METROPOLITAN TABERNACLE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity Number 1151218 Contents: 1-4 Elders and Deacons. Report 5-7 Auditors, Report Statement of Financial Activities Balance Sheet 10 Statement of Cash Flows 11-16 Notes to the Accounts
METROPOLITAN TABERNACLE (1) Report of the Elders and Deacons for the Year Ended 31 December 2024 The Elders and Deacons here provide their report and the audited financial statements of the Tabemacle for the year ended 31 December 2024. Reference and AdministratlV8 Details, Trustees and Advlsers The Metropolitan Tabernacle (fomierly an Excepied Charity) has been a UK Registered Charity since March 2013 - Registered Charity Number 1151218. The full address of the charity is.. Metropolitsn Tabemacle, Elephant & Castle, London, SE1 6SD. The custodial Trustee of the Melropolilan Tabernacle property is the London Baptist Propety Board. However, for the purpose of these accounts the Trustees of the Tabemacle comprise the members of its Elders and Deacons Court. The Elders and Deacons during the year were as follows= Mr R J D Compston Mr C C Cooper Mr E M Georges Mr S Ingram MrAJLaws MrCMLaws Dr P M Masters (Minister) Mr O O Odumala Mr A M Onojobi MrAC W Owen MrA O Oyenubi MrDAESmith Mr P C Tunslell Mr M A Whyte Dr D L A Wyncoll The Tabemacle's bankers are: Lloyds Bank plc, 25 Cambemell Green, London, SE5 7AB. The Tabernacle's auditors 8re'. Xeinadin Audit Limited, 5 Robin Hood Lane, Sutton, Surrey, SM12SW. Structure and Governance The Tabemacle is an independent Parbcular Baptist church, founded in 1650, now constituted by its Legal Constitution of 2012, based on the 1689 Baptist Confession of Faith and the Tabemacle's Trust Deed dated 21 April 1859. The Elders and Deacons are elected by the Church Meeting, and are responsible for leadership of the church. The Tabernacle is a registered charity. no.1151218, and has a number of related charities, namely, the Tabernacle Manse Charity, the Metropolilan Care Charity and the Wakeman Trust The Trustees (the Elders and Deacons} are elected by the Church Meeting, and are responsible for leadership of the church (Section 6 of the Legal Conslitution). There are no other senior managers to whom day-t(Fday management is delegated. A limited number of trustees are remunerated, and their pay is set by the non-remunerated truslees. with reference lo similar roles in other charities. The Legal Constitution (Section 10) describes decisions taken by the trustees. Stsff are appointed to assisi ihe twstees and are under their supejvision. All expenditure by staff is authorised and countersigned by the trustees. New trustees are provided with infonmation aboLrt their statLrtory responsibilities as trustees, as well as being provided with instruction on the role wthin the Metropolitan Tabemacle. The major risks lo which the Tabernacle is exposed, as identified by the Trustees, in the areas of finance, operations, safeguarding, and regulatory compliance are regularly reviewed. Procedures are in place to mitigate those risks which are considered appropriate and effective.
METROPOLITAN TABERNACLE (2) Report of the Elders and Deacons for the Year Ended 31 December 2024 (continued) Trustees statement of responslbllitles The trustees are responsible for preparing the Trustees. Report and the financial staternenls in accordance with 8pplicable law and United Kingdom Accounling Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charitl8s in England & Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charily and of the income and expenditure of the charity for that period. In preparing these financial ststements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent. state whether applicable accounling standards have been followed, subject to any material departurès disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records whiGh disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply wth the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisions of the trust deedlconstitution. They are also responsible for $8fe9uarding the assets of the charity and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. The Tabernacle's Objectives and Activltles The Tabemacle's objectives are the advancement of the Christian faith. Ihe nurture of God's professing people and the benefit of the public through the religious and moral education of children and all other people, care for the elderly. promotion of racial harmony, and the advancement of theological education, including training for ministèrs and church leaders. The church also prepares and distributes Christian literature, and carri8s out other charilable purposes consistent with its Trust Deed and Confession of Faith. To do thes8 things. it operates various funds in respect of differenl branches of the work. The Tabemacle awards grants to individuals and organisations that meet the criteria laid down by the Tabernacle. The Trustees have had due r6gard to the guidance issued by the Charity Commission relating io public benefit, and the Tabernacle provides this in a number of ways-. By the provision of public worship seNices, including special faalities for Deaf people, and slmultaneous interpretation in a number of languages. The Tabemacle has over 950 members and adherenis over sixteen, plus numerous other regular attenders and visitors. By its large outreach Sunday Schools at five localions which serve many hundreds of teenagers and young children {around 900 enrolledl in south London, with associated weeknight recreation81 and social training activities, educational outing and camp activities, all serving the advancement of Christian values and helping to preserve very many young people from the youth gang culture of inner South London., By regular college age classes for 16-18 year-old young people,. By its young adults, doctrine classes helping numerous student-age people to be established in Christian doctrine and Citizenship values., By the provision of free audio.video messages and studies on sponsored Sky TV and on the Intemet - the latter experiencing over 15,000 wholly downloaded messages per month., By the operation of the London Refomed Baptist Seminary on-line course with marked coursework for aspiring and serving pastors, and church workers (over 400 enrolled},' By its Days of Special Studies and Christian Workers Fratemal meetings which are attended by hundreds of Christ18n workers from across the UK. By its support of pioneer and mission works in the UK and across the world., and By its provision of various facilities for care of the elderly, including a part-time care visitor.
METROPOLITAN TABERNACLE (3) Report of the Elders and Deacons for the Year Ended 31 December 2024 (continued) Achievements & Performance In 2024 the Tabemacle continued its programme of weekly public servicés and ils Sunday Schools and Bible Classes for children and young people. seices continued to be made available as free live-stream broadcasts. The YouTube channel for Gospel semions continued to attract many viewers. The Tabemacle continued its emphasis on outreach into the community to make the comforts and strengths of worship and failh available to all. Large scale visitation, contsct work and literature dislribulion was carried out by members, and services and Bible education meetings were open to all, with BSL interpretation for Deaf attenders. Pastoral and practical help w8s extènded via many interviews, and also by visits to homes including practical care for needy elderly attenders, including transportalion to appointments, support and assistance in problems. DVDS of recorded preached messages carrying biblical instruction were made available freely to elderly friends. A wide range of literature was also made available freely via the church website, the latter renting hosted services for handling the storage and live streaming of video and audio services and messages, many thousands being downloaded each month. Practi¢81 help and friéndship was also extended to many through the Deaf Fellowship and to needy families and individuals, including the promotion of hospitality by members lo lonely people and to visitors. Youth and children's ministries continued to be a key component of Tabernacle work. Sunday Schools providing for around 900 under-sixteens in the community, being operated on five sites. Nineteen minibuses owned by the Tabemacle plus private cars, were collecting children safely. Supported by weeknight recreational evenings {two evenings each week), outings and an annual camp, these have provided biblical and moral instruction. keeping hundreds of children off the streets and out of gangs. and imparting a more wholesome mindset for their future lives. (Over 250 staff and trained volunteers have operated this work in this year.) During the year over 20 overseas national pastors were wholly or18rgely supported. Churches and compassionate work were maintained, including medical support and feeding hungry children, and this has required high funding, which also incorporated additional money given by readers of the Tabemacle's °Sword & Trowel" magazine. Weekly non-subscription satellite television broadcasting has enabled thousands of viewers around the land to access the regular leaching ministry, with frequent feedback indicating that help and blessing has been gained by viewers throughout the UK. Review of Flnances As shown in the Statement of Financial Activilies on page 8, there was a net inflow of resources spread across the various funds. Closing resetves were £1,656,225 of which £279.667 were for restricted purposes. Funds are generally used wilhin a reasonably prompt timescale, and there is no policy to maintain significant long-term reseNes. Overall, Ihe state of financial affairs of the Tabernacle is Gonsidered to be very satisfactory. The Tabernacle building is an historic asset and a listed building. The mission buildings, Surrey Gardens and Surrey Square, are also historic missions of the Tabernacle, for which purpose they conlinue.
METROPOLITAN TABERNACLE (4) Report of the Elders and Deacons for the Year Ended 31 December 2024 (continued) Plans for Future Periods The Church has a number of plans for the future, including the followtng: To maintain and increase the large attendance at public services and Sunday Schools and to spread the Gospel message by outreach visitation and literature distribution in the community. To increase the work of the main and branch Sunday Schools and related recreational activities by continuing personal work and visitation. To continue the establishment of the Brixton Sunday School. introducing children and young people in the Loughborough Junction area of Brixion and Stockwell to the leaching of the Bible. To continue the establishment of the Bennondsey Sunday School, introducing children and young people in the Bermondsey area to the teaching of the Bible. To exiend the online streaming of live services and recorded ministry and written material, which is being increasingly accessed and valued worldwide, supporting people by regular ministry, and providing guidance and instruction to people seeking the teaching of the Gospel and sound biblical principles. To extend Ihe availability of Junior Church materials, and weeknight meeting materials. by upgrading and publishing further series topics. To assist and Goordinate the translation work of key materials {undertaken by members and nationals part- time) into other languages such as Chinese. Spanish, Portuguese, Romanian, Amharic, Tamil, French, Hungarian, Polish and Arabic. To support the growth of the Deaf Fellowship and continue with BSL signèd broadcasts and to sponsor BSL training for suitable young people lacking means. To continue to improve the design and content of the Tabemacle website, including the development of non- English language paggs. To operate the YouTube channel for Gospel semions, including provision of 'shorts' and 9-minute semion excerpts. To continue increasing the amount of literature and information available freely on the Tabemacle website, including in othèr languages. To complete renewal of emergency lighting equipment and electrical wiring to meet current required standards. To build new rooms as part of the provision of additional classrooms. Fundraislng and Gift Aid The Tabernacle receives fLJnds entirely from freewill offerings, mainly by people associated with the church. There is opportunity to give an offering by cash, cheque or by card in the weekly services, and many other donations are given separately, mainly by bank transfer. Encouragement is given to use the Gift Aid scheme. A brief summary of the giving to date is shown on the congregation's prayer meeting website. The biblical principles of givin9 are included from lime to lime in the course of the teaching ministry. A voluntary Thanksgiving Fund is a long held tradition. There are no public appeals for funds other than as follows. For overseas cornpassionate support for needy situations and disaster relief, from time lo time we make appeals to Christians, mainly through the Sword & Trowel magazine. No professional fundraisers are employed and the whole of any such support received is passed on to the people described. and none of it is used to defray any expenses of the Tabemacle. Auditors Xeinadin Audit Limited, Chartered Accountants, have indicated their willingness to continue in office. ON BEHALF OF THE ELDERS AND DEACONS Chris Cooper 14 October 2025
METROPOLITAN TABERNACLE (5) Independent audilor's report to the elders and deacons of The Metropolitan Tabernacle Opinion We have audiled the financial ststements of The Metropolitan Tabemacle (the "Charity") for the year endèd 31 December 2024 which comprise the Stalement of Financial Activities, the Balance Sheet. the Statement of Cash Flows and notes to the financial statements, 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 ReporlirvJ Slandard 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 Charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with Intemational 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 ststements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibiliiies in accordance wilh these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provid8 8 basis for our opinion. Concluslons relating to going concern In auditing the financial ststemenls, we have Goncluded that the trustees, use of the going concem 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 io events or conditions that, individually or colleclively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least 12 months from when the financial stslements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The olher infomiation comprises the inforniation included in the annu81 report other than the financial statements and our auditorfs report thereon. Our opinion on the financial stalements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infonnats'on and, in doing so, consider whether the other information is materially inconsistent with the financial statemenls or our knowledge obtained in the audit or olhenhfise appears to be materially misstated. If we identify SUGh material inconsistencies or apparent material misststements, we are required to determine whether there is a material misststement in the financial stalements or a material misstatement of Ihe olher information. If, based on the work we have perfomied. we conclude that there is a material rnisstatement of this other information, we are required to report that fact. We have nolhing to report in this regard. Matters on which we are required to report by exceptlon In the light of the Knoedge and understanding of the Charity and its environment obtsined in the course of the audit, we have nol identified material misstatements in the trustees. report.
METROPOLITAN TABERNACLE (6) Independent auditor's report lo the elders and deacons of The Metropolitan Tabernacle (continued) We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept, or retums adequale 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, remuneralion specified by law are not made-, or we have not received all the infomation and explanations we require for our audit. Responsibilities of Ihe trustees As explained more fully in the trustees, responsibilities statement set OLrt on page 1, the trustees are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view, and for such intern81 control as they delemine is necessary to enable the preparation of financial ststements that are free from malerial misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realisti attemative but to do so. Auditor's responsibilities for the audlt of the financial statements We have been appointed as auditor under section 144 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slatements 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 nol a 9uarantee 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 malerial if, individu8lly or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecling irregulariiies, including fraud is detailed below: Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations thal have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We assessed the susceplibility of the charity's financial statements to malerial misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the intemal controls in place and discussion amongst the engagement team. We detennined that the principal risks were related lo recognition of legacy income, expensing capital items, inappropriate accounting entries affecting the disclosed revenue or expenditure and payments to third parties. In response to the risks identified we designed procedures which included, but were not limited to= agreein9 financial statement disclosures to underlying supporting documentatson reviewing legacy correspondence reviewing expenditure codes for capital ilems identifying and testing joumal entries reviewing Trustees meeting minutes evaluating the charity's intemal controls verifying paymènts to third parties on a sample basis
METROPOLITAN TABERNACLE (7) Indepond8nt auditor's report lo the eldèrs and deacons of The Metropolltan Tabgrnacle {continued) There are inherent limitations in the audll procedures described above. The more removed that laws and regulations are from finanGial transactions, Ihe less likely il is that we would become aware of non-compliance. Malerial misstatements that arise due lo fraud can be harder lo detect than those Ihat arise from error as Ihay may involv8 deliberate concealment or collusion. A further description ol our SPonSIbl11118S for the audlt of the financial ststemgnts is located on the Financial Reporting Council's website at.. www.frc.org,uk]audilorsre$pon8ibililies. This description forms part of our auditor's report. Use ol our roPQrt This report is made solely to the Charity's trustees. as a body, in accordance Part 4 of the charities {Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the Charity's trustees thosè matters we are required lo Stale to them in an auditor's report and for no other purpose. To the fullest extent permilted by law, we do not accept or assume responsibility lo anyon8 olh6r than thé charity and the charity's Iruslee6 as a body, for our audit work, for this report, or for the oplnions w8 have forned. Xeinadin Audit Llmlt•d Statutory Audltor Chartered Accountsnts 5 Robin Hood Lane Sutton Surrey SM12SW Dat8d.' 14 October 2025 Xeinadin Audlt Limiled is èligible for appunlmenl as audilor of the Gharity by virtu8 of ils 61igibilily for 8ppolnlmenl 88 audilL¥ ola company Ur&r se¢lion 1212 of Ihe Companies Act 2006.
MÉTROPOLITAN TA8ERNACLE Sta¢emenl of Financial Acllvltles for the Year 8ndBd 31 Dec¢mber 2(124 Note 2024 2024 2024 Totsl 2023 Unrestricted 2023 2023 Tolal nr griCted Resiricied nc Income from: Donaoons and 18gaci8s Investrneats Charitable activities 1,524.745 62.829 95.427 389.903 159 1.914.848 62,988 95.427 1.,??3 55,816 94,481 198,874 96 1,654,097 55.912 94,481 Tot&llncorne 1.883,001 390,062 2.073.063 1.605,520 198,970 1,804,490 Expenditu on= Rai%in Funi1$ Public(ty 5,034 5,034 3,321 3,321 Charitab ActIvlas Grants payable Cost of Sales Other Sales expenses Provi$lon of mlnistry & outreach Support Gosls Administration 17,763 49.684 57.871 900,755 272,225 118,235 14.106 31,869 49,684 57,871 1,205,506 272,225 118,239 30.347 55,688 55,000 781,010 368,261 90,689 26.873 57,220 55,868 55,ODO 1.053,569 368.281 90,724 7a 7b 304,751 272,559 35 1.416,533 318,861 1.735,394 1,380.975 299,467 1.680.442 Tolal 8xpenditvre 1,421,567 318.861 1.740,428 1,384,296 299,467 1.683.763 Net incornellgxp•nditurel 261.434 71.2Q1 332.635 221.224 1100.4971 120.727 Transfers belween Funds 190.0001 90.000 170,0001 70.000 NW movement In funds 171.434 161201 332.635 151,224 130.4971 120,727 Funds brought fon¥ard 1.205,124 118,466 1,323,590 1,053,gDO 146,963 1,202.863 Fund$ carrled loard 1 376 558 1 656,225 1205 124
METROPOLITAN TABERNACLE (9) Balance Sheet as at 31 December 2024 Note 2024 2024 Unrestricted Restricted 2024 Total 2023 Total Fixed Assets Tangible Fixed Assets 10 163.152 163,152 17,808 Current Assets Stocks Debtors Interfund Account Short-tem deposits Cash at bank & in hand 45,569 320,285 5.504 45,569 329.153 26,690 236,179 12 8,868 (5,504) 800,000 278,666 1,341,535 903,165 1,274,523 276.303 279,667 1,179,468 1,554,190 Creditors Amounts due within one year 13 61,117 61,117 35,753 Net Current Assets 1,213,406 279,667 1,493,073 1.305,782 Net Assets 1,376.558 279,687 1,658,225 1,323,590 FInand by: Funds 16-17 1376,558 279.667 1,656,225 1,323,590 Approved by the Elders and Deacons on 14 October 2025 Elder: C Cooper Deacon: D W oll
METROPOLITAN TABERNACLE (10) statement of Cash Flows for the Year ended 31 December 2024 2024 2024 Unrestricted Restricted 2024 Total 2023 Total Cash flows from operating activities: Net income for the year Adjustments for- Depreci8tion charges Dividends, interest and rents (In¢rease)Idecrease in stocks (Increase) in debtors Increase in creditors 171,434 161.201 332.635 120,727 30.269 (62.829) (18,879) (92.974) 25.364 30.269 (62,988) (18,8791 (92,974) 25,364 10,030 (55,912) 9,444 (78,584) 2,251 (159) Net cash provided by operating activities 52,385 161,042 213,427 7,956 Cash flows from investing activities: Dividends, interest and rents Purchase of property. plant and equipment 62,829 1175,613) 159 62,988 1175.613) 55,912 (23,744) 112,784 159 112,625 32,168 Change in cash & cash equivalents in the yoar (60,399) 161,201 100.802 40,124 Cash & cash equivalents at the start of the year 963.564 115.102 1,078,666 1,038.542 Cash & Gash equivalents at the end of the year 903 165 276 303 1,179468 1078 666
METROPOLITAN TABERNACLE (11) Notes to the Financial Statements for the Year Ended 31 December 2024 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= (al Accountlng convention The financial statements have been prepar8d under the Charities Act 2011 and in 8ccordanc& with the Charities Statement of Recommended Practice (Charities SORP IFRS 102)) and Financial Reporting standard 102 IFRS 102). The financial statements are drawn up on the historical Gost basis of accounting. The Metropolitan Tabemacle is an unincorporated charity and meets the definition of a public benefit entity under FRS 102. The address of the registered office is Metropolitsn Tabemacle, Elephant & Castle, London SE16SD. The financial statements are prepared in steding, which is the functiona5 currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. (b) Going Concarn There are no material uncertainties about the charity's ability to continue. (c) Income Voluntary income including legacies is accounted for once Ihe charity has entitlement to the income, it is probable the income will be te1Ved and ihe amount of income receivabla can be reliably measured. Investment income and bank interest is recognised on an accruals basis. (dl Expenditure All expenditure is included on an accruals basis. Grants made are accounted for when the commitment is made lo make the paym8rit. Charitable expenditure comprises all expenditure directly related to the objects of the charity. This includes governance costs which represent the cost of compliance with constitutional and statutory requirements. {e} Fixed assets The Metropolitan Tabernacle building and the Surrey Gardens and Surrey Square mission buildings and their associated improvernenls are historic buildings dating back to the mid-nineteenth century, and the original cost of the assets is not available. The Trustees estimate that the original cost of these properties is irnmaterial, and therefore no value has been attributed to them. Fixed assets below an original cost of £2,000 are not capitalised. Where freehold properties are maintained to such a standard that Iheir 6stimated residual value is in excess of their net book value at any time and depreciation is immaterial. no depreciation is charged. ifj Depreciation Depreci8tion is provided on all other tangible fixed assets at rates calculated to write off the cost of each asset over its expected useful life less estimated residual value, over its expected useful life, which in all cases is estimated at four years. (g) Stocks Stocks are valued at the lower of cost and net realisable value. (h) Debtors Loans and other debtors are included at the settlement amount due. Prepayments are valued at the amounl prepaid. Cash at bank Cash al bank is 8 short term highly liquid investrnent with a short maturity of three rnonlhs or less from the date of opening of the deposit. Short-term deposits arè Ihose with a maturity exceeding three monlhs. ti) Creditors and provlslons Creditors are recognised where the charity has a present obligation arising from a pasl event that will probably result in Iha transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
METROPOLITAN TABERNACLE (12) Notes lo the Flnanclal Statements for the Year ended 31 December 2024 (Cont.) 2024 2024 Unreslricled Restricted 2024 Total 2023 2. Donatlons and legacies General Donations Donations for missionaries & special appeals Collections Thanksgiving Fund Legacies 284,824 2,000 155,012 118,891 286.824 15S,012 1.235,629 122.385 114.798 103,776 108.482 1.251.373 76,106 114,360 1654 097 1,116,738 122.385 798 1524 745 114,000 389 903 3. Investment income Bank and other interest Rent 27,242 35.587 159 27,401 35,587 18,917 36,995 159 4. Income from charitable activities Bookshop & other sales income Seminary fee income School of Theology receipts 87.050 6,625 1.752 87,050 6,625 1,752 91.475 1,521 1.485 5. Grants payable in furtherance of charity's obJe¢tlves Grants to indivtduals 17,763 14,106 31,869 57,220 6. Other Sales Expenses Wages and Salaries (See Note 91 Sales Carriage Costs 43,550 14,321 43,550 14,321 41,245 13,755 7. Costs of other a¢tivities In furtherance of thg charItS objects {al Provision of ministry & outreach.. Wages & Salaries (See Note 9) Visiting preachers & organists School of Theology expenses Catering costs Sunday School expeTrses Payments lolfor missionaries Literature & Translation costs Outreach costs 644.662 4.378 9.469 31,315 49,868 26,500 7,805 126,758 900 755 644,662 4,378 9,469 31,315 49,868 331,251 7,805 126,758 1205 506 601,177 2,270 3.705 25.651 27,810 291,712 4,481 96.763 1 053 569 304,751 304 751 (b) Support costs.. Equipment repairs and ieplacements Tabernacle premises costs Other properties expenses Light and Heal Telephone Manse expenses Bus expenses Depreciation charges Motor and travel expenses 18,119 78,972 16.733 46.549 5,095 8,609 67,772 30.269 107 272 225 18,119 78.972 16.733 46,549 5,095 8,609 67.772 30,289 107 272 225 129.432 68,956 23.034 60.743 5,041 10,371 60,654 10.030
METROPOLITAN TABERNACLE (13) Noles to the Financial Statements for the Year ended 31 December 2024 (ConL) 2024 2024 Unrestricted Restricted 2024 Total 2023 Total 8. Admlnistration Postage & Photocopying Office expenses Rubbish collection Cleaning supplies Bank charges Subcontract administration Miscellaneous expenses Audit costs Accountancy fee paid lo auditor 9,349 34.197 11,842 16.875 7,502 1,912 10,225 6,720 2,160 118235 9,349 34,197 11,842 16,875 7.506 1,912 10,225 6,720 2,160 118 239 14,767 14,061 11,395 21,150 9.825 1,568 10,367 5,551 2.040 9. Slaff Costs Wages and Salaries National Insurance costs Pension contributions 621,669 51,561 14.982 688 12 621.669 51,561 14,982 688 212 580,378 46,734 15,310 642 422 Included in wages is a redundancy payment of £8,160 (2023- £7,450). Contributions to a pension fund for the benefrt of employees were made during the year. The average number of employees was 26 (2023: 24). No employee eamed £60,000 or more. None of the Elders and Deacons r8ceived any reimbursed expenses in their capacity as truste8S. The following Elders and famlly members of Trustees received remuneration for services provided to the church= Dr P M Masters £21,880 MrCMLaws £7.593 Mr A Onojobi £41.742 Mrs H M Compston £33,827 These rureS include Employels Nl and Pension Contributions. This remuneration is permitted by clause 9 of the Constitution. 10. Flxed Assets Motor Computer Vehicles E ui Other Furniiure Total Cost Brought fOard Additions Disposals Carried fOard 212,033 175.613 166.922 320.724 23,637 146,933 70.200 452,803 175,613 66,922 561,494 23,637 146,933 70,200 De eciation Brought fonNard Charge for the Year Disposals Carried forward 212,033 24,333 {66,922 169.444 23,637 146,933 52,392 5,936 434,995 30,269 166,922 398,342 23,637 146,933 58.328 Net Book Valua, 3111212024 151,280 11,872 163,152 Net Book Value, 3111212023 17,808 17,808
METROPOLITAN TABERNACLE {14> Notes to the Financial Statements for the Year ended 31 December 2024 (Cont.) 2024 2024 Unrestricted Restricted 2024 Total 2023 Total 11. Stocks Bookshop stock Lessons for Life Visual Aids 21,600 23,969 21,600 23,969 9,236 17.454 12. Debtors Tax recoverable on income Oiher debtors Floats and Loans Prepaymenls & accrued income 20,212 152,743 72,175 75,155 320 285 2,868 23,080 152,743 78,175 75,155 329 153 23,691 77.345 69,667 65.476 236 179 6,000 13. Credltors Other creditors Other laxation and soclal security Amount due lo Metropolitan Tabernacle Manse Charity Accnjals and deferred income 3,336 13,334 1,062 43.385 3,336 13,334 1,062 43,385 3,505 13,628 1,062 17,558 14. Related party transactions Some of Ihe trustees of tho Tabernacle are also tnjstees of the Metropolitan Care Charity, the Melropolitan Tabernacle Manse Charity and the Wakeman Trust. There were no transactions with any of these charities during the year. An outstanding balance with the Manse Charity is disclosed in Note 13. The aggregate value of unconditional donations made by the trustees to the church in the year wa5 £100.288 (2023.. £109,182). 15. Finan¢lal commitments During the year, the Melropolilan Tabernacle made operating lease paymenls of £2,935 which are recognised as an expense. The future minimum lease payments under non-cancellable operating leases are as follows.. a) nol later than on8 year.. £4,714., b) later than one year and not later than live years.. £14,154.
METROPOUTAN TABERNACLE (15) Notes to the Financlal Ststements for the Year ended 31 December 2024 (Cont.) 16. Unrestricted Funds The analysis of the unrestricted funds during the year is shown below.. Movemenl in Resources Transfers Incomi Out oin g between Funds Fund Name Blf CM 2024 General Fund Special Resources Fund Tabemacle Bookshop Lilerature Ministry Fund Audio-video Ministry Fund Legacy Fund Exceptional Projects Fund 709.723 1,524,617 11.307.929) 15.596 1116) {103.238) 18.511) 11,773) 1122.0081 804.403 15,969 7,397 87,177 408 43 2,902 452 349,200 61,223 127,295 9,000 1,205.124 1.683.001 23,458 8,060 490 2,071 410,423 136,295 1.376.558 1,421,567 90,000 2023 Gener81 Fund Special Resources Fund Tabernacle Bookshop Literature Ministry Fund Audio-video Ministry Fund Legary Fund Exceptional Projects Fund 598,669 1,459,519 (1,258,440) 15.403 373 11801 6,189 86.473 (103.8871 4,408 (8.4501 2.453 662 (4,5631 295,265 53.935 135,921 150 1,053.900 1.605.520 190,025) 709,723 15.596 11,225 4,450 4.350 408 2,902 349,200 127,295 1.205.124 8,776 1,384,296 70,000 Transfer5 from the General Fund lo the other funds represent General Fund SUPFQrt for these activities. The purposes of the unrestricted fvnds are as follows.. General Fund To finance the Tabernacle's main objectives and a¢VItIeS. S erial Resources Fund For Ihe stewarding of an extraordinary leg8Gy to special projects tn the furthefan of the Tabernacle's major objectives. Tabemade Booksho Fund To operate the Christian boc*kshop siied al the Tabernacle. whlch promotes the Tabemade's malor oblectives by the sale of sound Christian literature. Literature Fund To promote the Tabernacle's major objectives by the circulation ol the"Sword and Trowel" magaane. and other lileralure. Audio-video Minist Fund To promote the Tabemade's major objectives by thè circulaiion of recordings ofTabemade me5S8ges, in both audio and video fomiats. Le Legathe5 Used to finance the Tabemade's main objectives and activities. Exce tsonal Pro e¢ts Fund To finance projects In accordance with the Tabernaele's major obÉectSves. as enabled by particular donaElons or income beyond the budget plans.
METROPOUTAN TABERNACLE 116) Notes to the Financial Statements for the Year ended 31 December 2024 (ConL) 17. Restridod Fund$ The analysis of the reslricted funds during the year is shown below: Movement in Resources Incomin Out oin Transfers between Funds Fund Name Blf cff 2024 Russian Literature Fund LRBS Fund Missionary Support Fund Loan Building & Reserve Fund Myanmar Fund Disaster Relief Fund Nepal Relief Fund 1,507 14,206 83,755 18,469 507 568 1546} 118466 1,507 14,206 241,707 20,628 S07 568 544 279 667 386,813 2,159 1318.861) 90,000 1,090 390 062 318861 2023 Russian Literature Fund LRBS Fund Missionary Support Fund Loan Building & Reserve Fund Myanmar Fund Disaster Relief Fund Nepal Relièf Fund 1.507 14,206 103.598 18.373 507 11.568 796 148 963 1,507 14,206 83,755 18,469 507 568 546 118 466 196,624 96 (288.4671 70,000 111,0001 250 198 970 299 467 The purpose of the restricted funds is as follows.. Russian Literature Fund To finance the supply of Christian literature in the Russian language. London Reformed B8 isl Semina LRBS Fund To assist overseas seminarians who have attended the London Refomied Baptist Seminary. Missiona rt Fund Monies received from donor5, reslricled lo overseas ministry support. Loan Buildin & Resarve Fund To assist, by gift or loan, in the building, enlargemenl or repair of places of divine worship belonging to the Particular or Calvinistic Baptist Denominalion. nmar Fund To assist the spreading of the gospel in Myanmar (Burma). Disaster Relief Fund To assist the relief of Christian communities in areas struck by natural disasters around the world. Ne l Relief Fund To assist the relief of Christian communities in areas struck by natural disaster in Nepal.