Registered Charity Number 1096702
Redeemed Christian Church of God , His Glory Tabernacle Unaudited Financial Statements For The Year Ended 31st December 2020
Redeemed Christian Church of God , His Glory Tabernacle
Redeemed Christian Church of God , His Glory Tabernacle
Contents of The Financial Statements For The Year Ended 31st December, 2020
| Page | |
|---|---|
| Report of The Trustees | 1 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 10 |
| Detailed Statement of Financial Activities | 11 - 12 |
Redeemed Christian Church of God , His Glory Tabernacle Report Of The Trustees For The Year Ended 31st December, 2020
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number 1096702
Principal address. Unit 19 & 20 Bellingham Trading Estate Frantharne Way Catford SE6 3BX
Trustees Mr. Femi Agoro Dr Frank Amposah Mr Abidoun Adeboyejo Mrs. Idowu Ojo Secretary Mrs Mercy Ilebode Treasurer
Independent Examiner Lemo Corporate (Chartered Certified Accountants) Accountants 815 Old Kent Road London SE15 1NX
Bankers HSBC 15 Wellington Street London SE18 6PH
Redeemed Christian Church of God , His Glory Tabernacle
For The Year Ended 31st December, 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities' issued in July 2014.
STRUCTURE, GOVERNANCE AND ANAGEMENT
Induction and training of new trustees
New Trustees are given an understanding of the charity's objectives and the requirements of the Charity Commission. They are also encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Charity Commission bulletins/updates are also forwarded to Trustees as and when issued.
Organisational structure
The church is organised such that the day to day running of the church has been delegated to the Parish Pastor and the Charity Manager. The Trustees are consulted on all material issues and determine the strategic direction of the charity. Trustees meet formally twice a year and as and when required to review the operations of the charity.
Related parties
His Glory Tabernacle is a member of the Redeemed Christian 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 a duty to identify and review the risks to which the charity is exposed and appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES Objectives and alms
The advancement of the Christian faith worldwide in accordance with the doctrines set out in the statement of faith contained in the schedule 2.2.2 the relief of poverty 2.3 the trustees must use the income and may use the capital of the trust in promoting the objects.
FINANCIAL REVIEW
Reserves Policy
Freely available reserves are a pool of unapplied resources available to meet future demands on the charity’s resources. This is “general purpose money that can be spent on any of the purposes of the charity. Reserves are required to ensure the charity can meet its general business commitments.
Principal funding sources
Currently, the principal funding sources of the charity are from donations made by its volunteers and members.
FUTURE DEVELOPMENTS
Missions will be a focus for the church into the near future as we seek to help alleviate poverty. We will also continue to seek strategic and collaborative relationships with other local community organisations as a means of achieving our objectives. Employment and education remain important means of relieving poverty and to that end, we will organise seminars to equip members of the local community with skills relevant for securing employment.
NEW AQUISITION - LAND & BUILDING
The charity acquired Unit 17-18 Bellingham Trading Estate during the year as its permanent place of Worship and refinance Unit 19 all together into the new purchase.The total Value of the three Units now stands at £1.53M as at 31.12.2020.
The Trustees are responsible for ensuring that proper books are maintained, for safeguarding the assets of the charity, and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees has reviewed the effectiveness of the system of internal control for the period to 31 December 2020 and for the period to the date of signing these accounts. There are no material weaknesses that would have resulted in losses, contingencies and uncertainties that require a separate disclosure in these accounts.
Approved by order of the board of trustees on …………………………………………..and signed on its behalf by:
.......................................................
Mr Femi Agoro -- For Trustee
Redeemed Christian Church of God , His Glory Tabernacle For The Year Ended 31st December, 2020
Independent Examiner's Report
To the Trustees of
Redeemed Christian Church of God , His Glory Tabernacle
I report on the accounts for the year ended 31 December 2020 set out on pages five to ten.
Respective responsibilities of 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 2011 (the 2011 Act)) and that an independent examination is required. The charity's gross income does not exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ACCA.
It is my responsibility to:
examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in the General Directions given by the Charity Commission (under Section l45(5)(b) of the 2011 Act); and to state whether particular matters have come to my attention.
Basis of the 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:
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 2011 Act; and to prepare accounts which accord with the accounting records and to 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.
For and on Behalf of Lemo Corporate
Lemo Corporate (Chartered Certified Accountants)
815 Old Kent Road
London SE15 1NX
Date................................................
Redeemed Christian Church of God , His Glory Tabernacle
Statement of Financial Activities
For the year ended 31 December, 2020
| Unrestricted Notes £ Income Resources Incoming Resources From Generated Funds Voluntary Income 1 228,445 Total Income Resources 228,445 Resources Expended Charitable Activities Physical & Spiritual Need 146,482 Governance Costs 2 3,440 Total Resources Expended 149,922 NET INCOMING RESOURCES 78,523 RECONCILATION OF FUNDS (19,690) Total Funds Balances b/fwd 7 658,079 Total Funds Balances c/fwd 716,912 |
Restricted £ - - - - - - - |
2020 Total Fund £ 228,445 228,445 146,482 3,440 149,922 78,523 (19,690) 658,079 716,912 |
2019 Total Fund £ 407,321 |
|---|---|---|---|
| 407,321 | |||
| 208,920 1,553 |
|||
| 210,473 | |||
| 196,848 461,231 |
|||
| - | 658,079 |
Redeemed Christian Church of God , His Glory Tabernacle Balance Sheet
as at 31 December 2020
| Notes FIXED ASSETS Tangible assets 4 Other Tangible assets CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts Falling Due within one Year 5 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts Falling Due after one Year 6 NET ASSETS Unrestricted Funds 7 Unrestricted Funds TOTAL FUNDS |
23,564 (99,796) |
2020 2019 Total Funds Total Funds £ £ 1,755,671 19,569 1,534,616 1,755,671 1,554,185 23,564 82,680 - 99,796 (950) (950) (76,232) 81,730 1,679,439 1,635,915 (962,526) (977,836) (977,836) 716,912 658,079 716,912 658,079 716,912 658,079 |
|---|---|---|
| (962,526) | ||
The financial statements were approved by the Board of Trustees on.................................... and were signed on its behalf by:
Approved by Board of Trustees
Mr Femi Agoro (For The Trustee)
Redeemed Christian Church of God , His Glory Tabernacle
Notes to the Financial Statementss for the year ended 31 December 2020
ACCOUNTING POLICIES
Accounting Convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities (issued July 2014)
Incoming Resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources Expended
aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible Fixed Assets
Taxation
The charity is exempt from tax on its charitable activities.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
1 VOLUNTARY INCOME
| Tithes & Offerings Bank Interest Other Income Gift Aid Other Grants |
2020 2019 £ £ 228,445 182,707 154 6,455 48,644 228,445 237,960 2020 2019 - 48,644 |
|---|---|
Redeemed Christian Church of God , His Glory Tabernacle
Notes to the Financial Statementss for the year ended 31 December 2020
| 2 GOVERNANCE COSTS Accountancy Legal fees 3 Wages and Salaries Social Security Costs 4 Tangible Fixed Assets |
2020 2019 400 950 3,040 603 3,440 603 26,447 22,060 1,236 1,364 27,683 23,424 |
|---|---|
| Choir Equipment £ Cost At 1 January 2020 73,246 Additions 5,400 At 31 December 2020 78,646 Depreciation At 1 January 2020 54,673 Charge for the year 3,715 At 31 December 2020 58,388 Net book value At 31 December 2020 20,258 At 31 December 2019 18,573 Freehold Land and Buildings: Historical cost Capitalised property expenditure |
Furniture & Fittings £ 49,140 49,140 48,558 116 48,674 466 582 |
Motor vehicles £ 10,730 10,730 10,316 83 10,399 331 414 2020 £ 1,534,616 200,000 1,734,616 |
Total £ 133,116 |
|---|---|---|---|
| 138,516 | |||
| 113,547 3,914 |
|||
| 117,461 | |||
| 21,055 | |||
| 19,569 | |||
| 2019 £ 462,037 |
|||
Redeemed Christian Church of God , His Glory Tabernacle
Notes to the Financial Statementss
for the year ended 31 December 2020
| 5 Creditors: amounts falling due within one year Non-equity preference shares Bank loans and overdrafts Obligations under finance lease and hire purchase contracts Trade Creditors Corporation tax Other Creditors Wages & PAYE 6 Creditors: amounts falling due after one year Bank Loans Between one and five years 7 Movement in Funds At 01 01 19 £ Unrestrictedfunds General fund 658,079 Prior Year Adjustment TOTAL FUNDS 658,079 Net movement in funds, included in the above are as follows: Incoming Resources £ Unrestricted funds 228,445 General fund Total Fund 228,445 g p g g which the company has a participating interest |
2020 2019 £ £ - - 50,000 - - - 49,796 950 - - - - - - - - 99,796 950 2020 2019 £ £ 962,526 977,836 Movement At 31 12 20 £ £ 78,523 736,602 (19,690) 78,523 716,912 Resources Expended Movement in Funds £ £ 149,922 78,523 149,922 78,523 |
|---|---|
Redeemed Christian Church of God , His Glory Tabernacle Detailed Statement Of Financial Activities For The Year Ended 31 December, 2020
| INCOMING RESOURCES Tithes & Offering Bank Interest Building Project Other income Gift Aid Total Incoming Resources RESOURCES EXPENDED Charitable Activities Jerusalen Pligrimage Donations & Subs Books & Manuals Honorarium & volunteer WEM & Central funding Travelling and subsistence Printing, postage & stationery Evangelical/outreach materials Church Activities & Exp Members' welfare and training Governance Costs Accountancy fees Professional charges Support Costs Management Rent & rates Light & heat Bank charges Insurance Telephone & fax Repairs & maintenance Security - Service Charges Service Charges Motor expenses Wages & salaries Social Security Equipment expensed Depreciation charge TOTAL RESOURCES EXPENDED NET INCOME |
2020 2019 Unrestricted Restricte d Total Total Fund Fund £ £ £ £ 124,300 124,300 207,253 14 14 99 11,210 11,210 27,513 27,513 67,455 65,408 65,408 132,514 |
|---|---|
| 228,445 - 228,445 407,321 |
|
| - 18,300 3,445 3,445 4,687 842 842 660 5,995 5,995 14,393 5,550 5,550 3,960 605 605 681 797 797 1,776 - 12,832 6,728 6,728 18,166 - 793 23,962 - 23,962 76,248 - 400 400 950 3,040 3,040 603 3,440 - 3,440 1,553 - 66,961 66,961 81,849 1,108 1,108 1,671 1,455 1,455 288 1,194 1,194 1,034 3,227 3,227 3,461 12,673 12,673 2,824 1,650 1,650 4,155 1,858 1,858 1,858 - 2,785 26,447 26,447 22,060 1,236 1,236 1,364 797 797 3,903 3,914 3,914 5,420 122,520 - 122,520 132,672 - 149,922 210,473 |
|
| 228,445 - 78,523 196,848 |