THE REDEEMED CHRISTIAN CHURCH OF GOD CITY OF DAVID
Charity reg. no.1091990
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID
CONTENTS
| Admin details | 1 |
|---|---|
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 11 |
| Detailed statement | 12 - 13 |
THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| General Overseer | Pastor E. A. Adeboye |
|---|---|
| Parish Pastor | Pastor Segun Kingsley |
| Trustees | ODAUDU Samuel Adah |
| AKINDUTIRE Damola | |
| ALLI Adewale Toareed | |
| ALABI Olufemi | |
| BANKOLE Tokunbo | |
| Charity registration Number | 1091990 |
| Principal Office | 46 Lowfield Street |
| Dartford | |
| DA1 1HJ | |
| Independent Examiner | Tunji Ogedengbe |
| 36 Daffodil Close | |
| Hatfield | |
| Hertfordshire | |
| ALI0 9FF | |
| Bankers | NatWest Bank Plc |
Page 1
THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID
TRUSTEES' REPORT FOR YEAR ENDED 31 DECEMBER 2020
The trustees present their report and accounts for the year ended 31 December 2020
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deeds, the Charities Act 2011 and the Statement of Recommended Practice, Accounting and Reporting by Charities, issued in March 2005.
Structure, governance and management
The charity was established by a charitable trust deed dated 30th August 2002 and it is a registered charity.
The trustees who served during the year were:
ODAUDU Samuel Adah AKINDUTIRE Damola ALLI Adewale Toareed ALABI Olufemi BANKOLE Tokunbo
Trustees are familliar with the workings of the church having been drawn from long-standing church members that have the skill-set to offer an empathy with the charity's core values.
New trustees are invited and encouraged to attend training courses led by the chair and also read guidelines and publications issued by the Charity Commission eg. 'the Essential Trustee,' copies of which are given to new trustees.
The church is organised so that the trustees meet regularly to manage her affairs. There is a full time office administrator who manages the day to day administration of the church.
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposures to the major risks.
Related party relationships
RCCG - City of David is a member of the Redeemed Church of God (RCCG) which has parishes all over the world. The relationship is governed by an 'Agreement for common purposes' between the parishes and RCCG.
Risk management
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and activities
The charity's objectives are - (a) The advancement of the Christian faith worldwide, and
(b) Relief of poverty.
Volunteers
The trustees are grateful for the members who rendered various services to the Church voluntarily during the year.
Page 2
THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID
TRUSTEES' REPORT FOR YEAR ENDED 31 DECEMBER 2020
Achievements and performance
The trustees are pleased to report that the church continued to be successful spiritually by ministering to many people in the following ways:
(i) The pandemic was a challenging period for the church
(ii) The church services was presented mainly online via zoom, and other social media handles. It engaged with the community through the food bank and city pantry initiatives by providing food parcels to the community throughout the pandemic and continues to do so. etc
(iii) The church is growing its online membership and physical membership as well.
Financial review
The total incoming resources for the year amounted to £433,267 (2019 - £396,564) and the total resources expended amounted to £225,537 (2019- £260,633) leaving a net surplus for the year of £207,731 (2019 surplus £135,931).
The balance of fund as at 31 December 2020 was £1,141,435 (2019 £766,335).
Reserves Policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year
Future Developments
The charity 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
THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID
TRUSTEES' REPORT FOR YEAR ENDED 31 DECEMBER 2020
STATEMENT OF TRUSTEE'S RESPONSIBILITIES
The trustees are responsible for preparing the annual report and financial statements in accordance with applicable laws and United Kingdom Generally Accepted Accounting Practice.
Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements for each year which will give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
, • Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP;
, • Make judgement and estimates that are reasonable and prudent;
, • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees recognise their responsibilities to keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charity Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended.
Approved by the Trustees on 19th Oct 2021 and signed on their behalf by:
Trustee Trustee
Pastor Femi Alabi Mr. Adewale Alli
Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID
INDEPENDENT EXAMINER'S REPORT FOR YEAR ENDED 31 DECEMBER 2020
TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID
I report on the accounts for the year ended 31 December 2020 set out on pages 5 to 9.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE 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 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
(i) examine the accounts under section 145 of the 2011 Act;
(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
(iii) 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 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 statements below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
(a) which gives me reasonable cause to believe that in any material respect the requirements:
(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met.
(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Tunji Ogedengbe 36 Daffodil Close Hatfield Hertfordshire AL10 9FF
Date: 19th Oct 2021
Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2020
| Notes INCOMING RESOURCES FROM GENERATED FUNDS Voluntary Income 2 Total incoming resources RESOURCES EXPENDED Charitable activities Governance costs Total resources expended 4 Net (Outgoing)/Income resources for year Fund balances at 1 January 2020 Prior Year Adjustment Fund balances at 31 December 2020 |
2020 2019 Total Total Funds Funds £ £ 433,267 396,564 |
|---|---|
| 433,267 396,564 |
|
| 213,819 234,927 11,718 25,706 |
|
| 225,537 260,633 |
|
| 207,730 135,931 902,265 766,335 31,439 |
|
| 1,141,435 902,265 |
Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID Balance Sheet
At 31 December 2020
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors: Gift aid receivable 9 Cash at bank and in hand CREDITORS amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after one year 11 NET ASSETS INCOME FUNDS Unrestricted funds TOTAL FUNDS |
£ £ 2,993,870 85,000 73,003 158,003 104,735 - 3,047,137 3,047,137 1,905,703 - 1,905,703 - 1,141,435 1,141,435 1,141,435 2020 |
£ £ 2,993,870 85,000 73,003 158,003 104,735 - 3,047,137 3,047,137 1,905,703 - 1,905,703 - 1,141,435 1,141,435 1,141,435 2020 |
£ £ 2,993,870 - 7,080 7,080 104,735 - 2,896,214 2,896,214 1,993,949 - 1,993,949 - 902,265 902,265 902,265 2019 |
£ £ 2,993,870 - 7,080 7,080 104,735 - 2,896,214 2,896,214 1,993,949 - 1,993,949 - 902,265 902,265 902,265 2019 |
|---|---|---|---|---|
| 158,003 104,735 - 1,905,703 - |
7,080 104,735 - 1,993,949 - |
|||
| 3,047,137 | 2,896,214 | |||
| 1,905,703 - |
1,993,949 - |
|||
| 1,141,435 | 902,265 | |||
| 1,141,435 | 902,265 | |||
| 1,141,435 | 902,265 |
Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID
Notes to the Financial Statements For the year ended 31 December 2020
1 ACCOUNTING POLICIES
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention.
The charity has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small charity.
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Charities Act 2011.
1.2 Incoming resources
Income is mainly from voluntary donations received from members and it is recognised when received by the charity.
1.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment 20% straight line Motor vehicles 20% straight line
| 2 DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCES Tithes & Offerings Gift Aid receivable |
Total Funds Total Funds 2020 2019 £ £ 348,267 319,335 85,000 77,229 |
|---|---|
| 433,267 396,564 |
Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID
Notes to the Financial Statements - continued For the year ended 31 December 2020
| 4 TOTAL RESOURCES EXPENDED Charitable activities Governance costs |
£ £ 213,819 234,927 11,718 25,706 |
|---|---|
| 225,537 260,633 |
5 TRUSTEES
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Page 9
THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID
Notes to the Financial Statements - continued For the year ended 31 December 2020
8 TANGIBLE FIXED ASSETS
| COST At 01 January 2020 Additions Disposals At 31 December 2020 DEPRECIATION At 01 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2019 At 31 December 2020 9 DEBTORS Gift aid receivable 0 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR Independent examination accrual Loan from RCCG COD Cambridge Loan from pastor Loan from Shepherd hill |
Building Furniture & Fittings & equipments £ £ 2,993,870 92,768 - - - |
Motor Vechicles Total Expenditure £ £ 99,731 3,186,369 - - - - |
|---|---|---|
| 2,993,870 92,768 - 92,768 - |
99,731 3,186,369 99,731 192,499 - - |
|
| - 92,768 2,993,870 - |
99,731 192,499 - 2,993,870 |
|
| 2,993,870 - |
- 2,993,870 |
|
| 2020 2019 £ £ 85,000 - |
||
| 2020 2019 £ £ 450 450 28,000 28,000 15,000 15,000 61,285 61,285 |
||
| 104,735 104,735 |
10 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR
Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID
Notes to the Financial Statements - continued For the year ended 31 December 2020
| 11 CREDITORS: AMOUNT FALLING DUE AFTER ONE YEAR Mortgage outstanding Loan 1 Loan 2 |
2020 2019 £ £ 1,005,703 1,093,949 500,000 500,000 400,000 400,000 |
|---|---|
| 1,905,703 1,993,949 |
The loan was advanced to the Church towards securing its permanent site. It is currently unsecured and interest free.
12 RELATED PARTY TRANSACTIONS
During the year, the church paid instutional grants to other RCCG organisations such as the World Evangelism Mission.
13 STAFF COST AND NUMBERS
| STAFF COST AND NUMBERS Wages and salaries The average number of employee during the year was as follows Pastoral Charity administrations |
2020 2019 £ £ 44,754 67,375 |
|---|---|
| 44,754 67,375 |
|
| Year ended Year ended 2020 2019 No. No. 2 2 2 2 |
|
| 4 4 |
Employees received remuneration in the year.
14 NET INCOMING RESOURCES/(RESOURCES EXPENDED)
| NET INCOMING RESOURCES/(RESOURCES EXPENDED) This stated after charging Independent examiners's fees |
Year ended Year ended 2020 2019 £ £ 450 450 |
| 450 450 |
Page 11
THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID
Detailed Statement of Financial Activities For the year ended 31 December 2020 2020 2,019
| INCOMING RESOURCES Tithes & Offerings Gift Aid Charitable Activities Protocol Expense Honorarium Music charges Children & Teenage department Training & Conference Premises Cost & Rent Mortgage Interest Staff salaries Printing, Postage and stationary Telephone Insurance Travel Expenses Bank Charges Admin and Office Expense Electricity, Gas & Fuel Vehicle Expenses Streamline Charges Volunteers Exp Repairs & Maintenance Books Office Equipment Adverts and Publicity Hospitality Waste Disposal Pension Choir Business Rates Other Expenditure c/f |
£ 348,267 85,000 |
£ 319,335 77,229 396,564 670 7,476 - 1,029 5,407 188 63,631 67,375 1,226 3,829 6,220 18,939 2,518 3,430 1,040 6,991 - 11,115 685 80 685 1,959 2,948 1,079 2,196 344 4,800 5,874 204,539 221,733 204,539 |
|
|---|---|---|---|
| 433,267 | |||
| 1,068 9,874 500 293 2,488 - 49,243 72,218 791 3,267 6,572 6,468 728 1,231 2,941 5,378 127 8,980 6,331 150 3,592 2,159 1,942 3,603 3,614 541 6,080 4,360 |
221,733 | ||
| 204,539 | |||
| 221,733 |
Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID
Detailed Statement of Financial Activities For the year ended 31 December 2020
| Brought forward Donations Welfare Province Projects Total Charitable activitities GOVERNANCE COSTS Independent Examination Professional fees Legal Fees Total resources expended Net income |
2020 2019 £ £ 204,539 221,733 4,360 6,570 1,872 1,300 - 975 3,048 4,350 |
|---|---|
| 213,819 234,927 |
|
| 450 450 11,268 25,256 - - |
|
| 11,718 25,706 |
|
| 225,537 260,633 |
|
| 207,730 135,931 |
Page 13