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2022-03-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD THE KING'S PARISH ACCOUNTS 31ST MARCH 2022

GABRIEL CHRISTOPHER & CO. CHARTERED CERTIFIED ACCOUNTANTS, BUSINESS ADVISERS & CONSULTANTS SUITE 13 FOREST HOUSE 8 GAINSBOROUGH ROAD LONDON

E11 1HT

THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KING'S PARISH Report and Accounts for the period ended 31 March 2022

CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES 1086273

THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KING'S PARISH

Reports and Accounts

CONTENTS
Charity Information 1
Trustees annual report 2-4
Accountant's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to Accounts 8-11

THE REDEEMED CHRISTIAN CHURCH OF GOD -THE KING'S PARISH Charity Information

Trustees

Pastor (Mrs.) Lola Bakare (Chair) Pastor Ben Ossai Mr. Ope Akakabota

Charity Registration No:

1086273

Principal Location

Ashton Playing Fields 598 Chigwell Road Woodford Bridge Essex IG8 8AA

Bankers

Barclays Bank PLC Newham Group 737 Barking Road London E13 9PL

HSBC PLC 192 Hoe Street Walthamstow London E17 4QN

Accountants

Gabriel Christopher & Co Suite 13, Forest House 8 Gainsborough Road London E11 1HT

Page 1

THE REDEEMED CHRISTIAN CHURCH OF GOD- THE KING'S PARISH TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees submit their annual report and the financial statements of The Redeemed Christian Church of God(RCCG) The King's Parish (the church) for the year ended 31 March 2022. The Trustees confirm that the annual report and financial statements of the church comply with statutory requirements of the Charities Act 2012, the requirements of the church's governing documents and the provisions of the Statement of Recommended Practise (SORP) "Accounting and Reporting by Charities" issued in April 2005.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The church is constituted under a Trust deed dated 24 April 2001 and has a registered charity no 1086273

METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the church is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The induction process for a newly appointed member of the Trustees comprises an initial meeting with other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.

Principal activities

The charity's principal activity during the year continued to be the advancement of the christian faith in United Kingdom and worldwide in accordance with the doctrine set out in the statement of faith of our trust deed and the relief of poverty to the general public within our community.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The church is organised so that the trustees meet regularly to manage its affairs. The administration of the church is managed by the trustees.

Review of activities in the year

RCCG The King's Parish continue to be a participating member of Redbridge churches Unite and took part in their acitivities and programmes in the local community of Woodford, London

We have had tremendous growth in the physical and spiritual life of the church during the year and in the advancement of the Christian Faith in accordance with the doctrines set out in the Statement of Faith as contained in our Trust Deed.

Page 2

RELATED PARTY RELATIONSHIPS

RCCG The King''s Parish is a member of the Redeemed Christian Church of God (RCCG) which has parishes all over the world. The parish's relationship with RCCG and other parishes is governed by an 'Agreement for Common Purposes'.

Financial Review

The charity's financial statement for the year ended 31 March 2022 shows a net increase in fund of £15,522 (2021: £31,262 increase).

The value of the charity's net assets at 31 March 2022 was a surplus of £132,209 (2021:a surplus of £116,687)

RISK MANAGEMENT

The trustees have assessed the major risks to which the church is exposed to, in particular those relating to internal controls, operations and finances of the church and have control in place to mitigate exposure to major risks.

GRANT MAKING POLICIES

Under the Common Purposes Agreement (see above), RCCG-The King's Parish has agreed to make an annual contibution to RCCG (UK). In addition, the church supports missionary organisations such as Festival of Life and World Evangelism Mission. The church also provides support to members of the congregation who are in need. This is done at the discretion of the trustees.

VOLUNTEERS

The church is grateful for the efforts of its volunteers who are involved in service provision, it is estimated that over 1,800 volunteer hours were provided during the year. If this is conservatively valued at £10.00 an hour the volunteer effort amounts to over £18,000

INVESTMENT POLICY AND PERFORMANCE

The Trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.

RESERVES POLICY

The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.

PRINCIPAL FUNDING

This is provided mainly through voluntary giving of tithes and offerings by the church members and through gift aid scheme. Pledges and donations are also taken for specific projects.

FUTURE DEVELOPMENTS

The church continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life- changing impact in society.

Page 3

Trustees' Responsibilities in Relation to the Financial Statements

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.

Law applicable to charities in England and Wales requires the trustees to prepare financial statement for each financial year which gives a true and fair view of the state of affairs of the charity and of surplus or deficit for the period. In preparing the financial statements the trustees have:

-Selected suitable accounting policies and applied them consistently;

The Trustees have overall responsibility of ensuring that the church has an appropriate system of controls; financial or otherwise. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at anytime the financial position of the church, and to enable them to ensure that the financial statements comply with the Charities Act 2012 and ( Charities, Accounts and Report) the 2008 regulation requirements. They are responsible for safeguarding the assets of the Charity and hence take reasonable steps for the detection and prevention of fraud and other irregularities.

Approval

This report was approved by the Board of Trustees and signed on their behalf by:

Signature: Ope Akakabota

Name: Ope Akakabota

Date: 29/09/2022

Page 4

THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KING'S PARISH

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KING'S PARISH

I report on the accounts of the Trust for the period ended 31 March 2022, which are set out on pages 6 to 11.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER

The charity's trustees are responsible for the preparation of the accounts.

The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2012 (the 2012 act) and that an independent examination is needed. It is my responsibility:

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 undertaken 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:

A G Oyewole FCCA

Gabriel Christopher & Co. Chartered Certified Accountants, Business Advisers & Consultants Suite 13 Forest House

8 Gainsborough Road London E11 1HT

29/09/2022

Page 5

THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KING'S PARISH Statement of Financial Activities for the period ended 31 March 2022

Notes
Incoming Resources
1
Incoming resources from generated funds:
Voluntary income:donations
2
Activities in furtherance of the charity
objects
Total Incoming Resources
Resources Expended
Charitable expenditure
Grants payable- individual
3
Grants payable - institutional
4
Costs of activities in furtherance of:
charity's objects
5
Management and governance costs:
6
Total Resources expended
Net Incoming/(Outgoing) Resources for the year
Net Movement in Funds
7
Balance at 1 April 2020
Balance at 31 March 2021		 2022
2021
Unrestricted
Restricted
Total
Total
£
£
£
£
96,649
5,454
102,102
83,562
-
-
-
-
96,649
5,454
102,102
83,562
-
-
-
1,330
16,026
-
16,026
14,801
67,110
-
67,110
32,843
3,444
-
3,444
3,325
86,581
-
86,581
52,300
10,068
5,454
15,522
31,262
10,068
5,454
15,522
31,262
61,687
55,000
116,687
85,425
71,755
60,454
132,209
116,687

All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.

Page 6

THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KING'S PARISH Balance sheet as at 31 March 2022

Notes
FIXED ASSETS
Tangible Fixed Assets
8
CURRENT ASSETS
Debtors
9
Cash in Hand/ Bank
CURRENT LIABILITIES
10
NET CURRENT ASSETS
LONG TERM LIABILITIES
Amount falling due more than a year
11
NET ASSETS
Unrestricted
Restricted
TOTAL FUNDS
12
Amount falling due within a year		 £
4,130
124,918

Approved by the Trustees and Signed on their behalf: Signature: Ope Akakabota

Name: Ope Akakabota

Date: 29/09/2022

Page 7

THE REDEEMED CHRISTIAN CHURCH OF GOD-THE KING'S PARISH Notes to the financial statements for the period ended 31 March 2022

ACCOUNTING POLICIES

The accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005) issued in March 2005 as modified for smaller charities.

1. INCOMING RESOURCES

These are recognised in full in the Statement of Financial Activities in the period in which they are received. Included are income from tithes, offerings and interest received during the year from investments and accounted for as unrestricted-funds.

2. Voluntary Income: Donations
Tithes & Offerings
Building Fund
Gift Aid Income
Other Income
3. Grants payable - individual
Individual welfare
4. Grants payable - institutions
Word Evangelical Mission (WEM)
RCCG Central office
Festival of Life
Other Donations		 Unrestricted Fund
Restricted
Fund
Total Fund
2022
2022
2022
£
£
£
74,437
-
74,437
-
5,454
5,454
22,212
-
22,212
-
-
-
96,649
5,454
102,102
£
£
£
-
-
-
-
-
-
£
£
£
13,209
-
13,209
1,250
-
1,250
600
-
600
967
-
967
16,026
-
16,026		 Total Fund
2021
£
67,722
4,411
11,394
35
83,562
£
1,330
1,330
£
12,064
720
600
1,417
14,801

Page 8

5. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECTS

This comprises all expenditure directly related to the objects of the of the charity. It also includes the expenditure in support of that activity where material.

2022
Unrestricted
Restricted
Total
Funds
Funds
Funds
Visiting Ministers' Expenses
8,090
-
8,090
Motor Expenses
2,668
-
2,668
Training
650
-
650
Travelling & Hotel Expenses
1,689
-
1,689
Outreach, conventions & retreat
5,270
-
5,270
Welfare and Hospitality expenses
13,141
-
13,141
Choir Expenses
3,230
-
3,230
Pastoral Allowance
22,683
-
22,683
Rent & Rates
6,000
-
6,000
Telephone & fax & internet
1,421
-
1,421
Provincial Contributions
-
-
-
Printing, postage, stationery & religious
2,020
-
2,020
Insurance
248
-
248
Repairs & renewals
-
-
-
67,110
-
67,110
2022
Unrestricted Fund
Restricted
Fund
Total Fund
6. GOVERNANCE COSTS
£
£
£
Legal & professional fees
1,474
-
1,474
Accountancy Fees
780
-
780
Depreciation
865
-
865
Bank charges & interest
325
-
325
3,444
-
3,444
7. NET MOVEMENT IN FUNDS FOR THE YEAR
2022
The net movement in funds for the year is stated
£
after charging
Legal & professional fees
1,474
Accountancy Fees
780
Depreciation of tangible fixed assets
865
Bank charges & interest
325
3,444		 2021
Total
Funds
2,700
666
-
-
2,999
250
-
21,183
2,726
1,553
-
399
237
130
32,843
2021
Total Fund
£
957
780
1,055
533
3,325
2021
£
957
780
865
325
2,927

Page 9

8. FIXED ASSETS

Cost
At 1 April 2021
Additions in the year
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net Book Value
At 31 March 2022
At 31 March 2021		 Instruments
Van
Furniture,
Fixtures &
Fittings
Total
£
£
£
£
14,989
2,150
7,807
24,946
-
-
-
-
-
-
-
-
14,989
2,150
7,807
24,946
10,288
2,107
7,746
20,141
846
8
11
865
11,134
2,114
7,757
21,006
3,855
36
50
3,940
4,701
43
61
4,805

8a. DEPRECIATION

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Church & office equipment
Motor vehicle
9. DEBTORS
Member's Loan
10.CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank Overdraft
Accruals		 18% reducing balance
18% reducing balance
2022
2021
£
£
4,130
4,130
4,130
4,130
2022
2021
£
£
-
-
780
780
780
780		 18% reducing balance
18% reducing balance
2022
2021
£
£
4,130
4,130
4,130
4,130
2022
2021
£
£
-
-
780
780
780
780
4,130
2021
£
-
780
780

Page 10

11.CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

12. FUNDS
At 1 April
Surplus/(Deficit) for the year
At 31 March		 2022
2021
£
£
-
-
-
-
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
34,836
50,589
85,425
85,425
10,068
5,454
15,522
31,262		 2021
£
-
-
44,904
56,043
100,947
116,687

12.1 UNRESTRICTED FUNDS

These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.

12.2 RESTRICTED FUNDS

Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.

Page 11