Registered Charity Number 1096702 Redeemed Christian Church of God . His Glory Tabemacle Unaudited Flnancial Statement5 For The Year Ended 31sf December 2023
Redeemed Chrirtian Church of God , HIS Glory Tabemacle Contents of The Financial Statements For The Vear Ended 31st December. 2023 Page Report of The Trustee5 Independent Examiner'5 Report Statement of Financial Aclivities Balance Sheet 7-10 Detailed Statement of Financial Activities
Redeemed Chrlrtian Church of God . His Glory Tabernacle Report Of The Trurtees For The Year Ended 31rt Dernber. 2023 REFERENCE AND ADMINirrRATIVE DETAILS Regirtered Charity Number 1096702 Principal address. Unit 17 & 19 Bellingham Trading Estate Frantharne Wav Catford SE6 3BX Trurtees Mr. Femi Agoro Dr Frank Amp05ah Mr Abidoun Adeboyejo Mrs. Idowu Ojo Mrs Mercy Ilebode Secretary Treasurer Independent Exatniner Lemo Corporate (Chartered Certified Accountants) Accountants 815 Old Kent Road London SE15 INX Bankers HSBC 15 Wellington Street London SE18 6PH
Redeemed Chrirtian Church of God , His Glory Tabernacle Trurtee'5 Report For The Year Ended 31st December, 2023 The trurtees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities, issued in July 2014. RUCTURE. GOVERNANCE AND ANAGEMENT Induction and training of new trurtees New Trustees are given an understanding of the charity's objectives and the requirement5 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 a150 foMarded to Tru5tee5 as and when issued. Organisational rtructure The church is organised Futh that the day to day running of the church has been delegated to the Parish Partor and the Charity Manager. The Trurtee5 are consulted on all material issues and determine the rtrategic direction of the tharlty. Trurtees meet formally twi a year and as and when required to review the operations of the charity. 315t December 2023 His Glory Tabernacle is a member of the Redeemed Christian Church Of God (RCCG) which ha5 parishes all over the world. The relationship 15 governed by an 'Agreement For Common Purposes, between the parishes and RCCG. Risk management The trustee5 have a duty to identlfy and revlew the rlsks to whlch the charity is exposed and appropriate ontrols 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 commitment5. Principal funding sources Currently. the principal funding sources of the charlty are from donation5 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.
L4ND & BUILDING The charity acquired Unit 17-18 Bellingham Trading Estate during the year ended 2019 a5 its permanent place of Worship and refinance Unit 19 all together into the new purchase. The Trustees are responsible for ensuring that proper books are maintained, for safeguarding the a55ets of the charity, and for taking reasonable 5tep5 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 2023 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 di5c105ure in these accounts. Approved by order of the board of tru5tee5 on behalf b and signed on its Mr Femi Agoro .. For Trurtee
Redeemed Christian Church of God , His Glory Tabernacle For The Vear Ended 315t December. 2023 Independent Examiner's Report To the Trurtee5 of Redeemed Chrirtian Church of God , His Glory Tabernacle I report on the accounts for the year ended 31 December 2023 set out on pages five to ten. Respective responsibilities of trurtees and examiner The charity's trustees are responsible for the preparation of the account5. The charity's trustees consider that an audit is not required for this year (under Section 14412) of the Charities Act 2011 (the 2011 Act)) and that an independent examination 15 required. The charity's gro55 income doe5 exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of ACCA. It is my responsibility tD: examine the accounts under Settion 145 of the 2011 Act to follow the procedures laid down In the General Directions given by the Charity Commission (under Section 145(5)(bJ of the 2011 Act); and to rtate whether particular matters have come to my attention. My examination was carried out in accordance with the General Directions given by the Charlty 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 explanation5 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 examlner's rtatement In connection with my examinatlon, no matter has come to my attention- l) which give5 me reasonable cause to believe that. In any materlal respect, the requirement5 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 Ljnderstanding of the accounts to be reached. For and on Behalf of Lemo Corporate Lemo Corporate (Chartered Certifted Accountants) Accountants 815 Old Kent Road London SE15 INX Date.........................................-...
Redeemed Chrirtian Church of God. His Glory Tabernade Statement of Financial Activities For the year ended 31 DeceTnber. 2023 2023 Total Fund 2022 Total Fund Unrestricted Restricted Notes Income Resources Incoming Resources From Generated Funds Voluntary Income Building fund Other Income Bank interest received 286.702 286,702 253.997 76,009 76.009 362.711 362,711 253,997 Resources Expended Charitable Actlvitles Physical & Spiritual Need Governance Costs 273,465 1.910 273.465 1,910 155,061 1.449 Total Resources Expended 275 375 275,375 156,510 NFf INCOMING RESOURCES 87,336 87,336 97,487 RECONCILATION OF FUNDS Total Fund5 Balances blfwd 814,400 814.400 716,912 Total Funds Balances cld 901,736 901.736 814.399 The Notes Form Part of These Financial Statements
Redeemed Chrirtian Church ofj God HIS Glory T8bernacle Balan Sheet as at31 December 2023 2023 2022 Unrertricte d Funds Restricted Funds Notes Total Funds Total Funds FIXED ASSErs Tangible assets Other Tangible a55ets 110.340 1.826.766 1,937,106 35,472 1,759.616 1,795.088 CURRENT ASSETS Cash at bank and in hand 12.070 12.070 5,174 CREDITORS Amounts Falling Due within one Year {50.897) (50,897) (75.299) NFf CURRENT AssFrs (38.827) (38,827) 170,125) TOTAL ASSFf5 LESS CURRENT LIABILITIES 1.898,279 1.724,963 CREDITOR5 Amounts Falling Due after one Year 996.542 (996,542) (910.563) NFf ASSETS 996.542 901,737 814,400 Unrertrltted Fund5 Unrestricted Funds 901,737 814.400 TOTAL FUND5 901.737 814,400 The financial rtatements were approved by the Board of Trustee5 On..... were signed on its behalf by: and Approved by Board of Trurtees Mr Femi Agoro (For The Trustee) The Notes Form Part of These Fir*ancial Statements Page 6
Redeemed Christian Church of God , His Glory Tabernacle Notes to the Financial Statementss for the year ended 31 December 2023 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 20141 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 activiiies on a basis consistent with Ihe 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 a5 expenditure. Tangible Fixed Assets Taxation The charity is exempt from tax on its charitable activities. Fund Accounting U nrestricted fund5 can be used in accordance with the charitable objectives at the discretion of the trustees. I VOLUNTARY INCOME 2023 2022 Tithes & Offerings Bank Interest Building Fund Other Income Gift Aid 241,891 182,707 154 26,877 17,935 76,009 362,712 6,455 64,681 253,997 2023 2022 Grants received, included in the above, are as follows.. Other Grants 76,009 64,681
Redeemed Christian Church of God , Hi5 Glory Tabernacle Notes to the Financial Statement55 for Ihe year ended 31 December 2023 2 GOVERNANCE COSTS 2023 2022 Accountancv Legal fees 950 960 1,910 750 699 699 3 Wages and Salaries Social security Costs 67.553 2,412 69,965 40,818 1,375 42,193 4 Tangible Fixed Assets Choir Furnlture & Equipment Fittings Motor vehicles Total Cost At l January 2023 Add itions At 31 December 2023 78,646 82,174 160,820 72,518 10,730 161,894 82,174 244,068 72,518 10,730 Depreciation At l January 2023 Charge for the year At 31 December 2023 62,440 3,241 65,681 53,517 3,800 57,317 10,485 265 10,730 126,422 7,306 133.728 Net boolc value At 31 December 2023 At 31 December 2022 95,139 16,206 15.201 19,001 110,340 35,472 265 Freehold Land and Buildings.. 2023 2022 Historical cost 1,826,766 1,759,616 5 Crediiors: amounts falling due within one year 2023 2022 Bank loans and overdraft5 Trade Creditors SeNice Charges 39,319 35,980 49,756 50,897 75,299
Redeemed Christian Church of God , His Glory Tabernacle Notes to the Financial StatementSS for the year ended 31 December 2023 6 Creditors: amounts falling due after one year 2023 2022 Mortgage loans Obligations under finance lease and hire purchase contracts Bank Loan5 909,821 52,289 34,432 996,542 910,563 910,563 7 Movement in Funds At 01 01 23 Movement At31 1223 Unrestricted funds General fund TOTAL FUNDS 814,400 814,400 87,337 87,337 901,737 901,737 Net movement in funds, included in the above are as follows.. Incoming Resources Movement in Resources Expended Funds Unrestricted funds General fund Total Fund 362,712 275,375 87,337 362,712 275,375 87,337
Redeemed Chrirtlan Church of God . His Glory Tabernade Detailed Statement Of Flnancial Activities For The Year Ended 31 Dernber. 20223 2023 2022 Unrertrfcted Restricted Total Fund Total Fund INCOMING RESOURCES Tithes & Offering Building fund Other income Gilt Aid Total Incomlng Resources 241,890.58 26.876.58 17.934.98 76,008.50 362.710.64 241,890.58 26.876.58 17.934.98 76,008.50 362,710.64 178,461.25 27,144.00 6.724.00 41.667.50 253.996.75 RESOURCES EXPENDED Charitable Adivitles Donations & Subs Books & Manua15 3.520.00 129.00 3.800.00 4,646.00 2,124.00 2.243.00 3.520.00 129.00 3,800.00 4.646.00 2.124.00 2.243.00 6.035.00 40.00 3.150.00 2.460.00 1.678.00 1,545.00 1,288.00 11.136.00 27.332.00 Honorarium & volunteer WEM & Central funding Travelling and Subsistence Printing. postage & stationery IT Software and Con5umable5 Church Activities & Exp 26,579.00 43.041.00 26.579.00 43.041.00 Governance C05tS Accountancy fees Professional charges 950.00 960.00 1.910.00 950.00 960.00 1.910.00 750.00 699.00 1.449.00 Support Corts Mana8ement Rent & rates Light & heat Bank charges Insurance Telephone & fax Repairs & maintenance security - Service Charges Service Charges Wages & salaries Social Security Equipment expensed Other Legal and Professional Finance Charges Depreciation charge 49,435.00 4.108.00 1,671.00 1.195.00 2.195.00 10.104.00 49.435.00 4,108.00 1.671.00 1.195.00 2.195.00 10.104.00 38,040.00 3.324.00 1.563.00 1.310.00 4.422.00 5.623.00 10.365.00 261.00 67.553.00 2.412.00 10.365.00 261.00 67.553.00 2.412.00 1.845.00 40.818.00 1.375.00 350.00 3.500.00 66.797.00 10.828.00 230.424.00 3.500.00 66.797.00 10.828.00 230.424.00 22.604.00 6,455.00 127,729.00 TOTAL RESOURCES EXPENDED 275.375.00 275.375.00 156,510.00 Nyf INCOME 87.335.64 87.335.64 97.486.75 10