2021-12-31-accounts - The Redeemed Christian Church Of God And Rccg Life Oasis Parish

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RCCG LIFE OASIS

FINANCIAL STATEMENTS FOR YEAR END DECEMBER 2021

REGISTERED CHARITY NUMBER 1122955

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

RCCG LIFE OASIS

INDEX

Reference and administrative details

Report of the trustees

Statement of financial activities

Income Statement

Balance Sheet

Notes to the financial statements

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

Page 1

REPORT OF THE TRUSTEES

The Trustees who are Directors for the purpose of Charity Law have the pleasure in presenting their Annual Report for the purpose of section 45 of the charities Act 1993 together with the Accounts for 12 months ending December 2011.

The Trustees have adopted the provisions of Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005, in preparing the Year End Report and Financial Statements of the Charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

Life Oasis is a Charitable Company Limited by guarantee, incorporated on the 19 July 2006 and registered as a Charity on the 26 February 2008.

It is controlled by a Board of Trustees and Directors for the purpose of Charity Law . Decisions are determined by the simple majority vote by the Trustees. The Trustees set the strategic directions for for the Charity.

New trustees are elected on the basis of the contribution that they will make to the Governance of the Organisation and the skills they will contribute. No new trustees were elected during the year and no trustess retired.

RCCG Life Oasis is a parish of the Redeemed Christian Church of God - a network comprised of churches all over the world.

The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances. The Reserve Level is monitored by ensuring key Financial Controls which are in place to mitigate the Operational and Business Risks.

OBJECTIVES AND ACTIVITIES

The Charity's Objective are:

The Advancement of the Christian Religion Worldwide.'

The Alleviation of Poverty.'

STRATEGIES

The Charity's Strategies for achieving these objectives are:

Strengthening the Spiritual Base of the Church - This involves creating Home Cells in and around the church location so as to encourage the Local Community.
Building a Multicultural Church ensuring individuals from Different Cultural and Educational Background.
Engaging the Youths in various Church Activities within and outside the Church.

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

REFERENCE AND ADMINISTRATION DETAILS

Trustees (and Directors)

Mr Eddie Nosakhare Ogunbor (Chairman) Mrs Simisola Leah Kehinde (Secretary) Ms. Folashade Hassan Mr. Abidemi Adio

Registered Office

9 Frogmore Avenue Hayes Middlesex UB4 8AP

Charity Registered Number

1122955

Company Registered Number : Not Applicable

Independent Examiner

Modupe Moradeke Omotola (FCCA)

Bankers

HSBC 2, Station Road Hayes Middlesex UB3 4BY

Nationwide Bank 618, Uxbridge Road North Hayes UB4 0SR

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

Page 3

STATEMENT OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE ACCOUNT)

INCOMING RESOURCES

Unrestricted Funds INCOMING RESOURCES £ Incoming resources from generated funds Notes Voluntary Income 1 40,594.17 Activities for generating funds 2 0.00 Investment/Other Income 3 34,059.96 Incoming resources from charitable activities 4 0.00 Total incoming Resources 74,654.13 RESOURCES EXPENDED Charitable Activities 5,6,7 72,947.44 Bank Charges 8 - Total Resources Expended 72,947.44 TRANSFERS Gross transfers between funds -2,099.67 Net movement in funds 392.98 - Funds at 1st of Jan 2021 26,959.18 Funds at 31st of December 2021 26,566.20	Restricted Fund £ 11,221.71 0.00 10,666.69 0.00 21,888.40 5,916.13 0.00 5,916.13 2,099.67 15,972.27 455,461.42 471,433.69	Total Funds Jan 2021- Dec 2021 51,815.88 0.00 44,726.65 0.00 96,542.53 78,863.57 - 78,863.57 -4,199.34 17,678.96 482,420.60 500,099.56	Total Funds Jan 2020 - Dec 2020 49,402.82 0.00 39,097.59 0.00
			88,500.41
			66,961.97 628.40
			67,590.37
			28,332.11
			20,910.04 523,845.46
			573,087.61

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

Page 4

BALANCE SHEET Notes Fixed Assets Tangible 11 Investments CURRENT ASSETS Bank Debtors 12 CREDITORS DUE IN 1YR Provisions 13 Creditors NET CURRENT ASSET TOTAL ASSETS LESS CURRENT LIABILITIES Creditors due after 1YR 14 TOTAL NET ASSETS RESERVES Unrestricted Funds 15 Restricted Funds 16	2021 £ 728,860.73 0.00 728,860.73 26,566.20 0.00 26,566.20 0.00 -30,690.72 -30,690.72 724,736.21 724,736.21 -133,969.64 590,766.57 26,566.20 564,200.37 590,766.57	2020 £ 732,518.61 0.00
		732,518.61
		26,959.18 0.00
		26,959.18
		0.00 -30,690.72
		-30,690.72
		-3,731.54 728,787.07 -155,699.46
		573,087.61
		26,959.18 546,128.43
		573,087.61

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

Page 5

ACCOUNTING POLICIES

Scope and basis of the financial statements

The accounts have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice "Accounting and Reporting by Charities" published in March 2005.

Incoming resources

Incoming resources are recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.

Resources expended

Resources expended are included in the Statement of Financial Activities(SoFA) on an accrual basis All of the cost are attributable to specific activities.

Governance costs

The charity has not incurred any governance cost at the time of preparing the financial statements.

Fixed assets

These are capitalised if they can be used for more than one year and the cost is more than £500.00

The charity acquired property and land during financial year 2010 and building commenced during 2011. The construction of the property was completed October 2012 , the total cost of land and construction was £728,860.23.

There was no acquisition of fixed assets in the financial year.

Fixed assets investments

The charity does not have any fixed asset investments at the time of preparing the financial statements.

Depreciation

Depreciation will be calculated at a rate to write off the cost of Tangible Fixed Assets on a straight line basis over their estimated useful life. The rate to be applied is 25%per annum.

No depreciation is charged to Land & Buildings the property will be maintained to such a standard that the estimated residual value is not less than cost.

The useful life of Computer Equipment is set at 3yrs. The useful life of Fixture & Fitting is set at 5yrs.

Fund accounting

Unrestricted funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which has not been designated for other purposes.

Restricted fund are funds which are to be used for specific projects as imposed by donors or raised by the charity for particular purposes. Any cost incurred in raising or administering these cost will be charged against the specific funds

The total charge to restricted fund to date is £564K approx.,this amount relates to the total value of the cost of building that has been paid off to date.

The charity has endeavored to ensure that the minimum possible amount in respect of mortgage is against the property, thus transfers has been made from unrestricted to restricted as necessary.

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

Page 6

NOTES TO ACCOUNTS

1. Incoming resources from voluntary income

Tithes Offerings Thanksgiving Building Fund Other Total	Unrestricted Funds £ 25,463.70 7,123.81 8,006.66 0.00 34,059.96 74,654.13	Restricted Fund £ 0.00 0.00 0.00 11,221.71 10,666.69 21,888.40	Total Funds Jan 2021- Dec 2021 £ 25,463.70 7,123.81 8,006.66 11,221.71 44,726.65 96,542.53	Total Funds Jan 2020- Dec 2020 £ 21,933.50 3,598.30 4,015.90 19,855.12 39,097.59
				88,500.41

2. Incoming resources from activities for generating funds

The charity has not been involved in any activities for generating fund at the time of preparing this financial statements.

3. Investment /Other income

The income received by the charity were from voluntary donations ,gift aid repayment,telephone mask and government grants

Gift Aid repayment	Unrestricted Funds £ 20,012.86 20,012.86	Restricted Fund £ 0.00 0.00	Total Funds Jan 2021- Dec 2021 £ 20,012.86 20,012.86	Total Funds Jan 2020- Dec 2020 £ 25,415.80
				25,415.80

4. Incoming resources from charitable activities

Not applicable at the time of preparing the financial statements.

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

Page 7

NOTES TO THE ACCOUNTS (continued)

5. Charitable activity expenditure -advancement of the Christian religion worldwide

GRANTS( see notes 6 for details) SUPPORT COST (see notes 7 for details) GUEST MINISTER'S HONORARIUM /HOSPITALITY 70% THANKSGIVING	Unrestricted Funds £ 3,620.00 63,069.64 450.00 5,807.80 72,947.44	Restricted Fund £ 0.00 5,916.13 0.00 0.00 5,916.13	Total Funds Jan 2021- Dec 2021 £ 3,620.00 68,985.77 450.00 5,807.80 78,863.57	Total Funds Jan 2020- Dec 2020 £ 3,740.00 58,123.78 0.00 2,578.96
				64,442.74

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

Page 8

NOTES TO THE ACCOUNTS (continued) 6. Charitable activities - Grants

CHARITABLE ACTIVITIES - GRANTS AIDS & RELIEF FUND WORLD EVANGELICAL MISSION CENTRAL OFFICE - COF FESTIVAL OF LIFE AFRICA MISSION CHARITABLE DONATION PROVINCIAL FUND BUILDING FUND GRANT AREA 2 EXPENSE CHARITABLE ACTIVITIES - GRANTS	Unrestricted Funds £ 1,600.00 1,200.00 600.00 100.00 - - 120.00 - - 3,620.00	Restricted Fund £ - - - - - - - - - -	Total Funds Jan 2021- Dec 2021 £ 1,600.00 1,200.00 600.00 100.00 - - 120.00 - - 3,620.00	Total Funds Jan 2020- Dec 2020 £ 850.00 1,500.00 600.00 100.00 - - 240.00 - 450.00
				3,740.00

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

NOTES TO THE ACCOUNTS (continued) 7. Support Costs

MORTGAGE INTEREST RENT - PASTORAL SCHEME MINISTRY EXPENSES ENTERTAINMENT / REFRESHMENTS TELEPHONE & COMMUNICATION POSTAL, OFFICE & STATIONARY PROFESSIONAL SERVICES LOCAL/NATIONAL TRAVEL, FUEL & TRANSPORT CONFERENCE/SEMINAR EXPENSES ( LOCAL & NATIONAL) CONFERENCE/SEMINAR EXPENSES (OVERSEAS) PUBLIC LIABILITY INSURANCE BANK CHARGES & INTEREST TECHNICAL & MULTIMEDIA SUNDRY EXPENSES (MISCELLANEOUS) SECURITY EXPENSES BUILDING MAINTENANCE EXPENSES UTILITY EXPENSES VEHICLE MAINTENANCE EXPENSES SALARIES & WAGES Employer NI DEPRECIATION PENSION 8. Bank Charges Bank Charges	Unrestricted Funds £ 0.00 18,000.00 169.99 0.00 1,044.28 0.00 0.00 2,089.46 0.00 0.00 0.00 0.00 2,408.49 0.00 599.99 1,915.89 2,145.45 0.00 22,455.84 4,331.44 789.92 1,202.76 55,950.75 Unrestricted Funds £ 0.00 0.00	Restricted Fund £ 5,916.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,916.13 Restricted Fund £ 0.00 0.00	Total Funds Jan 2021- Dec 2021 £ 5,916.13 18,000.00 169.99 0.00 1,044.28 0.00 0.00 2,089.46 0.00 0.00 0.00 0.00 2,408.49 0.00 599.99 1,915.89 2,145.45 0.00 22,455.84 4,331.44 789.92 1,202.76
			63,069.64
			Total Funds Jan 2021- Dec 2021 £ 0.00
			0.00

9. Trustee costs

No Trustees were remunerated in the year. No expenses were paid to trustees in the year.

10. Taxation

There are no tax charges applicable .Life Oasis is a registered charity and is eligible for the exemption of taxation available to charities on their charitable activities.

11. Fixed assets

Life Oasis has fixed asset in form of Land , building and fixed assets worth £728,860.73

Land &Building Cost Brought forward 01-Jan-21 728,860.73 Revaluations 0.00 Additions 0.00 Disposal 0.00 Cost as at 31-Dec-21 728,860.73	Computer Equipment 6,600.00 0.00 0.00 0.00 6,600.00	Fixture & Fitting 42,213.64 0.00 0.00 0.00
		42,213.64

RCCG LIFE OASIS YEAR END 31 DECEMBER 2021

NOTES TO THE ACCOUNTS (continued) 12. Debtors Accrued Income 13. Creditors - amounts falling due within one year 14. Creditors due after one year Mortgage 15. Staff Costs Salaries and wages Employer NIC Pension 16. Funds Brought forward at 1.1.21 Income Unrestricted Funds General fund 26,959.18 74,654.13 Restricted Funds Building Fund 546,128.43 21,888.40 573,087.61 96,542.53	Unrestricted Funds 0.00 - Expenditure 72,947.44 5,916.13 78,863.57	Restricted Fund 133,969.64 133,969.64 Transfer -2,099.67 2,099.67 0.00	Jan 2021- Dec 2021 0.00
			0.00
			Jan 2021- Dec 2021 30,690.72
			30,690.72
			Total 2021 133,969.64
			133,969.64
			Total 2021 22455.84 4331.44 1202.76
			27,990.04
			Carried forward at 31.12.21 26,566.20 564,200.37
			590,766.57

17. Analysis of net asset between funds Fixed assets Current assets Current liabilities	Unrestricted Funds 0.00 26,566.20 0.00 26,566.20	Restricted Fund 728,860.73 0.00 -164,660.36 564,200.37	Total 2021 728,860.73 26,566.20 -164,660.36
			590,766.57
			-