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2020-12-31-accounts

Charity number: 1123770 Company number: 06471722

(England and Wales)

THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN)

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 December 2020

Doc ID: e2d3066753f6fbbce7e771116a4c414934d5ecbe

THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Contents Page For the year ended 31 December 2020

Report of the Trustees 1 to 3
Independent Examiner's Report to the Trustees 4
Statement of Financial Ac�vi�es 5
Statement of Financial Posi�on 6
Notes to the Financial Statements 7 to 14
Detailed Statement of Financial Ac�vi�es 15 to 16

Doc ID: e2d3066753f6fbbce7e771116a4c414934d5ecbe

THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Report of the Trustees For the year ended 31 December 2020

The Trustees, who are also directors for the purposes of company law, have pleasure in presen�ng their report and the financial statements for the charitable company for the year ended 31 December 2020. The Trustees have adopted the provisions of Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and the Republic of Ireland (FRS 102) (effec�ve 1 January 2019).

Chair's report

With a dedicated and hard-working team on board, RCCG - The Fountain's commi�ee this year has been a highly rewarding and enjoyable task. Our commi�ed team of volunteers, along with our many dynamic supporters enable the charity to con�nue in strength and keep up the important work it started many years ago and we would like to say thank you to them all.

OBJECTIVES AND ACTIVITIES

The overall purpose of the Church is to achieve its charitable objec�ves, which consist of the following:

RCCG - The Fountain delivers it's charitable objec�ves by maintaining a vibrant and inclusive place of worship, where all are welcomed, and we aim to con�nue to involve our local and wider communi�es.

We provide weekly Sunday services for adults and children, regular midweek mee�ngs for teaching, mentoring and coaching. We also conduct services for bap�sm, marriages, funerals and the dedica�on of infants.

Statement on public benefit

The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

Volunteers

RCCG - The Fountain has many volunteers that assist the Church in achieving it's objec�ves.

ACHIEVEMENTS AND PERFORMANCE

During the year, the Church delivered a wide range of ac�vi�es and events to the community through the various services and conferences held. This includes specific ac�vi�es for women and men as well as ac�vi�es for the youth and children.

The Church has developed further the supplementary schooling and parental training and support work and also offered counselling, life coaching and personal development training.

Sharing the gospel of Jesus Christ is especially beneficial to the lives of the people that hear and receive it. It brings Hope, Faith and Love.

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Report of the Trustees Con�nued For the year ended 31 December 2020

Significant ac�vi�es

The year 2020 was very challenging as the whole world witnessed the ravaging COVID 19 pandemic with the resultant loss of lives. We give glory to God for the covenant of life we enjoy here in RCCG The Fountain. We did not experience any casual�es during the COVID 19 Pandemic.

Following government guidelines, the church closed all its normal services at it's place of worship during this period. Church services were moved online and the good news of the gospel was shared through the internet. In person services resumed in August 2021, fully observing COVID 19 government guidelines.

The church benefi�ed from the government furlough scheme during the pandemic.

FINANCIAL REVIEW

In the twelve months under review, total income was £225,238 (2019: £261,808) and total expenditure was £242,787, (2019: £292,760).

Net results for the year were (£17,548); (2019: (£30,950) ); and carries forward funds of £946,079; (2019: £963,627).

Based on the level of income from member dona�ons in the form of Tithes, Offerings, Thanksgiving Offerings, and other forms of dona�ons and gi� aid, the trustees feel that we would be able to con�nue the current ac�vi�es of the church in the event of a drop in funding.

The Church has implemented budgetary controls and con�nue to monitor costs in an effort to maintain its financial stability.

The Trustees con�nue to place emphasis on financial management to ensure that the funds within the organisa�on are property managed.

Reserves

The Trustees believes that unrestricted funds which have not been designated for a specific use should be maintained so that in the event of a significant drop in funding, the church will be able to con�nue the charity's ac�vi�es - the curch is working towards achieving this level of reserves.

Going concern

The Trustees have a reasonable expecta�on that the Charity has adequate resources to con�nue in opera�onal existence for the foreseeable future. Thus, the Trustees con�nue to adopt the going concern basis of accoun�ng in preparing the accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

RCCG - The Fountain is a charitable company limited by guarantee and is controlled by it's governing document; the memorandum and ar�cles of associa�on incorporated on 14 January 2008.

Recruitment and appointment of trustees

Trustees are elected by exis�ng trustees in a way that serves the Charity's best interests and Trustees are made aware of the legal responsibili�es they will be taking on.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN)
Charity registra�on number 1123770
Company registra�on number 06471722
Principal address Li�le Causeway
Marshalls Road

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Report of the Trustees Con�nued

For the year ended 31 December 2020

Braintree Essex CM7 2LL

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Olubunmi Akintujoye Charles Iduh Merukube Olaosebikan Independent examiner Tolu Obisesan New Bond Accountants 4a - 6a Hythe Street Dar�ord DA1 1BX

Approved by the Board of Trustees and signed on its behalf by

28 September 2021

Charles Iduh.............................................................................

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Independent Examiners Report to the Trustees For the year ended 31 December 2020

I report to the trustees on my examina�on of the accounts of the charitable company for the year ended 31 December 2020.

Responsibili�es and basis of report

As the charity Trustees, who are also directors for the purposes of company law, are responsible for the prepara�on of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having sa�sfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examina�on, I report in respect of my examina�on of your charity's accounts carried out under sec�on 145 of the Chari�es Act 2011 ('the 2011 Act'). In carrying out my examina�on I have followed the Direc�ons given by the Charity Commission under sec�on 145(5)(b) of the 2011 Act.

Independent examiners statement

I have completed my examina�on. I confirm that no ma�ers have come to my a�en�on in connec�on with the examina�on giving me cause to believe that in any material respect:

  1. accoun�ng records were not kept in respect of the Company as required by sec�on 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the requirements of sec�on 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a ma�er considered as part of an independent examina�on; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Prac�ce for accoun�ng and repor�ng by chari�es applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other ma�ers in connec�on with the examina�on to which a�en�on should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Tolu Obisesan New Bond Accountants 4a - 6a Hythe Street Dar�ord DA1 1BX

28 September 2021

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Statement of Financial Ac�vi�es (including Income and Expenditure Account) For the year ended 31 December 2020

Notes
Restricted
funds
Unrestricted
funds
£
£
Income and endowments from:
Dona�ons and legacies
11,030
214,208
2
Investments
-
1
3
Total
11,030
214,209
Expenditure on:
Charitable ac�vi�es
)
(242,787
-
4/5
Total
-
)
(242,787
11,030
)
(28,578
Net income/expenditure
Reconcilia�on of funds
Total funds brought forward
-
963,627
Total funds carried forward
935,049
11,030		 2020
£
225,238
1
225,239
)
(242,787
)
(242,787
)
(17,548
963,627
946,079		 2019
£
261,808
2
261,810
)
(292,760
)
(292,760
)
(30,950
994,577
963,627

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Registered Number : 06471722

THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Statement of Financial Posi�on As at 31 December 2020

Notes
Fixed assets
Tangible assets
11
Current assets
12
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabili�es
Creditors: amounts falling due a�er more than one year
14
Net assets
The funds of the charity
Restricted income funds
15
Unrestricted income funds
15
Revalua�on reserve
Total funds		 £
2020
3,023,721
3,023,721
4,219
27,301
31,520
)
(52,891
)
(21,371
3,002,350
)
(753,280
2,249,070
11,030
935,049
1,302,991
2,249,070		 £
2019
3,082,842
3,082,842
2,719
4,722
7,441
)
(61,379
)
(53,938
3,028,904
)
(762,286
2,266,618
-
963,627
1,302,991
2,266,618

For the year ended 31 December 2020 the company was en�tled to exemp�on from audit under sec�on 477 of the Companies Act 2006 rela�ng to small companies.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Charles Iduh Trustee 28 September 2021

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements

For the year ended 31 December 2020

1. Accoun�ng Policies

Basis of accoun�ng

The financial statements have been prepared under the historical cost conven�on, except for investments which are included at market value and the revalua�on of certain fixed assets and in accordance with the Chari�es SORP (FRS 102) ‘Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec�ve 1 January 2019)’, Financial Repor�ng Standard 102 the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) meets the defini�on of a public benefit en�ty under FRS 102. Assets and liabili�es are ini�ally recognised at historical cost or transac�on value unless otherwise stated in the relevant accoun�ng policy note(s).

Going concern

At the �me of approving the accounts, the Trustees have a reasonable expecta�on that the Charity has adequate resources to con�nue in opera�onal existence for the foreseeable future. Thus, the Trustees' con�nue to adopt the going concern basis of accoun�ng in preparing the accounts.

The Trustees have taken advantage of the exemp�on in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charitable company is small.

Funds

Unrestricted funds are available for use at the discre�on of the Commi�ee in furtherance of their charitable objec�ves unless the funds have been designated for other purposes.

Restricted funds are subject to specific condi�ons by donors as to how they may be used.

Incoming resources

All incoming resources are included in the statement of financial ac�vi�es when the Charity is en�tled to the income and the amount can be quan�fied with reasonable accuracy. The following specific policies are applied to par�cular categories of income:

Resources expended

Liabili�es are recognised as resources expended when there is a legal or construc�ve obliga�on commi�ng the Charity to the expenditure:

Charitable ac�vites

Charitable ac�vi�es are those costs rela�ng to ac�vi�es carried out to meet the objec�ves of the charity and include directly a�ributed costs as well as support costs.

Taxa�on

The charity is exempt from corpora�on tax on its charitable ac�vi�es.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valua�on less deprecia�on and any provision for impairment.

The gains and losses arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

Deprecia�on is provided at rates calculated to write off the cost or valua�on of fixed assets, less their es�mated residual value, over their expected useful lives on the following basis:

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements Con�nued For the year ended 31 December 2020

Land and Buildings Fixtures and Fi�ngs

2% Reducing balance 25% Reducing balance

Finance leases

The finance element of the rental payment is charged to the Statement of Financial Ac�vi�es on a straight line basis.

Opera�ng leases

Costs of opera�ng leases are charged to the Statement of Financial Ac�vi�es on a straight-line basis over the lease term.

2. Income from dona�ons and legacies

ncome from dona�ons and legacies
Unrestricted Restricted 2020 2019
funds funds
£ £ £ £
Dona�ons received 191,390 11,030 202,420 261,808
Grants received 22,818 - 22,818 -
214,208 11,030 225,238 261,808
Analysis of grants received
2020
£
HMRC 22,818 -
22,818 -

During the COVID 19 pandemic, RCCG The Fountain received the Coronavirus Job Reten�on Scheme (CJRS) grant for it's furloughed staff totalling £22,818.

3. Investment income

nvestment income
2020 2019
£ £
Unrestricted funds
Bank interest receivable 1 2
1 2

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements Con�nued For the year ended 31 December 2020

4. Costs of charitable ac�vi�es by fund type

Unrestricted funds
Charitable ac�vi�es
Support costs
Costs of charitable ac�vi�es by ac�vity type
Support costs
Ac�vi�es
undertaken
directly
£
£
Support costs
Charitable ac�vi�es
197,881
44,906
Analysis of support costs
Charitable ac�vi�es
Management costs
Finance Costs
Governance costs		 2020
£
44,906
197,881
242,787
2020
£
242,787
2020
£
160,886
29,901
7,094
197,881		 2019
£
85,728
207,032
292,760
2019
£
292,760
2019
£
151,636
38,262
17,134
207,032

5. Costs of charitable ac�vi�es by ac�vity type

6. Analysis of support costs

7. Net income/(expenditure) for the year

Net income/(expenditure) for the year
This is stated a�er charging/(credi�ng):
2020 2019
£ £
Deprecia�on of owned fxed assets 61,108 63,614
Accountancy fees 7,094 6,814
Staf pension contribu�ons 3,412 1,945

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements Con�nued

For the year ended 31 December 2020

Total staff costs for the year ended 31 December 2020 were:

Salaries and wages
Pension costs
Staf members		 2020
£
41,600
3,412
45,012
2020
2
2		 2019
£
53,186
1,945
55,131
2019
2
2

9. Trustee remunera�on and related party transac�ons

There were no trustees remunera�on in the current year nor the previous year.

RCCG The Fountain is a member of The Redeemed Chris�an Church of God (RCCG) which has Parishes all over the world. The rela�onship is governed by an Agreement of Common Purpose between the Parishes and RCCG. RCCG The Fountain make regular dona�ons to the RCCG central hub in the UK.

10. Compara�ve for the Statement of Financial Ac�vi�es

The compara�ve year values on the Statement of Financial Ac�vites are for unrestricted funds.

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements Con�nued For the year ended 31 December 2020

11. Tangible fixed assets

Land and Fixtures and Computer
Cost or valua�on Buildings Fi� ngs Equipment Total
£ £ £ £
At 01 January 2020 3,100,000 245,379 - 3,345,379
Addi�ons - - 1,987 1,987
At 31 December 3,100,000 245,379 1,987 3,347,366
2020
Deprecia�on
At 01 January 2020 52,000 210,537 - 262,537
Charge for year 52,000 8,711 397 61,108
At 31 December 104,000 219,248 397 323,645
2020
Net book values
At 31 December 2,996,000 26,131 1,590 3,023,721
2020
At 31 December 3,048,000 34,842 - 3,082,842
2019
Debtors
2020 2019
£ £
Amounts due within one year:
Other debtors 4,219 2,719
4,219 2,719
Creditors: amounts falling due within one year
2020 2019
£ £
Other creditors 46,332 49,914
Accruals and deferred income 6,559 11,465
52,891 61,379
The following liabili�es disclosed under creditors falling due within one year are secured by the charity:
Hire purchase agreements 13,495 13,495
13,495 13,495

12. Debtors

13. Creditors: amounts falling due within one year

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements Con�nued For the year ended 31 December 2020

14. Creditors: amounts falling due a�er more than one year

Other creditors
The following liabili�es disclosed under creditors falling due a�er more than one year are
charity:
Hire purchase agreements		 2020
£
753,280
753,280
secured by the
5,043
5,043		 2019
£
762,286
762,286

5,043
5,043

15. Movement in funds

Unrestricted Funds

Balance at
01/01/2020
£
General
963,627
General
963,627
Unrestricted Funds - Previous year
Balance at
01/01/2019
£
General
994,577
General
994,577		 Incoming
resources
£
214,209
214,209
Incoming
resources
£
261,810
261,810		 Outgoing
resources
Balance at
31/12/2020
£
£
)
(242,787
935,049
)
(242,787
935,049
Outgoing
resources
Balance at
31/12/2019
£
£
)
(292,760
963,627
)
(292,760
963,627

Purpose of unrestricted Funds

General

Unrestricted funds are available for use at the discre�on of the Commi�ee in furtherance of their charitable objec�ves unless the funds have been designated for other purposes.

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements Con�nued

For the year ended 31 December 2020

Restricted Funds

Restricted Funds
Incoming Balance at
resources 31/12/2020
£ £
General - R 11,030 11,030
11,030 11,030
Restricted Funds - Previous year
Incoming Balance at
resources 31/12/2019
£
-		 £
-

Purpose of restricted funds

General - R

Restricted funds are subject to specific condi�ons set out by donors as to how those funds may be used.

16. Analysis of net assets between funds

Tangible fxed
assets
Net current
assets /
(liabili�es)
£
£
Unrestricted funds
General
3,023,721
)
(32,401
General
Restricted funds
-
11,030
General - R
3,023,721
)
(21,371		 Creditors >
one year
£
)
(753,280
-
)
(753,280
Net Assets
£
2,238,040
11,030
2,249,070

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Notes to the Financial Statements Con�nued For the year ended 31 December 2020

Previous year

Tangible fxed
assets
Net current
assets /
(liabili�es)
£
£
Unrestricted funds
General
3,082,842
)
(53,938
General
Restricted funds
3,082,842
)
(53,938		 Creditors >
one year
£
)
(762,286
)
(762,286
Net Assets
£
2,266,618
2,266,618

17. Company limited by guarantee

THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) is a company limited by guarantee and accordingly does not have a share capital.

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Detailed Statement of Financial Ac�vi�es For the year ended 31 December 2020

INCOME AND ENDOWMENT
Dona�ons and legacies
Tithes And Oferings
Other Income
Gi� Aid
Grants Receivable
Investments
Bank Interest Receivable
Total incoming resources
EXPENDITURE
Charitable ac�vi�es
Staf Costs - Wages & Salaries
Adver�sement & Promo�on
Central Ofce
Charitable Dona�ons
Conference And Mee�ng
Evangelism And Special Events
Honorarium
Hospitality
Ministry Expenses
Music Expenses
Welfare Expenses
Children And Teenager Ac�vi�es
SUPPORT COSTS
Management costs
Staf Costs - Wages & Salaries
Staf Costs - Pension Contribu�ons
Deprecia�on - Owned Assets
Insurance
Light And Heat
Ofce And Administra�ve
Rates And Water
Repairs And Maintanance
Manse
Motor Vehicle Expenses
Telephone
Small Equipment And Computer Expenses
Security, Health And Safety
Cleaning And Waste Management
Professional Fees
Bank Charges		 £
2020
193,426
1,500
7,494
22,818
225,238
1
1
225,239
)
(25,910
-
)
(1,350
)
(1,661
-
)
(1,831
-
-
)
(8,061
)
(4,410
)
(1,683
-
)
(44,906
)
(15,690
)
(3,412
)
(61,108
)
(9,569
)
(6,472
)
(3,120
)
(12,118
)
(2,312
)
(30,000
)
(1,673
)
(6,943
)
(5,312
)
(2,029
-
)
(40
)
(1,088		 £
2019
228,139
3,500
30,169
-
261,808
2
2
261,810
)
(40,627
)
(2,501
)
(6,200
)
(800
)
(4,849
)
(1,891
)
(1,520
)
(2,717
)
(6,718
)
(14,810
)
(2,540
)
(555
)
(85,728
)
(12,559
)
(1,945
)
(63,614
)
(9,569
)
(8,631
)
(4,186
)
(1,801
-
)
(30,000
)
(10,440
)
(4,524
)
(1,506
)
(1,440
)
(1,040
)
(381
-

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THE REDEEMED CHRISTIAN CHURCH OF GOD (THE FOUNTAIN) Detailed Statement of Financial Ac�vi�es Con�nued

For the year ended 31 December 2020

Finance Costs
Bank Charges
Mortgage Interest
Loan Interest
Governance costs
Accountancy Fees
Other Finance Costs
Total resources expended
Net Expenditure		 )
(160,886
-
)
(29,154
)
(747
)
(29,901
)
(7,094
-
)
(7,094
)
(242,787
)
(17,548		 )
(151,636
)
(1,927
)
(34,107
)
(2,228
)
(38,262
)
(6,814
)
(10,320
)
(17,134
)
(292,760
)
(30,950

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