**THE TABERNACLE GLOBAL MINISTRIES (Company Limited by Guarantee)** 

**Company Registration Number: 07022352 Charity Registration Number: 1132617** 

## **Report and Financial Statements** 

**31 December 2021** 

**www.thetab.org.uk** 




## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Report and Financial Statements 2021 Contents** 


||**Page**|
|---|---|
|**Legal and administrative information**|**2**|
|**Report of the Trustees**|**3**|
|**Auditor's report to the Trustees**|**9**|
|**Statement of financial activities**|**13**|
|**Statement of financial position**|**14**|
|**Statement of cash flows**|**15**|
|**Notes to the financial statements**|**16**|



_1_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Legal and Administrative Information For the year ended 31 December 2021** 


|**Charity Name**|The Tabernacle Global Ministries.|
|---|---|
|**Charity Registration No.**|1132617 (10 November 2009)|
|**Company Registration No.**|07022352 (17 September 2009)|
|**Principal Address**|The Tabernacle, Algernon Road, London SE13 7AT.|
|**The Governing Documents**|Memorandum and articles of association dated 17 September 2009|
|**Objects**|a) to advance the Christian faith in accordance with the statement of beliefs in|
||Lewisham, London and in such other parts of the United Kingdom or the world as|
||the directors of the charity may from time to time think fit and to fulfill such other|
||purposes which are exclusively charitable according to the law of England and Wales|
||and are connected with the charitable work of the charity;|
||b) to relieve sickness and financial hardship and to promote and preserve good health|
||by the provision of funds, goods or services of any kind, including through the|
||provision of counselling and support in such parts of the United Kingdom or the world|
||as the trustees from time to time may think fit.|
||c) to advance education in accordance with Christian principles in such parts of the|
||United Kingdom or the world as the trustees from time to time may think fit.|
|**Trustees**|The Trustees who served during the year and who were serving at the date of this|
||report were:|
||Claudette Brown|
||Michael Clarke|
||Monica Knight|
||Yvonne Palmer|
||Sharon Grant|
||David Shosanya<br>appointed 1 June 2021|
||Remiel Mitchell<br>appointed 11 June 2021|
||Michelle Muteiwa<br>appointed 10 June 2021|
|**Key Management Personnel**|Those in charge of planning, directing, controlling, running and operating the Charity,|
||including those members of staff who are the senior management personnel to whom|
||the trustees have delegated significant authority or responsibility in the day-to-day|
||running of the charity, are the Trustees, the Senior Pastor and the Business Manager.|
|**Bankers**|NatWest Bank|
||80 Lewisham High Street|
||Lewisham|
||London SE13 5JJ|
|**Auditor**|Kreston Reeves LLP|
||Second Floor, 168 Shoreditch High Street|
||London E1 6RA|
|**Solicitor**|Wellers Law Group|
||Tenison House, Tweedy Road|
||Bromley|
||Kent BR1 3NF|
|**Accountant**|John Helm ACA|
||Tandem Accounting Limited|
||17 Heathville Road|
||London N19 3AL|



_2_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Report of the Trustees For the year ended 31 December 2021** 


The Trustees submit their report and the financial statements of The Tabernacle Global Ministries (“the Tab”) for the year ended 31 December 2021. The financial statements have been prepared in the format prescribed by the Companies Act 2006, the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report. This report also constitutes a directors’ report required by section 415 of the Companies Act 2006 as all Trustees of a charity company are directors. 

As reported in the preceding year the pandemic and subsequent lockdowns, whilst challenging, allowed the Tab to fully live out its 2020 theme of “Exordium” giving birth to new and innovative ways of doing things. 

2021 was no less challenging; yet conversely the year has been an impactful one for the Tab – as the fulfilment of walking by faith came to fruition and provided further opportunities to fulfil our mission of "people helping people” and spreading the fragrance of God not only in our local community but further afield using social media and Tab@Home our church online. 

The 2021 theme “ **Revive”** underpinned the framework and direction of travel for the year as we prepared for returning to physical gathering, growth and  a change of environment. 

## **2021 Milestones** 

**February 2021** – the Tab facilitated a round table discussion with Church and community leaders with the Prime Minister Boris Johnson in attendance. 

**March 2021 -** Tab@Home, the Tab’s  weekly broadcast celebrated broadcasting for a year.  Tab@Home was established as result of the 2020 pandemic lock down, and the medium by which members were able to engage with church online. Through this resource we have expanded the reach and ability to connect with members who are unable to physically attend as well as evangelise beyond the local church and community to nationally and internationally.  It has been encouraging to note that the weekly views are often in the 2000+ range. 

**June 2021** – New Chair of Trustees Board and the appointment of 3 new Trustees, one of which serves as the Deputy Chair. 

**Sunday 29th August 2021** saw the **BIG MOVE** from our site at Algernon Road where we were based for over 40 years, to our new building on Lewisham High Street. The occasion was marked by Tab members, their families, old and new friends of the Tab, with the aid of a police escort, marching from the old site in Algernon Road through the High Street to our new home.  The occasion is marked as a joyous occasion, especially coming out of the pandemic and the evidence of “walking by faith and not by sight”. 

**7th November 2021** saw the special **Dedication Service** of our new home with dignitaries from the Borough of Lewisham, representation of the professional team and guests in attendance from across the UK joining with the Tab Family in the celebrations, commemorating the journey and history of the Tab culminating in the official opening of 233-241 Lewisham High Street. 

## **1. Structure, Governance & Management** 

## **1.1 Trustees** 

Trustees will normally serve a term of office of five years. Retiring Trustees are eligible for reappointment by vote of the remaining Trustees. The number of Trustees is to be at least three. If appropriate, a Trustee can be removed by a simple majority of the votes of the other Trustees. 

The Trustees meet approximately 6 times per annum to discuss a full range of matters relating to finance, general administration, community initiatives and the maintenance of the Tab building. 

The induction process for any newly-appointed trustee comprises an initial meeting with one of the Trustees and receipt of copies of: 

- the Tabernacle’s Memorandum & Articles of Association 

_3_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Report of the Trustees For the year ended 31 December 2021** 


- the most recent financial statements 

- the Charity Commission’s guidance ‘The Essential Trustee’. 

## **1.2 Tab Members** 

Tab membership is open to those who: 

- accept the statement of faith of the Tab; 

- meet the Tab’s qualification on Baptism; 

- commit themselves to serving Christ within the Tab and beyond; 

- acknowledge their responsibilities as Tab members; and 

- have their membership application accepted by the Tab Administration Team. 

Tab members share in the responsibility for the finances, administration, maintenance and activities of the Tab. Tab members meet annually at the AGM and receive reports from the Trustees during the general meeting. 

## **1.3 Personnel** 

The individuals who served in full or part time employment during the year were: 

|Senior Pastor|Michael White|
|---|---|
|Community Project Leader|Donna Maria White|
|Business Manager|Claudette Brown|
|Operations Manager|Nicola Campbell|
|Digital Operations Manager|Monique Pennie|
|Videographer|Yemi Adeshina|
|Digital Content Administrator|Jazmine Tella|
|Business Support Administrator|Nola White|



The Trustees wish to thank the many volunteers and unpaid workers who make a significant contribution towards the various activities of the Tab, including the delivery of outreach programmes, administration and building upkeep. Their efforts, enthusiasm and dedication ensure that the work of the Tab progresses on time and to the very highest standard. The Trustees estimate that the staff equivalent is 200. 

## **1.4 Risks and Risk Management Plan** 

The Tab’s primary concern and objective is the glory of God. Whilst it is the Tab’s policy to trust wholly in the Lord that He will work out His purpose to this end, the Tab also acknowledges that it has a responsibility, both as individual members and as a body of members, for the identification and proper management of risks faced by the Tab in achieving its primary aim. 

The Trustees confirm that they have assessed the major risks to which the Tab is exposed, in particular those relating to the specific operational areas of the Tab, its investments and its finances that might prevent the Tab from achieving its charitable goals. The Trustees believe that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the Tab, they have established effective systems and procedures to mitigate those risks. 

|**Operational**<br>**Area**|**Risk**|**Mitigation**|
|---|---|---|
|**Security**<br>**&**<br>**Safeguarding**|There is a major security, safeguarding,<br>or health & safety incident|Security – stewards and ushers who in the event of a<br>security or fire incident act as fire marshals to operate the<br>safe evacuation procedures which are published weekly.<br>Safeguarding – there is a safeguarding policy in place and a<br>designated safeguarding leader.  All volunteers who have<br>direct contact with children or vulnerable adults as well as<br>Pastoral team members are required to have a DBS, which<br>is renewable every 3 years; we ensure than insurance<br>policies are up-to-date and cover us for identified risks; we<br>maintain up-to-date incident logs|



_4_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Report of the Trustees For the year ended 31 December 2021** 


|**Finances**|Income - the potential reduction in<br>income as a result of regular and one-<br>off giving declining;<br>Expenditure:  the potential for a<br>significant increase in expenditure,<br>including the increase in interest<br>ratespayable on our bank mortgage.|To mitigate these potential risks we prepare quarterly<br>management accounts; we ensure proper authorisation of<br>expenditure in line with the target operational cash reserves<br>of three months’ expenditure;|
|---|---|---|
||Potential liabilities: we potentially face<br>an uninsured liability|To mitigate this potential risk, we ensure that insurance<br>policies are up-to-date and include employer’s liability, public<br>liability, buildings insurance, contents insurance and property<br>owner’s liability|



## **2. Activities, Strategies & Public Benefit** 

In preparing this Report, the Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission and have sought to demonstrate that the charity provides identifiable benefits which relate directly to its aims as stated in its Memorandum and Articles of Association and which outweigh any potential detriment or harm.  Further, the benefits are publicly available to all and are not in any way restricted to those able to pay.  Any private benefits to Trustees and members of the charity are incidental. 

In order to fulfil its objectives, the Tab continued to carry out the following activities in order to promote the Gospel in our local community, city and internationally: 

- Sunday Worship 

- Midweek Prayer & Bible study 

- Men’s fellowship – Men Under Spiritual Construction & Life Empowerment (MUSCLE) 

- Women’s fellowship –Tab Women 

- Youth work –Tab Future, Tab Kids Church (TKC) 

- Community work – Restoration, Empowerment And Community Help (REACH), Evergreen, Foodbank, Addiction Recovery Course 

- Assisting with International Conferences 

## **3. Achievements and Performance** 

Adhering to the government lockdown and regulations impacted on what we could do physically, and the following is a summary of key activities in 2021. 

Despite the challenges presented by the pandemic it was also important that we continued our support in the community albeit in a limited and restricted manner. The Connect Care line provided the means to stay connected for those feeling isolated and/or in need of prayer. We have kept this going. 

**REACH** (the Tab's community action initiative) 

The REACH team‘s commitment and engagement, despite the COVID-19 pandemic and the associated impact, was evident in their commitment to readily volunteer to assist with collections and distribution. 

_Care and Share._ March 2021 the REACH team received a large amount (approximately £1,000 worth) of dry goods and toiletries donations.  The team was able to make significant donations to St Mungo’s Homelessness Unit, St Mauritius Care Home, and Tulip Care Home. Donations were also made to the Women’s’ Refuge, Life Essence, and the Tab’s Food Drive. The Tab Family supported the Care and Share event and exceeded the expected level of giving. 

_St Vincent and The Grenadines Disaster Collection._ In April 2021 the team led another collection of dry goods and toiletries. This second collection was in response to the eruption of a volcano in St Vincent and The Grenadines which caused water and ash damage. This was another successful collection, and we were able to make a significant donation of £600. 

_Back to School Collection._ In August 2021 the team held another back-to-school collection. Whilst donations were not at the same level as previous years, nevertheless a significant number of uniforms and equipment were donated to the Lewisham Women’s Refuge and to some Tab members experiencing hardship. 

_5_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Report of the Trustees For the year ended 31 December 2021** 


_Soup Kitchen._ A Soup Kitchen was provided during the run up to Christmas on 14th December 2021 to users of the Tab Food Drive as well as members of St Mungo’s Homeless Unit, who were able to enjoy free food and a hot cup of soup. 

## **BEYOND WALLS** 

During the COVID-19 pandemic the team maintained a working relationship with Belmarsh Prison by attending Prison Fellowship prayer sessions via Zoom. 

On 13th August 2021, members of the team attended a Thanksgiving Picnic at Greenwich Park hosted by the organisation Inside Out who work in collaboration with the Chaplain of Belmarsh Prison. Their main objective is to encourage newly released prisoners to the faith and to the love of God. This time spent together in fellowship with ex-prisoners and their families was a very moving and emotional experience, especially listening to the testimonies of the ex-prisoners who have accepted the LOVE OF GOD and turned their lives around. 

The Tab is currently registered on the Inside Out National database, who will recommend ex-prisoners to attend their nearest church. 

## **THE TAB FOOD DRIVE** 

A weekly food “crisis” service was offered from the Algernon Road site from January 2021 to December 2021, the Tab members faithfully supported the weekly drive by donating food kind and through their donations were able to help around 3000 people in the Borough of Lewisham who had little or no food during the pandemic. We claim this as a great achievement and will continue to give our support to help those in need. 

We give thanks to God that He has seen fit to continue to bless our activities throughout 2021.  As we “walk by faith “we pray that God will enable us to be good stewards of the gifts and resources entrusted to us through the body of people who are the Tab family and the wider community. 

## **4. Going Concern** 

Each year it is the Trustees’ responsibility to state whether or not the annual accounts have been drawn up on a going concern basis (see the accounting policy note on page 15). Going concern is the assumption that an entity has the resources (financial or otherwise) needed to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the Trustees of these annual accounts. If the going concern principle did not apply then the accounts would be drawn up on an insolvent basis. 

The Trustees have reviewed its financial forecast for 2022, including the value of its properties. The Trustees are happy to report that our review indicates that the Tab will not incur an operational deficit in 2022. 

## **5. Financial Review** 

The Tab’s main source of funding is the free will offerings of church members. The Tab’s fundraising practices are ethical and in accordance with Biblical principles. Other than publicly inviting an offering at our services, we do not engage in persistent or intrusive fundraising practices with any of our donors, including vulnerable people. No complaints were received about the Tab’s fundraising practices during the year. 

## **5.1 Financial Activity and Financial Position** 

The Statement of Financial Activities and Statement of Financial Position can be found on pages 12 and 13 respectively. The Tab’s reserves decreased by £1,283,130 (2020: decreased by £1,788,721) during the year. Expenditure of £3,306,676 (2020: £2,221,678) on the refurbishment of 233-241 Lewisham High Street was capitalised during the year. £1,916,654 (2020: £2,250,039) was provided against the cost of the building following an impairment review. The Statement of Financial Position shows total net assets of £1,760,669 (2020: £3,043,799). Cash balances decreased by £161,145 to £37,073 (2020: increased by £62,109 to £198,218). 

_6_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Report of the Trustees For the year ended 31 December 2021** 


## **5.2 Reserves Policy** 

The Trustees have examined the requirements for free reserves, ie those unrestricted funds not invested in tangible fixed assets. The Trustees consider that, given the nature of the Tab’s work, free reserves should be equivalent to approximately 3 months’ routine general fund expenditure, plus committed future expenditure on other projects, where funds permit. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the Tab to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2021 the Tab had net free reserves deficit of £1,846,327 (2020: free reserves deficit of £833,059) as follows: 

|**Total reserves**<br>Less: restricted funds<br>Less: unrestricted fixed assets used for the continuing work of the Tab<br>Add: long term loans<br>**Free reserves deficit**<br>**Free reserves requirement:**<br>3 month’s budgeted routine expenditure|**2021**|**2020**<br>**£**<br>**3,043,799**<br>(2,001,865<br>(3,117,906<br>1,242,913|<br> <br> <br>)<br>)<br> <br> <br>|
|---|---|---|---|
||**£**|||
|||||
||**1,760,669**|||
||(2,002,545)|||
||<br>(4,518,858)|||
||2,914,407|||
|||||
|||**(833,059)**||
||**(1,846,327)**|||
|||||
|||**200,000**||
|||||
||**200,000**|||
|||||
|||||



The Trustees are aware that the free reserves requirement is currently in deficit of the free reserves held and are considering ways in which free reserves can be increased in the medium term and the reserves requirement reduced. 

## **5.3 Investment Policy** 

The Tab currently places free reserves and those reserves designated for the building work on short term bank deposit. 

## **5.4 Pay Policy** 

The pay of all staff, including key management personnel, is reviewed annually by the Board. Salaried members of the Board are excluded from the review in order to avoid any conflicts of interest. It is our expectation that we will continue to benchmark staff benefits against staff performing similar roles in similar churches/charities and will take into consideration the finances of the church at the time. 

## **5.5 Grants Policy** 

The Tab makes grants to support churches, missionary endeavours, Christian organisations and certain other philanthropic causes both in the UK and abroad. The policy of the Tab is to give grants on the basis that they are subject to annual review and only renewed on the basis of meeting set criteria. 

## **6. Plans for Future Periods** 

As a church we look to God to prompt and guide the steps that should be taken in the ongoing ministry of the Tab family. We pray that as we work with the wider community there will be common journey that we will travel together. The Tab hopes to stand as the leading example of an effective 21[st] century church that has cultural relevance, community impact, serious spirituality and Christ focused faith. All of this makes The Tab known throughout the UK as not just a church but an experience! 

The Tab will exist firstly to connect people back to God, and then secondly to see those people equipped to develop their lives spiritually, socially and economically through God centred biblical teaching. As a church body together we are impacting the seven pillars of society; (1) religion, (2) family, (3) business, (4) education, (5) government, (6) arts, (7) media, by empowering our members to bring the Gospel of the kingdom into all these areas. 

The Tab aspires to house and run its own ‘academy of excellence’ focusing on educating and equipping young (especially inner city) people with life and leadership skills for the marketplace. Several electives will be available for selection, some with a faith-based leadership emphasis. 

_7_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Report of the Trustees For the year ended 31 December 2021** 


The weekend services at the Tab are packed with at least 700 people attending and passionately worshipping God together under one vision. Through a ‘multiple venue model’ (MVM) strategy we will ultimately embrace 1 church in 3 locations. The MVM strategy will enable the use of technology to unite all three venues so that when needed all three campuses will be able to receive the same teaching/preaching/presentations at the same time (real time). Yet each venue will still have its own localised singers, band, pastoral and ministerial staff. 

The main momentum and thrust of this strategy comes through the completion of the Tab’s new building as that building will be the first and central campus.  Once the new Tab building has been completed the other 2 permanent venues in other cities/towns will then be established although the gatherings (services) will already have begun in temporary venues. 

## **7. Trustees’ Responsibilities in relation to the Financial Statements** 

The Trustees (who are also directors of The Tabernacle Global Ministries for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year which 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 that period. In preparing these financial statements, the trustees are required to: 

- Select suitable accounting policies and apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue its operations. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. 

## **8. Approval** 

The report of the Trustees was approved by the Trustees on 20 October 2022 and signed on its behalf by: 


## **Sharon Grant Trustee** 

_8_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

**Independent Auditor’s Report to the trustees of The Tabernacle Global Ministries** 


## **Opinion** 

We have audited the financial statements of The Tabernacle Global Ministries (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdon 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 in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including   the Financial   Reporting   Council's   Ethical   Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

_9_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Independent Auditor’s Report to the trustees of The Tabernacle Global Ministries** 


## **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 information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Trustees' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. 

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to 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 agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the Trustees (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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 

_10_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Independent Auditor’s Report to the trustees of The Tabernacle Global Ministries** 


## **Capability of the audit in detecting irregularities, including fraud** 

Based on our understanding of the Charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to safeguarding and employment law. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgmental areas of the financial statements. Audit procedures performed by the engagement team included: 

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and 

- Assessment of identified fraud risk factors; and 

- Review of cash expenditure to confirm no evidence of personal benefit; and 

- Challenging assumptions and judgements made by management in its significant accounting estimates; and 

- Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 

- Confirmation of related parties with management, and review of transactions throughout the period to identify 

- any previously undisclosed transactions with related parties outside the normal course of business; and 

- Reading minutes of meetings of those charged with governance; and 

- Review of significant and unusual transactions; and 

- Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

   - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control. 

   - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material 

_11_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Independent Auditor’s Report to the trustees of The Tabernacle Global Ministries** 


   - uncertainty exists, we are required to draw attention in my Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Stephen Tanner BSc (Econ) FCA (Senior statutory auditor)** 

for and on behalf of **Kreston Reeves LLP** 

Chartered Accountants Statutory Auditor 

London 

Date: 27 October 2022 

_12_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31 December 2021** 


|**Note**<br>**Income from:**<br>2<br>Donations and legacies<br>Charitable activities<br>Other trading activities<br>Investments<br>**Total Income**<br>**Expenditure on:**<br>3<br>Raising funds<br>Charitable activities<br>**Total Expenditure**<br>Net gains/(losses) on<br>investments<br>**Net (expenditure)/income**<br>**before tax**<br>**4**<br> <br>Tax payable<br>5<br> <br>**Net (expenditure)/income**<br>**after tax**<br>Transfers between funds<br>Other recognised gains and<br>losses<br> <br>**Net movement in funds**<br> <br>**Total funds brought forward**<br> <br>**Total funds carried forward**<br>|**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br> <br>1,713,253<br>13,550<br>14,886<br>8|**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>2,371<br>-<br>-<br>-<br>**2,371**<br>-<br>1,132<br>**1,132**<br>-<br>**1,239**<br>-<br>**1,239**<br>(559)<br>-<br>**680**<br>**2,001,865**<br>**2,002,545**||**Unrestricted**<br>**Funds**<br>**2020**<br>**£**<br>1,490,793<br>5,524<br>10,587<br>107|<br> <br> <br> <br> <br> <br>|**Restricted**<br>**Funds**<br>**2020**<br>**£**<br>601<br>-<br>-<br>-<br>**601**<br>-<br>1,586<br>**1,586**<br>-<br>**( 985)**<br>-<br>**( 985)**<br>-<br>-<br>**( 985)**<br>**2,002,850**<br>**2,001,865**|**Total**<br>**2020**<br>**£**<br>1,491,394<br>5,524<br>10,587<br>107<br>**1,507,612**<br>12,113<br>3,284,220<br>**3,296,333**<br>-<br>**(1,788,721)**<br>-<br>**(1,788,721)**<br>-<br>-<br>**(1,788,721)**<br>**4,832,520**<br>**3,043,799**|
|---|---|---|---|---|---|---|---|
||||**Total**|||||
||||**2021**|||||
||||**£**|||||
|||||||||
|||||||||
||||1,715,624|||||
||||13,550|||||
||||14,886|||||
||||8|||||
|||||||||
||**1,741,697**|||**1,507,011**||||
||||**1,744,068**|||||
|||||||||
||16,313<br>3,009,753<br>**3,026,066**<br>-<br>**(1,284,369)**<br>-<br>**(1,284,369)**<br>559<br>-<br>**(1,283,810)**<br>**1,041,934**<br>**(241,876)**|||12,113<br>3,282,634||||
|||||||||
||||16,313|||||
||||3,010,885|||||
|||||||||
|||||**3,294,747**||||
||||**3,027,198**|||||
|||||||||
|||||-||||
|||||||||
||||-|||||
|||||||||
|||||**(1,787,736)**||||
|||||||||
||||**(1,283,130)**|||||
|||||||||
|||||-||||
||||-|||||
|||||||||
|||||**(1,787,736)**<br>-<br>-||||
|||||||||
||||**(1,283,130)**|||||
|||||||||
||||-|||||
||||-|||||
|||||||||
|||||||||
|||||<br>**(1,787,736)**||||
||||**(1,283,130)**|||||
|||||||||
|||||||||
|||||**2,829,670**||||
||||**3,043,799**|||||
|||||||||
|||||**1,041,934**||||
||||**1,760,669**|||||
|||||||||
|||||||||



_13_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Statement of Financial Position As at 31 December 2021** 


|**Note**<br>**Fixed Assets**<br>Tangible Assets<br>6<br>**Current Assets**<br>Stocks<br>Debtors<br>7<br>Cash At Bank And In Hand<br>**Creditors - Amounts Falling Due**<br>**Within One Year**<br>8<br>**Net Current Assets**<br>**Creditors - Amounts Falling Due**<br>**After More Than One Year**<br>9<br>**Net Assets**<br>Represented by:<br>**Restricted Income Funds**<br>10<br>**Unrestricted Income Funds**|**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>4,518,858<br>-<br>20,478<br>34,528<br>55,006<br>1,901,333<br>(1,846,327)<br>2,914,407<br>**(241,876)**<br>-<br>(241,876)<br>**(241,876)**|**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>2,000,000<br>-<br>-<br>2,545<br>2,545<br>-<br> <br>2,545<br>-<br>**2,002,545**<br>2,002,545<br> <br>-<br>**2,002,545**||**Total**<br>**2020**<br>**£**<br>5,117,906<br>1,609<br>103,352<br>198,218|<br> <br> <br> <br> <br> <br> <br> <br> <br>)<br> <br> <br> <br> <br>|
|---|---|---|---|---|---|
||||**Total**|||
||||**2021**|||
||||**£**|||
|||||||
||||6,518,858|||
|||||||
|||||||
||||-|||
||||20,478|||
||||37,073|||
|||||||
|||||303,179<br>2,331,453||
||||57,551|||
|||||||
||||1,901,333|||
|||||||
|||||(2,028,274||
||||(1,843,782)|||
|||||||
|||||45,833||
|||||||
||||2,914,407|||
|||||||
|||||**3,043,799**||
||||**1,760,669**|||
|||||||
|||||2,001,865<br>1,041,934||
|||||||
|||||||
||||2,002,545|||
||||(241,876)|||
|||||||
|||||**3,043,799**||
||||**1,760,669**|||
|||||||
|||||||



These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. 

The Trustees acknowledge their responsibilities for: 

- ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006 

- preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial period and of its profit or loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as is applicable to the company. 

These financial statements were approved by the Trustees on 20 October 2022 and signed on their behalf by: 


## **Yvonne Palmer Trustee** 

Registered Company No. 07022352 

_14_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Statement of Cash Flows For the year ended 31 December 2021** 


|<br>**Note**<br>**Net cash flows from operating activities**<br>12<br>**Cash flows from investing activities:**<br>Dividends, interest and rents from investments<br>Purchase of property, plant and equipment<br>**Net cash used in investing activities**<br>**Cash flows from financing activities**<br>Repayments of borrowing<br>Cash inflows from new borrowing<br>Cash outflows from financing costs<br>**Net cash used in financing activities**<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents brought forward**<br>13<br>**Cash and cash equivalents carried forward**<br>13|**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>962,869<br>8<br>(3,335,103)<br>**(3,335,095)**<br>(1,924,737)<br>4,369,364<br>(234,226)<br>**2,210,401**<br>**(161,825)**<br>196,353<br>**34,528**|**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>680<br>-<br>-<br>**0**<br>-<br>-<br>-<br>**0**<br>**680**<br>1,865<br>**2,545**||**Total**<br>**2020**<br>**£**<br>1,099,677<br>107<br>(2,248,951|<br> <br> <br> <br> <br>)<br>**)**<br>)<br> <br>)<br> <br> <br> <br>|
|---|---|---|---|---|---|
||||**Total**|||
||||**2021**|||
||||**£**|||
|||||||
||||963,549|||
|||||||
|||||||
||||8|||
||||(3,335,103)|||
|||||||
|||||**(2,248,844**||
||||**(3,335,095)**|||
|||||||
|||||(206,541<br>1,534,704<br>(116,887||
|||||||
|||||||
||||(1,924,737)|||
||||4,369,364|||
||||(234,226)|||
|||||||
|||||**1,211,276**||
||||**2,210,401**|||
|||||||
|||||**62,109**<br>136,109||
|||||||
||||**(161,145)**|||
|||||||
||||198,218|||
|||||||
|||||**198,218**||
||||**37,073**|||
|||||||
|||||||



_15_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **1. Accounting Policies** 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## **Basis of accounting** 

The financial statements are presented in sterling (£). The financial statements have been prepared under the Companies Act 2006, the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP 2019 (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting except for the property in Algernon Road shown at fair value in 2020 when first recognised. 

The financial statements include all transactions, assets and liabilities for which the Trustees is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members. 

The Tab meets the definition of a public benefit entity under FRS 102. 

## **Going Concern** 

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis. 

## **Critical Accounting Judgements and Key Sources of Estimation Uncertainty** 

In preparing financial statements it is necessary to make certain judgements, estimated and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements: 

Useful economic life of tangible fixed assets: the annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 

## **Income recognition** 

Voluntary income and donations (including legacies) are accounted for once the Tab has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. 

Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received. Grant income is recognised on a receivable basis. 

The income from trading activities includes rental income from the letting of the Tab’s premises which is accounted for when earned. It is shown gross, with the associated costs included in fundraising costs. 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Tab; this is normally upon notification of the interest paid or payable by the bank. 

## **Expenditure recognition** 

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The Tab is not registered for VAT and accordingly expenditure includes VAT where appropriate. 

Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations and property maintenance costs. 

_16_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **1. Accounting Policies (continued)** 

## **Expenditure recognition (continued)** 

Charitable expenditure includes those costs in fulfilling the Tab’s principal objects, as outlined in the Report of the Trustees. These include grants made, governance costs and an apportionment of support costs. Governance costs comprise all costs involving the public accountability of the Tab and its compliance with regulation and good practice. These costs include costs related to the audit and legal fees. 

Rentals under operating leases are charged as incurred over the term of the lease. 

## **Tangible Fixed Assets** 

Tangible fixed assets are accounted for as follows: 

- The Lewisham High Street property is under construction and stated at original cost plus cost of construction to date, less provision arising from an impairment review. 

- The Algernon Road property is held in trust for Tabernacle Ministries of Great Britain. However, where an entity enjoys the rights and responsibilities of ownership, the freehold property is recognised in the accounts of that entity in accordance with FRS102. The property is included in the accounts at fair value. 

- No depreciation is charged in respect of freehold land and buildings, as the residual value of the property after its estimated useful life is anticipated to be at least the carrying value of the property shown in the financial statements. 

- The cost of the office equipment, less any expected residual value is depreciated on a straight line basis over the effective useful life of the assets which has been estimated as four years. Office equipment items are initially included at cost and depreciated as stated. The carrying values are reviewed at the year-end for impairment if circumstances indicate that the full carrying value may not be recoverable. 

## **Stock** 

Stock is valued at the lower of cost and net realisable value. Cost is calculated using the first in, first out method and the carrying value is adjusted for impairment if circumstances indicate that the full carrying value may not be recoverable. 

## **Debtors** 

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit. 

## **Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. 

## **Loans** 

The loans, which are basic financial instruments, are initially recognised at the amount advanced less material arrangement fees and subsequently measured at amortised cost using the effective interest rate method. 

## **Fund accounting** 

The funds held by the charity are either: 

- Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. 

- Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

_17_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **2. Income** 

|**2.Income**|||||
|---|---|---|---|---|
|Donations & legacies<br>Offerings and donations<br>Income tax reclaimed<br>Grants<br>Charitable Activities<br>Courses/events<br>Other trading activities<br>Lettings<br>Resource centre sales<br>Café sales<br>Other<br>Investments<br>Bank Interest|**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>1,079,063<br>2,371<br>160,885<br>-<br>473,305<br>-<br>1,713,253<br>2,371<br>13,550<br>-<br>14,050<br>-<br>413<br>-<br>-<br>-<br>423<br>-<br>14,886<br>0<br>8<br>-<br>**1,741,697**<br>**2,371**|||**Total**<br>**2020**<br>**£**<br>897,088<br>190,667<br>403,639<br>1,491,394<br>5,524<br>-<br>4,809<br>2,265<br>3,513<br>10,587<br>107<br>**1,507,612**|
||||**Total**||
||||**2021**||
||||**£**||
||||||
||||1,081,434||
||||160,885||
||||473,305||
||||||
||||1,715,624||
||||||
||||13,550||
||||||
||||||
||||14,050||
||||413||
||||-||
||||423||
||||||
||||14,886||
||||||
||||8||
||||||
||||**1,744,068**||
||||||



The following grants are in respect of Government funded schemes: 

- £457,476 (2020: £385,723) - Listed Places of Worship Grant Scheme 

- £15,829 (2020: £17,916) - Job Retention Scheme 

## **3. Expenditure** 

## **3a. Expenditure on Raising Funds** 

|Costs of generating voluntary income<br>Financial charges<br>Other resources, fees<br>Costs of generating charitable income<br>Event costs & charges<br>Fundraising trading:<br>Cost of goods – resource centre<br>Cost of goods – café||**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>5,138<br>-<br>4,107<br>-<br>6,488<br>-<br>580<br>-<br>-<br>-<br>**16,313**<br>**0**||**Total**<br>**2021**<br>**£**|**Total**<br>**2020**<br>**£**<br>4,263<br>2,048<br>3,091<br>1,529<br>1,182<br>**12,113**|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||5,138||
|||||4,107||
|||||||
|||||6,488||
|||||||
|||||580||
|||||-||
|||||||
|||||||
|||||**16,313**||
|||||||



_18_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **3b. Expenditure on Charitable Activities** 

|**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>People<br>Staff costs (including salaries and wages)<br>245,102<br>-<br>Temporary staff & volunteer expenses<br>19,467<br>-<br>Activities<br>Leadership/volunteer development<br>13,678<br>-<br>Member welfare<br>258,514<br>-<br>Community welfare<br>6,836<br>172<br>Giving<br>Individuals<br>-<br>-<br>Organisations<br>793<br>960<br>Support costs<br>Accountancy<br>26,410<br>-<br>Communication<br>17,839<br>-<br>Compliance<br>960<br>-<br>Document handling<br>6,346<br>-<br>Financial charges<br>4,934<br>Legal & professional<br>1,580<br>-<br>Office equipment & IT (incl depreciation)<br>31,076<br>-<br>Printing, stationery & office consumables<br>2,030<br>-<br>Publicity & advertising<br>29,107<br>-<br>Subscriptions & memberships<br>3,565<br>-<br>Other<br>483<br>-<br>Premises & facilities<br>Insurance<br>35,865<br>-<br>Repairs & maintenance<br>10,025<br>-<br>Cleaning & waste<br>15,109<br>-<br>Security<br>7,944<br>-<br>Business rates<br>784<br>Heat, light & water<br>42,182<br>-<br>Legal & professional<br>71,110<br>-<br>Loan interest<br>234,226<br>-<br>Loan facility fees<br>-<br>-<br>Impairment review<br>1,916,654<br>-<br>Governance<br>Trustee meeting expenses<br>331<br>-<br>Auditor’s remuneration<br>5,220<br>-<br>Legal & professional<br>1,583<br>-<br>**3,009,753**<br>**1,132**||||**Total**<br>**2020**<br>**£**<br>238,538<br>16,914<br>35,611<br>199,762<br>2,552<br>-<br>2,945<br>26,964<br>16,929<br>2,811<br>891<br>4,543<br>-<br>24,282<br>1,113<br>27,772<br>3,392<br>68<br>48,742<br>13,855<br>10,902<br>4,844<br>-<br>16,206<br>4,554<br>323,348<br>900<br>2,250,039<br>223<br>5,220<br>300|
|---|---|---|---|---|
|||**Total**|||
|||**2021**|||
|||**£**|||
||||||
|||245,102|||
|||19,467|||
||||||
|||13,678|||
|||258,514|||
|||7,008|||
||||||
|||-|||
|||1,753|||
||||||
|||26,410|||
|||17,839|||
|||960|||
|||6,346|||
|||4,934|||
|||1,580|||
|||31,076|||
|||2,030|||
|||29,107|||
|||3,565|||
|||483|||
||||||
|||35,865|||
|||10,025|||
|||15,109|||
|||7,944|||
|||784|||
|||42,182|||
|||71,110|||
|||234,226|||
|||-|||
|||1,916,654|||
||||||
|||331|||
|||5,220|||
|||1,583|||
||||||
|||||**3,284,220**|
||**3,010,885**||||
||||||
||||||



_19_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **3b. Expenditure on Charitable Activities (continued)** 

**Staff Costs** . Included within Expenditure on Charitable Activities are the following staff costs: 

|Gross salaries<br>Termination of employment payments<br>Employer’s National Insurance<br>Employers Allowance<br>Pension contributions||**2021**||**2020**|
|---|---|---|---|---|
|||**£**||**£**|
|||||202,662<br>1,800<br>19,129<br>(4,000)<br>4,444|
|||201,170|||
|||-|||
|||19,163|||
|||(4,000)|||
|||<br>4,441|||
||||||
|||**220,774**||**224,035**|
||||||



The number of employees during the year was 9 (2020: 9) being 1 full time minister (2020: 1), 1 community projects leader (2020: 1) and 7 support staff (2020: 7).  One employee (2020: 1) received emoluments in excess of £60,000 during the year. 

**Key Management Personnel.** Included within Staff Costs above are the following costs relating to Key Management Personnel. Key Management personnel are those in charge of planning, directing, controlling, running and operating the Charity, including those members of staff who are the senior management personnel to whom the trustees have delegated significant authority or responsibility in the day-to-day running of the charity, are the Trustees, the Senior Pastor and the Business Manager. 

|Gross salaries<br>Employer’s National Insurance<br>Pension contributions||**2021**||**2020**|
|---|---|---|---|---|
|||**£**||**£**|
|||||76,684<br>8,169<br>1,662|
|||76,684|||
|||8,145|||
|||1,662|||
||||||
|||**86,491**||**86,515**|
||||||



Claudette Brown, a trustee, received gross remuneration of £17,842 (2020: £17,842) and pension contributions of £348 (2020: £437). during the period in her employed capacity of business manager. Authority for the payment of this remuneration is given by the Memorandum of Association. 

**Trustee Expenses.** The expenses of nil (2020: nil) trustees amounting to £nil (2020: £nil) in relation to training, travel and subsistence, were met during the year. 

## **4. Net Income** 

Net income is stated after charging: 

|**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>Auditors’ remuneration<br>5,220<br>-<br>Depreciation – owned assets<br>17,497<br>-<br>Hire of plant and machinery under operating leases<br>26,080<br>-||||**Total**<br>**2020**<br>**£**<br>5,220<br>12,366<br>-|
|---|---|---|---|---|
|||**Total**|||
|||**2021**|||
|||**£**|||
||||||
|||5,220|||
|||17,497|||
|||26,080|||
||||||



_20_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **5. Taxation** 

As a charity, The Tab is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the Charity. 

## **6. Tangible Fixed Assets** 

|<br>**Freehold**<br>**land &**<br>**buildings**<br>**£**<br>**Office**<br>**equipment**<br>**£**<br>**Cost/valuation**<br>At 1 January 2021<br>7,342,949<br>87,011<br>Additions<br>3,306,676<br>28,427<br>Disposals<br>-<br>-<br>At 31 December 2021<br>10,649,625<br>115,438<br>**Depreciation/impairment**<br>At 1 January 2021<br>2,250,039<br>62,015<br>Charge for Period<br>-<br>17,497<br>Impairment<br>1,916,654<br>-<br>Disposals<br>-<br>-<br>At 31 December 2021<br>4,166,693<br>79,512<br>**Net Book Value**<br>**At 31 December 2021**<br>**6,482,932**<br>**35,926**<br>At 31 December 2020<br>5,092,910<br>24,996|||
|---|---|---|
||||
|||**Total**|
|||**£**|
||||
|||7,429,960|
|||3,335,103|
|||-|
||||
|||10,765,063|
||||
||||
|||2,312,054|
|||17,497|
|||1,916,654|
|||-|
||||
|||4,246,205|
||||
||||
|||**6,518,858**|
||||
|||5,117,906|
||||



All of the fixed assets are used for charitable purposes. 

There are two freehold land and buildings: 

- 233-241 Lewisham High Street, London. In 2012 the Tab purchased this property for £1.4m, partly with the aid of mortgage finance, in order to provide additional accommodation in which to carry out its charitable activities. Additions include building contractor, professional and other fees which have been capitalised. At 31 December 2021 the trustees undertook an impairment review and have provided £1,916,654 (2020: £2,250,039 against the stated cost of the building. 

- The Tabernacle, Algernon Road, London. The property at Algernon Road is registered in the name of the Tab. The Tab holds the property for the benefit of the trusts of The Tabernacle Ministries of Great Britain. The building is included at fair value as valued in August 2020 at £2,000,000 by Copping Joyce surveyors. The amount that would have been recognised if the cost model was used would have been £nil. 

_21_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **7. Debtors** 

|Prepayments<br>Gift Aid receivable<br>Grants receivable<br>Lettings receivable<br>Other debtors<br>**8. Creditors - Amounts Falling Due Within One Year**<br>Other creditors including taxation and social security<br>Trade creditors<br>Accruals<br>Loan – Fortress Capital Partners<br>Loan – Bounce Life<br>Loan – Charity Bank<br>Loan – NatWest Bank (see note 9)<br>Loan – Stewardship (1)<br>Loan – Stewardship (2)||**2021**|
|---|---|---|
|||**£**|
||||
|||5,508|
|||12,182|
|||-|
|||2,200|
|||588|
||||
|||**20,478**|
||||
||||
|||**2021**|
|||**£**|
|||4,940|
|||454,715|
|||60,378|
|||-|
|||-|
|||-|
|||10,648|
|||170,822|
|||1,199,830|
||||
||**1,901,333**||
||||



## **8. Creditors - Amounts Falling Due Within One Year** 

Bounce Life and Fortress Capital Partners: the loans were unsecured and repayment of both loans took place in 2021. 

Charity Bank: the loan was secured by a first charge on the Lewisham High Street and Algernon Road properties. Interest is charged at 2.75% over LIBOR. The loan was repaid in 2021. 

NatWest Bank: the loan is a Bounce Back Loan and is unsecured. Repayment is over 6 years commencing in September 2021, with no repayment in the first 12 months. Interest is charged at 2.5% per annum on the loan amount outstanding. 

Stewardship: there are two loans, both of which are secured by a first charge on the Lewisham High Street and Algernon Road properties: (1) is repayable over 15 years, and Interest is charged at 4.25% per annum on the loan amount outstanding, the rate being variable at one month’s notice. (2) is interest only and is repayable in 2022. Interest is charged at 3.25% per annum, the rate being variable at one month’s notice. 

## **9. Creditors - Amounts Falling Due In More Than One Year** 

|<br>Loan – Stewardship (2)<br>Loan – NatWest Bank, Bounce Back Loan||**2021**||**2020**<br>**£**<br>-<br>45,833|
|---|---|---|---|---|
|||**£**|||
||||||
|||2,878,205|||
|||36,202|||
||||||
|||||**45,833**|
||**2,914,407**||||
||||||
||||||



For details of loans, see note 8 above. 

_22_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **10. Restricted Income Funds** 

|10a. Current year<br>Grace Ministries<br>Foodbank<br>Beyond Walls (Prison Ministry)<br>Breast Cancer Care<br>Cancer Awareness<br>Poppy Appeal<br>REACH<br>Tabernacle Ministries of Great Britain<br>**Total**<br>10b. Prior year<br>Grace Ministries<br>Foodbank<br>Evergreen<br>Beyond Walls (Prison Ministry)<br>Breast Cancer Care<br>Cancer Awareness<br>Poppy Appeal<br>Tabernacle Ministries of Great Britain<br>**Total**||**At 1**<br>**January**<br>**2021**<br>**£**<br>890<br>0<br>215<br>626<br>44<br>90<br>0<br>2,000,000<br>**2,001,865**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Gains/**<br>**(losses)**<br>**£**<br>115<br>(960)<br>-<br>-<br>600<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>918<br>-<br>(559)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>738<br>(172)<br>-<br>-<br>-<br>-<br>-<br>-<br>**2,371**<br>**(1,132)**<br>**0**<br>**0**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Gains/**<br>**(losses)**<br>**£**<br>115<br>(960)<br>-<br>-<br>600<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>918<br>-<br>(559)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>738<br>(172)<br>-<br>-<br>-<br>-<br>-<br>-<br>**2,371**<br>**(1,132)**<br>**0**<br>**0**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Gains/**<br>**(losses)**<br>**£**<br>115<br>(960)<br>-<br>-<br>600<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>918<br>-<br>(559)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>738<br>(172)<br>-<br>-<br>-<br>-<br>-<br>-<br>**2,371**<br>**(1,132)**<br>**0**<br>**0**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Gains/**<br>**(losses)**<br>**£**<br>115<br>(960)<br>-<br>-<br>600<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>918<br>-<br>(559)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>738<br>(172)<br>-<br>-<br>-<br>-<br>-<br>-<br>**2,371**<br>**(1,132)**<br>**0**<br>**0**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Gains/**<br>**(losses)**<br>**£**<br>115<br>(960)<br>-<br>-<br>600<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>918<br>-<br>(559)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>738<br>(172)<br>-<br>-<br>-<br>-<br>-<br>-<br>**2,371**<br>**(1,132)**<br>**0**<br>**0**|**At 31**|**At 31**|
|---|---|---|---|---|---|---|---|---|---|
|||||||||**December**||
||||||||||**2021**|
||||||||||**£**|
|||||||||||
||||||||||45|
||||||||||600|
||||||||||215|
||||||||||985|
||||||||||44|
||||||||||90|
||||||||||566|
||||||||||2,000,000|
|||||||||||
|||||||||**2,002,545**||
|||||||||||
|||**At 1**<br>**January**<br>**2020**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Gains/**<br>**(losses)**<br>**£**<br>1,335<br>515<br>(960)<br>-<br>-<br>315<br>86<br>(401)<br>-<br>-<br>225<br>-<br>(225)<br>-<br>-<br>215<br>-<br>-<br>-<br>-<br>626<br>-<br>-<br>-<br>-<br>44<br>-<br>-<br>-<br>-<br>90<br>-<br>-<br>-<br>-<br>2,000,000<br>-<br>-<br>-<br>-<br>**2,002,850**<br>**601**<br>**(1,586)**<br>**0**<br>**0**||||||||
|||**At 1**<br>**January**<br>**2020**<br>**£**<br>1,335<br>315<br>225<br>215<br>626<br>44<br>90<br>2,000,000<br>**2,002,850**|||||||**At 31**|
|||||||||**December**||
||||||||||**2020**|
||||||||||**£**|
|||||||||||
||||||||||890|
||||||||||0|
||||||||||0|
||||||||||215|
||||||||||626|
||||||||||44|
||||||||||90|
||||||||||2,000,000|
|||||||||||
|||||||||**2,001,865**||
|||||||||||



Descriptions of the main restricted income funds are as follows: 

**Grace Ministries –** funds received in support of those persecuted for the Gospel 

**Evergreen** – funds received in support of work with senior citizens 

**Beyond Walls** – funds received in support of prison ministry 

**Poppy Appeal** – funds received in support of the poppy appeal 

**Breast Cancer Care** – funds received in support of the Breast Cancer Care 

**Cancer Awareness** – funds received in support of the Cancer Awareness 

**REACH** – funds received for the Tab's community action initiative. 

**Tabernacle Ministries of Great Britain** - the fair value of the premises at Algernon Road has been recognised by the Tab in a restricted fund. See Note 6 for further details. 

_23_ 



## **THE TABERNACLE GLOBAL MINISTRIES** 

## **Notes to the Financial Statements For the year ended 31 December 2021** 


## **11. Operating Lease Commitments** 

The total future minimum lease payments under non-cancellable operating leases are payable: 

|Not later than one year<br>Later than one year and not later than five years||**2021**||**2020**<br>**£**<br>-<br>-<br>**0**|
|---|---|---|---|---|
|||**£**|||
||||||
|||67,687|||
|||244,910|||
||||||
|||**312,597**|||
||||||



## **12. Reconciliation of net income/(expenditure) to net cash flow from operating activities** 

|**Net income for the reporting period (as per**<br>**the statement of financial activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Financing fees<br>Interest paid<br>Impairment review<br>Interest from investments<br>Amortisation of interest and finance cost<br>(Increase)/decrease in stocks<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>**Net cash provided by operating activities**|**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>(1,283,810)<br>17,497<br>-<br>234,226<br>1,916,654<br>(8)<br>-<br>1,609<br>82,874<br>(6,173)<br>**962,869**|**Restricted**<br>**Funds**<br>**2021**<br>**£**<br>680<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**680**||**Total**<br>**2020**<br>**£**<br>(1,788,721)<br>12,366<br>900<br>115,987<br>2,250,039<br>(107)<br>119,735<br>(230)<br>(43,273)<br>432,981|<br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br>|
|---|---|---|---|---|---|
||||**Total**|||
||||**2021**|||
||||**£**|||
|||||||
||||(1,283,130)|||
|||||||
|||||||
||||17,497|||
||||-|||
||||234,226|||
||||1,916,654|||
||||(8)|||
||||<br>-|||
||||1,609|||
||||82,874|||
||||(6,173)|||
|||||||
|||||**1,099,677**||
||||**963,549**|||
|||||||
|||||||



## **13. Analysis of Changes in Net Debt** 

|**Cash and cash equivalents**<br>Cash<br>**Borrowings**<br>Debt due within one year<br>Debt due after one year||**At 1**<br>**January**<br>**2021**<br>**£**<br>198,218|**Cash flows**<br>**£**<br>**Other**<br>**non-cash**<br>**changes**<br>**£**<br>(161,145)<br>-|**Cash flows**<br>**£**<br>**Other**<br>**non-cash**<br>**changes**<br>**£**<br>(161,145)<br>-|**Cash flows**<br>**£**<br>**Other**<br>**non-cash**<br>**changes**<br>**£**<br>(161,145)<br>-|**At 31**|**At 31**|
|---|---|---|---|---|---|---|---|
|||||||**December**||
||||||||**2021**|
||||||||**£**|
|||||||||
|||||||||
||||||||37,073|
|||||||||
||(1,805,247)<br>(45,833)<br>**(1,851,080)**<br>**(1,652,862)**|||1,924,737 (3,033,897)<br>(4,369,364)<br>3,033,897<br>**(2,444,627)**<br>**0**<br>**(2,605,772)**<br>**0**||||
||||||||(2,914,407)|
||||||||<br>(1,381,300)|
|||||||||
||||||||**(4,295,707)**|
|||||||||
||||||||**(4,258,634)**|
|||||||||



_24_ 



**THE TABERNACLE GLOBAL MINISTRIES** 

**Notes to the Financial Statements For the year ended 31 December 2021** 


## **14. Capital Commitments** 

In 2020 the Tab entered into a building contract of £3.4m (plus VAT) for phase 2 of the rebuilding and refurbishment of the property at 233-241 Lewisham High Street. The contract was subsequently completed in 2022. 

## **15. Related Party Transactions** 

The following payments have been made to Trustees and their related parties in accordance with provisions of the Memorandum and Articles of Association of the company: 

Donna Maria White, the spouse of Michael White, a member of the Key Management Personnel, received gross remuneration of £28,350 (2020: £28,350) during the period in her employed capacity of community projects leader. 

Nicholas White, related to Michael White, a member of the Key Management Personnel, received £1,800 (2020: £1,900) in respect of his services as musician. 

During the year to 31 December 2021 the Tab enjoyed the right to occupy the premises at Algernon Road legally owned by the Tabernacle Ministries of Great Britain without a rental expense. The Tabernacle Ministries of Great Britain shares four of the same Trustees as the Tab. 

The Trustees gave a total of £33,185 (2020: £14,309) in unrestricted offerings and donations during the year. 

## **16. Members’ Funds** 

Tabernacle Global Ministries is a company limited by guarantee without a share capital. Instead of a share capital, each member guarantees to pay not more than £10 in the event of the company's liquidation. The amount of the members' guarantee represents a contingent asset to the company which will crystallise only if the company goes into liquidation. As the company is a going concern, the members have no obligation to pay the sum guaranteed. 

If on a winding up of the company there remains after satisfaction of all debts and liabilities any assets, they cannot be paid to or distributed among the members but will be transferred to Tabernacle Ministries of Great Britain. 

_25_