Redeerned Christian Church of God (RCCG) Faith Chapel Charity No. 1085735 31 Dember 2022
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 2022.
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 128 City Road London EC1V 2NX
Bankers
Barclays Bank Plc 29 Borough High Street Southwark London SE1 1LY
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Redeemed Christian Church of God (RCCG) Faith Chapel TRUSTEES ANNUAL REPORT
ACHIEVEMENTS AND PERFORMANCE
The year 2022 ushered a new year post COVID 19 and brings with it a renewed hope and energy for the Church.
The church continued during the year despite the economic and social challenges following Russian invasion of Ukraine in February 2022. Increased high energy cost caused inflation to rise above UK government expectation which left people facing challenging in paying their bills. The UK government had to increase its base rate (first time in 10 years) meaning people were further faced with increased mortgage payment. This adversely affected the church donations as members struggled to give adequate offerings/tithes and the church income decreased to £127k in 2022 from £133k in the previous year.
Despite the above, 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.
The church continued to enjoy the benefit from 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.
Good Women Fellowship
The Women’s Conference 2022 with the theme “That I May Know Jesus” was held and Pastor (Dr) Grace Sola Oludoyi (Regional Mother, RCCG UK Region 3) graced the event as the Guest Minister
The event was held to reiterate the key role of having a personal relationship with our Lord Jesus Christ. The key bible verse was Luke2:52 and Philippians 3:10. These key verses emphasised the need to know and grow in the Lord and God to be pleased with us.
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 its processes premises and procedures.
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 2022 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
128 CITY ROAD LONDON EC1V 2NX 11 August 2023
Page | 4
Redeemed Christian Church of God (RCCG) Faith Chapel STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2022
| 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 2022 2022 2022 2021 £ £ £ £ 99,213 3,329102,542 105,676 24,740 - 24,740 27,515 |
|---|---|
| 123,953 3,329 127,282 133,191 21,539 16,190 37,729 98,742- 98,742 34,210 98,945 |
|
| 120,281 16,190 136,471 133,155 |
|
| 3,672 (12,861) (9,189) 36 |
|
| 96,731 151,908 248,639 248,603 |
|
| 100,403 139,047 239,450 248,639 |
Page | 5
Redeemed Christian Church of God (RCCG) Faith Chapel SUMMARY INCOME AND EXPENDITURE ACCOUNT
for the year ended 31 December 2022
| 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 |
2022 £ 127,282 127,282 97,417 39,054 136,471 (9,189) (9,189) |
2021 £ 133,191 |
|---|---|---|
| 133,191 | ||
| 95,765 37,390 |
||
| 133,155 | ||
| 36 | ||
| 36 |
Page | 6
Redeemed Christian Church of God (RCCG) Faith Chapel BALANCE SHEET
at 31 December 2022
| Notes Fixed assets Tangible assets 7 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 8 Net current assets Total assets less current liabilities Creditors:Amounts falling due after more than one year 9 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds Restricted income funds 10 Unrestricted funds 10 Total funds |
2022 £ 614,248 614,248 12,092 12,092 (1,588) 10,504 624,752 (385,302) 239,450 239,450 139,047 139,047 100,403 100,403 239,450 |
2021 £ 635,421 |
|---|---|---|
| 635,421 24,664 |
||
| 24,664 (1,588) |
||
| 23,076 658,496 (409,858) |
||
| 248,639 | ||
| 248,639 | ||
| 151,908 | ||
| 151,908 96,731 |
||
| 96,731 | ||
| 248,639 |
Approved by the board on 9 August 2023
And signed on its behalf by:
V. Aziba Trustee 9 August 2023
Page | 7
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
for the year ended 31 December 2022
- 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. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as 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
707
| Income from donations | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| 2022 | 2021 | |||||
| £ | £ | £ | £ | |||
| Tithes | 59,394 | - | 59,394 | 58,035 | ||
| Offerings | 37,189 | - | 37,189 | 29,062 | ||
| Building & Welfare | ||||||
| Funds | - | 3,329 | 3,329 | 18,579 | ||
| 96,583 | 3,329 | 99,912 | 105,676 |
Page | 9
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
3 Other Income
| 3 Other Income |
|||||
|---|---|---|---|---|---|
| 4 Charitable activities Unrestricted Charitable activities 12,819 Central Office & Festival 8,720 of Life Governance costs Loan & Mortgage Interest - 21,539 Other Income Rental Income Giftaid |
Unrestricted £ 3,594 8,372 15,404 27370 |
Total 2022 £ 3,594 8,372 15,404 27370 |
Total 2021 £ 7,630 5,090 14,795 ~~2~~7515 |
||
| , | , | , | |||
| Restricted 1,669 - 14,521 16,190 |
Total Total 2022 £ 14,488 8,720 14,521 |
Total Total 2021 £ 15,368 8,700 10,142 |
|||
| 37,729 | 34,210 |
Page | 10
Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS
| 5 | Other expenditure | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Total | Total | |||||||||
| 2022 | 2021 | ||||||||||
| £ | £ | £ | |||||||||
| Employee costs | 39,691 | 39,691 | 39,027 | ||||||||
| Motor and travel costs | 2,273 |
2,273 | 2,123 | ||||||||
| Premises costs | 11,024 |
11,024 | 14,437 | ||||||||
| Amortisation, | |||||||||||
| depreciation, | |||||||||||
| impairment, profit/loss | 39,054 | 39,054 | 37,390 | ||||||||
| on disposal of fixed | |||||||||||
| assets | |||||||||||
| General administrative | 3,481 | 3,481 | 4,668 | ||||||||
| costs | |||||||||||
| Legal and professional | 1,300 | 1,300 | 1,300 | ||||||||
| costs | |||||||||||
| 96,823 | 96,823 | 98,945 | |||||||||
| 6 | Staff costs | ||||||||||
| Salaries and wages | 39,691 | 39,027 | |||||||||
| 39,691 | 39,027 | ||||||||||
| No employee received emoluments in excess of £60,000. | |||||||||||
| 7 | Tangible fixed assets | Land | |||||||||
| & Buildings | Church Bus | Equipment | Total | ||||||||
| £ | £ | £ | £ | ||||||||
| Cost or revaluation | |||||||||||
| At 1 January 2022 | 621,357 | 1,552 | 12,512 | 635,421 | |||||||
| Additions | - | - | 17,881 | 17,881 | |||||||
| At 31 December 2022 | 621,357 | 1,552 | 30,393 | 653,302 | |||||||
| Depreciation and | |||||||||||
| impairment | |||||||||||
| Depreciation charge for | |||||||||||
| the year | 31,068 | 388 | 7,598 | 39,054 | |||||||
| At 31 December 2022 | 31,068 | 388 | 7,598 | 37,390 | |||||||
| Net book values | |||||||||||
| At 31 December 2022 | 590,289 | 1,164 | 22,795 | 614,248 | |||||||
| At 31 December 2021 | 621,357 | 1,552 | 12,512 | 635,421 | |||||||
| 8 | Creditors: | ||||||||||
| amounts falling due within one year | |||||||||||
| 2022 | 2021 | ||||||||||
| £ | £ | ||||||||||
| Other creditors | 1,588 | 1,588 | |||||||||
| 1,588 | 1,588 |
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 |
2022 £ 385,302 385,302 |
2021 £ 409,858 |
| 409,858 |
Page | 12
Redeemed Christian Church of God (RCCG) Faith Chapel DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2022
| 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 Expenditure on: Charitable activities 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 |
Unrestricted funds 2022 £ 59,394 37,189 - |
- Restricted funds 2022 £ - - 3,329 3,329 - - - - 3,329 1,669 - 1,669 14,521 14,521 16,190 - - - - - - - - |
31,068 Total funds 2022 £ 59,394 37,189 3,329 99,912 3,594 8,372 15,404 27,370 127,282 14,488 8,720 23,208 14,521 14,521 37,729 39,691 - 39,691 2,273 2,273 3,103 7,921 11,024 |
Total funds 2021 £ 58,035 29,062 18,579 |
|---|---|---|---|---|
| 96,583 | 105,676 | |||
| 31,068 3,594 8,372 15,404 27,370 123,953 12,819 8,720 21,539 - - 21,869 39,691 - 39,691 2,273 2,273 3,103 7,921 11,024 |
7,630 5,090 14,795 |
|||
| 27,514 | ||||
| 133,190 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 | ||||
| 32,703 |
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 |
388 7,598 387 2,202 966 331 1,514 44,454 1,300 1,300 |
- - - - - - - - - - |
388 7,598 387 2,202 966 331 1,514 |
517 4,170 513 2,029 30 526 1,570 42,058 1,300 1,300 |
|---|---|---|---|---|
| 44,454 | ||||
| 1,300 | ||||
| 1,300 | ||||
| 98,742 120,281 - 3,672 3,672 - 3,672 |
- 16,190 - (12,861) (12,861) - (12,861) |
98,742 | 133,155 133,155 - 36 36 - 36 |
|
| 136,471 - |
||||
| (9,189) | ||||
| (9,189) | ||||
| - | ||||
| (9,189) |
Page | 14