REGISTERED CHARITY NUMBER: 1103581
Report of the Trustees and
Financial Statements for the Year Ended 31 December 2022
for
RCCG Living Faith Connections
Stan Kelly & Co Chartered Certified Accountants 14 Centre Way London N9 0AH
RCCG Living Faith Connections
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
RCCG Living Faith Connections
Report of the Trustees
for the Year Ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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
The Objects of the charity are:
- The advancement of the christian religion worldwide ; and - The relief of poverty worldwide.
Public benefit statement
In determine how best to pursue theses objectives, the trustees have taken on board the charity commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.
.It pursues these objectives by the operation of a centre for christian worship at its premises in Barking, Essex. We have several community based initiatives that focus on assisting the disadvantaged and the less privileged in our local community and the UK..
Our site is accessible to all when programmes are being run and events cater for people from all works of life. . This includes youths, children, single, married, men and women.
Significant activities
Living faith Connections has a policy of supporting up and coming small businesses within the community.
Under the agreement for common purposes (see above), Living Faith Connections parish has agreed to make annual contribution to RCCG (UK).
In addition, the church supports missionary organisations such as Festival of Life and the World Evangelical Mission, African Mission and other missions and projects within and outside the UK. The church also provides support to members of the congregation ( at the discretion of the trustees) who are in need.
Volunteers
Living Faith Connections is grateful for the efforts of its volunteers who are involved in service provision. It is estimated that about 5000 volunteer hours were provided during the period. If this is conservatively valued at £10 per hour. the volunteer efforts amount to £50,000. The charity ensures that best value is derived from the sterling efforts of its volunteer team.
Page 1
RCCG Living Faith Connections
Report of the Trustees
for the Year Ended 31 December 2022
ACHIEVEMENT AND PERFORMANCE Charitable activities Impacting our community:
As a purpose driven church, we are a beacon and a lighthouse to our community, we emphasize the importance of Relationships of service, Generosity & love to our members.
Most importantly, we strive to make our Community Flourish through: Building of relationships with individuals and institutions in the community.
Pursuing our goals through social action and outreach to serve the under privileged, deprived, destitute and those who feel rejected.
Providing platforms for people to connect with each other through worship, music, drama etc. Strengthening the faith of Christians through sound biblical teaching, fellowship and prayer. Promoting and encouraging other initiatives that adds to the growth and development of the community.
We believe that we have been sent to this part of the world to bring the gospel with its attendant message and assurance of comfort, victory and hope to people through active engagement.
Charitable Achievements:
As part of our aim for community growth and engagement, we operate an open door policy for all projects and initiatives run by the council and other organizations within the community.
But, did our best to engage and support people within the community through:
Community Event - We encouraged all our members to carry out community engagements as a family which we showcased regularly during our services. Some of the initiatives included:
Donation and engagement with the homeless, prayer walks, hospital visits and donations, chatting to those who needed encouragement and someone to talk with
Community Engagement - We resumed our physical church and retained the online church to support those who were still unable to attend due to health issues or were just not comfortable in doing so.
Prayer Line: We held a daily prayer line where people could join in to pray for themselves, their families, the community, nation, and the world at large.
Conferences & Events: Different conferences and events were held online; (financial seminar, family life, marriage. health etc.) throughout the year. The topics are always relevant, interesting, and engaging with several breakup groups to address individual questions and to provide support.
Investment performance
The trustees have decided that at present, funds should be retained in banks and building societies. Any changes in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.
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RCCG Living Faith Connections
Report of the Trustees
for the Year Ended 31 December 2022
ACHIEVEMENT AND PERFORMANCE
Internal and external factors
Factors relevant to achieving objectives
The other single most important factor is the commitment from members both financially and in voluntary hours.
FINANCIAL REVIEW
Financial position
During the year, the total income generated was £111,812 ( 2021: £116,564). The Charity made a surplus of £95 for the year ended 31 December 2022 ( 2021: deficit of £7,745). After taking account of the operations, the charity's available funds stood at £50,212 for the year ended 31 December 2022 (£50,307 as at 31 December 2021).
Principal funding sources
The charity's principal funding is through members' voluntary contributions and donations .
Reserves policy
The trustees are aware of the requirement to have a reserve policy in place and aim to maintain a target balance of a month's worth of fixed operational cost at any given time, to ensure on going delivery of its charitable objects during an unforeseen down turn in income.
The trustees are fully aware that the current level of the unrestricted fund is below the required level. The trustees have plans in hand to address this situation and restore the reserves to the level required. This will be achieved, amongst other initiatives by cutting cost wherever possible, whilst most of our reserves have been used up during the year because of the economic climate.
Going concern
The charity is still trading despite the challenges experienced during the year.
FUTURE PLANS
Living Faith Connections continues to explore ways of evangelising in an effective manner by raising its profile and getting more involved in the community. The charity aims to provide services and activities that are relevant to people on a foundation of christian tenets and beliefs in a bid to effect change in the moral and spiritual climate of the local borough and the country at large.
Some of its plans include:
. Working more with the council to develop more community projects.
. The charity aims at reaching out to the youth by opening a youth centre and creating space for the elderly. This will build a happier community and impact the society.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
New trustees are appointed on the basis of the contribution they will make to the governance of the organisation and the skills that they will contribute. They are provided with copies of the Charity Commission's guidance to trustees and given an introduction to the activities of the charity by the existing board.
Page 3
RCCG Living Faith Connections
Report of the Trustees
for the Year Ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The church is organised so that the trustees meet regularly to manage its affairs. The minister in charge manages the day to day administration of the church.
Connected charities - Living Faith Connections is a parish of the Redeemed Christian Church of God - a network comprised of churches all over the world.
There is an agreement for common purpose entered into by Living Faith Connections with the Redeemed Christian Church of God which documents this relationship.
Induction and training of new trustees
Policies adopted for the induction and training of trustees. Existing trustees are provided with trainings as and when required.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1103581
Principal address
301 Long Riding Basildon Essex SS14 1QR
Trustees
Pastor O Odugbile Mr C T Adeoye Mr O Osadugba Mr E Adeyemi
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Pastor O Odugbile - Trustee
Page 4
Independent Examiner's Report to the Trustees of RCCG Living Faith Connections
Independent examiner's report to the trustees of RCCG Living Faith Connections
I report to the charity trustees on my examination of the accounts of RCCG Living Faith Connections (the Trust) for the year ended 31 December 2022.
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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving 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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Dr Emmanuel Oloke , FCCA
Stan Kelly & Co Chartered Certified Accountants 14 Centre Way London N9 0AH
5 November 2023
Page 5
RCCG Living Faith Connections
Statement of Financial Activities
for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| as restated | |||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 111,812 | 116,564 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable activities | 103,997 | 112,425 | |
| Other | 7,720 | 11,884 | |
| Total | 111,717 | 124,309 | |
| NET INCOME/(EXPENDITURE) | 95 | (7,745) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | (50,307) | (42,562) | |
| TOTAL FUNDS CARRIED FORWARD | (50,212) | (50,307) |
The notes form part of these financial statements
Page 6
RCCG Living Faith Connections
Balance Sheet
31 December 2022
| 31.12.22 Unrestricted fund as Notes £ FIXED ASSETS Tangible assets 6 131,939 CURRENT ASSETS Cash at bank and in hand (21,984) CREDITORS Amounts falling due within one year 7 (160,167) NET CURRENT ASSETS/(LIABILITIES) (182,151) TOTAL ASSETS LESS CURRENT LIABILITIES (50,212) NET ASSETS/(LIABILITIES) (50,212) FUNDS 9 Unrestricted funds (50,212) TOTAL FUNDS (50,212) |
31.12.21 Total funds restated £ 131,939 (17,929) (164,317) (182,246) (50,307) (50,307) (50,307) (50,307) |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 November 2023 and were signed on its behalf by:
Pastor O Odugbile - Trustee
Mr C T Adeoye - Trustee
The notes form part of these financial statements
Page 7
RCCG Living Faith Connections
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
| Improvements to property | - 10% on cost |
|---|---|
| Plant and machinery | - 20% on cost |
| Fixtures and fittings | - 20% on cost |
| Computer equipment | - 20% on cost |
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
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
continued...
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RCCG Living Faith Connections
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
2. TRUSTEES' REMUNERATION AND BENEFITS
One trustee was engaged as a pastor and paid £39,846.88 as stipend and allowance for the year ended 31 December 2022. ( £36,970 for the year ended 31 December 2021).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.22 | 31.12.21 | |
|---|---|---|
| as restated | ||
| Management and support staff |
1 | 2 |
| No employees received emoluments in excess of £60,000. | ||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | ||
| fund | ||
| as restated | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 116,564 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable activities | 112,425 | |
| Other | 11,884 | |
| Total | 124,309 | |
| NET INCOME/(EXPENDITURE) | (7,745) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | (42,562) | |
| TOTAL FUNDS CARRIED FORWARD | (50,307) |
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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RCCG Living Faith Connections
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
5. PRIOR YEAR ADJUSTMENT
This relates to expected gift aid debtors amount which did not materilalised due to incorrect reclaim in the past years. This has now been written back against overstated surplus and deficit account brought forward.
6. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1 January 2022 and 31 December 2022 199,419 DEPRECIATION At 1 January 2022 and 31 December 2022 78,690 NET BOOK VALUE At 31 December 2022 120,729 At 31 December 2021 120,729 Motor vehicles £ COST At 1 January 2022 and 31 December 2022 40,910 DEPRECIATION At 1 January 2022 and 31 December 2022 40,910 NET BOOK VALUE At 31 December 2022 - At 31 December 2021 - |
Plant and machinery £ 26,060 26,060 - - Computer equipment £ 58,365 58,355 10 10 |
Fixtures and fittings £ 97,049 |
|---|---|---|
| 85,849 | ||
| 11,200 | ||
| 11,200 | ||
| Totals £ 421,803 |
||
| 289,864 | ||
| 131,939 | ||
| 131,939 |
continued...
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RCCG Living Faith Connections
| Notes to the Financial Statements- continued for the Year Ended 31 December 2022 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 8. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other loans 9. 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 1.1.22 £ (50,307) (50,307) Incoming resources £ 111,812 111,812 |
31.12.22 31.12.21 as restated £ £ 1 1 160,166 164,316 160,167 164,317 31.12.22 31.12.21 as restated £ £ 5,099 5,849 Net movement At in funds 31.12.22 £ £ 95 (50,212) 95 (50,212) Resources Movement expended in funds £ £ (111,717) 95 (111,717) 95 |
|---|---|---|
continued...
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RCCG Living Faith Connections
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.21 £ Unrestricted funds General fund (42,562) TOTAL FUNDS (42,562) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 116,564 TOTAL FUNDS 116,564 A current year 12 months and prior year 12 months combined position is as follows: At 1.1.21 £ Unrestricted funds General fund (42,562) TOTAL FUNDS (42,562) |
Net movement At in funds 31.12.21 £ £ (7,745) (50,307) (7,745) (50,307) Resources Movement expended in funds £ £ (124,309) (7,745) (124,309) (7,745) Net movement At in funds 31.12.22 £ £ (7,650) (50,212) (7,650) (50,212) |
|---|---|
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 £ 228,376 228,376 |
Resources Movement expended in funds £ £ (236,026) (7,650) (236,026) (7,650) |
|---|---|---|
continued...
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RCCG Living Faith Connections
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
10. CONTINGENT LIABILITIES
There is a potential liability of £213,970.89 arising from HMRC discovery assessments on past gift aid returns. This matter is not conclusive as there are on going discussions and agreements on the above amounts and claims.This matter has not progressed beyond this position since 31 December 2019.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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RCCG Living Faith Connections
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2022 | ||
| 31.12.22 | 31.12.21 | |
| as restated | ||
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithes and offerings | 111,812 | 116,194 |
| Donations | - | 370 |
| 111,812 | 116,564 | |
| Total incoming resources | 111,812 | 116,564 |
| EXPENDITURE | ||
| Charitable activities | ||
| Hall hire | 18,658 | 9,808 |
| World evangelical mission | 2,525 | 1,625 |
| Honorariums -guest ministers | 1,050 | - |
| Community outreach activities | - | 750 |
| Pastoral care | - | 1,500 |
| Church running expenses | 3,875 | 5,884 |
| RCCG central office | 2,330 | 1,200 |
| Transport and travelling | 730 | 571 |
| Music expenses | 20,550 | 20,200 |
| Media expenses | 7,693 | 4,642 |
| Stipend and allowance | 39,847 | 36,970 |
| 97,258 | 83,150 | |
| Other | ||
| Hire of plant and machinery | 240 | 1,050 |
| Storage cost | 6,580 | 7,045 |
| Plant and machinery | - | 1,796 |
| Computer equipment | - | 1,093 |
| 6,820 | 10,984 | |
| Support costs | ||
| Management | ||
| Wages | - | 21,750 |
| Insurance | 761 | 711 |
| Telephone | 1,474 | 1,484 |
| 2,235 | 23,945 | |
| Finance | ||
| Bank charges | 2,773 | 2,384 |
| Carried forward | 2,773 | 2,384 |
This page does not form part of the statutory financial statements
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RCCG Living Faith Connections
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2022 | ||
| 31.12.22 | 31.12.21 | |
| as restated | ||
| £ | £ | |
| Finance | ||
| Brought forward | 2,773 | 2,384 |
| Cards merchant cost | 1,283 | 2,400 |
| 4,056 | 4,784 | |
| Information technology | ||
| IT Support | 448 | 426 |
| Governance costs | ||
| Legal fees | - | 120 |
| Independent examiner's fees | 900 | 900 |
| 900 | 1,020 | |
| Total resources expended | 111,717 | 124,309 |
| Net income/(expenditure) | 95 | (7,745) |
This page does not form part of the statutory financial statements
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