2020-12-31-accounts

				Page
Reference and administrative			details ofthe Charity, its Trustees and advisers
Trustees' report				2-8
Independent	auditors'	report	on the financial statements	9-12
Consolidated	statement	offinancial activities
Consolidated	balance sheet			14
Charity balance sheet				15
Consolidated	statement	ofcash flows		16
Notes to the	financial statements			17-38

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS
		FOR THE YEAR	ENDED 31 DECEMBER 2020
Trustees		Babatunde Sofowora
		Olukayode Olawode
		David Makoyawo
		Solomon Adegoke
		Olakunle Falodun
Charity registered
number		1172998
Principal office		254-270 Camberwell	Road
		Corner of Medlar Street
		London
		SE5 ODP
Chief executive officer		Pastor Olayemi Adeleke
Independent	auditors	Stephen Michael Associates
		Chartered Certfied Accountants
		1st Floor
		3 More London Riverside
		London
		SE12RE
Bankers		Barclays Bank pic P0 Box279
		41 Woolwich New Road
		London
		SE186NU
Solicitors		Fisher Jones Greenwood
		Charter Court
		Colchester Business	Park
		Colch ester
		Essex
		CO4 9YA

		Outcome	Target	Outcome	Target
		2019		2020
Average	number ofcongregation	1,781	1,850	1501	1850
Average	number ofvolunteers	235	250	230	250
Community awareness offood bank		652 visited		558	visited

			Restricted	Unrestricted	Total	Total
			funds	funds	funds	funds
			2020	2020	2020	2019
		Note
Income from:
Donations and legacies			17,346	875,510	892,856	1,103,485
Charitable activities				914	914	5,402
Other trading activities				15,150	15,150	190,048
Investments				40,034	40,034	80,240
Other income				729	729
Total income			17,346	932,337	949,683	1,379,175
Expenditure on:
Raising funds				22,856	22,856	149,130
Charitable activities			22,676	1,074,056	1,096,732	1,207,672
Total expenditure			22,676	1,096,912	1,119,588	1,356,802
Net (expenditure)/income gains on investments	before net		(5,330)	(164,575)	(169,905)	22,373
Net gains on investments						2,345
Net (expenditure)/income	before
taxation			(5,330)	(164,575)	(169,905)	24,718
Taxation		14		1,305	1,305	(1,887)
Net movement in funds			(5,330)	(163,270)	(168,600)	22,831
Reconciliation offunds:
Total funds brought forward			113,366	6,025,745	6,139,111	6,116,280
Net movement in funds			(5,330)	(163,270)	(168,600)	22,831
Total funds carried forward			108,036	5,862,475	5,970,511	6,139,111

					2020		2019
			Note
Fixed assets
Tangible assets			15		6,686,766		6,733,720
Investments			16				7,930
					6,686,766		6,741,650
Current assets
Debtors			17	93,043		99,559
Cash at bank and	in hand			98,259		186,570
				191,302		286,129
Creditors: amounts	falling due within one
year			18	(215,738)		(211,229)
Net current liabilities		Iassets			(24,436)		74,900
Total assets less	current liabilities				6,662,330		6,816,550
Creditors: amounts	falling due after more
than one year					(691,819)		(677,439)
Net assets excluding		pension asset			5,970,511		6,139,111
Total net assets					5,970,511		6,139,111
Charity funds
Restricted funds			21		108,036		113,366
Unrestricted funds			21		5,862,475		6,025,745
Total funds					5,970,511		6,139,111

					2020		2019
			Note
Fixed assets
Tangible assets			15		6,686,766		6,733,720
Investments			16		3		7,933
					6,686,769		6,741,653
Current assets
Debtors			17	92,366		98,602
Cash at bank and	in hand			78,049		148,933
				170,415		247,535
Creditors: amounts	falling due within one
year			18	(294,150)		(233,434)
Net current liabilities		Iassets			(123,735)		14,101
Total assets less	current liabilities				6,563,034		6,755,754
Creditors: amounts	falling due after more
than one year			19		(647,652)		(677,439)
Net assets excluding		pension asset			5,915,382		6,078,315
Total net assets					5,915,382		6,078,315
Charity funds
Restricted funds			21		108,036		113,366
Unrestricted funds			21		5,807,346		5,964,949
Total funds					5,915,382		6,078,315

				2020	2019
				E
Cash flows from operating	activities
Net cash used in operating	activities			(3,165)	150,703
Cash flows from investing	activities
Dividends, interests and rents from investments				40,034	80,240
Purchase oftangible fixed assets				(139,560)	(45,005)
Net cash (used in)/provided by investing			activities	(99,526)	35,235
Cash flows from financing	activities
Cash inflows from new borrowing				50,000
Repayments of borrowing				(35,620)	(115,171)
Net cash provided by/(used in) financing			activities	14,380	(115,171)
Change in cash and cash	equivalents	in	the year	(88,311)	70,767
Cash and cash equivalents	at the beginning		ofthe year	186,570	115,803
Cash and cash equivalents	at the end	of	the year	98,259	186,570

			Restricted	Unrestricted	Total
			funds	funds	funds
			2020	2020	2020
			F	f.	F
Donations
Church collections			17,346	718,236	735,582
Gift aid income tax		recoverable		67,471	67,471
Gift aid receivable		from subsidiary
Subtotal detailed		disclosure	17,346	785,707	803,053
Government	grants			89,803	89,803
Subtotal				89,803	89,803
			17,346	875,510	892,856

		Restricted	Unrestricted	Total
		funds	funds	funds
		2019	2019	2019
Donations
Church collections		31,625	947,741	979,366
Gift aid income tax	recoverable		113,520	113,520
Gift aid receivable	from subsidiary		10,599	10,599
Subtotal detailed	disclosure	31,625	1,071,860	1,103,485
Donations
		31,625	1,071,860	1,103,485

			Unrestricted	Total
			funds	funds
			2020	2020
			f.	F
Income from charitable	activities - Bookshop
Income from charitable	activities - Vending	machines	914	914
Total2020			914	914

			Unrestricted	Total
			funds	funds
			2019	2019
Income from charitable	activities - Bookshop		585	585
Income from charitable	activities - Vending	machines	4,817	4,817
Total 2019			5,402	5,402

		Unrestricted	Total
		funds	funds
		2020	2020
		f.	F
Rent	receivable	15,150	15,150
		Unrestricted	Total
		funds	funds
		2019	2019
Sales		9,250	9,250
Rent	receivable	180,798	180,798
		190,048	190,048

				Unrestricted	Total
				funds	funds
				2020	2020
				E	F
Investment	income	—local investment	properties	38,576	38,576
Investment	income	—local cash		1,453	1,453
Interest receivable				5	5
				40,034	40,034

				Unrestricted	Total
				funds	funds
				2019	2019
Investment	income	—local investment	properties	78,591	78,591
Investment	income	—local cash		1,636	1,636
Interest receivable				13	13
				80,240	80,240

Charitable
donations
to	Total
Institutions	funds
2020	2020
f.	F
10,000	10,000
Charitable
donations to	Total
Institutions	funds
2019	2019
9,073	9,073

				Restricted	Unrestricted	Total
				funds	funds	funds
				2020	2020	2020
				F	f.	F
Advancement	of	Christian	Faith	22,676	1,074,056	1,096,732
				Restricted	Unrestricted	Total
				funds	funds	funds
				2019	2019	2019
Advancement	of	Christian	Faith	48,957	1,158,715	1,207,672

					Charitable
				Activities	donation
				undertaken	funding of	Support	Total
				directly	activities	costs	funds
				2020	2020	2020	2020
				f.	F	f.	F
Advancement	of	Christian	Faith	417,651	10,000	669,081	1,096,732
					Charitable
				Activities	donation
				undertaken	funding of	Support	Total
				directly	activities	costs	funds
				2019	2019	2019	2019
Advancement	of	Christian	Faith	523,129	9,073	675,470	1,207,672

		Advanceme
		nt of
		Christian	Total
		Faith	funds
		2020	2020
		F	f.
Staff costs		198,294	198,294
Depreciation		149,212	149,212
Ministry expenses		3,196	3,196
Evangelism	and special events	47,569	47,569
Music expenses		8,499	8,499
Media expenses		10,881	10,881
		417,651	417,651

		Ad vancemen
		tofChristian	Total
		Faith	funds
		2019	2019
Staff costs		218,377	218,377
Depreciation		171,821	171,821
Ministry expenses		10,529	10,529
Evangelism	and special events	71,732	71,732
Music expenses		43,521	43,521
Media expenses		7,149	7,149
		523,129	523,129

				Advanceme
				nt of
				Christian	Total
				Faith	funds
				2020	2020
				F	f.
Staff costs				177,568	177,568
Depreciation				37,302	37,302
Ministry expenses				25,473	25,473
Vending machines				3,629	3,629
Bookshop				248	248
Premises costs				242,314	242,314
Communication	costs			23,362	23,362
Finance costs				35,936	35,936
Office and administration		costs		24,555	24,555
Professional and	consultancy		fees	73,648	73,648
Travel and accomodation				6,674	6,674
Motor vehicle expenses				8,831	8,831
Bad debt				1,000	1,000
Exchange (gain)/loss				(39)	(39)
Governance costs				8,580	8,580
				669,081	669,081

Analysis ofsupport	cos	ts (	contin	u	ed)
							Ad vancemen
							tofChristian	Total
							Faith	funds
							2019	2019
Staff costs							193,472	193,472
Depreciation							17,795	17,795
Ministry expenses							20,334	20,334
Vending machines							7,312	7,312
Bookshop							995	995
Premises costs							191,758	191,758
Communication costs							34,153	34,153
Finance costs							39,031	39,031
Office and administration		costs					20,077	20,077
Professional and consultancy			fees				82,903	82,903
Travel and accomodation							4,575	4,575
Motor vehicle expenses							10,657	10,657
Income tax							37,104	37,104
Exchange (gain)/loss							45	45
Governance costs							15,259	15,259
							675,470	675,470
Auditors' remuneration
							2020	2019
							E
Fees payable to the Charity's			auditor		for the audit ofthe Charity's	annual
accounts							5,610	5,610
Fees payable to the Charity's			auditor		in respect of:
The auditing ofaccounts		ofassociates ofthe Charity					1,700	2,500
Taxation compliance	services							4,518
All non-audit services	not	included		above			4,020	6,431

Staff costs
				Group	Group	Charity	Charity
				2020	2019	2020	2019
						E
Wages and	salaries			371,483	400,823	371,483	400,823
Social security costs				32,109	40,124	32,109	40,124
Contribution	to defined	contribution	pension
schemes				5,928	5,176	5,928	5,176
				409,520	446,123	409,520	446,123

Pastors
Church	administration

Group	Group	Charity	Charity
2020	2019	2020	2019
No.	No.	No.	No.
	10		10

Group	Group
2020	2019
No.	No.

Taxation
				2020	2019
				E
Corporation	tax
Current tax on net (expenditure)/income			for the year		1,887
Adjustments	in respect of previous	periods		(1,305)
Taxation on	net (expenditure)/income			(1,305)	1,887

	Freehold	Motor	Fixtures and
	property	vehicles	fittings	Total
Cost or valuation
At 1 January 2020	7,720,914	119,846	1,522,585	9,363,345
Additions	139,560			139,560
At 31 December 2020	7,860,474	119,846	1,522,585	9,502,905
Depreciation
At 1 January 2020	1,083,114	109,478	1,437,033	2,629,625
Charge for the year	130,879	2,592	53,043	186,514
At 31 December 2020	1,213,993	112,070	1,490,076	2,816,139
Net book value
At 31 December 2020	6,646,481	7,776	32,509	6,686,766
At 31December 2019	6,637,800	10,368	85,552	6,733,720

	Listed
	investments
	f.
Cost or valuation
At 1 January 2020	7,930
At 31 December 2020	7,930
Impairment
Charge for the year	7,930
At 31 December 2020	7,930
Net book value
At 31December 2019	7,930

	Investments
	in
	subsidiary	Listed
	companies	investments	Total
Charity	F	f.	F
Cost or valuation
At 1 January 2020		7,930	7,933
At 31 December 2020		7,930	7,933
Impairment
Charge for the year		7,930	7,930
At 31 December 2020		7,930	7,930
Net book value
At 31 December 2020
At 31December 2019		7,930	7,933

Name			Income	Expenditure	Profit/(Loss)
			f.	F	ISurplus/
					(Deficit) for
					the year
					f.
Lighthouse	Operations	Ltd	15,150	22,856	(6,972)
Net assets

		Group	Group	Charity	Charity
		2020	2019	2020	2019
				E
Due within one year
Trade debtors		9,671		9,671
Other debtors		11,460	5,280	10,783	4,323
Prepayments	and accrued income	11,363	23,202	11,363	23,202
Tax recoverable		60,549	71,077	60,549	71,077
		93,043	99,559	92,366	98,602

			Group	Group	Charity	Charity
			2020	2019	2020	2019
					E
Bank loans			113,112	107,279	107,279	107,279
Trade creditors			34,070	19,300	34,070	8,861
Amounts owed to group undertakings					96,642	49,529
Corporation	tax		1,887	7,325
Other taxation and social security			42,163	53,940	42,163	53,940
Pension fund	loan payable		1,306	324	1,306	324
Other creditors			11,870	9,413	4,110	3,653
Accruals and	deferred	income	11,330	13,648	8,580	9,848
			215,738	211,229	294,150	233,434

				Group	Group	Charity	Charity
				2020	2019	2020	2019
	Bank loans			691,819	677,439	647,652	677,439
20.	Financial instruments
				Group	Group	Charity	Charity
				2020	2019	2020	2019
				f.		f.
	Financial assets
	Financial	assets measured	at fair value
	through	income and expenditure		98,259	186,570	78,049	148,933

Stateme	nt o	ffunds	- curren	t year
								Balance at
				Balance at 1				31
				January				December
				2020	Income	Expenditure	Taxation	2020
				E	f.	F	f.	F
Unrestricted		funds
General	Funds - all		funds	6,025,745	932,337	(1,096,912)	1,305	5,862,475
Restricted funds
Children	and	youth	fund	1,326				1,326
Building	fund			30,575	10,233	(22,676)		18,132
Welfare	fund			75,872	836			76,708
Food bank				5,593				5,593
Mission	fund				6,277			6,277
				113,366	17,346	(22,676)		108,036
Total of	funds			6,139,111	949,683	(1,119,588)	1,305	5,970,511

Statement offunds	Statement offunds	Statement offunds	(continued)
Statement offunds			- prior year
								Balance at
		Balance at						31
		1January					Gains'	December
			2019	Income	Expenditure	Taxation	(Losses)	2019
Unrestricted
funds
General	Funds
- all funds		5,985,582		1,347,550	(1,307,845)	(1,887)	2,345	6,025,745
Restricted
funds
Children	and
youth fund			1,326					1,326
Building	fund		52,565	730	(22,720)			30,575
Welfare	fund		71,849	5,840	(1,817)			75,872
Food bank			4,958	635				5,593
Mission	fund			24,420	(24,420)
			130,698	31,625	(48,957)			113,366
Total of	funds	6,116,280		1,379,175	(1,356,802)	(1,887)	2,345	6,139,111

Summary	offunds - cu	rrent year
						Balance at
		Balance at 1				31
		January				December
		2020	Income	Expenditure	Taxation	2020
General funds		6,025,745	932,337	(1,096,912)	1,305	5,862,475
Restricted	funds	113,366	17,346	(22,676)		108,036
		6,139,111	949,683	(1,119,588)	1,305	5,970,511

Summary offun	ds - prior year
						Balance at
	Balance at					31
	1January				Gains'	December
	2019	Income	Expenditure	Taxation	(Losses)	2019
General funds	5,985,582	1,347,550	(1,307,845)	(1,887)	2,345	6,025,745
Restricted
funds	130,698	31,625	(48,957)			113,366
	6,116,280	1,379,175	(1,356,802)	(1,887)	2,345	6,139,111

Analysis	of n	et assets between funds - current	period
			Restricted	Unrestricted	Total
			funds	funds	funds
			2020	2020	2020
Tangible	fixed	assets		6,686,766	6,686,766
Current	assets		108,036	83,266	191,302
Creditors	due	within one year		(215,738)	(215,738)
Creditors	due	in more than one year		(691,819)	(691,819)
Total			108,036	5,862,475	5,970,511

Analysis of net assets between funds - prior pe	riod
	Restricted	Unrestricted	Total
	funds	funds	funds
	2019	2019	2019
Tangible fixed assets		6,733,720	6,733,720
Fixed asset investments		7,930	7,930
Current assets	113,366	172,763	286,129
Creditors due within one year		(211,229)	(211,229)
Creditors due in more than one year		(677,439)	(677,439)
Tl	113,366	6,025,745	6,139,111

									Group	Group
									2020	2019
									E
	Net income/expenditure		for	the	period	(as per	Statement	of Financial
	Activities)								(168,600)	22,831
	Adjustments for:
	Depreciation charges								186,514	189,616
	Dividends, interests	and rents from investments							(40,034)	(80,240)
	Decrease in debtors								6,516	108,286
	Increase/(decrease)	in	creditors						4,509	(87,445)
	Loss on revaluation	of	investment							(2,345)
	Investment impairment								7,930
	Net cash provided	by/(used		in) operating		activities			(3,165)	150,703
25.	Analysis ofcash and		cash equivalents
									Group	Group
									2020	2019
	Cash in hand								98,259	186,570
	Total cash and cash		equivalents						98,259	186,570
26.	Analysis ofchanges		in net	debt

				At 1		At 31
				January		December
				2020	Cash flows	2020
					f.	F
				F
Cash	at bank and		in hand	186,570	(88,311)	98,259
Debt	due within	1	year	(107,603)	(6,815)	(114,418)
Debt	due after	1 year		(677,439)	(14,380)	(691,819)
				(598,472)	(109,506)	(707,978)

Charity	Charity
2020	2019
f.
60,000	60,000