REGISTERED CHARITY NUMBER: 1101824
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) LIVING WATER PARISH
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) LIVING WATER PARISH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Living Water Parish is a member of The Redeemed Christian Church of God which has parishes all over the world.
We aim to:
**Turn the heart of men back to God.
Feed the word of God to those who are hungry, to satisfy their longing souls. Equip the heart of man with the weapon to set it free from mediocre mentality. Nourish man with the word to turn loose the power of God in man to be a blessing Enrich the spirit with the vitality of eternal life with an assurance of the crown of glory. Raise up people capable of affecting their generation positively for God. Revive, Reconcile and Restore lost hopes. **Lift up the banner of Christ on foundations of many generations.
Living Water Parish is a place of divine appointment to destiny, the repairer of broken relationships, the restorer of God ordained family ordered by the power of the Holy Spirit.
There shall be a performance of the word of God on this assembly, according to His promise in Jesus name.
Significant activities
The Redeemed Church of God Living Water Parish is a 100% share holder of LWP Auto Care Limited. The company is now dormant.
The Redeemed Church of God Living Water Parish is a 100% share holder of LWP Assets Investment Ltd. The activities of this company is buying selling and letting of its own real estate.
Public benefit
The charity has continued to provide benefits to the public in the manner describe below.
-
Organising Sunday Services for religious worship and teaching
-
Organising Community outreach events and Evangelism
-
Provision of welfare and support for members
Volunteers
Many volunteers give up their time to help at the church, particularly at weekends and in the evenings. We are greatly indebted to these volunteers for their commitment and support
FINANCIAL REVIEW
Reserves policy
The Commission requires charities to determine and explain their policy for reserves. The trustees have reviewed its free reserve policy and have turned its entire free unrestricted fund into an emergency fund to enable Living Water Parish to meet its obligations in event of a shortfall in income or sudden upturn in expenditure.
Furthermore the trustees meet quarterly to review their reserve level. If the value of the reserves falls below a level unacceptable to the trustees, then appropriate action will be taken immediately to rectify the situation.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 1
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1101824
Principal address
169-171 Haydons Road South Wimbledon London SW19 8TB
Trustees
Pastor(Dr) D O Oludoyi Pastor S O Bakare Pastor A P Coo A T Olowu Mrs. V M Atere
Independent Examiner
Mr Symon Abudey FAIA Abudey & Company First Floor 14-16 Powis Street Woolwich London SE18 6LF
Bankers
Barclays Bank PLC 41 Woolwich New Road London SE18 6NU
Approved by order of the board of trustees on 29 October 2021 and signed on its behalf by:
Pastor(Dr) D O Oludoyi - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
Independent examiner's report to the trustees of THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) LIVING WATER PARISH
I report to the charity trustees on my examination of the accounts of THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) LIVING WATER PARISH (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement - matters of concern identified
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FAIA which is one of the listed bodies.
I have completed my examination.
I have identified matters of concern in my report.
The matter relates to a loan of £34,172.27. It was a loan given to LWP Auto Care Ltd during the accounting year ended 31 December 2020.
We understand or it has been confirmed by the trustees that the loan is not recoverable, consequently therefore we have decided to write off the loan in the accounts for the financial year ended 31 December 2020.
LWP Auto Care Ltd is a trading subsidiary of RCCG Living Water Parish.
LWP Auto Care ceased trading and the company is dormant.
I confirm that no other matters have come to my attention that give me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Mr Symon Abudey FAIA Abudey & Company First Floor 14-16 Powis Street Woolwich London SE18 6LF
29 October 2021
Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 349,789 Investment income 3 29 Other income 5,934 Total 355,752 EXPENDITURE ON Raising funds 4 157,166 Charitable activities 5 Missionary & Charitable Activities 24,817 Management & Administration 144,040 Finance Costs - Other 48,946 Total 374,969 NET INCOME/(EXPENDITURE) (19,217) Transfers between funds 14 926 Net movement in funds (18,291) RECONCILIATION OF FUNDS Total funds brought forward 233,802 TOTAL FUNDS CARRIED FORWARD 215,511 |
Restricted fund £ - - - - - - - - - - - (926) (926) 926 - |
2020 Total funds £ 349,789 29 5,934 355,752 157,166 24,817 144,040 - 48,946 374,969 (19,217) - (19,217) 234,728 215,511 |
2019 Total funds £ 282,971 - - 282,971 111,514 15,340 132,698 1 57,661 317,214 (34,243) - (34,243) 268,971 234,728 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
BALANCE SHEET
31 DECEMBER 2020
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 206,808 CURRENT ASSETS Debtors 11 57,995 Cash at bank and in hand 41,276 99,271 CREDITORS Amounts falling due within one year 12 (15,336) NET CURRENT ASSETS 83,935 TOTAL ASSETS LESS CURRENT LIABILITIES 290,743 CREDITORS Amounts falling due after more than one year 13 (75,232) NET ASSETS 215,511 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - |
2020 Total funds £ 206,808 57,995 41,276 99,271 (15,336) 83,935 290,743 (75,232) 215,511 215,511 - 215,511 |
2019 Total funds £ 335,702 6,500 14,213 20,713 (46,455) (25,742) 309,960 (75,232) 234,728 233,802 926 234,728 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2021 and were signed on its behalf by:
D O Oludoyi - Trustee
The notes form part of these financial statements
Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
| Improvmts to L/hold prop | - 5% on reducing balance |
|---|---|
| Church Equipment | - 25% on reducing balance |
| Furniture & fittings | - 15% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Office equipment | - 20% on reducing balance |
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 6
continued...
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
2. DONATIONS AND LEGACIES
| Tithes and Offerings Thanksgiving Sundry Donations/Income Gift Aid Claimed Building Fund Rental Income Sale of Communion Cups JRS Grant 3. INVESTMENT INCOME Bank Interest 4. RAISING FUNDS Raising donations and legacies Honorarium & Guest Ministers Youth and Outreach Activities Ministers, workers & volunteer training General Expenses Rent and Rates Special Programme Expenses Support costs Other trading activities Purchases Bad debts Aggregate amounts |
2020 £ 190,436 2,676 - 49,404 4,994 38,135 4,786 59,358 349,789 2020 £ 29 2020 £ 6,500 1,636 - 1,350 82,120 1,233 25,799 118,638 2020 £ 4,356 34,172 38,528 157,166 |
2019 £ 188,456 7,543 2,340 41,103 9,327 24,400 9,802 - 282,971 2019 £ - 2019 £ 7,636 2,439 868 5,495 65,494 7,147 9,625 98,704 2019 £ 12,810 - 12,810 111,514 |
|---|---|---|
continued...
Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
5. CHARITABLE ACTIVITIES COSTS
| 5. CHARITABLE ACTIVITIES COSTS |
|
|---|---|
| Support Direct costs (see Costs note 6) £ £ Missionary & Charitable Activities 24,817 - Management & Administration - 144,040 24,817 144,040 6. SUPPORT COSTS Governance Management costs £ £ Raising donations and legacies - 25,799 Management & Administration 142,150 1,890 142,150 27,689 |
Totals £ 24,817 144,040 |
| 168,857 | |
| Totals £ 25,799 144,040 |
|
| 169,839 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
8. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: |
2020 £ 118,033 5,465 8,463 131,961 |
2019 £ 105,404 6,455 5,847 |
|---|---|---|
| 117,706 | ||
| 2020 | 2019 | |
|---|---|---|
| Staff | 5 | 5 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 282,971 EXPENDITURE ON Raising funds 111,514 Charitable activities Missionary & Charitable Activities 15,340 Management & Administration 132,698 Finance Costs 1 Other 57,661 Total 317,214 NET INCOME/(EXPENDITURE) (34,243) RECONCILIATION OF FUNDS Total funds brought forward 268,045 TOTAL FUNDS CARRIED FORWARD 233,802 10. TANGIBLE FIXED ASSETS Short leasehold £ COST At 1 January 2020 132,742 Additions - Disposals (132,742) At 31 December 2020 - DEPRECIATION At 1 January 2020 18,676 Charge for year - Eliminated on disposal (18,676) At 31 December 2020 - NET BOOK VALUE At 31 December 2020 - At 31 December 2019 114,066 |
Restricted fund £ - - - - - - - - 926 926 Improvmts to L/hold prop £ 389,084 - - 389,084 203,348 9,287 - 212,635 176,449 185,736 |
Total funds £ 282,971 111,514 15,340 132,698 1 57,661 317,214 (34,243) 268,971 234,728 Church Equipment £ 173,281 2,320 - 175,601 148,479 6,781 - 155,260 20,341 24,802 |
|---|---|---|
continued...
Page 9
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
10. TANGIBLE FIXED ASSETS - continued
| COST At 1 January 2020 Additions Disposals At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year Eliminated on disposal At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Furniture & fittings £ 48,575 - - 48,575 42,114 969 - 43,083 5,492 6,461 |
Motor vehicles £ 26,591 - - 26,591 24,648 486 - 25,134 1,457 1,943 |
Office equipment £ 16,085 1,142 - 17,227 13,391 767 - 14,158 3,069 2,694 |
Totals £ 786,358 3,462 (132,742) 657,078 450,656 18,290 (18,676) 450,270 206,808 335,702 |
|---|---|---|---|---|
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
| COST At 1 January 2020 Additions At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Church Equipment £ 39,036 170 39,206 26,684 3,131 29,815 9,391 12,352 |
|---|---|
continued...
Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
| FOR THE YEAR ENDED 31 DECEMBER 2020 11. DEBTORS 2020 £ Amounts falling due within one year: Other Debtors 7,995 LWP Auto Care - 7,995 Amounts falling due after more than one year: LWP Assets Investment Ltd 50,000 Aggregate amounts 57,995 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 £ Taxation and social security 8,746 Other creditors 6,590 15,336 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2020 £ Other creditors 75,232 14. MOVEMENT IN FUNDS Net Transfers movement between At 1.1.20 in funds funds £ £ £ Unrestricted funds General fund 233,802 (19,217) 926 Restricted funds Restricted Fund 926 - (926) TOTAL FUNDS 234,728 (19,217) - |
2019 £ 5,994 506 6,500 - 6,500 2019 £ 14,437 32,018 46,455 2019 £ 75,232 At 31.12.20 £ 215,511 - 215,511 |
|---|---|
continued...
Page 11
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 355,752 TOTAL FUNDS 355,752 Comparatives for movement in funds At 1.1.19 £ Unrestricted funds General fund 268,045 Restricted funds Restricted Fund 926 TOTAL FUNDS 268,971 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 282,971 TOTAL FUNDS 282,971 |
Resources Movement expended in funds £ £ (374,969) (19,217) (374,969) (19,217) Net movement At in funds 31.12.19 £ £ (34,243) 233,802 - 926 (34,243) 234,728 Resources Movement expended in funds £ £ (317,214) (34,243) (317,214) (34,243) |
|---|---|
continued...
Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS |
At 1.1.19 £ 268,045 926 268,971 |
Net movement in funds £ (53,460) - (53,460) |
Transfers between funds £ 926 (926) - |
At 31.12.20 £ 215,511 - 215,511 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 638,723 638,723 |
Resources Movement expended in funds £ £ (692,183) (53,460) (692,183) (53,460) |
|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
| INCOME AND ENDOWMENTS Donations and legacies Tithes and Offerings Thanksgiving Sundry Donations/Income Gift Aid Claimed Building Fund Rental Income Sale of Communion Cups JRS Grant Investment income Bank Interest Other income Gain on sale of intangible fixed assets Total incoming resources EXPENDITURE Raising donations and legacies Honorarium & Guest Ministers Youth and Outreach Activities Ministers, workers & volunteer training General Expenses Rent and Rates Special Programme Expenses Other trading activities Purchases of Communion Cups Bad debts Charitable activities WEM-World Evangelism Mission Central Office and Others Home Mission & Other Church Societies Donations of Festival of Life Secular Charities & Relief of Poverty |
2020 £ 190,436 2,676 - 49,404 4,994 38,135 4,786 59,358 349,789 29 5,934 355,752 6,500 1,636 - 1,350 82,120 1,233 92,839 4,356 34,172 38,528 9,876 1,800 1,280 1,200 10,661 24,817 |
2019 £ 188,456 7,543 2,340 41,103 9,327 24,400 9,802 - 282,971 - - 282,971 7,636 2,439 868 5,495 65,494 7,147 89,079 12,810 - 12,810 9,820 1,800 1,600 1,400 720 15,340 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
| FOR THE YEAR ENDED 31 DECEMBER 2020 Other costs and depreciation Repairs, servicing and maintenance Miscellaneous expenses Insurance and Licences Short leasehold Depn-Improv't L/hold property Depn of church equipment Depn of furniture & fittings Depn of motor vehicles Depn of office equipment Support costs Management Staff Wages and Salaries Employer's National Insurance Pensions Hire of Equipment Electricity Telephone Printing, Postage & Stationery Computer Consumables Internet & Subscription Motor & Transportation Finance Bank charges & interest Governance costs Audit and Accountancy Fees Legal and Consultancy Fees Total resources expended Net expenditure |
2020 £ 18,898 173 11,585 - 9,287 6,781 969 486 767 48,946 118,033 5,465 8,463 388 - 5,023 2,310 898 330 1,240 142,150 - 1,890 25,799 27,689 374,969 (19,217) |
2019 £ 23,562 717 6,875 6,004 9,776 8,267 1,140 647 673 57,661 105,404 6,455 5,847 388 234 4,632 4,224 10 1,192 2,422 130,808 1 1,890 9,625 11,515 317,214 (34,243) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15