DRAFT
RCCG LIVING WATER PARISH
(A Charitable Trust)
Charity number: 1101824
THE REDEEEMED CHRISTIAN CHURCH OF GOD LIVING WATER PARISH
(A Charitable Trust)
TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED THE 31ST OF DECEMBER 2021
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DRAFT
RCCG LIVING WATER PARISH
(A Charitable Trust)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED THE 31ST OF DECEMBER 2021
| Board of Trustees | Pastor (Dr) David Olusola Oludoyi - Chair | Pastor (Dr) David Olusola Oludoyi - Chair |
|---|---|---|
| Pastor Samuel Oladele Bakare | ||
| Pastor Ayodeji Philip Coo | ||
| Mr. | Adebisi Tajudeen Olowu | |
| Mrs. Victoria Modupeola Atere | ||
| Charity registered number | 1101824 | |
| Registered office | RCCG – Living Water Parish | |
| 169 – 171 Haydons Road | ||
| South Wimbledon | ||
| London | ||
| SW19 8TB | ||
| 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 |
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RCCG LIVING WATER PARISH (A Charitable Trust)
THE BOARD OF TRUSTEES REPORT FOR THE YEAR ENDING 31ST DECEMBER 2021
The Board of Trustees submits their annual report and the audited financial statements of the Living Water Parish (the charitable organisation) for the year ending the 31st of December 2021. The Board of Trustees confirms that the annual report and financial statements of the charitable organisation comply with the provisions and requirements of the Charities Act 2011, the requirements of the charitable organisation’s governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) applicable in the UK, and other current statutory requirements.
Structure, Governance and Management
a. CONSTITUTION
The Living Water Parish is a registered charity established for the public benefit under a deed of trust dated the 14th of August 2003, as revised on the 3[rd] of September 2014 and is a registered charity with charity number 1101824.
The Charity is controlled by its governing document, a Trust Deed and constitutes a trust.
In addition to the aforementioned, there are a host of control policies that are made in concert with our governing document and overarching government regulations which guide the day-to-day operations.
b. METHOD OF APPOINTMENT OR ELECTION OF BOARD OF TRUSTEES
The management of the charitable organisation is the responsibility of the Board of Trustees, who are appointed and co-opted under the terms of the Trust Deed. There are currently five trustees who have been appointed as of the 31[st] March 2022.
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RCCG LIVING WATER PARISH (A Charitable Trust)
c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF BOARD OF TRUSTEES
The induction process for a newly appointed member of the Board of Trustees comprises an initial meeting with the Chair and other Trustees, followed by a series of short meetings with the lead Pastor, who functions as Chief Executive on the powers and responsibilities of the Trustees. A Trustees Induction Pack is provided to the Trustee, which includes the charitable organisation’s governing documents and excerpts from the Charity Commission Guidelines such as Doc CC3 and C1. i.e., the Essential Trustee: What you Need to Know and the Trustees Expenses and Payment. Periodically, the trustees will be registered for different training events, conferences, and seminars to enhance their governance further and keep them abreast of their duties and any changes that have occurred in the sector. These will enable compliance with relevant regulations and provide the appropriate level of assurance in the discharge of their duties.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The organisation's governance is completely governed by the terms of its Trust Deed, notwithstanding the presence of an inspirational senior pastor. Therefore, the Charity is structured so that the Board of Trustees meets regularly to manage its affairs. The charity's day-to-day administration/management is delegated to the Lead Pastor, who promptly reports on the charity's operations to the trustees. However, the board would take an active part in ensuring that the charity's interests are not put in jeopardy in circumstances in which the stakes are high and the impact on the charity will be significant.
Minutes are taken at each meeting, circulated to trustees along with action points and responsibilities, and kept as a record.
e. RISK MANAGEMENT
The trustees are aware of their responsibility to identify and evaluate the risks to which the charity is exposed, as well as to make certain that the right controls are in place in order to offer some degree of protection against fraud and errors. The Board of Trustees has adopted a methodology for risk evaluation that includes the periodic identification and evaluation of risks, which ultimately leads to the development of strategies to minimise the risks that have been identified. Among these measures
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RCCG LIVING WATER PARISH
(A Charitable Trust)
is the practice of carrying out periodic legal health checks in order to determine the organization's current state of operational health. The Trustees are confident that the systems that are already in place are adequate to minimise the organization's exposure to major risks and quickly incorporate the severity of any new risks that may emerge. In light of this, the Trustees have conducted an analysis of the most significant risks to which the Charity could be vulnerable. Some of the key risks in focus include monitoring the reserves level, making certain that adequate controls are in place for the most essential financial systems, and conducting an analysis of the operational and business risks that the Charity is exposed. For these risks identified, the Trustees have established efficient systems to mitigate the chances of those risks occurring.
Objectives and Activities
a. OBJECTIVES
The objects of Living Water Parish are:
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1) The advancement of the Christian Faith worldwide in accordance with the doctrines set out in the statement of faith contained in the schedule.
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2) The relief of poverty, the trustees must use the income and may use the capital of the trust in promoting the objects.
Living Water Parish is a member of The Redeemed Christian Church of God, which has parishes all over the world. As part of following the charitable objectives, the Living Water Parish aims 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 the foundations of many generations.
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RCCG LIVING WATER PARISH
(A Charitable Trust)
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
b. STRATEGIES FOR ACHIEVING OBJECTIVES
This fiscal year (April 2021 - March 2022) started off while the community was still recuperating from the protracted impacts of the global pandemic. One of these repercussions was financial and mental/social health well-being pressures on some members of the church and the community. Many of the adaptive strategies that were used to overcome the challenges posed by the pandemic were still utilised to positively add to the benefit of the people living in the South Wimbledon area, which is where the organization is located. These strategies carried on notwithstanding the fact that the limitations imposed by COVID-19 were being gradually lifted.
As a result, the charitable organisation continued to employ the following strategies:
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Pastoral care provision for beneficiaries, including reaching out to our members during and even after the lockdown as we did in the previous lockdowns. We prioritised the following –
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spiritual and physical well-being of our members by making sure that the Prayer Cells for Men, Women and Youth, which were set up in 2020, continue to operate so that our spiritual needs are being met.
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catered for the material well-being of her members by constantly helping out with food hampers every month.
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Use of technology to substitute physical meetings/activities with online meetings/activities.
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Improved methods of communication and engagement with staff, volunteers, beneficiaries, and relevant stakeholders.
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Having diverse and varied themes throughout the year and some bespoke events that catered to both the spiritual and physical needs of the members of the church through different seasons in the year.
The Living Water Parish persevered and focused on spreading joy to the lives of people in the community by focusing on serving and connecting people to God. Many people have had the added option and convenience of joining our events from the comfort of their homes via technologically aided means as an alternative to physical meetings. Although the church encourages physical fellowship with the members for various reasons, including safeguarding the mental and social wellbeing of the members. The charitable organisation dedicated efforts to supporting the recovery from
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RCCG LIVING WATER PARISH (A Charitable Trust)
the pandemic. As a result, Living Water Parish has been able to adjust the sails and reflect on the positive impact that has continued through their activities and has been brought to the community.
A special thanks go out to all the many volunteers who give their time to help the Church on a weekly basis on weekends and throughout the evenings. The Living Water Parish is greatly indebted to these volunteers for their commitment and support and for helping to advance the activities that bring the community closer to God.
c. ACTIVITIES FOR ACHIEVING OBJECTIVES
We carry out various activities such as:
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Organising, supporting, and resourcing Christian mission as well as other positive charitable initiatives
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Prayer sessions (Preserve your Seed)
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Special Day events such as JOALT (Couples breakfast), fathers/mother’s day, friends day, Elders day
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Online Services and Zoom Hangout
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Community Outreach programmes
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Living voices choir
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Love and Christmas Outreach
d. PUBLIC BENEFIT STATEMENT
The Board of Trustees confirms that they have met their duties in strict compliance with the provisions of sections 4 and 17 of the Charities Act 2011 and have had due regard to the Charity Commission’s general guidance on public benefit. Particular consideration has been given to the Charity Commission’s supplementary public guidance provisions on the advancement of religion for the public benefit.
Living Water Parish has continued to provide public benefit through organising Sunday services, religious teaching, worship, organising community outreach events, evangelism and providing support for members of the community.
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RCCG LIVING WATER PARISH (A Charitable Trust)
Achievements and Performance
a. REVIEW OF ACTIVITIES
Living Water Parish as a church continues to grow as of divine appointment to destiny, the repairer of broken relationships, and the restorer of God-ordained family ordered by the power of the Holy Spirit. The projects that the organisation undertake are making a considerable impact, gaining public and national recognition and advancing the Christian faith.
The Living Water Parish is tasked by God with the responsibility of ministering to the local community by introducing individuals to the role that God has designed for them in the world, teaching them about the Bible, and providing them with the resources they need to fulfil that role.
In the year under review, the charitable organisation engaged in various activities for the benefit of the public.
Some of such activities are summarised below: –
i. Services and Prayer Sessions
The activities that were provided by the charity were carried out using an approach that was diverse and impactful. Meetings of the Church were held both physically and virtually, delivering talks on a variety of subjects in a variety of styles to further elaborate on the Church's mission and goal.
The Living Water Parish chose the theme at the start of the year as "Tranquillity", and ended the year with the theme of “Gratitude”, which led to the creation of a variety of programmes and events with the goal of educating participants about the concept of impact, as well as the roles and responsibilities that each of us plays in ensuring that we have the greatest possible impact on society and in all of our interactions.
To this aim, the charity continued to reach out to the members during and even after the lockdowns. The Church has continued to prioritise the spiritual and physical well-being of our members by making sure that the Prayer Cells for Men, Women and Youth were set up in 2020 to perpetuate meeting our spiritual
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RCCG LIVING WATER PARISH (A Charitable Trust)
needs. LWP also catered for the material well-being of her members by constantly helping out with food hampers every month.
These ministers have all contributed to the advancement of the people at the Living Water Parish in various ways, such as the weekly bible meetings, monthly vigil and communion, Sunday worship services, monthly youth service and a monthly Yoruba Service.
As a church that is working hard to attain the aims and objectives we have set for ourselves, our fundamental ethical and spiritual principles continue to serve as a spur behind our everyday operations. During the course of the year, the charity has had exciting and diverse events to celebrate, such as JOALT (Couples Breakfast), Mother’s day, Father’s day, children’s day, Elders day, Friends day Teenagers week, which has allowed for focused celebrations to provide joy and laughter to the members of the community. The Church also held prayer sessions called ‘Preserve Your Seed’, dedicated to children, born and not yet born. This was held every 3[rd] Sunday of the first 9 months of the year from 7:30 am – 9 am that proved successful, that connected the members to God’s grace and the precious nature of life, particularly as it relates to the role and significance of firstborn of every family within the culture of most members of the church. Within the month of November, 30 days of were dedicated to praying, fasting and solid teaching about the power of God. This activity enabled the participants to become carriers of God’s power and brought forth religious preservation and fulfilment in carrying out God’s work.
Throughout the whole process of the community's recovery from the pandemic, the Living Water Parish has remained a dependable pillar of support by instilling a sense of optimism. The Living Water Parish has a divine mission to serve the local community by introducing individuals to the purpose for which they were created, educating them about the Bible, and providing them with the resources they need to fulfil that purpose. These approaches, which were engaged, as well as our varied activities, are aligned with the charitable goals of the charitable organisation. As a result, The Living Water Parish’s various projects and events contribute to the ongoing propagation of the Christian faith around the globe.
ii. Community Outreach and Engagement
By hosting outreach activities on a consistent basis, the Church demonstrates the intensity of its commitment to evangelism and the furtherance of the Christian faith. In order to accomplish this, the Living Water Parish initiated frequent events which required its participants to collaborate collectively in
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RCCG LIVING WATER PARISH (A Charitable Trust)
order to make the presence of the Charity known. The vision set out by the lead Pastor included being led by the Holy Spirit to touch 12 lives by December 2021. This project was carried out collectively and individually through donations of food, clothing, and money and even raised funds to support an orphanage home to help aid in building and repairs. In furtherance to the relief of poverty, the church sent aid to refugee camps, supporting underprivileged children and widows through donations.
The charity places outreach as a fundamental tool for advancing the Christian faith and simultaneously preventing or relieving poverty within the local community. The Church goes out into the community to share the gospel with people. The love and Christmas Outreach event saw members reach South Park care homes and public places in Haydon to spread love, joy and cheer through carols and enlighten the community about the season.
iii. Community Outdoor Events
In light of The Living Water Parish's ongoing efforts to have a strategic impact within the community, a large number of events have been planned and carried out with the explicit intention of communicating with individuals who are members of the church as well as those who are not members of the congregation.
The Living Water Parish is proud of its football team, which consists of Men and Boys teams. Both teams participated in home and away games engaging and connecting with other Christian communities encouraging superb health practices and encouraging excellent well-being. Amongst this, the promotion of other sporting events held within the church supported mental health among families and stimulated strong community bonds with the charity. The church also provided a family fun day for all members of the church and the wider community where children and families were able to enjoy the weather, including friendly sporting events that invited competition and developed the advancement of Christianity and the Church’s values.
The activities that were planned and carried out by the church with resounding success, and they tallied attendance from in-person participants. These activities have had a significant influence, and they have helped people increase their faith in God. Their effects have reached families as well as the larger community. A significant amount of work was done to ensure that children had a solid education in the Christian faith and that lonely persons in the community felt loved and cared for.
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RCCG LIVING WATER PARISH (A Charitable Trust)
iv. Monthly Vigils and Prayers/Prayer Meetings
On the last Friday of every month, the church hosts vigil and communion meetings, during which all of the congregation's members gather together to pray.
In addition, the Church installed themes across the months that were tailored to match special events throughout the year. The LWP started the year with the theme of ‘Tranquillity’ as the UK relaxed the pandemic restrictions and welcomed members back into the Church and was able to empower all its members. Other themes that were carried out were: ‘Carriers of God’s Power’, ‘Running with the Horses’, ‘Life in Abundance’ and ‘Holy Spirit’. The last theme of the year was ‘Gratitude’ which celebrated the members’ participation in the year’s events and the growth in spirit through overcoming the obstacles and tragedies that were remained from the Pandemic.
Every service has the purpose is to worship God, and it consists of individuals singing hymns and proclaiming God's word aloud as a way to show their appreciation, love, and amazement for him. In addition, the Churches activities and themes engaged thought-provoking insight into how God understands the concept of love. Members throughout the year have come away with a better understanding of connecting to God's blessings.
These actions, which take place across the entire church, are in harmony with the charitable objective of promoting the Christian faith in countries all over the world.
v. The Living Voices Choir
The Church Choir- The Living Voices, have frequently met throughout the year have added new members along the way. The Choir practices and performs weekly in front of the congregation, adding joy and excitement and enlightening the spirit in every member present. A significant event carried out by the Living Voices in the year under review is the live recording organised by the Choir allowing for an album to be produced titled ‘Realize’. This was a significant milestone for various reasons, including the spiritual impact of the song on its listeners and the sense of fulfilment for the members of the group.
This activity contributes to the achievement of all the charity objectives since it provides an activity that allows members to express their talents and brings members within and outside the Church closer through music. This, in turn, would result in an increase in the number of new members. In addition,
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RCCG LIVING WATER PARISH (A Charitable Trust)
participants in this activity are given the opportunity to voice their ideas.
vi. Social Media Presence & Website Attraction
Through our social media handles and internet platforms, The Living Water Parish has continued to communicate with both existing members and potential new members. The various WhatsApp groups are utilised to keep everyone up to date on the events of the church, celebrate anniversaries, and for a variety of other purposes.
Both members and non-members are able to catch replays of recordings of our services by logging in to any of our online platforms and taking part in any of our services. They are also able to see recordings of our services being played back to them. Additionally, an annual video, ‘So Far, So good’ is produced and is geared towards celebrating and pinpointing the highs and lows of the Church throughout the year. This activity increases the accessibility of the functions that the Charity provides and advances the Christian Faith by promoting Christian values online that can be retrieved locally and internationally.
vii. Church Tithing/ Benevolence Giving
The people of the church have consistently been encouraged to put the teachings of the Bible into reality by contributing generously and cheerfully.
In addition, the charity organisation itself has, on a regular basis, put aside a portion of its income to reach out in benevolence and tithe in the form of monthly support of churches, community projects, and diverse courses that are in alignment with the goals and purposes of the Charity. The completion of this activity has helped us get one step closer to achieving our charity purpose, which is to alleviate poverty both locally and globally.
Conclusion
As a result of the successful completion of the recovery from the pandemic, the year came to a happy and grateful finish. The Living Water Parish continues to emphasise the goodness of God to its members as well as to everyone else in the surrounding community. The Living Water Parish has had another excellent year, due in large part to the vigilance of its members, which resulted in the ’s ability to welcome new members and make a significant contribution to the community. The organisation has maintained its focus on promoting the Christian faith and providing relief from poverty.
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RCCG LIVING WATER PARISH (A Charitable Trust)
b. INVESTMENT POLICY AND PERFORMANCE
As far as possible, funds will be retained in interest-bearing accounts. The Board of Trustees continues to explore other safe investment strategies to ensure better returns. In addition, the Trustees would continue to explore investment options based on the requisite legal and financial advice/guidance with the aim of making an informed decision in due course.
Continuing in the year under review, the board reports that the charity, following independent professional advice and in alignment with its powers in the governing document, made two significant investments as a hundred percent shareholder in wholly owned trading subsidiaries - LWP Auto Care Limited which assets and business have been resold and company await winding up and LWP Assets Investment Ltd – a company engaged in buying, selling and letting real estate.
c. FACTORS RELEVANT TO ACHIEVE OBJECTIVES
Consistent spiritual inspiration and responsible financial management, as well as an enhanced knowledge among the trustees of their own strategic and fiduciary responsibilities, are essential components in the process of accomplishing our goals. This is due to the fact that the majority of the support for all of the necessary activities that are required to attain our goals can be accomplished through the divine inspiration, strategic thinking, appropriate financial resources and accountability.
FINANCIAL REVIEW
The immediate financial position of the charitable organisation is good, and the long-term position is stable.
a. RESERVE POLICY
The Board of Trustees has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charitable organisation should be Three (3) months of annual expenditure. At this level, the Board of Trustees holds the view that they would be able to continue the current activities of the charitable organisation in the event of a significant drop in funding.
The Board of Trustees meets quarterly to review its reserve policy to align with the wider strategic plans. This is to ensure that the reserve level we hold is appropriate to our current position and annual expenditure and to take into full cognisance what our future strategic plans are.
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RCCG LIVING WATER PARISH (A Charitable Trust)
b. PRINCIPAL FUNDING
This is provided mainly through contributions and donations from members.
PLANS FOR THE FUTURE
a. FUTURE DEVELOPMENTS
The charitable organisation will continue to take the appropriate steps to carry out its primary objectives as outlined in its governing documents. Additionally, the charitable organisation will take significant steps in growing the assets and influence of the charity, which can then be further deployed in the pursuit of the organisation's charitable goals.
The Charity will continue to be ready to partner with and provide financial support to like-minded initiatives, whether they are churches, non-governmental organisations, events, or conferences from diverse groups in the United Kingdom and around the world. These initiatives are inspired by the ultimate vision of advancing the Christian Faith and its tenets throughout the world.
BOARD OF TRUSTEES’ RESPONSIBILITIES STATEMENT
The Board of Trustees is responsible for preparing the Board of Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (The United Kingdom Generally Accepted Accounting Practice).
The Board of Trustees is required to prepare financial statements for each financial year. The Board of Trustees must not approve the financial statements unless they are satisfied that they give an accurate and fair view of the state of affairs of the charitable organisation and of the incoming resources and application of resources, including income and expenditure, of the charitable organisation for that period. In preparing these financial statements, the Board of Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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RCCG UVING WATER PAIUSH (A Thlltltablt TNii) prepare the financial statements on a golng concern ba515 unless it 15 inappropriare to presume that ihe charitable organSsation will continue operatlng. The Board of Trustees Is responsible lor keeplng adeguate accounting records thai disclose with reasonable accuracy at any tlme the financlal posltlon of the charitable organlsation and enable them to ensure that the financSal statements. They are also responsible for safeguarding the assets of the charitable organisation and hence for taking reasonable Steps forthe prevention and detection of fraud and other irfegulafities. Thi5 report was approved by the Board ofTrustees on 2022 and slgned on Its behalf by.. Chalr Pastor l Dr.) Olusola DavSd Oludoyl
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 2021
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) LIVING WATER PARISH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 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 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.
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Organising Sunday Services for religious worship and teaching
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Organising Community outreach events and Evangelism
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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.
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THE REDEEMED CHRIsTIy HURC RCCG LIVI%G WATER PARISH RFPORT OF THE TRUSTEES FOR THF. YEAR ENDED 31 DECEMBER 2021 REFERENCE AND ADMINISTRATIVE DETAILS RtK15tCr Cbrlty number 1101824 Prlntlpll addre55 169.171 Haydons Ro South WiTnblcdon ndon SWI9 8TB Truitee¥ POrfDrI D O Oludoyi Pastor S O Bakar¢ Pastor A P Cc4J A T Olowu MTB. V M At#¢ llld¢p¢Ddellt Elim1]r Mr SyThon Abudry FAIA Abudey & Company First Floor 1&16 Powis Stre¢¢ Woolwich Londo SE18 6LF BAhkers Barcloys Bthk PLC 41 Woolwich New Rold London SE18 6NU ApprovA by order of th¢ btsd of on and sisnoD ityb¢b•lfby'. astorfDrl D O Oludoyi. Tn
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTf,F.S OF THE REDEEIED CHRISTIAN CHURCH OF GOD RCI.'C. I.IVINC. WATER PARISH Indepcndent examiner's report to the trusteL8 of THF. RLDCEMED CHRISTIAN CHURCII OF GOI) (RCCG) LIVING WATER PARISH I repvrt to th¢ rliarily trusl¢¢s on my examination of the acLounts of THE REDEEMED CHRISTIAN CHURCH OF GOD {RCCG) I.IVING WA'fER PARISI l (the Trust) for the year ended 31 December 2021. Rcgpon8ibilitr¢8 and ba&is of repoi* As the ¢harity irustees of the Trust you are responsible for the preparation of th¢ a¢counts in a¢¢ordan¢e with the requirem¢nt5 of the Chariti¢s Act 2011 I'the Act'l. I report in respcet of my examination of the Trust's accounts Carried ovt under se¢tion 145 of the Act and in carrying out my examinatiott I have followed 1 applicable Directions given by the ChaTity Commission undEr section 14515Xbl of the Act. Independent exfiminer's stAtement Since your charity's gross income ¢x¢e¢ded £250,000 your examiner tnU5t be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a giStCrCd rncmber of FAIA which is one of the listed bodies. I have completed my examination. I confirm thal no Inaterial matters have come to my attention in connection with the ¢xaminatioD giving me ¢au%e to belicvc that in any illaterial respect.. accounting records w¢re not kept In respect of the TTUSt as r¢9uird by section 130 of th¢ Act; or the accounts do not accord witli those reLords' or the account5 do not comply with the applicable requirements ¢oncerning the form and content of attounls set out in the Charitics (Accounts and Reports) Regulations 2008 other than 2ny requirement that the accounts give a true and fair view which is not a mattcr considered as part of an independent examination. I hawe no ¢on¢erns and have Come a¢ross no other matters in cotinection with Ihe examination (o which attention should be drawn in ihis report in order to enable a proper undeTStanding of the accounts to be reached. ymon Abudey Abudey & Lompany First FIooT 14-16 Powis Sireet Woolwich London SE18 6LF Dai¢- . Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 417,050 Investment income 3 - Other income - Total 417,050 EXPENDITURE ON Parish-Ministry expenses 4 61,917 Charitable activities 5 Missionary & Charitable Activities 16,370 Church Management & Administration 245,058 Other costs & depreciation 57,607 Total 380,952 NET INCOME/(EXPENDITURE) 36,098 RECONCILIATION OF FUNDS Total funds brought forward 215,511 TOTAL FUNDS CARRIED FORWARD 251,609 |
Restricted fund £ - - - - - - - - - - - - |
2021 Total funds £ 417,050 - - 417,050 61,917 16,370 245,058 57,607 380,952 36,098 215,511 251,609 |
2020 Total funds £ 349,788 29 5,934 355,751 157,166 24,817 144,039 48,946 374,968 (19,217) 234,728 215,511 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
THE REDEE.%fED CHRISTI CHUR OFGO RCCG IVATER PARISH BALANCE SHFET EIIBER 2021 2021 Tothl 2020 Total funds Unrestrida Restricted fund fd Nol¢s FIXED ASSETS Tangibl¢ a$scts io 192.686 192,686 206.808 CURRENT ASSETS DebioTS C¥h 81 bank and in hand 138.615 138.615 57.995 192221 192321 99271 CREDITORS Atnouttu f&llin8 due within one year 12 18,Wl {8.0661 1153361 NET CURRENT ASSETS TOTAL ASSETS LL8S CURRENT LIABVLMFS 376041 376,841 290,743 CREDffORS Amounts f•lJiti8 du¢ &fter more than on¢ yt*r ij (125232) (125332) 17$2321 NET ASSETS FUNDS 15 lkndj 215 TOTAL FLINDS s¢aletttents were approved by th¢ B0d of 4Dd 4ttthori¥e4 for isslle wue sigDed oo its bdwifby.. Oludoyl. Tn]six
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
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. PARISH-MINISTRY EXPENSES Raising donations and legacies Honorarium & Guest Ministers Youth and Outreach Activities Ministry General Expenses Rent and Rates Special Programme Expenses Support costs Other trading activities Purchases Bad debts Aggregate amounts |
2021 £ 259,664 - 1,500 57,007 2,220 36,006 7,696 52,957 417,050 2021 £ - 2021 £ 10,640 1,015 9,827 - 33,892 - 55,374 2021 £ 6,543 - 6,543 61,917 |
2020 £ 190,435 2,676 - 49,404 4,994 38,135 4,786 59,358 349,788 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 |
|---|---|---|
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 2021
5. CHURCH RUNNING AND ADMINSTRATION EXPENSES
| Missionary & Charitable Activities Church Management & Administration 6. SUPPORT COSTS Management £ Management & Administration 236,456 |
Support Direct costs (see Costs note 6) £ £ 16,370 - - 245,058 16,370 245,058 Governance Finance costs £ £ 6,412 2,190 |
Totals £ 16,370 245,058 261,428 Totals £ 245,058 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
8. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Staff |
2021 £ 122,605 6,254 7,626 136,485 2021 5 |
2020 £ 118,033 5,465 8,463 131,961 2020 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 2021
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 349,788 Investment income 29 Other income 5,934 Total 355,751 EXPENDITURE ON Raising funds 157,166 Church running & Administration expenses Missionary & Charitable Activities 24,817 Church Management & Administration 144,039 Other costs and depreciation 48,946 Total 374,968 NET INCOME/(EXPENDITURE) (19,217) Transfers between funds 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 - |
Total funds £ 349,788 29 5,934 355,751 157,166 24,817 144,039 48,946 374,968 (19,217) - (19,217) 234,728 215,511 |
|---|---|---|
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 2021
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Improvmts to L/hold prop £ 389,084 - 389,084 212,635 8,822 221,457 167,627 176,449 Motor vehicles £ 26,591 - 26,591 25,134 364 25,498 1,093 1,457 |
Church Equipment £ 175,601 950 176,551 155,260 5,323 160,583 15,968 20,341 Office equipment £ 17,227 1,094 18,321 14,158 833 14,991 3,330 3,069 |
Furniture & fittings £ 48,575 - 48,575 43,083 824 43,907 4,668 5,492 Totals £ 657,078 2,044 659,122 450,270 16,166 466,436 192,686 206,808 |
|---|---|---|---|
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 2021
10. TANGIBLE FIXED ASSETS - continued
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
| COST At 1 January 2021 and 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 11. DEBTORS Amounts falling due within one year: Other Debtors Amounts falling due after more than one year: LWP Assets Investment Ltd Aggregate amounts 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors |
2021 £ 6,615 132,000 138,615 2021 £ 3,976 4,090 8,066 |
Church Equipment £ 39,206 29,815 2,348 32,163 7,043 9,391 2020 £ 7,995 50,000 57,995 2020 £ 8,746 6,590 15,336 |
|---|---|---|
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 2021
13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 14) Other creditors 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 15. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.1.21 £ 215,511 215,511 Incoming resources £ 417,050 417,050 |
2021 2020 £ £ 50,000 - 75,232 75,232 125,232 75,232 2021 2020 £ £ 50,000 - Net movement At in funds 31.12.21 £ £ 36,098 251,609 36,098 251,609 Resources Movement expended in funds £ £ (380,952) 36,098 (380,952) 36,098 |
|---|---|---|
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 2021
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.1.20 in funds £ £ Unrestricted funds General fund 233,802 (19,217) Restricted funds Restricted Fund 926 - TOTAL FUNDS 234,728 (19,217) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 355,751 TOTAL FUNDS 355,751 |
Transfers between At funds 31.12.20 £ £ 926 215,511 (926) - - 215,511 Resources Movement expended in funds £ £ (374,968) (19,217) (374,968) (19,217) |
|---|---|
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 1.1.20 £ 233,802 926 234,728 |
Net movement in funds £ 16,881 - 16,881 |
Transfers between funds £ 926 (926) - |
At 31.12.21 £ 251,609 - 251,609 |
|---|---|---|---|---|
continued...
Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
15. MOVEMENT IN FUNDS - continued
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 £ 772,801 772,801 |
Resources Movement expended in funds £ £ (755,920) 16,881 (755,920) 16,881 |
|---|---|---|
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 14
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 Ministry General Expenses Rent and Rates Special Programme Expenses Other trading activities Purchases of Communion Cups Bad debts Missionary & Charitable activities WEM-World Evangelism Mission Central Office and Others Home Mission & Other Church Societies Donations to Festival of Life Secular Charities & Relief of Poverty Other costs & depreciation Repairs, servicing and maintenance Carried forward |
2021 £ 259,664 - 1,500 57,007 2,220 36,006 7,696 52,957 417,050 - - 417,050 10,640 1,015 9,827 - 33,892 55,374 6,543 - 6,543 11,250 1,800 1,350 1,200 770 16,370 30,314 30,314 |
2020 £ 190,435 2,676 - 49,404 4,994 38,135 4,786 59,358 349,788 29 5,934 355,751 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 18,898 18,898 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Other costs & depreciation Brought forward Miscellaneous expenses Insurance and Licences Depn-Improv't L/hold property Depn of church equipment Depn of furniture & fittings Depn of motor vehicles Depn of office equipment Support costs Church Management & Administration Staff Wages and Salaries Employer's National Insurance Pensions Hire of Equipment Rent and Rates Telephone Printing, Postage & Stationery Advertising Computer Consumables Internet & Subscription Motor & Transportation Finance Hire Purchase Governance costs Audit and Accountancy Fees Legal and Consultancy Fees Total resources expended Net income/(expenditure) |
2021 £ 30,314 101 11,026 8,822 5,323 824 364 833 57,607 122,605 6,254 7,626 388 82,092 5,847 3,372 1,879 68 1,124 5,201 236,456 6,412 1,890 300 2,190 380,952 36,098 |
2020 £ 18,898 173 11,585 9,287 6,781 969 486 767 48,946 118,033 5,465 8,463 388 - 4,389 2,310 - 898 963 1,240 142,149 - 1,890 25,799 27,689 374,968 (19,217) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 16
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 2021
THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) LIVING WATER PARISH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 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 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 CHRIsTIy HURC RCCG LIVI%G WATER PARISH RFPORT OF THE TRUSTEES FOR THF. YEAR ENDED 31 DECEMBER 2021 REFERENCE AND ADMINISTRATIVE DETAILS RtK15tCr Cbrlty number 1101824 Prlntlpll addre55 169.171 Haydons Ro South WiTnblcdon ndon SWI9 8TB Truitee¥ POrfDrI D O Oludoyi Pastor S O Bakar¢ Pastor A P Cc4J A T Olowu MTB. V M At#¢ llld¢p¢Ddellt Elim1]r Mr SyThon Abudry FAIA Abudey & Company First Floor 1&16 Powis Stre¢¢ Woolwich Londo SE18 6LF BAhkers Barcloys Bthk PLC 41 Woolwich New Rold London SE18 6NU ApprovA by order of th¢ btsd of on and sisnoD ityb¢b•lfby'. astorfDrl D O Oludoyi. Tn
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTf,F.S OF THE REDEEIED CHRISTIAN CHURCH OF GOD RCI.'C. I.IVINC. WATER PARISH Indepcndent examiner's report to the trusteL8 of THF. RLDCEMED CHRISTIAN CHURCII OF GOI) (RCCG) LIVING WATER PARISH I repvrt to th¢ rliarily trusl¢¢s on my examination of the acLounts of THE REDEEMED CHRISTIAN CHURCH OF GOD {RCCG) I.IVING WA'fER PARISI l (the Trust) for the year ended 31 December 2021. Rcgpon8ibilitr¢8 and ba&is of repoi* As the ¢harity irustees of the Trust you are responsible for the preparation of th¢ a¢counts in a¢¢ordan¢e with the requirem¢nt5 of the Chariti¢s Act 2011 I'the Act'l. I report in respcet of my examination of the Trust's accounts Carried ovt under se¢tion 145 of the Act and in carrying out my examinatiott I have followed 1 applicable Directions given by the ChaTity Commission undEr section 14515Xbl of the Act. Independent exfiminer's stAtement Since your charity's gross income ¢x¢e¢ded £250,000 your examiner tnU5t be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a giStCrCd rncmber of FAIA which is one of the listed bodies. I have completed my examination. I confirm thal no Inaterial matters have come to my attention in connection with the ¢xaminatioD giving me ¢au%e to belicvc that in any illaterial respect.. accounting records w¢re not kept In respect of the TTUSt as r¢9uird by section 130 of th¢ Act; or the accounts do not accord witli those reLords' or the account5 do not comply with the applicable requirements ¢oncerning the form and content of attounls set out in the Charitics (Accounts and Reports) Regulations 2008 other than 2ny requirement that the accounts give a true and fair view which is not a mattcr considered as part of an independent examination. I hawe no ¢on¢erns and have Come a¢ross no other matters in cotinection with Ihe examination (o which attention should be drawn in ihis report in order to enable a proper undeTStanding of the accounts to be reached. ymon Abudey Abudey & Lompany First FIooT 14-16 Powis Sireet Woolwich London SE18 6LF Dai¢- . Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 417,050 Investment income 3 - Other income - Total 417,050 EXPENDITURE ON Parish-Ministry expenses 4 61,917 Charitable activities 5 Missionary & Charitable Activities 16,370 Church Management & Administration 245,058 Other costs & depreciation 57,607 Total 380,952 NET INCOME/(EXPENDITURE) 36,098 RECONCILIATION OF FUNDS Total funds brought forward 215,511 TOTAL FUNDS CARRIED FORWARD 251,609 |
Restricted fund £ - - - - - - - - - - - - |
2021 Total funds £ 417,050 - - 417,050 61,917 16,370 245,058 57,607 380,952 36,098 215,511 251,609 |
2020 Total funds £ 349,788 29 5,934 355,751 157,166 24,817 144,039 48,946 374,968 (19,217) 234,728 215,511 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
THE REDEE.%fED CHRISTI CHUR OFGO RCCG IVATER PARISH BALANCE SHFET EIIBER 2021 2021 Tothl 2020 Total funds Unrestrida Restricted fund fd Nol¢s FIXED ASSETS Tangibl¢ a$scts io 192.686 192,686 206.808 CURRENT ASSETS DebioTS C¥h 81 bank and in hand 138.615 138.615 57.995 192221 192321 99271 CREDITORS Atnouttu f&llin8 due within one year 12 18,Wl {8.0661 1153361 NET CURRENT ASSETS TOTAL ASSETS LL8S CURRENT LIABVLMFS 376041 376,841 290,743 CREDffORS Amounts f•lJiti8 du¢ &fter more than on¢ yt*r ij (125232) (125332) 17$2321 NET ASSETS FUNDS 15 lkndj 215 TOTAL FLINDS s¢aletttents were approved by th¢ B0d of 4Dd 4ttthori¥e4 for isslle wue sigDed oo its bdwifby.. Oludoyl. Tn]six
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
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. PARISH-MINISTRY EXPENSES Raising donations and legacies Honorarium & Guest Ministers Youth and Outreach Activities Ministry General Expenses Rent and Rates Special Programme Expenses Support costs Other trading activities Purchases Bad debts Aggregate amounts |
2021 £ 259,664 - 1,500 57,007 2,220 36,006 7,696 52,957 417,050 2021 £ - 2021 £ 10,640 1,015 9,827 - 33,892 - 55,374 2021 £ 6,543 - 6,543 61,917 |
2020 £ 190,435 2,676 - 49,404 4,994 38,135 4,786 59,358 349,788 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 |
|---|---|---|
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 2021
5. CHURCH RUNNING AND ADMINSTRATION EXPENSES
| Missionary & Charitable Activities Church Management & Administration 6. SUPPORT COSTS Management £ Management & Administration 236,456 |
Support Direct costs (see Costs note 6) £ £ 16,370 - - 245,058 16,370 245,058 Governance Finance costs £ £ 6,412 2,190 |
Totals £ 16,370 245,058 261,428 Totals £ 245,058 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
8. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Staff |
2021 £ 122,605 6,254 7,626 136,485 2021 5 |
2020 £ 118,033 5,465 8,463 131,961 2020 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 2021
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 349,788 Investment income 29 Other income 5,934 Total 355,751 EXPENDITURE ON Raising funds 157,166 Church running & Administration expenses Missionary & Charitable Activities 24,817 Church Management & Administration 144,039 Other costs and depreciation 48,946 Total 374,968 NET INCOME/(EXPENDITURE) (19,217) Transfers between funds 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 - |
Total funds £ 349,788 29 5,934 355,751 157,166 24,817 144,039 48,946 374,968 (19,217) - (19,217) 234,728 215,511 |
|---|---|---|
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 2021
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Improvmts to L/hold prop £ 389,084 - 389,084 212,635 8,822 221,457 167,627 176,449 Motor vehicles £ 26,591 - 26,591 25,134 364 25,498 1,093 1,457 |
Church Equipment £ 175,601 950 176,551 155,260 5,323 160,583 15,968 20,341 Office equipment £ 17,227 1,094 18,321 14,158 833 14,991 3,330 3,069 |
Furniture & fittings £ 48,575 - 48,575 43,083 824 43,907 4,668 5,492 Totals £ 657,078 2,044 659,122 450,270 16,166 466,436 192,686 206,808 |
|---|---|---|---|
continued...
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THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
10. TANGIBLE FIXED ASSETS - continued
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
| COST At 1 January 2021 and 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 11. DEBTORS Amounts falling due within one year: Other Debtors Amounts falling due after more than one year: LWP Assets Investment Ltd Aggregate amounts 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors |
2021 £ 6,615 132,000 138,615 2021 £ 3,976 4,090 8,066 |
Church Equipment £ 39,206 29,815 2,348 32,163 7,043 9,391 2020 £ 7,995 50,000 57,995 2020 £ 8,746 6,590 15,336 |
|---|---|---|
continued...
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THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 14) Other creditors 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 15. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.1.21 £ 215,511 215,511 Incoming resources £ 417,050 417,050 |
2021 2020 £ £ 50,000 - 75,232 75,232 125,232 75,232 2021 2020 £ £ 50,000 - Net movement At in funds 31.12.21 £ £ 36,098 251,609 36,098 251,609 Resources Movement expended in funds £ £ (380,952) 36,098 (380,952) 36,098 |
|---|---|---|
continued...
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THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.1.20 in funds £ £ Unrestricted funds General fund 233,802 (19,217) Restricted funds Restricted Fund 926 - TOTAL FUNDS 234,728 (19,217) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 355,751 TOTAL FUNDS 355,751 |
Transfers between At funds 31.12.20 £ £ 926 215,511 (926) - - 215,511 Resources Movement expended in funds £ £ (374,968) (19,217) (374,968) (19,217) |
|---|---|
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 1.1.20 £ 233,802 926 234,728 |
Net movement in funds £ 16,881 - 16,881 |
Transfers between funds £ 926 (926) - |
At 31.12.21 £ 251,609 - 251,609 |
|---|---|---|---|---|
continued...
Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
15. MOVEMENT IN FUNDS - continued
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 £ 772,801 772,801 |
Resources Movement expended in funds £ £ (755,920) 16,881 (755,920) 16,881 |
|---|---|---|
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
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THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 Ministry General Expenses Rent and Rates Special Programme Expenses Other trading activities Purchases of Communion Cups Bad debts Missionary & Charitable activities WEM-World Evangelism Mission Central Office and Others Home Mission & Other Church Societies Donations to Festival of Life Secular Charities & Relief of Poverty Other costs & depreciation Repairs, servicing and maintenance Carried forward |
2021 £ 259,664 - 1,500 57,007 2,220 36,006 7,696 52,957 417,050 - - 417,050 10,640 1,015 9,827 - 33,892 55,374 6,543 - 6,543 11,250 1,800 1,350 1,200 770 16,370 30,314 30,314 |
2020 £ 190,435 2,676 - 49,404 4,994 38,135 4,786 59,358 349,788 29 5,934 355,751 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 18,898 18,898 |
|---|---|---|
This page does not form part of the statutory financial statements
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THE REDEEMED CHRISTIAN CHURCH OF GOD
(RCCG) LIVING WATER PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Other costs & depreciation Brought forward Miscellaneous expenses Insurance and Licences Depn-Improv't L/hold property Depn of church equipment Depn of furniture & fittings Depn of motor vehicles Depn of office equipment Support costs Church Management & Administration Staff Wages and Salaries Employer's National Insurance Pensions Hire of Equipment Rent and Rates Telephone Printing, Postage & Stationery Advertising Computer Consumables Internet & Subscription Motor & Transportation Finance Hire Purchase Governance costs Audit and Accountancy Fees Legal and Consultancy Fees Total resources expended Net income/(expenditure) |
2021 £ 30,314 101 11,026 8,822 5,323 824 364 833 57,607 122,605 6,254 7,626 388 82,092 5,847 3,372 1,879 68 1,124 5,201 236,456 6,412 1,890 300 2,190 380,952 36,098 |
2020 £ 18,898 173 11,585 9,287 6,781 969 486 767 48,946 118,033 5,465 8,463 388 - 4,389 2,310 - 898 963 1,240 142,149 - 1,890 25,799 27,689 374,968 (19,217) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 16