REGISTERED COMPANY NUMBER: 05904686 IEngland and Wales) REGISTERED CHARITY INUMBER: 1116499 nts for the Year Ended 31 Decem for ton Ke es Tabernacle Sherwoods Ltd Chartered Certified A¢¢ountants 1st Floor 27 Shinvell Crescent Furzton take Miltoo K¢iTres Bwkinghamshire MK4 IGA
nKe Conlents of Statements Pag¢ Report of the Tnjstees IDd¢pendent Examinerfs Report Stsiement of Financial Activities Balance Sheet Notes ¢0 the Financial Statements 6 to El Detailed Statement of Financial A¢tivitie$ 12
Milion Ke rt of the Twstees for the Year Ended 31 Decernber 2 The trustees who are also directors of the ¢lwity for the purposes of the Companies Aet 2(X)6, present their report Mrytb the financial statements of the charity for the year ended 31 December 2023. Th¢ trustees have adopted the provisiojkq of A¢counting and Reporttng by Charities: St&ternent of Rwommended Practice applicable to charities preparillg tILeiT arxounts An accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effeetive l January 2019). OWECTIVES AND ACTIVITIES Objeetives and alms The advancement of the Christian religton and the relief of povetty worldwide. STRUCTURE, GOVERNANCE AND MANAGEMENT GowerDing document The ¢hariry is controlled by its ¥overning docullwit, a (ked of trnst. and ConStiteS a limited company, limited by guarantee, as d¢fined by the C¢)n]panies Act 2006. RETrERENCE AND ADMINISTRATIVE DETAILS Registered Company numbtr 05904686 {England and Wales) Reglstered Charlty number Il16499 Registered offite Milton Keynes Tabernaele North Street New Bdwell Milton Keynes Bucking1b]re MK13 OEE Trustees Ms C A Runs¢w¢ Rey A L Adebiyi Cotnpany Secretary Mrs U T Nga IndependeDt EumiDer Shenvoods Ltd Clw*red Certified Accountants 1st Floor 27 Shirwell Cre8¢ent Furzton take Milton Keynes Buckinghamshire MK4 IGA Approved by order of the board of trustees on .. .. .. ......... ............. . and si8lled on its b¢half by. Rev A L Adebiyi - T Page I
Ind dent Examinerfs R Milton Ke Tabernacle to the Tte¢S of Indepertdtnt examiner's report to the trustees of Milton Keynes Tabermcle ('the Con)p*lly') I rqrt to the charity tsslees on my examination of the attounts of the Conjparty for the year end¢d 31 D¢ber 2023. Rwonslbl]illes basls of report As the clwitys tnjsttts of the Company (and al80 its diTtOrS for the pUry)S of company law) you are reswjnsible for the prepar4tioll of th¢ ¢0nts in arxordance with the requirements of the Companies Act 2006 Cthe 2006 Act). Having satisfied myself that the accounts of the Con)pany are not required to be audited under Part 16 of the 2006 Act and are eligible for indepe[ent examination, I report in respect of my exajnitiation of your Charitys aceouttts as cattied out under Section 145 of the Charities Act 2011 I'the 2011 Act,). Ill caTrying out my examination I have follod the Directio$ given by tbe Clwity Commission under Section 145(5) (b) of the 2011 ACL JDd¢pendent examiner's statement I have co]npleted my ¢xamination. l coth that no matters have come to my attention iti eonneciion with the ¢xarnination giving me cause to believe.. aceounting reeords were not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records: or the accounts do noi comply with the accounting requir¢meDts of S¢¢tion 396 of the 2006 Act other than any requiremettt that the accounts give a Irue and fair view which is not a matter considered as part of an itidet ¢xamination' or accounts have noi been prepared in aceordance with the meth(5 at principles of the Ststernent of Recommended Practice for accounting and rcporting by charities (applicable to chari(ies preparing their accounts in accordan¢e th¢ Financial Reporting Standard applicable in the UK and Republic of lTelaT (FRS 102)). I have no concems and have eojne aeross no other matters in ¢onn¢cti¢)n 7th the examination to which attention should be thamm in this r¢p(Trrt in ord¢T io enable a proper understanding of the accounts to be reached. Mrs R DoraA8 Shenvoods Ltd Chartered Certified Aceoulltal 1st Floor 27 Shinyell Crescent Furzton IAke Milton Keynes Buckinghamshire MK4 IGA Date:............................................. Page 2
Milton Ke Tabernacle ment of Financial Activities 31.12.23 Total fiu]ds 31.12.22 Total fimds Urjrestricted fid Restricted fvnds Notes INCOME AND ENDOWMENTS FROM Donations and lega¢ie8 34,091 34,092 31,993 EXPENDITURE ON Raising fiwds 3,202 3202 3.680 Charitable aetivitles Ministry al church costs 13,492 27.155 40,647 40,004 Totsl 16.694 27,155 43,849 43,684 NET INCOME/(EXPENDITURE) Trty$fer8 bettveen funds 17.397 (14.500) (27.154) 14,500 (9,757) (11.691) 12 Net movement in funds 2.897 {12.654) (9.757) (11,691) RECONCILIATION OF FUNDS Totsl funds brougbt fonyard 20,443 180,843 201,286 212,977 TOTAL FUNDS CARRIED FORWARD 23.340 168,189 191,529 201.286 The no$ fonn part of these financial sthtements Page 3
Milton Ke Tabernacle ance She 31 DeGember 2023 31.12.23 Totsl fimds 31.12.22 Total Unrestricted fimd Restricted Notes FIXED ASSETS Tangibl¢ assets 160 294,759 294,919 317,025 CURRENT ASSETS Debtors Cash at bank and in ha1 25.244 225 25,244 5.846 22,145 8,052 5,621 25,469 5.621 31,090 30,197 CREDITORS Amounts falling due withiti one year (2.289) (8.900) (11,189) (13,745) NET CURRENT ASSETS 23,180 (3,279) 19.901 16.452 TOTAL ASSETS LESS CURRENT LLIBILrriES 23,340 291,480 314,820 333,477 CREDoRs Amounts falling du¢ after more than one year (123,291) (123,291) {132,191) NET ASSETS 23,340 168,189 191.529 201.286 12 unrtricted funds Restricted funds 23,340 168.189 20,443 180,843 TOTAL FUNDS 191,529 201,286 The charitable company is emitled to exemption from audit under S¢ction 477 of the Companies Act 2(x)6 foT the yeaT ended 31 December 2023. The members have not required the coll)pany to obtain an audit of its finan¢ial statenwkts for th¢ year ¢nd¢d 31 December 2023 in accordance witb Section 476 of the Cornpanies Act 2006. The trustees acknowledge their Te5wnSiil1ljeS for (a) ensuring that the charitable company kttps accoulltill8 records that c(Trmply with Sections 386 and 387 of the Compat]ies Act 2006 and preparing r]nancial statements wbich give a true and fair view of the slate of affairs of the charithble con]pany as at the end of each fit]an¢ial year and of its SLW)lus or deficit for each finaneial year in accordance with th¢ rffjuirements of Sections 394 and 395 alld which otherwise eomply with the requir¢m¢nts of th¢ C¢)mpani¢s Act 2006 relatmg to f]nancial statements, so far as applicable to th¢ ¢haritsbl¢ company. (b) The notes forni part of th¢s¢ financial $tatenuits Page 4 ontinu¢d...
Milton Ke s Tabernacle Balance Sheet- ecember 2023 These financial slatements have been prepared in accordance with th¢ provisions appli¢able to ¢haTitable ¢ornpanies subject to the small cotnpanie5 regim¢. nan¢ staternents were approved by the Board of Trustees and authorised for issue . and were signed on its behalf by. A L Adebiyi- Tn]s The llotes forni part of these financial 8talemenl8 Pag¢ 5
Milton Ke es Tabernacle Notes to the Financial staments for th¢ Year End 31 D¢c¢mber 2023 ACCOiTNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The fllwicial statenwjts of the charitable company, which is a public beneflt entity ll[er FRS 102, have be£n prq)ared in accordance with the Charities SORP (FRS 102) 'A¢¢ounting and Reporting by Charilies.. Statement of Recommended Practice applicable to ¢hariiies preparing their accounts in accordanee with the Fillancial Reporting Standard applieable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019),, Financial Reporting Standard 102 The Finaucial Reportillg Standard appli¢abl¢ in th¢ UK and R¢publi¢ of Ireland, al the CompaDies Aet 2006. The financial statements have been prepared under the historical cost conventio INCOME All in¢ome is Tecognised in the Sthtement of Financial Activities once tbe charity has entitlernent to the funds, 1¢ is probable that the income will be received and the amount be rne&sur¢d Teliably. EXPENDITURE Liabilities are recognised as expenditttre as soon as th¢r¢ is a l¢gal or ¢on5trurtive obligation committing the charity to that expenditure, it is probable that a trdsfcr of economic benefits will be required in settlement and the amount of the obligatlOD caD be mea8ured reliably. Expendittt is accounied for on an ac¢nlS basis and IS becn ¢l&ssified utthr headings that aggregate all cost related to the category. Where costs Cannot be directly attribuied kn particular headings they have been allocated to activities on a basis wnsistent with the use of resources. TANGIBLE FIXED ASSETS Depreciation is provided at tbe following annual rates in order io write off each asset over its estitnated usefi life. Freehold property Fixtures and fittings Computer equipment 4010 on co 250/0 on reducing balance 25ts/0 on reducing balance TAXATION The chprity 1$ exempt from corporation tsx on its charitable activities. FUF4D ACCOUNTING Ullr¢$tri¢ted fimds can be used in accordance with the clmritable objectives at the discretion of the trus¢¢¢s. Restricted funds can only be used for parfiwlar restricted pU08¢S within the objects of the charity. Restriciiotis arise when specified by the donor or when fimds are rdised for particular restricted purposes. Further explanation of the nawre and PLwpose of eaeb fimd ig iD¢luded in th¢ nol¢s to th¢ financial stst¢ments. NKT INCOMEI(EXPENDrruRE) Net in¢om&(ewndittwe) is stated after char8ill81(ereditin8).' 31.12.23 31.12.22 D¢pwiation- owned assets Defieit OD disposal of fixed assets 21,608 497 21,792 Page 6 ¢ontinu¢d...
Milton Ke Tabernaele Notes to the Financial Statements- continued for the Year Ended 31 D¢c¢mber 2023 TRUSTEES, REMUNERATION AI¥D BENEFITS There were no trus¢e¢s' r¢muneTrtion or other benefits for the year ended 31 DecembeT 2023 tr for the year ended 31 Dember 2022. TRUSTEES, EXPENSES The were no trust¢¢S' ¢XP¢Dses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. STAFF COSTS The aveTrge monthly nwnber of en]ployees duTing the year was &9 follows: 31.12.23 31.12.22 Ministerial staff (wageslfees) No employees reeeiyed emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTTvTfiES Unrestricted fimd Restricted funds Totsl INCOME AND EL¥DOWMENTS FROM Donations and lega¢ies 31,993 31,993 EXPENDITURE ON RaIsll fijnds 3.680 3,680 Ch&TitAble activities Ministy and church costs 12,680 27.324 40,IK>4 Total 16,360 27,324 43,684 I¥ET INCOME/(EXPENDITUREI Trall8fers behveen funds 15.633 {13200) {27,324} 13.200 (11,691} Net movewot in funds 2,433 (14,124) (11,6911 RECOF4CILIATION OF FUNDS Total fiwds brought fonvard 18.010 194,967 212,977 TOTAL FUNDS CARRIED FORWARD 20,443 180.843 201,286 Page 7 continued...
Milton Ke s Tabernacle Notrs. to the Finan¢ial Stat¢ments- wntinued for the Year Ended 31 December 2023 TANGIBLE FIXED ASSETS ImpTovements Fixbjres and fittings Freehold equipment Tota]s COST At l January 2023 DisposaL 343,874 184,294 18,934 {7,323) 3.719 (3,719) 550.821 {11,042) At 31 Decernber 2023 343,874 184.294 11,611 539,779 DEPRECIATION At l January 2023 Charge for year Eliminated on disposal 179,487 13.755 40,981 7,372 9,827 481 (7.043) 3.501 233,796 21,608 110,544) (3,501) At 31 December 2023 193,242 48,353 3265 244,860 NET BOOK VALUE At 31 Ikcember 2023 150,632 135.941 8,346 294,919 At 31 De¢ember 2022 1&1,387 143.313 9,107 218 317,025 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other debtors Prepaylnents and accrued illcom¢ 1.700 23,544 1,700 20,445 25,244 22,145 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.12.23 31.12.22 Bat& loalls and overdrafts (see note 10) So¢ial security and other taxes Accrued expenses 8,899 339 ,951 8,557 2,568 2,620 11.189 13,745 Page 8 continued...
Milion K¢ es Tabernacle Notes to the Financial Ststements- continu ber 2023 CREDITORS: AMOUNTS FALLING DUE AFTER MORE TIIAN ONE YEAR 31.12.23 31.12.22 Bank loans (see note 10) 123.291 132,191 10. LOAi¥S An analysis of tb¢ matilty of loans is given below.. 31.12.23 31.12.22 Amounts falling due within one year on demand: Bank loans 8,899 8,557 Amounts falling between one and two years: Bak1008. 1-2 years 9255 8,899 Amounts falling due between two and five years: Bank loatLs- 2-5 years 30.047 28,892 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 sTby instal 83,989 94.400 ii. SECURED DEBTS The following secured debts ar¢ Iluded within ¢reditors: 31.12.23 31.12.22 Bankloons 132.190 140,748 Th¢ bank loan is s¢¢ured by a l¢gal charge on th¢ freehold prop¢rty, in favour of Barclays Ballk plc. 12. MOVEMENT IN FUNDS Net movernent in fun(Ls Transfers At 31.12.23 At 1.1.23 Unrestrieted fund8 General fimd 20,443 17,397 (14,500) 23,340 Restricted fuDd Building Fund 179,282 {27,154) 15,3(X) 167,428 Welfare Fund 1,311 250 (8(x)) 511 250 Klar Prospt$ Proj¢¢t 180,843 (27,154) 14,500 168,189 TOTAL FUNDS 201286 (9,757) 191,529 Page 9 ¢ontinued...
Milton Ke s Taberna¢le Notes to the Financial Ststements- continued for the Y¢aT Ended 31 December 2023 12. MOVEMENT IN FUNDS- contlnued Net movemenl in fimds, included in the above are as follows: Incoming Resources resources expended Movement in fillmjs Unrestritted funds General fund 34,091 (16.694) 17,397 Restrleted funds Building Fund (27,155) {27,154) TOTAL FUNDS 34,092 (43,849) (9.757) CompAratlve8 for rnovetDent ID fund5 Net movement in funds Transfers between fimds At 31.12.22 At 1.1.22 UllrestrActed fundy General fimd 18.010 15,633 (13,2(x)) 20,443 Restrleted funds Building Fund 192,406 (27,324) 14,200 179,282 Welfare Fund 2.311 250 (1.000) 1,311 250 Klar Prospects Project 194,967 {27,324) 132(K) 180,843 TOTAL Fuf¥DS 212,977 {11.6911 201,286 Comparative n¢1 mov¢m¢nl in fimds. included in the above are as follows: Incoming resources Resour3 expended Movement in funds Unrutricted funds Genernl fid 31.993 (16.360) 15.633 RestrIcted fulld$ Building Fund (27.324) (27,324) TOTAL FUNDS 31,993 {43.684) (11,691) Page 10 continu¢d...
Milion Ke s Tabernacle Noles to the Ftnancial Statements- continued foy the Year Ended 31 December 2023 12. MOVEMEL¥T IN FUNDS- eontlnued A current year 12 months and prlor year 12 month5 combined position ig os followg: Net movement Transfers between At 31.12.23 At 1.1.22 Unre$tri¢ted fund General fiu 18,010 33.030 (27,700) 23,340 Restricted funds Building FUT 192,406 (54,478) 29,5(K) 167,428 Welfare Fund 2,311 250 (1,81K)) 511 250 Klar Prospects PTOjCCt 194,967 (54.4781 27,700 168,189 TOTAL FUNDS 212,977 (21,448) 191,529 A ¢urrent year 12 month5 and prior year 12 months conthined net m0Ven in fimds, included in the above are as follows: IDcoJDing r¢sour¢es Rc50urc ¢xpended Movement in fiu]ds UDrestrleted funds G¢nwal fiuKI 66.084 (33,054) 33,030 Restricted funds Building Fund {54,479) {54,478) TOTAL FUNDS 66,085 (87,533) {21,448) 13. RELATED PARTY DISCLOSURES Th¢rc were no related paty tTansactiolls for the year etthd 31 De¢¢mkr 2023. Pag¢ 11
Milton Ke s Tab¢rna¢l¢ Detailed Staiemeni of Financkal Activities for the Y&v Ended 31 December 2023 31.12.23 31.12.22 INCOME AI¥D ENDOWMENTS Donations and legatles Tithes Offering Thanksgiving DonatioLs 20.051 9,497 1,445 3,099 17,788 10,320 1,000 2,885 34,092 31,993 Total incoming resources 34,092 31,993 EXPENDITURE Ralslng doDarfon$ nd legcif8 Wages and fees Ministy expenses 2,000 1.202 2,750 930 3202 3.680 Charitable actitieS Wag¢s BuildRnglcombined Insurance Central offi¢¢ costs Telephone Subscriptions Other insurdllC¢S Bank charges Repairs and maintenance Depreciation of tangibl¢ fix¢d &s5¢ts tA)ss on sale of tangible fLxed assets Bank loan interest 2,0(M) 3,375 2,579 1,211 222 216 125 2,047 21,608 497 5.352 2,750 3,369 2,355 1,182 595 216 97 ,007 21,792 5.681 39,232 39.044 Support eosts Governance costs Accountaney and legal fees 1,415 960 Totsl resources expended 43.849 43,684 Net expeuditure (9,757) {11,691) This page does not forni part of th¢ statutory financial statements Page 12