WORSHIP TABERNACLE MINISTRIES
Financial health, per its FY2024 accounts
The accounts state that unrestricted income rose by over 10% to over £1,070,000, while total expenditure decreased slightly to £977,098, resulting in a net surplus of £783,862. The charity holds unrestricted reserves of £3,521,753, which the trustees confirm are well above their stated policy target of three to six months of annual expenditure. Cash balances remain strong at £1,032,865, supported by a new mortgage loan of £2 million used to acquire a new building.
What the accounts disclose
“One staff member received salary in the band of £120,000-130,000 pa (2023: one member of staff in the band £110,000-£120,000) and one member of staff in the band £70,000-80,000 (2023 One member of staff in the band £60,000-70,000). No others received salary over £60,000 pa.” — page 23
“Unrestricted funds not committed or invested in tangible fixed assets are held at an amount not less than a range of three to six months of the charity's annual expenditure.” — page 9
“During the year the church paid £18,000 (2023: £18,000) as rent to Pastor T and Mrs F Adeshugba, under a lease agreement for the church to use a property owned by them as church accommodation. There were no amounts owed or owing at the year end.” — page 26
“Received donations totalling £47,140 (2023: £26,388) from related parties (which includes trustees, anyone closely connected to them and key management).” — page 26
“During the year the church paid £18,000 (2023: £18,000) as rent to Pastor T and Mrs F Adeshugba, under a lease agreement for the church to use a property owned by them as church accommodation. There were no amounts owed or owing at the year end.” — page 26
“Received donations totalling £47,140 (2023: £26,388) from related parties (which includes trustees, anyone closely connected to them and key management).” — page 26
Structured financials (annual return, FY ending 31/12/2024)
Trustees
- ASUQUO MICHAEL EKPE
- DANIEL OKOTURO
- DONALD NYAMPONG BOAKYE
- EMMANUEL ROPO OGUNLEYE
- TOLUWALASE BENSON-IDONIJE
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £1.8m | £977k |
| 31/12/2023 | £1.2m | £997k |
| 31/12/2022 | £1.1m | £694k |
| 31/12/2021 | £1.1m | £492k |
| 31/12/2020 | £782k | £435k |
Common questions
Is WORSHIP TABERNACLE MINISTRIES financially healthy?
The accounts state that unrestricted income rose by over 10% to over £1,070,000, while total expenditure decreased slightly to £977,098, resulting in a net surplus of £783,862. The charity holds unrestricted reserves of £3,521,753, which the trustees confirm are well above their stated policy target of three to six months of annual expenditure. Cash balances remain strong at £1,032,865, supported by a new mortgage loan of £2 million used to acquire a new building. Its FY2024 accounts were audited by Caladine Ltd.
What does the highest-paid employee of WORSHIP TABERNACLE MINISTRIES earn?
Per its FY2024 accounts, the highest-paid employee was in the £120,001 - £130,000 band.