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← Life Tabernacle United Pentecostal Church Trust

2024-09-30-accounts

REGISTERED CHARITY NUMBER: 1174845

Report of the Trustees and

Audited Financial Statements for the Year Ended 30 September 2024

for

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Owadally & King Chartered Certified Accountants & Statutory Auditors 73 Park Lane Croydon Surrey CR0 1JG

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Contents of the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2024

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Page
Report of the Trustees 1 to 3
Report of the Independent Auditors 4 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 18
Detailed Statement of Financial Activities 19 to 20
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LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024

The trustees present their report with the financial statements of the charity for the year ended 30 September 2024. 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 objectives of Life Tabernacle Church are to advance the Christian faith in accordance with our Statement of Beliefs in the United Kingdom and other parts of the world as the trustees may think fit and to fulfil other such purposes which are connected to charitable work of the Trust.

Significant activities

The charity seeks to support the members of the same Christian belief whose purposes include the relief of poverty; provision of assistance to those in need through age, ill-health, disability, financial hardship or other disadvantage; provision of education or the supporting of community development in the said location and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit.

The charity intends to achieve these objectives by community projects and proclamation of the faith through various outreach and community projects.

Public benefit

The charity affirms that it exists and operates exclusively for charitable purposes for the benefits of the public and to further the it's cause in so doing by it's activities and decisions in accordance with the Charity Commission’s guidance.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

In the sixth year as Chief Information Officer (CIO) of the church, overseeing all its operational facets, including personnel, volunteers, and tangible and intangible assets, proved to be invigorating as we continued to streamline management processes for our two premises.

In Battersea, we introduced Spanish-speaking services alongside regular services, bolstering our social media presence, and witnessing three individuals undergoing water baptism. Despite challenges, our Living Manna services continued to offer daily prayer sessions, fostering spiritual growth locally and internationally, with testimonies of healing and revival spanning continents.

Similarly, at our Croydon premises, we seamlessly transitioned to online ministries during the pandemic, maintaining public worship with an average attendance of 55 on Sundays. Noteworthy accomplishments include baptizing ten individuals and engaging an average of 40 online viewers during midweek Bible studies. Consistent translation services to Spanish facilitated connections with Spanish-speaking families, while our Pentecostal Family Church at Labroke saw increased attendance.

Youth work thrived with weekly gatherings and significant attendance at conferences, while RHEMA HOUR TU VOZ RADIO garnered a global following, transcending borders. The inception of Northwood Church further expanded our outreach, complemented by ongoing maintenance works at our premises.

We also intend to aid members facing financial hardships exacerbated by the pandemic, reflecting our commitment to community support. Additionally, through our missions department, we provided aid to areas affected by natural disasters, embodying our ethos of global solidarity.

Community engagement remained paramount, with our premises hosting public events and maintaining online ministries beyond the pandemic. Notably, we facilitated 19 water baptisms and witnessed spiritual manifestations during virtual services, underscoring our enduring commitment to spiritual enrichment.

Page 1

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL REVIEW

Financial position

Total incoming resources for the year were £573,413 compared to £585,214 received in the prior year. £468,030 of this income was received from the church community as general giving (2023: £406,654).

The expenditure of resources on the church's activities during the year of £521,787 (2023: £500,139) was in line with the church's charitable aims.

Going concern

As of the financial year ending 30 September 2024, the financial statements of the Charity reflect current liabilities amounting to £347,833. This figure indicates that our current liabilities exceed our current assets by £294,759 Despite this, the Trustees are confident in the organization's ability to continue its operations effectively.

To address the net current liabilities and ensure continued operational stability, we have implemented several measures. A detailed cash flow projection has been developed for the next 12 months, projecting positive cash flows based on secured funding, expected grants, and planned fundraising activities. We have also negotiated extended payment terms with soft loan provider to better align with our cash inflows. Regular monitoring of cash flow against projections is being conducted, with adjustments made as necessary to ensure liquidity is maintained.

An internal review of all operational costs has been completed, resulting in a strategic reduction of non-essential expenditures.

New revenue-generating activities have been introduced, including the new tenants in James Dallas house, which are projected to generate additional income of £40,000 per annum. Existing revenue streams have been enhanced through targeted marketing and outreach efforts to increase engagement and support from our donor base. The organisation also has access to a line of credit from core members of the church, providing a financial cushion to manage any short-term cash flow challenges. A contingency plan has been developed, outlining specific actions to be taken in the event of significant deviations from the forecasted cash flows.

The Trustees believe that with these strategies in place, Life Tabernacle United Pentecostal Church Trust is well-positioned to manage its financial obligations and continue its mission-driven work. Regular reviews and updates to our financial plan will be conducted to ensure ongoing financial health and responsiveness to any emerging financial challenges. The Trustees are committed to maintaining transparency and will provide further updates on our financial position and operational strategies in subsequent reports.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1174845

Principal address

32 Battersea Park Road Battersea London SW11 4HY

Page 2

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024

Trustees

Rev L Francis Chair Rev C Okala Trustee Deaconess C Smartt Trustee J Igbinoba Trustee Elder S Brown Trustee L Badenhorst Trustee Deacon D Francis Trustee Rev A Banton Trustee

Auditors

Owadally & King Chartered Certified Accountants & Statutory Auditors 73 Park Lane Croydon Surrey CR0 1JG

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees 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).

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

4.11.2025

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

........................................................................ Rev C Okala - Trustee

Page 3

Report of the Independent Auditors to the Trustees of Life Tabernacle United Pentecostal Church Trust

Opinion

We have audited the financial statements of Life Tabernacle United Pentecostal Church Trust (the 'charity') for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 4

Report of the Independent Auditors to the Trustees of Life Tabernacle United Pentecostal Church Trust

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We designed our audit by determining materiality and assessing risks of material misstatement, including fraud, through inquiries with management about their consideration of fraud. We focused on subjective judgments in significant accounting estimates involving assumptions about uncertain future events. We also assessed potential pressures, opportunities, and motivations for fraud, identifying internal controls to mitigate related risks and reviewing management's monitoring processes. Our procedures included reviewing and testing manual journals and key estimates and judgments.

We examined the legal and regulatory framework relevant to the company and industry, considering risks of noncompliance, including fraud, with laws like FRS 102, the Copyright, Designs and Patents Act 1988, and UK tax legislation. We inquired about compliance and corroborated evidence by reviewing legal correspondence and obtaining legal letters on significant matters.

Our tests involved matching financial statement disclosures to supporting documents and management inquiries. We found no key audit matters related to irregularities or fraud. As in all audits, we addressed the risk of management override of controls by testing journals and evaluating potential biases that could lead to material misstatements due to fraud.

Our procedures acknowledged the higher risk of undetected material misstatement due to fraud compared to error, due to deliberate concealment through forgery, misrepresentation, or collusion. Despite inherent limitations in audit procedures, we aimed to identify material misstatements, recognizing that detection of non-compliance is less likely if it is not reflected in financial transactions.

For further details on our responsibilities, please visit the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This forms part of our auditor’s report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Owadally & King Chartered Certified Accountants & Statutory Auditors is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 5

Report of the Independent Auditors to the Trustees of Life Tabernacle United Pentecostal Church Trust

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Owadally & King Chartered Certified Accountants & Statutory Auditors 73 Park Lane Croydon Surrey CR0 1JG 07.11.2025 Date: .............................................

Page 6

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Statement of Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
Unrestricted
fund
£
526,648
45,724
1,041
573,413
505,223
16,586
521,809
51,604
3,565,493
3,617,097		 2023
Total
funds
£
466,795
117,494
925
585,214
489,489
10,650
500,139
85,075
3,480,418
3,565,493

The notes form part of these financial statements

Page 7

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Balance Sheet 30 SEPTEMBER 2024

Notes
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Debtors
11
Cash at bank		 2024
2023
Unrestricted
Total
fund
funds
£
£
6,202,864
6,206,985
21,292
26,491
31,782
55,706
CREDITORS
Amounts falling due within one year
12		 53,074
82,197
(347,833)
(387,425)
NET CURRENT ASSETS (294,759)
(305,228)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
13		 5,908,105
5,901,757
(2,291,008 )
(2,336,264)
NET ASSETS 3,617,097
3,565,493
FUNDS
15
Unrestricted funds		 3,617,097
3,565,493
TOTAL FUNDS 3,617,097
3,565,493
The
financial
statements
were
approved
by
the
Board
of
Trustees
and
............................................. and were signed on its behalf by:
04.11.2025		 authorised
for
issue
on

............................................. C Okala - Trustee

The notes form part of these financial statements

Page 8

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Cash Flow Statement FOR THE YEAR ENDED 30 SEPTEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Bank loan repayment
Other loan repayment
Net cash used in financing 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		 2024
£
210,572
(183,444)
27,128
-
1,041
1,041
(46,093)
(6,000)
(52,093)
(23,924)
55,706
31,782		 2023
£
213,632
(157,652)
55,980
(2,160)
925
(1,235)
(53,841)
(10,296)
(64,137)
(9,392)
65,098
55,706

The notes form part of these financial statements

Page 9

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Cash Flow Statement FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
£
£
Net income for the reporting period (as per the Statement of Financial
Activities)
51,604
85,075
Adjustments for:
Depreciation charges
4,121
3,716
Interest received
(1,041)
(925)
Interest paid
183,444
157,652
Decrease/(increase) in debtors
5,199
(26,491)
Decrease in creditors
(32,755)
(5,395)		 1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
£
£
Net income for the reporting period (as per the Statement of Financial
Activities)
51,604
85,075
Adjustments for:
Depreciation charges
4,121
3,716
Interest received
(1,041)
(925)
Interest paid
183,444
157,652
Decrease/(increase) in debtors
5,199
(26,491)
Decrease in creditors
(32,755)
(5,395)		 1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
£
£
Net income for the reporting period (as per the Statement of Financial
Activities)
51,604
85,075
Adjustments for:
Depreciation charges
4,121
3,716
Interest received
(1,041)
(925)
Interest paid
183,444
157,652
Decrease/(increase) in debtors
5,199
(26,491)
Decrease in creditors
(32,755)
(5,395)
Net cash provided by operations 210,572
213,632
2.
ANALYSIS OF CHANGES IN NET DEBT
Net cash
Cash at bank		 At 1.10.23
£
55,706		 Cash flow
At 30.9.24
£
£
(23,924)
31,782
55,706 (23,924)
31,782
Debt
Debts falling due within 1 year
Debts falling due after 1 year		 (266,234)
(2,336,264 )		 6,837
(259,397)
45,256
(2,291,008 )
(2,602,498 ) 52,093
(2,550,405)
Total (2,546,792 ) 28,169
(2,518,623)

The notes form part of these financial statements

Page 10

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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 2019)', 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.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and Fittings: straight line over 4 years Computer Equipment: straight line over 4 years

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

The trust has only unrestricted fund as at and year ended 30 September 2024 and for year ended 2023.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

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.

continued...

Page 11

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES - continued

Going concern

In evaluating the financial statements of the charity for the financial year ending 30 September 2024, we have identified a material uncertainty regarding the organisation's ability to continue as a going concern. As disclosed in the Trustees' report, the charity has net current liabilities amounting to £294,759, indicating that current liabilities exceed current assets by this amount.

To address this situation, the Trustees have implemented several measures, including developing a detailed cash flow projection, securing committed funding, negotiating extended payment terms, reducing non-essential expenditures, and enhancing revenue-generating activities.

Despite these proactive steps, there remains material uncertainty about the adequacy of these measures to ensure the organisation's ongoing financial stability.

However, after considering these points, the Trustees are confident in the charity's ability to maintain cash flow and continue operating for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

2. DONATIONS AND LEGACIES

Donations
Gift aid
3.
OTHER TRADING ACTIVITIES
Fundraising events
Rental Income
Parking
4.
INVESTMENT INCOME
Current asset investment		 2024
£
468,030
58,618
526,648
2024
£
300
39,231
6,193
45,724
2024
£
1,041		 2023
£
406,654
60,141
466,795
2023
£
828
107,873
8,793
117,494
2023
£
925

continued...

Page 12

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. RAISING FUNDS

Raising donations and legacies
Hire of plant and machinery
Insurance
Light and heat
Telephone
Postage and stationery
Petrol
Travel
Repairs and maintenance
Rubbish Collection
Consultancy & Professional Fee
Computers
Hall Rental
Subscriptions
Admin Expenses
Ministers tithes
Livewire
Love offering
Loan Interest
Bank Charges
Other
Advertising
Anniversary Expenses
Depreciation
Support costs
Other trading activities
Trustees' remuneration etc
Staff costs
Missions
Agent costs
Interest payable and similar charges		 2024
£
2,050
20,772
24,346
5,001
3,538
2,046
6,594
38,184
3,612
32,660
5,219
10,434
2,408
12,802
10,432
2,077
2,527
-
3,083
17,985
274
1,353
4,121
22
211,540
2024
£
33,378
61,353
5,428
10,080
183,444
293,683		 2023
£
2,844
20,117
37,902
3,559
2,473
2,906
6,434
25,008
3,002
30,045
5,614
8,703
3,255
10,554
13,632
2,187
5,389
2,315
3,037
19,109
466
1,817
3,716
-
214,084
2023
£
32,813
67,499
7,300
10,080
157,652
275,344

continued...

Page 13

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.
RAISING FUNDS - continued
Investment management costs
Support costs
Aggregate amounts
6.
SUPPORT COSTS
Raising donations and legacies
Other resources expended
7.
TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries
Trustees' social security
Trustees' pensions paid		 2024
£
-
505,223
Governance
Finance
costs
£
£
22
-
-
16,586
22
16,586
2024
£
28,324
2,654
2,400
33,378		 2023
£
61
489,489
Totals
£
22
16,586
16,608
2023
£
27,787
2,626
2,400
32,813

Above remuneration is in respect of the Chairman Rev. Leroy Francis.

Trustees' expenses

There were no
trustees' expenses paid for the year ended 30 September 2024 nor for the year ended
30 September 2023.
8.
STAFF COSTS
2024
2023
£
£
Wages and salaries
90,039
91,321
Social security costs
1,391
5,744
Other pension costs
901
847
92,331
97,912
The average monthly number of employees during the year was as follows:
2024
2023
General staff
5
5

No employees received emoluments in excess of £60,000.

continued...

Page 14

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
TANGIBLE FIXED ASSETS
COST
At 1 October 2023 and 30 September 2024
DEPRECIATION
At 1 October 2023
Charge for year
At 30 September 2024
NET BOOK VALUE
At 30 September 2024
At 30 September 2023		 Freehold
property
£
6,200,000
-
-
-
6,200,000
6,200,000		 Fixtures
and
fittings
£
10,969
6,741
2,743
9,484
1,485
4,228		 Computer
equipment
£
5,515
2,758
1,378
4,136
1,379
2,757		 Unrestricted
fund
£
466,795
117,494
925
585,214
489,489
10,650
500,139
85,075
3,480,418
3,565,493
Totals
£
6,216,484
9,499
4,121
13,620
6,202,864
6,206,985

10. TANGIBLE FIXED ASSETS

continued...

Page 15

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS - continued

The financial statements include a small element of investment property within the freehold land and buildings. The trustees have reviewed the nature and scale of this investment property and have concluded that it is not material to the readers of the financial statements for the year ended 30 September 2024. Consequently, this element has not been shown separately. This approach is consistent with the trustees' assessment of the financial information's relevance and significance to stakeholders.

11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade debtors
20,098
Other debtors
1,194
21,292
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Bank loans and overdrafts (see note 14)
37,351
Taxation and social security
1
Other creditors
310,481
347,833
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
£
Bank loans (see note 14)
2,097,008
Other creditors
194,000
2,291,008
14.
LOANS
An analysis of the maturity of loans is given below:
2024
£
Amounts falling due within one year on demand:
Bank loans
37,351
Other loans
222,046
259,397
Amounts falling between one and two years:
Bank loans - 1-2 years
37,351
Other loans - 1-2 years
50,000
87,351		 2023
£
26,491
-
26,491
2023
£
38,188
45
349,192
387,425
2023
£
2,142,264
194,000
2,336,264
2023
£
38,188
228,046
266,234
38,188
50,000
88,188

continued...

Page 16

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

==> picture [483 x 682] intentionally omitted <==

----- Start of picture text -----
14. LOANS - continued
2024 2023
£ £
Amounts falling due between two and five years:
Bank loans - 2-5 years 112,054 114,564
Other loans - 2-5 years 144,000 144,000
256,054 258,564
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal 1,947,603 1,989,512
15. MOVEMENT IN FUNDS
Net
At movement At
1.10.23 in funds 30.9.24
£ £ £
Unrestricted funds
General fund 3,565,493 51,604 3,617,097
TOTAL FUNDS 3,565,493 51,604 3,617,097
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 573,413 (521,809) 51,604
TOTAL FUNDS 573,413 (521,809) 51,604
Comparatives for movement in funds
Net
At movement At
1.10.22 in funds 30.9.23
£ £ £
Unrestricted funds
General fund 3,480,418 85,075 3,565,493
TOTAL FUNDS 3,480,418 85,075 3,565,493
----- End of picture text -----

continued...

Page 17

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
585,214
585,214		 Resources
Movement
expended
in funds
£
£
(500,139)
85,075
(500,139)
85,075

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At
1.10.22
£
3,480,418
3,480,418		 Net
movement
in funds
£
136,679
136,679		 At
30.9.24
£
3,617,097
3,617,097

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund		 Incoming
Resources
resources
expended
£
£
1,158,627
(1,021,948 )		 Movement
in funds
£
136,679
TOTAL FUNDS 1,158,627
(1,021,948 )		 136,679

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2024 (2023: NIL)

Page 18

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Other trading activities
Fundraising events
Rental Income
Parking
Investment income
Current asset investment
Total incoming resources
EXPENDITURE
Raising donations and legacies
Hire of plant and machinery
Insurance
Light and heat
Telephone
Postage and stationery
Petrol
Travel
Repairs and maintenance
Rubbish Collection
Consultancy & Professional Fee
Computers
Hall Rental
Subscriptions
Admin Expenses
Ministers tithes
Livewire
Love offering
Loan Interest
Bank Charges
Other
Advertising
Anniversary Expenses
Carried forward		 2024
£
468,030
58,618
526,648
300
39,231
6,193
45,724
1,041
573,413
2,050
20,772
24,346
5,001
3,538
2,046
6,594
38,184
3,612
32,660
5,219
10,434
2,408
12,802
10,432
2,077
2,527
-
3,083
17,985
274
1,353
207,397		 2023
£
406,654
60,141
466,795
828
107,873
8,793
117,494
925
585,214
2,844
20,117
37,902
3,559
2,473
2,906
6,434
25,008
3,002
30,045
5,614
8,703
3,255
10,554
13,632
2,187
5,389
2,315
3,037
19,109
466
1,817
210,368

This page does not form part of the statutory financial statements

Page 19

LIFE TABERNACLE UNITED PENTECOSTAL CHURCH TRUST

Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2024

Raising donations and legacies
Brought forward
Fixtures and fittings
Computer equipment
Other trading activities
Trustees' salaries
Trustees' social security
Trustees' pensions paid
Wages
Social security
Pensions
Missions
Agent costs
Mortgage
Support costs
Finance
Foreign Exchange Losses
Governance costs
Auditors' remuneration
Accountancy and legal fees
Total resources expended
Net income		 2024
£
207,397
2,742
1,379
211,518
28,324
2,654
2,400
61,715
(1,263)
901
5,428
10,080
183,444
293,683
22
13,440
3,146
16,586
521,809
51,604		 2023
£
210,368
2,337
1,379
214,084
27,787
2,626
2,400
63,534
3,118
847
7,300
10,080
157,652
275,344
61
9,000
1,650
10,650
500,139
85,075

This page does not form part of the statutory financial statements

Page 20