Registered Charity Number 1096702
Redeemed Christian Church of God , His Glory Tabernacle
Unaudited Financial Statements For The Year Ended
31st December 2021
Redeemed Christian Church of God , His Glory Tabernacle
Contents of The Financial Statements For The Year Ended 31st December, 2021
| 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, 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number 1096702
Principal address. Unit 17 - 19 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
1
Redeemed Christian Church of God , His Glory Tabernacle Trustees Report
For The Year Ended 31st December, 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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.
Notes to the Financial Statements
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
Currently, the principal funding sources of the charity are from donations made by its volunteers and members.
OBJECTIVES AND ACTIVITIES
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.
2
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.
LAND & BUILDING
The charity acquired Unit 17-18 Bellingham Trading Estate during the year ended 2019 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 £1.70M as at 31.12.2021.
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 Board has reviewed the effectiveness of the system of internal control for the period to 31 December 2021 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.
26/10/2022
Approved by order of the board of trustees on …………………………………………..and signed on its behalf by:
.......................................................
Mr Femi Agoro -- For Trustee
3
Redeemed Christian Church of God , His Glory Tabernacle For The Year Ended 31st December, 2021
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 2021 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.
Notes to the Financial Statements
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.
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)
Accountants 815 Old Kent Road London SE15 1NX
Date................................................
4
Redeemed Christian Church of God , His Glory Tabernacle
Statement of Financial Activities
For the year ended 31 December, 2021
| Unrestricted Notes £ Income Resources Incoming Resources From Generated Funds Voluntary Income 1 236,691 Building fund Other Income 17,306 Bank interest received Notes to the Financial Statements 253,997 Resources Expended Charitable Activities 155,061 Governance Costs 2 1,449 Total Resources Expended 156,510 NET INCOMING RESOURCES 97,488 RECONCILATION OF FUNDS Total Funds Balances b/fwd 7 716,912 Total Funds Balances c/fwd 814,400 |
Restricted £ - - - - - - - |
2021 2020 Total Total Fund Fund £ £ 236,691 228,445 17,306 253,997 228,445 155,061 146,482 1,449 3,440 156,510 149,922 97,487 78,523 - (19,690) 716,912 658,079 814,399 716,912 |
|---|---|---|
| - |
The Notes Form Part of These Financial Statements
5
Redeemed Christian Church of God , His Glory Tabernacle Balance Sheet
as at 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | Total Funds | Total Funds | |||
| £ | £ | ||||
| FIXED ASSETS | |||||
| Tangible assets | 4 | 37,978 | 21,055 | ||
| Other Tangible assets | 1,759,616 | 1,734,616 | |||
| 1,797,594 | 1,755,671 | ||||
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 54,361 | 54,361 | 23,564 | 23,564 | |
| CREDITORS | |||||
| Amounts Falling Due within one Year | 5 | 102,620 | 102,620 | (99,796) | (99,796) |
| NET CURRENT ASSETS | (48,259) | (76,232) | |||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 1,749,335 | 1,679,439 | |||
| CREDITORS | |||||
| Amounts Falling Due after one Year | 6 | (934,936) | (934,936) | (962,526) | (962,526) |
| NET ASSETS | 814,400 | 716,913 | |||
| Unrestricted Funds | 7 | ||||
| Unrestricted Funds | 814,400 | 716,913 | |||
| TOTAL FUNDS | 814,400 | 716,913 |
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)
The Notes Form Part of These Financial Statements
Page 6
Redeemed Christian Church of God , His Glory Tabernacle
Notes to the Financial Statementss for the year ended 31 December 2021
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 HMRC JRS GRANT Donation Bank Interest Building Fund Other Income Gift Aid Grants received, included in the above, are as follows: Other Grants |
2021 2020 £ £ 160,036 182,707 17,306 1,120 - 154 27,144 6,724 6,455 41,668 48,644 253,998 237,960 2021 2020 £ £ 41,668 48,644 |
|---|---|
7
Redeemed Christian Church of God , His Glory Tabernacle
Notes to the Financial Statementss for the year ended 31 December 2021
| 2 GOVERNANCE COSTS Accountancy Legal fees 3 Trustees' Expenses Wages and Salaries Social Security Costs 4 Tangible Fixed Assets Choir Equipment Furniture & Fittings £ £ Cost At 1 January 2021 78,646 49,140 Additions - 23,378 At 31 December 2021 78,646 72,518 Depreciation At 1 January 2021 58,388 48,674 Charge for the year 4,052 2,337 At 31 December 2021 62,440 51,011 Net book value At 31 December 2021 16,206 21,507 At 31 December 2020 20,258 466 Freehold Land and Buildings: Historical cost Cumulative depreciation based on historical cost 5 Creditors: amounts falling due within one year Bank loans and overdrafts Trade Creditors Service Charges |
Choir Equipment Furniture & Fittings £ 78,646 49,140 - 23,378 |
2021 2020 750 400 699 3,040 1,449 3,040 40,818 26,447 1,375 1,236 42,193 27,683 2021 2020 Motor vehicles Total £ £ 10,730 217,162 - 23,378 10,730 240,540 10,399 175,849 66 10,507 10,465 186,356 265 54,184 331 41,313 2021 2020 £ £ 1,759,616 1,734,616 - - 2021 2020 £ £ 44,487 50,000 - 29,796 58,133 20,000 102,620 99,796 |
|---|---|---|
| 78,646 72,518 |
||
| 58,388 48,674 4,052 2,337 |
||
| 62,440 51,011 |
||
| 16,206 21,507 |
||
| 20,258 466 |
8
Redeemed Christian Church of God , His Glory Tabernacle
Notes to the Financial Statementss
for the year ended 31 December 2021
| 6 Creditors: amounts falling due after one year Mortgage loans 7 Movement in Funds At 01 01 21 £ Unrestrictedfunds General fund 716,912 TOTAL FUNDS 716,912 |
2021 2020 £ £ 934,936 962,526 Movement In At 31 12 21 £ £ 97,488 814,400 97,488 814,400 |
|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Total Fund |
Incoming Resources £ 253,998 |
Resources Expended Movement in Funds £ £ 156,510 97,488 156,510 97,488 |
|---|---|---|
| 253,998 |
9
Redeemed Christian Church of God , His Glory Tabernacle Detailed Statement Of Financial Activities For The Year Ended 31 December, 2021
| Detailed Statement Of Financial Activities For The Year Ended 31 December, 2021 |
|
|---|---|
| INCOMING RESOURCES Tithes & Offering HMRC JRS GRANT Donation Bank Interest Building fund Other income Gift Aid Total Incoming Resources RESOURCES EXPENDED Charitable Activities Donations & Subs Books & Manuals Honorarium & volunteer WEM & Central funding Travelling and subsistence Printing, postage & stationery IT Software and Consumables Church Activities & Exp 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 Wages & salaries Social Security Equipment expensed Finance Charges Depreciation charge TOTAL RESOURCES EXPENDED NET INCOME |
2021 2020 Unrestricted Restricted Total Total Fund Fund £ £ £ £ 160,035.61 160,035.61 124,300.00 17,305.64 17,305.64 - 1,120.00 1,120.00 - - - 14.00 27,144.00 11,210.00 6,724.00 27,513.00 41,667.50 65,408.00 |
| 253,996.75 - 178,461.25 228,445.00 |
|
| 6,035.00 6,035.00 3,445.00 40.00 40.00 842.00 3,150.00 3,150.00 5,995.00 2,460.00 2,460.00 5,550.00 1,678.00 1,678.00 605.00 1,545.00 1,545.00 797.00 1,288.00 1,288.00 - 11,136.00 11,136.00 6,728.00 |
|
| 27,332.00 - 27,332.00 23,962.00 |
|
| 750.00 750.00 400.00 699.00 699.00 3,040.00 |
|
| 1,449.00 - 1,449.00 3,440.00 |
|
| 38,040.00 38,040.00 66,961.00 3,324.00 3,324.00 1,108.00 1,563.00 1,563.00 1,455.00 1,310.00 1,310.00 1,194.00 4,422.00 4,422.00 3,227.00 5,623.00 5,623.00 12,673.00 1,845.00 1,845.00 1,650.00 - - 1,858.00 40,818.00 40,818.00 26,447.00 1,375.00 1,375.00 1,236.00 350.00 350.00 797.00 22,604.00 22,604.00 - 6,455.00 6,455.00 3,914.00 |
|
| 127,729.00 - 127,729.00 122,520.00 |
|
| 156,510.00 - 156,510.00 149,922.00 |
|
| 97,486.75 - 21,951.25 78,523.00 |
10