2020-12-31-accounts

			Pages
Reference and administrative details
Report ofthe Trustees			2-7
Auditor's Report			8-9
Consolidated Statement	ofFinancial	Activities	10
Consolidated Balance Sheet
Consolidated Statement	ofCash Flows		12
Notes to the Consolidated	Accounts		13-21

Registered address and	9—23 Marsham Street
principal office:	London
	SWIP 3DW
Chairman:	Senior Pastor Peter Yee Kong Loo
Treasurer:	Mr Andy Tham
Other council Members:	Mrs Naomi Phoo-Par
	Mr Robert Prosper
	Ms Francesca Hammond
	Mr Benjamin Cheong
	Mr Patrick Pope
	Mr Richard Hindley

Auditors:	Geary Partnership	Geary Partnership
	Chartered	Accountants
	159aChase Side
	Enfield
	Middlesex
	EN2 OPW

					Total	Total
		Unrestricted	Restricted	Revaluation	funds	funds
		funds	funds	reserve	2020	2019
		5	5	5	5
INCOME AND EXPENDITURE
Income from:
Donations and legacies (Note 2a)		620,315	79,778		700,093	735,260
Other operating activities	(Note 2b)	287,653			287,653	1,023331
Investments (Note 2c)		487			487	316
Grants (Note 2d)		241,227			241,227
Total Income		1,149,682	79,778		1,229,460	1,758907
Expenditure on:
Raising funds (Note 3a)		660,075			660,075	767,370
Charitable activities (Note 3b)		783,740	92,816		876,556	906,520
Total Expenditure		1,443,815	92,816		1,536,631	1,673,890
Net Income/(Expenditure)
before Taxation and Transfers		(294,133)	(13,038)		(307,171)	85,017
Taxation (note 4)		20,770			20,770	(20,770)
Transfers between funds	(note 12)	40,755	48,718	(89,473)
Net Income/(Expenditure)	for the year	(232,608)	35,680	(89,473)	(286,401)	64&7
Net Movement in Funds		(232,608)	35,680	(89,473)	(286,401)	64,247
RECONCILIATION OFFUNDS
Total Funds brought forward
at 1 January 2020		5,182,066	63,498	8,947,301	]4,192,865	14,128,618
Total Funds carried forward
at31December 2020		f4,949,458	599,178	5$,$57428	513,906,464	514,192,865

			2020	2020	2019	2019
			Group	Church	Group	Church
Fixed assets
Tangible fixed assets	(note 6)		14,453,736	14,440,353	14,647,961	14,637,256
Investments (note 7)				2		2
			14,453,736	14,440,355	14,647,961	14,637,258
Current assets
Stock			1,500		1,500
Debtors (note 8)			137,628	245,400	182,397	235,860
Cash at bank and in hand			333,945	257,359	470,441	223,848
			473,073	502,759	654,338	459,708
Creditors: amounts	falling due
within one year (note 9)
Creditors and accrued	expenditure		(125,365)	(82,742)	(236,924)	(132,515)
Net current assets			347,708	420,017	417,414	327,193
Total assets less current		liabiTities	14,801,444	14,860,372	15,065,375	14,964,451
Creditors: amounts	falling due
after more than one	year	(note 10)	(894,980)	(845,813)	(872,510)	(872,510)
Net assets			f13,906,464	f14,014,559	814,192,865	f14,091,941
Funds
Unrestricted funds:
General fund			4,949,458	5,057,553	5,182,066	5,081,142
Revaluation reserve	(note 11)		8,857,828	8,857,828	8,947,301	8,947,301
			13,807,286	13,915,381	14,129,367	14,028,443
Restricted funds (note	12)		99,178	99,178	63,498	63,498
			813,906,464	g14,014,559	814,192,865	f14,091,941

				2020	2019
			Notes	g
Net cash (utTiised in)/provided	by operating activities		14	(84,437)	387,588
Cash flows from investing activities:
(Purchase) offixtures, iittings and equipment				(36,449)	(8,734)
Cash (used in) investing activities				(36,449)	(8,734)
Cash flows from financing activities
Receipt ofnew bank burruwings	and HP finance			70,396
(Repayment) ofbank burrowings	and HP finance			(86,006)	(86,987)
Cash (used in) financing activities				(15,610)	(86,987)
(Decrease)/increase in cash and	cash equivalents	in the	year	(136,496)	291,867
Cash and cash equivalents at the	beginning ofthe year			470,441	178,574
Total cash and cash equivalents	at the end ofthe year			f333,945	f470,441

					Total	Total
			Unrestricted	Restricted	funds	funds
			funds	funds	2020	2019
			g	g		K
a.	Raising funds
	Staffcosts		359,815		359,815	484,789
	Rent and events costs		274,577		274,577	228,053
	Depreciation/amortisation		25,683		25,683	54,528
			5660,075		5660,075	5767,370
b.	Charitable activities
	Pastoral staff costs		390,881		390,881	382,601
	Other staff costs		43,431		43,431	42,022
	Mission and relief			60,584	60,584	88,672
	Office overheads		27,612		27,612	29,970
	Upkeep ofpremises		3,293	28,132	31,425	131,185
	Depreciation/amottisation		204,992		204,992	27,689
	Gifts and honoraria		8,005	4,100	12,105	30,749
	Interest payable on mortgage	loan	22,570		22,570	26,976
	Other expenditure		79,956		79,956	144,256
			780,740	92,816	873,556	904,120
	Governance costs
	Auditors' remuneration		3,000		3,000	2,400
			f783,740	f92/16	g876/56	f906,520
c.	Support costs (included above)
			Raising	Charitable	Total	Total
			funds	activities	2020	2019
				g	g	g
	Staff costs			434,312	434,312	424,623
	Office overheads			27,612	27,612	29,970
	Upkeep ofpremises			31,425	31,425	131,185
	Depreciation/amortisation		25,683	204,992	230,675	82,217
	Interest payable on mortgage	loan		22,570	22,570	26,976
	Governance costs			3,000	3,000	2,400
	Other expenditure			79,956	79,956	144,256
			f25,683	K803467	f829,550	5841,627

	d. Employees
						2020	2019
	The average number ofemployees			during the year was:
	Management and administration		ofthe Charity			37	42
	Number ofstaff for whom retirement benefits are				accruing
	under money purchase	pension	schemes			21	26
	Staff Costs:
	Staff and helpers					681,528	773,084
	Employer's Nl contributions					50,478	60,751
	Pension contributions					62,121	75,577
						%794,127	f909,412
	No employees earned	f60,000	p.a.or more.
4.	Taxation
						2020	2019
						g	g
	Corporation tax (credit)/charge		on	the loss/profit	for the year of
	the Church's trading	subsidiary		Ce 19%(see note 7)		X(20,770)	X20,770

	2020	2019
	g
Total income	849,516	959,972
Total expenditure	(926,898)	(1,019,089)
Net income/(expenditure)	X(77,382)	X(59,117)

Group	Freehold	Long	Fixtures
	property and	leasehold	fittings and
	improvements	property	equipment	Total
	K			K
Cost or valuation
Balance at01.01.2020	12,784,715	1,600,000	1,388,818	15,773,533
Additions			36,449	36,449
Balance at31.12.2020	K12,784,715	K1,600,000	K1,425,267	K152109,982
Depreciation/amortisation
Balance at01.01.2020			1,125,572	1,125,572
Charge for the year	127,847	16,000	86,827	230,674
Balance at31.12.2020	K127,$47	K16,000	Kl+12$99	K1356,246
Net BookValue at31.12.2020	K12,6562168	Klg$4,000	K212,868	K14,453,736
Net BookValue at31.12.2019	K12,784,715	K1,600,000	K263,246	K14,647„it61
Church	Freehold	Long	Fixtures
	property and	leasehold	fittings and
	improvements	property	equipment	Total
		K
Cost or valuation
Balance at01.01.2020	12,784,715	1,600,000	1,373,379	15,758,094
Additions			26,614	26,614
Balance at31.12.2020	$12,784,715	K1,600,000	K1399,993	K15,784,708
Depreciation/amortisation
Balance at01.01.2020			1,120,838	1,120,838
Charge for the year	127,847	16,000	79,670	223,517
Balance at31.12.2020	K127,847	K16,000	K1400„i108	K1344355
Net BookValue at31.12.2020	K12,6562168	K14$4,000	K199,485	K14,440353
Net BookValue at31.12.2019	K12,784,715	K1,600,000	K252441	K14,637456

Unlisted investment,	at cost:
At 01.01.2020 and	31.12.2020

in England and Wales on 12 November 2015 and comm EECTrading Limited are summarised below:	enced trading operations on	1 January 20
	2020	2019
Total income	454,944	1,061,719
Total (expenditure)	(684,733)	(917,585)
Profit/(loss) for the year before taxation	(229,789)	144,134
Tax credit/(charge) on the profit for the year	20,770	(20,770)
Total assets at 31 December	136,184	355,815
Total (liabilities) at 31 December	(244,277)	(254,889)
Share capital and reserves at 31 December	(108,093)	100,926

Debtors
						2020	2020	2019	2019
						Group	Church	Group	Church
Trade debtors						31,226		90,123
Other debtors, prepayments		and		accrued	income	106,402	92,913	92,274	85,380
Amounts due from subsidiary			undertaking		(note 7)		152,487		150,480
					8137,628		K245,400	f182/97	f235,860
Creditors: amounts	falling		due
within one year						2020	2020	2019	2019
						Group	Church	Group	Church
								K
Trade creditors						14,970	13,578	26,459	17,219
Accruals and other creditors						43,035	3,000	44,219	4,439
Corporation tax								20,770
Other taxation and social security						363		40,399	5,780
Mortgage loan (secured) (current				portion)	(note 10)	39,094	39,094	48,811	48,811
Other loans						21,105	20,272	56,266	56,266
Obligations under hire purchase				(current	portion)	6,798	6,798
					f125,365		K82,742	8236,924	5132i(15

							2020	2020		2019	2019
							Group	Church		Group	Church
Obligations under hire purchase		(long-term
portion)							8,498	8,498
Mortgage loan (secured):
Payable within 1-2years Payable within 2-5 years							44,400 131,400	44,400 131,400		51,379 170,362	51,379 170,362
Payable after more than	5years					661,515		661,515		647,497	647,497
Otherloans						845,813 49,167		845,813 —		869,238 3,272	869,238 3,272
						X894,980		8145,813	f872410		8172,510
The above mortgage loan	was granted			on 24 February			2015 and	is repayable	over	20 years	at variable
interest rates.
Revaluation reserve
Year ended 31December	2020:
Group and Church
Balance brought forward Less: Depreciation ofuplift on revaluation					offreehold		property				8,947,301
and improvements								81,483
Amortisation ofuplift on		revaluation			oflong	leasehold
property								7,990
											(89,473)
Balance carried forward										88,857,828
Year ended 31December	2019:
Group and Church
Balance brought forward, as previously stated Restatement ofuplift arising on revaluation offreeho(d											8,821,227
and long leasehold properties		on 24	July		2018:
as previously stated								6,982,976
Reclassification ofroof maintenance				expenditure				126,074			126,074
as restated								7,109,050
Balance brought forward,	as restated,		and balance carried forward							X8,947401

Year ended 3/ December 2020:
			Covid-19		Mission	Total
Group and Church			Relief	Roof	and Relief	restricted
			Fund	Fund	Fund	funds
Balance brought forward Incoming resources for the year			34,064	45,414	63,498	63,498 79,778
Outgoing resources for the year Transfers (to)/from General Fund			(4,100)	(28,132) (17,282)	(60,584) 66,000	(92,816) 48,718
Balance carried forward			f29864		f69414	f99,178
Year ended 31December 2019r
					Mission	Total
Group and Church				Roof	and Relief	restricted
				Fund	Fund	funds
Balance brought forward, as previously stated Reclassification ofroof maintenance expenditure Transfer from General Fund			in 2018	101,055 (126,074) 25,019	63,401	164,456 (126,074) 25,019
Balance brought forward, as restated					63,401	63,401
Incoming resources for the year				63,919	269	64,188
Outgoing resources for the year Transfers from General Fund				(114,134) 50,215	(88,672) 88,500	(202,806) 138,715
Balance carried forward					%63,498	X63,498

Reconciliation ofnet movement	in funds to	net	cash	2020	2019
from operating activities
Net movement in funds Add back: Depreciation and amortisation charge				(286,401) 230,674	64,247 82,217
(Increase) in stock Decrease in debtors				44,769	(600) 182,370
(Decrease) in creditors excluding	bank borrowings		and hire purchase	(73,479)	59,354
Net cash (utilised in)/provided	by operating	activities		g(84,437)	5387,588