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← Jubilee Church London

2025-03-31-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 2025 FOR JUBILEE CHURCH LONDON LTD

JUBILEE CHURCH LONDON LTD

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2025

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 25

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2025

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 2025. 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:

  1. Live out the Great Commandment of God and carry out the Great Commission of our Lord Jesus Christ.

  2. To advance the Christian Faith according to our statement of beliefs and in accordance with the Bible.

  3. To relieve persons who are in conditions of need or hardship.

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

  5. The church’s vision is to Create fully devoted followers of Jesus Christ . The church seeks to work this out through the following strategy:

  6. To regularly see lives saved and transformed

  7. To mature together as people of the Bible, of the Spirit, of prayer and worship

  8. To be a people of community. We believe this is most effectively worked out through small groups

  9. To be a church that blesses the community beyond the members of the church through the various community social action projects

  10. To plant churches and sites in London and beyond

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 who 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. 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.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This year, God, by His grace, has once more brought about growth in every area of church life and across all sites, and we celebrate knowing that behind every number, there is a real person.

It is a joy to be able to make the following statements:

Together, we are growing in PRAYER, as evidenced by the increasing number of regular attendees at the regular Friday prayer meetings and our successful ‘3 Days of Prayer and Fasting’ in September 2024 and '21 Days of Prayer and Fasting' in January 2025. Together, we are growing in WORSHIP, as evidenced by our Sunday Services in Enfield, Harlow, Wood Green, Ilford and Online. Together, we are growing in MISSION, as evidenced by regular salvation responses in church and our outworking activities in the community.

Together, we are growing as a FAMILY, as evidenced by times of fellowship and the increasing number of small groups that meet weekly across the church.

Together, we are growing in blessing those BEYOND OURSELVES, as evidenced by the various social action projects that continue to be sustained and grow both locally and overseas.

Page 1

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2025

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 1,726 adults attending church every Sunday across all four sites. We saw a total of 2,548 people attend our Christmas Services.

This year's teaching series included Defiant, Genesis, Pure & Sincere Devotion and Boldness. 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, Bishop Kenneth Ulmer, Michael Murphy, David Smith and R.T. Kendall.

The Youth ministry continues to be a strong and vibrant department within the church. Over 300 youth attend the services each Sunday. We covered five different sermon series as well as stand-alone services like the Year 13 Leavers Service and our own Christmas Service. We had a James Challenge, where a youth had to memorize the whole book of James, and 9 youths completed the challenge. We ran several youth socials throughout the year. Youth mid-week small groups have continued throughout the year with an average attendance of 65 youth each week.

384 youth attended NewDay this year, together with a team of 45 youth leaders, 9 caterers, 8 ops and 3 video team.

The Children's ministry continues to have a strong year across all sites, with attendance averaging 300 children per Sunday. We have a small team with teaching experience putting together the curriculum. We had several socials throughout the year such as Cake Decorating Social, Karaoke Social, Easter Egg Hunt and a Quiz Social. We have created Devotionals for children to follow during Christmas 2024 and Prayer & Fasting in January 2025.

Men’s and Women’s Ministries continued throughout the year. The Men’s Stronger Breakfast took place in April and 150 men attended. We organized a Stronger Men’s BBQ, where around 275 men came together to fellowship. The Women’s Courage Conference took place in July with guest speakers Nona Jones and Rachel Mawston and an interview panel with Yvette Mason. It was an excellent conference, with 1,100 women in attendance. Courage also hosted a sisterhood breakfast in March with 353 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 625 people each week. Small Group Clusters continued this year, allowing people to connect and engage with each other in a more meaningful way.

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 1,650 people attending (which includes more than 280 youth). We had RT Kendall, Michael & Lorisa Miller, Pastor Agu Irukwu and Terry Virgo as guest speakers.

Crossover ‘25: Every year, we come together as a church family on new years eve for our ‘crossover service’ to give thanks to the lord for all that he has done. This year we wanted to extend the invitation to the whole of London and held our first Crossover event at the Copperbox arena in Stratford - where almost 4,000 people came together to give thanks to the Lord.

Jubilee Discipleship Pathway: This year we redesigned our Growth Track course and created our Jubilee Discipleship Pathway, which is the front door into the life of Jubilee Church and introduces who we are as a Church; our vision, mission, and statements of Faith

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 £4.28mil which represented an increase of over 13% on the previous year (£3.79mil). The e majority of the increase is attributed to an increase in attendance at all sites which results in an increase in individual giving. An outcome 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.

Page 2

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2025

FINANCIAL REVIEW (cont)

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 £3.07mil in 2023/24 to £3.41mil. This is a direct result of the increased attendance and activity in the year.

Total group surplus for the year was £867k (2024: £720k), a higher than budgeted surplus.

During the year significant investment was made into the improvement of facilities at Jubilee Central, which is represented by an increase in assets on the balance sheet. Work on the building was completed in July 2025.

Investment policy

Funds over and above immediate needs are invested over a number of banks over a number of different time years ranging from 3 to 12 months. 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 three months of operational costs and other committed spending, This, currently amounts to £1.23mil.

Unrestricted reserves not invested in fixed assets as at 31 March 2025 were £5.37mil; 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.

The charity plans to move liquid funds in excess of the working capital reserve to short term investments in order to maximise returns on cash deposits.

Income and expenditure budgets are prepared annually and reviewed monthly by the finance team. Budget holders are made responsible for setting and managing budgets for their departments, these are reviewed with them quarterly.

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:

Page 3

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES for the Year Ended 31 March 2025

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.

Page 4

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2025

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 (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 W1S 4AP

Page 5

JUBILEE CHURCH LONDON LTD

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2025

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:

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

AUDITORS

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

15 Dec 2025

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

.......................................................Matthew Legg (Dec 15, 2025, 8:26pm) ............ 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 March 2025 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheet, 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-for-auditors/Auditorsresponsibilities-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.

KA. Copel

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

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

Date: 17 December 2025

Page 8

JUBILEE CHURCH LONDON LTD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account)

for the Year Ended 31 March 2025

Notes
INCOME FROM
Donations and legacies
2
Charitable activities
4
Charitable activities
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
7
Charitable activities
Total
NET
INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
fund
£
3,743,329
78,588
189,210
4,234
4,015,361
323
2,829,502
2,829,825
1,185,536
(283,929)
901,607
1,127,530
2,029,137		 Designated
funds
£
16,881
38,120
-
6,679
61,680
-
272,656
272,656
(210,976)
197,235
(13,741)
8,711,812
8,698,071		 31.3.25
31.3.24
Restricted
Total
Total
funds
funds
funds
£
£
£
147,062
3,907,272
3,564,573
43,556
160,264
131,344
-
189,210
65,688
13,585
24,498
32,774
204,203
4,281,244
3,794,379
-
323
3,110
311,776
3,413,934
3,070,941
311,776
3,414,257
3,074,051
(107,573)
866,987
720,328
86,694
-
-
(20,879)
866,987
720,328
247,360
10,086,702
9,366,374
226,481
10,953,689
10,086,702

All activities shown above in the Consolidated Statement of Financial Activities above are continuing.

The notes form part of these financial statements

Page 9

JUBILEE CHURCH LONDON LTD

CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 March 2025

31.3.25 31.3.24
Unrestricted Designated Restricted Total Total
fund fund funds funds funds funds funds funds
Notes £ £ £ £ £
FIXED ASSETS
Intangible assets 13 - 127,272 - 127,272 159,090
Tangible assets 14 877,604 4,349,945 - 5,227,549 4,473,263
877,604 4,477,217 - 5,354,821 4,632,353
CURRENT ASSETS
Debtors 15 326,353 - - 326,353 167,904
Short term investments - 2,405,329 - 2,405,329 1,688,842
Cash at bank and in hand 1,233,803 1,815,525 226,481 3,275,809 3,818,569
1,560,156 4,220,854 226,481 6,007,491 5,675,315
CREDITORS
Amounts falling due within one 16 (408,623) - - (408,623) (220,966)
year
NET CURRENT ASSETS 1,151,533 4,220,854 226,481 5,598,868 5,454,349
TOTAL ASSETS LESS
CURRENT LIABILITIES 2,029,137 8,698,071 226,481 10,953,689 10,086,702
NET ASSETS 2,029,137 8,698,071 226,481 10,953,689 10,086,702
FUNDS 17
Unrestricted funds:
General funds 2,029,137 1,127,530
New Building Fund - designated New Building Fund - designated 4,102,520 4,173,220
Missions support 410,853 353,894
Property fund 4,184,698 4,184,698
10,727,208 9,839,342
Restricted funds 226,481 247,360
TOTAL FUNDS 10,953,689 10,086,702

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

15 Dec 2025

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

_______ Matthew Legg (Dec 15, 2025, 8:26pm) ............................................. 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 2025

31.3.25 31.3.24
Unrestricted Designated Restricted Total Total
funds funds funds funds funds funds funds funds
Notes £ £ £ £ £
FIXED ASSETS
Tangible assets 14 877,606 4,184,698 - 5,062,304 4,269,136
Investments - 2 - 2 2
877,606 4,184,700 - 5,062,306 4,269,138
CURRENT ASSETS
Debtors 15 747,710 - - 747,710 589,262
Short term investments - 2,405,329 - 2,405,329 1,688,842
Cash at bank and in hand 1,233,584 1,815,744 226,481 3,275,809 3,818,569
1,981,294 4,221,073 226,481 6,428,848 6,096,673
CREDITORS
Amounts falling due within one 16 (408,623) - - (408,623) (220,966)
year
NET CURRENT ASSETS 1,572,671 4,221,073 226,481 6,020,225 5,875,707
TOTAL ASSETS LESS
CURRENT LIABILITIES 2,450,277 8,405,773 226,481 11,082,531 10,144,845
NET ASSETS 2,450,277 8,405,773 226,481 11,082,531 10,144,845
FUNDS
Unrestricted funds:
General funds 2,450,279 1,548,673
New Building Fund - designated New Building Fund - designated 3,810,220 3,810,220
Missions support 410,853 353,894
Property fund 4,184,698 4,184,698
10,856,050 9,897,485
Restricted funds 226,481 247,360
TOTAL FUNDS 11,082,531 10,144,845

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

15 Dec 2025

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

Matthew Legg (Dec 15, 2025, 8:26pm)

............................................. 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 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing 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		 31.3.25
£
807,272
807,272
(822,755)
189,210
(633,545)
173,727
5,507,411
5,681,138		 31.3.24
£
679,436
679,436
(12,107)
65,688
53,581
733,017
4,774,394
5,507,411

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 2025

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
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operations
2.
ANALYSIS OF CHANGES IN NET FUNDS		 31.3.25
£
866,987
100,287
(189,210)
(158,449)
187,657
807,272		 31.3.24
£
720,328
98,050
(65,688)
(76,885)
3,631
679,436
Net cash
Short term investments, cash at bank and in hand
Total		 At 1.4.24
£
5,507,411
5,507,411
5,507,411		 Cash flow
At
£
173,727
173,727
173,727		 31.3.25
£
5,681,138
5,681,138
5,681,138

The charity does not hold a net debt balance.

Page 13

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2025

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 2025

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.

Short term investments

Short term investments represent low risk, deposit account balances with fixed terms of 3 to 12 months and accounts which require notice to initiate withdrawals.

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 2025

2. DONATIONS AND LEGACIES DONATIONS AND LEGACIES
31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Giving - offering tithes 3,275,979 147,062 3,423,041 3,178,033
Giving day 484,231 - 484,231 386,540
3,760,210 147,062 3,907,272 3,564,573
3. INVESTMENT INCOME
31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds Funds Funds
£ £ £ £
Deposit account interest 189,210 - 189,210 65,688
4. INCOME FROM CHARITABLE ACTIVITIES
31.3.25 31.3.24
Activity £ £
Conference and events income Charitable activities 160,264 131,344
160,264 131,344
Conference and events income includes £43,556 from restricted sources.
5. RAISING FUNDS
Investment management costs
31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Portfolio management 323 - 323 3,110

Page 16

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

6. 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:

Total expenditure
Net (expenditure)
The assets and liabilities of the subsidiary are:
Fixed assets
Long-term liabilities
Total net assets
CHARITABLE ACTIVITIES COSTS
Charitable activities
Charitable activities		 Direct
Costs (see
note 8)
£
3,349,890
Direct
Costs
2024
£
2,996,575		 31.3.25
31.3.24
£
£
(38,882)
(38,882)
(38,882)
(38,882)
165,246
204,128
(421,358)
(421,358)
(256,112)
(217,230)
Support
costs (see
note 9)
2025 Totals
£
£
64,044
3,413,934
Support
costs
2024
2024 Totals
£
£
74,366
3,070,941

7. CHARITABLE ACTIVITIES COSTS

Page 17

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

Unrestricted
funds
£
Trustees' remuneration etc
165,057
Staff costs
1,124,706
Rent
602,294
Licenses and insurance
20,497
Light and heat
30,680
Communication costs
35,014
Printing and stationery
17,097
Publicity and literature
91,010
Training costs
2,128
Ministry costs and equipment
182,993
Conference costs and visiting speakers
110,742
Merchandise costs
7,525
Water
2,221
Travelling and accommodation
162,657
Study materials
2,682
Licence fees and subscriptions
50,738
Equipment hire
22,340
Premises expenses
26,674
Motor expenses
42,130
Refreshments and catering
83,998
Professional fees
49,739
Website and App hosting
9,161
Repairs and renewals
17,570
Gifts and donations paid
78,348
Depreciation
100,287
3,038,288		 Restricted
funds
£
-
-
82,000
123
1,033
-
18
8,841
223
10,703
277
11,347
-
3,301
-
-
12,956
-
43
1,649
165,242
-
-
13,846
-
311,602		 31.3.25
Total
funds
£
165,057
1,124,706
684,294
20,620
31,713
35,014
17,115
99,851
2,351
193,696
111,019
18,872
2,221
165,958
2,682
50,738
35,296
26,674
42,173
85,647
214,981
9,161
17,570
92,194
100,287
3,349,890		 31.3.24
Total
funds
£
130,182
1,024,775
603,756
17,967
48,041
31,962
15,001
91,184
3,696
185,528
116,493
5,542
2,789
130,638
2,235
41,125
20,315
18,177
28,849
81,145
33,555
11,311
28,866
225,394
98,049
2,996,575

9. SUPPORT COSTS

Charitable activities
Charitable activities		 Finance
Governance
costs
£
£
33,180
30,864
33,180
30,864
Finance
Governance
costs
£
£
28,642
45,724
28,642
45,724		 2025
Totals
£
64,044
64,044
2024
Totals
£
74,366
74,366

Page 18

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

10. TRUSTEES' REMUNERATION AND BENEFITS

TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries
Trustees' social security
Trustees' pensions paid		 31.3.25
£
138,548
16,504
10,005
165,057		 31.3.24
£
107,404
13,148
9,630
130,182

During the year three trustees (2024: two) Tope Koleoso (until July 2024), David Pask (from July 2024) and Matthew Legg received remuneration for their roles within the church, not for the role of trustee 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 2025 nor for the year ended 31 March 2024.

Key management personnel

The total aggregate compensation (including pensions) due to key management personnel in the year to 31 March 2025 was £362,991 (2024: £308,370)

11. STAFF COSTS

STAFF COSTS
31.3.25 31.3.24
£ £
Wages and salaries 1,133,600 1,004,183
Social security costs 88,757 91,590
Other pension costs 67,406 59,184
1,289,763 1,154,957

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

31.3.25 31.3.24
27 27

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

31.3.25 31.3.24
£60,001 - £70,000 1
 1
£70,001 - £80,000 1 1
£90,001 - £100,000 1 1
3 3

Page 19

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

12. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Charitable activities
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activities
NET INCOME/(EXPENDITURE)
Transfers between funds

Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
13.
INTANGIBLE FIXED ASSETS
COST
At 1 April 2024 and 31 March 2025
AMORTISATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Unrestricted
fund
£
3,477,797
66,287
65,184
31,622
3,640,890
3,110
2,600,047
2,603,157
1,037,733
(1,151,553)
(113,820)
1,241,350
1,127,530		 Designated
funds
£
18,625
63,775
-
1,152
83,552
-
419,965
419,965
(336,413)
1,142,736
806,323
7,905,489
8,711,812		 Restricted
Total
funds
funds
£
£
68,151
3,564,573
1,282
131,344
504
65,688
-
32,774
69,937
3,794,379
-
3,110
50,929
3,070,941
50,929
3,074,051
19,008
720,328
8,817
-
27,825
720,328
219,535
9,366,374
247,360
10,086,702
Goodwill
£
349,998
190,908
31,818
222,726
127,272
159,090

Page 20

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Freehold
property
£
4,184,698
-
4,184,698
-
-
-
4,184,698
4,184,698		 Improvements
Short
to
leasehold
property
£
£
416,084
16,778
-
-
416,084
16,778
211,956
8,389
38,882
1,678
250,838
10,067
165,246
6,711
204,128
8,389		 Fixtures
and
fittings
£
455,311
43,610
498,921
379,263
27,909
407,172
91,749
76,048		 Assets in the
course of
construction
£
-
779,145
779,145
-
-
-
779,145
-
Totals
£
5,072,871
822,755
5,895,626
599,608
68,469
668,077
5,227,549
4,473,263

Page 21

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

14. TANGIBLE FIXED ASSETS (parent)

Fixtures
Freehold
and
property
fittings
£
COST
At 1 April 2024
4,184,698
472,089
Additions
-
43,610
Disposals
-
-
At 31 March 2025
4,184,698
515,699
DEPRECIATION
At 1 April 2024
-
387,651
Charge for year
-
29,587
Eliminated on disposal
-
-
At 31 March 2025
-
417,238
NET BOOK VALUE
At 31 March 2025
4,184,698
98,461
At 31 March 2024
4,184,698
84,438
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
31.3.25
31.3.24
£
£
Other debtors
326,353
167,094
326,353
167,904
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
31.3.24
31.3.24
£
£
Trade creditors
294,329
161,752
Other creditors
114,294
59,214
408,623
220,966		 Assets in the
course of
construction
£
-
779,145
-
779,145
-
-
-
-
779,145
-
Charity
31.3.25
£
747,710
747,710
Charity
31.3.25
£
294,329
114,294
408,623
Totals
£
4,656,787
822,755
-
5,479,542
387,651
29,587
-
417,238
5,062,304
4,269,136
Charity
31.3.24
£
589,262
589,262
Charity
31.3.24
£
161,752
59,214
220,966		 Totals
£
4,656,787
822,755
-
5,479,542
387,651
29,587
-
417,238
5,062,304
4,269,136

Page 22

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

17. MOVEMENT IN FUNDS

At 1.4.24
£
Unrestricted funds
General funds
1,127,530
New Building Fund - designated
4,173,220
Missions support
353,894
Benevolent fund
-
Zambia
-
Property fund
4,184,698
9,839,342
Restricted funds
New Building Fund - restricted
244,508
Missions fund - restricted
1,277
Crossover
-
Courageous sisters
1,575
247,360
TOTAL FUNDS
10,086,702
Net movement in funds, included in the above are as follows:		 Net
movement
in funds
£
1,185,536
(70,700)
(111,293)
(1,000)
(27,983)
-
974,560
(19,304)
-
(83,129)
(5,140)
(107,573)
866,987		 Transfers
between
At
funds
31.3.25
£
£
(283,929)
2,029,137
-
4,102,520
168,252
410,853
1,000
-
27,983
-
-
4,184,698
(86,694)
10,727,208
-
225,204
-
1,277
83,129
-
3,565
-
86,694
226,481
-
10,953,689
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General funds 4,015,361 (2,829,825) 1,185,536
New Building Fund - designated - (70,700) (70,700)
Missions support 61,680 (172,973) (111,293)
Benevolent fund - (1,000) (1,000)
Zambia - (27,983) (27,983)
4,077,041 (3,102,481) 974,560
Restricted funds
New Building Fund - restricted 30,575 (49,879) (19,304)
Crossover 161,941 (245,070) (83,129)
Courageous sisters 11,687 (16,827) (5,140)
204,203 (311,776) (107,573)
TOTAL FUNDS 4,281,244 (3,414,257) 866,987

Page 23

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 March 2025

17. 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.

18.

OPERATING LEASES

There is a warehouse lease at £106,259 per annum for the period 8 Jan 25 to 8 Oct 2029 (Break Date & Review Date)

Date)
Within 1 year’s commitment
Withing 2-5 years
 31.3.25
£
106,259
274,502
380,761		 31.3.24
£
106,259
380,761
487,020

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 2025 the cost of these rental payments will be £502,632 (2024: £502,632) 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.

19. 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 £52,200, £41,780, £26,520 and £18,441 respectively (2024: £52,029, £41,649, £14,420 and £29,892) Mr Koleoso resigned from the board on 24[th] July 2024, but the full year’s employee benefits have been shown above.

During the year Mrs Catherine Pask the spouse of a trustee, David Pask, received employment benefits of £20,556. Mr Pask was a trustee from 24[th] July 2024 onwards, but the full year’s employee benefits have been shown above.

The aggregate total amount of donations by Trustees to the charity during the year was £88,646 (2024: £49,774)

20. 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.

Page 24

JUBILEE CHURCH LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED

for the Year Ended 31 March 2025

21. AMOUNTS HELD ON BEHALF OF OTHER CHARITIES

The charity holds £41,094 (2024: £252,749) 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.

Page 25