REDEEMED CHRISTIAN CHURCH OF GOD RENEWAL GROUND PARISH Charlty reg. no 1099036 TRUSTEES REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
REDEEMED CHRISTIAN CHURCH OF GOD- RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 CONTENTS CONTENTS PAGE Reference and admlnlstratlve details of the charity Trustee's report Independent Examiner's statement of Financial Actlvlties Balance sheet io. Notes to the flnancial statements 11- 16 Page I
REDEEMED CHRISTIAN CHURCH OF GOD - RENEWAL GROUND PAR15H TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS Trustees Olatade Amos (Chalrperson) Emmanuel E. Egbochuo John Farayibl Registered Charity Number 1099036 Correspondence Address 12 Chester Close Chafford Hundred Grays Essex RM16 6ET Pastor in Charge Pastor Peter Bashoru n Accountant Akintayo Ojo FCCA Resource Accountancy Practice Llmited Chartered Certified Accountant 46 Hollywood Way Erith DA8 2QE Banker$ HSBC Bank PIC 312 Seven Sisters Road Finsbury Park London N4 2AW Page 2
REDEEMED CHRISTIAN CHURCH OF GOD- RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES The Trustees present their annual report together wlth the financlal statements of The Redeemed Christian Church of God Renewal Ground Parish (the Charlty) for the year ended 31 December 2023 The trustees confirm that the annual report and financial statements of the charity have been prepared in accordance with the policies set out In note I to the accounts and comply wlth the charlty's tnjst deed, the Charities Act 2011 and Accounting and Reportlng by Charltles.. Statement of Recommended Prdctice (SORP) applicable In the UK and Republic of Ireland published on 16 July 2014 OBJEcfxvES AND ACTIVITIES The prlnclpal object Is the advancement of Christian falth worldwlde and relief of poverty. To promote any charitable activlty for the beneflt of the local people. To achieve this objective, the church adopted the followlng strategles: STRATEGIES FOR ACHIEVING THE OBJECTIVES The charity has adopted the followlng strategies for achievlng the above objectives.. Planting churches Running semlnars In the church wlth proven mlnlsters of the faith to gulde members in the various aspects of Chrlstlan falth, Support for other charitles and Chrlstian events, Providlng overseas ald and famlne rellef, and Involvlng in economlc and community development, Community outreach events, Conferences and events, Welfare support to members and general public, and Various missionary actlvitles PUBLIC BENEFIT STATEMENT The Board of Trustees confirm that they have met their duties in strlct compliance wlth the provlslons of sectlon 4 and 17 of the Charities Act 20 11 and have due regards to the Charity Commissions, general guidance on public beneflt. Particular conslderation has been given to the Charity Commlsslon's supplementary public guidance provlsions on the advancement of ligIOn for public benefit. PUBLIC BENEFITS The Church's Sunday and mid-week seNices as well a5 prayer meetlngs are open to the general publSc to build on their Christian falth. Apart from its Church attivities, the charlty was involved In several other public benefit efforts. The charity conducted seminars on religious and soclal Issues for the beneflts of members of the commuftity. The charity provided welfare support to allevlate the hlgh cost of living pmblerns In the community. Our efforts are geared towards supporting the programmes of our local communityi promotlng cohesion In our communlty, and Impactlng the lives of the young people and the elderly. Page 3
REDEEMED CHRIsfiAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSfEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity which also operates under the name Renewal Ground Parish was constituted by a trust deed dated 10 March 2002 and was registered with the Charity Commission as a charity on 18 August 2023 In England and Wales wlth charity number 1099036 APPOINTMENT OR ELLEcfIoN OF TRUSTEES Trustees are appointed or elected under the terms of the trust deed. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES The indurtion pro$5 for newly appolnted trustees comprlses of an Inltlal meeting with the Chair and other trustees, followed by short meetings with the Parish Pastor on the powers and responsibilities of the Trustees. ORGANISATIONAL sfRUCTURE AND DECISION MAKING The charlty is organised so that the Trustees meet regularly to manage its affairs. The Parlsh Pastor manages the day to day administration of the church with assistance from the mlnlsters. RELATED PARTf TRANSACTION RCCG Renewal Ground Parish is a parish of The Redeemed Chrlstlan Church of God (RCCG) which has parishes all over the world. The parish's latIonShip wlth RCCG is governed by an 'Agreement for Common purposes,. RISK MANAGEMENT The Trustees have assessed the major rlsks to which the charlty Is exposed, In partlcular those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitlgate our exposures to major risks. However consultation and review of our systems are regularly undertaken, in order to ensure they remain up to date and effectlve. GRANT MAKING POLICY The chu rch supports visiting ministers of the gospel both withln and outside the Unlted klngdom. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Life and other RCCG programmes. The Church su pports other Charltles and Mlssionarles that shares Its objects on advanment of Christlan falth. In addltlon to the above, and In accordance to the objective of the church, it also gives occasional and one-off welfare grant and support to congregational members who are in need or support for who a bereaved. VOLUNTEERS The church Is grateful for the unstinting efforts of its volunteers who are Involved in provldlng services for the charity. It is estlmated that over 4000 hours are provlded by volunteers during the year. Ef this is conservatively valued at £10.00 per hour, the volu nteers effort will amount to over £52,500. Strategic training/development pmgrammes We provlded to the volunteers to enhance the quallty of seNices they rendered to the Charity. Page 4
REDEEMED CHRTSTIAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES INVESTMENT POLICY The trustees have decided that at present, funds should be retalned in banks and bu Sldlng socletles, and as far as posslble in Snterest bearlng accounts. Having considered the powers of the trustees, funds not immedlately needed have been kept in a savings accou nt to generate Interest Income. RESERVES POLICY The trustees, pollcy is to have unrestritted and uncommitted funds (free reserves) to cover 3 to 6 months of resou rces expended which equals roug hly £12,000 - £24,000. They feel that this will enable current activlties to continue If there Is any signlflcant drop In fu nding. It would obviously be neSary then to consider how the fu nding would be replaced or activities changed. The present free reserve is above the policy range but the trustees are continuing to seek additional ndS to further boost the reserves. PRINCIPAL FUNDING Fu nding has been provided mainly through tithes and offerings by church members and through donatlons. Pledges are also taken for specific pmjects. The charlty has maximised its incoming by accesslng gift aid claim on donations made by eliglble donors. ACHIEVEMENT AND PERFORMANCE REVIEW OF ACTIVITIES The activities of the church have celltred on nu merical growth of the congregational members as well as splrltual advancement. On average, there are over 65 Adults and 40 members in Youth and Children Departments of the Church. The chu rch operates Hybrid Setvices. Physlcal In Church Bullding on Sundays and special programmes whlle Mid-week services are held on Zoom and free conference line and have been very effective. Sunday school services are also streamed on Zoom link, while Sunday school summary also goes out live on You Tube and face book. In future the Church intend to go fully digital wlth her programmes. The Chu rch holds special servlces to commemorate the end of the year. This is the annual Crossover seNice which holds from the 31st of December to early hours of 1st of January. This provides the opportunity for members of the community who wants to lebrate the year end in a Church with other people the commu nlty a place of worship to do so, As it is the custom, vlsltlng Mlnisters wlll be given honorarium for Teaching and Minlstratlon. Community Outreach The Charity contlnues to reach out to her community through her community outreach programmes. During the year In review, we had Free Community Family Fun Day/Barbecue includlng giving out famlly used stuff e.g. clothlng items to the beneficiaries In the communlty. Hampers were given out b beneficiaries at festive seasons In the community. Youth and Singles Ministry Youth Ministry is for children ages 4-12. It contlnues to receive good attention as they represent the next generation and are being thought and well Inspired by the Children teachers. They hold thelr services on Sundays durlng Church service. The Youth ministry and Children's Chrch are preslded over by Pastor Regina Bashorun who Is also the Mlnister In Charge of the Singles Ministry. Page 5
REDEEMED CHRISTIAN CHURCH OF GOD- RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES REVIEW OF ACTIVITIES- continued The Charlty continued to enjoy tremendous growth in its physlcal and spirltLAal Ilfe during the year, and In the advancement of Christian faith in accordance with the doctrines set out In the Statement of falth contalned in our Trust Deed. PLACE OF WORSHIP Nothlng has changed since the last pOrt. The Church Is still rentlng a hall for its servlces and events. The plan of the church to have a place of worshlp to carry out her activities for the benefits of the beneficiaries and community members wlthout hlnderance In the near future is still ongoing. Trustees continues to seek professional advlce on thls matter, whlle cOnggant5 are generously giving towards the pmjert. FUTURE DEVELOPMENTS The charfty continues to explore varlous ways of spreading the gospel of Christ In an effective manner. The charlty is also looking to grow in membershlp and contlnue to develop its members to make life-changlng impart in the community through strategic tralnlng and development programmes. FINANCIAL REVIEW The Charity's financial statements for the year ended 31 December 2023 show a net increase of funds nds of £51,421 and net decrease of ndS (2022: _£1993). TAXATION The Redeemed Christian Church of God Renewal Ground Parlsh is a registered charity and all of its activities are tax exempt u nder rules of taxatlon g ranted to charlties, Page 6
REDEEMED CHRIsfIAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for ppar1ftg the annual report and financial statements in accordance wlth applicable laws and regulations. Charlty law requlres the Directors to Prepa financial statements for each financial year. Under that law, the Trustees have elected to prepare the financlal statements in accordance with the United Kingdom Generally Acceptable Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are qUIred to give a true and falr vlew of the state of affairs of the charity and of the surplus or deflclt of the charity for that period. In preparing the financial statements, the Directors are reqUId to: Select suitable accounting pollcies and apply them consistently; Make judgement and estlmates that are reasonable and prudent; Prepare the financlal statements on a golng concern basis unless It is inappropriate to presume that the charity will contlnue in operatlon. The trustees recognise their responsibilities to keep proper accountlng CordS that disclose with reasonable accuracy at any time the financlal position of the charlty and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and henceforth taking steps for the preventlon and detectlon of fraud and other irregularities. The appended financlal statements have been prepared on the accruals basls and have been examlned by an independent examiner, whose report is also appended. Approved by the trustees on 24tth Dc.tobw 2024 and signed on their behalf by: Pastor Olatade Amos Chairman Page 7
REDEEMED CHRLSTIAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL FiEPORT FOR YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF RCCG - RENEWAL GROUND PARISH I report on the accounts of the charity for the period ended 31 December 2023 whlch is set on pages 9- 17 RESPEcfivE RESPONSIBILrrtES OF THE TRugfEES AND THE EXAMINER The Charity Trustees are responslble for the preparation of the accounts. The Charity's trustees consider that an audit is not required for the period under section 476 of the Companies Act 2006 and that an independent examlnatlon is needed. It Is my responsibility to: examine the accounts under section145 of Charities Act 2011; follow the procedures laid down in the general Directions glven by the Charity Commission (under sectlon 145(5)(b) of the 2011 Act; and state whether partlcular matters have come to my attention. BASIS OF MY EXAMINATION My examination was carrled out in accordan with the General D1CtionS given by the Charity Commisslon. 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 account, and seeking explanations from you as trustees concernlng any such matter5. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion Is glven 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. EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention: (l) which gives me reasonable cause to belleve that In any material respect the trustees have not met the requlrements to ensure that: proper accounting records are not kept in accordance with the companies Act. and accounts are prepared which agree with the accounting records and comply with the accounting qUirementS of the Companies Act 2006. or {2) to which, in my opinion, attention should be drawn in order to enable a proper under- standing of the accounts to be reached. Akintay 2024 Resource Management Consultants Ltd 46 Hollywood Wayi Erith. DA8 2QE Page 8
REDEEMED CHRISTIAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 STATEMENT OF FINANCIAL AIVITIEs Unr&stricted R£Stritted Total Total Fund5 Funds Funds Funds 2023 2023 2023 2022 Notes INCOMING RESOURCES Donations, legacies & similar incomlng ri Activities in furtherance of charity's obje Investment income Total Incoming resources 145,553 145,553 74,368 323 323 145,876 145,876 74,368 RESOURCES EXPENDED Charitable expenditure Grants payable - Ind ividual Grants payable - Instittjtional Costs of activities in furtherance of charitles objects Management and governance costs Total reSoUrS expended 2,548 12,520 20,458 20,458 57,028 16,967 94,453 57,028 16,967 94,453 52,416 8,876 76,360 io Net (outgolng)/incoming resource5 for year 51,422 51,422 1,992 Total ndS at the start of the year 26,813 26,813 28,806 Transfer between funds In the year BALANCE AT END OF YEAR 78,235 78,235 26,814 The charity's incoming resources and resources expended all relate to continuing activitles. Page 9
REDEEMED CHRISTIAN CHURCH OF GOD- RENÉWAL GROUND PARISH TRusfEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 BALANCE SHE AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASS5 Tangible Assets li 5.399 6,370 CURRENT ASSETS Debtors Cash and bank balances 12 13 75,387 75,387 25,223 25,223 Total assets 80,785 31,593 LIABILrrIES CREDrroRS (amount falling due within one year) 14 2,550 4,780 Total Ilability 2,550 4,780 NET ASss 78,235 26,813 CHARITY FUNDS General unrestritted General - restricted TOTAL FUNDS Id le 78,235 26,813 78,235 26,813 The accounts have been prepared In accord3n with the speclal provisson of Statement of Recommended Prattlce". Accountin9 and RepDrtin9 by Charities (SORP) is5U8d March 2005 as modIfd for smaller charits&S Approved by the Trustees on l4tA D c tv b Lr 2024 and signed on their behalf by". Pastor Olatsde Amo$ Chairman Emmanuel EgbQchuo Trustee
REDEEMED CHRISTIAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS I. ACCOUNTING POLICIES (al The accounts are prepared under the historital cost convention and in accordance with applicable accounting standards. They follow best prattice as set out in the Statement of Recommended Practlce.. Accounting and Reporting by Charltles ISORPI issued Marth 2W5 as modifled for smaller charte$. (bl Income and expenditure is accounted for on an accruals basis. (c) Fixed assets comprfse ftjrniture and equipment and musical equlpment and have been costlng more than £lOO. Tangible fixed assets are stated at cost less depreciation. Depreclation Is provided at rztes calculated to write off the cost of fixed assets, less thelr e*imated residual value, over their expetted useftjl lives on the following bases.. Mu51¢al equipment 25¥0 reducing balance Furniturè and flttings 25% reducing balance Computer equlprnent 25V/o reducing balance Motor Vehicles 250A) reducing balance (dl Unrestritted funds are Incoming resources tEceSved ft)r the objects of the charity without further specified purpose and are available as general funds. (el Restritted funds are subject to restrfctions on thelr expenditure imposed by their donors. UnreStcted Restritte¢ Total Totsl Funds Funds Funds Funds 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCE< 2023 2023 2023 2022 Tithe & Collectlon at all servlces Sundry donatlons Gift ald recovered 102,134 102,134 74,368 43,419 145,553 43,419 145,553 74,368 3. AcfIvITIES IN FURTHERANCE OF CHARrrf'5 OBJEcr Building offerlng Bookstall 6. INVESTMENT INCOME Interest recelved 323 323 323 323 7. GPANTS PAYABLE - INDIVIDUAL Unrestrirted Restrlcted Total Total Funds Fun¢Js Funds Funds 2023 2023 2023 2032 Individual welfare 2,548 Page 11
REDEEMED CHRIsfIAN CHURCH OF GOD- RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS Unrestricted Restrirted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 8. GRANTS PAYABLE - INSTITUTIONAL Charitable giving -UK Charitable glvlng -overseas Total 20,458 20,458 12,520 20,458 20,458 12,520 List of institutlonal grants pald RCCG WEM World evangelism RCCG Central Office Central Office Support RCCG Camp ground Advancement of faith Others Advancement of falth Total grant payable - institutlonal 17,438 720 2,000 300 20,458 17,438 720 2,000 300 20,458 11,800 720 12,520 9. COST OF AcfiviTIES IN FURTHERANCE OF CHARfTh's OBJECTS Unrestritte Restritted Funds Tota Total Funds Funds Funds 2023 2023 2023 2022 Hall rental for Church Services Visiting Speakers Expenses Cholr and Music Ministration Gospel and Charlty glving Communlty projects & welfare Prlntlng of Church Flyers & Stationery Mission & evangelism Worship Costs Conferences. Tralnings & subscrlptions Telephone & internet Pastor's SalarylPension & PAYE utilities 15,178 400 7,900 15,178 400 7,900 13,900 I,ioo 6,006 4,592 2,000 198 2,100 1,075 1,747 463 2,100 1,075 1,747 463 1,211 424 1,211 424 26,023 508 57,028 26,023 508 24,621 57,028 52,416 Page 12
REDEEMED CHRtSTIAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS Unrestritte¢J Re5t*icted Total Total 10. RESOURCE EXPENDED ON MANAGING & ADMINISTERING THE CHARrrY Funds Funds Funds Funds 2023 2023 2023 2022 Telephone & Internet Transport/Travelling Expenses Adffllnlstratlon Costs Church Offlce Expenses Bank charges Depreclation Professional fees Professional fees - accountancy & examination 1,335 loo 5,000 120 1,335 loo 5,000 120 1,364 520 6,523 200 204 971 6,687 2,550 16,967 204 971 6,687 2,550 16,967 269 8,876 11. TANGIBLE ASSETS Musical Computers equlpment I projectors Total Total 31-Dec 2023 31-Dec 2022 Cost Cost/valuation At l January 2023 Additions.. New equipment Less.. assets written off At 31 December 2023 11,400 840 12,240 9,713 2,527 11,400 840 12,240 12,240 Depreciation At l January 2023 Charge for the year At 31 December 2023 5,601 828 269 143 5,870 971 4,899 971 6,429 412 6,841 5,870 Net book value At 31 Dember 2023 4.971 428 5,399 6.370 At 31 December 2022 5,799 571 6,370 12. DEBTORS Year ended 31-Dec 2023 Year ended 31-Dec 2022 Page 13
REDEEMED CHRISTIAN CHURCH OF GOD - RENEWAL GROUND PARISH TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS 13. CASH BALANCES Unrestritted Restricted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 Bank balance Current account Savlngs account At 31 December 2023 24,550 50,836 75,387 24,550 50,836 75,387 9,710 15,513 25,223 Year ended 31-Dec 2023 Year ended 31-Dec 2022 14. CREDITORS Amount falling due wlthln one year Amount falllng due after one year 2,550 4,780 2,550 4,780 16. STAFF COST AND NUMBERS Staff costs were as follows Year ended 31-Dec 2023 Year ended 31-Dec 2022 Pastor's allowance Social security costs 26,023 24,621 26,023 24,621 Year ended 31-Dec 2023 No. Year ended 31-Dec 2022 No. The average number of employee during the year was as follows Pastoral Charity admlnlstration Total No employee received remuneration amountlng to more than £50,000 in the year. Page 14