THE REDEEMED CHRISTIAN CHURCH OF GOD INSPIRATION HOUSE DARTFORD Charlty reg. no 1120699 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE REDEEMED CHRISTIAN CHURCH OF GOD- INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 CONTENTS CONTENTS PAGE Reference and admlnistrative details of the charity Trustee's report Independent Examiner's Statement of Financlal Actlvitles Balance sheet io. Notes to the flnanclal statements Page I
THE REDEEMED CHRIsfiAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DAlLs OF THE CHARtrY. ITS TRusfEES AND ADVISERS Trustees Mr O B Olorunsola-Ellas Mrs O A Fapetu Mr O Senbore Pastor F Olaleye Registered Charlty Number 1120699 Correspondence Address 81 St Vlncents Road Dartford Kent DAI IXA Pastor in Charge Pastor Opeoluwa Oluborode Accountant Akintayo Ojo FCCA Resource Management Consultant5 Llmlted Chartered Certlfled Accountant 46 Hollywood Way Erith DA8 2QE Bankers HSBC PIC 23 Denmark Hlll Camberwell Green SE5 8RP Lloyds Bank 121 High Street Tonbridge Kent TN9 IDB Page 2
THE REDEEMED CHRISTIAN CHURCH OF GOD- INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRusfEES The Trustees present their annual report together with the financial statements ofThe Redeemed Christian Church of God Inspiration House Dartford (the Charity) for the year ended 31 December 2023 The trustees confirm that the annual report and financial statements of the charlty have been prepared in accordance wlth the pollcles set out in note I to the accounts and comply with the charity's trust deed, the Charltles Att 2011 and Accountlng and Reportlng by Charities: Statement of Recommended Practice (SORP) appllcable In the UK and Republic of Ireland publlshed on 16 July 2014 OBJECTXVES AND ACTIVITIES The principal object Is the advancement of Chrlstlan falth worldwide and relief of poverty. To promote any charltable actlvlty for the benefit of the local people. To achieve this objective, the church adopted the followlng strategies: STRATEGIES FOR ACHIEVING THE OBJECTIVES The charlty has adopted the following strategies for achlevlng the above objectlves: Planting churches Running seminars In the church with proven ministers of the falth to guide members in the varlous aspects of Chrlstlan faith, Support for other charities and Christian events, Provldlng overseas ald and famlne relief, and Involving In economic and community development, Communlty outreach events, confenCeS and events, Welfare support to members and general publlc, and Varlous missionary activities PUBLIC BENEFIT STATEMENT The Board of Trustees conflrm that they have met thelr dutles In strlct compllance with the provisions of Section 4 and 17 of the Charltles Act 2011 and have due regards to the Charlty Commlsslons, general guidance on publlc beneflt. Partlcular consideratlon has been given to the Charity Commlsslon's supplementary publlc gUIdan provisions on the advancement of ligIon for public benefit, PUBLIC BENEFITS The Church's Sunday and mid-week services as well as prayer meetlngs are open to the general public to build on thelr Chrlstian faith. Apart from its Church activities, the charity was involved in several other public benefit efforts. The charity conducted semlnars on rellglous and soclal Issues for the benefits of members of the community. Our efftjrts are geared towards supportlng the programmes of our local community¢ promoting cohesion in our community, and impacting the lives of the young people and the elderly. Page 3
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIKATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES STRUCTURE, GOVERNANCE AND MANAGEMENT The Charlty whlch also operates under the name Insplratlon house Dartford was constituted by a trust deed dated 31 December 2006 and was reglstered wlth the Charity Commlsslon as a charity in England and Wales with charity number 1120699. APPOINTMENT OR ELLECTION OF TRUSTEES Trustees are appointed or elected under the terms of the trust deed. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES The induction process for newly appolnted trustees comprises of an initial meeting with the Chair and other trustees, followed by short meetlngs wlth the Parish Pastor on the powers and responsibilities of the Trustees. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charity is organlsed so that the Trustees meet regularly to manage Its affalrs. The Parish Pastor manages the day to day admlnlstratlon of the church wlth asslstance from the mlnisters. RELATED PARTY TRANSAcfIoN RCCG Inspiration House Dartford is a parlsh of The Redeemed Chrlstlan Church of God (RCCG) which has parishes all over the world. The parish's relationship with RCCG Is governed by an Agreement for Common purposes,. RISK MANAGEMENT The Trustees have assessed the major risks to whlch the charity Is exposed, In partlcular those relatlng to the operations and finances of the charityi and are satisfied that systems are in place to mitigate our exposures to major rfsks. However consultatlon and revlew of our systems are regularly undertaken, in order to ensure they maIn up to date and effective. GRANT MAKING POLICY The church supports vlsltlng mlnlsters of the gospel both withln and outslde the Unlted klngdom. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Life and other RCCG programmes. The Church supports other Charities and Missionaries that shares its objects on advancement of Christian faith. In Ilne with Its object of the advancement of Chrlstlan falth and rellef of poverty, the church glves occasional welfare support to congregatlonal members who are In need. Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DAFiTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES VOLUNTEERS The church is grateful for the u nstlntlng efforts of Its volunteers who are Involved in pmviding servlces for the charlty. It Is estlmated that over 7000 hours a provided by volunteers durlng the year. If this is conservatively valued at £7.50 per hour, the volunteers effort wlll amount to over £52,500. Strategic training/development programmes were provided to the volunteers to enhance the quallty of servSces they rendered to the Charity. ACHIEVEMENT AND PERFORMANCE REVXEW OF ACTIVITIES The church continued to enjoy tremendous growth In its physical and spiritual life during the year, and In the advancement of Christian falth In accordance wlth the doctrlnes set out In the Statement of faith contained in our Trust Deed. ACTIVITIES DURING THE YEAR Marathon Pralse - The church held a praise and worshlp event for the beneflts of members of the community. This was tagged Marathon Pralse. Youth Conference - A conference was held for the youths to create awareness and address Issues relatlng to mental health Issues. The chu rch held a breakfast meetlng to disojss soclal medla usage and safeguarding Issues. This was open to the general publlc. INVESTMENT POLICY The trustees have declded that at present, funds should be retalned In banks and bu Ildlng socletles, and as far as posslble in interest bearing accounts. Having considered the powers of the trustees to further Invest the funds of the charltyi the trustees Invested In a church bulldlng comprlslng a flat. The flat cu rrently generate rental income for the charity. RESERVES POLICY The trustees, policy is to have unrestrlcted and uncommltted funds (free reseNes) to cover 3 to 6 months of resources expended which equals roughly £12,000 - £24,000. They feel that this wlll enable current actlvltles to continue if there is any significant drop in funding. It would obviously be necessary then to conslder how the funding would be replaced or activities changed. The present free reserve is above the policy range but the trustees are contlnulng to seek addltlonal fiJ nds to further boost the reserves. PRINCIPAL FUNDING Funding has been provided mainly through tithes and offerings by church members and thmugh donations, Pledges are also taken for speclflc projects. The charity has maximised its income by accesslng glft ald clalm on donatlons made by eligible donor5. Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRUSTEES FUTURE DEVELOPMENTS The charlty continues to explo various ways of SpadIng the gospel of Christ In an effective manner. The charlty is also looking to grow in membershlp and continue to develop its members to make Ilfe-changlng Impact In the commu nity through strategic training and development programmes. The charity currently owns 2 flats. One is used as office and meetlng space, whlle the other Is rented out to generate income for the charity. FINANCIAL REVIEW The Charlty's flnancial statements for the year ended 31 December 2023 show a net increase of funds funds of £2463 and net decrease of fund5 (2022: £14). TAXATION The Redeemed Christian Church of God Insplratlon House Dartford is a registered charity and all of its activitles are tax exempt under rules of taxatlon granted to charltles. Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 REPORT OF TRusfEES STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responslble for preparing the annual report and financlal statements In accor- dan wlth applicable laws and wulatlons. Charity law requlres the Dlrectors to prepare flnanclal statements for each flnanclal year. Under that law, the Trustees have elected to prepare the financlal statements in accordance with the United Kingdom Generally ACptable Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the state of affairs of the charlty and of the surplus or deflclt of the charity for that period. In preparing the financial statements, the Directors are required to.. Select sultable accounting policles and apply them conslstently. Make judgement and estlmates that are reasonable and prudent. Prepare the financial statements on a going collcern basis unless it is inappropriate to presume that the charlty will contlnue In operatlon. The trustees recognlse thelr responsibilities to keep proper accounting records that disclose with reasonable accuracy at any tlme the financial posltlon of the charity and enable them to ensure that the financial statements comply wlth the Companles Act 2006. They are also responslble for safeguarding the assets of the charity and henceforth taklng steps for the preventlon and detectlon of fraud and other Irregularltles. The appended financlal statements have been prepared on the accruals basis and have been examined by an independent examlner, whose report 15 also appended. Appmved by the trustees on 23rd September 2024 and signed on their behalf by: Mrs. O A Fapetu Trustee Mro Olorunsola-Elias Trustee Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOFi YEAR ENDED 31 DECEM8ER 2023 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF RCCG - INSPIRATION HOUSE DARTFORD. I report on the accounts of the charity for the period ended 31 Dember 2023 which Is set on pages 9- 17 RESPEcfivE RESPONSIBILMES OF THE TRUSTEES AND THE EXAMINER The Charlty Trustees are responsible for the preparatlon of the accounts. The Charity's trustees consider that an audit is not required for the perlod under section 476 of the Companies Act 2006 and that an independent examination is needed. It Is my responsibility to: examlne the accounts under section145 of Charitles Act 2011; follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and state whether partlcular matters have come to my attentlon. BASIS OF MY EXAMINATION My examination was Carri out In accordance with the General Dlrectlons glven by the Charity Commission. An examination includes a revlew of the accountlng records kept by the charlty and a comparison of the accounts presented with those records. It also Includes consideration of any unusual items or disclosures in the account, and seeking explanatlons from you as trustees concerning any such matters. The procedures undertaken do not provlde all the eVIden that would be requ ired in an audit, and consequently no oplnion Is glven as to whether the accounts present a "true and falr" vlew and the report Is Ilmlted to those matters set out In the statements below. EXAMINER'S STATEMENT In connection wlth my examination, no matter has come to my attention.. (l) which gives me reasonable cause to believe that in any materlal respect the trustees have not met the requlrements to ensure that: proper accounting records are not kept in accordance with the companles Act, and accounts are prepared whlch agree with the accounting records and comply with the accounting quirementS of the Companles Act 2006; or (2) to whlch, In my oplnlon, attentlon should be drawn In order to enable a proper under- standing of t e accounts to be reached. Akintayo Ojo FCCA "23, I eptember 2023 Resource Management Consultants Ltd 46 Hollywood Way, Erith. DA8 2QE Page 8
THE REDEEMED CHFUSTIAN CHURCH OF GOD- INSPIRATION HOUSE DARTFORD TRUSTEES AND FtNANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 srATEMENT OF FINANCIAL A1VITIEs unrestritted Resthcted Total Totsl Funds Funds Funds Fund5 2023 2023 2023 2022 Notes INCOMING RESOURCES Donations, legacies & smilar incoming r1 Actlvltles In furtherance of charity's obje Investment Income Total Incomlng resources 64,190 18 2,850 67,058 64,190 18 2,850 67,058 59,606 55 18 59,679 RESOURCES EXPENDED Charitable expenditu Grants payable - Ind Ivldual Grants payable - Inslltutlonal Costs of activities in furtherance of charitles objects Management and governan costs Total resou rces expended 17,383 17,383 20,771 45,675 1,550 64,608 45,675 1,550 64,608 37,372 1,550 59,693 io Net (outgolng)/lncomlng resources for year 2,449 2,449 14 Total funds at the start of the year 40,383 265,045 305,428 305,442 Transfer between funds In the year BALANCE AT END OF YEAR 42,832 265,045 307,877 305,428 The charlty's incoming resources and resources expended all relate to continuing actlvlties. Page 9
THE REDEEMED CHRISTIAN CHURCH OF GOD- INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCtAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Bullding Tanglble Flxed assets li Ila Ilb 353,924 2,227 356,151 353,924 5,019 358,943 CURRENT ASSETS Debtors 12 Cash and bank balances 13 33.450 33,450 36,914 36,914 Total assets 389,601 395,857 UABILITIES CREDrroRS (amount falllng due wlthln one year) Accrued expenses Long term Llability - bank loan 14 1,550 1,550 15 80,174 88,879 Total liability 81,724 90,429 NET ASSETS 307,877 305,428 CHARrrY FUNDS General General TOTAL FUNDS unrestricted restrlcted Id le 42,832 265,045 307,877 40,383 265,045 305,428 The accounts have been prepar8d in accordance wlth the special provision of Statement of Recommended Practice.. Accounting and Reportlng by Charities (SORP} issued March 2005 as modified for smaller Chare$ Approved by the Trustees on 23rd September 2024 and signed on thelr behalf by: Mrs. O A Fapetu Trustee Page 10
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS I, ACCOUNTING POLICIES lal The accounts are prepared under the hlstorlcal cost convertion and In accordance wlth appllcaL)le accountlng standards. They follow best pTrttlce as set out In the Statement of Recommended Prattice: Accountlng and Reporting by Charities ISORPI Issued March 2005 as modified for smaller charities. Ibl Income and expendlture is accounted for on an accruals basis. (cl Fixed assets comprise fLSrniture and equipment and musical equipment and have been costing more than £lOO. 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 resldual value, over thelr expetted useful Ilves on the following bases: Musical equipment 250h reducing balance Fumiture and fittings 25% reducing balance Computer equipment 25% reducing balance Motor VehScles 2Wo redudng balance (d) Unrestrfctetj funds are incoming resources rEIVed for the objetts of the charfty wlthout further speclfied purpose and are available as general funds. lel Restricted funds are subject to restrictions on their expenditure imposed by their donors. unrestritted Restritted Total Total Funds Funts Funds Funds 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCE 2023 2023 2023 2022 Tithe Collection at all services Sundry donatlons Glft ald recovered 49,585 12,456 150 49,585 12,456 150 50,999 5,517 3,090 2,000 64,190 2,000 64,190 59,606 3. ACTIVITIES IN FURTHERANCE OF CHARrrYs OBJEcr Bullding offering Study Manual Mlsslon Event HMRC Rebate 18 18 55 18 18 55 6. INVESTME INCOME Rental income Interest received 2,700 150 2,700 150 18 2,850 2,850 18 Amount preSentS net rental Income received from l flat owned by the charity. Thè income was used to advance the objetts of the charity. Page 11
THE REDEEMED CHRISTIAN CHURCH QF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS Unrestrittéd Restritted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 7. Grants payable - Indlvidual Indivldual welfare UnrestHtted Rastrlcted Funds Total Tots Funds Funds Funds 2023 2023 2023 2022 8. Grants payable - institutlonal Charitable givlng -UK Charbtable glvlng -overseas Total 17,383 17,383 20,771 17,383 17,383 20,771 List of Institutional grants payable RCCG WEM World evangelism RCCG Central Office Central Offlce Support Festival of Life Advancement of faith RCCG Camp ground Advancement of falth Others Advancement of falth Total grant payable - institutlonal 14,343 600 14,343 600 19,876 700 195 2,000 440 17,383 2,000 440 17,383 20,771 9. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S 06JEcrs Visiting speakers expenses Council rates Youth mission Prlnting & media Worship costs Music, liturgy & church group Mission & evangelism Community projects & welfare Conferences & subscriptlons Telephone & Internet Repairs, renewal & malntenance Pastors allowan Cleaning utiiitles Insurance 695 1,743 36 330 695 1,743 36 330 407 160 1,641 214 1,562 218 299 8,705 1,070 407 6,022 1,809 673 770 418 6,022 1,809 673 770 418 793 14,190 600 14,190 600 1,301 5,300 loo 5,653 2,311 3,561 4,211 129 348 5,651 1,974 5,930 2,792 408 500 379 45,675 5,651 1,974 5,930 2,792 408 500 379 45,675 Mortgage Inte$t & finance charges Depreciation Admin & sundry expenses Welfare & hospitallty tt consumables & Zoom Ilcence 37,372 Page 12
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DEmBER 2023 NOTES TO THE ACCOUNTS Unrestritted Restritted Totsi Total Funds Funds Funds Funds 2023 2023 2023 2022 10. MANAGEMENT AND GOVERNANCE COSTS Professional fees - other Legal fees Professional fees - accountancy & examlnatlon 1,550 1,550 1,550 1,550 1,550 1,550 11. FIXED ASss Ila. BUILDENG Total 31-Dec 2023 Total 31-Dec 2022 Cost at l January 2022 Additions In the year Cost at 31 December 2022 353,924 353,924 353,924 353,924 Ilb. TANGIBLE ASSETS Motor Vehicles Musical Computers Fumiture & equipment & projettors fittings Total 31-Dec 2023 Total 31-Dec 2022 Cost At l January 2023 Additions At 31 December 2023 8,441 11,167 2,717 1,323 23,648 23,648 8,441 11,167 2,717 1,323 23,648 23,648 Depreciation At l January 2023 Charge for the year Dlsposal in the Year At 31 December 2023 8,441 6,148 2,792 2,717 1,323 18,629 2,792 14.418 4,211 8,441 8,940 2,717 1,323 21,421 18,629 Disposal in the Year At 31 December 2023 Net book value At 31 December 2023 2,227 2,227 5,019 At 31 December 2022 5,019 5.019 12. DEBTORS Year ended 31-Dec 2023 Year ended 31-Dec 2022 Page 13
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS 13. CASH BALANCES Unre5tr1cted RÈstrirted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 Bank balance Building fund account Current account Savings account At 31 Dember 2022 8,466 10,787 8,466 10,787 14,196 33,450 6,389 22,512 8,013 36,914 33,450 Year ended 31-Dec 2023 Year ended 31-Dec 2022 14. CREDrroRS Accrual and deferred Income.. Independent Examiner's fees Short term 1,550 1,550 1,550 1,550 Year ended 31-Dec 2023 Year ended 31-Dec 2022 15. LONG TERM LIABILrrY Mortgage (Lloyds Bank) 80,174 80,174 Amount represents outstanding balance on Mortgage on church bullding and chu rch flats. 88,879 88,879 16. STAFF cosr AND NUMBERS Staff costs were as follows Year ended 31-Dec 2023 Year ended 31-Dec 2022 Pastor's allowance Social security Costs 600 5,300 600 5,300 Year ended Year ended The average number of employee during the year was as follows 31-Dec 2023 No. 31-Dec 2022 No. Pastoral Charity administratlon Total No employee received remuneration amountlng to more than £50,000 In the year. Page 14
THE REDEEMED CHRISTIAN CHURCH OF GOD - INSPIRATION HOUSE DARTFORD TRusfEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS 17. RELATED PARTY TRANSACTIONS During the year, the church paid Institutional grants to other RCCG oryanlsations such as the World Evangelism Mission as stated in note 7. 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASss BETWEEN FUNDS: CURRENT PERIOD Unrestricted Restricted Total Funds Funds Funds 2023 2023 2023 Tangible fixed assets Current assets Credltors amount falling due within one year Creditors amount falling due after more than one year 2,227 33,450 1,550 353,924 356,151 33,450 1,550 80,174 307,877 80,174 273,750 34,127 ANALYSIS OF ASSETS BETWEEN FUNDS,. PRIOR YEAR Unrestritted Restritted Total Funds Funds Funds 2022 2022 2022 Tangible flxed assets Current assets Creditors amount falling due withln one year Credltors amount falllng due after more than one year 5,019 36,914 1,550 353,924 358,943 36,914 1,550 88,879 305,428 40,383 265,045 19, MOVEMENT IN FUNDS The total fu nds at the end of the year represent the total value of the charity net assets. This conslsts of total values of fixed assets and oj rrents assets less total value of current liabilities and the long term Ilabilitles. The trustees have resolved to adjust the presentatlon of fvnds between general unrestricted and restrlcted funds as shown In the statement of financlal activities. 20. NFf INCOMING RESOURCESI(RESOURCES EXPENDED) Year ended 31-Dec 2023 Year ended 31-Dec 2022 This is stated after charglng Depreciatlon of tanglble assets owned by the charlty Accountant's fees 5,930 1.550 4,211 1,550 Page 15
THE REDEEMED CHFUSTIAN CHURCH OF GOD- INSPIRATION HOUSE DARTFORD TRUSTEES AND FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS 21. VALUE OF BUILDING The cost of the bulldlng in note Ila is a reasonable amount of value Invested In purchaslng the property. The building consist of a Large church hall, dedicated offlces and 2 flats. Over the years, the trustees have carried out repairs on the buildlng thereby Improvlng its value. Page 16