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|||||||Page|
|---|---|---|---|---|---|---|
|Reference and administrative|||details|ofthe Charity,|its Trustees and advisers||
|Trustees'
report||||||2-7|
|Independent|auditors'|report|on the|financial statements||8-11|
|Consolidated|statement|offinancial||activities||12|
|Consolidated|balance sheet|||||13|
|Charity balance sheet||||||14|
|Consolidated|statement|ofcash flows||||15|
|Notes to the|financial statements|||||16-38|
|REFERENCE AND ADMINISTRATIVE
DETAILS OF|REFERENCE AND ADMINISTRATIVE
DETAILS OF|REFERENCE AND ADMINISTRATIVE
DETAILS OF|REFERENCE AND ADMINISTRATIVE
DETAILS OF|REFERENCE AND ADMINISTRATIVE
DETAILS OF|THE CHARITY, ITSTRUSTEES AND ADVISERS|THE CHARITY, ITSTRUSTEES AND ADVISERS|THE CHARITY, ITSTRUSTEES AND ADVISERS|
|---|---|---|---|---|---|---|---|
|||FOR THE YEAR||ENDED|31 DECEMBER 2022|||
|Trustees||Babatunde
Sofowora||||||
|||Olukayode
Olawode||||||
|||David Makoyawo||||||
|||Solomon Adegoke||||||
|||Olakunle
Falodun||||||
|||Odunitan
Oluranti|Orioke (appointed|||6|October 2023)|
|||Folake Kehinde
Ogunmekan|||(appointed||6 October 2023)|
|Charity registered||||||||
|number||1172998||||||
|Principal office||254-270 Camberwell||Road||||
|||Corner of Medlar Street||||||
|||London||||||
|||SE5ODP||||||
|Chief executive officer||Pastor Olayemi Adeleke||||||
|Independent|auditors|Stephen
Michael Associates||||||
|||Chartered
Certified|Accountants|||||
|||Statutory Auditors||||||
|||201 Borough
High|Street|||||
|||London||||||
|||SE1 1JA||||||
|Bankers||Barclays Bank pic
P0 Box279||||||
|||41 Woolwich
New|Road|||||
|||London||||||
|||SE186NU||||||
|Solicitors||Fisher Jones Greenwood||||||
|||Charter Court||||||
|||Colchester Business||Park||||
|||Colchester||||||
|||Essex||||||
|||CO4 9YA||||||
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||||Outcome|Target|Outcome
Target|
|---|---|---|---|---|---|
||||2022||2021|
|Average|number|of congregation|1,750|1,850|1720
1850|
|Average|number|ofvolunteers|245|250|242
250|
|Community
awareness
offood bank|||720 visited||659visited|
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|||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|
|||||2022|2022|2022|2021|
||||Note|K||||
|Income from:||||||||
|Donations
and legacies||||12,105|1,191,001|1,203,106|985,625|
|Charitable
activities|||||394|394||
|Other trading
activities|||||354,950|354,950|125,975|
|Investments|||||28,239|28,239|30,604|
|Total income||||12,105|1,574,584|1,586,689|1,142,204|
|Expenditure
on:||||||||
|Raising funds|||||252,325|252,325|82,449|
|Charitable
activities||||26,655|1,034,835|1,061,490|1,131,917|
|Total expenditure||||26,655|1,287,160|1,313,815|1,214,366|
|Net (expenditure)/income||before||||||
|taxation||||(14,550)|287,424|272,874|(72,162)|
|Taxation|||||1,314|1,314||
|Net movement
in funds||||(14,550)|288,738|274,188|(72,162)|
|Reconciliation
offunds:||||||||
|Total funds brought|forward|||83,660|5,814,689|5,898,349|5,970,511|
|Net movement
in funds||||(14,550)|288,738|274,188|(72,162)|
|Total funds carried forward||||69,110|6,103,427|6,172,537|5,898,349|
##
||||CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|---|
||||AS AT 31 DECEMBER 2022||||
||||Note|2022||2021f|
|Fixed assets|||||||
|Tangible assets|||14|6,319,104||6,523,625|
|||||6,319,104||6,523,625|
|Current assets|||||||
|Debtors|||16|313,957|61,659||
|Cash at bank and|in hand|||312,864|116,299||
|||||626,821|177,958||
|Creditors: amounts|falling due within||one||||
|year|||17|(418,331)|(268,497)||
|Net current assets I||liabilites||208,490||(90,539)|
|Total assets less|current liabilities|||6,527,594||6,433,086|
|Creditors: amounts|falling due after||more||||
|than one year|||18|(355,057)||(534,737)|
|Net assets excluding||pension asset||6,172,537||5,898,349|
|Total net assets||||6,172,537||5,898,349|
|Charity funds|||||||
|Restricted
funds|||20|69,110||83,660|
|Unrestricted
funds|||20|6,103,427||5,814,689|
|Total funds||||6,172,537||5,898,349|
##
##
##
||||Note||2022||2021f|
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible assets|||14||6,319,104||6,523,625|
|Investments|||15||3||3|
||||||6,319,107||6,523,628|
|Current assets||||||||
|Debtors|||16|313,338||61,412||
|Cash at bank and|in hand|||225,601||93,535||
|||||538,939||154,947||
|Creditors: amounts|falling due within one|||||||
|year|||17|(557,213)||(378,311)||
|Net current
liabilities|||||(18,274)||(223,364)|
|Total assets less|current liabilities||||6,300,833||6,300,264|
|Creditors: amounts|falling due after more|||||||
|than one year|||18||(330,890)||(500,570)|
|Net assets excluding||pension asset|||5,969,943||5,799,694|
|Total net assets|||||5,969,943||5,799,694|
|Charity funds||||||||
|Restricted
funds|||20||69,110||83,660|
|Unrestricted
funds|||20||5,900,833||5,716,034|
|Total funds|||||5,969,943||5,799,694|
##
##
##
||||2022|202'I|
|---|---|---|---|---|
|Cash flows from operating|activities||||
|Net cash used
in operating|activities||183,968|77,157|
|Cash flows from investing|activities||||
|Dividends,
interests
and rents from investments|||28,239|30,704|
|Proceeds from the sale oftangible fixed assets|||447,632|10,000|
|Purchase oftangible
fixed assets|||(283,594)|(5,140)|
|Net cash provided
by investing
activities|||192,277|35,564|
|Cash flows from financing|activities||||
|Repayments
of borrowing|||(179,680)|(94,681)|
|Net cash used
in financing|activities||(179,680)|(94,681)|
|Change
in cash and cash|equivalents
in|the year|196,565|18,040|
|Cash and cash equivalents|at the beginning|ofthe year|116,299|98,259|
|Cash and cash equivalents|at the end of|the year|312,864|116,299|
|The notes on pages 16to 38form part ofthese financial statements|||||
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##
|||Restricted|Unrestricted|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2022|
|Donations|||||
|Church collections||12,105|1,090,344|1,102,449|
|Gift aid income tax recoverable|||67,129|67,129|
|Subtotal detailed disclosure||12,105|1,157,473|1,169,578|
|Donations|||33,528|33,528|
|Subtotal|||33,528|33,528|
|||12,105|1,191,001|1,203,106|
|||Restricted|Unrestricted|Total|
|||funds|funds|funds|
|||2021|2021|2021|
|Donations|||||
|Church collections||17,208|816,063|833,271|
|Gift aid income tax recoverable|||80,646|80,646|
|Subtotal detailed disclosure||17,208|896,709|913,917|
|Government|grants|71,708||71,708|
|Subtotal||71,708||71,708|
|||88,916|896,709|985,625|
##
##
##
|Unrestricted|Total|Total|
|---|---|---|
|funds|funds|funds|
|2022|2022|2021|
|394|394||
##
##
|Unrestricted|Total|
|---|---|
|funds|funds|
|2022|2022|
||E|
|354,950|354,950|
|||||
|---|---|---|---|
|Rent|receivable|354,950|354,950|
|||Unrestricted|Total|
|||funds|funds|
|||2021|2021|
|Rent|receivable|125,975|125,975|
##
##
##
|||||||Unrestricted|Total|
|---|---|---|---|---|---|---|---|
|||||||funds|funds|
|||||||2022f|2022f|
|Investment|income|-|local|investment|properties|27,178|27,178|
|Investment|income|-|local|cash||1,061|1,061|
|||||||28,239|28,239|
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2021|2021|
|Investment|income|-|local|investment|properties|29,872|29,872|
|Investment|income|-|local|cash||732|732|
|||||||30,604|30,604|
##
|United|Kingdom|
|---|---|
|United|Kingdom|
|Charitable||
|---|---|
|donations||
|to|Total|
|Institutions|funds|
|2022f|2022|
|10,300|10,300|
|Charitable||
|donations
to|Total|
|institutions|funds|
|2021|2021|
|35,000|35,000|
##
##
##
##
|||||Restricted|Unrestricted||
|---|---|---|---|---|---|---|
|||||funds|funds|Total|
|||||2022|2022|2022|
|Advancement|of|Christian|Faith|26,655|1,034,835|1,061,490|
|||||Restricted|Unrestricted||
|||||funds|funds|Total|
|||||2021|2021|2021|
|Advancement|of|Christian|Faith|113,292|1,018,625|1,131,917|
##
||||||Charitable|||
|---|---|---|---|---|---|---|---|
|||||Activities|donation|||
|||||undertaken|funding
of|Support|Total|
|||||directly|activities|costs|funds|
|||||2022f|2022|2022|2022|
|Advancement|of|Christian|Faith|546,154|10,300|505,036|1,061,490|
||||||Charitable|||
|---|---|---|---|---|---|---|---|
|||||Activities|donation|||
|||||undertaken|funding
of|Support|Total|
|||||directly|activities|costs|funds|
|||||2021|2021|2021|2021|
|Advancement|of|Christian|Faith|475,474|35,000|621,443|1,131,917|
##
##
##
|||Advanceme||
|---|---|---|---|
|||nt of||
|||Christian|Total|
|||Faith|funds|
|||2022|2022|
|Staff costs||203,629|203,629|
|Depreciation||126,560|126,560|
|Ministry expenses||108,868|108,868|
|Evangelism|and special events|60,614|60,614|
|Music expenses||38,512|38,512|
|Media expenses||7,971|7,971|
|||546,154|546,154|
|||Ad vancernen||
|||tofChristian|Totai|
|||Faith|funds|
|||2021|2021|
|Staff costs||202,595|202,595|
|Depreciation||127,876|127,876|
|Ministry expenses||50,332|50,332|
|Evangelism|and special events|46,080|46,080|
|Music expenses||27,423|27,423|
|Media expenses||21,168|21,168|
|||475,474|475,474|
##
##
##
##
|||||Advanceme||
|---|---|---|---|---|---|
|||||nt of||
|||||Christian|Total|
|||||Faith|funds|
|||||2022|2022|
|Staff costs||||156,683|156,683|
|Depreciation||||30,222|30,222|
|Vending
machines||||8,382|8,382|
|Bookshop||||721|721|
|Premises costs||||296,855|296,855|
|Communication
costs||||31,670|31,670|
|Finance costs||||26,945|26,945|
|Office and administration||costs||17,984|17,984|
|Professional|and consultancy||fees|12,743|12,743|
|Travel and|accomodation|||1,033|1,033|
|Motor vehicle expenses||||6,081|6,081|
|Income tax||||65|65|
|Bad debt||||1,806|1,806|
|(Gain)/loss|on disposal of|assets||(116,299)|(116,299)|
|Exchange (gain)/loss||||(390)|(390)|
|Sundry church expenses||||21,670|21,670|
|Governance|costs|||8,865|8,865|
|||||505,036|505,036|
##
##
##
|Analysis ofsupport cos|ts (|contin|u|ed)||||
|---|---|---|---|---|---|---|---|
|||||||Ad vancemen||
|||||||tofChristian|Totai|
|||||||Faith|funds|
|||||||2021|2021|
|Staff costs||||||172,377|172,377|
|Depreciation||||||36,099|36,099|
|Vending
machines||||||856|856|
|Premises costs||||||268,393|268,393|
|Communication
costs||||||23,507|23,507|
|Finance costs||||||28,977|28,977|
|Office and administration|costs|||||14,677|14,677|
|Professional
and consultancy||fees||||67,259|67,259|
|Travel and accomodation||||||2,202|2,202|
|Motor vehicle expenses||||||11,859|11,859|
|Income tax||||||(28,625)|(28,625)|
|(Gain)/loss
on disposal ofassets||||||(5,695)|(5,695)|
|Exchange (gain)/loss||||||181|181|
|Sundry church expenses||||||20,796|20,796|
|Governance
costs||||||8,580|8,580|
|||||||621,443|621,443|
|Auditors'
remuneration||||||||
|||||||2022f|2021|
|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|||||2,500|2,500|
|All non-audit
services not|included||above|||3,470|4,020|
##
##
##
##
|||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|
|||||2022|2021|2022f|2021|
|Wages and|salaries|||328,509|332,775|328,509|332,775|
|Social security costs||||25,974|36,316|25,974|36,316|
|Contribution|to defined|contribution|pension|||||
|schemes||||5,829|5,881|5,829|5,881|
|||||360,312|374,972|360,312|374,972|
|Pastors||
|---|---|
|Church|administration|
|Group|Group|
|---|---|
|2022|202'I|
|No.|No.|
|10||
|Group|Group|
|---|---|
|2022|2021|
|No.|No.|
##
##
##
##
|Taxation|||||
|---|---|---|---|---|
||||2022f|202'/|
|Corporation|tax||||
|Adjustments|in respect of previous|periods|(1,314)||
|Taxation on|net (expenditure)/income||(1,314)||
##
##
##
||Freehold|Motor|Fixtures and||
|---|---|---|---|---|
||property|vehicles|fittings|Total|
|Cost or valuation|||||
|At 1 January 2022|7,860,474|77,355|1,527,725|9,465,554|
|Additions|213,626||69,968|283,594|
|Disposals|(350,000)|||(350,000)|
|At 31 December 2022|7,724,100|77,355|1,597,693|9,399,148|
|Depreciation|||||
|At 1 January 2022|1,351,787|74,753|1,515,389|2,941,929|
|Charge for the year|134,793|651|21,338|156,782|
|On disposals|(18,667)|||(18,667)|
|At 31 December 2022|1,467,913|75,404|1,536,727|3,080,044|
|Net book value|||||
|At 31 December 2022|6,256,187|1,951|60,966|6,319,104|
|At 31December 2021|6,508,687|2,602|12,336|6,523,625|
##
##
##
##
##
|Name|||Company|Registered|office or|principal|Principal|activity|
|---|---|---|---|---|---|---|---|---|
||||number|place ofbusiness|||||
|Lighthouse|Operations|Ltd|11124403|254 - 270 Camberwell||Road,|Hire of events space||
|||||Camberwell|Road, London SE5||||
|||||ODP|||||
|Class of|Holding||||||||
|shares|||||||||
|Ordinary|100%||||||||
##
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022|2021|2022f|2021|
|Due within one year||||||
|Other debtors||9,455|10,838|8,836|10,591|
|Prepayments
and accrued income||204,971|19,571|204,971|19,571|
|Tax recoverable||99,531|31,250|99,531|31,250|
|||313,957|61,659|313,338|61,412|
|Creditors: Amounts|falling due within one year|||||
|||Group|Group|Charity|Charity|
|||2022|2021|2022|2021|
|Bank overdrafts||10,332|7,871|10,332|7,871|
|Bank loans||179,680|179,680|169,680|169,680|
|Trade creditors||188,963|44,978|188,963|44,978|
|Amounts
owed to group undertakings||||158,642|131,641|
|Other taxation and social security||14,119|14,265|14,119|14,265|
|Pension
fund loan payable||3,341|1,294|3,341|1,294|
|Other creditors||10,316|7,762|3,556|2|
|Accruals and deferred|income|11,580|12,647|8,580|8,580|
|||418,331|268,497|557,213|378,311|
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022f|2021|2022|2021|
|Bank|loans|355,057|534,737|330,890|500,570|
##
##
##
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2022|2021|2022f|2021|
|Financial assets|||||||
|Financial|assets measured|at fair value|||||
|through|income and expenditure||312,864|116,299|225,601|93,535|
##
##
##
|Stateme|nt o|ffunds - curren|t year|||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||||Balance at 1||||31|
||||January||||December|
||||2022|Income|Expenditure|Taxation|2022|
|||||E||||
|Unrestricted||funds||||||
|General|Funds - all funds||5,716,034|1,574,584|(1,287,160)|1,314|6,004,772|
|Reserves|||98,655||||98,655|
||||5,814,689|1,574,584|(1,287,160)|1,314|6,103,427|
|Restricted funds||||||||
|Children|and|youth fund|1,326||(1,326)|||
|Building|fund|||2,971|(2,971)|||
|Welfare|fund||76,741|777|(8,408)||69,110|
|Food bank|||5,593||(5,593)|||
|Mission|fund|||8,357|(8,357)|||
||||83,660|12,105|(26,655)||69,110|
|Total of|funds||5,898,349|1,586,689|(1,313,815)|1,314|6,172,537|
##
##
|Statemen|t o|ffunds -prior year|||||
|---|---|---|---|---|---|---|
|||||||Balance af|
||||Balance af|||31|
||||1January|||December|
||||2021|Income|Expendi fure|2021|
|Unrestricted||funds|||||
|General|Funds - all funds||5,862,475|1,053,288|(1,101,074)|5,814,689|
|Restricted funds|||||||
|Missions|fund||6,277|12,663|(18,940)||
|Children|and|youth fund|1,326|||1,326|
|Building|fund||18,132|4,012|(22,144)||
|Welfare|fund||76,708|533|(500)|76,741|
|Food bank|||5,593|||5,593|
|Coronavirus||Job Retention Scheme||71,708|(71,708)||
||||108,036|88,916|(113,292)|83,660|
|Total of|funds||5,970,511|1,142,204|(1,214,366)|5,898,349|
##
|Summary|offunds - cu|rrent year|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at 1||||31|
|||January||||December|
|||2022|Income|Expenditure|Taxation|2022|
||||E||||
|General funds||5,814,689|1,574,584|(1,287,160)|1,314|6,103,427|
|Restricted|funds|83,660|12,105|(26,655)||69,110|
|||5,898,349|1,586,689|(1,313,815)|1,314|6,172,537|
|Summary|offunds - prior year|||||
|---|---|---|---|---|---|
||||||Balance at|
|||Balance at|||31|
|||1January|||December|
|||2021|Income|Expenditure|2021|
|General funds||5,862,475|1,053,288|(1,101,074)|5,814,689|
|Restricted|funds|108,036|88,916|(113,292)|83,660|
|||5,970,511|1,142,204|(1,214,366)|5,898,349|
|Analysis|of n|et assets between
funds - current|year|||
|---|---|---|---|---|---|
||||Restricted|Unrestricted|Total|
||||funds|funds|funds|
||||2022|2022f|2022
f.|
|Tangible|fixed|assets||6,319,104|6,319,104|
|Current|assets||69,110|557,711|626,821|
|Creditors|due|within one year||(418,331)|(418,331)|
|Creditors|due|in more than one year||(355,057)|(355,057)|
|Total|||69,110|6,103,427|6,172,537|
##
##
##
##
|Analysis|of n|et assets between
funds - prior ye|ar|||
|---|---|---|---|---|---|
||||Restricted|Unrestricted|Total|
||||funds|funds|funds|
||||2021|2021|2021|
|Tangible|fixed|assets||6,523,625|6,523,625|
|Current|assets||83,660|94,298|177,958|
|Creditors|due|within one year||(268,497)|(268,497)|
|Creditors|due|in more than one year||(534,737)|(534,737)|
|Tl|||83,660|5,814,689|5,898,349|
##
|23.|Reconciliation
ofnet|Reconciliation
ofnet|movement|movement|in funds to|in funds to|net|cash flow|from|operating|activities||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||Group|Group|
||||||||||||2022f|2021|
||Net
income/expenditure||for|the|year|(as|per|Statement|of|Financial|||
||Activities)||||||||||274,188|(72,162)|
||Adjustments
for:||||||||||||
||Depreciation
charges||||||||||156,782|163,976|
||Dividends,
interests|and rents from|||investments||||||(28,239)|(30,704)|
||Profit on the sale offixed assets||||||||||(116,299)|(5,695)|
||Decrease/(increase)|in|debtors||||||||(252,298)|31,384|
||Increase/(decrease)|in|creditors||||||||149,834|(9,642)|
||Net cash provided|by operating|||activities||||||183,968|77,157|
|24.|Analysis ofcash and||cash equivalents||||||||||
||||||||||||Group|Group|
||||||||||||2022f|2021|
||Cash
in hand||||||||||312,864|116,299|
||Total cash and cash equivalents||||||||||312,864|116,299|
##
##
||||||At 1||At 31|
|---|---|---|---|---|---|---|---|
||||||January||December|
||||||2022|Cash flowsf|2022|
|Cash|at bank and||in hand||116,299|196,565|312,864|
|Bank|overdrafts|repayable||on demand|(7,871)|(2,461)|(10,332)|
|Debt|due within|1|year||(180,974)|(2,047)|(183,021)|
|Debt|due after 1 year||||(534,737)|179,680|(355,057)|
||||||(607,283)|371,737|(235,546)|
##
##
|pay|ments|und|er|non-cancellable
operating
leases a|s follows:||
|---|---|---|---|---|---|---|
||||||Charity|Charity|
||||||2022|2021|
|Not|later|than|1|year|65,000|60,000|
##
##