REGISTERED CHARITY NUMBER: 1103974
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
FOR
REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 30 November 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
a) Policies and Objectives
The objects of the Charity are :-
1) the advancement of the Christian faith worldwide in accordance with the doctrines set out in the statement of faith contained in Schedule
2) the relief of poverty
Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission's general guidance on Public Benefit in particular its supplementary public guidance on the advancement of religion for public benefit.
b) Strategies for achieving objectives
The church has adopted the following strategies for achieving the above objectives:
** organisation of seminars in the church with proven speakers and ministers of faith to guide members in various aspects of the christian faith
** support for other charities christian events
** setting up different internal departments to minister to the members and outsides in various outreaches and family park events and youth activities to affect our community positively.
The charity has also supported the RCCG , Habitation of Hope to give Hope to hope to the street children in Africa by helping to build schools and shelters for the street boys.
Significant activities for achieving objectives
i) Sunday Service
ii) Community outreach events
iii) Provision of welfare support for members
iv) Opening of new branches
ACHIEVEMENT AND PERFORMANCE Charitable activities
** General charitable purposes
-
** The prevention or relief of poverty
-
** Overseas aid/famine relief
** Accommodation /housing
** Religious activities
Investment performance
The trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangement should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.
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 RCCG (House of Praise) 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.
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2022
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
Trustees' are appointed by a resolution of existing trustees and co-opted under the terms of the Trust Deed. A board of trustees' (The Management) make up of five members, currently administers the charity. Each trustee is required to assent to the doctrinal basis of the trust.
Organisational structure and decision making
The church is organised so that the trustees meet regularly to manage its affairs. The day to day administration of the church is managed by the trustees.
Connected Charities
The charity is a member of the Redeemed Christian Church of God (RCCG) which has parishes all over the world. The parish's relationship with RCCG and other parishes is governed by an "Agreement for Common Purposes"
Under the Common Purposes Agreement, the charity has agreed to make an annual contribution to RCCG (UK). In addition, the church supports missionary organisations such as Festival of Life and World Evangelism Mission. the church also provides support to members of the congregation (at the discretion of the trustees) who are in need..
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1103974
Principal address
19 ATLANTIC CLOSE SWANSCOMBE Kent DA10 0LJ
Trustees
PASTOR S A AFOLABI Minster of Religiom A OMOMIA IT Consultant PASTOR O AKINSEYE Administrator Asst. Past F D AJAYI Medical Administrator
Independent Examiner
Abudey & Company First Floor 14-16 Powis Street Woolwich London SE18 6LF
Bankers
Barclays Bank PLC Leicester LE87 2BB
PUBLIC BENEFIT
The charity has continued to provide benefits to the public in the manner describe below.
-
Organising Sunday Service for religious worship and teaching
-
Organising Community outreach events and Evangelism
-
Provision of welfare support for members
-
4 Opening of new branches for spreading the good news of Jesus Christ
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2022
Approved by order of the board of trustees on 7 November 2023 and signed on its behalf by:
PASTOR S A AFOLABI - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
Independent examiner's report to the trustees of REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
I report to the charity trustees on my examination of the accounts of REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE) (the Trust) for the year ended 30 November 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.
SYMON L ABUDEY
Abudey & Company First Floor 14-16 Powis Street Woolwich London SE18 6LF
7 November 2023
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 52,053 EXPENDITURE ON Charitable activities 3 Direct Charitable Activities Cost 36,966 NET INCOME/(EXPENDITURE) 15,087 RECONCILIATION OF FUNDS Total funds brought forward (22,832) TOTAL FUNDS CARRIED FORWARD (7,745) |
2021 Total funds £ 36,169 44,839 (8,670) (14,162) (22,832) |
|---|---|
The notes form part of these financial statements
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
BALANCE SHEET 30 NOVEMBER 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 1,529 CURRENT ASSETS Cash at bank 16,026 CREDITORS Amounts falling due within one year 8 (25,300) NET CURRENT ASSETS/(LIABILITIES) (9,274) TOTAL ASSETS LESS CURRENT LIABILITIES (7,745) NET ASSETS/(LIABILITIES) (7,745) FUNDS 10 Unrestricted funds (7,745) TOTAL FUNDS (7,745) |
2021 Total funds £ 1,873 256 (24,961) (24,705) (22,832) (22,832) (22,832) (22,832) |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 7 November 2023 and were signed on its behalf by:
S A AFOLABI - Trustee
The notes form part of these financial statements
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 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.
| Fixtures and fittings | - 15% on reducing balance |
|---|---|
| Church 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.
2. DONATIONS AND LEGACIES
| Tithes and Offering HMRC Gift aid |
2022 £ 42,084 9,969 52,053 |
2021 £ 36,169 - |
|---|---|---|
| 36,169 |
continued...
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
3. CHARITABLE ACTIVITIES COSTS
| Direct Charitable Activities Cost 4. SUPPORT COSTS Direct Charitable Activities Cost |
Support Direct costs (see Costs note 4) Totals £ £ £ 2,840 34,126 36,966 Governance costs £ 34,126 |
|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2022 nor for the year ended 30 November 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2022 nor for the year ended 30 November 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 36,169 |
| EXPENDITURE ON | |
| Charitable activities | |
| Direct Charitable Activities Cost | 44,839 |
| NET INCOME/(EXPENDITURE) | (8,670) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | (14,162) |
| TOTAL FUNDS CARRIED FORWARD | (22,832) |
continued...
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
7. TANGIBLE FIXED ASSETS
| 7. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Fixtures | |||||
| and | Church | ||||
| fittings | Equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 December 2021 and 30 November 2022 | 4,233 | 80,226 | 84,459 | ||
| DEPRECIATION | |||||
| At 1 December 2021 | 3,631 | 78,955 | 82,586 | ||
| Charge for year | 90 | 254 | 344 | ||
| At 30 November 2022 | 3,721 | 79,209 | 82,930 | ||
| NET BOOK VALUE | |||||
| At 30 November 2022 | 512 | 1,017 | 1,529 | ||
| At 30 November 2021 | 602 | 1,271 | 1,873 | ||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Bank loans and overdrafts (see note 9) | - | 501 | |||
| Other creditors | 25,300 | 24,460 | |||
| 25,300 | 24,961 | ||||
| 9. | LOANS | ||||
| An analysis of the maturity of loans is given below: | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Amounts falling due within one year on demand: | |||||
| Bank overdrafts | - | 501 | |||
| 10. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| At | movement | At | |||
| 1.12.21 | in funds | 30.11.22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | (22,832) | 15,087 | (7,745) | ||
| TOTAL FUNDS | (22,832) | 15,087 | (7,745) |
continued...
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 52,053 | (36,966) | 15,087 |
| TOTAL FUNDS | 52,053 | (36,966) | 15,087 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net At movement At 1.12.20 in funds 30.11.21 £ £ £ (14,162) (8,670) (22,832) (14,162) (8,670) (22,832) |
|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 36,169 | (44,839) | (8,670) |
| TOTAL FUNDS | 36,169 | (44,839) | (8,670) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net At movement At 1.12.20 in funds 30.11.22 £ £ £ (14,162) 6,417 (7,745) (14,162) 6,417 (7,745) |
|---|---|
continued...
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
10. 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:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 88,222 | (81,805) | 6,417 |
| TOTAL FUNDS | 88,222 | (81,805) | 6,417 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2022.
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REDEEMED CHRISTIAN CHURCH OF GOD NEW LIFE CENTRE (HOUSE OF PRAISE)
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithes and Offering | 42,084 | 36,169 |
| HMRC Gift aid | 9,969 | - |
| 52,053 | 36,169 | |
| Total incoming resources | 52,053 | 36,169 |
| EXPENDITURE | ||
| Charitable activities | ||
| Welfare and Hospitality | 640 | 450 |
| RCCG Central Office | 1,200 | 1,200 |
| Guest Ministers & Honorarium | 1,000 | 800 |
| 2,840 | 2,450 | |
| Support costs | ||
| Governance costs | ||
| Wages, Stipends and Allowance | 14,800 | 14,878 |
| Rent and Service Charges | 3,600 | 1,160 |
| Telephone | 3,380 | 3,732 |
| Accountancy | 840 | 900 |
| Printing, Postage & Stationary | 106 | 245 |
| Motor, Travel and Transport | 3,929 | 7,563 |
| Insurance & subscription | 434 | 412 |
| Professional fees | 993 | - |
| Storage | 4,349 | 3,242 |
| General Running Expenses | 690 | 1,498 |
| Interest & Charges | 461 | 335 |
| Youth & Sunday School | 200 | 8,000 |
| Fixtures and fittings | 90 | 106 |
| Computer equipment | 254 | 318 |
| 34,126 | 42,389 | |
| Total resources expended | 36,966 | 44,839 |
| Net income/(expenditure) | 15,087 | (8,670) |
This page does not form part of the statutory financial statements
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