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
Page | 2
**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**
- Increase number of partnerships with UK charities, though we presently support Compassion UK in children education.
- Greater emphasis to be placed in supporting missions’ fields in improvised communities in the world.
- 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.
- Scheduled visitation of the homeless, hospitals, nursing homes; and inmates in prisons.
- 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.
- 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:
- (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
- (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