##
##
##
|||||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|
##