Redeemed Christian Church of God {RCCGI Faith Chapel Charity No. 1085735 31 December 2021
Redeemed Christian Church of God (RCCG) Faith Chapel CONTENTS
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 to 3 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Summary Income and Expenditure Account | 6 | |
| Balance Sheet | 7 | |
| Notes to the Accounts | 8 to | 12 |
| Detailed Statement of Financial Activities | 13 to | 14 |
Page | 1
Redeemed Christian Church of God (RCCG) Faith Chapel TRUSTEES ANNUAL REPORT
The Trustees, present their report with the unaudited financial statements of the charity for the year ended 31 December 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1085735
Registered Office
108 Brookehowse Road Bellingham-Catford London SE6 3TW
The Trustees
The following Trustees served during the year:
M. Agbeseyi
V. Aziba
F. Olatunde
Accountants
VICOM ACCOUNTANCY SERVICES LTD 164 WYNDHAM ROAD LONDON SE5 0UB
Bankers
Barclays Bank Plc 29 Borough High Street Southwark London SE1 1LY
Page | 2
Redeemed Christian Church of God (RCCG) Faith Chapel TRUSTEES ANNUAL REPORT
ACHIEVEMENTS AND PERFORMANCE
The church continued during the year despite the economic and social challenges posed by COVID 19. The Pastorage was able to reach out to church members to keep the morale high and support in prayers and other welfare needs. Consequently, the Welfare Fund was highly utilised compared with priors’ years in alleviating the needs of vulnerable members. The feedback showed members were appreciative of the love and support received.
There was great improvement in the online service via Zoom and the church witnessed increased attendance both for physical attendees and those joining the service online. This invariably slightly increased the church income compared to 2020.
One major achievement during the year was the installation of the multi-media video camera which improved the quality of the church online service where various section of the church building could be highlighted at the same time as the pulpit area. The sound quality was also greatly enhanced.
Though the level and number of community programs were reduced as lockdown measure were pronounced by the UK Government, the church was able to still organise programs and events to achieve its mission of ‘reaching out and making a visible impact by extending love of God to people within its immediate community and beyond. The fortnightly Feeding the Hungry program which is part of the mission of the Community Action Group was one of the key initiatives that continued throughout the Coronavirus pandemic. This event is now widely known within the local community and has been a useful avenue in impacting lives, especially for the vulnerables.
PLANS FOR FUTURE PERIODS
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Increase number of partnerships with UK charities, though we presently support Compassion UK in children education.
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Greater emphasis to be placed in supporting missions’ fields in improvised communities in the world.
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Seminars, workshops, and training that will cut across all spheres of living such as employability, education, health, finances, marriages etc. will be organized for the local community as target audience.
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Scheduled visitation of the homeless, hospitals, nursing homes; and inmates in prisons.
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Establishment of a new parish for the advancement of the Kingdom of God is still on- going and ministers will be trained with the requisite skills and the church doctrine.
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The church will continue to operate in a risk- free environment within the church building and its premises to maintain a safe and healthy environment for the users by carrying out a risk assessment of it processes premises and procedures.
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Advocation for members and visitors to continue to follow the COVID guidelines set by the UK Government.
Page | 3
Redeemed Christian Church of God (RCCG) Faith Chapel INDEPENDENT EXAMINERS REPORT
Independent Examiner's Report to the trustees of Redeemed Christian Church of God (RCCG) Faith Chapel
I report on the accounts of Redeemed Christian Church of God (RCCG) Faith Chapel for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, and the related notes.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
examine the accounts under s.145 of the 2011 Act; to follow procedures laid down in the general Directions given by the Charity Commission under s.145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the Charities Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act; have not been met: or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
VICTORIA ONAYEMI {BA(Hons) Acct, FMAAT} VICOM ACCOUNTANCY SERVICES LTD
164 WYNDHAM ROAD LONDON
SE5 0UB
16 August 2022
Page | 4
Redeemed Christian Church of God (RCCG) Faith Chapel STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2021
| Notes Income and endowments from: Donations 2 Other 3 Total Expenditure on: Charitable activities 4 Other 5 Total Net expenditure Total funds brought forward Total funds carried forward |
Unrestricted funds Restricted funds Total funds Total funds 2021 2021 2021 2020 £ £ £ £ 87,097 18,579105,676 97,715 27,515 - 27,515 19,939 |
|---|---|
| 114,612 18,579 133,191 117,654 21,621 12,589 34,210 30,047 98,945- 98,945 88,094 |
|
| 120,566 12,589 133,155 118,141 |
|
| (5,954) 5,990 36 (487) |
|
| 102,685 145,918 248,603 249,090 |
|
| 96,731 151,908 248,639 248,603 |
Page | 5
Redeemed Christian Church of God (RCCG) Faith Chapel SUMMARY INCOME AND EXPENDITURE ACCOUNT
for the year ended 31 December 2021
| Income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year |
2021 £ 133,191 133,191 95,765 37,390 133,155 36 36 |
2020 £ 117,654 |
|---|---|---|
| 117,654 | ||
| 81,498 36,643 |
||
| 118,141 | ||
| (487) | ||
| (487) |
Page | 6
Redeemed Christian Church of God (RCCG) Faith Chapel BALANCE SHEET
at 31 December 2021
| Notes 2021 £ Fixed assets Tangible assets 7 635,421 635,421 Current assets Cash at bank and in hand 24,664 24,664 Creditors:Amount falling due within one year 8 (1,588) Net current assets 23,076 Total assets less current liabilities 658,496 Creditors:Amounts falling due after more than one year 9 (409,858) Net assets excluding pension asset or liability 248,639 Total net assets 248,639 The funds of the charity Restricted funds Restricted income funds 10 151,908 Unrestricted funds 10 151,908 96,731 96,731 Total funds 248,639 |
2020 £ 660,716 |
|---|---|
| 660,716 28,375 |
|
| 28,375 (1,488) |
|
| 26,887 687,603 (439,000) |
|
| 248,603 | |
| 248,603 | |
| 145,918 | |
| 145,918 102,685 |
|
| 102,685 | |
| 248,603 |
Approved by the board on 15 August 2022
And signed on its behalf by:
V. Aziba Trustee
15 August 2022
Page | 7
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The financial statements have been prepared 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 if Ireland (FRS 102) - Charities SORP (FRS 102) (effective 1 January 2015)
Change in basis of accounting or to previous
accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
Unrestricted These are available for use at the discretion of the trustees in furtherance of the funds general objects of the charity. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Income Recognition of Income is included in the Statement of Financial Activities (SOFA) when the income charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with Where income has related expenditure the income and related expenditure is related reported gross in the SOFA. expenditure Donations Voluntary income received by way of grants, donations and gifts is included in the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Income from tax reclaims is included in the SOFA at the same time as Tax reclaims on donations and the gift/donation to which it relates. gifts Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable, and material.
Page | 8
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
Expenditure
Recognition of Expenditure is recognised on an accrual basis. Expenditure includes any VAT expenditure which cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, raising funds fundraising trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities charitable and services in the furtherance of its objects, including the making of grants and activities governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other
These are support costs not allocated to a particular activity.
expenditure
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for nay trade discounts due.
2 Income from donations
Unrestricted
707
| Restricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| £ | £ | £ | £ | ||||
| Tithes | 58,035 | - | 58,035 | 62,474 | |||
| Offerings | 29,062 | - | 29,062 | 32,245 | |||
| Building & Welfare | |||||||
| Funds | - | 18,579 | 18,579 | 2,996 | |||
| 87,097 | 18,579 | 105,676 | 97,715 | ||||
Page | 9
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
3 Other Income
| 3 Other Income | |||
|---|---|---|---|
| Unrestricted Charitable activities 12,921 Central Office & Festival 8,700 of Life Governance costs Loan & Mortgage Interest - 21,621 Other Income Rental Income Giftaid 4 Expenditure on Charitable activities |
Unrestricted Restricted 2,447 - 10,142 12,589 £ 7,630 5,090 14,795 27,515 |
Total 2021 Total Total 2021 £ 15,368 8,700 10,142 34,210 £ 7,630 5,090 14,795 27,515 |
Total 2020 £ 3,516 6,975 9,448 |
| 19,939 | |||
| Total Total 2020 £ 11,419 7,150 11,478 |
|||
| 30,047 |
Page | 10
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
- 5 Other expenditure
| Unrestricted £ Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 6 Staff costs Salaries and wages No employee received emoluments in excess of £60,000. 7 Tangible fixed assets Cost or revaluation Land & Buildings Church Bus £ £ At 1 January 2021 654,060 2,069 Additions - - At 31 December 2021 654,060 2,069 Depreciation and impairment Depreciation charge for the year 32,703 517 At 31 December 2021 32,703 517 Net book values At 31 December 2021 621,357 1,552 At 31 December 2020 654,060 2,069 8 Creditors: amounts falling due within one year 2021 £ Other creditors 1,588 1,588 39,027 2,123 14,437 37,390 4,668 1,300 98,945 39,027 39,027 |
Total 2021 £ Equipment £ 4,587 12,095 16,682 4,170 4,170 12,512 4,587 39,027 2,123 14,437 37,390 4,668 1,300 98,945 |
Total 2020 £ Total £ 660,716 12,095 672,811 37,390 37,390 635,421 660,716 2020 £ 1,488 1,488 39,146 939 3,646 36,643 5,944 1,776 88,094 39,146 39,146 |
|---|---|---|
Page | 11
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
9 Creditors:
amounts falling due after more than
| amounts falling due after more than | ||
|---|---|---|
| one year Bank loans and overdrafts |
2021 £ 409,858 409,858 |
2020 £ 439,000 |
| 439,000 |
Page | 12
Redeemed Christian Church of God (RCCG) Faith Chapel DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2021
| activities maintenance General administrative costs, including depreciation and amortisation Depreciation of land and buildings Income and endowments from: Charitable activities Tithes Offerings Building & Welfare Funds Other Other Income Rental Income Gift aid Total income and endowments Charitable activities Central Office & Festival of Life Governance costs Loan & Mortgage Interest Total of expenditure on charitable Employee costs Salaries/wages Staff training Motor and travel costs Travel and subsistence Premises costs Light, heat and power Premises repairs and Expenditure on Charitable activities: |
Unrestricted funds 2021 £ 58,035 29,062 - |
- Restricted funds 2021 £ - - 18,579 18,579 - - - - 18,579 2,447 - 2,447 10,142 10,142 12,589 - - - - - - - - |
32,703 Total funds 2021 £ 58,035 29,062 18,579 105,676 7,630 5,090 14,795 27,514 133,191 15,368 8,700 24,068 10,142 10,142 34,210 39,027 - 39,027 2,123 2,123 4,164 10,273 14,437 |
Total funds 2020 £ 62,474 32,245 2,996 |
|---|---|---|---|---|
| 87,097 | 97,715 | |||
| 32,703 7,630 5,090 14,795 27,514 114,612 12,921 8,700 21,621 - - 21,621 39,027 - 39,027 2,123 2,123 4,164 10,273 14,437 |
3,516 6,975 9,448 |
|||
| 19,939 | ||||
| 117,654 11,419 7,150 |
||||
| 18,569 | ||||
| 11,478 | ||||
| 11,478 | ||||
| 30,047 39,146 - |
||||
| 39,146 | ||||
| 939 | ||||
| 939 | ||||
| 1,812 1,834 |
||||
| 3,646 | ||||
| 34,424 |
Page | 13
Redeemed Christian Church of God (RCCG) Faith Chapel DETAILED STATEMENT OF FINANCIAL ACTIVITIES
| Depreciation of Church Bus Depreciation of Equipment Bank charges General insurances Software, IT support and related costs Sundry expenses Telephone, fax and broadband Legal and professional costs Professional fees Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds |
517 4,170 513 2,029 30 526 1,570 42,058 1,300 1,300 98,945 120,566 - (5,954) (5,954) - (5,954) |
- - - - - - - - - - - 12,589 - 5,990 5,990 - 5,990 |
517 4,170 513 2,029 30 526 1,570 42,058 1,300 1,300 133,155 133,155 - 36 36 - 36 |
690 1,529 842 1,967 125 883 2,127 |
|---|---|---|---|---|
| 42,587 | ||||
| 1,776 | ||||
| 1,776 | ||||
| 88,094 | ||||
| 118,141 - |
||||
| (487) | ||||
| (487) | ||||
| - | ||||
| (487) |
Page | 14