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2021-03-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

0

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

CONTENTS
Page
Trustee's Report 3-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 – 14

1

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

General Overseer: Pastor E A Adeboye
Trustees; Pastor Oladayo Odugbile
Pastor Iyabo Christie Odedoyin
Mr Eugene Agbontalor
Pastor in Charge: Pastor Remi Odedoyin
Charity registered number: 1124914
Principal office: The Beacon
104 New Road
Dagenham
RM9 6PE
Banker: Barclays Bank PLC
Independent Examiner: JOS Accountants Limited
Unit 3, 51-57 High Street South
East Ham, London
E6 6EJ
United Kingdom

2

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES REPORT FOR THE YEAR ENDED

31 MARCH 2021

The Trustees of RCCG – House of Faith Connections present their report and Financial Statements for the year ended 31st March 2021 which have been prepared in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued in October 2000 and Revised SORP 2005.

Structure, Governance and Management

a. CONSTITUTION

The church is constituted under a Trust deed dated 25 May 2008 and is a registered charity with charity registration number 1124914.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

New trustees are elected on the basis of the contribution that they will make to the governance of the organization and the skills that they will bring into the life of the charity. They are provided with copies of the Charity Commission's guidance to trustees and given an introduction to the activities of the charity by the existing board.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Existing trustees are provided with training as and when required.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The board of Trustees is headed by a Chairman, the Secretary to the trust and a Financial Administrator. All the present employees of the Charity are voluntary workers. The Trustees are responsible for making all decisions regarding allocation of fund and activities.

e. RELATED PARTY RELATIONSHIPS

House of Faith Connections is a parish of The Redeemed Christian Church of God - a network comprised of parishes all over the world. There is an agreement of common purposes entered into by House of Faith Connections with The Redeemed Christian Church of God which documents this relationship.

Objectives and Activities

a. POLICIES AND OBJECTIVES

The charity's objects are: 1 The advancement of the Christian religion worldwide; and

2 The relief of poverty.

Towards the achievement of these objects, the charity operates a Christian worship centre at 104 New Road, Dagenham, Essex; and do organise various events to promote Christian faith and to reach out, in love, to the community at large.

In the course of the year the charity was able to organize conferences, celebrations, small group meetings and youth projects, weekend retreats for members, extension of love gifts to elderly homes, operation of Girl’s Brigade, Job Club to assist those looking for jobs and food bank to feed members of the community in dire need of food.

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021 CONT’D

b. ACTIVITIES FOR ACHIEVING OBJECTIVES

Towards the promotion of Christian faith, the charity organized the following events during the year - Due Season Conference, Ultimate Worship, Women of Faith in Affluence Conference, Spirit of Dorcas Conference, Women Praying Together (interdenominational), Youths week, Children week, Christian retreats outside London for members and non-members, and other small group meetings.

In addition, we had various other activities to raise our profile and positively impact our community. With Love at Christmas (e.g. visitation with Hampers to residents of an elderly sheltered home, and another sheltered home for another category of people), Spirit of Dorcas, Multicultural Day, Children week, Youths week, Mother’s day, Father’s day, Leadership Training, Retreats for Ministers, Prayers retreat for members and interested outsiders, and food bank project.

We also support World evangelical mission through RCCG UK, African Mission. The charity also provides support to members who were in financial hardship – at the discretion of the Trustees.

c. GRANT MAKING POLICIES

Grants are made to other charitable bodies. The church supports missionary organizations such as the Festival of Life and the World Evangelical Mission, and other missions and projects within and Outside the UK. The church also provided support to members of the congregation (at the discretion of the trustees) who are in need.

d.VOLUNTEERS

The charity is most appreciative of the unflinching support of its volunteers who tirelessly help in the provision of service. The charity has about 60 volunteers who worked in various departments of the church supplying roughly 10,000 volunteered hours during the year. This amounts to about £100,000 if calculated in monetary value of about £10.00 per hour.

e. RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity and are satisfied that systems are in place to mitigate exposures to the major risks.

Achievements and performance

The Trustees are pleased to report that the Church continued to be successful spiritually by ministering to many people. The Church has improved in membership commitment and is increasingly reaching out to the community.

Review of Transactions and Financial Position .

Gross Income
Net movement of funds
Net book value (General fund)		 2021
£
150,556
37,192
229,590		 2020
£..
149,320
23,629
208,209

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021- CONT’D

Future Development Plans

The charity aims at building on its current achievement in effectively spreading the ethos, love and hope that Christian faith offers. It also aims at building upon its current efforts of community involvement, in its bid to make our community and the larger world a better place for all. We continue fully to operate our ‘Food Bank’ from within our premises, in addition to our Job club project.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Church and of the surplus or deficit of the Church for that period. In preparing these financial statements, the Trustees are required to:

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Church will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner

The Trustees appointed JOS Accountants, a firm of Accounting & Management Consultants, as the Charity’s independent examiner. A resolution for re-appointment as independent examiner will be proposed during the Trustees meeting for the year.

This report was approved by the trustees and signed on its behalf by:

18/12/2021

-------------------------------------------------}

Pastor Oladayo Odugbile (Chairman, Board of Trustees)

5

INDEPENDENT EXAMINERS REPORT

We have examined the financial statements, which comprise the financial activities, the balance sheet, the related notes and the accounting policies of The Redeemed Christian Church of God- House of Faith Connections for the year ended 31st March 2021.

Respective responsibilities of trustees and independent examiner

As described on page 3, the trustees are responsible for the preparation of the financial statements. It is my responsibility to carry out an examination of those financial statements and to issue a report based on that examination.

Scope of examination

We conducted my examination in accordance with directions given by the Charity Commissioners under section 43(7)(b) of the Charities Act 1993. An examination is limited to enquiries of the charity's personnel and analytical and review procedures applied to financial data and this provides less assurance than an audit. We have not performed an audit, and accordingly, we do not express an audit opinion.

Independent examiner's statement

In connection with our examination, no matter has come to our attention:

  1. Which gives me reasonable cause to believe that in any material respect the requirements:

• To keep accounting records in accordance with section 41 of the Act; and

• To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or

  1. To which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

28/12/2021 ------------------------------------------ (signed and dated)

JOS Accountants Limited Unit 3, 51-57 High Street South East Ham, London E6 6EJ United Kingdom

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED

FOR THE YEAR ENDED
31 MARCH 2021
INCOME & ENDOWNMENT
Donations and legacies
EXPENDITURE ON:
Charitable activities
Governance costs
Excess Income
Prior year adjustment
Funds brought forward		 NOTES
2
6
7		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2021
2021
2021
2020
£
£
£
£
127,651
22,905
150,556
149,320
102,076
10,538
112,614
124,940
750
-
750
750
102,826
10,538
113,364
125,690
24,826
12,367
37,192
23,629
- 15,811
-
-
15,811
-
9,361
208,209
-
208,209
193,941
217,224
12,367
229,590
208,209

The notes thereon form integral part of the accounts

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THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

BALANCE SHEET

AS AT 31 MARCH 2021
Assets:
Freehold property
Leasehold property
Fixed Assets
Current assets
Sundry debtors
Gift aid receivable
Cash & bank
Creditors: Amount falling due
within one year
Net working capital
Financed by:
General Funds
Long-term mortgage loan
Long-term unsecured loan		 NOTES
8
9
10
11
12
13		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2021
2021
2021
2020
£
£
£
£
37,955
-
37,955
37,955
147,273
-
147,273
161,299
12,510
-
12,510
24,501
197,738
-
197,738
223,755
-
-
-
-
20,694
-
20,694
24,948
77,300
16,633
93,932
15,841
97,994
16,633
114,626
40,789
3,241
-
3,241
2,564
94,753
-
94,753
38,225
292,491
-
292,491
261,979
217,224
12,367
229,590
208,209
27,901
-
27,901
53,770
35,000
-
35,000
-
280,124
12,367
292,491
261,979

The notes thereon form integral part of the accounts

The balance sheet and accompanying notes was approved and signed on its behave by:

----- Start of picture text -----
18/12/2021
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------------------------------------------------] Signed & dated

Pastor Oladayo Olugbile (Trustee)

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting Policies:

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom with the application of FRSSE and the Statement of Recommended Practice, “Accounting and Reporting by Charities” (“SORP 2000 and SORP 2005”) issued by the Charity Commission. A summary of the principal accounting policies, which have been applied consistently, is set out below.

a ) Basis of Preparation of Financial Statements

The financial statements are prepared under the historic cost convention and include the results of the Charity's operations, which are described in the Trustees Report, all of which are continuing.

b) Incoming Resources

All income is credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable.

c) Restricted funds

The restricted funds are to be used for specific purposes as specified within the objects of the Charity. Expenditure, which meets these criteria, will be identified to the fund, together with a fair allocation of management and support costs.

d) Unrestricted Funds

Unrestricted funds are donations and other incomes received or generated for the objects of the Charity without further specified purpose and are available for general funds.

e) Resources Expended

Direct Charitable Expenditure includes all expenditure incurred by the Charity in direct pursuit of its charitable objectives.

Governance expenditure includes all costs not directly related to the Charitable activities and cannot be allocated to direct charitable expenditure.

f) Donated Services and Gifts in Kind

The value of donated services and gifts in kind provided to the RCCG – House of Faith Connections is recognised in the statement of financial activities and in the Balance Sheet at their value to the charity, as determined by the Trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.

g) Pastor’s welfare

Included in the welfare is £22,685 (£25,076 for year 2019) being Pastor’s welfare. The Pastor confirmed that the payment has been declared to the HM Revenue for the necessary tax.

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 – CONT’D

h) Tangible Fixed Assets Tangible fixed assets with a value exceeding £100 are recognised in the balance sheet at cost less depreciation calculated at rates intended to write off the excess of the cost over the anticipated residual value of the assets on a straight-line basis over their estimated useful economic lives.

Full year depreciation is charged in the year of acquisition, irrespective of the date of purchase and no depreciation is charged in year of asset disposal. The following rates are to be used except where the asset is on a finance lease where the lower of the period of repayment and the useful life is applied.

Church equipment - 20% Office equipment- 20% Building Renovation – 10%

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2021

Detailed analysis of income and expenditure for the year ended 31 March 2021 as required by the SORP 2015

NOTES
2
Donations, grants and legacies
Tithe and offering
Gift Aid- provision
Other donations
Grant for food bank
Other Income
3
Charitable activities-
Direct spending
Outreach & publicity
Conferences & Seminars
Food bank
Welfares
Training
Entertainment & hospitality
Visiting ministers
4
Charitable activities-
Grant funding activities
Grants made to WEM and COF
Grants to other organizations
Total		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2021
2021
2021
2020
£
£
£
£
102,109
-
102,109
112,460
20,694
-
20,694
24,948
3,343
-
3,343
11,912
-
22,905
22,905
-
1,505
-
1,505
-
127,651
22,905
150,556
149,320
321
-
321
1,777
3,832
-
3,832
2,522
-
10,538
10,538
10,784
30,598
-
30,598
26,253
-
-
-
270
1,408
-
1,408
3,414
450
-
450
7,950
36,610
10,538
47,148
52,970
6,239
-
6,239
6,125
-
-
-
1,395
6,239
-
6,239
7,520

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED 31 MARCH 2021 - CONT’D

31 MARCH 2021 - CONT’D
Current year Current year Current year Prior year
Unrestricted Restricted Total Total
NOTES Funds Funds Funds Funds
5 Support costs for charitable activities 2021 2021 2021 2020
Premises & administrative costs £ £ £ £
Motor running & Travels -
-		 - 346
Mortgage interest 2,534 - 2,534 3,921
Printing and stationery 3,403 - 3,403 3,163
Finance charges 32 - 32 1,150
Utilities 2,202 - 2,202 3,358
Telephone 2,836 - 2,836 4,623
Profesional fees 2,770 - 2,770 2,609
Insurance 3,461 - 3,461 2,826
Repairs 6,538 - 6,538 11,296
Decoration 2,050 - 2,050 6,279
General expenses 2,556 - 2,556 932
Depreciation 16,818 - 16,818 9,921
Mortgage depreciation 14,026 - 14,026 14,026
59,227 - 59,227 64,450
6 Total charitable expenditure
Direct spending 36,610 10,538 47,148 52,970
Grant making activities 6,239 - 6,239 7,520
Support costs 59,227 - 59,227 64,450
102,076 10,538 112,614 124,940
7 Other expenditure- governance costs
Independent examination 750 - 750 750

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2021 - CONT’D

NOTES

The charity bought a freehold land for car park which are partly financed by Tridos bank and internally generated funds.

9
Leasehold property
At cost of purchase
Amortization for the year
Amortization b/d
NBV b/f
10
Fixed assets
Costs 1 April 2020
Addition during the year
Disposal
Depreciation
As at 1 April 2020
Charged for the year
Disposal
Net Book Value
31st March 2021
31st March 2020		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2021
2021
2021
2020
£
£
£
£
270,000
-
270,000
270,000
-
14,026
-
-
14,026
-
14,026
-
108,701
-
-
108,701
-
94,675
147,273
-
147,273
161,299
Equipment
Renovation
Vehicle
Total
£
£
£
£
52,239
88,864
8,500
149,603
4,828
-
-
4,828
-
-
-
-
57,066
88,864
8,500
154,430
49,134
67,469
8,499
125,102
7,932
8,886
-
16,818
-
-
-
-
57,066
76,356
8,499
141,921
1
12,508
1
12,510
3,105
21,395
1
24,501

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THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2021 - CONT’D

31 MARCH 2021 - CONT’D
NOTES
11
Creditors: Amount falling due
within one year
WEM- RCCG
Other creditors
12
Mortgage Loan
At cost on 1st April 2020
Capital repayment for the year
Balance as at 31st March 2021		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2021
2021
2021
2020
£
£
£
£
-
-
-
-
3,241
-
3,241
2,564
3,241
-
3,241
2,564
53,770
-
53,770
78,478
-
25,869
-
-
25,869
-
24,708
27,901
-
27,901
53,770

13 Trustees Remuneration and Reimbursement of Expenses The Trustees did not receive any remuneration this financial year.

14 Related party transactions The Redeemed Christian Church of God is the main headquarters of all RCCG Church branches. During the year, the church paid institutional grants to other RCCG organisations such as the World Evangelical Mission as stated in the account.

14