REGISTERED CHARITY NUMBER: 1085035
Report of the Trustees and
Unaudited Financial Statements For the Year Ended
31st December 2020 for
The Redeemed Christian Church of God Testimony Parish Birmingham
AB Accounting and Taxation Services 17 Gleneagles Drive Great Barr Birmingham B43 7RX
The Redeemed Christian Church of God Testimony Parish
Contents of the Financial Statements
for the year ending 31st December 2020
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2 & 3 |
| Accountants Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 9 |
| Detailed Statement of Financial Activities | 10 |
The Redeemed Christian Church of God Testimony Parish Reference and Administrative Details
Registered Charity number
1085035
Principal address
120 Aberdeen Street Birmingham West Midlands B18 7DL
Trustees
Adewale Adesanya Adeniyi Oloyede Olalekan E Olatunde (resigned 15/06/2021)
Minister in Charge
Pastor Joshua Alake
Bankers
National Westminster Bank Santander Barclays Bank PLC Dudley Castle Street Bootle 1 Churchill Place 267 Castle Street Merseyside London Dudley L30 4GB E14 5HP West Midlands DY1 1LJ
Accountants
AB Accounting and Taxation Services 17 Gleneagles Drive Great Barr Birmingham B43 7RX
Page 1
The Redeemed Christian Church of God Testimony Parish Report of the Trustees for the year ending 31st December 2020
The trustees present their report with the financial statements of the charity for the year ended 31st December 2020. In preparing these reports, the Trustees have adopted the provisions of the Statement of Recommended Parctice (SORP) Accounting and Reporting by Charities' issued 1st January 2015
COMMENCEMENT OF ACTIVITIES
The charity commenced activity in May 1999.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the Trustee Deed , and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The trustees are responsible for the day to day administration of the trust and compliance matters. Every year at the annual business meeting, trustees automatically step down, but are eligible for reappointment in accordance with the Trustee Deed
Induction and training of new trustees
At the present time there are five trustees who will train any newly appointed and potential future trustees.
Organisational structure
The Redeemed Christian Church of God Testimony Parish Birmingham is predominantly a church which is run by a full time salaried Pastor together with voluntary helpers within the church community. Activity within the Community is carried out departmentally. The departments are categorised according to the group of people who benefit from the services offered.
Related parties
The Redeemed Christian Church of God Testimony Parish Birmingham is a member of Redeemed Christian Church of God (RCCG) which has Parishes worldwide. The relationship is governed by an 'Agreement for common purposes' between the parishes the RCCG
Future Developments
The church will continue to explore various ways of spreading the gospel of Christ. It is also looking to increase membership and continue to develop the members to make life-changing impact in society and plant more parishes. The church building also needs to expand due to the increase in the membership.
Review of Financial Position
The net incoming resources for the period amounted to £8,979 (year ending 31st December 2019 -£9,562). This includes gift-aid tax relief for the year of £10,657
Page 2
The Redeemed Christian Church of God Testimony Parish Report of the Trustees - continued for the year ending 31st December 2020
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The church currently undertakes regular risks assessments. All persons having contact with children in a leadership capacity are CRB checked. There are regular fire safety examinations internally every year and there will be external independent examination every three years. Any decision of a financial nature are sanctioned by at least two trustees. Any accounting and expenditure is carried out transparently and any member is at liberty to view details of any transactions.
Statement of Objectives and Public Benefit
To advance the Christian religion in the Midlands for the benefit of the public through the holding of prayer meetings, lectures and public celebrations of religious festivals
Reserves Policy
The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (the free reserves) held by the church should be three months of annual expenditure. At this level, the trustees feel that they would be able to continue the current activities of the church in the event of a significant reduction in funding
Principal Funding
This is provided mainly through voluntary tithes and offerings by the church members and through the gift aid tax relief scheme. Pledges are also taken for specific projects
Impact of COVID-19
The lockdown impacted the Charity's activities and income but not detrimental to its going concern. The church's management responded quickly to the challenge of government restrictions on physical meetings by migrating church services online. The Trustees have considered the impact that the COVID19 pandemic may have for the charity, and it is deemed that the Charity can meet its commitments and liabilities and can continue to do so for the foreseeable future.
............................................. Adewale Adesanya
Date: 31st August 2021
Page 3
The Redeemed Christian Church of God Testimony Parish
Report to the directors on the preparation of the unaudited statutory accounts of Redeemed Christian Church of God Testimony Parish for the year ended 31st December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Redeemed Christian Church of God Testimony Parish for the year ending 31st December 2020 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Redeemed Christian Church of God Testimony Parish, as a body, in accordance with the terms of our engagement letter dated 12 September 2014. Our work has been undertaken solely to prepare for your approval the accounts of Redeemed Christian Church of God Testimony Parish and state those matters that we have agreed to state to the Board of Directors of Redeemed Christian Church of God Testimony Parish, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redeemed Christian Church of God Testimony Parish and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Redeemed Christian Church of God Testimony Parish has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Redeemed Christian Church of God Testimony Parish. You consider that Redeemed Christian Church of God Testimony Parish is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Redeemed Christian Church of God Testimony Parish. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
AB Accounting and Taxation Services Chartered Certified Accountants 17 Gleneagles Drive Great Barr Birmingham West Midlands B43 7RX
30th September 2021
Page 4
The Redeemed Christian Church of God Testimony Parish Statement of Financial Activities for the year ending 31st December 2020
| Notes INCOMING RESOURCES Incoming resources from generated funds Voluntary income 2 Bank Interest Total incoming resources RESOURCES EXPENDED Costs of generating funds Costs of generating voluntary income Governance costs Other resources expended Total resources expended NET INCOMING RESOURCES RECONCILIATION OF FUNDS Total funds brought forward Revaluation movement TOTAL FUNDS CARRIED FORWARD |
Unrestricted Funds 69,992 0 69,992 60,506 507 0 61,013 8,979 156,596 165,575 |
Restricted Funds 0 0 0 0 0 0 0 0 0 0 0 |
Year ending 31 December 2020 Total Funds 69,992 0 69,992 60,506 507 0 61,013 8,979 156,596 0 165,575 |
Year ending 31 December 2019 Total Funds 76,270 0 |
|---|---|---|---|---|
| 76,270 | ||||
| 66,119 589 0 |
||||
| 66,708 | ||||
| 9,562 147,034 0 |
||||
| 156,596 |
These notes form part of these financial statements
Page 5
The Redeemed Christian Church of God Testimony Parish
Balance Sheet
At 31 December 2020
| Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Cash at bank and in hand Other Debtors CREDITORS Amounts falling due within one year 6 NET CURRENT LIABILITIES CREDITORS 7 TOTAL NET LIABILITIES TOTAL ASSETS LESS LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS Amounts falling due after more than one year |
Unrestricted Funds 292,764 2,350 867 3,217 -25,323 -22,106 -105,083 -127,189 165,575 165,575 |
Restricted Funds 0 0 0 0 0 0 0 0 0 0 |
Year ending 31 December 2020 Total Funds 292,764 2,350 867 3,217 -25,323 -22,106 -105,083 -127,189 165,575 165,575 165,575 165,575 |
Year ending 31 December 2019 Total Funds 293,685 1,636 0 |
|---|---|---|---|---|
| 1,636 -25,701 |
||||
| -24,065 -113,024 |
||||
| -137,089 | ||||
| 156,596 | ||||
| 156,596 | ||||
| 156,596 | ||||
| 156,596 |
The financial statements were approved by the Board of Trustees on 31st August 2021 and were signed on its behalf by:
............................................. Adewale Adesanya
The notes form part of these financial statements
Page 6
The Redeemed Christian Church of God Testimony Parish Notes to the Financial Statements for the year ending 31st December 2020
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the Charities Act 2015 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation of equipment has been provided at 25% on the reducing balance basis.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. VOLUNTARY INCOME
| Tithes and Offerings Gift Aid tax relief Total Voluntary Income |
Unrestricted Funds 59,335 1,657 60,992 |
Restricted Funds 0 0 0 |
Year ending 31 December 2020 Total Funds 59,335 1,657 60,992 |
Year ending 31 December 2019 Total Funds 62,625 13,465 |
|---|---|---|---|---|
| 76,090 |
3. TRUSTEES' REMUNERATION AND BENEFITS
No trustees were remunerated for the year.
Trustees' Expenses
There were no Trustee expenses payments made during the period (2019 - £0).
Page 7
The Redeemed Christian Church of God Testimony Parish Notes to the Financial Statements - continued for the year ending 31st December 2019
4. STAFF COSTS
| Wages and salaries Social security costs Pension 5. TANGIBLE FIXED ASSETS Freehold Property £ COST At 31 December 2019 290,000 Additions 0 At 31 December 2020 290,000 DEPRECIATION At 31 December 2019 0 Charge for the year 0 At 31 December 2020 0 NET BOOK VALUE At 31 December 2020 290,000 At 31 December 2019 290,000 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Creditors and accruals Other Loans Barclays Bank Commercial Loan PAYE & NI |
Year ending 31 December 2020 Total Funds £ 10,551 425 900 11,876 Plant and machinery £ 45,268 0 45,268 41,583 921 42,504 2,764 3,685 Year ending 31 December 2020 Total Funds £ 1,685 15,000 8,025 613 25,323 |
Year ending 31 December 2019 Total Funds £ 16,662 1,067 265 |
|---|---|---|
| 17,994 | ||
| Totals £ 335,268 0 |
||
| 335,268 | ||
| 41,583 921 |
||
| 42,504 | ||
| 292,764 | ||
| 293,685 | ||
| Year ending 31 December 2019 Total Funds £ 2,102 15,000 7,641 958 |
||
| 25,701 |
Page 8
The Redeemed Christian Church of God Testimony Parish Notes to the Financial Statements - continued for the year ending 31st December 2020
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Year ending 31 December 2020 Total Funds £ Barclays Bank Commercial Loan 105,083 105,083 8. MOVEMENT IN FUNDS At 31/12/2019 Net movements in funds Unrestricted funds General fund 156,596 8,979 Restricted funds 0 0 TOTAL FUNDS 156,596 8,979 Net movement in funds, included in the above are as follows: Incoming Resources Resources Expended Unrestricted funds General fund 69,992 -61,013 Restricted funds 0 0 TOTAL FUNDS 69,992 -61,013 |
Year ending 31 December 2019 Total Funds £ 113,024 |
|---|---|
| 113,024 | |
| At 31/12/2020 165,575 0 |
|
| 165,575 | |
| Movement in Funds 8,979 0 |
|
| 8,979 |
Page 9
The Redeemed Christian Church of God Testimony Parish Detailed Statement of Financial Activities for the year ending 31st December 2020
| INCOMING RESOURCES Voluntary income Donations Bank Interest Other income Total incoming resources RESOURCES EXPENDED Costs of generating voluntary income Employee costs: Directors' salaries Employer's NI Pension Staff training and welfare Travel and subsistence Motor expenses Premises costs: Water Rates Rent Light and heat General administrative expenses: Telephone and fax Stationery and printing Bank charges Insurance Equipment expensed Repairs and maintenance Operating leases Depreciation Gifts and Donations Events Visiting Speakers Central Office Fund Subscriptions Other Office Expenses Sundry expenses Legal and professional costs: Accountancy fees Advertising and PR Consultancy Fees Other legal and professional Interest Other loan interest Total Resources Expended Net Incoming Resources |
Year ending 31 December 2020 Total Funds £ 59,335 0 10,657 69,992 10,551 425 900 3,450 2,760 0 18,086 325 0 1,549 1,874 418 760 12 400 3,339 16,213 3,542 921 600 347 4,720 3,237 0 100 82 34,691 507 0 100 0 607 5,755 5,755 61,013 8,979 |
Year ending 31 December 2019 Total Funds £ 62,625 0 13,645 |
|---|---|---|
| 76,270 | ||
| 16,663 1,067 265 -970 5,096 0 |
||
| 22,120 | ||
| 300 100 3,481 |
||
| 3,881 | ||
| 507 2,953 408 0 1,302 5,338 0 1,228 150 2,260 14,240 2,350 240 160 452 |
||
| 31,588 | ||
| 589 410 2,000 0 |
||
| 2,999 | ||
| 6,120 | ||
| 6,120 | ||
| 66,708 9,562 |
This page does not form part of the statutory financial statements
Page 10