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 2023
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 - 12 |
| Independent auditors' report on the financial statements | 13 - 17 |
| Statement of financial activities | 18 |
| Balance sheet | 19 - 20 |
| Statement of cash flows | 21 |
| Notes to the financial statements | 22 - 46 |
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 2023
| Trustees | Pastor Adeleke Sanusi, Chair |
|---|---|
| Pastor Kola Bamigbade | |
| Pastor Andrew Adeleke | |
| Pastor Femi Popoola | |
| 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 Continental Executive Director Pastor Modupe Afolabi Independent auditors Stephen Michael Associates Chartered Certified Accountants Statutory Auditors 201 Borough High Street London SE1 1JA 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 46 / 48 High Street North London E6 2HJ |
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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 2023
Solicitors
Wellers Law Group LLP 65 Leadenhall Street London EC3A 2AD
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the audited financial statements of the charitable company (RCCG) for the year 1 January 2023 to 31 December 2023. This 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) as amended by Update Bulletin 1 (effective January 2019).
Since the charitable company qualifies as a small company 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
1. 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.
There have been no changes in the objects since the last Annual Report.
2. 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. A full-time Continental Executive Director manages the Charitable company's day-to-day administration and reports the charitable company's affairs to the Trustees. The Trustees also meet regularly to meet their obligations and statutory duties.
3. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF THE BOARD OF TRUSTEES
No new trustees were appointed to the existing Board in the year under review. The existing Trustees are seeking to identify potential new trustees with skills and expertise to contribute to the growth of the charity. Potential trustees or newly appointed members of the Board of Trustees will be required to go through an induction process. The process comprises an initial meeting with the Chair and other Trustees, followed by a series of short sessions with the Continental Executive Director on the charity's objects and the Trustees' roles and duties. A Trustees' Induction Pack will be provided to the Trustee, which includes RCCG's governing document, the Trustees’ Report, Charity Commission Guidelines such as Doc CC3 and C11, on the Essential Trustee: What You Need to Know and the Trustees Expenses and Payment.
Periodically, RCCG organises training events, conferences and seminars to further enhance the trustees’ governance skills.
4. ORGANISATIONAL STRUCTURE AND DECISION MAKING
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Whilst the RCCG Worldwide is spearheaded by the inspirational visionary Pastor E. A. Adeboye, the Board of Trustees is the governing body of RCCG in the United Kingdom and is independent of any external influence within or outside the UK.
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RCCG’s organisational structure has evolved due to its operations in Europe, and the charity is known as Continental Europe 9 for administrative purposes. The Continental Executive Director, along with other staff at the Central Office, works to deliver the Trustees' goals, vision, and mission.
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RCCG’s governance is solely in accordance with the provisions of its Articles of Association.
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Hence, RCCG is organised so that the Board of Trustees meets regularly to manage its affairs and meet its legal obligations. The day-to-day administration of RCCG is delegated to the Continental Executive Director, who reports the affairs of RCCG to the Trustees and the Chairman.
5. THE ARRANGEMENTS FOR SETTING THE PAY AND REMUNERATION OF THE CHARITABLE COMPANY'S KEY MANAGEMENT PERSONNEL AND ANY BENCHMARKS, PARAMETERS OR CRITERIA USED IN SETTING THEIR PAY .
In the Redeemed Christian Church of God, the remuneration of the charitable company's key management personnel is guided by the following:
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a. Define the Positions: The Charitable company creates job descriptions for all the necessary roles. Most roles will require a minimum educational requirement or desirable experience.
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b. Evaluate and Rank the Positions: The Charitable company will evaluate the different roles regarding difficulty and responsibility. Senior roles with more responsibility would attract higher pay.
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c. Monetary Value: To assign a monetary value on the job, RCCG looks at the market rates and what other charities might be offering before making a decision on salaries.
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d. Maintain the Plan: The salary of the RCCG's employees is incremented annually by inflation, though this was not implemented this year.
6. RISK MANAGEMENT
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a. The Board of Trustees has implemented an evaluation approach to identify and assess risks to which RCCG is exposed. After identifying and reviewing these risks, systems and strategies have been established to manage those risks. The evaluation approach is tailored after a SAS matrix model: Spotting, Assessing, and Solving the risks.
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b. The significant risks to which RCCG is exposed include those relating to governance, specific operational areas, safeguarding responsibilities, and the finances of the RCCG.
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c. RCCG is reliant on donations from Parishes and individual donors. The Trustees believe that setting and monitoring reserve levels will enable the RCCG to deliver on its objectives and ensure that the charity is protected from the risk of disruption to RCCG’s operation.
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d. RCCG has internal controls over critical financial systems, which continue to monitor and examine the operational and business risks faced by RCCG; the Trustees have established effective systems to mitigate those risks.
7. 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 relevant legal entities (RLEs), the charitable company is not aware of any registrable person or registrable legal entity with significant control over the charitable company.
8. OBJECTIVES AND ACTIVITIES
- a. POLICIES AND OBJECTIVES
The principal objects of the Redeemed Christian Church of God, as set out in the charitable company's memorandum of association, are the advancement of the Christian faith worldwide and the relief of poverty.
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REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
b. STRATEGIES FOR ACHIEVING OBJECTIVES
The charitable company has adopted the following strategies for achieving the above objectives:
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i. Church planting within the United Kingdom and Continental Europe. ii. Recruitment, training and the deployment of ministers on the mission field. iii. Organising conferences, events, and training to guide, train and inspire ministers. iv. Assessment, selection and ordination of new ministers.
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v. Administrative support for affiliated Charities and Christian events; and vi. Financial support for affiliated Charities and Mission Agencies in the UK and Overseas.
c. ACTIVITIES FOR ACHIEVING OBJECTIVES
RCCG, as a Christian faith charity, can testify and give glory to God in all its activities throughout the year 2023. The activities for achieving the charity’s objectives include funding to support charities, providing welfare support to members, and holding conferences, training, and events.
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i. FREGH RCCG is using a strategic initiative called FREGH as a catalyst for church planting, church growth and church development. FREGH is an acronym for (Family Church, Reproducing Church, Emerging Leaders, Governing Church and Healthy Church).
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ii. Vision 2032 - RCCG charity is part of the global vision launched by Christian leaders in Amsterdam, Netherlands, to preach the gospel to everyone by 2032 to advance the Christian faith. The charity launched a Month of Explosive Growth Drive in July 2024 in the UK.
iii. Let’s Go-A-Fishing – This is one of the long-standing missional and church-planting initiatives of RCCG. Let’s Go-A-Fishing was introduced in the UK in December 2023 and continentally in 2024. New parishes have been planted through the Let’s-Go-A-Fishing programme.
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iv. Chaplaincy – RCCG continues to provide and support prison chaplains. The charity was recently appointed as an Endorsing Authority to the Ministry of Defence to provide military chaplains. This appointment will enable RCCG to demonstrate the love of God through the delivery of pastoral care and spiritual support to members of the armed forces, irrespective of their faith.
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v. Programmes - During the year, RCCG organised a series of programmes such as the Continental Ordained Ministers Conference, UK & Europe Prayer Meetings, RCCG Ecumenism Week, Week Of Prayer For Christian Unity, Pastors Assembly, Safeguarding Training, Personal Assistants’ And Church Administrators’ Conference, Man Up Training Course, Europe Continent Leadership Conference, Teenagers’ Teachers’ Conference, Sunday School Conference, Strategic Training On Awareness Of Regulations (STAR) Webinar and Conference, Social Action Week, Christian Media And Communicators’ Conference, Education Week (For Education Ministries in RCCG) and Workers’ Rally.
All these programmes were designed in alignment with the charity’s objects and in support of RCCG Parishes.
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The RCCG continues to receive contributions from its parishes, which were used to finance its Central Office, support parishes, and finance mission (evangelistic) work locally and worldwide.
d. PUBLIC BENEFIT STATEMENT
The Board of Trustees has met its 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 public advice on advancing religion for the public benefit. All activities enable RCCG to fulfil its objective of advancing the Christian faith.
9. ACHIEVEMENTS AND PERFORMANCE
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RCCG acquired a 35-acre Christian campground in the United Kingdom for the charity's purposes. It also contributed to the social transformation and economic development of the community and businesses in the area.
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The number of Parishes in the UK has grown to 903 as of July 2024.
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The Charity is grateful for the generous efforts of its volunteers involved in service provision; it is estimated that over 4,000 volunteer hours were provided during the year. If this is valued at £10.42 an hour, the volunteer effort exceeds £41,680.
a. REVIEW OF ACTIVITIES
RCCG serves as an administrative and resource hub for Churches and Charities operating with the RCCG name in the UK. In addition, it supports other local and global activities to advance the Christian Faith and relieve poverty worldwide.
In the year under review, the RCCG engaged in various activities to benefit the public.
Some of such activities are summarised below:
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i. RCCG Europe Continental, Regional Structure and new church plants
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The charity continues to plant new churches both in the U.K. and oversees the planting, growth, revitalisation, reviving and equipping of RCCG Parishes in Europe.
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The RCCG continues to use the regional structures established in 2021 to embark on and support outreach projects. The projects include the Youth Strategy retreat and the Europe Continent Leadership Conference, focusing on raising outreach awareness and leadership training in the UK and the European mainland.
ii. Mission to Israel - Festival of Life Israel, the Feast of Tabernacles and Light Up Tel Aviv Conference
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In line with RCCG’s objective of advancing the Christian faith worldwide, the charity held prayer meetings and evangelistic outreaches in Israel in 2023.
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The Mission outreach to Israel is significant and in line with the first Holy Ghost Service as recorded in the Bible in Acts of the Apostles Chapter 2:1-12.
iii.
Festival of Life, Slovakia
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Festival of Life is a non-denominational event held by RCCG Parishes in partnership with Festival of Life in the United Kingdom.
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The RCCG financially supported the hosting of the Festival of Life (FOL) in Bratislava. The
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
hosting of the FOL Bratislava is in line with RCCG’s Ecumenical Statement of promoting Christian unity and advancing the Christian faith worldwide.
iv. EUROCON 2024 - Spain
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EUROCON is a bi-annual cross-cultural gathering of Christians across Europe with a united vision to advance the Christian faith and to bring people of different cultures together.
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EUROCON is a cooperation of The Redeemed Christian Church of God with other Christian denominations to train, equip, and commission Christians to go into their sphere of influence and spread the gospel effectively.
v. RCCG Affiliated Churches
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RCCG’s partnership and support for RCCG-affiliated churches continues to drive our core objective of advancing the Christian faith worldwide by prioritising Evangelism within the RCCG Mission in the UK and RCCG Europe Continent.
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RCCG continues to advance the Christian faith by spearheading and organising prayer conferences, leadership retreats and workshops, evangelism training, and financial assistance to support the parishes in acquiring properties to further the Christian faith.
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The cost of living crisis also caused an increase in requests for financial assistance by RCCG Affiliated Parishes to support the acquisition of permanent places of worship due to inflation and the continued economic impact of the COVID-19 pandemic.
vi. Chaplaincies
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RCCG continues to support our Pastors in the Prison Chaplaincy.
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RCCG was appointed as an Endorsing Authority to recruit chaplains into His Majesty’s Armed Forces in the United Kingdom. The Army Chaplain will enable our Pastors to deliver pastoral care and spiritual support to our soldiers and their families.
vii. Feast of Esther – Women Leadership Conference
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The Feast of Esther is a strategic resource for the Christian woman in leadership in the Church. The Feast of Esther aims to empower female Leaders of Christian Ministries, their female assistants, and female heads of ministries, especially within the Evangelical Community.
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The Feast of Esther empowers female leaders to be better examples of believers.
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This initiative helps these women provide mentorship and support to other women in their ministries. This is done by coaching the women on developing excellent ministry skills that will impact the Church of God. RCCG continues to support this initiative financially for their annual events.
viii. Christ the Redeemer College
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RCCG continues to support educational establishments in advancing the Christian faith.
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• Christ the Redeemer College (CRC) is an educational institution established to provide vocational and higher education to people who will become leaders who serve people with quality and distinction, whether within ministry, business or public service.
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RCCG continues to ensure that Ministers serve the public with high-quality and high-value education in leadership and Christian ministry.
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The training at the CRC enables RCCG Ministers to communicate the Christian faith in a contemporary environment and to be effective leaders and witnesses to the general public.
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
ix. Community Safety Education
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The beliefs of RCCG stem from the scriptures, which state that Children are a gift from God, and as such, they should be protected from risks that may be detrimental to their well-being. This will create an environment where they can aspire to reach their full God-given potential.
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The CSE promotes the personal, social, health and economic well-being of young people throughout the UK.
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RCCG made a financial donation to CSE's 'Money Wise' financial literacy programme, which provided financial education for the youth in two schools in Stevenage.
x. Pastors, Trustees & Key Staff Legal Compliance Resourcing
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Further to the support given to RCCG-affiliated churches, these churches require ongoing governance training and resources to ensure robust compliance.
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RCCG has continued discharging various projects under its STAR (Strategic Training on Awareness of Regulations) initiative. This initiative includes a series of webinars, a STAR conference, and training toolkits to provide governance support and resources to the Pastors, Trustees and Key Staff of RCCG-affiliated churches.
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The STAR Conference in the year under review focused on Effective Governance, and training was given by the Chartered Governance and Compliance Professionals. The training centred on the Charity Governance Code to ensure the effectiveness of RCCG Board of Trustees.
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A Governance Improvement Plan was also given to the attendees to enable them to note areas of improvement and take proper action.
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This training has been beneficial to RCCG Parishes, and it continues to reduce governance risk, thereby ensuring that the resources of these charities are appropriately managed and used for the benefit of the public.
xi. Safeguarding Training
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The Trustees' duty of protecting people and safeguarding responsibilities is a governance priority. This duty is fundamental to the operations of the RCCG and RCCG Affiliated Churches.
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RCCG conducted in-person Safeguarding and Child Protection training session in the year under review.
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The Safeguarding training emphasises the need to promote good practice and ensure that everyone involved in providing support and activities to children and young people in RCCG understands their responsibility to protect the children/young people and those who use our services.
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Training was also given on taking appropriate and immediate action if there are suggestions that a child/young person is being abused.
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Attendees were also trained on how to respond in a supportive manner to any child/young person who alleges or discloses that abuse is happening and how to minimise opportunities for misunderstanding by following a code of conduct.
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REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
10. INVESTMENT POLICY AND PERFORMANCE
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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 charitable company Investment managers have not evolved to a stage where the trustees felt that the decision would be in the best interest of the charitable company.
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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.
11. FACTORS RELEVANT TO ACHIEVE OBJECTIVES
Spiritual inspiration and financial responsibility are key factors in achieving our objectives. This is because supporting all the necessary activities needed to achieve our objectives can mostly be done by godly inspiration and sufficient finance and accountability.
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I. Review of Financial position at the end of the reporting period
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RCCG continues to perform better than expected in the reporting year. RCCG is mainly funded by donations from churches that usually hold in-person and online services.
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RCCG continues to resource, enable and organise virtual trainings/conferences for the parishes on how to hold services online. The RCCG also assisted with information on the various methods of collecting donations online, which enabled the expected income to stabilise.
II. Reserve Policy
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The Board of Trustees have implemented a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charitable company should be six (6) months of annual expenditure.
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These reserve levels 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 £768,902.
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The free reserves was used in acquiring the campground which was purchased at £5m. The charity has a large amount in its reserves with the view of acquiring a camp which has been the vision for the past 20 years.
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In the year 2023, RCCG UK entered into negotiations with the Christian Trust (Ellel Ministries) to purchase its property located in Farnham. The property set in an area of approximately 35 acres of land in Farnham consisting of a mixture of listed and non-listed building, accommodation building, conference hall, classrooms, swimming pool, dining hall and other ancillary buildings.
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The charity is confident that the free reserves target would be met because of the increase in parishes which translates to increase in donations. Also, the charity continues to ensure it is prudent in it expenditures for the year.
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The Board of Trustees periodically reviews its reserves policy in light of the wider strategic plans. This is to ensure that the reserve level is appropriate to our current position and annual expenditure and to take into full cognisance the charitable company’s future strategic plans.
III. Principal Funding
This is provided mainly through contributions and donations from RCCG-affiliated Churches.
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
PLANS FOR THE FUTURE
FUTURE DEVELOPMENTS
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RCCG’s strategy primarily hinges on the growth of the RCCG-affiliated Churches and establishing more churches in the UK and Continental Europe. Hence, the Charity’s plans are still hinged on planting 1000 Parishes and RCCG Vision 2032.
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RCCG will continue to use FREGH to express its future development and growth.
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The rise in technological advancement has paved an opportunity to leverage virtual fellowships and movements that have the potential to become vibrant churches.
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Leadership development remains central to the vision of transforming our communities spiritually and socially in the United Kingdom. Well-trained leaders will make for a flourishing church organisation.
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Furthermore, RCCG will remain ready to provide financial and administrative support to likeminded 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.
MEMBER’S LIABILITY
The Board of Trustees of the charitable company guarantees to contribute an amount not exceeding £10 to the assets of the church in the event of winding up.
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is appropriate to presume that the charitable company will continue operating.
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.
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REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Disclosure of Information to Auditor
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
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 Adeleke Sanusi Chair
Date: 24 September 2024
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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 2023 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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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:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report has been prepared in accordance with applicable legal requirements.
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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
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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.
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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:
-
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Trustees and other management (as required by auditing standards).
-
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.
-
We considered the extent of compliance with those laws and regulations as part of our procedure on the related financial statement items.
-
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Trustees.
-
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
-
We obtained a legal letter from the charity's solicitors and enquire of those charged with governance and management around actual and potential litigation and claims.
-
We reviewed minutes of trustees' meetings, and other records with view to ensuring that there are no undisclosed related party transactions. In addition, we explained the meaning of related party transaction to management and these charged with governance.
-
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition, we obtained confirmation of income from donations received directly from donors.
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 16
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
201 Borough High Street
London
SE1 1JA
26 September 2024
Page 17
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 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 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 2023 £ 1,767,102 - - 1,767,102 96,191 96,191 1,670,911 - 1,670,911 2,582,686 1,670,911 4,253,597 |
Unrestricted funds 2023 £ 4,131,303 521,135 268,146 4,920,584 4,352,731 4,352,731 567,853 (185,000) 382,853 11,874,696 382,853 12,257,549 |
Total funds 2023 £ 5,898,405 521,135 268,146 6,687,686 4,448,922 4,448,922 2,238,764 (185,000) 2,053,764 14,457,382 2,053,764 16,511,146 |
Total funds 2022 £ 4,755,760 118,283 144,226 5,018,269 |
|---|---|---|---|---|
| 3,869,003 3,869,003 |
||||
| 1,149,266 - 1,149,266 |
||||
| 13,308,116 1,149,266 14,457,382 |
Page 18
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee) REGISTERED NUMBER: 04097822
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 11 Investments 13 Investment property 12 Current assets Stocks 14 Debtors 15 Investments 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets excluding pension asset Total net assets Charity funds Restricted funds 20 Unrestricted funds 20 Total funds |
16,882 614,602 3,515,679 1,968,738 6,115,901 (273,815) |
2023 £ 8,968,534 10,000 2,255,000 11,233,534 5,842,086 17,075,620 (564,474) 16,511,146 16,511,146 4,253,597 12,257,549 16,511,146 |
19,019 148,578 3,440,422 5,275,687 8,883,706 (227,581) |
2022 £ 3,912,559 10,000 2,440,000 6,362,559 8,656,125 15,018,684 (561,302) 14,457,382 14,457,382 2,582,686 11,874,696 14,457,382 |
|---|---|---|---|---|
Page 19
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee) REGISTERED NUMBER: 04097822
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023
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 Adeleke Sanusi Chair
Date: 24 September 2024
The notes on pages 22 to 46 form part of these financial statements.
Page 20
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Cash flows from financing activities Repayments of borrowing New finance leases 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 |
2023 £ 1,652,594 256,796 4,299 (5,140,974) (4,879,879) (80,414) 77,807 - (2,607) (3,229,892) 8,707,785 5,477,893 |
2022 £ 1,112,663 144,226 - (64,462) 79,764 (84,698) - (7,478) (92,176) 1,100,251 7,607,534 8,707,785 |
|---|---|---|
The notes on pages 22 to 46 form part of these financial statements
Page 21
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 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.
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 22
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 23
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 24
REDEEMED CHRISTIAN CHURCH OF GOD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 25
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
3. Income from donations and legacies
| Donations Donations Income from charitable activities Sale of books, tapes etc Ordained Ministers Conference Sundry income Sale of books, tapes etc Ordained Ministers Conference Sundry income |
Restricted funds 2023 £ 1,767,102 Restricted funds 2022 £ 253,461 |
Unrestricted funds 2023 £ 4,131,303 Unrestricted funds 2022 £ 4,502,299 Unrestricted funds 2023 £ 159,770 354,238 7,127 521,135 Unrestricted funds 2022 £ 70,911 46,048 1,324 118,283 |
Total funds 2023 £ 5,898,405 |
|---|---|---|---|
| Total funds 2022 £ 4,755,760 |
|||
| Total funds 2023 £ 159,770 354,238 7,127 521,135 |
|||
| Total funds 2022 £ 70,911 46,048 1,324 118,283 |
4. Income from charitable activities
Page 26
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
5. Investment income
| Unrestricted funds 2023 £ Investment income - local cash 125,384 Investment income - other local investments 142,762 268,146 Unrestricted funds 2022 £ Investment income - local cash 16,323 Investment income - other local investments 127,903 144,226 |
Total funds 2023 £ 125,384 142,762 268,146 |
|---|---|
| Total funds 2022 £ 16,323 127,903 144,226 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Conference and events Parish liason Missionary and charitable giving |
Restricted funds 2023 £ - 67,191 29,000 96,191 |
Unrestricted funds 2023 £ 1,906,056 963,661 1,483,014 4,352,731 |
Total 2023 £ 1,906,056 1,030,852 1,512,014 4,448,922 |
|---|---|---|---|
Page 27
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Conference and events Parish liason Missionary and charitable giving |
Unrestricted funds 2022 £ 1,417,685 919,786 1,531,532 3,869,003 |
Total 2022 £ 1,417,685 919,786 1,531,532 3,869,003 |
|---|---|---|
7. Analysis of expenditure by activities
| Conference and events Parish liason Missionary and charitable giving |
Activities undertaken directly 2023 £ 900,063 112,724 1,512,014 2,524,801 |
Support costs 2023 £ 1,005,993 918,128 - 1,924,121 |
Total funds 2023 £ 1,906,056 1,030,852 1,512,014 4,448,922 |
|---|---|---|---|
| Conference and events Parish liason Missionary and charitable giving |
Activities undertaken directly 2022 £ 624,480 91,868 1,531,532 2,247,880 |
Support costs 2022 £ 793,205 827,918 - 1,621,123 |
Total funds 2022 £ 1,417,685 919,786 1,531,532 3,869,003 |
|---|---|---|---|
Page 28
(A company limited by guarantee)
REDEEMED CHRISTIAN CHURCH OF GOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Conferences and events Ministry expenses Charitable donations to organisations - United Kingdom Charitable donations to organisations - Europe Staff costs Conferences and events Ministry expenses Charitable donations to organisations - United Kingdom Charitable donations to organisations - Europe Charitable donations to organisations - Rest of the world |
Conference and events 2023 £ 356,596 543,467 - - - 900,063 Conference and events 2022 £ 338,603 285,877 - - - - 624,480 |
Parish liason 2023 £ - - 112,724 - - 112,724 Parish liason 2022 £ - - 91,868 - - - 91,868 |
Missionary and charitable giving 2023 £ - - - 813,591 698,423 1,512,014 Missionary and charitable giving 2022 £ - - - 353,500 908,032 270,000 1,531,532 |
Total funds 2023 £ 356,596 543,467 112,724 813,591 698,423 2,524,801 |
|---|---|---|---|---|
| Total funds 2022 £ 338,603 285,877 91,868 353,500 908,032 270,000 2,247,880 |
Page 29
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. 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 Bank charges (Surplus)/deficit on disposal of fixed assets Bad debt Governance costs |
Conference and events 2023 £ 720,293 68,846 - - - 1,337 147,774 17,049 - - 15,692 - - - - - - 16,454 - (1,259) (600) 20,407 1,005,993 |
Parish liason 2023 £ - 13,113 37,743 237,632 100,868 - - - 59,371 50,556 2,170 15,278 1,753 76,490 134,572 58,351 32,807 - 38,222 - - 59,202 918,128 |
Total funds 2023 £ 720,293 81,959 37,743 237,632 100,868 1,337 147,774 17,049 59,371 50,556 17,862 15,278 1,753 76,490 134,572 58,351 32,807 16,454 38,222 (1,259) (600) 79,609 1,924,121 |
|---|---|---|---|
Page 30
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. 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 Bad debt Gifts and appreciation Fines and penalties Governance costs |
Conference and events 2022 £ 655,918 68,499 - - - 1,691 9,753 1,717 - - 3,741 - - - - - - 2,750 - (2,400) 47,660 1,619 2,257 793,205 |
Parish liason 2022 £ - 13,047 20,961 140,389 103,900 - 51,202 9,014 79,734 18,280 19,638 15,943 39 65,578 129,837 31,623 22,842 - 32,830 - - - 73,061 827,918 |
Total funds 2022 £ 655,918 81,546 20,961 140,389 103,900 1,691 60,955 10,731 79,734 18,280 23,379 15,943 39 65,578 129,837 31,623 22,842 2,750 32,830 (2,400) 47,660 1,619 75,318 1,621,123 |
|---|---|---|---|
Page 31
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Auditors' remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charitable company's auditor for the audit of the | ||
| charitable company's annual accounts | 7,410 | 6,270 |
| Fees payable to the charitable company's auditor in respect of: | ||
| All non-audit services not included above | 3,504 | 5,572 |
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 1,020,625 97,280 27,679 1,145,584 |
2022 £ 934,537 95,195 28,265 |
|---|---|---|
| 1,057,997 |
The average number of persons employed by the charitable company during the year was as follows:
| Management Administration and activity |
2023 No. 1 27 28 |
2022 No. 1 24 |
|---|---|---|
| 25 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2023 | 2022 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £80,001 | - £90,000 | - | 1 |
| In the band £90,001 | - £100,000 | 1 | - |
Page 32
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .
11. Tangible fixed assets
| Cost or valuation At 1 January 2023 Additions Disposals At 31 December 2023 Depreciation At 1 January 2023 Charge for the year On disposals At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Freehold property £ 1,600,000 5,035,892 - 6,635,892 - - - - 6,635,892 1,600,000 |
Long-term leasehold property £ 2,537,528 - - 2,537,528 299,289 49,550 - 348,839 2,188,689 2,238,239 |
Other fixed assets £ 647,633 105,082 (22,799) 729,916 573,313 32,409 (19,759) 585,963 143,953 74,320 |
Total £ 4,785,161 5,140,974 (22,799) 9,903,336 872,602 81,959 (19,759) 934,802 8,968,534 3,912,559 |
|---|---|---|---|---|
The net book value of motor vehicles held under finance leases or hire purchase contracts as at 31 December 2023 was £87,807 (2022 - £0).
Included in land and buildings is freehold lands at cost of £1,600,000 (2022 - £1,600,000), and leasehold properties land of £60,000 (2022 - £60,000) which are not depreciated.
Page 33
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
12. Investment property
| Valuation At 1 January 2023 Gains/(losses) on revaluation At 31 December 2023 |
Freehold investment property £ 2,440,000 (185,000) 2,255,000 |
|---|---|
The valuation inspection was carried out on 15 May 2024 by professional valuers (Stephen 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 34
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13. Fixed asset investments
| Cost or valuation At 1 January 2023 At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Investments in subsidiary companies £ 10,000 |
|---|---|
| 10,000 | |
| 10,000 | |
| 10,000 |
Principal subsidiaries
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% No
The financial results of the subsidiary for the year were:
Name Net assets £ Redemption Hub Limited 622
Page 35
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13. Fixed asset investments (continued)
The subsidiary undertaking has been dormant for a number of years and therefore is not included in consolidation.
14. Stocks
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Finished goods and goods for resale | 16,882 | 19,019 |
15. Debtors
| Due within one year Other debtors Prepayments and accrued income Tax recoverable 16. Current asset investments Unlisted investments |
2023 £ 515,448 83,026 16,128 614,602 2023 £ 3,515,679 |
2022 £ 10,793 76,941 60,844 |
|---|---|---|
| 148,578 | ||
| 2022 £ 3,440,422 |
Page 36
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
17. Creditors: Amounts falling due within one year
| Bank overdrafts Bank loans Trade creditors Credit card outstanding Amounts owed to group undertakings Other taxation and social security Pension fund contribution payable Other creditors Accruals and deferred income |
2023 £ 1,342 80,413 105,464 6,524 622 51,936 5,291 6,837 15,386 273,815 |
2022 £ - 86,192 83,063 8,324 622 22,054 5,199 5,014 17,113 |
|---|---|---|
| 227,581 |
Page 37
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
18. Creditors: Amounts falling due after more than one year
| Bank loans Net obligations under finance lease and hire purchase contracts |
2023 £ 486,667 77,807 564,474 |
2022 £ 561,302 - |
|---|---|---|
| 561,302 |
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 | 2023 £ 417,645 417,645 |
2022 £ 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.
19. Financial instruments
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 5,484,417 | 8,716,109 |
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
Page 38
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 20. Statement of funds Statement of funds - current year Balance at 1 January 2023 £ Unrestricted funds Designated funds Feasibility Study 900,000 General funds General Funds - all funds 11,410,167 Revaluation reserve (435,471) 10,974,696 Total Unrestricted funds 11,874,696 Restricted funds Tsunami Relief Contribution 2,410 Haiti Appeal 21,917 Camp Ground Building 170,327 Benevolence Offering 2,195,506 New Auditorium 125,007 Lloyds Philippines Appeal 21,819 Love Christmas Project 25,700 Health Village Fund 20,000 2,582,686 Total of funds 14,457,382 |
Income £ - 4,920,584 - 4,920,584 4,920,584 - - 1,542,704 215,043 355 - - 9,000 1,767,102 6,687,686 |
Expenditure £ - (4,352,731) - (4,352,731) (4,352,731) - - (67,191) - - - - (29,000) (96,191) (4,448,922) |
Gains/ (Losses) £ - - (185,000) (185,000) (185,000) - - - - - - - - - (185,000) |
Balance at 31 December 2023 £ 900,000 11,978,020 (620,471) 11,357,549 12,257,549 2,410 21,917 1,645,840 2,410,549 125,362 21,819 25,700 - 4,253,597 16,511,146 |
|---|---|---|---|---|
Page 39
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
20. 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 fund s
-
l 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 donations being received for the purchase and or building an arena for retreat, conferences, training and developments of Pastors and members of the church. This is in addition to the funds raised for the
-
purchase maintenance and development of the Redemption Camp Pierrepont. With over 35 acres of green land and space, RCCG UK has monumental plans to transform, refurbish and maintain the estate’s historic essence.
-
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 Health Village fund is donations received towards the purchase of an ECG Machine to Health Village in Nigeria.
The charitable company's resources are enough to finance these funds.
Page 40
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
20. Statement of funds (continued)
Statement of funds - prior 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 Health Village Fund Total of funds |
Balance at 1 January 2022 £ 900,000 10,514,362 11,414,362 2,410 21,917 170,327 1,962,295 124,757 21,819 25,700 - 2,329,225 13,743,587 |
Income £ - 4,764,808 4,764,808 - - - 233,211 250 - - 20,000 253,461 5,018,269 |
Expenditure £ - (3,869,003) (3,869,003) - - - - - - - - - (3,869,003) |
Gains/ (Losses) £ - (435,471) (435,471) - - - - - - - - - (435,471) |
Balance at 31 December 2022 £ 900,000 |
|---|---|---|---|---|---|
| 10,974,696 | |||||
| 11,874,696 | |||||
| 2,410 21,917 170,327 2,195,506 125,007 21,819 25,700 20,000 2,582,686 |
|||||
| 14,457,382 |
Page 41
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
21. Summary of funds
Summary of funds - current year
| Balance at | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 | 31 | |||||||||
| January | Gains/ | December | ||||||||
| 2023 | Income | Expenditure | (Losses) | 2023 | ||||||
| £ | £ | £ | £ | £ | ||||||
| Designated funds | 900,000 | - | - | - | 900,000 | |||||
| General funds | 10,974,696 | 4,920,584 | (4,352,731) | (185,000) | 11,357,549 | |||||
| Restricted funds | 2,582,686 | 1,767,102 | (96,191) | - | 4,253,597 | |||||
| 14,457,382 | 6,687,686 | (4,448,922) | (185,000) | 16,511,146 | ||||||
| Summary of funds - prior year | ||||||||||
| Balance at | ||||||||||
| Balance at | 31 | |||||||||
| 1 January | Gains/ | December | ||||||||
| 2022 | Income | Expenditure | (Losses) | 2022 | ||||||
| £ | £ | £ | £ | £ | ||||||
| Designated funds | 900,000 | - | - | - | 900,000 | |||||
| General funds | 10,514,362 | 4,764,808 | (3,869,003) | (435,471) | 10,974,696 | |||||
| Restricted funds | 2,329,225 | 253,461 | - | - | 2,582,686 | |||||
| 13,743,587 | 5,018,269 | (3,869,003) | (435,471) | 14,457,382 |
Page 42
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
22. 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 Analysis of net assets between funds - prior 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 2023 Unrestricted funds 2023 £ £ - 8,968,534 - 10,000 - 2,255,000 4,253,597 1,862,304 - (273,815) - (564,474) 4,253,597 12,257,549 Restricted funds 2022 Unrestricted funds 2022 £ £ - 3,912,559 - 10,000 - 2,440,000 2,582,686 6,301,020 - (227,581) - (561,302) 2,582,686 11,874,696 |
Total funds 2023 £ 8,968,534 10,000 2,255,000 6,115,901 (273,815) (564,474) 16,511,146 Total funds 2022 £ 3,912,559 10,000 2,440,000 8,883,706 (227,581) (561,302) 14,457,382 |
|---|---|---|
Page 43
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
23. 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 Loss/(profit) on the sale of fixed assets Decrease in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by operating activities 24. Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Credit card outstanding Total cash and cash equivalents |
2023 £ 2,238,764 81,959 (256,796) (1,259) 2,137 (466,024) 53,813 1,652,594 2023 £ 1,968,738 3,515,679 (6,524) 5,477,893 |
2022 £ 1,149,266 81,546 (144,226) - 13,316 62,036 (49,275) 1,112,663 2022 £ 5,275,687 3,440,422 (8,324) 8,707,785 |
|---|---|---|
Page 44
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
25. Analysis of changes in net debt
| Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year Finance leases Liquid investments |
At 1 January 2023 £ 5,275,687 - (99,715) (561,302) - 3,440,422 8,055,092 |
Cash flows £ (3,306,949) (1,342) 7,487 74,635 (77,807) 75,257 (3,228,719) |
At 31 December 2023 £ 1,968,738 (1,342) (92,228) (486,667) (77,807) 3,515,679 4,826,373 |
|---|---|---|---|
26. 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 £27,679 (2022 - £28,265).
Page 45
REDEEMED CHRISTIAN CHURCH OF GOD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
27. Related party transactions
The charitable company received income from churches in which the trustees are Minister In Charge - see below:
| Pastor K Bamigbade - Inspiration House Greenwich Pastor A Sanusi - RCCG Victory House London Pastor A Adeleke - House of Praise Trust Pastor F Popoola - Praise Tabernacle |
2023 £ 44,063 31,589 11,600 25,200 112,452 |
2022 £ 40,132 11,600 22,035 27,200 100,967 |
|---|---|---|
In addition, during the year the charitable company:
-
Purchased boxes of holy communion amounting to £652 (2022- £400) from RCCG Living Waters Parish where the Continental Executive Director is the resident Pastor.
-
Purchased boxes of holy communion amounting to £805 (2022- £nil) from Top Hygiene Ltd, a company in which Pastor Stella Leke-Sanusi, the spouse of Pastor Adeleke Sanusi (trustee) is a director and shareholder.
-
Loaned £500,000 to House of Praise Trust, an RCCG church where Pastor Andrew Adeleke (a trustee) is a Pastor, for redevelopment of parish's church building.
-
Donated £350,000 to RCCG Victory House London, a church where Pastor Adeleke Sanusi (a trustee) is the Executive Director and resident Pastor, for repayment of the church's mortgage.
28. Funds held as intermediary
| RCCG Unchangeable God Parish Bournemouth | 2023 £ 25,970 25,970 |
2022 £ 25,970 25,970 |
|---|---|---|
The above amount is held in a bank account in Central Office's name:
- 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.
This bank balance is therefore not included in these financial statements.
Page 46