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2021-12-31-accounts

Registered number: 04097822 Charity number: 1084767

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charitable company, its Trustees and 1 - 2
advisers
Trustees' report 3 - 9
Independent auditors' report on the financial statements 10 - 14
Statement of financial activities 15
Balance sheet 16 - 17
Statement of cash flows 18
Notes to the financial statements 19 - 45

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees Pastor A Sanusi, Chair
Pastor A Irukwu
Pastor W Oladunjoye (resigned 25 November 2021)
Pastor K Bamigbade
Pastor F Popoola
Pastor A Adeleke
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
SE1 2RE
Bankers
Lloyds TSB Plc
105 - 109 Station Road
Edgware
Middlesex HA8 7JL
Barclays Bank Plc
St Johns Wood and Swiss Cottage
P O Box 2764
London
NW3 6JD
Santander Bank PLC
46 / 48 High Street North
London
E6 2HJ

Page 1

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Solicitors

Wellers Law Group LLP 65 Leadenhall Street London EC3A 2AD

Page 2

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the audited financial statements of the charitable company for the year 1 January 2021 to 31 December 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Structure, Governance and Management

I. CONSTITUTION

The organisation is a charitable company limited by guarantee, incorporated on 27th October 2000, as revised on 5th of January 2001. The company was established under a Memorandum of Association which stipulates the objects and powers of the charitable company and is also a registered charity with the charity number 1084767.

II. METHOD OF APPOINTMENT OR ELECTION OF BOARD OF TRUSTEES

The management of the charitable company is the responsibility of the Board of Trustees who are appointed and co opted under the terms of the Articles of Association.

III. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF BOARD OF TRUSTEES

Newly appointed members of the Board of Trustees go through an induction process. The process comprises an initial meeting with the Chair and other Trustees, followed by a series of short meetings with the Executive Administrator on the powers and duties of the Trustees. A Trustees' Induction Pack is provided to the Trustee, which includes the charitable company's governing documents, excerpts from the Charity Commission Guidelines such as Doc CC3 and CC11, i.e.The Essential Trustee: what you need to know, what you need to do; and the Trustees Expenses and Payment. Periodically, the trustees will be registered for training events, conferences and seminars to further enhance their governance skills. This will enable strict compliance with relevant regulations and strengthen the safety of the trust bestowed on them by the public. The Trustees are updated with resources and training by various experts in the charity sector. These resources cover areas such as Board meetings, adequate record keeping, data protection, effective governance and financial controls, safeguarding children and adults at risk, and management of the charitable company's assets.

IV. ORGANISATIONAL STRUCTURE AND DECISION MAKING

Whilst the charitable company is spearheaded by the inspirational visionary Pastor E. A. Adeboye, the governing of the charitable company is independent of any external influence within or outside the UK. Its governance is solely pursuant to the provisions of its Articles of Association. Hence, the charitable company is organised, so the Board of Trustees meets periodically to manage its affairs. The day-to-day administration of the Charity is delegated to the Executive Administrator, who reports the affairs of the Charity to the trustees.

V. THE ARRANGEMENTS FOR SETTING THE PAY AND REMUNERATION OF THE CHARITY’S KEY MANAGEMENT PERSONNEL AND ANY BENCHMARKS, PARAMETERS OR CRITERIA USED IN SETTING THEIR PA Y

In the Redeemed Christian Church of God, the remuneration of the charity’s key management personal is guided by the following:

Page 3

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

VI. RISK MANAGEMENT

The Board of Trustees have implemented an evaluation approach to identify and assess the risks to which the charity is exposed. After identifying these risks, they develop strategies by which they can be managed. This default approach is tailored after an SAS matrix model, that is; Spotting the risks, Assessing the risks and Solving the risks. The Trustees are satisfied that the systems in place are sufficient to mitigate its exposure to major risks and swiftly assimilate the significance of new risks. The Trustees have therefore assessed the major risks to which the charity is exposed, in particular, those relating to the specific operational areas of the charity and its finances. The Trustees believe that by monitoring reserve levels, ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

VII. PERSONS WITH SIGNIFICANT CONTROL REGISTER

Further to the provisions of Part 21A of the Companies Act 2006 relating to individuals with significant control over the company and/or relevant legal entities (RLEs) with significant control, the charitable company is not aware of any registrable person or registrable legal entity in relation to the charitable company.

Objectives and Activities

a. POLICIES AND OBJECTIVES

The principal objects of the Redeemed Christian Church of God as set out in the company’s memorandum of association are for the advancement of the Christian faith worldwide and the relief of poverty.

b. STRATEGIES FOR ACHIEVING OBJECTIVES

The charity has adopted the following strategies for achieving the above objects:

We carry out various missionary activities such as:

Page 4

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

 Organising, supporting and resourcing local and global Christian missions as well as other positive charitable initiatives, including the organisation of conferences, events, and training which are set to act as an essential catalyst to the advancement of the Christian Faith and the relief of poverty.

d. PUBLIC BENEFIT STATEMENT

The Board of Trustees have met their duties in complying with the provisions of sections 4 and 17 of the Charities Act 2011, having due regard to the Charity Commission’s general guidance on public benefit. Consideration has been given to the Charity Commission’s supplementary public guidance on the advancement of religion for the public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and Performance

a. REVIEW OF ACTIVITIES

The charitable company serves as an administrative and resource hub for Churches operating with the RCCG name in the UK. In addition, it supports other local and global activities with a common purpose of advancing the Christian Faith and relief of poverty worldwide. In the year under review, the charitable company engaged in various activities for the benefit of the public.

Some of such activities are summarised below:

RCCG Affiliated Churches

The Charity's partnership and support for RCCG affiliated churches across the United Kingdom continue to drive its core objective of advancing the Christian faith worldwide. The Charity's vision of planting 1000 churches continues to yield the desired results. In spite of the various lockdowns because of the COVID-19 pandemic, the Charity planted ten (10) new Churches in the year under review.

RCCG continues to financially support parishes in the acquisition of places of worship or by paying rent of the hired venues to ensure that RCCG Churches remain open for worship by the public.

The welfare and well-being of the Pastors leading the RCCG Charity remain paramount to the Charity. A new initiative known as 'Hello Pastor' was launched to check on the welfare of the Parish Pastors. The Hello Pastor forum featured various speakers and professionals speaking on various topical topics to the Pastors.

RCCG facilitated the ordination of more volunteers into various spiritual offices and ministries in the Charity. The ordination ensures that the Charity can carry out its objective of advancing the Christian faith and having more church plants with the mission's presence in every community in the U.K.

In addition to various Christian Social Responsibility initiatives by RCCG Parishes across the UK, the Charity financially contributed immensely to the success of interdenominational social action projects such as the Love Your Neighbour and Love Christmas projects which practically demonstrated the love of God to people. A total of £92,339.88 was expended, including match-funding from donors, by RCCG Parishes on providing food hampers for many families and persons across the UK during the Christmas of 2021.

RCCG New Structure

The Trustees, building on the success of the church planting programme in the UK, expanded into new frontiers in Europe with the creation of 7 new regional structures to oversee the planting, growth, revitalisation, reviving and equipping of RCCG Parishes in Europe.

Page 5

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

RCCG UK financially supported the Youth Outreach events and the administrative headquarters of RCCG in Europe, which is located at the RCCG House of Wonders, Amsterdam, The Netherlands. The Charity's support will ensure the advancement of the Christian faith across the countries in Europe.

Community Match Challenge - Department for Digital, Culture, Media & Sport (DCMS)

RCCG continues to promote and support the running of social action programmes to benefit vulnerable groups and communities. RCCG and RCCG Affiliated Churches remain committed to the UK government's Community Match Challenge (the project) through the Department for Digital, Culture, Media & Sport (DCMS), which matched funds raised on a pound-for-pound basis. RCCG participated in the Community Match Challenge through the Love Your Neighbour Initiative of Church Revitalisation Trust (1174882). RCCG Affiliated Churches, with the support of RCCG, provided Hubs for the distribution of food relief, debt relief and training to respond to some of the challenges people faced due to the ongoing COVID-19 pandemic in the year under review. RCCG's participation in the project provided a more effective national response to the Pandemic in England.

Love Christmas Initiative

RCCG continues to financially support and uses its office to mobilise RCCG Affiliated churches and volunteers to sponsor and give out Christmas Boxes of food items to the needy in communities across the UK. The Love Christmas project enabled RCCG and RCCG Affiliated Churches to advance the Christian faith in expressing the love of Jesus and bringing love, joy and hope to our communities. The campaign encouraged individuals in RCCG Affiliated Churches to sponsor a Gift box or nominate someone to receive one, to make a difference to people in the December 2021 Christmas Season. Christ Revitalisation Trust (CRT) made available matchfunding grants for the Love Christmas Initiative to support churches in joining the campaign.

Keep the Faith Magazine

RCCG financially supported the National Church Leaders Forum, a company limited by guarantee with registration number 09489782, in its bid to acquire the Keep the Faith Magazine. The Keep the Faith Magazine has been in print since 2005 and is the UK's leading Black and multi-ethnic Christian publication, promoting and supporting unity, faith and family values. The Magazine provides inspirational and aspirational news from within the Black and multi-ethnic faith and secular community. The print issue is distributed nationwide primarily through Black and Minority Ethnic (BME) Churches, community centres, Christian businesses, charities and BME organisations.

HOPE Together UK

RCCG partners with Hope Together UK (registered charity number 1116005) to bring churches together to transform communities. HOPE Together UK aims to demonstrate God's love by meeting needs, serving and engaging in community activities such as food banks, night shelters, and clubs for senior citizens.

RCCG believes that the activities of HOPE Together UK promote community cohesion, thereby celebrating diversity and demonstrating unity.

RCCG financially supported Amplify HOPE programmes. Amplify is an Evangelistic Academy, and it is a yearlong mentoring scheme for 11 – 17-year-olds to help, encourage, equip, and empower them to proclaim the gospel. Amplify invests in young people's lives by assisting them to develop a greater understanding of the gospel and boosting their confidence in sharing their faith. Amplify exists to mentor a select group of young people in evangelism through a year-long programme.

Pastors, Trustees & Key Staff Legal Compliance Resourcing

Further to the support given to RCCG affiliated churches, these churches require ongoing governance training and resources to ensure robust compliance. As a result, RCCG has continued discharging various projects under its STAR (Strategic Training on Awareness of Regulations) and the Regulatory Support System (RSS) initiative. This initiative includes a series of conferences, webinars, and training toolkits to provide governance support and resources to the Pastors, Trustees and Key Staff of RCCG affiliated churches. The Trustees understand that the support staff and volunteers of RCCG affiliated churches play an important role in the operations of their individual churches. As a result, the training makes provisions for key staff within affiliated

Page 6

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Churches to ensure that they are abreast of developments relating to their day-to-day operations as charities. This training has impacted our affiliated churches, and it continues to reduce governance risk, thereby ensuring that the resources of these charities are properly managed and used for the benefit of the public.

Safeguarding Training

RCCG commenced a nationwide Safeguarding Training in November 2021 for all Leaders and people in regulated activities with children and adults at risk of harm.

INVESTMENT POLICY AND PERFORMANCE

As far as possible, funds will be retained in interest bearing accounts. The Board of Trustees continues to explore other safe investment strategies to ensure better returns. Previous dialogues with the Charity Investment managers have not evolved to a stage where the trustees felt that the decision would be in the best interest of the charity.

In addition, the Trustees are looking at investment options based on the requisite legal and financial advice/guidance and an informed decision will be made in due course.

FACTORS RELEVANT TO ACHIEVE OBJECTIVES

Key factors in achieving our objectives are the perpetual spiritual inspiration and financial responsibility. This is because the support of all the necessary activities needed to achieve our objectives can mostly be done by godly inspiration and sufficient finance and accountability.

I. Review of Financial position at the end of the reporting period

The charity performed better than expected in the reporting year, despite the worldwide pandemic. The charity is mainly funded from donations received from the churches which normally hold inperson services in the pre-pandemic era. The total lockdown initially impacted on the income expected in the first two months: however, the charity was able to resource, enable and organise virtual trainings/conferences for the parishes on how to hold services online. The Charity also assisted with information on the various methods of collecting donations online, which enabled the expected income to stabilise.

We expect the charity’s income in 2021 to increase or remain at the same level of the reporting year. This is based on the fact that the economy gradually opened up, allowing the churches to hold both in-person and virtual services.

II. Reserve Policy

The Board of Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charitable company should be six (6) months of annual expenditure. At this level, the Board of Trustees holds the view that they would be able to continue the current activities of the charitable company in the event of a significant drop in funding. The free reserve for the year is £4,431,440 ( 2020 - £3,589,794 ).

The Board of Trustees periodically reviews its reserves policy to be in the light of the wider strategic plans. This is to ensure that the level of the reserve we hold is not only appropriate to our current position and annual expenditure but also taking into full cognisance what our future strategic plans are.

III. Principal Funding

This is provided mainly through contributions and donations from RCCG affiliated Churches.

Page 7

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

PLANS FOR THE FUTURE

I. FUTURE DEVELOPMENTS

The Charity continues to look towards the establishment of more churches in the UK, a wider spread of Christianity in the UK in an effective and efficient manner. The fulcrum of our strategy is primarily hinged on the growth of the RCCG affiliated Churches. Hence, our future plans are still hinged on planting 1000 Parishes. The increased support in terms of resources and access to relevant training to already existing RCCG affiliated Churches will create an environment for exponential Church growth.

The Charity will continue to explore other ways of advancing the Christian faith in an effective manner.

Furthermore, the Charity will remain ready to provide financial and administrative support to like

minded initiatives, whether churches, non governmental organisations, events, festivals or conferences from diverse groups from the UK and around the world, which are inspired by the ultimate vision of advancing the Christian Faith and its tenets around the world.

The Charity’s future development of a UK residential facility in the RCCG Camp ground in Lagos, Nigeria is on going. The project is a viable project that will provide training and resources for RCCG UK pastors, workers and ministry staff as well as serve other Charities with whom we have a common purpose. Funding is provided from the Charity’s reserves for this purpose.

II. MEMBER’S LIABILITY

The Board of Trustees of the charitable company guarantees to contribute an amount not exceeding £1 to the assets of the church in the event of winding up.

Board of Trustees’ Responsibilities Statement

The Board of Trustees (who are also directors of Redeemed Christian Church of God for the purposes of Company law) are responsible for preparing the Board of Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (The United Kingdom Generally Accepted Accounting Practice).

Company law requires the Board of Trustees to prepare financial statements for each financial year. Under Company law the Board of Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

Page 8

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

The Board of Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

AUDITORS

The charitable company’s auditors, Stephen Michael Associates, have indicated their willingness to continue in office and offer themselves for re appointment at the next Annual General Meeting.

In preparing this report, the Board of Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Pastor F Popoola

Date: 13 September 2022

Page 9

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD

Opinion

We have audited the financial statements of Redeemed Christian Church of God (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 10

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 11

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Page 13

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD (CONTINUED)

Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Stephen Oladapo Odeleye (Senior statutory auditor)

for and on behalf of Stephen Michael Associates

Chartered Certified Accountants Statutory Auditors

1st Floor

3 More London Riverside

London

SE1 2RE

21 September 2022

Page 14

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Losses on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2021
£
555,098
-
-
555,098
326,219
326,219
228,879
-
228,879
2,100,346
228,879
2,329,225		 Unrestricted
funds
2021
£
3,758,121
109,945
19,804
3,887,870
1,840,133
1,840,133
2,047,737
(435,471)
1,612,266
9,366,625
1,612,266
10,978,891		 Total
funds
2021
£
4,313,219
109,945
19,804
4,442,968
2,166,352
2,166,352
2,276,616
(435,471)
1,841,145
11,466,971
1,841,145
13,308,116		 Total
funds
2020
£
3,598,313
74,502
12,836
3,685,651
3,448,195
3,448,195
237,456
-
237,456
11,229,515
237,456
11,466,971

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REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee) REGISTERED NUMBER: 04097822

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
12
Investments
14
Investment property
13
Current assets
Stocks
15
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 32,335
206,842
1,925,904
5,688,542
7,853,623
(278,397)		 2021
£
3,929,643
10,000
2,440,000
6,379,643
7,575,226
13,954,869
(646,753)
13,308,116
13,308,116
2,329,225
10,978,891
13,308,116		 33,099
1,231,469
1,925,671
3,717,033
6,907,272
(397,704)		 2020
£
5,690,993
10,000
-
5,700,993
6,509,568
12,210,561
(743,590)
11,466,971
11,466,971
2,100,346
9,366,625
11,466,971

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REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee) REGISTERED NUMBER: 04097822

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Pastor F Popoola

Date: 13 September 2022

The notes on pages 19 to 45 form part of these financial statements.

Page 17

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Repayments of finance leases
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£
3,243,355
19,804
(1,194,954)
(1,175,150)
(83,871)
(11,218)
(95,089)
1,973,116
5,634,418
7,607,534		 2020
£
422,081
12,836
(10,493)
2,343
(81,282)
(11,219)
(92,501)
331,923
5,302,495
5,634,418

The notes on pages 19 to 45 form part of these financial statements

Page 18

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

Redeemed Christian Church of God ('RCCG') is a charitable company registered with the Companies House and Charity Commission in England & Wales. The office address is Redemption House, Gunnels Wood Park, Gunnels Wood Road, Stevenage, Hertfordshire SG1 2TA.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Redeemed Christian Church of God meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The consolidated financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the cashflow forecast and the projected income and expenditure for 12 months from authorising these financial statements. The level of free reserves and funds held is sufficient for the charity to be able to continue as a going concern.

2.3 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 19

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

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

Page 20

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.13 Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 21

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.14 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charitable company. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.15 Pensions

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 22

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. Income from donations and legacies

Donations
Grants
Government grants		 Restricted
funds
2021
£
239,367
85,000
230,731
555,098		 Unrestricted
funds
2021
£
3,758,121
-
-
3,758,121		 Total
funds
2021
£
3,997,488
85,000
230,731
4,313,219

The grant was received from Church Revitalisation Trust for the Love Your Neighbour 'LoveChristmas' Initiative.

The Government grant is money received under the Coronavirus Job Retention Scheme.

Donations
Grants
Government grants		 Restricted
funds
2020
£
323,176
150,000
183,921
657,097		 Unrestricted
funds
2020
£
2,941,216
-
-
2,941,216		 Total
funds
2020
£
3,264,392
150,000
183,921
3,598,313

4. Income from charitable activities

Sale of books, tapes etc
Ministers conference
Advertising income
Ordination income
Sundry income		 Unrestricted
funds
2021
£
57,764
-
-
50,913
1,268
109,945		 Total
funds
2021
£
57,764
-
-
50,913
1,268
109,945

Page 23

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Income from charitable activities (continued)

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

5. Investment income

Unrestricted
funds
2021
£
Investment income - local cash
642
Investment income - other local investments
19,162
19,804
Unrestricted
funds
2020
£
Investment income - local cash
6,314
Investment income - other local investments
6,522
12,836		 Total
funds
2021
£
642
19,162
19,804
Total
funds
2020
£
6,314
6,522
12,836

Page 24

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Analysis of charitable giving

Missionary and Charitable giving - Europe
Missionary and Charitable giving - UK
Missionary and Charitable giving - Rest of the World
Missionary and Charitable giving - Europe
Missionary and Charitable giving - UK
Missionary and Charitable giving - Rest of the World		 Charitable
giving to
Institutions
2021
£
55,623
8,800
10,000
74,423
Charitable
giving to
Institutions
2020
£
7,500
5,000
5,000
17,500		 Total
funds
2021
£
55,623
8,800
10,000
74,423
Total
funds
2020
£
7,500
5,000
5,000
17,500

7. Analysis of expenditure on charitable activities

Summary by fund type

Conference and events
Parish liason
COVID-19 Intervention		 Restricted
funds
2021
£
230,731
-
95,488
326,219		 Unrestricted
funds
2021
£
1,113,375
714,253
12,505
1,840,133		 Total
funds
2021
£
1,344,106
714,253
107,993
2,166,352

Page 25

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

7. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Conference and events
Parish liason
COVID-19 Intervention		 Restricted
funds
2020
£
183,921
-
175,698
359,619		 Unrestricted
funds
2020
£
817,027
1,938,426
333,123
3,088,576		 Total
funds
2020
£
1,000,948
1,938,426
508,821
3,448,195

8. Analysis of expenditure by activities

Conference and events
Parish liason
COVID-19 Intervention
Conference and events
Parish liason
COVID-19 Intervention		 Activities
undertaken
directly
2021
£
455,535
49,691
95,488
600,714
Activities
undertaken
directly
2020
£
109,579
431,964
503,821
1,045,364		 Charitable
giving
funding of
activities
2021
£
55,623
8,800
10,000
74,423
Charitable
giving
funding of
activities
2020
£
7,500
5,000
5,000
17,500		 Support
costs
2021
£
832,948
655,762
2,505
1,491,215
Support
costs
2020
£
883,869
1,501,462
-
2,385,331		 Total
funds
2021
£
1,344,106
714,253
107,993
2,166,352
Total
funds
2020
£
1,000,948
1,938,426
508,821
3,448,195

Page 26

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Conferences and events
Ministry expenses
Love Christmas Initiative
Staff costs
Conferences and events
Ministry expenses
Financial Assistance - vulnerable person
Love Christmas Initiative		 Conference
and events
2021
£
375,652
79,883
-
-
455,535
Conference
and events
2020
£
64,487
45,092
-
-
-
109,579		 Parish
liason
2021
£
-
-
49,691
-
49,691
Parish liason
2020
£
387,569
-
44,395
-
-
431,964		 COVID-19
Intervention
2021
£
-
-
-
95,488
95,488
COVID-19
Intervention
2020
£
-
-
-
328,123
175,698
503,821		 Total
funds
2021
£
375,652
79,883
49,691
95,488
600,714
Total
funds
2020
£
452,056
45,092
44,395
328,123
175,698
1,045,364

Page 27

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Ministry expenses
Premises costs
Communication costs
Volunteer expenses
Travel and accomodation
Vehicle running cost
Bookshop expenses
Staff training
Subscription
Equipment Hire
Post and packaging
Consultancy
Insurance expenses
Welfare
Computer cost
Cleaning and refuse collection
Corporation tax
Bank charges
Bad debt
Gifts and appreciation
Fines and penalties
Governance costs		 Conference
and events
2021
£
738,666
60,026
-
-
-
3,682
13,234
1,347
-
-
2,545
-
-
-
-
-
-
2,823
(847)
-
(400)
575
-
11,297
832,948		 Parish
liason
2021
£
-
20,807
24,210
60,088
106,906
-
12,205
7,069
26,128
25,290
13,775
15,640
3,954
65,257
129,391
21,892
19,887
-
-
30,202
-
-
-
73,061
655,762		 Governance
costs
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,505
-
2,505		 Total
funds
2021
£
738,666
80,833
24,210
60,088
106,906
3,682
25,439
8,416
26,128
25,290
16,320
15,640
3,954
65,257
129,391
21,892
19,887
2,823
(847)
30,202
(400)
575
2,505
84,358
1,491,215

Page 28

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Ministry expenses
Premises costs
Communication costs
Volunteer expenses
Travel and accomodation
Vehicle running cost
Bookshop expenses
Staff training
Subscription
Equipment Hire
Post and packaging
Consultancy
Insurance expenses
Welfare
Computer cost
Cleaning and refuse collection
Bank charges
Impairment of loan receivable
Bad debt
Governance costs		 Conference
and events
2020
£
141,687
115,850
-
-
-
824
14,530
1,335
-
-
4,021
-
-
-
-
-
-
4,155
-
572,381
29,086
-
883,869		 Parish liason
2020
£
687,054
22,911
27,575
115,434
111,926
4,331
23,780
7,011
61,677
54,580
18,588
18,752
1,199
24,702
123,851
56,819
20,238
-
33,303
-
-
87,731
1,501,462		 Governance
costs
2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2020
£
828,741
138,761
27,575
115,434
111,926
5,155
38,310
8,346
61,677
54,580
22,609
18,752
1,199
24,702
123,851
56,819
20,238
4,155
33,303
572,381
29,086
87,731
2,385,331

Page 29

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. Auditors' remuneration

2021 2020
£ £
Fees payable to the charitable company's auditor for the audit of the
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 8,309 9,071

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
1,050,072
102,367
32,378
1,184,817		 2020
£
1,201,552
111,929
36,428
1,349,909

The average number of persons employed by the charitable company during the year was as follows:

Management
Administration and activity
Provincial pastors		 2021
No.
1
30
11
42		 2020
No.
1
30
13
44

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £70,001 - £80,000 1 -
In the band £80,001 - £90,000 - 1

Page 30

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

11. Trustees' remuneration and expenses

During the year, two Trustees were paid as Provincial Pastors as the practice is for all Province pastors (please see below). However the payments are not within the governing documents, but we are now in the process of amending the charity's governing document to include, allowing incidental payments to trustees in any other capacity. The value of Trustees' remuneration and other benefits was as follows:

2021 2020
£ £
Pastor W Oladunjoye Remuneration 5,000 10,000
Pension contributions paid 150 300
Pastor F Popoola Remuneration 5,000 10,000
Pension contributions paid 150 300

The Provincial Pastor will serve as the Chief Administrator of parishes in the province to fulfil the global missionary agenda of RCCG in accordance with the ethos of the organisation in consultation with RCCG UK Executive Council. The Provincial Pastor is to provide spiritual and pastoral leadership to the RCCG UK pastors in the province.

During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL) .

Page 31

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12. Tangible fixed assets

Cost or valuation
At 1 January 2021
Additions
Transfers between classes
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Transfers between classes
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Freehold
property
£
3,863,200
-
(2,263,200)
1,600,000
575,198
-
(575,198)
-
1,600,000
3,288,002		 Long-term
leasehold
property
£
2,520,634
-
-
2,520,634
200,526
49,213
-
249,739
2,270,895
2,320,108		 Other fixed
assets
£
592,580
7,485
-
600,065
509,697
31,620
-
541,317
58,748
82,883		 Total
£
6,976,414
7,485
(2,263,200)
4,720,699
1,285,421
80,833
(575,198)
791,056
3,929,643
5,690,993

The net book value of motor vehicles held under finance leases or hire purchase contracts as at 31 December 2021 was £18,416 (2020 - £24,555).

Included in land and buildings is freehold lands at cost of £1,600,000 (2020 - £1,600,000), and leasehold properties of £60,000 (2020 - £60,000) which are not depreciated.

Page 32

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13. Investment property

Valuation
Additions
Gains/(losses) on revaluation
Transfers between classes
At 31 December 2021		 Freehold
investment
property
£
1,187,469
(435,471)
1,688,002
2,440,000

The 2021 valuation was made by professional valuers (S Millar BSc (Hons) MRICS, Chartered Surveyor, RICS Registered Valuer of Kemsley, property consultants, 46 New Broad Street, London EC2M 1JH, on an open market value for existing use basis.

Page 33

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Fixed asset investments

Cost or valuation
At 1 January 2021
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
Principal subsidiaries		 Investments
in
subsidiary
companies
£
10,000
10,000
10,000
10,000

The following was a subsidiary undertaking of the charitable company:

Name Company Registered office or principal Principal activity number place of business Redemption Hub Limited 11262408 Redemption House, Gunnels Letting and operating Wood Park, Gunnels Wood of conference and Road, Stevenage, Hertfordshire exhibition centres SG1 2TA Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Net assets
£
Redemption Hub Limited 622

Page 34

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

15. Stocks

Finished goods and goods for resale
16.
Debtors
Due within one year
Other debtors
Prepayments and accrued income
Tax recoverable
Grants receivable
17.
Current asset investments
Unlisted investments		 2021
£
32,335
2021
£
-
12,021
158,831
35,990
-
206,842
2021
£
1,925,904		 2020
£
33,099
2020
£
-
14,937
1,163,795
21,256
31,481
1,231,469
2020
£
1,925,671

Page 35

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Credit card outstanding
Amounts owed to group undertakings
Corporation tax
Other taxation and social security
Obligations under finance lease and hire purchase contracts
Other creditors
Accruals and deferred income		 2021
£
85,439
48,601
6,912
622
8,118
24,479
7,478
5,215
91,533
278,397		 2020
£
79,950
225,143
8,286
1,798
15,084
35,361
11,219
5,495
15,368
397,704

Page 36

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

19. Creditors: Amounts falling due after more than one year

Bank loans
Net obligations under finance lease and hire purchase contracts		 2021
£
646,753
-
646,753		 2020
£
736,113
7,477
743,590

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments 2021
£
417,645
417,645		 2020
£
417,645
417,645

The bank loan is a Lloyds Bank mortgage secured on the office premises at Redemption House, Gunnels Wood Park, Stevenage, Hertfordshire SG1 2TA. The loan will mature on 25 September 2029.

20. Financial instruments

2021 2020
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 7,614,446 5,642,704

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

Page 37

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

21. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Feasibility Study
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Tsunami Relief Contribution
Haiti Appeal
Camp Ground Building
Benevolence Offering
New Auditorium
Lloyds Philippines Appeal
Love Christmas Project
Coronavirus Job Retention
Scheme
Total of funds		 Balance at 1
January
2021
£
900,000
8,466,625
9,366,625
2,410
21,917
170,327
1,723,639
124,207
21,819
36,027
-
2,100,346
11,466,971		 Income
£
-
3,887,870
3,887,870
-
-
-
238,656
550
-
85,161
230,731
555,098
4,442,968		 Expenditure
£
-
(1,840,133)
(1,840,133)
-
-
-
-
-
-
(95,488)
(230,731)
(326,219)
(2,166,352)		 Gains/
(Losses)
£
-
(435,471)
(435,471)
-
-
-
-
-
-
-
-
-
(435,471)		 Balance at
31
December
2021
£
900,000
10,078,891
10,978,891
2,410
21,917
170,327
1,962,295
124,757
21,819
25,700
-
2,329,225
13,308,116

Page 38

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

21. Statement of funds (continued)

Designated funds

The designated funds are unrestricted general reserves which the trustees have earmarked for specific purposes as follows:

Feasibility Study fund is for the development of a residential facility at the Redeemed Christian Church of God's camp in Nigeria. Part of the objective of the residential facility is to generate additional income for the charity whereby the accommodation will be available in the first instance to the United Kingdom delegates attending RCCG conferences in Nigeria.

Restricted funds

Tsunami Relief Contribution fund balance is the unexpended part of donation brought forward for the Tsunami disaster.

Haiti Appeal are donations collected towards helping charitable organisations currently working in Haiti.

Camp Ground Building fund is donation received for building an arena in future for conferences, etc inplace of hiring venues.

Covenant Partners (Benevolence Offering) fund is the balance of donations received from individuals who have pledged to support the charitable company.

The New Auditorium fund are donations received directly from individuals, specifically as personal contributions toward the completion of the Main Auditorium for Worship at the RCCG Camp Ground.

The Lloyds Philippines Appeal Fund are donations received toward helping charitable organisations working in the Philippines.

The Love Christmas Project Fund are donations received toward the Love Your Neighbour 'LoveChristmas' Initiative.

The charitable company's resources are enough to finance these funds.

Page 39

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Feasibility Study
RCCG World Evangelical
Mission (WEM) Fund towards
RCCG UK’s COVID-19
Response
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Tsunami Relief Contribution
Haiti Appeal
Camp Ground Building
Benevolence Offering
New Auditorium
Lloyds Philippines Appeal
Love Christmas Project
Total of funds		 Balance at
1 January
2020
£
900,000
-
900,000
8,526,647
9,426,647
2,410
21,917
170,327
1,463,188
123,207
21,819
36,027
1,838,895
11,265,542		 Income
£
-
-
-
3,028,554
3,028,554
-
-
-
260,451
1,000
-
-
261,451
3,290,005		 Expenditure
£
-
(250,000)
(250,000)
(2,838,576)
(3,088,576)
-
-
-
-
-
-
-
-
(3,088,576)		 Transfers
in/out
£
-
250,000
250,000
(250,000)
-
-
-
-
-
-
-
-
-
-		 Balance at
31
December
2020
£
900,000
-
900,000
8,466,625
9,366,625
2,410
21,917
170,327
1,723,639
124,207
21,819
36,027
2,100,346
11,466,971

Page 40

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

22. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 31
January Gains/ December
2021 Income Expenditure (Losses) 2021
£ £ £ £ £
Designated funds 900,000 - - - 900,000
General funds 8,466,625 3,887,870 (1,840,133) (435,471) 10,078,891
Restricted funds 2,100,346 555,098 (326,219) - 2,329,225
11,466,971 4,442,968 (2,166,352) (435,471) 13,308,116
Summary of funds - prior year
Balance at
Balance at 31
1 January Transfers December
2020 Income Expenditure in/out 2020
£ £ £ £ £
Designated funds 900,000 - (250,000) 250,000 900,000
General funds 8,526,647 3,028,554 (2,838,576) (250,000) 8,466,625
Restricted funds 1,838,895 261,451 - - 2,100,346
11,265,542 3,290,005 (3,088,576) - 11,466,971

Page 41

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
3,929,643
-
10,000
-
2,440,000
2,329,225
5,524,398
-
(278,397)
-
(646,753)
2,329,225
10,978,891		 Total
funds
2021
£
3,929,643
10,000
2,440,000
7,853,623
(278,397)
(646,753)
13,308,116

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2020
£
-
-
2,100,346
-
-
2,100,346		 Unrestricted
funds
2020
£
5,690,993
10,000
4,806,926
(397,704)
(743,590)
9,366,625		 Total
funds
2020
£
5,690,993
10,000
6,907,272
(397,704)
(743,590)
11,466,971

Page 42

REDEEMED CHRISTIAN CHURCH OF GOD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
25.
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Credit card outstanding
Total cash and cash equivalents
26.
Analysis of changes in net debt
At 1
January
2021
£
Cash at bank and in hand
3,717,033
Debt due within 1 year
(88,516)
Debt due after 1 year
(736,113)
Finance leases
(18,696)
Liquid investments
1,925,671
4,799,379		 2021
£
2,276,616
80,833
(19,804)
764
1,024,627
(119,681)
3,243,355
2021
£
5,688,542
1,925,904
(6,912)
7,607,534
Cash flows
£
1,971,509
(3,835)
89,360
11,218
233
2,068,485		 2020
£
237,456
138,761
(12,836)
34,461
(118,332)
142,571
422,081
2020
£
3,717,033
1,925,671
(8,286)
5,634,418
At 31
December
2021
£
5,688,542
(92,351)
(646,753)
(7,478)
1,925,904
6,867,864

Page 43

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

27. Pension commitments

The charitable company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £32,378 (2020 - £36,428).

28. Related party transactions

The charitable company received income from churches in which the trustees are Minister In Charge - see below:

Pastor A Irukwu - Jesus House
Pastor K Bamigbade - Inspiration House
Pastor A Sanusi - RCCG Victory House
Pastor A Adeleke - House of Praise Trust
Pastor F Popoola - Praise Tabernacle
Pastor W Oladunjoye - Holy Ghost Zone London		 2021
£
457,688
35,321
21,625
5,000
25,200
10,300
555,134		 2020
£
314,417
43,597
23,600
600
25,200
12,900
420,314

In addition, during the year the charitable company purchased boxes of holy communion amounting to £NIL (2020 - £nil) from RCCG Living Waters Parish where the Administrator is the Minister in charge.

Also, the charitable company purchased catering supplies and hire of canteen equipments amounting to £NIL (2020 - £2,248) through Jesus House where Pastor Irukwu a trustees is the Minister in charge.

Page 44

REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

29. Funds held as intermediary

RCCG Unchangeable God Parish Bournemouth 2021
£
25,970
25,970		 2020
£
25,970
25,970

The above amount is held in a bank account in Central Office's name:

  1. RCCG Unchangeable God Parish Bournemouth represents the proceeds of sale of land at the RCCG Redemption Camp in Nigeria which belongs to RCCG Unchangeable God Parish Bournemouth. The funds were transferred to the Central Office for onward transfer to RCCG Unchangeable God Parish Bournemouth.

Thise bank balance is therefore not included in these financial statements.

Page 45