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2020-12-31-accounts

Page
Reference and administrative details ofthe charitable company, its Trustees and 1-2
advisers
Trustees'
report		 3-9
Independent auditors' report on the financial statements 10 —14
Consolidated statement offinancial activities 15
Consolidated balance sheet 16-17
Consolidated statement ofcash flows 20
Notes to the financial statements 21-47

Trustees Pastor A Sanusi, Chair
Pastor A Irukwu
Pastor W Oladunjoye
Pastor K Bamigbade
Pastor F Popoola
Pastor AAdeleke
Company registered
number 04097822
Charity registered
number 1084767
Registered Office Redemption
House
Gunnels
Wood Park, Gunnels		 Wood Road
Stevenage
Hertfordshire
SG1 2TA
Company Secretary Pastor K Bamigbade
Executive Administrator Pastor Modupe
Afolabi
Independent auditors Stephen
Michael Associates
Chartered
Certified Accountants
1st Floor
3 More London Riverside
London
SE12RE
Bankers Lloyds TSBPic
105 - 109Station Road
Edgware
Middlesex
HA8 7JL
Barclays Bank Plc
StJohns Wood and Swiss Cottage
P0 Box2764
London
NW3 6JD
Santander
Bank PLC
46/48 High Street North
London
E62HJ

Restricted Unrestricted Total Total
funds funds funds funds
2020 2020 2020 2019
Note
Income from:
Donations
and legacies		 657,097 2,941,216 3,598,313 3,597,858
Charitable
activities		 74,502 74,502 460,638
Other trading
activities		 282 282 5,526
Investments 12,836 12,836 36,304
Total income 657,097 3,028,836 3,685,933 4,100,326
Expenditure
on:
Raising funds 1 321 1 321 14,542
Charitable
activities		 359,619 3,088,576 3,448,195 3,850,042
Total expenditure 359,619 3,089,897 3,449,516 3,864,584
Net movement
in funds		 297,478 (61,061) 236,417 235,742
Reconciliation
offunds:
Total funds brought forward 1,802,868 9,418,308 11,221,176 10,985,434
Net movement
in funds		 297,478 (61,061) 236,417 235,742
Total funds carried forward 2,100,346 9,357,247 11,457,593 11,221,176

2020 2019
Note
Fixed assets
Tangible assets 13 5,690,993 5,819,261
5,690,993 5,819,261
Current assets
Stocks 15 33,099 67,560
Debtors 16 1,231,469 1,112,247
Investments 17 1,925,671 1,920,793
Cash at bank and in hand 3,717,033 3,385,970
6,907,272 6,486,570
Creditors: amounts falling due within one
year 18 (397,082) (248,564)
Net current assets 6,510,190 6,238,006
Total assets less current liabilities 12,201,183 12,057,267
Creditors: amounts falling due after more
than one year (743,590) (836,091)
Net assets excluding pension asset 11,457,593 11,221,176
Total net assets 11,457,593 11,221,176
Charity funds
Restricted
funds		 21 2,100,346 1,802,868
Unrestricted
funds		 21 9,357,247 9,418,308
Total funds 11,457,593 11,221,176

2020 2019
Note
Fixed assets
Tangible assets 13 5,690,993 5,819,261
Investments 14 10,000 10,000
5,700,993 5,829,261
Current assets
Stocks 15 33,099 67,560
Debtors 16 1,231,469 1,113,136
Investments 17 1,925,671 1,920,793
Cash at bank and in hand 3,717,033 3,380,600
6,907,272 6,482,089
Creditors: amounts falling due within one
year 18 (397,704) (245,744)
Net current assets 6,509,568 6,236,345
Total assets less current liabilities 12,210,561 12,065,606
Creditors: amounts falling due after more
than one year (743,590) (836,091)
Net assets excluding pension asset 11,466,971 11,229,515
Total net assets 11,466,971 11,229,515
Charity funds
Restricted
funds		 21 2,100,346 1,802,868
Unrestricted
funds
Designated
funds		 21 900,000 900,000
General funds 21 8,466,625 8,526,647
Total unrestricted funds 21 9,366,625 9,426,647
Total funds 11,466,971 11,229,515

2020 2019
f.
Cash flows from operating
activities
Net cash used
in operating
activities		 422,081 (48,231)
Cash flows from investing
activities
Dividends,
interests
and rents from investments		 12,836 36,304
Proceeds from the sale of intangible
assets		 41,495
Purchase of intangible
assets		 (10,493) (82,426)
Net cash provided
by/(used
in) investing		 activities 2,343 (4,627)
Cash flows from financing
activities
Cash inflows from new borrowing 923,650
Repayments
of borrowing		 (81,282) (26,305)
New finance leases 33,654
Repayments
offinance leases		 (11,219) (38,348)
Net cash (used in)/provided
by financing		 activities (92,501) 892,651
Change
in cash and cash equivalents
in		 the year 331,923 839,793
Cash and cash equivalents
at the beginning		 ofthe year 5,302,495 4,462,702
Cash and cash equivalents
at the end of		 the year 5,634,418 5,302,495
The notes on pages 21 to 47 form part ofthese financial statements

Freehold
property		 2% straight
line
Long-term
leasehold		 property 2% straight
line
Motor vehicles 25% reducing
balance
Fixtures and fittings 10%straight
line
Office equipment 33.33%straight line
Computer
equipment		 33.33%straight line

Restricted Unrestricted Total
funds funds funds
2020 2020 2020
F f. F
Donations 323,176 2,941,216 3,264,392
Grants 150,000 150,000
Government grants 183,921 183,921
657,097 2,941,216 3,598,313
Restricted Unrestricted Total
funds funds funds
2019 2019 2019
Donations 270,218 3,327,640 3,597,858

Unrestricted Total
funds funds
2020 2020
f. F
Sale of books, tapes etc 72,207 72,207
Ministers conference 205 205
Advertising income 1,800 1,800
Ordination income 240 240
Sundry income 50 50
74,502 74,502

Unrestricted Total
funds funds
2019 2019
Sale of books, tapes etc 129,010 129,010
Ministers conference 292,773 292,773
Advertising income 1,000 1,000
Ordination income 28,113 28,113
Sundry income 9,742 9,742
460,638 460,638

Unrestricted Total
funds funds
2020 2020
Fees receivable 282 282
Unrestricted Total
funds funds
2019 2019
Rent receivable 1,050 1,050
Fees receivable 4,476 4,476
5,526 5,526

Unrestricted Total
funds funds
2020 2020
f. F
Investment income - local cash 6,314 6,314
Investment income - other local investments 6,522 6,522
12,836 12,836
Unrestricted Total
funds funds
2019 2019
Investment income —local cash 24,049 24,049
Investment income —other local investments 12,255 12,255
36,304 36,304

Charitable
giving to Total
Institutions funds
2020 2020
f. F
Missionary and Charitable giving - Europe 7,500 7,500
Missionary and Charitable giving - UK 5,000 5,000
Missionary and Charitable giving - Rest ofthe World 5,000 5,000
17,500 17,500

Charitable
giving to Total
Institutions funds
2019 2019
Missionary and Charitable giving - Europe 10,000 10,000
Missionary and Charitable giving - UK 134,411 134,411
Missionary and Charitable giving - Rest ofthe World 1,035 1,035
145,446 145,446

Restricted Unrestricted Total
funds funds funds
2020 2020 2020
Conference and events 183,921 817,027 1,000,948
Parish liason 1,850,695 1,850,695
COVID-19 Intervention 175,698 333,123 508,821
Governance costs 87,731 87,731
359,619 3,088,576 3,448,195
Unrestricted Total
funds funds
2019 2019
Conference and events 1,212,667 1,212,667
Parish liason 2,538,879 2,538,879
COVID-19 Intervention 1,035 1,035
Governance costs 97,461 97,461
3,850,042 3,850,042

Charitable
Activities giving
undertaken funding
of		 Support Total
directly activities costs funds
2020 2020 2020 2020
f. F f. F
Conference and events 109,579 7,500 883,869 1,000,948
Parish liason 431,964 5,000 1,413,731 1,850,695
COVID-19 Intervention 503,821 5,000 508,821
Governance costs 87,731 87,731
1,045,364 17,500 2,385,331 3,448,195
Charitable
Activities giving
undertaken funding
of		 Support Total
directly activities costs funds
2019 2019 2019 2019
Conference and events 907,159 10,000 295,508 1,212,667
Parish liason 604,444 134,411 1,800,024 2,538,879
COVID-19 Intervention 1,035 1,035
Governance costs 97,461 97,461
1,511,603 145,446 2,192,993 3,850,042

Conference Conference Parish COVID-19 Total
and events liason Intervention funds
2020 2020 2020 2020
F f. F f.
Staff costs 64,487 387,569 452,056
Conferences and events 45,092 45,092
Ministry expenses 44,395 44,395
Financial Assistance - vulnerable person 328,123 328,123
Love Christmas Initiative 175,698 175,698
109,579 431,964 503,821 1,045,364
Conference COVID-19 Total
and events Parish liason Intervention funds
2019 2019 2019 2019
Staff costs 76,958 426,836 503,794
Conferences and events 830,201 830,201
Ministry expenses 177,608 177,608
907,159 604,444 1,511,603

Conference Parish Governance Total
and events liason costs funds
2020 2020 2020 2020
F f. F f.
Staff costs 141,687 687,054 828,741
Depreciation 115,850 22,911 138,761
Ministry expenses 27,575 27,575
Premises costs 115,434 115,434
Communication
costs		 111,926 111,926
Visiting speakers expenses 824 4,331 5,155
Accomodation 14,530 23,780 38,310
Vehicle running
cost		 1,335 7,011 8,346
Bookshop expenses 61,677 61,677
Staff training 54,580 54,580
Volunteer expenses 4,021 18,588 22,609
Refreshments 18,752 18,752
AGM expenses 1,199 1,199
Legal and professional 24,702 24,702
Trustees
indemnity		 insurance 123,851 123,851
Auditors
remuneration		 56,819 56,819
Auditors
remuneration		 non-audit 20,238 20,238
Equipment
Hire		 4,155 4,155
Travelling
expenses		 33,303 33,303
Impairment
of loan		 receivable 572,381 572,381
Bad debt 29,086 29,086
Governance
costs		 87,731 87,731
883,869 1,413,731 87,731 2,385,331

Analysis ofsuppor t costs (continued)
Conference Governance Total
and events Parish liason costs funds
2019 2019 2019 2019
Staff costs 143,479 753,267 896,746
Depreciation 65,509 92,043 157,552
Ministry expenses 10,778 10,778
Premises costs 148,291 148,291
Communication
costs		 162,121 162,121
Visiting speakers expenses 353 1,856 2,209
Accomodation 17,036 82,460 99,496
Vehicle running
cost		 3,760 19,742 23,502
Bookshop expenses 72,973 72,973
Staff training 133,295 133,295
Volunteer expenses 3,226 16,934 20,160
Refreshments 18,640 18,640
AGM expenses 679 679
Legal and professional 42,759 42,759
Trustees
indemnity		 insurance 124,510 124,510
Auditors
remuneration		 57,473 57,473
Auditors
remuneration		 non-audit 31,804 31,804
Equipment
Hire		 45,976 45,976
Printing
and reproduction		 14,191 14,191
Travelling
expenses		 30,399 30,399
(Surplus)/deficit
on		 disposal offixed assets 1,978 1,978
Governance
costs		 97,461 97,461
295,508 1,800,024 97,461 2,192,993

2020 2019
E
Fees payable to the charitable company's auditor for the audit ofthe
charitable
company's
annual		 accounts 5,550 5,550
Fees payable to the charitable company's auditor in respect of:
All non-audit services not included
above		 9,433 9,071

Staff costs
charitable charitable
Group Group company company
2020 2019 2020 2019
Wages and salaries 1,201,552 1,319,119 1,201,552 1,319,119
Social security costs 111,929 119,927 111,929 119,927
Contribution to defined contribution pension
schemes 36,428 38,397 36,428 38,397
1,349,909 1,477,443 1,349,909 1,477,443
Group Group
2020 2019
No. No.
Management 1 1
Administration and activity 32 30
Provincial pastors 11 15
44 46
Group Group
2020 2019
No. No.
In the band f70,001 —F80,000
In the band f80,001 —F90,000

2020 2019
f.
Pastor W Oladunjoye Remuneration 10,000 10,000
Pension contributions paid 300 300
Pastor F Popoola Remuneration 10,000 10,000
Pension contributions paid 300 300

Long-term
Freehold leasehold Other fixed
property property assets Total
E f. E f.
Cost or valuation
At 1 January 2020 3,863,200 2,520,634 582,087 6,965,921
Additions 10,493 10,493
At 31 December 2020 3,863,200 2,520,634 592,580 6,976,414
Depreciation
At 1 January 2020 529,934 151,313 465,413 1,146,660
Charge for the year 45,264 49,213 44,284 138,761
At 31 December 2020 575,198 200,526 509,697 1,285,421

Group (continued)
Long-term
Freehold leasehold Other fixed
property property assets Total
F E F
Net book value
At 31 December 2020 3,288,002 2,320,108 82,883 5,690,993
At 31December 2019 3,333,266 2,369,321 116,674 5,819,261
charitable
company
Long-term
Freehold leasehold Other fixed
property property assets Total
Cost or valuation
At 1 January 2020 3,863,200 2,520,634 582,087 6,965,921
Additions 10,493 10,493
At 31 December 2020 3,863,200 2,520,634 592,580 6,976,414
Depreciation
At 1 January 2020 529,934 151,313 465,413 1,146,660
Charge for the year 45,264 49,213 44,284 138,761
At 31 December 2020 575,198 200,526 509,697 1,285,421
Net book value
At 31 December 2020 3,288,002 2,320,108 82,883 5,690,993
At 31December 2019 3,333,266 2,369,321 116,674 5,819,261

14. Fixed asset investments Fixed asset investments Fixed asset investments (continued)
Name Incomef Expenditure Profit/(Loss)
ISurplus/
(Deficit) for
the year
f.
Redemption Hub Limited 282 1 321 (1,039)
Net assetsf
622
15. Stocks
charitable charitable
Group Group company company
2020 2019 2020 2019
f. f.
Finished goods and goods for resale 33,099 67,560 33,099 67,560

charitable charitable
Group Group company company
2020 2019 2020 2019
f. f.
Due after more than one year
Other debtors 269,000 269,000
269,000 269,000
Due within one year
Trade debtors 31,822 31,822
Amounts
owed by group undertakings		 890
Other debtors 14,937 335,626 14,937 335,626
Prepayments and accrued income 1,163,795 475,799 1,163,795 475,798
Tax recoverable 21,256 21,256
Grants receivable 31,481 31,481
1,231,469 1,112,247 1,231,469 1,113,136

charitable charitable
Group Group company company
2020 2019 2020 2019
1,925,671 1,920,793 1,925,671 1,920,793

charitable charitable
Group Group company company
2020 2019 2020 2019
f. f.
Bank overdrafts 8,286 4,268 8,286 4,268
Bank loans 79,950 79,950 79,950 79,950
Trade creditors 225,143 63,305 225,143 63,305
Amounts
owed to group undertakings		 1,798
Corporation
tax		 15,084 40,084 15,084 40,084
Other taxation and social security 35,361 31,226 35,361 31,226
Obligations
under finance lease and hire
purchase
contracts		 11,219 11,219 11,219 11,219
Other creditors 5,495 6,362 5,495 6,362
Accruals and deferred income 16,544 12,150 15,368 9,330
397,082 248,564 397,704 245, 744

charitable charitable
Group Group company company
2020 2019 2020 2019
f. f.
Bank loans 736,113 817,395 736,113 817,395
Net obligations under finance lease and hire
purchase contracts 7,477 18,696 7,477 18,696
743,590 836,091 743,590 836,091
Group Group
2020 2019
Payable or repayable by instalments 417,645 417,645
417,645 417,645

charitable charitable
Group Group company company
2020 2019 2020 2019
f. f.
Financial assets
Financial assets measured at fair value
through income and expenditure 5,642,704 5,306,763 5,642,704 5,301,393

Statement offunds - current year
Balance at
Balance at 1 31
January Transfers December
2020 Income Expenditure in/out 2020
E f. F f. F
Unrestricted
funds
Designated
funds
Feasibility
Study		 900,000 900,000
RCCG World Evangelical
Mission (WEM) Fund towards
RCCG UK's COVID-19
Response (250,000) 250,000
900,000 (250,000) 250,000 900,000
General funds
General
Funds
—all		 funds 8,518,308 3,028,836 (2,839,897) (250,000) 8,457,247
Total Unrestricted funds 9,418,308 3,028,836 (3,089,897) 9,357,247
Restricted funds
Tsunami
Relief Contribution		 2,410 2,410
Haiti Appeal 21,917 21,917
Camp Ground
Building		 170,327 170,327
Benevolence
Offering		 1,463,188 260,451 1,723,639
New Auditorium 123,207 1,000 124,207
Lloyds Philippines
Appeal		 21,819 21,819
Love Christmas
Project		 61,725 (25,698) 36,027
Love Christmas
Project:
Church
Revitalisation		 Trust 150,000 (150,000)
Coronavirus
Job Retention
Scheme 183,921 (183,921)
1,802,868 657,097 (359,619) 2,100,346
Total offunds 11,221,176 3,685,933 (3,449,516) 11,457,593

Statement offund s - prior year
Balance at
Balance at 31
1January December
2019 Income Expenditure 2019
Unrestricted
funds
Designated
funds
Feasibility
Study		 900,000 900,000
General funds
General
Funds		 8,552,784 3,830,108 (3,864,584) 8,518,308
Total Unrestricted funds 9,452,784 (3,864,584) 9,418,308
Restricted funds
Tsunami
Relief Contribution		 2,410 2,410
Haiti Appeal 21,917 21,917
Camp Ground
Building		 170,327 170,327
Benevolence
Offering		 1,204,565 258,623 1,463,188
New Auditorium 111,612 11,595 123,207
Lloyds Philippines Appeal 21,819 21,819
1,532,650 270,218 1,802,868
Total offunds 10,985,434 270,218 (3,864,584) 11,221,176
Summary offunds - current y ear
Balance at
Balance at 1 31
January Transfers December
2020
E		 Income
f.		 Expenditure
f		 in/out
f.		 2020f
Designated funds 900,000 (250,000) 250,000 900,000
General funds 8,518,308 3,028,836 (2,839,897) (250,000) 8,457,247
Restricted funds 1,802,868 657,097 (359,619) 2,100,346
11,221,176 3,685,933 (3,449,516) 11,457,593
Summary offunds - prior year
Balance at
Balance at 31
1January December
2019 Income Expenditure 2019
Designated funds 900,000 900,000
General funds 8,552,784 3,830,108 (3,864,584) 8,518,308
Restricted funds 1,532,650 270,218 1,802,868
10,985,434 4,100,326 (3,864,584) 11,221,176

Analysis of n et assets between funds - current period
Restricted Unrestricted Total
funds funds funds
2020
f		 2020
f.		 2020f
Tangible fixed assets 5,690,993 5,690,993
Current assets 2,100,346 4,806,926 6,907,272
Creditors due within one year (397,082) (397,082)
Creditors due in more than one year (743,590) (743,590)
Total 2,100,346 9,357,247 11,457,593

Analysis of net assets between funds - prior per iod
Restricted Unrestricted Total
funds funds funds
2019 2019 2019
Tangible fixed assets 5,819,261 5,819,261
Debtors due after more than one year 269,000 269,000
Current assets 1,802,868 4,414,702 6,217,570
Creditors due within one year (248,564) (248,564)
Creditors due in more than one year (836,091) (836,091)
Total 1,802,868 9,418,308 11,221,176

Group Group
2020 2019
Net income for the period (as per Statement of Financial Activities) 236,417 235,742
Adjustments for:
Depreciation charges 138,761 157,552
Dividends,
interests		 and rents from investments (12,836) (36,304)
Loss on the sale of fixed assets 1,978
Decrease/(increase) in stocks 34,461 (23,211)
Increase
in		 debtors (119,222) (336,191)
Increase/(decrease) in creditors 144,500 (47,797)
Net cash provided by/(used in) operating activities 422,081 (48,231)

Group Group
2020 2019
E
Cash in hand 3,717,033 3,385,970
Notice deposits (less than 3 months) 1,925,671 1,920,793
Overdraft facility repayable on demand (8,286) (4,268)
Total cash and cash equivalents 5,634,418 5,302,495

At 1 At 31
January December
2020 Cash flows 2020
Cash at bank and in hand 3,385,970 331,063 3,717,033
Bank overdrafts repayable on demand (4,268) (4,018) (8,286)
Debt due within 1 year (80,230) (80,230)
Debt due after 1 year (817,395) 81,282 (736,113)
Finance leases (29,915) 11,219 (18,696)
Liquid investments 1,920,793 4,878 1,925,671
4,374,955 424,424 4,799,379

2020 2019
f.
Pastor A lrukwu - Jesus House 314,417 452,960
Pastor K Bamigbade - Inspiration House 43,597 2,400
Pastor A Sanusi - RCCG Victory House 23,600 19,600
Pastor A Adeleke - House of Praise Trust 600 12,672
Pastor F Popoola - Praise Tabernacle 25,200 25,200
Pastor W Oladunjoye
- Holy Ghost Zone London		 12,900 19,800
420,314 532,632
Funds held as interm ediary
2020 2019
f.
RCCG Unchangeable God Parish Bournemouth 25,970 25,970
25,970 25,970