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 2024 FOR JUBILEE CHURCH LONDON LTD
JUBILEE CHURCH LONDON LTD
CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024
Page 1 to6 7to8
Report of the Trustees 1 to6 Report of the Independent Auditors 7to8 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 25
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JUBILEE CHURCH LONDON LTD
REPORT OF THE TRUSTEES
for the Year Ended 31 March 2024
Selected highlights of our achievements this year include: Sunday Services: This year, average attendance at our Sunday services has remained constant, averaging a total of 1500 adults attending church every Sunday across all four sites. We sawa total of 2000 people attend our Christmas Services, 3000 people attend our Crossover Service, and more than 3100 people attend our Easter Services. This year's teaching series included Community, Life Verse, Unreached and A Living Sacrifice. 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. All the sermons are also available on the Church's website and app for members to listen to, download and share.
We have benefited from guest speakers such as Dr Eric Mason, R.T. Kendall, Kevin Brown, and Agu Irukwu.
The Youth ministry continues to be a strong and vibrant department within the church. Over 300 youth attend the services each Sunday. Youth mid-week small groups have continued throughout the year with an average attendance of 65 youth each week. We ran several youth socials throughout the year and introduced Kingdom Brothers in September In December, we run a Youth Christmas Evangelism Service with an attendance of 400 youth. On the back of this service, we moved our Youth Service to two screens every Sunday. 326 youth attended NewDay this year and we continued to implement the role of ‘Trainee Leaders’ where those just out of youth and in their 1* year at university could go to NewDay as trainee leaders. We also took a team of 34 youth leaders, 5 caterers, 4 ops and 3 video teams to NewDay.
The Children's ministry continues to have a strong year across all sites, with attendance averaging 320 children per Sunday. We continued to use Grow and Saddleback materials for our Children Ministry Curriculum. We have created Devotionals for children to follow during Christmas 2023 and Prayer & Fasting in January 2024.
Men’s and Women’s Ministries continued throughout the year. The Men’s Stronger Breakfast took place in April and October, and 150 men attended each breakfast. The Women’s Courage Conference took place in July with guest speakers Nona Jones, Emma Heath and Angela Brown and a worship set led by Jake Isaac. It was an excellent conference, with 975 women in attendance. Courage also hosted a sisterhood breakfast in March with 390 women in attendance.
Small Groups met weekly, both virtually and in-person, 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 are the backbone of the church, and people are best served and discipled through the small groups. The average attendance was 660 people each week. Small Group Clusters continued this year, allowing people to connect and engage with each other in a more meaningful way.
Baptisms: This year, we had 3 Baptism Services, and 203 people were baptized across all four sites.
Manifest Presence was organised again this year as part of our January ’21 Days of Prayer and Fasting’. This was our biggest manifest presence to date, with 1350 people attending (which includes more than 200 youth). We had Heidi Baker, RT Kendall, Michael Miller and Terry Virgo as guest speakers.
We had our first SENT Evangelism Conference this year. It was held at Enfield Cineworld in October, and 375 people attended (including 50 youth). The speakers were Dr. Eric Mason, Preston Perry and TJ Koleoso.
Courses and Tracks took place throughout the year; these would include Growth Track (218 attended), Foundations Course (80 attended), Marriage Course (50 attended), Financial Freedom Course (65 attended) and Bible Studies (928 attended) 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.
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.
Consolidated income for the year totalled £3.79mil which represented an increase of over 21% on the previous year (£3.10mil). The increase is partially due to a giving day not being held in 2022/23, however the majority of the increase is attributed to an increase in attendance at all sites which results in an increase in individual giving. An outcomes of the increased attendance and activity for the year is that our conferences and the youth camp had higher than usual attendance, resulting in higher income in these areas. We have also worked to increase the interest return on our bank balances. 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 continues to be seen in these financial statements and into the future.
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JUBILEE CHURCH LONDON LTD
REPORT OF THE TRUSTEES
for the Year Ended 31 March 2024
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 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.
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JUBILEE CHURCH LONDON LTD
REPORT OF THE TRUSTEES
for the Year Ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08864205 (England and Wales)
Registered Charity number 1160372 Registered office Jubilee Central 2 Lumina Way Enfield Middlesex ENI 1FS
Trustees Temitope Koleoso (resigned 25.7.24) Matthew Legg Peters Okenabirhie Ochuko Itoje Philip Olagunju David Pask (appointed 24.7.24) Company Secretary Jose Soares de Sousa Auditors Price Bailey LLP 3rd Floor, 24 Old Bond St Mayfair London WIS 4AP
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c 2024
7:54:13 GMT)
The Financial Reporting Standard applicable in the UK and Republic of Ireland
5 December 2024
JUBILEE CHURCH LONDON LTD
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
~~(including income and expenditure account)~~ for the Year Ended 31 March 2024
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31.3.24 31.3.23
Unrestricted Designated Restricted Total Total
fund funds funds funds funds
Notes £ £ £ £ £
INCOME FROM
Donations and legacies 2 3,477,797 18,625 68,151 3,564,573 3,008,094
Charitable activities 4
Charitable activities 66,287 63,775 1,282 131,344 42,904
Investment income 3 65,184 - 504 65,688 9,333
Other income 31,622 1,152 - 32,774 44,423
Total 3,640,890 83,552 69,937 3,794,379 3,104,754
EXPENDITURE ON
Raising funds 5 3,110 - - 3,110 1,646
Charitable activities 7
Charitable activities 2,600,047 419,965 50,929 3,070,941 2,734,835
Total 2,603,157 419,965 50,929 3,074,051 2,736,481
NET
INCOME/(EXPENDITURE) 1,037,733 (336,413) 19,008 720,328 368,273
Transfers between funds (1,151,553) 1,142,736 8,817 - -
Net movement in funds (113,820) 806,323 27,825 720,328 368,273
RECONCILIATION OF FUNDS
Total funds brought forward 1,241,350 7,905,489 219,535 9,366,374 8,998,101
TOTAL FUNDS CARRIED
FORWARD 1,127,530 8,711,812 247,360 10,086,702 9,366,374
All activities shown above in the Consolidated Statement of Financial Activities above are continuing.
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The notes form part of these financial statements
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04 Dec 2024
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04 Dec 2024
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JUBILEE CHURCH LONDON LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2023
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31.3.24 31.3.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 679,436 695,102
Net cash provided by operating activities 679,436 695,102
Cash flows from investing activities
Purchase of tangible fixed assets (12,107) (87,874)
Sale of tangible fixed assets - 16,552
Interest received 65,688 9,333
Net cash used in investing activities 53,581 (61,989)
Change in cash and cash equivalents in
the reporting period 733,017 633,113
Cash and cash equivalents at the 4,774,394 4,141,281
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period 5,507,411 4,774,394
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The notes form part of these financial statements
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JUBILEE CHURCH LONDON LTD
NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2024
- RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.3.24 31.3.23 £ £ Net income for the reporting period (as per the Statement of Financial Activities) 720,328 368,273 Adjustments for: Depreciation charges 98,050 123,219 Interest received (65,688) (9,333) Decrease/(increase) in debtors (76,885) 73,693 Increase in creditors 3,631 139,250 Net cash provided by operations 679,436 695,102 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 £ £ £ Net cash Cash at bank and in hand 4,774,394 733,017 5,507,411 4,774,394 733,017 5,507,411 Total ~~4,774,394 733,017 5,507,411~~
- ANALYSIS OF CHANGES IN NET FUNDS
The charity does not hold a net debt balance.
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023
- 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:
- The charity becomes entitled to the resources; - The trustees consider it probable that they will receive the resource; - The monetary value can be measured with sufficient reliability 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.
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2023
- 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.
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2023
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2. DONATIONS AND LEGACIES
31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Giving - offering tithes 3,109,882 68,151 3,178,033 2,846,209
Giving day 386,540 - 386,540 160,885
Legacies - - - 1,000
3,496,422 68,151 3,564,573 3,008,094
3. INVESTMENT INCOME
31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds Funds Funds
£ £ £ £
Deposit account interest 65,184 504 65,688 9,333
4. INCOME FROM CHARITABLE ACTIVITIES
31.3.24 31.3.23
Activity £ £
Conference and events income Charitable activities 131,344 42,904
131,344 42,904
5. RAISING FUNDS
Investment management costs
31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Portfolio management 3,110 - 3,110 1,646
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- 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:
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31.3.24 31.3.23
£ £
Total expenditure (38,882) (38,881)
Net (expenditure) (38,882) (38,881)
The assets and liabilities of the subsidiary are:
Fixed assets 204,128 243,010
Long-term liabilities (421,358) (421,358)
Total net assets (217,230) (178,348)
7. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 8) note 9) 2024 Totals
£ £ £
Charitable activities 2,996,575 74,366 3,070,941
Direct Support
Costs costs
2023 2023 2023 Totals
£ £ £
Charitable activities 2,686,276 48,559 2,734,835
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- DIRECT COSTS OF CHARITABLE ACTIVITIES
31.3.24 31.3.23 £ £ Trustees' remuneration etc 130,182 113,015 Staff costs 1,024,775 954,373 Rent 603,756 543,626 Licenses and insurance 17,967 22,378 Light and heat 48,041 29,132 Communication costs 31,962 24,174 Printing and stationery 15,001 10,812 Publicity and literature 91,184 83,254 Training costs 3,696 6,191 Ministry costs and equipment 185,528 151,026 Conference costs and visiting speakers 116,493 80,570 Merchandise costs 5,542 4,604 Water 2,789 936 Travelling and accommodation 130,638 85,833 Study materials 2,235 2,879 Licence fees and subscriptions 41,125 29,617 Equipment hire 20,315 14,270 Premises expenses 18,177 16,922 Motor expenses 28,849 20,834 Refreshments and catering 81,145 55,201 Professional fees 33,555 22,245 Website and App hosting 11,311 6,059 Repairs and renewals 28,866 10,935 Transfer assets to SENT - 168,299 Gifts and donations paid 225,394 105,872 Depreciation 98,049 123,219 2,996,575 2,686,276 9. SUPPORT COSTS Governance 2024 Finance costs Totals £ £ £ Charitable activities 28,642 45,724 74,366 28,642 45,724 74,366 Governance 2023 Finance costs Totals £ £ £ Charitable activities 30,659 17,900 48,559 30,659 17,900 48,559
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries Trustees’ social security Trustees’ pensions paid
31.3.24 31.3.23 £ £ 107,404 91,539 13,148 12,322 9,630 9,154 130,182 113,015
During the year two trustees (2023: one) Tope Koleoso and Matthew Legg, 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 2024 nor for the year ended 31 March 2023. Key management personnel The total aggregate compensation (including pensions) due to key management personnel in the year to 31 March 2024 was £308,370 (2023: £310,527)
- STAFF COSTS
31.3.24 31.3.23 £ £ Wages and salaries 1,004,183 913,544 Social security costs 91,590 91,636 Other pension costs 59,184 53,054 1,154,957 1,058,234
The average monthly number of full time equivalent employees during the year was as follows:
31.3.24 31.3.23 33 26 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 31.3.24 31.3.23 £60,001 - £70,000 1 - £70,001 - £80,000 1 1 £90,001 - £100,000 1 1 ~~_ 3 _ 2~~
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
| for | the | Year Ended 31 March 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| 12. | COMPARATIVES FORTHE CONSOLIDATED | STATEMENT | OF FINANCIAL | ACTIVITIES | ||||
| Unrestricted | Designated | Restricted | Total | |||||
| fund | funds | funds | funds | |||||
| £ | £ | £ | £ | |||||
| INCOME AND ENDOWMENTS FROM | ||||||||
| Donations and legacies | 2,907,739 | 15,132 | 85,223 | 3,008,094 | ||||
| Charitable activities | ||||||||
| Charitable activities | 42,904 | - | - | 42,904 | ||||
| Investment income | 9,278 | - | 55 | 9,333 | ||||
| Other income | 14,409 | 29,214 | 800 | 44,423 | ||||
| Total | ~~2,974,330~~ | ~~44,346~~ | ~~86,078~~ | ~~3,104,754~~ | ||||
| EXPENDITURE ON | ||||||||
| Raising funds | 1,646 | - | - | 1,646 | ||||
| Charitable activities | ||||||||
| Charitable activities | 2,292,890 | 296,626 | 145,319 | 2,734,835 | ||||
| NETINCOME/(EXPENDITURE) | 679,794 | (252,280) | (59,241) | 368,273 | ||||
| Transfers between funds | ~~(235,629)~~ | ~~232,717~~ | ~~2,912~~ | ~~-~~ | ||||
| Net movement in funds | 444,165 | (19,563) | (56,329) | 368,273 | ||||
| RECONCILIATION OF FUNDS | ||||||||
| Total funds brought forward | ||||||||
| 797,186 | 7,925,051 | 275,864 | 8,998,101 | |||||
| TOTAL FUNDS CARRIED FORWARD | 1,241,351 | 7,905,488 | 219,535 | 9,366,374 | ||||
| 13. | INTANGIBLE FIXED ASSETS | |||||||
| Goodwill | ||||||||
| £ | ||||||||
| COST | ||||||||
| At | April 2023 and 31 March2024 | |||||||
| AMORTISATION | ||||||||
| At 1 April 2023 | 159,090 | |||||||
| Charge foryear | 31,818 | |||||||
| At 31 March2024 | 190,908 | |||||||
| NET BOOKVALUE | ||||||||
| At 31 March2024 | 159,090 | |||||||
| At31March2023 | 190,908 |
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- TANGIBLE FIXED ASSETS
Improvements Fixtures Freehold Short to and property leasehold property fittings Totals £ £ £ £ £ COST At 1 April 2023 4,184,698 416,084 16,778 459,334 5,076,894 Additions - - - 12,107 12,107 Disposals ~~(16,130) (16,130)~~ At 31 March 2024 4,184,698 416,084 16,778 455,311 5,072,871 DEPRECIATION At 1 April 2023 - 173,074 6,711 369,721 549,506 Charge for year - 38,882 1,678 25,672 66,232 Eliminated on disposal ~~(16,130) (16,130)~~ At 31 March 2024 - 211,956 8,389 379,263 599,608 NET BOOK VALUE At 31 March 2024 4,184,698 204,128 8,389 76,048 4,473,263 At 31 March 2023 4,184,698 243,010 10,067 89,613 4,527,388 14. TANGIBLE FIXED ASSETS (parent) Fixtures Freehold and property fittings Totals £ £ £ COST At 1 April 2023 4,184,698 476,112 4,660,810 Additions - 12,107 12,107 Disposals ~~(16,130) (16,130)~~ At 31 March 2024 4,184,698 472,089 4,656,787 DEPRECIATION At 1 April 2023 - 376,431 376,431 Charge for year - 27,350 27,350 Eliminated on disposal ~~(16,130) (16,130)~~ At 31 March 2024 - 387,651 387,651 NET BOOK VALUE At 31 March 2024 4,184,698 84,438 4,269,136 At 31 March 2023 4,184,698 99,681 4,284,379
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Group | Group | Charity | Charity | ||||
|---|---|---|---|---|---|---|---|
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 | ||||
| £ | £ | £ | £ | ||||
| Other debtors | 167,904 | 91,019 | 589,262 | 512,377 | |||
| 167,904 | 91,019 | 589,262 | 512,377 | ||||
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||||
| Group | Group | Charity | Charity | ||||
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors | 161,752 | 179,831 | 161,752 | 179,832 | |||
| Other creditors | 59,214 | 37,504 | 59,214 | 37,504 | |||
| 220,966 | 217,335 | 220,966 | 217,336 | ||||
| 17. | MOVEMENT IN FUNDS | ||||||
| Net | Transfers | ||||||
| movement | between | At | |||||
| At 1.4.23 | in funds | funds | 31.3.24 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General funds | 1,241,350 | 1,037,733 | (1,151,553) | 1,127,530 | |||
| New Building Fund - designated | 3,350,104 | (70,699) | 893,815 | 4,173,220 | |||
| Missions support | 370,687 | (233,151) | 216,358 | 353,894 | |||
| Benevolent fund | - | (800) | 800 | - | |||
| Zambia | - | (31,263) | 31,263 | - | |||
| Property fund | 4,184,698 | - | - | 4,184,698 | |||
| Pastoral Ministry fund | - | (500) | 500 | - | |||
| 9,146,839 | 701,320 | (8,817) | 9,839,342 | ||||
| Restricted funds | |||||||
| New Building Fund - restricted | 209,662 | 34,846 | - | 244,508 | |||
| Missions fund - restricted | 1,277 | - | - | 1,277 | |||
| Marriage course | - | (8,817) | 8,817 | - | |||
| Courageous sisters | 8,596 | (7,021) | - | 1,575 | |||
| 219,535 | 19,008 | 8,817 | 247,360 | ||||
| TOTALFUNDS | 9,366,374 | 720,328 | - | 10,086,702 |
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows:
Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds General funds 3,640,890 (2,603,157) 1,037,733 New Building Fund - designated - (70,699) (70,699) Missions support 83,552 (316,703) (233,151) Benevolent fund - (800) (800) Zambia - (31,263) (31,263) Pastoral Ministry fund - (500) (500) 3,724,442 (3,023,122) 701,320 Restricted funds New Building Fund - restricted 55,583 (20,737) 34,846 Missions fund - restricted - - - Marriage course 920 (9,737) (8,817) Courageous sisters 13,434 (20,455) (7,021) ~~69,937 (50,929) 19,008~~ TOTAL FUNDS 3,794,379 (3,074,051) 720,328
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- MOVEMENT IN FUNDS - continued
Designated funds: New 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. 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. Benevolent fund - monies set aside for the relief of specific financial crises of members. Zambia - monies designated for the support of the charity's work in Zambia.
Property Fund - this represents the net book value of the properties held by the group, less mortgage obligations. Pastoral Ministry fund — monies set aside for the relief of specific and one-off Pastoral needs of members.
Restricted funds: New Building fund - monies given specifically for a Church Building (linked to unrestricted New Building fund).
Missions fund - monies given for a variety of overseas missions which the church community supports. Marriage course — monies given specifically to support the running of the Marriage course. Courageous Sisters - monies given specifically for the Courageous Sisters project in Zambia, offering taken up at the annual Courage Conference.
- OPERATING LEASES
Operating lease on land and buildings
31.3.24 31.3.23
Over five years
£ £ 106,259 - ~~106,259 __-~~
In addition to the above, the charity is committed to a rolling lease for their premises in Cineworld at their Enfield, Woodgreen and Harlow locations. During the year ended 31 March 2024 the cost of these rental payments will be £502,632 (2023: £481,832) the lease agreement allows for an increase on each anniversary of either 5% or in line with the retail price index, whichever is higher. Any hire of these premises outside of the standard weekly gatherings are not included in the figures above.
- RELATED PARTY DISCLOSURES
During the year Mrs Kemi Koleoso, Mr Toyosi Koleoso, Mr Olufemi Koleoso and Mrs Modupe Koleoso, the spouse, sons and daughter-in-law of a trustee Tope Koleoso received employment benefits of £52,029, £41,649, £14,420 and £29,892 respectively (2023: £52,029, £41,649, £14,420 and £29,892)
The aggregate total amount of donations by Trustees to the charity during the year was £49,774 (2023: £42,629) During the year the charity gifted £126,772 to S.E.N.T (charity number 1183803) a charity which Mr M Legg, MrO Itoje and Mr P Okenabirhie are common trustees.
- POST BALANCE SHEET EVENTS Following the year end the charity entered into a joint venture shareholders agreement with a view to developing the leased property.
It is not currently possible to make an accurate estimate of the financial impact this will have in future periods.
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JUBILEE CHURCH LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
for the Year Ended 31 March 2024
- AMOUNTS HELD ON BEHALF OF OTHER CHARITIES
The charity holds £252,749 (2023: £79,025) in its bank account on behalf of another charity, S.E.N.T (charity number 1183803) it has no legal right over these funds.
As per the Statement of Recommended Practice these amounts have not been shown in the Statement of Financial Activities or on the statement of financial position.
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