THE REDEEMED CHRISTIAN CHURCH OF GOD SALVATION THEATRE TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE CONTENTS Pages Administrative Trustees report Independent Examiners. report Statement of financial activities Statement of financial position Detailed income and expenditure 9-10 Notes to the Financial Statements 11-13
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE Administrative information Trustees Mr Gbenga Amoshe Mrs Caroline Adebayo Dr Gabriel Oludare Mr Simeon Oluwasanmi Charity Registered Number: 1090070 Registered Office 58-60 Westminster Road Birmingham West Midland Birmingham B20 3LJ Independent Examiner Adenike Phillips ACCA A and P Accountants Suite E 226 Regency Court, Milton Keynes MK9 2HR Banker: HSBC UK
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE Trustees Report for the year ended 31 December 2023. Trustees present their financial statements for the year ended 31 December 2023. The Trustees ofTHE REDEEMED CHRISTIAN CHURCH OF GOD - SALVATION THEATRE presents their report and financial statements for the year ended 31 DECEMBER 2023. The trustees have adopted the provision of the Statement of Recommended Practice (SORP) "Accounting and reporting by Charities "Issued on October 2000 in preparing the annual report financial statement of the charity. Charity Details A list of names and addresses of the charity's principal officers and bankers is set out on page 3 Objectives The charity's principal activity is the proclamation olthe gospel oljesus Christ l. To advance the Christian doctrine (in accordance with the statement ol our beliefj in such part ofthe United Kingdom or the world as the trustees from time to time think fit. 2. To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, good or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the trustees from time to time may think fit: and 3. To advance education in such ways and in such parts of the United Kingdom or the world as the trustee from time to time may think fit: 4. The trustee must use the income and may use the capital of the church in promoting the objects. Organization THE REDEEMED CHRISTIAN CHURCH OF GOD- SALVATION THEATRE is governed by a board oftrustee5 who are elected to serve the church and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure the gaps are filled. Risk and Internal Control Then accordingly Trustees review the main operational risks and actions to manage or mitigate IL Review of transactions and financial position Inc()me Resources The total income of the organization for the year has been derived from its principal activities wholly undertaken in the United Kingdom. During the year, donation income resources, giftand grant received totaled £361.131. The
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE bulk of the donations and gifts received have been made available without restriction as to its usage The bulk of the balance on the charl5 fund is unrestricted. These will be used to fund the charity's objectives during the new financial year. The Trustees confirmed that the charity's are available and adequate to enable it to fulfil its obligations. Reserve Poliry Freely available reserves are pools of unapplied resources available to meet future demands on the charity's resources. This is general purpose money that can be spent on many of the purposes of the charity. Free reserves of the charity are represented by its unrestricted and restricted funds less the net book value of its assets. As at 31 DECEMBER 2023. these amounted to £459,181 and £20,576 respectively. Statement to Trustees, responsibilities Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and lair view of the charity's financial activities during the year and of its financial position at the end olthe year. In preparing those financial statements, the trustees are require to a) Select suitable accounting policies and apply them constantly,. bj make judgment and estimates that are responsible and prudent,. c) state whether applicable accounting standards and statements of recommended practice have been Followed, subject to many departures disclosed and explained in the financial staten]ent: d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue on that basis. The Trustees are responsible for ensuring that proper books are maintained, for safe guarding assets of the charity, and takiTRg reasonable steps for the prevention and detection of fraud and other irregularities. The board has reviewed the effectiveness of the system ofinternal control and there are no material weaknesses that would result in losses, contigencies and uncertainties that require a separate disclosure in these accounts. Independent Examiner's Report. We report on the accounts for the year ended 31 DECEMBER 2023 which are set out on pages 7-12 Respective responsibilities of lstee5 and examiner Charity's trustees are responsible for the preparation of the accounL It is our responsibility Examine the account (under sertion 43{3)(a) of the 1993 Act} To follow the procedures laid down in the general directions given by the commissioners {under section 43(7)[b) of the 1993 Art) Basis of the independent examiner's report My exalnination was carried out in accordance with the General Directions given by the charity. An examination includes a review of the accounting records kept by the charity and comparison of the accounts presented with those records. It also includes consideration of
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE 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 I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In connection with my examination, no matter has come to my attention; l.Which gives me reasonable cause to believe that in any material respect the requirements,. To keep accounting records in accordance with section 41 of the 1993 Act and To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 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 Adenike Phillips ACCA A and P Accountants Suite E 226 Regency Court. Milton Keynes MK9 2HR
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds 2023 Restricted Funds 2023 Unrestricted Funds 2022 Income Resources Notes Tithes.offering and Thanksgiving Gift Aid Other (Grantl Other Voluntary incomelBuildingl Other vountary income Bank interest received Total Income Resources 265.843 41,451 239,115 36,060 9,800 10,000 33,238 2,339 86 277,600 799 308.093 53,038 Resources Expended Missionary and charitable givings Direct Parish Expenditure Management & Administration of Charity Total Resources Expended 53,686 260,704 3.105 317.495 49,154 180,095 1.725 230,974 32,377 85 32,462 Net Income and outgoing resoucres Net Movement in Fund Adjustment Fund Balance B/F' 9,401.50 20,576 46,626 468.582 421,956 Fund Balances C/FWD 459,181 20,576 468,582
THE REDEEMED CHRJSTJAN CHURCH OF GOD-SAL VA TION THEA TRE STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2023 Total this year Total last year Notes Fixed assest Tangible assets Equipment 409.826 436,591 Total fixed asset 409,826 436,591 Current assets Debtors Cash at bank and in hand 5.500 96,221 101,721 77,597 77,597 Creditors= Amount falling due 9.279 23,418 Net current assests 92,442 54,179 Total assets less current liabilities 502.268 490,770 Creditors: Amounts falling due 22,511 22,188 Total net assest or liabilities 479,757 468,582 Funds of the Charity Restricted income funds Unrestricted income funds Revaluation Reservce 20.576 459,181 468,582 Total f unds 479.757 468,582
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31ST DECEMBER 2023 Unrestricted Restricted Total Fund Income and Resources Tithes,offering and Thanksgivir Gift Aid Other (Grantl Other Voluntary incomelBuildingl Other vountary income Bank interest received Total Income Resources 265,843 41.451 265,843 41,451 9,800 10,000 33.238 799 361,131 9,800 10.000 33.238 799 308,093 53,038 OUTGOINGS Missionary and charitable givings RCCG central office FOL Other mission & charitables RCCG parishe5 WEM Region/province 880 880 5,000 5,000 46,306 1,500 46.306 1,500 53,686 53,686 Direct Parish Expenditure Ministry: Honorarium Wages & salary & taxes Resident Pastor IThanksgivingl 19,987 74,000 10.359 19,987 74,000 10,959 600 Church - running cost: Mortgae interest & other loan telephone and multimedia Repairs & maintenance Printing & Stationeries Welfare and charitable activiti( Book,communion etc Utilities Vehicle running cost Cleaning Conferences & training Accessories 3,164 11,634 11,751 1,640 17,560 1,077 12,679 3,164 11,634 11,751 1,640 39,337 1,077 12,679 21.777 429 429 5,290 2,175 2,054 5.290 2,175 2,054 Insurance
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE Admin Premises project {Consultingl Entertainment Petty cash Choir, Youth & Children Travelling expenses Musical production Installation costs Depreciation 1,526 19,936 1,526 29.936 10.000 1,500 7,249 15,457 2,210 5,814 33,213 260,704 1,500 7,249 15.457 2,210 5,814 33,213 293,081 32.377 Management & Administration of Charity Professional and Consultancy f Bank charges HP interest 2,920 185 2,920 270 85 3,105 85 3,190
THE REDEEMED CHRISTIAN CHURCH OF GOD-SAL VA TION THEA TRE Notes To The Accounts For the year ended 31 DECEMBER 2023 Accounting Policies Basis of preparation The accounts have been prepared under the historical cost convention and in accordance with the financial Reporting Standard Entities (effective April 2008). Incoming Resources Incomes are mainly from grants and sundry incomes received and included in the financial statement when received. This incoming resource represents money incomes for the reporting period. Resources Expended All expenditures are accounted for on accrual basis and have been classified under headings that aggregate all costs related to the category. The charity expenditures represent the amount expended by the church in the current reporting period ended 31-Dec-23 Taxation As a charity. the charitable funds are exempt from corporation tax but not Irom VAT. Recoverable VAT is in accordance with standard accounting practice, included in the cost of those items to which it relates. Depreciation Depreciation has been provided atthe following rates on a reducing balance method. Equipment Church Offices Fixtures and Fitting Furniture's & computer Motor Vehicle 25% 25% 25% 250/0 2. Operating Profit This is stated after charging= Depreciation of owned fixed assets 2023 2022 £11,175 £46,626
Other creditorsAccountancy fees Bank loan
Bank loan
THE REDEEMED CHRISTIAN CHURCH OF GOD-SALVATION THEATRE
Notes To The Accounts
For the year ended 31 DECEMBER 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| 6. Unrestricted funds brought forward |
468,582 | 421,956 |
| Adjustment unrestricted | 9,402 | 46,626 |
| funds for the period | ||
| As at 31st December | 459,181 | 468,582 |
| 7. Restricted funds | ||
| brought forward | ||
| Adjustment restricted | 20,576 | |
| funds for the period | ||
| As at 31st December | 20,576 | |
| Total balance of | ||
| restricted and | ||
| unresticted funds | 479,757 | 468,582 |
| 2023 | 2022 | |
| 8. Staff cost | £ | £ |
| Minsiters renumeration | ||
| & others paid in the | ||
| year | 74,000 | 69,495 |
| 9. Cash & Bank Balances | 2023 | 2022 |
| £ | £ | |
| Cash in hand & at bank | 96,221 | 77,597 |
Signed by one or two trustees on behalf of all the trustees
Print name: .....Gbenga Amoshe 30-06-2024 Date of approval: ................................... ..