COMPANY REGISTRATION NUMBER 05145159
CHARITY REGISTRATION NUMBER 1110713
Redeemed Christian Church of God - The Promised Land
Report and Accounts for the year Ended 31 March 2022
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Redeemed Christian Church of God - The Promised Land
Contents Pages Business Information……………………………………………………………..3 Structure, Governance and Mgt...............................................4 Trustee’s report.......................................................................5 Accountant’s report................................................................6 Statement of financial activities..............................................7 Balance sheet..........................................................................8 Balance sheet cont’d...............................................................9 Accounting Policies……………………………………………………………10-12 Schedule to the Profit & Loss..............................................13-14 Notes to the accounts.........................................................15-16
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Redeemed Christian Church of God - The Promised Land
Business Information
Charity Details Charity Number: 1110713 Company Number: 05145159 Principal Address: 19 Danbury Crescent South Ockendon Essex RM15 5BX Accountants: Connex &Co. Accountants and Tax Consultants 253 Wick Road, London E9 5DG Bankers: Lloyd’s TSB Bank Plc Notting hill gate branch Account Number: 00832686 Sort code: 30-69-19
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Redeemed Christian Church of God - The Promised Land
Structure, Governance and Management
Redeemed Christian Church of God - The Promised Land, is a Company Limited by Guarantee governed by its Memorandum and Articles of Association which was with the Companies House on the 2nd June 2004. It is registered with the Charity Commission on the 3[rd] August 2005. In accordance with the governing document, new members are appointed by the existing Board of Directors. There are currently three members in the financial year ending 31 March 2022.
Names of Directors and Trustees
Directors
Mr Abayomi Adegbite
Mr Olumade Okunromade
Trustees
Pastor Adeleke Sanusi
Mr Adebowale Adebajo
Mr Samuel Olushanu
Secretary
Mr Olumade Okunromade
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Redeemed Christian Church of God - The Promised Land
Trustee’s Report
The Trustee’s present their report and accounts for the year ended 31 March 2022.
The Church; Redeemed Christian Church of God - The Promised Land is a Company limited by guarantee governed by the Memorandum and Articles of Association. The Church was registered with the Companies’ house on the 2[nd] June 2004 and registered with the Charity Commission on 3[rd] August 2005.
Principal Activities:
The Church principal activity during the year was advancing of Christian faith, testifying to the work of Jesus Christ and adhered to his teachings.
The Church is a Charity organisation without any shareholding.
A small company special provision applies.
The report of the trustee’s has been prepared in accordance with the special provisions of companies Act and the Charity Commission.
This report was approved on behalf of the board of trustee’s on 30th December 2022.
Mr Olumade Okunromade
(Director)
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Redeemed Christian Church of God - The Promised Land
Accountants’ Report
In order to assist you to fulfil your duties under the charity commission act, we have compiled the accounts of the company which comprise the Profit and Loss Account, the Balance Sheet, the statement of Total Recognised Gains and Losses and the related notes from the accounting records, information and explanations you have given to us.
Our revised report is made available to the trustees of the church, as a body in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the accounts that we have been engaged to compile which we have to report to the church trustee’s that we have done so, and those issues that we have agreed upon in this report and for no other purpose.
We have prepared this revised report but we do not accept responsibility to anyone other than the church and the trustee’s for any information contained in this report.
This report has been carried out in accordance with the technical guidance issued by the Institute of Chartered Accountants in England and Wales and have complied with the guidance contained in it relating to members undertaking the compilation of accounts.
We have made mentioned to you that it is your responsibility to ensure the company kept proper accounting records and to prepare accounts that gives a true and fair view under the companies Act 1985.
In our opinion the revised accounts has been prepared in accordance with the Companies Act 1985 and the revised accounts gives a true and fair view of the Profit and Loss and the Balance sheet of the companies seen as at the date the original accounts were approved.
The original account failed to comply with the requirements of the companies Act 1985.
We can confirm that the information in the Directors report for the financial year is consistent with the accounts.
You consider that the church is exempt from the statutory requirement for an audit for the year.
As we have not been instructed by you to carry out an audit of the accounts and any other instruments owned by you and we have not verified the accuracy or completeness of the accounting records, information and explanations you have given to us, we therefore do not express any opinion on the accounts
Connex & Co. 253 Wick Rd, London E9 5DG Date: 30 December 2022
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Redeemed Christian Church of God - The Promised Land
Profit and Loss/Retained Profit For the year Ended 31 March 2022
| Notes Income Resource Expended Operating Profit/(Loss) 2 Profit/(Loss) on ordinary activities before taxation Tax on profit/(Loss) on ordinary Activities Profit/(Loss) for the financial year Retained Profit/(Loss) for the financial Year 7 |
2022 £ 53,519 53,745 |
2021 £ 61,138 59,130 |
2021 £ 61,138 59,130 |
||
|---|---|---|---|---|---|
| (245) | 2,008 | ||||
| (245) - |
- | 2,008 | |||
| (245) | 2,008 | ||||
| (245) | 2,008 |
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Redeemed Christian Church of God - The Promised Land Balance Sheets at 31 March 2022
| Fixed Assets: | Note | 2022 | 2021 | ||
|---|---|---|---|---|---|
| Tangible Assets | 3 | Equipment | Fixtures & Fittings | Total | |
| Cost | £ | £ | £ | ||
| At 1 April 2020 | 3,874 | 491 | 4,365 | ||
| At 31 March 2021 | 3,874 | 472 | 4,346 | ||
| Addition during year | - | - | - | ||
| Depreciation | |||||
| Charge for the year | 19 | - | - | ||
| Net Book Value | |||||
| At 31 March 2021 | 3,874 | 491 | 4,365 | ||
| At 1 April 2022 | 3,874 | 472 | 4,346 | ||
| Current Assets: | 4 | ||||
| Cash at bank | 80,305 | ||||
| Trade debtors | - | ||||
| Current Liabilities | 5 | ||||
| Creditors: amounts | |||||
| falling due within one | |||||
| year | - | ||||
| - | |||||
| Net Current Assets: | 84,651 | ||||
| Amount due after more | |||||
| than oneyear | 42,138 | ||||
| Total Net Assets: | 42,513 | ||||
| Charity funds | 6 | ||||
| Un-restricted funds | 35,247 | ||||
| Restricted funds | - | ||||
| Profit & Loss | 7 | 7,266 | |||
| Net Funds | 42,513 |
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Redeemed Christian Church of God - The Promised Land
Balance Sheet continued from previous page
Director’s statement required by section 475(3)
Balance Sheet for the year ended 31 March 2022
In approving these financial statements as the director of the company we hereby confirm:
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(a) That for the year stated above the company was entitled to the exemption from audit under section 477 of the Companies Act 2006 relating to small companies;
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(b) That no notice had been deposited at the registered office of the company pursuant to section 476 requesting that an Audit be conducted for the period ended 31 March 2022.
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(c) that we acknowledge our responsibilities for;
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(1) the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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(2) Preparing financial statements which give a true and fair view of the state of affairs of the company as at the financial year and its profits for the year ended in accordance with the requirements of section 394 and 395 and which otherwise comply with the provision of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
In preparing these financial statements:
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The company has claimed exemption under Section 477 of Companies Act 2006
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In the opinion of the director the company is entitled to these exemptions as a small company.
The financial statement were approved by the Board on 30 December 2022 and signed on behalf of its members by,
Mr O Okunromade Signature:
(Director)
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Redeemed Christian Church of God - The Promised Land
Notes to the Accounts
For the year ended 31 March 2022
1. Accounting policies:
1.1 Basis of Preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with the financial reporting standard for smaller entities. The financial statements have been prepared in accordance the statements of recommended practice (SORP). Accounting and reporting by charities published in October 2000, Applicable Accounting Standards, companies and charity commission Acts.
1.2 Company Status
The church is a charitable organisation; the members of the church are the trustees whose named are included in this report. In the event of the church being wound up, the liabilities in respect of the guarantee is limited to £1 per member of the trustee’s.
1.3 Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company. Restricted funds are funds which are to be used in accordance with specific restriction imposed by donors which have been raised by the charity for particular purpose. The cost of raising and administering such funds are charged against the specific funds. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.4 Incoming Resources
All incoming resources are included in the statement of financial activities as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the costs. No amounts are included in these financial statements for service donated by volunteers. Intangible income, which comprises donated services, is included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party. Income tax recoverable in relation to donations received under gift aid or deeds of covenants is recognised at the time of the donation.
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1.5 Resources Expended
All expenditures are accounted for on an accruals basis and have been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be attributed to particular activities they should be allocated on a basis consistent with the use of the resources.
Fund raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on he objects of the charity and includes project management carried out at headquarters. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
1.6 Cash Flow
The financial statements do not include cash flow statements because the charitable company as a small reporting entity is exempted from the requirement to prepare such a statements under the financial reporting standard for smaller entities.
1.7 Tangible Fixed Assets Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives on the following basis:-
The assets of the organisation (Equipment’s and Fixtures and Fittings) have been depreciated over its useful life period of 20% 5 years and 25% 4 years respectively. These assets have reached the end of their useful life period as at the end of 31 March 2015
Furniture and Fixtures 25% Straight Line
Equipment’s 20% Straight Line
1.8 Stocks
Stocks are valued at the lower of cost and net realisable value.
1.9 Deferred Taxation
Full provision is made for deferred taxation resulting from timing difference between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred Taxation is calculated on an un-discounted basis at the tax rate which is expected to apply in the periods when timing differences will reverse.
2.0 Leasing and Hire Purchase
Assets held under financial leases and hire purchase contracts which are those where substantially all the risks and rewards of the ownership of the assets have passed to the
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church. These are capitalised in the balance sheets and depreciated over their useful lives. Whereas the interest element of the rental obligations is charged to the profit and loss account over period of the lease and represents a constant proportion of the balance of capital repayment outstanding. Rentals paid under operating leases are charged on a straight line basis over the lease term.
2.1 Pensions
If company operates a defined contributions pension scheme contribution are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.2 Foreign Currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are transacted at the rate of exchange ruling at the balance sheet date, all differences are taken to the profit and loss account.
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Redeemed Christian Church of God - The Promised Land
Schedule to the Profit and Loss Account
For the year ended 31 March 2022
| Income Tithe, Offering & Thanksgiving Gift Aid Expended Costs Employees Costs Pastors Allowance Pastors Emolument Premises Costs Rent Rate General Administrative Expenses Printing and Stationary Loan Interest Light and Heat Thames Water Bank Charges Choir Running Expenses Conference & Seminar Advertisement/Promotion Ministry Expenses Repairs, Maintenance and Installation Training and Education Telephone and Fax General Expenses Postage Books and Tapes Sundry Expenses Ministry Fuel/Travel Expenses Lease Processing Cost Depreciation Inter-bank Transfer Professional Cost Accountancy Fees Legal Fees |
£ | 2022 £ 44,469 9,050 |
2021 49,890 11,248 |
|---|---|---|---|
| 53,519 12,000 - 12,000 12,640 432 13,072 528 10,998 - - 574 1,070 428 309 682 560 - 236 267 120 - 906 - 19 - 16,697 850 - |
61,138 18,000 4,000 22,000 14,701 393 15,094 340 - - - 348 2,465 2,005 514 738 208 364 - 236 108 65 - 247 - - - 7,638 1,000 - |
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| Charitable Activities Gifts & Grants to Individuals WEM & Pastor’s Welfare HQ And Divisional Support Hospitalities/Welfare Retreats and Evangelism Other Charity Donations Festival of Life Honorarium Total Resources Expended Profit/Loss |
850 1,250 1,600 4,130 1,280 350 855 1,200 480 11,145 53,745 (245) |
1,000 1,492 1,800 5,170 2,006 350 2,080 1,200 300 14,398 59,130 |
1,000 | |
|---|---|---|---|---|
2,008 |
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Redeemed Christian Church of God - The Promised Land Notes to the accounts
for the year ended 31 March 2022
| 2 3 4 5 |
Operating Profit 2022 This is stated after charging: £ Depreciation of owned assets 19 Retained Profit/Loss for the year (245) Fixed Assets: Tangible 2022 Equipment Fixtures & Fittings Total Cost £ £ £ At 1 April 2016 3,874 491 4,365 At 31 March 2017 3,874 472 4,346 Addition during year - - - Depreciation Charge for the year - - - Net Book Value At 31 March 2020 3,874 491 4,365 At 1 April 2021 3,874 472 4,346 Current Assets: Cash at bank 80,305 Trade debtors - Current Liabilities Creditors: amounts falling due within one year - Net Current Assets: 84,651 Amount due after more than one year(Loan) (42,138) |
|---|---|
| Total Net Assets: 42,513 |
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| 6 7 8 |
Charity funds Un-restricted funds 42,758 Restricted funds - Profit & Loss (245) |
|---|---|
| Net Funds 42,513 |
|
| Profit and Loss Account: Profit/Loss account At 31 March 2017 (245) Retained profit/loss (245) Pastor's Allowance and Emolument 12,000 |
9 Trustees Remuneration and Reimbursement of Expenses The trustees did not receive and remuneration in this financial year
- 10 Related Party Transaction
There was no related party transaction in the year ending 31 March 2022
11 There is a Depreciation for the current year ended 31 March 2022, because all assets have reached their end of life cycle and are valued at their current market value.
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