2021-12-31-accounts

Charity number: 1084777

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5 - 6
Statement of financial activities	7
Balance sheet	8
Statement of cash flows	9
Notes to the financial statements	10 - 25

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

Trustees	Mr Keni Oladuji
	Mr Charles Sylvester-Emukowhate
	Mrs Yetunde Oluremi Adepegba
	Mr Emmanuel Olubiyi Akintoye

Charity registered number 1084777 Principal office RCCG - Inspiration House (the habitation of God's breath) 203 - 207 Woolwich Road London SE10 0RL Minister in Charge Pastor Kola Bamigbade Accountants Stephen Michael Associates 1st Floor 3 More London Riverside London SE1 2RE Bankers HSBC Bank plc 47 Rye Lane Peckham London SE1 5ET Lloyds Bank plc 25 Camberwell Green Camberwell London SE5 7AB The Charity Bank Limited Fosse House 182 High Street Tonbridge TN9 1BE

Page 1

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the financial statements of the RCCG - Inspiration House for the year 1 January 2021 to 31 December 2021.

Objectives and activities

a. Policies and objectives

The Board of Trustees confirm that they have met their duties in strict compliance with the provisions of section 4 and 17 of the Charities Act 2011, and have had due regard to the Charity Commission's general guidance on public benefit. Particular consideration has been given to the Charity Commission's supplementary public guidance provisions 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)'.

b. Strategies for achieving objectives

Virtual training sessions and seminars to guide members in various aspects of Christian faith.

c. Activities undertaken to achieve objectives

The Church in pursuit of her objectives organised programmes and events which were open to all throughout the period under review. Christian worship services were conducted on a regular basis. They were in addition to various teaching sessions for all and sundry, as well as Training Sessions for our volunteers.

d. Volunteers

The Church is grateful for the unstinting efforts of its volunteers who are involved in service provision, office work and administration. It is estimated that over 1,100 hours were provided during 2021. If this is valued at £12.00 an hour the volunteer effort amounts to over £13,200.00

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

Achievements and performance

a. Review of activities

Our services are still virtual as we wait for the Royal Borough of Greenwich Heritage to give us consent to renovate our church building which happens to be a listed building and make it habitable. All services are open to the public and free to attend.

We engage in various community events during the year such as:

1. Evangelism which establishes Church presence in the community and impacts public lives positively 2. Lunch on Jesus now known as Love Christmas.

2. Summer picnic open to the public

3. Volunteer training via tele-conference and/or video conference

4. Daily prayer via zoom.

b. Investment policy and performance

The Trustees have decided that at present, funds should be retained in bank. Any change in such banking arrangements should be agreed by the Board. As far as possible, funds will be retained in interest bearing accounts.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.

b. Reserves policy

The Trustees of the Charity have a prudent reserve policy, conscious of the fact that the Charity is not selffinancing and aware that reserve must be set aside in case of funding challenges. The Trustees have adopted a policy to set aside £1,831.08 every month until further notice; which might be used for any purpose when needed; and will be subject to further review, in light of the continuing growth in the charity’s operation.

The Church's free reserve at the end of the year is £581,096 (2020 - £290,546)

c. Principal risks and uncertainties

The Trustees have assessed the major risks to which the Church is exposed, in particular those related to the operations and finances of the Church, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

d. Principal funding

This is provided mainly through voluntary donations tithes and offerings by the Church members and through Gift Aid Scheme. Pledges are also taken for specific projects.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

Structure, governance and management

a. Constitution

Redeemed Christian Church of God (RCCG) Inspiration House is a registered Charity, number 1084777, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The Church (The Charity) is organised so that the Trustees meet regularly and at times, on an ad-hoc basis, to manage its affairs. The day-to-day activities are managed by the Minister-In-Charge who is also the Chief Executive Officer of the Charity.

d. Policies adopted for the induction and training of Trustees

The induction process for any newly appointed Trustees comprises an initial meeting with the Chair and other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.

RCCG Central Office regularly hosts STAR (Strategic Training on Awareness of Regulations) webinars to keep Trustees and other appropraite persons up to date.

e. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The Church continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life-changing impact in society.

The Church plans to raise £1,500,000 in several phases towards the renovation of its recently purchased building.

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

Mr Keni Oladuji

Date: 30 October 2022

Page 4

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Independent examiner's report to the Trustees of Redeemed Christian Church of God (RCCG) Inspiration House ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Dated: 31 October 2022

Michael Oyewobi

FCCA

Stephen Michael Associates

1st Floor

3 More London Riverside

London

SE1 2RE

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward as previously stated Prior year adjustment Total funds brought forward as restated Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 524,085 - 524,085 345,040 345,040 179,045 602,693 - 602,693 179,045 781,738	Restricted funds 2021 £ 36,654 - 36,654 46,191 46,191 (9,537) 493,380 - 493,380 (9,537) 483,843	Total funds 2021 £ 560,739 - 560,739 391,231 391,231 169,508 1,096,073 - 1,096,073 169,508 1,265,581	Total funds 2020 £ 524,392 109 524,501 308,196 308,196 216,305 948,172 (68,404) 879,768 216,305 1,096,073

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 25 form part of these financial statements.

Page 7

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

BALANCE SHEET AS AT 31 DECEMBER 2021

Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds	67,005 642,070 709,075 (127,979)	2021 £ 2,204,297 2,204,297 581,096 2,785,393 (1,519,812) 1,265,581 1,265,581 483,843 781,738 1,265,581	38,156 451,482 489,638 (130,688)	2020 £ 2,255,826 2,255,826 358,950 2,614,776 (1,518,703) 1,096,073 1,096,073 493,380 602,693 1,096,073

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

Mr Keni Oladuji

Mrs Yetunde Oluremi Adepegba

Date: 30 October 2022

The notes on pages 10 to 25 form part of these financial statements.

Page 8

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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 investing activities Cash flows from financing activities Repayments of borrowing Net cash provided by/(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 £ 197,476 - (7,997) (7,997) 1,109 1,109 190,588 451,482 642,070	2020 £ 214,587 109 (29,519) (29,410) (37,006) (37,006) 148,171 303,311 451,482

The notes on pages 10 to 25 form part of these financial statements

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

1. General information

RCCG Inspiration House is a charitable organisation registered with the Charity Commission in England & Wales. The office address is 79 Newbery Road, Erith DA8 2BZ

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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Redeemed Christian Church of God (RCCG) Inspiration House 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 Charity 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 investment income is recognised at the time the investment income is receivable.

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.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

2. Accounting policies (continued)

2.4 Expenditure (continued)

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

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

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

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL 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 basis:

Freehold property	-	2% Straight line
Motor vehicles	-	25% Reducing balance
Office equipment	-	25% Straight line

2.7 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.

2.8 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.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

2. Accounting policies (continued)

2.9 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 Charity 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.

2.10 Financial instruments

The Charity 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.

2.11 Pensions

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

2.12 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 Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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.

3. Income from donations and legacies

	Unrestricted	Restricted	Total
	funds	funds	funds
	2021	2021	2021
	£	£	£
Donations	524,085	36,654	560,739

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

3. Income from donations and legacies (continued)

	Unrestricted	Restricted	Total
	funds	funds	funds
	2020	2020	2020
	£	£	£
Donations	445,647	78,745	524,392

4. Investment income

Total funds 2021 £

	Unrestricted	Total
	funds	funds
	2020	2020
	£	£
Investment income - local cash	109	109

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted funds 2021 £ Advancement of Christian Faith 345,040 Unrestricted funds 2020 £ Advancement of Christian Faith 260,694	Restricted funds 2021 £ 46,191 Restricted funds 2020 £ 47,502	Total funds 2021 £ 391,231
		Total funds 2020 £ 308,196

6. Analysis of expenditure by activities

Advancement of Christian Faith Advancement of Christian Faith	Activities undertaken directly 2021 £ 339,047 Activities undertaken directly 2020 £ 246,933	Support costs 2021 £ 52,184 Support costs 2020 £ 61,263	Total funds 2021 £ 391,231
			Total funds 2020 £ 308,196

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs Depreciation Donation Light & heat Premises costs Communcation costs Security expenses Honourarium Mortgage interest Staff costs Depreciation Donations Premises costs Communcation costs Honourarium Mortgage interest	Advanceme nt of Christian Faith 2021 £ 73,893 59,526 40,571 10,073 10,296 2,176 86,688 2,000 53,824 339,047 Advancemen t of Christian Faith 2020 £ 73,974 62,909 38,529 20,467 2,722 500 47,832 246,933	Total funds 2021 £ 73,893 59,526 40,571 10,073 10,296 2,176 86,688 2,000 53,824 339,047
		Total funds 2020 £ 73,974 62,909 38,529 20,467 2,722 500 47,832 246,933

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs Travel Bank charges Motor vehicle expenses Computer & internet expenses Insurance Volunteer Repairs and maintenance Governance costs Staff costs Travel Premises costs Bank charges Printing postage & stationery Motor vehicle expenses Insurance Welfare HP Interest Repairs and maintenance Governance costs	Advanceme nt of Christian Faith 2021 £ 15,044 6,157 1,679 2,192 298 17,549 980 1,627 6,658 52,184 Advancemen t of Christian Faith 2020 £ 19,600 3,111 2,274 1,998 115 3,260 16,881 4,500 343 3,601 5,580 61,263	Total funds 2021 £ 15,044 6,157 1,679 2,192 298 17,549 980 1,627 6,658 52,184
		Total funds 2020 £ 19,600 3,111 2,274 1,998 115 3,260 16,881 4,500 343 3,601 5,580 61,263

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

7. Independent examiner's remuneration

	2021	2020
	£	£
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts	1,080	1,080
Fees payable to the Charity's independent examiner in respect of:
All other services not included above	4,500	4,500

8. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2021 £ 81,444 3,893 3,600 88,937	2020 £ 86,040 3,934 3,600
		93,574

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

Pastors Staff	2021 No. 2 1 3	2020 No. 2 1
		3

No employee received remuneration amounting to more than £60,000 in either year.

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

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

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

10. Tangible fixed assets

Cost or valuation At 1 January 2021 Additions At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020	Freehold property £ 2,302,670 6,900 2,309,570 91,563 46,191 137,754 2,171,816 2,211,107	Motor vehicles £ 81,915 - 81,915 53,125 7,198 60,323 21,592 28,790	Office equipment £ 173,059 1,097 174,156 157,130 6,137 163,267 10,889 15,929	Total £ 2,557,644 7,997 2,565,641
				301,818 59,526 361,344
				2,204,297
				2,255,826

The net book value of motor car held on hire purchase included above is £nil (2020 - £19,406).

11. Debtors

Due within one year Other debtors Prepayments and accrued income	2021 £ 52,874 14,131 67,005	2020 £ 24,184 13,972 38,156

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

12. Creditors: Amounts falling due within one year

Bank overdrafts Bank loans Other loans Other taxation and social security Other creditors Accruals and deferred income	2021 £ 1,739 47,228 - 7,650 230 71,132 127,979	2020 £ - 47,228 11,493 620 215 71,132
		130,688

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

Bank loans Included within the above are amounts falling due as follows: Between one and two years Bank loans Between two and five years Bank loans Over five years Bank loans	2021 £ 1,519,812 2021 £ 47,228 188,911 1,283,673	2020 £ 1,518,703
		2020 £ 47,228
		188,911
		1,282,564

The bank loan is from Charity Bank plc, secured on the church premises - Land and buildings situated at 203 - 207 Woolwich Road, London SE10 0RL.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

14. Prior year adjustments

Prior year adjustment is in respect of payments for security guards previously capitalised now written off as an expense

General fund as at 31 December 2020 Security expenses previously written off General fund as at 31 December 2020 restated	2020 £ 671,097 (68,404) 602,693	2020 £ - - -

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

15. Statement of funds

Statement of funds - current year

Unrestricted funds General Funds as restated Restricted funds Church Freehold Property Fund Building Fund Total of funds	Balance at 1 January 2021 £ 602,693 493,380 - 493,380 1,096,073	Income £ 524,085 742 35,912 36,654 560,739	Expenditure £ (345,040) (10,279) (35,912) (46,191) (391,231)	Balance at 31 December 2021 £ 781,738
				483,843 - 483,843
				1,265,581

Church Freehold Property was used as part-payment for new church and represents future depreciation (£10,279 per year - 2% of original cost covered by the fund).

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General Funds as restated Restricted funds Church Freehold Property Fund Building Fund Welfare Fund Total of funds	As restated Balance at 1 January 2020 £ 486,035 459,517 - 2,620 462,137 948,172	Income £ 445,756 44,142 32,863 1,740 78,745 524,501	Expenditure £ (260,694) (10,279) (32,863) (4,360) (47,502) (308,196)	Transfers in/out £ (68,404) - - - - (68,404)	Balance at 31 December 2020 £ 602,693
					493,380 - - 493,380
					1,096,073

Building fund is donation received towards the purchase of Church's new buildings.

16. Summary of funds

Summary of funds - current year

General funds Restricted funds	Balance at 1 January 2021 £ 602,693 493,380 1,096,073	Income £ 524,085 36,654 560,739	Expenditure £ (345,040) (46,191) (391,231)	Balance at 31 December 2021 £ 781,738 483,843 1,265,581

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

16. Summary of funds (continued)

Summary of funds - prior year

General funds Restricted funds	As restated Balance at 1 January 2020 £ 486,035 462,137 948,172	Income £ 445,756 78,745 524,501	Expenditure £ (260,694) (47,502) (308,196)	Transfers in/out £ (68,404) - (68,404)	Balance at 31 December 2020 £ 602,693 493,380 1,096,073

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2021 £ Tangible fixed assets 2,204,297 Current assets 225,232 Creditors due within one year (127,979) Creditors due in more than one year (1,519,812) Total 781,738	Restricted funds 2021 £ - 483,843 - - 483,843	Total funds 2021 £ 2,204,297 709,075 (127,979) (1,519,812) 1,265,581

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Other unallocated Total	Unrestricted funds 2020 £ 1,762,446 489,638 (130,688) (1,518,703) 68,404 671,097	Restricted funds 2020 £ 493,380 - - - - 493,380	Total funds 2020 £ 2,255,826 489,638 (130,688) (1,518,703) 68,404 1,164,477

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

18. 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 Amortisation charges Dividends, interests and rents from investments Increase in debtors Increase/(decrease) in creditors Net cash provided by operating activities 19. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 20. Analysis of changes in net debt At 1 January 2021 £ Cash at bank and in hand 451,482 Bank overdrafts repayable on demand - Debt due within 1 year (58,721) Debt due after 1 year (1,518,703) (1,125,942)	2021 £ 169,508 13,335 46,191 - (28,849) (2,709) 197,476 2021 £ 642,070 642,070 Cash flows £ 190,588 (1,739) 11,493 (1,109) 199,233	2020 £ 216,305 15,460 46,053 109 (5,702) 10,766 282,991 2020 £ 451,482 451,482 At 31 December 2021 £ 642,070 (1,739) (47,228) (1,519,812) (926,709)

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) INSPIRATION HOUSE

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

21. Pension commitments

The church operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the church in an independently administered fund. The pension cost charge represents contributions payable by the church to the fund and amounted to £3,600 (2020 - £3,600).

22. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2021.

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