2023-12-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD CITY OF DAVID

Charity reg. no.1091990

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

General Overseer Pastor E. A. Adeboye Parish Pastor Pastor Segun Kingsley Trustees ODAUDU Samuel Adah AKINDUTIRE Damola ALLI Adewale Toareed ALABI Olufemi Charity registration Number 1091990 Principal Office Snodhurst Bottom Walderslade Road Chatham ME5 0LU Independent Examiner Tunji Ogedengbe 36 Daffodil Close Hatfield Hertfordshire ALI0 9FF Bankers Barclays Bank Plc

Page 1

THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID

TRUSTEES' REPORT FOR YEAR ENDED 31 DECEMBER 2023

The trustees present their report and accounts for the year ended 31 December 2023

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

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.

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THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID

TRUSTEES' REPORT FOR YEAR ENDED 31 DECEMBER 2023

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 £448,068 and the total resources expended amounted to £371,393 leaving a net surplus for the year of £76,675 The balance of fund as at 31 December 2023 was £1,388,608

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.

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THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID

TRUSTEES' REPORT FOR YEAR ENDED 31 DECEMBER 2023

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 26th October 2024 and signed on their behalf by:

Trustee Trustee

Pastor Femi Alabi Mr. Adewale Alli

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THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID

INDEPENDENT EXAMINER'S REPORT FOR YEAR ENDED 31 DECEMBER 2023

TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID

I report on the accounts for the year ended 31 December 2023 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: 26th October 2024

Page 5

THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2023

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 Prior Year Adjustment Fund balances at year end	2023 2022 Total Total Funds Funds £ £ 453,068 418,638
	453,068 418,638
	368,176 280,823 3,217 37,496
	371,393 318,319
	81,675 100,319 1,311,934 1,211,614
	1,393,608 1,311,934

Page 6

THE REDEEMED CHRISTIAN CHURCH OF GOD - CITY OF DAVID Balance Sheet

At 31 December 2023

Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 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	£ £ 1,936,878 4,000 491,330 495,330 138,600 - 2,293,608 2,293,608 900,000 - 900,000 - 1,393,608 1,393,608 1,393,608 2023	£ £ 1,936,878 4,000 491,330 495,330 138,600 - 2,293,608 2,293,608 900,000 - 900,000 - 1,393,608 1,393,608 1,393,608 2023	£ £ 1,800,000 420,000 196,669 616,669 204,735 - 2,211,934 2,211,934 900,000 - 900,000 - 1,311,934 1,311,934 1,311,934 2022	£ £ 1,800,000 420,000 196,669 616,669 204,735 - 2,211,934 2,211,934 900,000 - 900,000 - 1,311,934 1,311,934 1,311,934 2022
	495,330 138,600 - 900,000 -		616,669 204,735 - 900,000 -
		2,293,608		2,211,934
		900,000 -		900,000 -
		1,393,608		1,311,934
		1,393,608		1,311,934
		1,393,608		1,311,934

Approved by the Trustees on 26th October 2024 and signed on their behalf by:

Pastor Femi Alabi Mr. Adewale Alli

Page 7

THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID

Notes to the Financial Statements For the year ended 31 December 2023

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 Other income	Total Funds Total Funds 2023 2022 £ £ 297,422 241,722 33,357 35,000 122,289 141,916
	453,068 418,638

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THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID

Notes to the Financial Statements - continued For the year ended 31 December 2023

4 TOTAL RESOURCES EXPENDED Charitable activities Governance costs	£ £ 368,176 280,823 3,217 37,496
	371,393 318,319

5 TRUSTEES

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

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THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID

Notes to the Financial Statements - continued For the year ended 31 December 2023

8 TANGIBLE FIXED ASSETS

COST At 01 January 2023 Additions Disposals At 31 December 2023 DEPRECIATION At 01 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2022 At 31 December 2023 9 DEBTORS Balance of Chatham property Gift aid receivable Staff loan 10 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 £ £ 1,894,423 94,579	Motor Vechicles Office Musical & Technical Equipment Total Expenditure £ £ 99,731 2,088,733 25,778 19,821 45,599
	1,894,423 94,579 - 92,768 -	125,509 19,821 2,134,332 99,731 192,499 - 4,955 4,955
	- 92,768 1,800,000 -	99,731 197,454 - 1,800,000
	1,894,423 -	25,778 1,936,878
		2023 2022 £ £ - 300,000 - 120,000 4,000
		4,000 420,000
		2023 2022 £ £ 600 450 23,000 28,000 115,000 115,000 - 61,285
		138,600 204,735

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THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID

Notes to the Financial Statements - continued For the year ended 31 December 2023

CREDITORS: AMOUNT FALLING DUE AFTER ONE YEAR Mortgage outstanding Loan 1 (Individuals) Loan 2 (RCCG Nigeria)	2023 2022 £ £ - - 500,000 500,000 400,000 400,000
	900,000 900,000

11 CREDITORS: AMOUNT FALLING DUE AFTER ONE YEAR

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	2023 2022 £ £ 109,419 83,653
	109,419 83,653
	Year ended Year ended 2023 2022 No. No. 2 2 4 2
	6 4

Employees received remuneration in the year.

14 NET INCOMING RESOURCES/(RESOURCES EXPENDED)

NET INCOMING RESOURCES/(RESOURCES EXPENDED) Year ended Year ended This stated after charging 2023 2022 £ £ Independent examiners's fees 600 450 600 450

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THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID

2023 £ INCOMING RESOURCES Tithes & Offerings 297,422 Building Fund 39,760 Cash & Card Collection - Rental Income 6,600 Thanksgiving 11,775 Other Income 64,154 Gift Aid 33,357 453,068 Charitable Activities Protocol Expense 6,586 Honorarium 30,458 Choir, Keyboard & Musical Exp 12,452 Children & Teenage department 1,464 Training & Conference - Mortgage Interest - Community Events Expense 13,031 Staff salaries 109,419 Printing, Postage and stationary 4,407 Telephone 2,274 Council tax & Business Rates 311 Insurance 7,492 Other Church activities 2,479 Entertainment - Travel Expenses 36,532 Dues & Subscription 593 Hall Hire - Bank Charges 1,009 Admin and Office Expense 17,301 Electricity, Gas & Fuel 26,897 Water 1,357 Vehicle Expenses 11,488 Cash & card Collection - Cleaning 7,585 Consultancy Fees 1,395 Christianity Advancement 23,745 Volunteers Exp 12,900 Repairs & Maintenance - Professional fees - Equipment hire 1,963 Office Equipment - Sponsership - Adverts and Publicity 9,990 Building related expenses 21,879 Hospitality - Multimedia - Waste Disposal - Pension - Choir - Business Rates - Other - 365,007 365,007 Expenditure c/f 365,007 Detailed Statement of Financial Activities For the year ended 31 December 2023	2023 £ INCOMING RESOURCES Tithes & Offerings 297,422 Building Fund 39,760 Cash & Card Collection - Rental Income 6,600 Thanksgiving 11,775 Other Income 64,154 Gift Aid 33,357 453,068 Charitable Activities Protocol Expense 6,586 Honorarium 30,458 Choir, Keyboard & Musical Exp 12,452 Children & Teenage department 1,464 Training & Conference - Mortgage Interest - Community Events Expense 13,031 Staff salaries 109,419 Printing, Postage and stationary 4,407 Telephone 2,274 Council tax & Business Rates 311 Insurance 7,492 Other Church activities 2,479 Entertainment - Travel Expenses 36,532 Dues & Subscription 593 Hall Hire - Bank Charges 1,009 Admin and Office Expense 17,301 Electricity, Gas & Fuel 26,897 Water 1,357 Vehicle Expenses 11,488 Cash & card Collection - Cleaning 7,585 Consultancy Fees 1,395 Christianity Advancement 23,745 Volunteers Exp 12,900 Repairs & Maintenance - Professional fees - Equipment hire 1,963 Office Equipment - Sponsership - Adverts and Publicity 9,990 Building related expenses 21,879 Hospitality - Multimedia - Waste Disposal - Pension - Choir - Business Rates - Other - 365,007 365,007 Expenditure c/f 365,007 Detailed Statement of Financial Activities For the year ended 31 December 2023	2023 £ INCOMING RESOURCES Tithes & Offerings 297,422 Building Fund 39,760 Cash & Card Collection - Rental Income 6,600 Thanksgiving 11,775 Other Income 64,154 Gift Aid 33,357 453,068 Charitable Activities Protocol Expense 6,586 Honorarium 30,458 Choir, Keyboard & Musical Exp 12,452 Children & Teenage department 1,464 Training & Conference - Mortgage Interest - Community Events Expense 13,031 Staff salaries 109,419 Printing, Postage and stationary 4,407 Telephone 2,274 Council tax & Business Rates 311 Insurance 7,492 Other Church activities 2,479 Entertainment - Travel Expenses 36,532 Dues & Subscription 593 Hall Hire - Bank Charges 1,009 Admin and Office Expense 17,301 Electricity, Gas & Fuel 26,897 Water 1,357 Vehicle Expenses 11,488 Cash & card Collection - Cleaning 7,585 Consultancy Fees 1,395 Christianity Advancement 23,745 Volunteers Exp 12,900 Repairs & Maintenance - Professional fees - Equipment hire 1,963 Office Equipment - Sponsership - Adverts and Publicity 9,990 Building related expenses 21,879 Hospitality - Multimedia - Waste Disposal - Pension - Choir - Business Rates - Other - 365,007 365,007 Expenditure c/f 365,007 Detailed Statement of Financial Activities For the year ended 31 December 2023	2,022 £ 241,722 3,760 42,446 76,773 8,408 10,529 35,000	266,632
	453,068		418,638
	6,586 30,458 12,452 1,464 - - 13,031 109,419 4,407 2,274 311 7,492 2,479 - 36,532 593 - 1,009 17,301 26,897 1,357 11,488 - 7,585 1,395 23,745 12,900 - - 1,963 - - 9,990 21,879 - - - - - - -		3,304 19,402 - - 100 17,851 83,653 2,119 3,989 9,890 - 530 17,070 459 624 845 2,967 171 5,270 993 - - 630 13,501 11,227 12,986 - 2,403 2,000 8,587 23,404 4,093 1,800 6,165 3,500 107 2,495 4,498
	365,007		266,632
		365,007		266,632

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THE REDEEMED CHRISTIAN CHURCH OF GOD -CITY OF DAVID

Detailed Statement of Financial Activities For the year ended 31 December 2023

Brought forward Donations Welfare Total Charitable activitities GOVERNANCE COSTS Independent Examination Professional fees Legal Fees Total resources expended Net income	2023 2022 £ £ 365,007 266,632 - 5,259 3,169 8,932
	368,176 280,823
	650 450 2,567 - - 37,046
	3,217 37,496
	371,393 318,319
	81,675 100,319

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