2023-12-31-accounts - Redeemed Christian Church Of God (Rccg) Faith Chapel

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Redeemed Christian Church of God (RCCG) Faith Chapel

Charity No. 1085735

31 December 2023

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 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1085735

Registered Office

108 Brookehowse Road

Bellingham−Catford

London SE6 3TW

The Trustees

The trustees who served the Charity during the year and thereafter are as follows:

V. Aziba - Secretary

F. Olatunde

A. Oduwole (appointed April 2024)

O. Adebajo (appointed March 2024) - Chairman

M. Agbeseyi (deceased 7 May 2023)

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

Throughout 2023, the Pastorage was able to reach out to church members to keep 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.

During the year, we sadly experienced the sudden death of one of the trusteeswho was the Board’s acting chairman. He was also the assistant to the parish pastor and head of the workers in the church. It was a tough period for members and friends of the church and the Holy Spirit has helped us in bearing this great loss.

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 attendance compared to prior years.

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.

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.
Purchase of a new ULEZ compliant church van

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 2023 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 30 October 2024

Page | 4

Redeemed Christian Church of God (RCCG) Faith Chapel STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2023

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 2023 £ 2023 £ 2023 £ 2022 £ 126,230 4,001 130,231 102,542 22,293 11,065 33,358 24,740
	148,523 15,066 163,589 127,282 37,685 26,395 64,080 37,729 98,945 − 98,945 98,742
	136,630 26,395 163,025 136,471
	11,893 (11,329) 564 (9,189)
	100,403 139,047 239,450 248,639
	112,296 127,718 240,014 239,450

Page | 5

Redeemed Christian Church of God (RCCG) Faith Chapel SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 December 2023

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	2023 £ 163,589 163,589 127,812 35,213 163,025 564 564	2022 £ 127,282
		127,282
		97,417 39,054
		136,471
		(9,189)
		(9,189)

Page | 6

Redeemed Christian Church of God (RCCG) Faith Chapel BALANCE SHEET

at 31 December 2023

Fixed assets Notes 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 10 Restricted income funds Unrestricted funds 10 Total funds	2023 £ 577,871 577,871 30,145 30,145 (1,470) 28,675 606,546 (366,532) 240,014 240,014 127,718 127,718 112,296 112,296 240,014	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

Approved by the board on 29 October 2024

And signed on its behalf by:

V. Aziba Trustee 29 October 2024

Page | 7

Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS

for the year ended 31 December 2023

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

Unrestricted £ Tithes 79,948 Offerings Building & Welfare 46,282 Funds − 126,230	Restricted £ − − 4,001 4,001	Total 2023 £ 79,948 46,282		Total 2022 £ 59,394 37,189 3,329
		4,001
		130,231
				99,912

707

Page | 9

Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS

3 Other Income

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Total|Total| |2023|2022| |£|£|£| |Other|Income|2,263|2,263|3,594| |−| |Profit|on|sale|of|fixed|asset|5,374|5,374| |Rental|Income|11,065|11,065|8,372| |Giftaid|14,656|14,656|15,404| |33,358|33,358|27,370|

----- End of picture text -----

4 Charitable activities

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2023|2022| |£|£| |Charitable|activities|22,295|693|22,988|14,488| |Central|Office|&|Festival| |−| |15,390|15,390|8,720| |of|Life| |Governance|costs| |Loan|&|Mortgage|Interest|−|25,702|25,702|14,521| |37,685|26,395|64,080|37,729|

----- End of picture text -----

Page | 10

Redeemed Christian Church of God (RCCG) Faith Chapel NOTES TO THE ACCOUNTS

5 Other expenditure

5 Other expenditure
Unrestricted £ Employee costs 39,931 Training 1,175 Motor and travel costs 259 Premises costs 15,565 Amortisation, depreciation, impairment, profit/loss 35,213 on disposal of fixed assets General administrative costs Legal and professional costs 6 Staff costs Salaries and wages 5,332 1,470 98,945 39,931 No employee received emoluments in excess of £60,000. 7 Tangible fixed assets Cost or revaluation Land & Buildings £ Church Bus £ At 1 January 2023 590,289 1,164 Disposal − (1,164) At 31 December 2023 590,289 − Depreciation and impairment Depreciation charge for the year 29,514 − At 31 December 2023 29,514 − Net book values At 31 December 2023 560,776 − At 31 December 2022 590,289 1,164 8 Creditors: amounts falling due within one year 2023 £ Other creditors 1,470 1,470	Total 2023 Total 2022 £ £ 39,931 39,691 1,175 − 259 2,273 15,565 11,024 35,213 39,054 5,332 3,481 1,470 1,300 98,945 96,823 39,691 Equipment £ Total £ 22,795 614,248 − (1,164) 22,795 653,084 5,699 35,213 5,699 35,213 22,795 577,871 22,795 614,248 2022 £ 1,588 1,588

		653,084
		35,213
		35,213
		577,871
		614,248
		2022 £ 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	2023 £ 366,532 366,532	2022 £ 385,302
		385,302

Page | 12

Redeemed Christian Church of God (RCCG) Faith Chapel DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2023

Unrestricted funds 2023 £ 79,948 46,282 −	Restricted funds 2023 £ − − 4,001 4,001 − − − − − 4,001 693 − 693 25,702 25,702 26,395 − − − − − − −	Total funds 2023 £ 79,948 46,282 4,001 130,231 2,263 5,374 11,065 14,656 33,358 163,589 22,988 15,390 38,378 25,702 25,702 64,080 39,931 1,175 41,106 259 259 8,563 7,002	Total funds 2022 £ 59,394 37,189 3,329
126,230			99,912
2,263 5,374 11,065 14,656 33,358 159,588 22,295 15,390 37,685 − − 37,685 39,931 1,175 41,106 259 259 8,563 7,002 29,514			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
	−	29,514	31,068

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	1,216 40,545 22,958 − 5,699 399 1,883 1,231 603 1,470 1,470 98,945 136,630 − 22,958 22,958 −	− − (22,394) − − − − − − − − − 26,395 − (22,394) (22,394) −	1,216 40,545 564 − 5,699 399 1,883 966 603 1,470 1,470 98,945 163,025 − 564 564 −	1,514 388 7,598 387 2,202 966 331
				44,454
				1,300
				1,300
				133,155
				133,155 −
				(9,189)
				(9,189)
				−
				(9,189)

Page | 14