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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 08864205 (England and Wales) REGISTERED CHARITY NUMBER: 1160372

REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 FOR JUBILEE CHURCH LONDON LTD (GROUP)

Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

JUBILEE CHURCH LONDON LTD (GROUP)

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2021

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 10
Consolidated Statement of Financial Activities 11
Consolidated Statement of Financial Position 12
Statement of Financial Position – Jubilee Church London Ltd only 13
Consolidated Cash Flow Statement 14
Notes to the Consolidated Cash Flow Statement 15
Notes to the Financial Statements 16 to 30

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The church is established to:

Live out the Great Commandment of God and carry out the Great Commission of our Lord Jesus Christ. To advance the Christian Faith according to our statement of beliefs and in accordance with the Bible. To relieve persons who are in conditions of need or hardship.

To promote other such charitable purposes beneficial to our local community, the United Kingdom at large and other parts of the world

In order to measure outcomes against the church’s objectives, the church uses criteria such as attendance at services and small group meetings, attendance at training programmes, number of visitors and number of lives impacted through the various community projects etc.

Public benefit

The charity's trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission. In planning the activities for the year, the trustees ensure that this is in line with this guidance.

The majority of the Church’s events and activities are available free of charge to the members of the community and are widely publicised in local media. Events are also widely publicised via social media and members of Jubilee are encouraged to invite family, friends, neighbours and colleagues. When a charge has to be made, every effort is made to ensure it is accessible to anyone who wishes to attend with a certain percentage of tickets being issued as complimentary tickets to ensure finance will not be a barrier to potential attendees. Members of the Church are also encouraged to buy tickets for those members of the community that are unable to afford one.

Contribution made by Volunteers

We recognise the valuable contribution volunteers make to enable the vision and values of the church. Volunteers bring many new skills, knowledge and enthusiasm, adding a refreshing perspective to the work of Jubilee Church London. Volunteering also helps build a more cohesive, safer, stronger community; strengthens the ties between the church and its community and promotes people to be more active in civic engagement.

Many roles within the church are fulfilled by volunteers. Indeed the church could not function without its 850+ volunteers. This last year, with the outbreak of the pandemic, the importance of our volunteers was highlighted more than ever. We are grateful to the hundreds of new volunteers, from both within the church family and outside the charity, who signed up and helped us deliver the much needed services provided by our various social action projects e.g. the Foodbank project, Fuelbank project, Project M6:8 etc.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

While this has been a challenging year with the pandemic and various periods of lockdowns, we are very encouraged by the good work that has been carried out throughout the year and for the general health and strength of the charity.

In particular, this has been a year where the charity has helped more people than any previous year and carried out more work within the community than on any other occasion

Although the members have not always been able to meet in person, we are able to say that:

We have seen significant engagement by way of Community and Family. Mid-week small group attendance was very high during the year (62% higher than the previous year). Small Groups became a lifeline for many by way of practical, spiritual, emotional and mental support. Our many small group leaders and coaches are to be commended for the swift transition to online small groups and for consistently pastoring the members within their small groups

Page 1

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

We have continued to be a people of Worship and Prayer. Online Sunday services continued every Sunday and were very well attended by members throughout the lockdowns. The addition of online services also allowed for many new people throughout the nation to join in with Sunday Worship. Friday night prayers continued throughout the lockdowns and a particular highlight was the 21 days of Prayer and fasting in January 2021 which saw over 500 people login each morning and 800 people each evening.

With regard to Mission and serving those in the Community beyond ourselves this year saw an incredible increase in the work of the Foodbank that operates in Jubilee Central. In addition to this, five new community projects were birthed as a direct response to the needs and challenges faced by members of the community in London. These include Fuelbank, M6:8, Re-Work, School Uniform Project and Laptop Project.

Selected highlights of our achievements this year include:

Sunday Services : This year, due to Covid 19, the church like many other churches and institutions moved its services to an online platform. All the sites shut down in line with government guidance. The first online service on 22nd March 2020 saw over 1,500 viewers, as members from across all the sites transitioned to the online platform. This rose to over 2,000 views of the online live service at the 2021 crossover service. It is worth pointing out that these numbers collate concurrent views and so a single view will sometimes represent more than one person – eg a family attending together. The pandemic and the transition to online services opened the door to people joining the church from all over the world. We had people joining the services from Africa, Australia and America as well as various parts of the UK. The church Youtube subscription has grown from 1,200 at the start of the pandemic in March 2020 to over 5,500 in March 2021, a growth of 360%.

The Young Adult demographic continues to go from strength to strength within Jubilee Church. Many of those who have joined the church within the year would be young adults. The community is growing, leaders are being established and many of the key positions of serving and leading within the life of the church are being carried out by Young Adults

The Youth ministry has flourished throughout the year. New and creative online services were created such as the weekly “Youth instagram live” which have proved incredibly popular with the youth and also helped keep connections and relationships strong with over 100 attending each week. The youth also launched weekly mid-week small groups that have been a significant improvement by way of engagement and discipleship within the youth ministry.

The Children ministry also transitioned online with kid friendly services produced every week to allow children to continue to engage with church and each other from home. Again small groups were established for this age group which proved to be very beneficial throughout the lockdown

The Sunday adult preaching series through the year starting from the 8-part series on "Bridging the Gap" in April 2020 to SENT series in March 2021, helped to strengthen and encourage church members throughout this challenging year. Members were encouraged to take care of others within their neighbourhoods and community. Other teaching series include Foundations, The Real Jesus, New Beginnings and True Wisdom. The church also engaged with the social justice matter of “black lives matter” following the murder of George Floyd in America. In particular many people and churches found the talk by Pastor Tope entitled “Race, Reconciliation & the Gospel” an insightful and timely message.

Small Groups met weekly virtually across various homes and locations around London and the surrounding areas. Small groups are the building blocks of the Church, and are where people connect and belong, cultivate meaningful friendships and grow in Christ together. We believe our Small Groups to be the backbone of the church and people are best served and discipled through the small groups. This year saw attendance increase by over 62% with the advent of the pandemic and the transition to an online platform in March 2020. In the course of the year, 380 people joined a Small Group for the first time. Our Small groups successfully transitioned online from the first week of the pandemic.

The first Growth track event of the year was held via zoom in January 2021. This is an event for new members to the church to help them get integrated into the life of the Church. This like all other events in the life of the church had come to a halt in February 2020.

SOCIAL ACTION AT JUBILEE ,

Mission is at the heartbeat of the Church and our vision is to help those beyond ourselves wherever we identify a need. Significant work was carried out in the year to support, help and empower people in need:

Foodbank

The North Enfield Foodbank, run by Jubilee Church in partnership with the Trussel Trust, continued to operate every week from Jubilee Central. It provides emergency food for families in need in the London Borough of Enfield. It also signpost clients to relevant organisations in order to help them out of the crisis they are in.

The outbreak of the pandemic in March 2020 and the subsequent lockdown later that month, led to an unprecedented need for the services of the Foodbank with a 142% increase by April 2020. We also saw a vast increase in volunteers to match the

level of service needed (up to 200 volunteers served at the Foodbank). There was also generous support by way of food and resources from individuals and organisations from within Enfield in recognition of the critical work being carried out by the Foodbank.

Page 2

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE

Foodbank contd:

A summary of our activities and provision this year is as follows:

Number ofpeople fed 21,238(11,821 adults and 9,417 children)
Number of mealsprovided 191,142(112% increase on lastyear)
Tonnes of Foodprovided 209 tonnes
Number of Partner Agencies
who distributed vouchers		 198
Number of organisations who
donated food (excluding
individuals)		 158
Number of Volunteers 200

This year, we also launched a delivery service to homes in order to help people who were unable to leave their homes. Over 1000 home deliveries were made in the year.

Enfield Debt Center

The service, set up to help bring solutions to individuals and families in financial difficulties, started in February 2018 with 3 trained advisers and by June 2020, about 10 volunteers were trained as advisers, 8 of whom went on to volunteer within the service. It is open to clients every Tuesday, Thursday and Saturday from 11.00am to 3.00pm and offers debt advice, budgeting and general advice with a view to making referrals as and when needed.

Like most other services, it temporarily closed down from April 2020 to September 2020 as a result of the pandemic, however, we continued to support 9 existing clients over this period. The service later transitioned to offer online services to new clients in October 2020. The Centre continues to grow from strength to strength.

This year, we assisted a total of 43 people referred to us from various services like the Foodbank, organisations within the London Borough of Enfield, and other debt support agencies like StepChange and Christian Against Poverty (CAP). We trained eight debt advisors to be ready to help people in February 2020, however, due to the pandemic and the national lockdown, the service was closed till October 2020. Altogether, 34 new clients were helped in 2020 upon our reopening in October. Of these, 22 were one-off support visits, while 12 required on-going full support.

Page 3

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

Enfield Debt Center contd:

A breakdown summary of the one-off support visit is as follows :

New Clients
April – Sept 2020 COVID
Oct 2020 4
Nov 2020 1
Dec 2020 1
Jan 2021 2
Feb 2021 7
March 2021 7

The M6:8 Project (Domestic Abuse Crisis Support)

This service was set up in October 2020 as a direct response to the increased number of domestic abuse cases as a result of the lockdown. Its aim is to provide support for anyone fleeing from domestic abuse as well as raising general awareness of domestic abuse. The service not only offers emotional support, but also the practical support of moving and re-housing of victims. It currently has one full time member of staff and 6 volunteers.

From its inception in October 2021 to March 2021:

Number of New Clients Total number of people in new
helped
 household helped
Oct 2020 28 108
Nov 2020 13 40
Dec 2020 14 48
Jan 2021 14 47
Feb 2021 19 51
March 2021 19 66

The School Uniform Project

This project, launched in December 2020, was set up by the church to provide support to families in the Enfield school community struggling to provide appropriate school uniforms for their children. 10 schools signed up for the project. Families are referred by their school for a school uniform voucher. The first referral was received on 7[th] January. Despite the lockdown and most schools remaining closed, by 31[st] of March 2021, a total of 15 referrals had been received from 5 different schools.

Enfield Fuelbank

Working in partnership with the Fuel Bank Foundation (charity number 1175049), the Enfield fuel bank was launched in February 2021 to help as many people as possible benefit from fuel crisis support so that less people are left without access to domestic gas and electricity. Jubilee Church, through its fundraising, provides the funds for the project. Referrals come from various third party organisations including the North Enfield Foodbank and Enfield local authority.

Page 4

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE

For the 5 weeks period from inception to March 2021, a total of 18 referrals were received and fulfilled. A total of 56 people were helped, (25 adults and 31 children)

The Re-work Project

Re-Work is a free 6-weeks online Employment support course provided by trained coaches. We ran our pilot course in December 2020 with 1 staff member and 1 volunteer. A second course was run in February 2021. For the Pilot course, six people completed the course. five of these have now gained employment. For the second course : eight people completed course, seven of whom had gained employment by the end of March 2021

Some of the testimonials from the program include:

The Laptop Project

The Laptop Project was born in response to the closing of schools during the pandemic and the subsequent transition to remote learning. We recognized that a lot of children from struggling families did not have access to laptops to enable them to engage properly with their school lessons. This disparity meant that children from already disadvantaged backgrounds were falling further behind in attainment compared to their more privileged mates. We gave out 80 devices to schools and Jubilee Families directly from January 2021 to March 2021. Below are a few testimonials from schools, families and children:

Page 5

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE

Bishops Stopford School : I wanted to write to you personally to thank you, and all of those in your congregation, for the donations we have received from your church over the period of the pandemic. Your donations have made a huge difference to some of our most disadvantaged students. The donations have supported us in ensuring that all of our children have fair access to remote learning and digital technologies.

Various Families

Student

FINANCIAL REVIEW

Income

Income is recognised once the charity has an entitlement to the fund, it is probable that it will be received and it can be reliably measured. Despite the pandemic and the resulting financial impact on individuals and businesses, the total consolidated income at £3mil was almost at par with last year (£3.07mil). This can be attributed to the commitment and generosity of members in Tithes and Offerings, as well as the heart of members to continue the vision of the charity and to reach out to those of our community impacted by covid-19. We also received about £117K of new grants from various charitable organisations as part of the covid-19 response.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation to it or it is probable that a transfer of economic benefit will be required in settlement and it can be reliably measured.

Total consolidated expenditure decreased from £2.24mil in 2019/20 to £1.72mil. This is a fall of 23%. This one off decrease can be directly attributed to the impact of the lockdowns which meant rent was not payable on Sunday hires and other associated costs that reduced due to the decrease in activities. We expect this to reverse as soon as lockdowns are concluded.

Total group surplus for the year was £1.28mil, which is about 48% higher than last year. This is largely due to the one-off decrease in expenditure as stated above.

Income and Expenditure Summary

Page 6

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2021

Investment policy

Funds over and above immediate needs are invested over a number of banks over a number of different time years ranging from 6 months to 3 years. The Trustees ensure that an appropriate return continues to be obtained. The Trustees take advice related to investments as required. Consideration is also given to ethical and environmental issues and social policies in choosing investment institutions.

Reserves policy

The total financial reserves of the church have been strengthened during the year as the members of the church continue to give generously. Following the pandemic, the trustees reviewed the reserves policy and will now hold as reserves the equivalent of a minimum of six months of operational costs and other committed spending, This, currently amounts to £1.35mil. The balance of free reserves above this amount is to be allocated towards the future building / purchase of a church building.

General reserves at 31 March 2021 were £2.4mil, well in excess of our minimum reserve policy. Income and expenditure budgets are prepared annually and reviewed monthly.

Grant making policy

The charity grants donations to both institutions and individuals as part of the objectives and activities of the charity. There are no upper or lower limits of support. Gifts that are made to individuals represent responses to specific needs and also in support of those working overseas.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Jubilee Church London was incorporated (Private Limited by Guarantee) on 28th January 2014 and later registered as a Charitable Company on 6th February 2015.

Jubilee Church London is a multicultural church based in North London. It is part of the Evangelical Alliance.

Trustees' induction and training

New trustees are appointed from within the church membership and on recommendation from the Pastors and existing trustees. They are individuals who are reliable and active in the life of the church and are committed to its vision and values. The Induction and training is carried out by a delegate of the Chairman using the Charity Commission guidance papers. Formal outside training is also made available to new Trustees.

Existing trustees attend training from time to time to keep up to date with the latest requirements and best practice. In addition, informal learning continues to take place on an on-going basis.

Organisational structure

The trustees meet quarterly and have overall legal and financial responsibility for the Charity and are responsible for approving the budgets and monitoring on-going financial performance against the set budgets. They have delegated the spiritual and strategic leadership and the day to day management of the church to the Pastors. The Pastors oversee the 3 sites and are assisted by the different site pastors.

Key management personnel

Salaries for key management staff are set by the non-salaried Trustees after taking advice from an External Adviser. National comparators are taken into account such as the National school pay scale, alongside individual responsibility levels and performance. The trustees consider the four Senior Pastors to be the key management personnel.

Related parties

Details of related party transactions are disclosed in the notes to the accounts.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.

We rely on the generous and sacrificial giving of the church members to enable our many ministries to be able to continue to operate. As a charity, we also benefit from the tax relief provided by the Government's Gift Aid Scheme which enables us to extend our ministry in the community even more effectively. We shall continue to monitor giving levels and communicate to the congregation the need and our gratitude.

The trustees continued to spread the cash reserves across a number of banks in order to be covered by the Government guarantee against bank failures.

Page 7

JUBILEE CHURCH LONDON LTD (GROUP)

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2021

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08864205 (England and Wales)

Registered Charity number

1160372

Registered office

Jubilee Central 2 Lumina Way Enfield Middlesex EN1 1FS

Trustees

Temitope Koleoso Chairman David Joseph Pask – Resigned 30[th] June 2020 Robert David Muir Ahearn – Resigned 14[th] September 2021 Matthew Legg Peter Okenabirhie – Appointed 30th June 2020 Chico Itoje – Appointed 30th June 2020 Philip Olagunju – Appointed 15[th] October 2021

Company Secretary

Ngozi Omisakin-Adeyela

Auditors

Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt, Hertfordshire EN8 9BH

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Jubilee Church London Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees 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 those financial statements, the trustees are required to

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 to 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 and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Brindley Millen Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on .. 29[th] June 2021 ..... and signed on its behalf by:

................................................................... Matthew Legg - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JUBILEE CHURCH LONDON LTD (GROUP)

Opinion

We have audited the consolidated financial statements of Jubilee Church London Ltd (Group) (the 'parent') and its subsidiary (the ‘group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

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 Auditors responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the consolidated financial statements and our Report of the Independent Auditors thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the group for the purposes of company law) are responsible for the preparation of the consolidated 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 consolidated financial statements, the trustees are responsible for assessing the group'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 group or to cease operations, or have no realistic alternative but to do so.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JUBILEE CHURCH LONDON LTD (GROUP)

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 consolidated 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees and by testing the implementation of accounting controls in place.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries and reviewing any requirements to meet performance targets. We also considered, and tested for, the possibility of unauthorised payments to related parties.

A further description of our responsibilities for the audit of the consolidated financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the group'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 group's members those matters we are required to state to them in an auditors' 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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.

mwbrindley

mwbrindley (Jan 28, 2022 10:32 GMT)

Maurice Brindley BSc FCA (Senior Statutory Auditor) for and on behalf of Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

Jan 28, 2022 Date: .............................................

Page 10

JUBILEE CHURCH LONDON LTD (GROUP)

CONSOLIDATE STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) for the Year Ended 31 March 2021

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Charitable activities
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
Charitable activities
NET
INCOME/(EXPENDITURE)
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds
£
2,574,020
-
6,321
45,243
2,625,584
1,385,960
1,239,624
(656,105)
583,519
695,145
1,278,664		 Designated
funds
£
912
-
-
16,227
17,139
129,651
(112,512)
651,915
539,403
6,225,622
6,765,025		 Restricted
funds
£
325,808
-
-
783
326,591
231,050
95,541
4,190
99,731
178,845
278,576		 31.3.21
Total
funds
£
2,900,740
-
6,321
62,253
2,969,314
1,746,661
1,222,653
-
1,222,653
7,099,612
8,322,265		 31.3.20
Total
funds
£
2,947,681
89,753
11,173
18,999
3,067,606
2,237,532
830,074
-
830,074
6,269,538
7,099,612

The notes form part of these financial statements

Page 11

JUBILEE CHURCH LONDON LTD (GROUP)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 March 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Intangible assets
11
-
Tangible assets
12
77,731
77,731
CURRENT ASSETS
Debtors
14
132,078
Cash at bank and in hand
1,174,675
1,306,753
CREDITORS
Amounts falling due within one
year
15
(105,820)
NET CURRENT ASSETS
1,200,933
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,278,664
CREDITORS
Amounts falling due after more
than one year
16
-
NET ASSETS
1,278,664
FUNDS
18
Unrestricted funds:
General funds
New Building Fund - designated
Missions support
Benevolent fund
Property fund
Pastoral Ministry fund
Restricted funds
TOTAL FUNDS
Th fiil d b h Bd f T
Designated
Restricted
funds
funds
£
£
349,998
-
4,475,776
30,224
4,825,774
30,224
-
-
2,702,286
248,352
2,702,286
248,352
(763,035)
-
1,939,251
248,352
6,765,025
278,576
-
-
6,765,025
278,576

Jan 28, 2022		 31.3.21

Total
funds
£
349,998
4,583,731
4,933,729
132,078
4,125,313
4,257,391
(868,855)
3,388,536
8,322,265
-
8,322,265
1,275,714
3,061,957
302,946
-
3,400,122
2,950
8,043,689
278,576
8,322,265
d id		 31.3.20
Total
funds
£
349,998
4,618,541
4,968,539
100,709
2,919,910
3,020,619
(123,644)
2,896,975
7,865,514
(765,902)
7,099,612
695,145
2,420,838
442,002
6,690
3,356,092
-
6,920,767
178,845
7,099,612
i bhlf b

The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:

............................................. Matthew Legg -Trustee

The notes form part of these financial statements

Page 12

JUBILEE CHURCH LONDON LTD (GROUP) (REGISTERED NUMBER: 08864205) STATEMENT OF FINANCIAL POSITION – JUBILEE CHURCH LONDON LTD ONLY At 31 March 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
77,731
Investments
13
-
77,731
CURRENT ASSETS
Debtors
14
132,078
Cash at bank and in hand
1,174,675
1,306,753
CREDITORS
Amounts falling due within one
year
15
(105,820)
NET CURRENT ASSETS
1,200,933
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,278,664
CREDITORS
Amounts falling due after more
than one year
16
-
NET ASSETS
1,278,664
FUNDS
18
Unrestricted funds:
General funds
Building Fund - designated
Missions support
Benevolent fund
Property fund
Pastoral Ministry fund
Restricted funds
TOTAL FUNDS
Designated
funds
£
4,163,158
350,000
4,513,158
380,660
2,702,286
3,082,946
(763,036)
2,319,910
6,833,068
-
6,833,068
Restricted
funds
£
22,070
-
22,070
40,698
248,352
289,050
-
289,050
311,120
-
311,120		 31.3.21

Total
funds
£
4,262,959
350,000
4,612,959
553,436
4,125,313
4,678,749
(868,856)
3,809,893
8,422,852
-
8,422,852
1,275,714
3,130,000
302,946
-
3,400,122
2,950
8,111,732
311,120
8,422,852		 31.3.20
Total
funds
£
4,258,885
350,000
4,608,885
522,067
2,919,910
3,441,977
(123,642)
3,318,335
7,927,220
(765,902)
7,161,318
695,145
2,450,000
442,002
6,690
3,356,092
-
6,949,929
211,389
7,161,318

Jan 28, 2022

The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:

............................................. Matthew Legg -Trustee

The notes form part of these financial statements

Page 13

JUBILEE CHURCH LONDON LTD (GROUP)

STATEMENT OF CASH FLOWS for the Year Ended 31 March 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.21
£
1,338,109
(19,610)
1,318,499
(75,386)
6,321
(69,065)
(44,031)
(44,031)
1,205,403
2,919,910
4,125,313		 31.3.20
£
927,759
(22,823)
904,936
(190,106)
11,173
(178,933)
(42,029)
(42,029)
683,974
2,235,936
2,919,910

The notes form part of these financial statements

Page 14

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE STATEMENT OF CASH FLOWS

for the Year Ended 31 March 2021

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations
2.
ANALYSIS OF CHANGES IN NET FUNDS		 31.3.20
£
1,222,653
110,196
(6,321)
19,610
(31,369)
23,340
1,338,109		 31.3.19
£
830,074
83,524
(11,173)
22,823
44,367
(41,856)
927,759
Net cash
Cash at bank and in hand
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1.4.20
£
2,919,910
2,919,910
(41,165)
(765,902)
(807,067)
2,112,843		 Cash flow
£
1,205,403
1,205,403
(721,871)
765,902
44,031
1,249,434		 At 31.3.21
£
4,125,313
4,125,313
(763,036)
-
(763,036)
3,362,277

Page 15

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES

Basis of preparing the consolidated financial statements and assessment of going concern

The consolidated financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The financial statements are presented in sterling (£).

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.

Group financial statements and basis of consolidation

The financial statements consolidate the results of the charity and its wholly owned subsidiary Forty Leisure Limited (Company no. 02824450) on a line-by-line basis.

Income

Recognition of income

These are included in the Statement of Financial Activities (SOFA) when:

Donations

Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Tax reclaims on individual donations

Income from tax reclaims are included in the SOFA at the same time as the donations to which they relate.

Investment income

This is included in the accounts when receivable.

Expenditure

All expenditure is accounted for on an accruals basis and, in accordance with the requirements of the SORP, and has been classified under headings that aggregate all costs relating to that category

Grants payable are payments made in furtherance of the charitable objectives of the charity. grants are recognised upon an obligation being created on an accruals basis in accordance with FRS 102.

Page 16

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES – continued

Tangible fixed assets

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 show in the financial statements.

Depreciation is provided on all other tangible fixed assets and rates are calculated to write off the cost of each asset evenly over its expected useful life, as follows;

Audio Visual Equipment over 7 years Other Smaller Equipment over 3 years Motor vehicles over 5 years

All fixed assets over £7,000 are capitalised

Taxation

The charity is exempt from tax on its charitable activities.

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will 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 are recognised at their settlement amount

Fund accounting

Restricted funds

The restricted funds are available for expenditure on specific projects in accordance with the donors' directions.

Designated funds

These are unrestricted funds set aside by the Trustees from the general fund for specific purposes.

General funds

These are unrestricted funds available to the Church for everyday operations.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially settled at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 17

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2021

2. DONATIONS AND LEGACIES

Unrestricted
funds
£
Giving - offering tithes
2,562,374
Giving day
12,558
Donated services and facilities
-
2,574,932
3.
INVESTMENT INCOME
Unrestricted
funds
£
Deposit account interest
6,321
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Conference and events income
Charitable activities
Shop sales
Charitable activities		 Restricted
funds
£
325,808
-
-
325,808
Restricted
funds
£
-		 31.3.21
Total
Funds
£
2,888,182
12,558
-
2,900,740
31.3.21
Total
Funds
£
6,321
31.3.21
£
-
-
-		 31.3.20
Total
Funds
£
2,521,729
398,365
27,587
2,947,681
31.3.20
Total
Funds
£
11,173
31.3.20
£
88,865
888
89,753		 31.3.20
Total
Funds
£
2,521,729
398,365
27,587
2,947,681
31.3.20
Total
Funds
£
11,173
31.3.20
£
88,865
888
89,753
89,753

5. INCOME EARNED FROM OTHER ACTIVITIES

The subsidiary, Forty Leisure Limited, which is wholly owned by the parent, is a registered company (No. 02824450). The summary financial performance of the subsidiary alone is:

31.3.21 31.3.20
£ £
Total income - -
Total expenditure (38,881) (29,161)
Net (expenditure) (38,881) (29,161)
The assets and liabilities of the subsidiary are:
Fixed assets 320,773 359,654
Current assets - -
Current liabilities - -
Long-term liabilities (421,358) (421,358)
Total net assets (100,585) (61,704)

Page 18

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2021

6. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 7) note 8) Totals
£ £ £
Charitable activities 1,711,520 35,141 1,746,661

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

Trustees' remuneration etc
Staff costs
Rent
Licenses and insurance
Light and heat
Communication costs
Printing and stationery
Publicity and literature
Sundries
Training costs
Equipment
Conference costs
Church bookshop
Water
Travelling
Study materials
Membership (subscriptions) fee
Equipment hire
Premises expenses
Miscellaneous motor expenses
Refreshments and catering
Professional fees
Website hosting
Repairs and renewals
Gifts and donations paid
Depreciation
Interest payable and similar charges		 31.3.21
£
175,205
770,862
48,944
19,051
23,250
9,414
13,027
42,795
-
6,820
171,534
6,630
2,540
2,942
15,412
1,351
23,174
(1,447)
23,408
3,663
2,788
107,846
3,076
17,702
91,727
110,196
19,610
1,711,520		 31.3.20
£
173,858
686,483
440,645
15,053
14,793
8,879
15,726
79,884
1,633
8,150
137,607
14,557
1,291
5,254
60,520
2,485
20,029
58,722
17,814
22,722
71,185
58,984
5,069
28,834
161,758
83,524
22,823
2,218,282

Page 19

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2021

8. SUPPORT COSTS

9.

Charitable activities
TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries
Trustees' social security
Trustees' pensions paid		 Finance
Governance
costs
£
£
12,050
7,200
12,050
7,200
31.3.21
£
143,481
17,376
14,348
175,205		 Totals
£
19,250
19,250
31.3.20
£
142,358
17,264
14,236
173,858

During the year two trustees, Tope Koleoso and David Pask, received remuneration for their individual roles within the church, not for the role as trustees of the charity. These payments are permitted by the Trust deed.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Key management personnel

The total aggregate compensation (including pensions) due to key management personnel in the year to 31 March 2021 was £329,905 (2020: £327,628)

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.3.21
£
815,388
73,960
56,719
946,067		 31.3.20
£
741,222
67,622
51,497
860,341

Page 20

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2021

10. STAFF COSTS continued

The average monthly number of full time equivalent employees during the year was as follows:

31.3.21 31.3.20
Activates in furtherance of objects 22 19
Youth and Children’s Work 3 2
Management and administration 3 4
28 25

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.3.21 31.3.20
£60,001 - £70,000 1 1
£80,001 - £90,000 1 1
2 2

11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2,842,345
Charitable activities
Charitable activities
59,226
Investment income
11,173
Other income
16,003
Total
2,928,747
EXPENDITURE ON
Charitable activities
Charitable activities
1,949,601
NET INCOME/(EXPENDITURE)
979,146
Transfers between funds
(2,054,795)
Net movement in funds
(1,075,649)
RECONCILIATION OF FUNDS
Total funds brought forward
1,769,799
TOTAL FUNDS CARRIED FORWARD
694,150		 Designated
funds
£
39,649
27,852
-
-
67,501
220,916
(153,415)
2,037,841
1,884,426
4,342,191
6,226,617		 Restricted
funds
£
65,687
2,675
-
2,996
71,358
67,015
4,343
16,954
21,297
157,548
178,845		 Total
funds
£
2,947,681
89,753
11,173
18,999
3,067,606
2,237,532
830,074
-
830,074
6,269,538
7,099,612

Page 21

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

12. TANGIBLE FIXED ASSETS (group)

COST
At 1 April 2020
Additions
At 31 March 2021
DEPRECIATION
At 1 April 2020
Charge for year
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020		 Freehold
property
£
4,163,158
12,540
4,175,698
-
-
-
4,175,698
4,163,158		 Improvements
Short
to
leasehold
property
£
£
416,084
16,778
-
-
416,084
16,778
56,430
1,678
38,882
1,678
95,312
3,356
320,772
13,422
359,654
15,100		 Fixtures
and
fittings
£
357,529
62,846
420,375
276,901
69,635
346,536
73,839
80,628		 Totals
£
4,953,549
75,386
5,028,935
335,009
110,195
445,204
4,583,731
4,618,540

Page 22

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

12.
TANGIBLE FIXED ASSETS (parent)
COST
At 1 April 2020
Additions
At 31 March 2021
DEPRECIATION
At 1 April 2020
Charge for year
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020
13.
INTANGIBLE FIXED ASSETS
COST
At 1 April 2020 and 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020		 Freehold
property
Fixtures and
fittings
£
£
4,163,158
374,306
12,540
62,846
4,175,698
437,152
-
278,579
-
71,312
-
349,891
4,175,698
87,261
4,163,158
76,116
 Totals
£
4,537,464
75,386
4,612,850
278,579
71,312
349,891
4,262,959
4,258,885
Goodwill
£
349,998
349,998
349,998
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
31.3.21
31.3.20
£
£
Other debtors
132,078
100,709
132,078
100,709
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
31.3.21
31.3.20
£
£
Bank loans and overdrafts (see note 19)
763,036
41,165
Trade creditors
74,895
32,733
Other creditors
30,924
49,746
868,855
123,644		 Charity
31.3.21
£
553,436
553,436
Charity
31.3.21
£
763,036
74,896
30,924
868,856		 Charity
31.3.20
£
522,067
522,067
Charity
31.3.20
£
41,165
32,731
49,746
123,642

In 2021/22 the trustees decided to voluntarily pay off the balance of the mortgage, the whole mortgage liability therefore moved to being due within one year.

Page 23

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.3.21
£
Bank loans (see note 19)
-
-
17.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling due between one and two years:
Bank loans
Amounts falling due between two and five years:
Bank loans
Amounts falling due in more than five years:
Bank loans
18.
MOVEMENT IN FUNDS
At 1.4.20
£
Unrestricted funds
General funds
695,145
New Building Fund - designated
2,420,838
Missions support
442,002
Benevolent fund
6,690
Zambia
-
Property fund
3,356,092
Pastoral Ministry fund
-
6,920,767
Restricted funds
New Building Fund - restricted
121,863
Mission month
20,478
Refugee fund
4,330
Marriage course
800
Foodbank
-
Education fund
-
Benevolent fund
-
Pastoral Ministry fund
2,500
Courageous Sisters
4,046
Food Bank Vehicle
24,828
Project M6:8
-
School Uniform Bank
-
178,845
TOTAL FUNDS
7,099,612		 Group
31.3.20
£
765,902
765,902
Net
movement
in funds
£
1,242,674
(38,881)
(5,490)
-
(48,530)
(19,611)
(3,050)
1,127,112
22,706
(16,751)
-
-
94,514
5,650
(1,311)
-
(5,317)
(2,758)
2,896
(4,088)
95,541
1,222,653		 Charity
31.3.21
£
-
-
31.3.21
£
-
-
-
-
Transfers
between
funds
£
(662,105)
680,000
(133,566)
(6,690)
48,530
63,641
6,000
(4,190)
-
17
(4,330)
-
(4,975)
-
6,690
(2,500)
1,500
-
3,700
4,088
4,190
-		 Charity
31.3.20
£
765,902
765,902
31.3.20
£
41,165
41,165
123,495
601,242
At
31.3.21
£
1,275,714
3,061,957
302,946
-
-
3,400,122
2,950
8,043,689
144,569
3,744
-
800
89,539
5,650
5,379
-
229
22,070
6,596
-
278,576
8,322,265

Page 24

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

18. MOVEMENT IN FUNDS – continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
New Building Fund - designated
Missions support
Zambia
Property fund
Pastoral Ministry fund
Restricted funds
New Building Fund - restricted
Mission month
Foodbank
Education fund
Benevolent fund
Courageous Sisters
Food Bank Vehicle
Project M6:8
School Uniform Bank
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
2,625,584
(1,382,910)
1
(38,882)
17,139
(22,629)
-
(48,530)
(1)
(19,610)
-
(3,050)
2,642,723
(1,515,611)
22,706
-
70,000
(86,751)
209,990
(115,476)
8,767
(3,117)
5,289
(6,600)
500
(5,817)
1
(2,759)
9,338
(6,442)
-
(4,088)
326,591
(231,050)
2,969,314
(1,746,661)		 Movement
in funds
£
1,242,674
(38,881)
(5,490)
(48,530)
(19,611)
(3,050)
1,127,112
22,706
(16,751)
94,514
5,650
(1,311)
(5,317)
(2,758)
2,896
(4,088)
95,541
1,222,653

Page 25

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

18. MOVEMENT IN FUNDS – continued

Comparatives for movement in funds

Unrestricted funds
General funds
New Building Fund - designated
Missions support
Benevolent fund
Zambia
Zambia conference
Property fund
Education fund
Restricted funds
New Building Fund - restricted
Mission month
Refugee fund
Marriage course
Foodbank
Pastoral Ministry fund
Courageous Sisters
TOTAL FUNDS		 At 1.4.19
£
1,769,799
750,001
277,100
-
-
-
3,314,062
1,028
6,111,990
121,861
20,338
4,330
-
11,019
-
-
157,548
6,269,538		 Net
Transfers
movement
between
in funds
funds
£
£
980,141
(2,054,795)
(29,163)
1,700,000
(29,771)
194,673
6,690
-
(77,964)
77,964
(22,549)
22,549
-
42,030
(1,653)
625
825,731
(16,954)
2
-
140
-
-
-
800
-
10,128
3,681
(3,500)
6,000
(3,227)
7,273
4,343
16,954
830,074
-		 At
31.3.20
£
695,145
2,420,838
442,002
6,690
-
-
3,356,092
-
6,920,767
121,863
20,478
4,330
800
24,828
2,500
4,046
178,845
7,099,612

Page 26

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

18. MOVEMENT IN FUNDS – continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
New Building Fund - designated
Missions support
Benevolent fund
Zambia
Zambia conference
Education fund
Restricted funds
New Building Fund - restricted
Mission month
Marriage course
Foodbank
Pastoral Ministry fund
Courageous Sisters
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
2,928,747
(1,948,606)
-
(29,163)
57,311
(87,082)
10,190
(3,500)
-
(77,964)
-
(22,549)
-
(1,653)
2,996,248
(2,170,517)
-
2
140
-
800
-
65,420
(55,292)
-
(3,500)
4,998
(8,225)
71,358
(67,015)
3,067,606
(2,237,532)		 Movement
in funds
£
980,141
(29,163)
(29,771)
6,690
(77,964)
(22,549)
(1,653)
825,731
2
140
800
10,128
(3,500)
(3,227)
4,343
830,074

Page 27

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

18. MOVEMENT IN FUNDS – continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General funds
New Building Fund - designated
Missions support
Benevolent fund
Zambia
Zambia conference
Property fund
Education fund
Pastoral Ministry fund
Restricted funds
New Building Fund - restricted
Mission month
Refugee fund
Marriage course
Foodbank
Education fund
Benevolent fund
Pastoral Ministry fund
Courageous Sisters
Food Bank Vehicle
Project M6:8
School Uniform Bank
TOTAL FUNDS		 At 1.4.19
£
1,769,799
750,001
277,100
-
-
-
3,314,062
1,028
-
6,111,990
121,861
20,338
4,330
-
11,019
-
-
-
-
-
-
-
157,548
6,269,538		 Net
Transfers
movement
between
in funds
funds
£
£
2,222,815
(2,716,900)
(68,044)
2,380,000
(35,261)
61,107
6,690
(6,690)
(126,494)
126,494
(22,549)
22,549
(19,611)
105,671
(1,653)
625
(3,050)
6,000
1,952,843
(21,144)
22,708
-
(16,611)
17
-
(4,330)
800
-
104,642
(1,294)
5,650
-
(1,311)
6,690
(3,500)
3,500
(8,544)
8,773
(2,758)
-
2,896
3,700
(4,088)
4,088
99,884
21,144
2,052,727
-		 At
31.3.21
£
1,275,714
3,061,957
302,946
-
-
-
3,400,122
-
2,950
8,043,689
144,569
3,744
-
800
114,367
5,650
5,379
-
229
(2,758)
6,596
-
278,576
8,322,265

Page 28

JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

18. MOVEMENT IN FUNDS - continued

current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
New Building Fund - designated
Missions support
Benevolent fund
Zambia
Zambia conference
Property fund
Education fund
Pastoral Ministry fund
Restricted funds
New Building Fund - restricted
Mission month
Marriage course
Foodbank
Education fund
Benevolent fund
Pastoral Ministry fund
Couragious Sisters
Food Bank Vehicle
Project M6:8
School Uniform Bank
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
5,554,331
(3,331,516)
1
(68,045)
74,450
(109,711)
10,190
(3,500)
-
(126,494)
-
(22,549)
(1)
(19,610)
-
(1,653)
-
(3,050)
5,638,971
(3,686,128)
22,706
2
70,140
(86,751)
800
-
275,410
(170,768)
8,767
(3,117)
5,289
(6,600)
-
(3,500)
5,498
(14,042)
1
(2,759)
9,338
(6,442)
-
(4,088)
397,949
(298,065)
6,036,920
(3,984,193)		 Movement
in funds
£
2,222,815
(68,044)
(35,261)
6,690
(126,494)
(22,549)
(19,611)
(1,653)
(3,050)
1,952,843
22,708
(16,611)
800
104,642
5,650
(1,311)
(3,500)
(8,544)
(2,758)
2,896
(4,088)
99,884
2,052,727

Designated funds:

Mission support - monies designated for missions overseas and for ministries run by others outside of Jubilee Church or by the Jubilee Church for missional purposes or for the benefit of the wider community. Building fund - monies set aside as a deposit for a Church Building (this is a long term plan). The transfer to Building Fund is money set aside for future building project.

Zambia - monies designated for the support of the charity's work in Zambia.

Zimbabwe Orphanage funds - monies put aside for the shelter and support of single mums and orphans in the Zimbabwe Jubilee family Centre.

Property Fund - this represents the net book value of the properties held by the group, less mortgage obligations.

Restricted funds:

Education fund - monies set aside to support the education of less advantaged children. Mission month - monies given for a variety of overseas missions which the church community supports. Foodbank - monies given to support the running of the North Enfield Food Bank.

Clothes bank - monies given to support the running of the Kids Clothes Bank. Benevolent fund - monies given for the relief of specific financial crises of members. Courageous Sisters - monies given for the Courageous Sisters project in Zambia.

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JUBILEE CHURCH LONDON LTD (GROUP)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2020

19. CAPITAL COMMITMENTS

The charity is committed to a rolling lease for their premises in Cineworld Enfield. This commenced on 17 September 2017 and will be at the cost of £250,000 per annum, with an increase on each anniversary of either 5% or in line with the retail price index, whichever is higher. There is also a rolling lease in place with Vue Cinema Woodgreen, which commenced 29th September 2015 at a cost of £65,000 per annum.

With the onset of the pandemic and the national lockdown in March 2020, the two cinemas were closed and the rentals suspended until the reopening of the venue.

20. RELATED PARTY DISCLOSURES

During the year Mrs Kemi Koleoso, Mr Toyosi Koleoso and Mr Olufemi Koleoso, the spouse and sons of a trustee Tope Koleoso received employment benefits of £45,524, £28,879 and £6,242 respectively (2020: £43,590, £22,023 and £nil)

Mrs Catherine Pask, the spouse of trustee, David Park, also received employment benefits of £18,000 during the year (2020: £2,850)

Mr Olufemi Koleoso also received payments from the church for youth ministry, for the total of £4,832 (2020: £5,454) He was transferred to employment during the year.

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