## **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 reqUi￿rnents 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