The Charity Commission has concluded that Rhema Church’s trustees failed to protect the charity and its assets and misused funds.
During the inquiry, the regulator found evidence thousands of pounds was spent on trips without any clear charitable purpose.
The inquiry also uncovered evidence day-to-day living expenses such as food and medical bills had been paid from funds.
Interim managers wound down the charity, which opened in Woodside Green in 1999.
They were able to recover £136,000 which was distributed to three nearby charities.