: Donations Gift Aid on donations Investment incom¢ Charitable activities 1,930,411 293,302 31,817 132,317 1,930,411 293,302 31,817 132,317 1,773,963 272,255 87,717 Total Income 2,387,847 2,387,847 2,133,935 Expenditure on: Charitable activities Finance costs, interest payable and other charges Governance costs 1,436,213 ,436,213 1,383,619 2 J 6,762 15,283 216,762 15.283 176,806 13,636 Total expendlture 1,668,258 1,668,258 1.574,061 Net income 719,589 719,589 559,874 Total funds brought forward 8,937,821 8,937,821 8,377,947 Total funds carrlcd forward li 9,657,410 9,657,410 8,937,821 Th¢ statement of financial activities includes all gains and losses recognised in the period. All incoming and expended resources derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 12 to 22 fomi part of these financial statements. 10
CHRIST FAMI TABERNACLE ll¥TERNATIONAL Balance sheet at 30 June 2024 Notes 2024 2023 Fixed assets Tangible fixed a55et5 ,371,735 8.221,416 Current assets Debtors Cash at bank and in hand 193,305 3,641,214 248,917 3.140,725 Creditors due Jvitbin one year (213,668) (223,709) Net current assets 3,620,851 3,165,933 Total &55ets less current Ilabllitle5 1 È,992,586 11.387,349 Creditors due after one year 10 (2,335,176) (2,449,528) Net assets 9.657,410 8,937,821 Income funds Unresttict¢d Funds 9,657,410 8.937,821 These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the Tnjstees on 30 March 2025 and signed on their bebalf by: Mr S. C. Ahameful Trustee Company Reglstratlon No: 05144212 Charlty Iyo: 1105674 The notes on pages 12 to 22 fonn part of these financial ststements.
CHRIST FAITH TABERNACLE INTERNATIONAL Statement of eash flows for the year ended 30 June 2024 Notes 2024 2023 Cash flows from operating activities Cash generated from operdtions 16 1.268,412 890.854 Investing activities Purchase of iangible assets Disposal of tangible assets (480,669) 31,757 (383,689) 125,163 Net cash used In Inve5tln% actlvltles (448,912) (258,526) Finanelng activities Repayment of borrowings Interest paid (106,594) (212,417) (312,041) (I70,155) Net cash used fin financlng actlvltles (319,011) (482,196) Net increase In cash and cash equlvalents 500,489 150,132 Cash and cash equivalents at beginning of year 3,140,725 2,990,593 Cash and cash equiv8lent$ at end of year 3,641,214 3,140,725 12
CHRIST FArrH TABERNACLE INTERNATIONAL Notes to the aeeounts for the year ended 30 June 2024 Accounting polities Charity information Christ Faith Tabernacle International Trs a private company limited by guarantee incorporated in England and Wales. Betbesda Building, 56-62 New Cross Road, IA)ndon, SE I4 SBD. (a) Basls of preparlng the flnanclal statements The accounts liave been prepared in accordance with tlie FRS 102 "The Financial Reportii)g Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Cbarilies" the Statement of Recommended Practice for Charities applying FRS 102, the Companies Act 2006 and UK Generdlly Accepted Accounting Practice. The company is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in Sterling, whith is the functional currency of the entity. Monetary amounts in these financial statements are rounded io the nearest £. The accounts have been prepared under the historical cost ¢ODv¢ntion. Th¢ principal accounting policies adopted are set out below. Under Companies Act 2006 s454. on a voluntary basis, the trustees can amend these financial statements if they subsequently prove to be defective. The financial statements have been prepared on the basis that the fundamental accounting concept of going concern is applied. In 201 L the charitable company purchased a freehold property which was financed by wèy of a bank loan of £3.885m. In light of this, cash flow forecasts have been prepared on a monthly basis to ensure the eharitable company complies with the bank covenanls, wliich it has done, and it is considered that the charitable company will be able to continue in operational existence for the foreseeable future. On the basis of the foregoing the Trustees consider that the going concern concept continue to be appropriate and has therefo beeD applied. (b) Ineomlng resources Voluntary income includtng donalions, gifts and l¢gacies are recognised where there is entitlement, whicb is generally on receipt, and the amount can be measured with sufficient reliability. Investment income is recognised on a receivable basis. (c) Tangible fixed assets All relevant assets are capitalised at cost at the time of purchase. Assets are depreciated from the dak that they are ready for use. Depreciation has been charged on the freehold property in order to write off the buildings over their estimated usefvl lives at tbe rdte of 2Y• - 150/0 per annum on cost. Depreciation is provided to write off the cost of other fixed assets over their estimated useful lives at the rate of15V/o - 250/0 per annum on cost. The Trustees.review the carrying value for impainnent when ¢vents OT changes in circumstances indicate th¢ Caying value may not be recoverable. 13
CHRIST FAITH TABERNACLE INTERNATIONAL Notes to the accounts for the year ended 30 June 2024 (continued) (d) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Resources expended include attributable VAT that cannot be recovered and is reported as part of the expenditure to which it relates: Cost of generating voluntary funds Comprise the costs associated with attracting voluntary income. Charitable expenditure compri$¢s those Costs incurred by the ¢haritabl¢ company in the delivery of its activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs in¢lude those Costs associated with meetÉng the constitutional and statutory requirements of the charitable company and include the audit fees and costs linked to the strategic management of the charitable company. All costs are allocated between the expenditure ¢ategori¢s of the Statement of Financial Activilies on a basis designed lo reflect tl)e use of the resource. Cosls relating to a parttcular activity are allocated directly; others are apportioned on an appropriate basis. (e) Funds General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objective5 of the charitable company and which have not been designated for other purposes. Restricted funds are funds that account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose. There were no such funds at 30 June 2024 (2023 - £nil). (o Flnance and operatlng leases AsseL8 purchased under finance leases are capltalised as fixed assets, and the obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represeDts the finance charges. Finance charges are written off lo the SOFA over the period of the lease $0 as to produce a constant periodic Tate of charge. Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is Incurred. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed to lem)inat¢ the employinent of an employee or to provide termination benefits. (h) Retirement benefits Payments to defined contribution rctirement b¢n¢fit schemes are charged as an expense as they fall due. 14
CHRIST FAITH TABERNACLE EITERNATIONAL Notes to the accounts for the year ended 30 June 2024 (tontinued) (i) Financial instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments, to all of tts financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provision of the instrument. Financial assets and liabilities are offset, with the net amounts presented in tbe financial 5tstements, when there is a legally enforceable right to Set off the recognis¢d amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bgsie financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price includtng transaction costs are subsequently carried at amortised cost usin8 the effective interest method unless the aangerneTrt constitutes a financing transaction, where the transactions is measured at the present value of the future receipts discounted at a market raie of tnt¢rest. Financial &ssets classified as receivable within one year are not amortis¢d. Basic financial liabilities Basic financial liabilities, including Creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rnte of interest. Financial liabilities classified as payable within one year are not amortised. Debi instruments are subsequently carried at amortised cost, using the effectiv¢ int¢r¢st rale method. Trade creditors are obligations to pay for goo(ts or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due witbin one year or less. If not, they aTe presented as non.current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured ot amortised cost using the effective interest meihod, Dereeognltlon of financial IIAbllities Financial liabillties are derecognised when the Fund's contractual obligation expires or are discbarged or cancelled. Voluntary Income 2024 2023 Donations 1,930,41 1,773,963 IDvestment income 2024 2023 Bank interest received 31,817 15
CIIRIST FAITH TABERNACLE INTERNATIONAL Notes to the accounts for the year ended 30 June 2024 (continued) Other income 2024 2023 Rent received Insurance settlement received Online advertising 104,353 27,964 87,656 61 132,317 87,717 Net Intoming resources for the year 2024 2023 This is stated after charging: Depreciation (Profit)ILoss on disposals Directors, remuneration (see note 6) Auditors. remuneration - audit Auditors, remuneralion - non audit 330,054 (28,905) 116,097 12,090 1,050 317.675 17,204 116,513 10,200 2,760 Analysls of total resources expended 2024 Tot41 2023 Total Staff costs Church running expenses, maintenance & repairs Evangelism, honorarium & donations Sundry office costs Travel & motor expenses Audit fees Professional fees Bank charges & finance costs Loan & ItP interest Depreciation (Profityloss on disposals Time 233,948 233,948 214,355 Usage 443,409 3,283 446.692 366,620 DiTect Usage Usage Direct Usage Usage Usage Usage Usage 195,237 125,663 87,315 195.237 125,663 87,315 12,000 49,492 4,345 212,417 330.054 (28,905) 265,963 84.887 81,052 10,200 39,299 6,651 170,155 317,675 17.204 12,000 49,492 4,345 212,417 330,054 (28.905) £1,652,975 £15,283 £1,668,258 £1,574,061 StatT costs: 2024 2023 Minister in charge Housing allowance Wages and salaries Social security costs Pension costs 84,897 31,200 98,729 15,532 3,590 85.313 31.200 80,132 14,486 3,224 233,948 214.355 16
CHRIST FAITH TABERNACLE INTERNATIONAL Notes to the accounts for the year ended 30 June 2024 (continued) Analysls of total resources expended (continued) During the year Reverend A.T.B. Williams, who was also a Trustee Director, earned £116,097 (2023 £116,513) including £31,200 (2023 £31,200) housing allowance for his service in furthering thc objectives of the charitable company. This was the only ernployee earning in excess of £60,000. In addition to salary and housing allowance, the Trustee Director also received benefits in kind of £458 (2023 - £2,414) during the year. Pension ¢oiitributions paid by the charity in respect of Reverend A.T.B. Williams were £1,321 (2023 £1,321). The authority for the above remuneration payments was given by the charitable company, articles and memorandum of association. The total compensation paid to key management personnel is £116,097 (2023 - £116,513). The charitable company did not reimburse any expenses to the Trustees durin8 the year. The average number of employees, analysed by function. was: 2024 No. 2023 Church Administration TAnglble flxed assets Frethold Property Compu¢tT& rixlures & equlpment Motor Vehicles Tolal At 30 June 2023 Additions Disposals 10,097,863 454.263 1,163,011 26,406 (2,958) 172,068 11,432,942 580,669 (31,758) (28,800) At 30 June 2024 10,552,126 1,186,459 143,268 11.981,853 Depreciation: At 30 June 2023 Charge for the year On disposals 2,205,496 239,851 905,461 72,268 (2,662) 100,569 17,935 (28.800) 3,211,526 330,054 (31,462) At 30 June 2024 2,445,347 975,067 89,704 3,510,118 Net book value: At 30 June 2024 8,106,779 211,392 53,564 8,371,735 At 30 June 2023 7,892,367 257,550 71,499 8,221,416 17
CHRIST FAITH TABERNACLE INTERNATIONAL No¢e$ to the •¢counts for the year ended 30 June 2024 l¢ontlnved) T•nbIt flxed iwts (¢tsntittu£d) Freehold Property Ebenezer B¥lld1tt8 Bethe&d Bulldlng 215 Ilderlo Rowd 6 Gawnt L#Ne Th¢ Apoit•ll¢ Churth Unlt 4B Ros¢mount Dublln 131, 132& 132• Woolwlch Hl&h Str¢e¢ Llft Chureh. 48 Fortst Road Totwl Coit: Ai 30 June 2023 Addilion$ Di5posllls 7,426,741 50,489 282.433 202,904 191.933 252,918 629.755 10.097.863 454.263 68,888 334,886 AI 30 June 2024 7.477.230 1.180.047 282.4J3 202,904 191,9S3 252,918 629,755 334,886 10,552,126 D*pr¢¢lgtlon: Ai 3Q June 2023 Charge for Iht y¢•r On di$poso1s ,699,761 173,659 306,311 26.835 91,075 5.648 32,213 4,184 30,712 3.839 20.234 5,058 25,190 12,596 2,205.496 239.851 8,032 At 30 Jun¢ 2024 ,873,420 333,146 96.723 36,397 34.5S1 25,292 37,786 8,032 2.445,347 P4et book vAIu¢: At 30 June 2024 5,603,810 846.901 185,71D 166,507 157,402 227,626 591,969 326,854 8.106.779 At 30 Jun¢ 2013 5,726.980 804,848 191,358 170,691 232.684 604,565 7.892.367 18
CHRIST FAITH TABERNACLE INTERNATIONAL Notes to the accounts for the year ended 30 June 2024 (continued) Debtors 2024 2023 Prepayments and accrued income Gift Aid recoverable Other debtors 113,377 76,407 3.521 119,645 125,236 4,036 193,305 248,917 Credltors due wlthln one year 2024 2023 Bank loans (nole 10) Trade creditors Taxation and social security Other creditors Accruals and defeTTed income 120,543 49,935 3,521 15.129 24,540 112,786 74,200 3,404 13,259 20,060 213,668 223.709 io, Credltor$ due In more thAn one year 2024 2023 Bank loans 2,335.176 2,449,528 2,335,176 2,449,528 The bank loan figures incorporate a single loan for one propety which 15 as follows: Ebenezer Buildfing The bank loan is repayable monthly over a term of 300 months from October 201 I with interest harged at 3.20/0 above bank base rale and is secured on the freehold property at 186 Powis Stree¢ London, known as the Ebenezer Building. 2024 2023 Analysls of loans Bank loans Bank loans due witbin one year 2,455,719 (120,543) 2,562,314 (112,786) Bank loans due after more than one year 2,335.176 2.M9,528 Loan maturlty analys1$ Balance due betw¢en one and two year5 Balance due between two and five years Balanc¢ due more than five years 13J.180 466.320 1,737,676 122,672 433,878 1.892,978 19
CHRIST FAITH TABERNACLE ll¥TERNATIONAL Notes to the accounts for the year ended 30 June 2024 (continued) Statement of funds Total Funds 2023 Incoming Resources Outgoing Resources Total Funds 2024 Unrestricted funds: General funds £8,937,821 £2,387,847 £1,668,258 £9,657,410 General FuDds Total Funds 2024 Total Funds 2023 Represented by: Tangible fixed assets Net tUent assets/(liabilities) Lon8 term liabilities 8.371.735 8,371.735 8,221,416 3.620,851 3,620,851 3.165,933 (2,335,176) (2,335,176) (2,449,528) £9,657,410 £9,657.410 £8.937,821 Unrestrieted funds Unrestricted funds comprise funds which the Trustees are free to use tn accordance with the charitable objects. Restricted funds There were no restricted funds during the year. 12. FlnanelAI Instruments Carrying amount of fiTr8ncial assets (excluding cash) 2024 2023 Debt instruments measured at amortised cost Carrying amount orrinanci21 Ilabilltie$ 2024 2023 Debt instruments measured at amortised cost 2,545,323 2,669,833 2,545,323 2,669,833 13. Ultimate controlling party The ultimate controlling party is Considered to be the Trustees, as a body. 20
cItRIST FAITH TABERNACLE JNTERNATIONAL Notes to the accounts for the year ended 30 June 2024 (Continued) 14. Related party transactions During the year Reverend A.T.B. Williams, who was also a Trustee Director, earned £116,097 (2023 - £116,513) including £31,200 (2023 £31,200) housing allowance for his service in rthering the objectives of the charitsble company. In addition to salary and housing allowance, the Trustee Director also received benefits in kind of £458 (2023 £2,414) during the year. Pension contributions paid by the charity in respect of Reverend A.T.B. Williams were £1,321 (2023 - £1.321). Furtherniore, the charitable company also owns a motor vehicle with a carying value £53,084 wbich is used by A.T.B Williams. P.0. Williams, who is the spouse of A.T.B. Williams, was paid £49,820 (2023 - £44.499) in remuneration for her service in furthering the objectives of the charitable company. In addition to salary and housing allowance, the Truste¢ Director also Tec¢ived benefits kj'nd of £458 (2023 - £2,408) during the year. Petlsion contributions paid by the charity in respecl of P. O. Williams were £1,309 (2023 - £1,130). 15. Share eapitAI The charilable company is limited by guarantee and has no share capital. Every member of the charitabl¢ company guarantee5 to contribute a maximum of £1 on winding up, within one year after ceasing to be a member. 16. Cash generrdted from opergti0Th9 2024 2023 Surplus for the year 719,589 559,874 Adjustments for Inlerest paid Depreciation and impalrnt of tangible fixed assets Depreciation on disposal of tangible fixed assets 212,417 330,054 (31,462) 170,155 317,675 (101,873) Movements In worklng capEtal (IncTease)Idecrease in debtors Increasel(decrease) An creditors 55,612 (17.798) (25,887) (29,090) .268,412 890,854 21
CHRIST FAITH TABERNACLE INTERNATIONAL Notes to the accounts for the year ended 30 June 2024 (continued) 17. Critical accounting estimates and judgement In the application of the charity's accounting policies, the trustees are Twuired to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogDised in the period in whicb tbe estimate is revised wbere the revision affects only that period, or in the period of the revision and fijture periods where the revision affe¢ts both current and fuNre periods. Annual depreciation charged for the tanble assets is sensitive lo changes in estimated useful economic lives and residual values of the assets, which are ones of the areas where judgement has been applied. 22