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2022-03-31-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 2022

FOR JUBILEE CHURCH LONDON LTD

JUBILEE CHURCH LONDON LTD

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2022

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 8
Consolidated Statement of Financial Activities 9
Consolidated Statement of Financial Position 10
Statement of Financial Position – Jubilee Church London Ltd only 11
Consolidated Cash Flow Statement 12
Notes to the Consolidated Cash Flow Statement 13
Notes to the Financial Statements 14 to 26

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2022

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 2022. 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

The church’s vision is to reach and influence the world for Jesus. The church seeks to work this out through the following strategy: - To regularly see lives saved and transformed

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.

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 800+ volunteers. This last year, with the ongoing challenges relating to the pandemic and re-gathering in person, 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 followed by a transition to regathering in person, 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 continued to help and support many people both within the church and within the community.

We have seen significant engagement by way of Community and Family. Mid-week small group attendance was very high during the year and showed an increase over and above the large increase seen the previous year. Small Groups continued to be 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 continually and consistently pastoring the members within their small groups during changing and challenging times.

Page 1

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2022

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 lockdown. The online services allowed for many new people throughout the nation and oversees to join in with Sunday Worship. We opened up in-person services from 23 May 2021 and it has been very encouraging to see people return to gather in person in good numbers. Friday night prayers continued throughout the lockdowns and beyond and a particular highlight was the 21 days of Prayer and fasting in January 2022 which saw over 700 men and women log in each morning and people attend both in person and online each evening at Jubilee Central. The 21 days culminated in the Manifest Presence Conference which impacted many lives where the guest speaker was Mike Pilavachi

With regard to Mission and serving those in the Community beyond ourselves this year saw a continuation of the significant work of the Enfield Foodbank that operates in Jubilee Central. Alongside the Foodbank, we continued to run Fuelbank, M6:8, Re-Work, School Uniform Project as a direct response to the needs and challenges faced by members of the community in London.

Selected highlights of our achievements this year include:

Sunday Services : At the start of this year, due to Covid 19, the church continued to hold its services on an online platform. Online services had an average of 1,350 views each Sunday with 1,750 attending the Easter Sunday service in April. 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. All sites re-opened on 23 May 2021. This required significant levels of work from the technical team and from all the Operational Teams in order to comply with the new post-lockdown requirements for church gatherings. The church opened initially with 60% attendance when compared to pre-lockdown plus an additional 600 continued to watch online. Through the year the percentage returning to in-person gatherings increased month on month. Highlights included the Baptism Sundays (85 people baptised in the year), Easter Sunday where over 2,300 attended in person and the New Years Eve Crossover Service. At the Enfield location, we started to use the largest screen for the first time which is an excellent auditorium for church Sunday services. We also refurbished the Premier Bar at Enfield in order to make it more useful for smaller gatherings. Wood Green site moved from Wood Green Vue to Wood Green Cineworld as it was felt this was a better venue for the church and we were also able to hire one additional screen allowing for additional Youth work at Wood Green.

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. A number of events were run throughout the year by and for the young adults such as Worship Nights, The Motive, The Gathering.

The Youth ministry continues to be a strong and vibrant department within the church. Over 200 youth attend the services each Sunday where preaching series have included Just like Joshua, Idols, Understanding Anger. Youth mid-week small groups have continued throughout the year and continue to engage and develop the youth. Youth Leaders were intentionally developed through the year as evidenced by six people preaching for the first time at a Sunday Youth Service. During the year 29 youth were baptised.

The Children ministry successfully transitioned from online to in-person kids work. New check-in and online systems were designed and implemented. It has been excellent to have the children back in person in the various venues. Over 300 children attend Sunday Kids Work each Sunday.

Golden Years Ministry was launched in the year. This new ministry has been set up and resourced to provide support and community for the more mature members of the church.

Men’s and Women’s Ministries continued throughout the year. The Men’s Stronger Conference took place in October with guest speakers Kenneth Ulmer, Michael White and Steve Uppal. The Women’s Courage Conference took place in July with guest speakers Jackie Hill Perry, Brandi Carrano and Lia Harper. It was an excellent conference with 1,050 women in attendance. Courage also hosted a sisterhood breakfast in March 2022.

The Sunday adult preaching series through the year included Letters to the Churches, Exiles, One Another, Idols and King of Kings. Each series helped to strengthen encourage and equip church members throughout the year. Members were encouraged to take care of others within their neighbourhoods and community. Other teaching series include Sent, New Wine, Have Faith in God and Fight of Faith.

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. The average attendance was 800 people each week.

A number of Courses and Tracks took place through the year, these would include Deeper (8 week Bible - 148 attended), Financial Freedom (a course to empower people to biblically steward finances – 62 attended), School of Prophecy (52 attended), Effective Parenting Course (131 attended), Growth Track (63 attended), Foundations Course (38 attended), Marriage Course (32 attended)

Jubilee successfully launched a new site in January 2022 in Harlow . Felix and Janelle Akinwunmi lead the site. The venue is Cineworld Harlow Queensway. The launch was very successful with 200 people in attendance. We are very encouraged that a new site has been both successfully launched and established. Sunday services, Youth and Kids work take place every Sunday and small groups during the week.

Page 2

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2022

The charity remains open to opportunities regarding new and additional buildings. Additionally, the charity continues to discuss options with necessary parties regarding the land held by the charity.

SOCIAL ACTION AT JUBILEE

Mission is the heartbeat of the Church and our vision is to help those beyond ourselves wherever we identify a need. Our SENT initiative brings together the different social action activities provided by Jubilee Church. Significant work was carried out in the year to support, help and empower people in need by providing physical and practical help:

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 signposts clients to relevant organisations in order to help them out of the crisis they are in. During the year 192,090 meals were provided to 12,806 people (7,518 adults and 5,288 children). The foodbank worked with 243 referral agencies within the years and the 90 volunteers together helped to give local people 165 tonnes of food. Distribution levels are lower than the peak of the lockdown but higher than pre-Covid levels. Generous support by way of food and resources from individuals and organisations from within Enfield continued throughout the year in recognition of the critical work being carried out by the Foodbank.

Enfield Debt Centre

This year, we assisted a total of 79 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). Total debt held by the people assisted was £943,000. The Debt Centre continues to be a much needed support to many people in the local community.

The M6:8 Project (Domestic Abuse Crisis Support)

This service was set up as a direct response to the increased number of domestic abuse cases as a result of the lockdown and beyond. 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. During the year the project took on 93 new referrals, which meant 270 people in total were helped.

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. Over the course of the year 51 uniforms were granted to pupils in Enfield

Enfield Fuel Bank

Working in partnership with the Fuel Bank Foundation, 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. During the year 307 vouchers were issued to those suffering from fuel poverty.

The Re-work Project

Re-Work is a free 6-weeks online Employment support course provided by trained coaches. Three courses were run through the year and the feedback from participants was very encouraging with many of those attending going on to successfully gain new employment.

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.

During 2021/22 the impact of the global pandemic was still being felt across the country for a significant portion of the year. Despite this consolidated income for the year totalled £3.17mil which was an increase on the previous year (£2.97mil) of around 7%. 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.

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 increased from £1.78mil in 2020/21 to £2.40mil. This only partially represents a genuine increase in costs. As the country gradually returned to post-pandemic conditions, we were able to meet together, meaning that rent was once again payable on Sunday hires and other associated costs. We expect this to also have some impact on the core costs for the 2022/23 financial year, since 2021/22 was still partially under lockdown conditions.

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JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2022

There were additional outgoings made to support the vulnerable and needy in our society through various of our outreach projects, including; Foodbank, Fuel bank, Education project, debt support and Domestic violence project.

In addition to this, a new site started operating from Harlow Cineworld from January 2022 which resulted in increased running costs, together with the initial set up costs for the site.

Total group surplus for the year was £771k (2021: £1.19mil). This is largely due to the one-off decrease in expenditure as stated above.

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.

The charity’s policy is to hold as reserves the equivalent of a minimum of six months of operational costs and other committed spending, This, currently amounts to £1.18mil.

Unrestricted reserves not invested in fixed assets as at 31 March 2022 were £3.98mil; well in excess of our minimum reserve policy. Much of this has been ring-fenced by the trustees for the support of mission activities in the community and for the future construction / purchase of a church building.

Income and expenditure budgets are prepared annually and reviewed monthly.

Our approach to fundraising activities

In the financial year the charity actively raised funds from the public in its own right via open public appeals to support the operational work of the charity, this is mainly directed towards members of the church congregations, though we gratefully accept funds freely given from outside of this group.

The trustees were though pleased to receive unsolicited gifts and legacies from individuals who generously support our work. As a larger charity required to have an audit, the charity is required to make the following additional disclosures.

The trustees are pleased to confirm:

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.

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JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2022

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 4 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.

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.

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 Robert David Muir Ahearn – Resigned 14[th] September 2021 Matthew Legg Peter Okenabirhie Chico Itoje Philip Olagunju – Appointed 15[th] October 2021

Company Secretary

Ngozi Omisakin-Adeyela

Auditors

Price Bailey LLP 3rd Floor, 24 Old Bond St Mayfair London W1S 4AP

Page 5

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2022

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, Price Bailey LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

31 Mar 2023

Approved by order of the board of trustees on ……………………..... and signed on its behalf by:

................................................................... Matthew Legg (Mar 31, 2023, 9:32am) Matthew Legg - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JUBILEE CHURCH LONDON LTD

Opinion

We have audited the financial statements of Jubilee Church London (the ‘parent charitable company’) for the year ended 31 December 2022 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions 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 parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report

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

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JUBILEE CHURCH LONDON LTD

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the Parent Charitable Company and the sector in which it operates, and considered the risk of the Parent Charitable Company not complying with the applicable laws and regulations including fraud in particular those regulations directly related to the financial statements, including financial reporting, and tax legislation. In relation to the operations of the Parent Charitable Company this included compliance with the Companies Act 2006, Charities Act 2011 and SORP 2019.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, and made enquiries of management and officers of the Parent Charitable Company.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.

This description forms part of our auditor’s report.

Use of our report

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

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor) for and on behalf of

Date: 31 March 2023

Price Bailey LLP Chartered Accountants Statutory Auditors 24 Old Bond Street London W1S 4AP

Page 8

JUBILEE CHURCH LONDON LTD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) for the Year Ended 31 March 2022

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Charitable activities
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
6
Charitable activities
NET
INCOME/(EXPENDITURE)
Transfers between funds
17

Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported
Prior year adjustment
12
As restated
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
fund
£
2,949,534
-
4,839
3,413
2,957,786
1,896,700
1,061,086
(1,539,614)
(478,528)
1,275,714
-
1,275,714
797,186		 Designated
funds
£
3,177
3,756
-
29,882
36,815
262,950
(226,135)
1,478,665
1,252,530
6,767,975
(95,454)
6,672,521
7,925,051		 Restricted
funds
£
177,263
-
4
36
177,303
240,964
(63,661)
60,949
(2,712)
278,576
-
278,576
275,864		 31.3.22
31.3.21
Total
Total
funds
funds
as restated
£
£
3,129,974
2,900,740
3,756
-
4,843
6,321
33,331
62,253
3,171,904
2,969,314
2,400,614
1,778,479
771,290
1,190,835
-
-
771,290
1,190,835
8,322,265
7,099,612
(95,454)
(63,636)
8,226,811
7,035,976
8,998,101
8,226,811

The notes form part of these financial statements

Page 9

JUBILEE CHURCH LONDON LTD

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2022

Unrestricted
Designated
fund
funds
Notes
£
£
FIXED ASSETS
Intangible assets
13
-
222,726
Tangible assets
14
64,325
4,458,435
64,325
4,681,161
CURRENT ASSETS
Debtors
15
164,713
-
Cash at bank and in hand
646,233
3,243,890
810,946
3,243,890
CREDITORS
Amounts falling due within one
year
16
(78,085)
-
NET CURRENT ASSETS
732,861
3,243,890
TOTAL ASSETS LESS
CURRENT LIABILITIES
797,186
7,925,051
NET ASSETS
797,186
7,925,051
FUNDS
17
Unrestricted funds:
General funds
New Building Fund - designated
Missions support
Property fund
Pastoral Ministry fund
Restricted funds
TOTAL FUNDS
Restricted
funds
£
-
24,706
24,706
-
251,158
251,158
-
251,158
275,864
275,864		 31.3.22

Total
funds
£
222,726
4,547,466
4,770,192
164,713
4,141,281
4,305,994
(78,085)
4,227,909
8,998,101
8,998,101
797,186
3,420,803
318,650
4,184,698
900
8,722,237
275,864
8,998,101		 31.3.21
Total
funds
as restated
£
254,544
4,583,731
4,838,275
132,078
4,125,313
4,257,391
(868,855)
3,388,536
8,226,811
8,226,811
1,275,714
2,966,503
302,946
3,400,122
2,950
7,948,235
278,576
8,226,811

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

31 Mar 2023

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

............................................. Matthew Legg (Mar 31, 2023, 9:32am) Matthew Legg -Trustee

The notes form part of these financial statements

Page 10

JUBILEE CHURCH LONDON LTD (REGISTERED NUMBER: 08864205)

STATEMENT OF FINANCIAL POSITION – JUBILEE CHURCH LONDON LTD ONLY At 31 March 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
14
64,325
Investments
-
64,325
CURRENT ASSETS
Debtors
15
164,713
Cash at bank and in hand
647,133
811,846
CREDITORS
Amounts falling due within one
year
16
(78,085)
NET CURRENT ASSETS
733,761
TOTAL ASSETS LESS
CURRENT LIABILITIES
798,086
NET ASSETS
798,086
FUNDS
Unrestricted funds:
General funds
Building Fund - designated
Missions support
Property fund
Pastoral Ministry fund
Restricted funds
TOTAL FUNDS
Designated
funds
£
4,176,544
2
4,176,546
421,358
3,242,990
3,664,348
-
3,664,348
7,840,894
7,840,894
Restricted
funds
£
24,706
-
24,706
-
251,158
251,158
-
251,158
275,864
275,864		 31.3.21

Total
funds
£
4,265,575
2
4,265,577
586,071
4,141,281
4,727,352
(78,085)
4,649,267
8,914,844
8,914,844
798,086
3,336,646
318,650
4,184,698
900
8,638,980
275,864
8,914,844		 31.3.20
Total
funds
as restated
£
4,262,959
2
4,262,961
553,436
4,125,313
4,678,749
(868,856)
3,809,893
8,072,854
8,072,854
1,275,714
2,812,546
302,946
3,400,122
2,950
7,794,278
278,576
8,072,854

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

31 Mar 2023

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

............................................. Matthew Legg (Mar 31, 2023, 9:32am) Matthew Legg -Trustee

The notes form part of these financial statements

Page 11

JUBILEE CHURCH LONDON LTD

CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2022
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		 31.3.22

£
840,027
(9,421)
830,606
(56,445)
4,843
(51,602)
(763,036)
(763,036)
15,968
4,125,313
4,141,281		 31.3.21
as restated
£
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

The notes form part of these financial statements

Page 12

JUBILEE CHURCH LONDON LTD

NOTES TO THE STATEMENT OF CASH FLOWS

for the Year Ended 31 March 2022

1. RECONCILIATION OF NET INCOME 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 in debtors
(Decrease)/increase in creditors
Net cash provided by operations
ANALYSIS OF CHANGES IN NET DEBT
At 1.4.21
£
Net cash
Cash at bank and in hand
4,125,313
4,125,313
Debt
Debts falling due within 1 year
(763,036)
(763,036)
Total
3,362,277		 31.3.22
£
771,290
124,530
(4,843)
9,421
(32,635)
(27,736)
840,027
Cash flow
At
£
15,968
15,968
763,036
763,036
779,004		 31.3.21
as restated
£
1,190,835
142,014
(6,321)
19,610
(31,369)
23,340
1,338,109
31.3.22
£
4,141,281
4,141,281
-
-
4,141,281

2. ANALYSIS OF CHANGES IN NET DEBT

Page 13

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2022

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 14

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES – continued

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of eleven years.

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;

Improvements to property over 10 years 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 15

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

2. DONATIONS AND LEGACIES

Unrestricted
funds
£
Giving - offering tithes
2,681,109
Giving day
271,602
2,952,711
3.
INVESTMENT INCOME
Unrestricted
funds
£
Deposit account interest
4,839
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Conference and events income
Charitable activities		 Restricted
funds
£
177,263
-
177,263
Restricted
funds
£
4		 31.3.22
Total
Funds
£
2,858,372
271,602
3,129,974
31.3.22
Total
Funds
£
4,843
31.3.22
£
3,756
3,756		 31.3.21
as restated
Total
Funds
£
2,888,182
12,558
2,900,740
31.3.21
as restated
Total
Funds
£
6,321
31.3.21
as restated
£
-
-		 31.3.21
as restated
Total
Funds
£
2,888,182
12,558
2,900,740
31.3.21
as restated
Total
Funds
£
6,321
31.3.21
as restated
£
-
-
as
as
-

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:

31.3.22
as
£
Total income
-
Total expenditure
(38,882)
Net (expenditure)
(38,882)
The assets and liabilities of the subsidiary are:
Fixed assets
281,891
Current assets
-
Current liabilities
-
Long-term liabilities
(421,358)
(
Total net assets
(139,467)
(		 31.3.21
restated
£
-
(38,881)
(38,881)
320,773
-
-
421,358)
100,585)

Page 16

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

6. CHARITABLE ACTIVITIES COSTS

Charitable activities
Charitable activities
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
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		 Direct
Costs (see
note 7)
£
2,358,762
Direct
Costs
2021
£
1,743,338		 Support
costs (see
note 8)
2022 Totals
£
£
41,852
2,400,614
Support
costs
2021
2021 Totals
£
£
35,141
1,778,479
31.3.22
31.3.21
as restated
£
£
99,653
175,205
927,541
770,862
382,685
48,944
30,850
19,051
19,273
23,250
16,970
9,414
15,528
13,027
66,789
42,795
8,735
6,820
212,786
171,534
20,179
6,630
1,334
2,540
1,269
2,942
22,970
15,412
13,753
1,351
25,030
23,174
10,688
(1,447)
23,618
23,408
9,052
3,663
26,131
2,788
48,107
107,846
2,915
3,076
74,734
17,702
164,221
91,727
124,530
142,014
9,421
19,610
2,358,762
1,743,338

Page 17

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

8. SUPPORT COSTS

Charitable activities
Charitable activities
TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries
Trustees' social security
Trustees' pensions paid		 Finance
Governance
costs
£
£
31,852
10,000
31,852
10,000
Finance
Governance
costs
£
£
27,941
7,200
27,941
7,200
31.3.22
£
81,481
10,024
8,148
99,653		 2022
Totals
£
41,852
41,852
2021
Totals
£
35,141
35,141
31.3.21
£
143,481
17,376
14,348
175,205

9. TRUSTEES' REMUNERATION AND BENEFITS

During the year one trustees (2021: two) Tope Koleoso, received remuneration for his 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 2022 nor for the year ended 31 March 2021.

Key management personnel

The total aggregate compensation (including pensions) due to key management personnel in the year to 31 March 2022 was £357,166 (2021: £363,086)

10. STAFF COSTS

31.3.22
£
Wages and salaries
879,040
Social security costs
88,222
Other pension costs
59,932
1,027,194		 31.3.21
£
815,388
73,960
56,719
946,067

Page 18

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

10. STAFF COSTS continued

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

31.3.22 31.3.21
Activates in furtherance of objects 20 22
Youth and Children’s Work 3 3
Management and administration 3 3
26 28

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

31.3.22 31.3.21
£60,001 - £70,000 1 1
£80,001 - £90,000 1 1
2 2

11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Charitable activities
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported
Prior year adjustment
As restated
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
2,574,020
6,321
45,243
2,625,584
1,382,910
1,242,674
(662,105)
580,569
695,145
-
695,145
1,275,714		 Designated
funds
£
912
-
16,227
17,139
164,519
(147,380)
657,915
510,535
6,225,622
(63,636)
6,161,986
6,672,521		 Restricted
funds

£
325,808
-
783
326,591
231,050
95,541
4,190
99,731
178,845
-
178,845
278,576		 Total
funds
as restated
£
2,900,740
6,321
62,253
2,969,314
1,778,479
1,190,835
-
1,190,835
7,099,612
(63,636)
7,035,976
8,226,811

Page 19

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

12. PRIOR PERIOD ADJUSTMENT

An adjustment has been made to the financial statements to provide for amortisation of Goodwill, which arose on the purchase of Forty Leisure Ltd in 2019. The initial goodwill of £349,998 is being amortised over eleven years. The adjustment has had the effect of reducing carried forward funds by £95,454. In the parent company balance sheet we have reduced the investment in the subsidiary by £349,998 .This takes the value down the company share capital of £2 to reflect the value of the company at the date of purchase.

13. INTANGIBLE FIXED ASSETS

Goodwill
£
COST
At 1 April 2021 and 31 March 2022 349,998
AMORTISATION
At 1 April 2021 (as restated) 95,454
Charge for year 31,818
At 31 March 2022 127,272
NET BOOK VALUE
At 31 March 2022 222,726
At 31 March 2021 (as restated) 254,544

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2021
Additions
Disposals
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
Eliminated on disposal
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Freehold
property
£
4,175,698
9,000
-
4,184,698
-
-
-
-
4,184,698
4,175,698		 Improvements
Short
to
leasehold
property
£
£
416,084
16,778
-
-
-
-
416,084
16,778
95,312
3,356
38,881
1,677
-
-
134,193
5,033
281,891
11,745
320,772
13,422		 Fixtures
and
fittings
£
420,375
47,445
(68,773)
399,047
346,536
52,152
(68,773)
329,915
69,132
73,839		 Totals
£
5,028,935
56,445
(68,773)
5,016,607
445,204
92,710
(68,773)
469,141
4,547,466
4,583,731

Page 20

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

14. TANGIBLE FIXED ASSETS (parent)

Freehold
property
Fixtures and
fittings
£
£
COST
At 1 April 2021
4,175,698
437,152
Additions
9,000
47,446
Disposals
-
(68,773)
At 31 March 2022
4,184,698
415,825
DEPRECIATION
At 1 April 2021
-
349,891
Charge for year
-
53,830
Eliminated on disposal
-
(68,773)
At 31 March 2022
-
334,948
NET BOOK VALUE
At 31 March 2022
4,184,698
80,877
At 31 March 2021
4,175,698
87,261
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
Charity
31.3.22
31.3.21
31.3.22
£
£
£
Other debtors
164,713
132,078
586,071
164,713
132,078
586,071
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
Charity
31.3.22
31.3.21
31.3.22
£
£
£
Bank loans and overdrafts (see note 19)
-
763,036
-
Trade creditors
53,477
74,895
53,477
Other creditors
24,608
30,924
24,608
78,085
868,855
78,085		 Totals
£
4,612,850
56,446
(68,773)
4,600,523
349,891
53,830
(68,773)
334,948
4,265,575
4,262,959
Charity
31.3.21
£
553,436
553,436
Charity
31.3.21
£
763,036
74,896
30,924
868,856

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 21

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

17. MOVEMENT IN FUNDS

Unrestricted funds
General funds
New Building Fund -
designated
Missions support
Property fund
Pastoral Ministry fund
Restricted funds
New Building Fund -
restricted
Mission month
Marriage course
Foodbank
Foodbank Vehicle
Education fund
Benevolent fund
Courageous sisters
Project M6:8
School Uniform Bank
TOTAL FUNDS		 At 1.4.21
£
1,275,714
3,061,957
302,946
3,400,122
2,950
8,043,689
144,569
3,744
800
89,539
22,070
5,650
5,379
229
6,596
-
278,576
8,322,265		 Prior
year
adjustment
£
-
(95,454)
-
-
-
(95,454)
-
-
-
-
-
-
-
-
-
-
-
(95,454)		 Net
Transfers
movement
between
in funds
funds
£
£
1,061,086
(1,539,614)
(70,700)
525,000
(150,335)
166,039
-
784,576
(5,100)
3,050
834,951
(60,949)
-
-
(55,930)
52,581
(4,140)
3,340
11,956
-
(5,518)
-
(6,255)
605
(7,000)
1,621
12,624
-
(9,310)
2,714
(88)
88
(63,661)
60,949
771,290
-		 At
31.3.22
£
797,186
3,420,803
318,650
4,184,698
900
8,722,237
144,569
395
-
101,495
16,552
-
-
12,853
-
-
275,864
8,998,101

Page 22

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

17. 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
Pastoral Ministry fund
Restricted funds
Mission month
Marriage course
Foodbank
Foodbank Vehicle
Education fund
Benevolent fund
Courageous sisters
Project M6:8
School Uniform Bank
TOTAL FUNDS		 Incoming Resources Movement
resources
expended in funds
£
£
£
2,957,786
(1,896,700)
1,061,086
-
(70,700)
(70,700)
36,815
(187,150)
(150,335)
-
(5,100)
(5,100)
2,994,601
(2,159,650)
834,951
4,651
(60,581)
(55,930)
690
(4,830)
(4,140)
139,026
(127,070)
11,956
(1)
(5,517)
(5,518)
-
(6,255)
(6,255)
-
(7,000)
(7,000)
13,497
(873)
12,624
19,440
(28,750)
(9,310)
-
(88)
(88)
177,303
(240,964)
(63,661)
3,171,904
(2,400,614)
771,290

Page 23

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

17. MOVEMENT IN FUNDS – continued

Comparatives for movement in funds

Unrestricted funds
General funds
New Building Fund -
designated
Missions support
Benevolent fund
Zambia
Property fund
Education fund
Restricted funds
New Building Fund -
restricted
Mission month
Refugee fund
Marriage course
Foodbank
Education fund
Benevolent fund
Pastoral Ministry fund
Courageous Sisters
Foodbank Vehicle
Project M6:8
School Uniform Bank
TOTAL FUNDS		 At 1.4.20
£
695,145
2,420,838
442,002
6,690
-
3,356,092
-
6,920,767
121,863
20,478
4,330
800
-
-
-
2,500
4,046
24,828
-
-
178,845
7,099,612		 Prior
year
adjustment
£
-
(63,636)
-
-
-
-
-
(63,636)
-
-
-
-
-
-
-
-
-
-
-
-
-
(63,636)		 Net
movement
in funds
£
1,242,674
(70,699)
(5,490)
-
(48,530)
(19,611)
(3,050)
1,095,294
22,706
(16,751)
-
-
94,514
5,650
(1,311)
-
(5,317)
(2,758)
2,896
(4,088)
95,541
1,190,835		 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
-		 At
31.3.21
£
1,275,714
2,966,503
302,946
-
-
3,400,122
2,950
7,948,235
144,569
3,744
-
800
89,539
5,650
5,379
-
229
22,070
6,596
-
278,576
8,226,811

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JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

17. 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
Zambia
Property fund
Pastoral Ministry fund
Restricted funds
New Building Fund - restricted
Mission month
Foodbank
Education fund
Benevolent fund
Courageous Sisters
Foodbank Vehicle
Project M6:8
School Uniform Bank
TOTAL FUNDS		 Incoming
Resources Movement
resources
expended in funds
£
£
£
2,625,584
(1,382,910)
1,242,674
1
(70,700)
(70,699)
17,139
(22,629)
(5,490)
-
(48,530)
(48,530)
(1)
(19,610)
(19,611)
-
(3,050)
(3,050)
2,642,723
(1,547,429)
1,095,294
22,706
-
22,706
70,000
(86,751)
(16,751)
209,990
(115,476)
94,514
8,767
(3,117)
5,650
5,289
(6,600)
(1,311)
500
(5,817)
(5,317)
1
(2,759)
(2,758)
9,338
(6,442)
2,896
-
(4,088)
(4,088)
326,591
(231,050)
95,541
2,969,314
(1,778,479)
1,190,835

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.

Page 25

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2022

18. 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.

19. 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 £43,248, £32,063 and £13,300 respectively (2021: £45,524, £28,879 and £6,242)

The aggregate total amount of donations by Trustees to the charity during the year was £49,157 (2021: £43,480)

Page 26