**Charity registration number 1116499 (England and Wales) Company registration number 05904686**
## **MILTON KEYNES TABERNACLE**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **MILTON KEYNES TABERNACLE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Rev A Adebiyi A Aderemi **Charity number (England and Wales)** 1116499 **Company number** 05904686 **Registered office** Milton Keynes Tabernacle North Street New Bradwell Milton Keynes MK13 0EE **Independent examiner** Sherwoods Ltd 1st Floor 27 Shirwell Crescent Furzton Lake Milton Keynes Buckinghamshire England MK4 1GA
## **MILTON KEYNES TABERNACLE**
## **CONTENTS**
||**Page**|
|---|---|
|Trustee report|1|
|Independent examiner's report|2|
|Statement of financial activities|3|
|Balance sheet|4|
|Notes to the financial statements|5 - 10|
## **MILTON KEYNES TABERNACLE**
## **TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
## **Objectives and activities**
The advancement of the Christian religion and the relief of poverty worldwide.
## **Structure, governance and management**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The trustees who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Rev A Adebiyi A Aderemi Ms C Runsewe (Resigned 1 November 2024)
The Trustee report was approved by the board of trustees'.
Rev A Adebiyi
## **Trustee**
5 September 2025
- 1 -
## **MILTON KEYNES TABERNACLE**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MILTON KEYNES TABERNACLE**
I report to the Trustees on my examination of the financial statements of Milton Keynes Tabernacle for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the Trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the ’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the as required by section 386 of the Companies Act 2006.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Sherwoods Ltd**
1st Floor 27 Shirwell Crescent Furzton Lake Milton Keynes Buckinghamshire MK4 1GA England 17 September 2025
- 2 -
## **MILTON KEYNES TABERNACLE**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
14,790
-
Charitable activities
17,297
-
Other trading activities
-
-
Investments
-
-
Other material income
-
-
Other income
-
-
**Total income**
32,087
-
**Expenditure on:**
Raising funds
10,391
-
Charitable activities
20,316
26,920
Other material
expenditure
-
-
Other expenditure
-
-
**Total expenditure**
30,707
26,920
Net gains/(losses) on
investments
-
-
**Net income/(expenditure)**
1,380
(26,920)
Transfers between
funds
(15,200)
15,200
Revaluation of tangible
fixed assets
-
-
Actuarial gains on
defined benefit pension
schemes
-
-
Other gains
-
-
**Net movement in**
**funds**
**2**
(13,820)
(11,720)
**Reconciliation of funds:**
Fund balances at 1 January
2024
23,340
168,189
**Fund balances at 31**
**December 2024**
9,520
156,469|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
14,790
12,596
-
17,297
21,495
-
-
-
-
-
-
-
-
-
-
-
-
-
32,087
34,091
-
10,391
3,202
-
47,236
13,236
26,915
-
-
-
-
257
240
57,627
16,695
27,155
-
-
-
(25,540)
17,396
(27,155)
-
(14,500)
14,500
-
-
-
-
-
-
-
-
-
(25,540)
2,896
(12,655)
191,529
20,444
180,844
165,989
23,340
168,189|**Total**
**2023**
**£**
12,596
21,495
-
-
-
-
34,091
3,202
40,151
-
497
43,850
-
(9,759)
-
-
-
-
(9,759)
201,288
191,529|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 3 -
## **MILTON KEYNES TABERNACLE**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**6**
**Current assets**
Debtors
**7**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**9**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**10**
**Net assets**
**The funds of the**
Restricted income funds
**11**
Unrestricted funds
**12**|**2024**
**£**
**£**
273,324
9,990
7,642
17,632
(10,584)
7,048
280,372
(114,383)
165,989
156,469
9,520
165,989|**2023**
**£**
**£**
294,919
25,244
5,846
31,090
(11,189)
19,901
314,820
(123,291)
191,529
168,189
23,340
191,529|
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 5 September 2025
Rev A Adebiyi
## **Trustee**
Company registration number 05904686 (England and Wales)
- 4 -
## **MILTON KEYNES TABERNACLE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **Charity information**
Milton Keynes Tabernacle is a private company limited by guarantee incorporated in England and Wales. The registered office is Milton Keynes Tabernacle, North Street, New Bradwell, Milton Keynes, MK13 0EE.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the 's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The is a Public Benefit Entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .
## **1.4 Income**
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
- 5 -
## **MILTON KEYNES TABERNACLE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 4% on cost Leasehold improvements 4% on cost Fixtures and fittings 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **2 Net movement in funds**
||||
|---|---|---|
|**Net movement in funds**|**2024**|**2023**|
||**£**|**£**|
|The net movement in funds is stated after charging/(crediting):|||
|Fees payable for the independent examination of the charity's financial|||
|statements|990|990|
|Depreciation of owned tangible fixed assets|21,595|21,609|
|Loss on disposal of tangible fixed assets|-|497|
## **3 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
## **4 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Ministerial staff|1|1|
|**Employment costs**|**2024**|**2023**|
||**£**|**£**|
|Wages and salaries|16,000|4,000|
There were no employees whose annual remuneration was more than £60,000.
## **5 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 6 -
## **MILTON KEYNES TABERNACLE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**6**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Leasehold**
**improvements**
**Fixtures and**
**fittings**
**£**
**£**
**£**
**Cost**
At 1 January 2024
343,874
184,294
11,611
At 31 December 2024
343,874
184,294
11,611
**Depreciation and impairment**
At 1 January 2024
193,242
48,353
3,265
Depreciation charged in the year
13,755
7,372
468
At 31 December 2024
206,997
55,725
3,733
**Carrying amount**
At 31 December 2024
136,877
128,569
7,878
At 31 December 2023
150,632
135,941
8,346
**7**
**Debtors**
**2024**
**Amounts falling due within one year:**
**£**
Other debtors
1,700
Prepayments and accrued income
8,290
9,990
**8**
**Loans and overdrafts**
**2024**
**£**
Payable after 5 years
123,638
Payable within one year
9,255
Payable after one year
114,383|**Total**
**£**
539,779|
|---|---|
||539,779|
||244,860
21,595|
||266,455|
||273,324|
||294,919|
||**2023**
**£**
1,700
23,544|
||25,244|
||**2023**
**£**
132,190|
||8,899
123,291|
The bank loan is secured by a legal charge on the freehold property, in favour of Barclays Bank plc.
- 7 -
## **MILTON KEYNES TABERNACLE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **9 Creditors: amounts falling due within one year**
|**Notes**
Bank loans
**8**
Other taxation and social security
Accruals and deferred income
**10**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**8**|**2024**
**£**
9,255
339
990
10,584
**2024**
**£**
114,383|**2023**
**£**
8,899
339
1,951|
|---|---|---|
|||11,189|
|||**2023**
**£**
123,291|
## **11 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At 1**
**Previous year:**
**At 1**|**January**
**2024**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
168,189
(26,920)
15,200
156,469
**January**
**2023**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
180,844
(27,155)
14,500
168,189|
|---|---|
## **12 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At**|**1**|**January**|**Incoming**|**Resources**|**Transfers**|**At 31**|
|---|---|---|---|---|---|---|---|
||||**2024**|**resources**|**expended**||**December**|
||||||||**2024**|
||||**£**|**£**|**£**|**£**|**£**|
|General funds|||23,340|32,087|(30,707)|(15,200)|9,520|
- 8 -
## **MILTON KEYNES TABERNACLE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**12**|**Unrestricted funds**|||||**(Continued)**|
|---|---|---|---|---|---|---|
||**Previous year:**|**At 1 January**|**Incoming**|**Resources**|**Transfers**|**At 31**|
|||**2023**|**resources**|**expended**||**December**|
|||||||**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||General funds|20,444|34,091|(16,695)|(14,500)|23,340|
|**13**|**Analysis of net assets between**|**funds**|||||
|||||**Unrestricted**|**Restricted**|**Total**|
|||||**funds**|**funds**||
|||||**2024**|**2024**|**2024**|
|||||**£**|**£**|**£**|
||**At 31 December 2024:**||||||
||Tangible assets|||120|273,204|273,324|
||Current assets/(liabilities)|||9,400|(2,352)|7,048|
||Long term liabilities|||-|(114,383)|(114,383)|
|||||9,520|156,469|165,989|
|||||**Unrestricted**|**Restricted**|**Total**|
|||||**funds**|**funds**||
|||||**2023**|**2023**|**2023**|
|||||**£**|**£**|**£**|
||**At 31 December 2023:**||||||
||Tangible assets|||160|294,759|294,919|
||Current assets/(liabilities)|||23,180|(3,279)|19,901|
||Long term liabilities|||-|(123,291)|(123,291)|
|||||23,340|168,189|191,529|
## **14 Related party transactions**
There were no disclosable related party transactions during the year (2023 - none).
- 9 -
## **MILTON KEYNES TABERNACLE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**15**|**Cash generated from/(absorbed by) operations**||**2024**|**2023**|
|---|---|---|---|---|
||||**£**|**£**|
||Deficit for the year||(25,540)|(9,759)|
||**Adjustments for:**||||
||(Gain)/loss on disposal of tangible fixed assets||-|497|
||Depreciation and impairment of tangible fixed assets||21,595|21,609|
||**Movements in working capital:**||||
||Decrease/(increase) in debtors||15,254|(25,244)|
||(Decrease)/increase in creditors||(961)|2,290|
||**Cash generated from/(absorbed by) operations**||10,348|(10,607)|
|**16**|**Analysis of changes in net (debt)/funds**||||
|||**At 1 January**|**Cash flows At**|**31 December**|
|||**2024**||**2024**|
|||**£**|**£**|**£**|
||Cash at bank and in hand|5,846|1,796|7,642|
||Loans falling due within one year|(8,899)|(356)|(9,255)|
||Loans falling due after more than one year|(123,291)|8,908|(114,383)|
|||(126,344)|10,348|(115,996)|
- 10 -