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





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|Registered address and|9—23 Marsham<br>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||





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||||||Total|Total|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Revaluation|funds|funds|
|||funds|funds|reserve|2020|2019|
|||5|5|5|5||
|INCOME AND EXPENDITURE|||||||
|Income from:|||||||
|Donations<br>and legacies (Note 2a)||620,315|79,778||700,093|735,260|
|Other operating<br>activities|(Note 2b)|287,653|||287,653|1,023331|
|Investments<br>(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<br>on:|||||||
|Raising funds (Note 3a)||660,075|||660,075|767,370|
|Charitable<br>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<br>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<br>in Funds||(232,608)|35,680|(89,473)|(286,401)|64,247|
|RECONCILIATION<br>OFFUNDS|||||||
|Total Funds brought<br>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|





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||||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<br>(note 7)||||2||2|
||||14,453,736|14,440,355|14,647,961|14,637,258|
|Current<br>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<br>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<br>funds:|||||||
|General fund|||4,949,458|5,057,553|5,182,066|5,081,142|
|Revaluation<br>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|






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





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||||||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<br>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<br>costs||||||
||Auditors'<br>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<br>on mortgage|loan||22,570|22,570|26,976|
||Governance<br>costs|||3,000|3,000|2,400|
||Other expenditure|||79,956|79,956|144,256|
||||f25,683|K803467|f829,550|5841,627|





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



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||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)|





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|Group|Freehold|Long|Fixtures||
|---|---|---|---|---|
||property<br>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|





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|Unlisted<br>investment,|at cost:|
|---|---|
|At 01.01.2020 and|31.12.2020|



|in England<br>and Wales on 12 November<br>2015 and comm<br>EECTrading Limited are summarised<br>below:|enced<br>trading<br>operations<br>on|1 January 20|
|---|---|---|
||2020|2019|
|Total income|454,944|1,061,719|
|Total (expenditure)|(684,733)|(917,585)|
|Profit/(loss)<br>for the year before taxation|(229,789)|144,134|
|Tax credit/(charge)<br>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|



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|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<br>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<br>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<br>under hire purchase||||(current|portion)|6,798|6,798|||
||||||f125,365||K82,742|8236,924|5132i(15|





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





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



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|Reconciliation ofnet movement|in funds to|net|cash|2020|2019|
|---|---|---|---|---|---|
|from operating<br>activities||||||
|Net movement<br>in funds<br>Add back: Depreciation<br>and amortisation<br>charge||||(286,401)<br>230,674|64,247<br>82,217|
|(Increase) in stock<br>Decrease in debtors||||44,769|(600)<br>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|



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