FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
CHARITY REGISTRATION NUMBER 1084524
1 | P a g e
----- Start of picture text -----
CONTENTS Page
Trustee's Report 3
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10-14
----- End of picture text -----
2 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
TRUSTEES REPORT FOR THE YEAR ENDED 31ST DECEMBER 2020
The Trustees of RCCG - Bethel Parish present their report and financial statements for the period ended 31 December 2020, which have been prepared in with the Statement of Recommended Practice, prepared in accordance with the Charities SORP 2015 (FRS102).
Structure, Governing & Management:
The Governing document of the Charity is the Trust Deed dated 21[st] November 2000 and the Agreement for Common Purposes between The Redeemed Christian Church of God and RCCG Bethel Parish dated 31[st] December 2012.
Names of Existing Trustees:
Mr Rasheed Abayomi Amunikoro Mrs Motunrayo Olasoji Mr Anderson Omorawa Mrs Bolanle Sunmonu
All Trustees are appointed by resolution of the existing Trustee Body.
Organisation Structure
The board of Trustees is headed by a Chairman, the Secretary to the trust, a Trustee member and a Financial Administrator and controller. The only paid employee of the Charity is the Church Pastor. The Trustees are responsible for making all decisions regarding allocation of fund and activities.
Objects of the Charity
The objects of the Charity are the advancement of the Christian faith worldwide and relief of poverty in accordance with doctrines set out in the statement of faith contained in the governing document.
Achievements and Performance
- Our ability to undertake our annual activities was severely curtailed by the Covid pandemic but we were able to continue to meet online as a church and provide support for our members
Specific Investment Powers
The trustees are empowered to use the income and may use the capital of the trust in promoting the objects in accordance with Charities Act 2011. They can also let and dispose of property of any kind. All investments are in the name of the Charity.
3 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
Reserve Policy
Funds that are not required for immediate use must be placed or invested in accordance with clause 3:14 of Trust Deed and a minimum of £1,000 is to serve as the Charity's reserve. The remaining funds at 31st December 2020 will be retained to finance the charitable objects and to meet the on-going operating expenses.
Grant-Making Policies
Grants are made to other charitable bodies, emergency homeless, emergency relief aid and gifts to members of the Charity.
Review of Transactions and Financial Position
During the period, income of £46,861 (2019: £40,485) was received as voluntary donations in the year.
The net movement in funds for the period, as shown in the statement of financial activities, for the unrestricted funds was a deficit of -£10,239 (2019: £18,910 surplus). The restricted fund shows a surplus of £3,693 (2019: £398 surplus).
The value of the net assets at 31st December 2020 was £51,295 (2019: £57,841)
Plans for Future developments
We will continue to operate our online services and when the lockdown is lifted, we will transition into a hybrid service combining meeting in the church with our online services. The return to the church would be phased in to make sure our premises are secure.
4 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
Statement of Trustees' Responsibilities
Law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year that gives a true and fair view of the RCCG Bethel Parish's incoming resources and application of resources during the year and of its state of affairs at the end of the year. In preparing those financial statements we are required to:
-
select suitable accounting policies and then apply them consistently
-
make judgements and estimates that are reasonable and prudent
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the RCCG Bethel Parish will continue in operation
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the RCCG Bethel Parish, which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the RCCG Bethel Parish and hence for taking reasonable steps for the prevention and detection of fraud and breaches of law and regulations.
Internal controls and the mitigation of major risks
The Trustees have assessed the major risks to which the Charity is exposed particularly those relating to the operations and finance and are satisfied with the risk management systems in place to mitigate any risk exposure.
Independent Examiner
The Trustees appointed Vicom Accountancy Services Ltd as the Charity's independent examiner. A resolution to reappoint Vicom Accountancy Services Ltd, as independent examiner will be proposed during the Trustees meeting for the year 2021.
Approval:
The Board of Trustees approved this report on the 5[th] August 2021 and signed on its behalf by:
Signed on behalf of the board of Trustees
Signature……………………………… Date: 5[th] August 2021
Name: Mrs Motunrayo Olasoji
Position: Secretary
5 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
CHARITY DETAILS
Charity Number 1084524
Principal Address:
12 Mimosa Close Romford RM3 8JJ
Independent Examiner:
Vicom Accountancy Services Ltd 164 Wyndham Road London SE5 0UB
Bankers:
National Westminster Stratford Broadway Stratford London E15 4DX
Barclays Bank Plc Uxbridge Branch 142 High Street Uxbridge, Middlesex UB8 1DS
6 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH INDEPENDENT EXAMINATIONS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020. We have examined the financial statements. which comprise the financial activities. the balance sheet. the related notes. and the accounting policies forthe YearEnded 31° December 2020on pages 8t0 16. Respective responsibilitie5 of trustees and independent examiner The Church's trustees are responsible for the preparathon of the accounts. The church's trustees considerthatan audit isnotrequired forthis year undersection 144of thecharities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility= to examine the accounts (under section 145 of the Charities Act), tofollow the procedures laid down in the General Directhonsgiven by thecharity Commission lunder section 14515I1bl of the Act, and to state whether matters have come to my attention. Bas15 01 Independent Exarniner's Report My examination was carried out in accordance with general Dirertions given by the Charity Commission. An examination includes are view of theaccounting records keptbythe charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanation5 from trustee5 concerning any such matters. The procedures undertaken do not provide all the evidence that be required in an audit. and consequently no opinion is given as to whether the accounts presents a'true andfair, view andthe report is limited to those matters setout inthe statement below. Independent Examiner's statement During my examination. no matter has come to my attention- . which give me reasonable cause to believe that in, any material respect. the requirement5 a. to keep accounting records in accordan with seLLion 130 of the Charities Act; and b. to prepare accounts which accord with the accounting records and comply with the accounting reqUirnents of the 2011 Act. have not been met,. or 2. which, in my opinion. attention should bedrawntoenable a proper understanding of the accounts to be reached. Date: 9th Au8USt 2021 Independent Examiner: Ms Vlctoria Onayemi IBA IHonsl.FMAAn Vici)m Accountsn¢y Services Ltd 164 Wyndham Road. London. SES OUB. 'i¢om .4rcount*nc)" SerThlces Ltd I.(1 SL5 OLII IYJ)7 820 8V4I 71Page
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOMING RESOURCES Voluntary Income 1 Other Income 2 Total Incoming Resources RESOURCES EXPENDED Cost of Generating Funds: Charitable Activities 3 Contract & Grants 4 Governance Costs 5 Total Resources Expended Net Incoming/Outgoing Expenses Total Funds Brought Forward Total Funds Carried Forward |
Unrestricted Fund 43,168 9,689 52,857 10,679 9,127 43,290 63,096 (10,239) 34,811 24,572 |
Restricted Fund 3,693 - 3,693 - - - - 3,693 23,030 26,723 |
2020 Total 46,861 9,689 56,550 10,679 9,127 43,290 63,096 (6,546) 57,841 51,295 |
2019 Total 40,485 92 40,577 11,562 8,901 38,626 59,089 (18,512) 76,353 57,841 |
|
|---|---|---|---|---|---|
8 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
BALANCE SHEET AS AT 31 DECEMBER 2020
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash in Bank TOTAL CURRENT ASSETS CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds Restricted funds Total funds |
Unrestricted funds £ 3,333 - 22,389 22,389 (1,150) 21,239 24,572 24,572 |
Restricted funds £ - 6,365 20,358 26,723 - 26,723 26,723 26,723 |
2020 Total funds £ 3,333 6,365 42,747 49,112 (1,150) 47,962 51,295 51,295 24,572 26,723 51,295 |
2019 Total funds £ 1,739 6,746 50,562 |
|---|---|---|---|---|
| 57,308 (1,205) |
||||
| 56,103 | ||||
| 57,841 | ||||
| 57,841 | ||||
| 34,811 23,030 |
||||
| 57,841 |
On behalf of the board of Trustees Signature: …………………………… Date: 5th August 2021
Name: Mrs Motunrayo Olasoji
Position: Secretary
9 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
ACCOUNTING POLICIES:
The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom with the application of FRSSE and the Statement of Recommended Practice, "Accounting and Reporting by Charities SORP 2015 (FRS102) issued by the Charity Commission. A summary of the principal accounting policies, which have been applied consistently, is set out below.
a) Basis of Preparation of Financial Statements
The financial statements are prepared under the historic cost convention and include the results of the Charity's operations, which are described in the Trustees Report, all of which are continuing.
b) Comparative Figures
Comparative figures are shown on the statement of Accounts.
c) Incoming Resources
All income is credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable.
d) Restricted funds
Restricted funds are to be used for specific purposes as specified within the objects of the Charity. Expenditure, which meets these criteria, is identified to the fund, together with a fair allocation of management and support costs.
e) Unrestricted Funds
Unrestricted funds are donations and other incomes received or generated for the objects of the Charity without further specified purpose and are available for general funds.
f) Resources Expended
Direct Charitable Expenditure includes all expenditure incurred by the Charity in direct pursuit of its charitable objectives.
Contracts & Grants and Governance costs includes all costs not directly related to the Charitable activities and cannot be allocated to direct charitable expenditure.
g) Donated Services and Gifts in Kind
The value of donated services and gifts in kind provided to the RCCG Bethel Parish is recognised in the statement of financial activities and in the Balance Sheet at their value to the Bethel Parish, as determined by the Trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.
10 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
h) Tangible Fixed Assets
Tangible fixed assets with a value exceeding £100 are recognised in the balance sheet at cost less depreciation calculated at rates intended to write off the excess of the cost over the anticipated residual value of the assets on a straight line basis over their estimated useful economic lives.
Full year depreciation is charged in the year of acquisition, irrespective of the date of purchase and no depreciation is charged in year of asset disposal. The following rates are to be used except where the asset is on a finance lease where the lower of the period of repayment and the useful life is applied.
Office Equipment - 25% Fixtures & Fittings - 25%
i) Welfare Donation
This is a special donation carried out by all church members to enable the church to meet the needs of members who have severe financial needs.
11 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
INCOMING RESOURCES AND RESOURCES EXPENDED 31 DECEMBER 2020
| 1. Voluntary Income: Main Offering Tithes Thanksgiving Building Funds Other Donations 2. Other Income: Gift Aid Hall Use Interest Income Other 3.Charitable Activities Payroll Expenses Outreach Expenses Sunday School & Open Heavens Expenses Welfare Conferences & Seminars Support to Charities Honorarium Church Expenses |
2020 Total |
2019 Total |
|---|---|---|
| £ 4,386 38,607 175 3,693 - |
£ 4,020 33,200 1,010 1,305 950 |
|
| 46,861 | 40,485 | |
| 2020 Total |
2019 Total |
|
| £ 9,663 - 26 - |
£ - - 92 - |
|
| 9,689 | 92 | |
| 2020 Total |
2019 Total |
|
| £ 3,450 - 125 2,500 - 2,600 254 1,750 |
£ 4,050 2,583 - - 1,207 1,000 865 1,857 |
|
| 10,679 | 11,562 |
12 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
| 4.Contract and Grants: Head Office 20% Remittance (WEM) Ministry Support Ministry Support FOL Programs Church Function Expenses Area & Central Office Support 5. Governance Cost Rent & Rates Storage Telephone Insurance Advertising Office & General Admin Expenses Printing & Stationery Depreciation Independent Examiner Professional Services Bank Charges |
2020 Total |
2019 Total |
|---|---|---|
| £ 7,927 - - - 1,200 |
£ 3,900 1,000 1,200 1,601 1,200 |
|
| 9,127 | 8,901 | |
| 2020 Total |
2019 Total |
|
| £ 33,002 2,068 443 832 79 - 128 1,111 1,438 4,189 - |
£ 28,002 - 433 757 580 424 146 3,377 450 4,416 41 |
|
| 43,290 | 38,626 |
13 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
6. TANGIBLE ASSET
| OFFICE EQUIPMENT FIXTURES & FITTINGS £ £ At 1 January 2020 11,012 514 Additions 714 1,268 At 31 December 2020 11,726 1,782 DEPRECIATION At 1 January 2020 8,007 385 Charge for year 2,932 445 At 31 December 2020 10,938 831 NET BOOK VALUE At 31 December 2020 788 951 At 31 December 2019 3,005 128 7. DEBTORS Debtors Prepaid Insurance Security Deposit 8. CREDITORS AMOUNT FALLING DUE WITHIN A YEAR Accountancy Fees and Independent Review Other Loan |
OFFICE EQUIPMENT FIXTURES & FITTINGS £ £ At 1 January 2020 11,012 514 Additions 714 1,268 At 31 December 2020 11,726 1,782 DEPRECIATION At 1 January 2020 8,007 385 Charge for year 2,932 445 At 31 December 2020 10,938 831 NET BOOK VALUE At 31 December 2020 788 951 At 31 December 2019 3,005 128 7. DEBTORS Debtors Prepaid Insurance Security Deposit 8. CREDITORS AMOUNT FALLING DUE WITHIN A YEAR Accountancy Fees and Independent Review Other Loan |
TOTAL £ 11,526 1,982 13,508 8,392 3,377 11,769 1,739 3,134 2020 2019 £ £ - 150 - 231 6,365 6,365 |
|---|---|---|
| 11,726 1,782 |
||
| 8,007 385 2,932 445 |
||
| 10,938 831 |
||
| 788 951 3,005 128 |
||
| 6,365 6,746 |
||
| 2020 2019 £ £ 1,150 1,050 - 155 |
||
| 1,150 1,205 |
9. Related party transactions
The Redeemed Christian Church of God is the main headquarters of all RCCG Church branches. During the period ended 31st December 2020, Donations of £9,127 (2019 was £5,100) was paid to the Area & Central Office for Administration Support. This is charitable donation and is in line with the agreement of "Deed of Common Purpose". Mr. Anderson Omorawa was paid professional fee of £966.30 to prepare and file the annual gift aid claims for the charity.
14 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| INCOMING RESOURCES Voluntary Income Gift Aid Offering Tithe Thanksgiving Other gifts and donations Building Fund Investment Income Deposit account interest Total Incoming resources RESOURCES EXPENDED Charitable activities Salary Expenses Church Outreach and Mission Sunday School & open heavens Conference and meetings Charity Support Welfare Honorarium Church Expenses Contract and Grants: World Evangelism Mission Festival of Life RCCG Central and Area Office Ministry Support Church Function Expenses |
2020 £ 9,663 4,386 38,607 175 - 3,693 56,524 26 56,550 3,450 - 125 - 2,600 2,500 254 1,750 10,679 7,927 - 1,200 - - 9,127 |
2019 £ - 4,020 33,200 1,010 950 1,305 |
||
|---|---|---|---|---|
| 40,485 92 |
||||
| 40,577 4,050 2,583 - 1,207 1,000 - 865 1,857 |
||||
| 11,562 3,900 1,200 1,200 300 1,601 |
||||
8,901 |
15 | P a g e
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) BETHEL PARISH
Governance costs
| Governance costs | ||
|---|---|---|
| Legal and Professional fees Support Costs Management Insurance Rent and Rate Printing Postage and stationery Telephone Advertising Storage Office & General Admin Expenses Depreciation Finance Bank charges and interest charges Total resources expended Net Expenditure |
5,627 832 33,002 128 443 79 2,068 - 1,111 37,663 - 63,096 (6,546) |
4,866 757 28,002 146 433 580 - 424 3,377 |
| 33,719 41 |
||
| 59,089 (18,512) |
16 | P a g e