OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

0

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 2022

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 2022

The Trustees of RCCG – House of Faith Connections present their report and Financial Statements for the year ended 31st March 2022 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.

Over 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.

3

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022 CONT’D

b. ACTIVITIES FOR ACHIEVING OBJECTIVES

As we normally do 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)		 2022
£
191,845
61,639
307,862		 2021
£..
150,556
37,192
246,222

4

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022- 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:

10[th] January 2023

-----------------------------------------------} 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 2022.

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.

15/01/2023 ------------------------------------------ (signed and dated)

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

6

THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED

31 MARCH 2022
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
2022
2022
2022
2021
£
£
£
£
171,835
20,010
191,845
150,556
112,707
16,399
129,106
112,614
1,100
-
1,100
750
113,807
16,399
130,206
113,364
58,029
3,611
61,639
37,192
-
-
-
821
246,222
-
246,222
208,209
304,251
3,611
307,862
246,222

The notes thereon form integral part of the accounts

7

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

BALANCE SHEET
AS AT 31 MARCH 2022
Assets:
Freehold property
Leasehold property
Fixed Assets
Current assets
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
2022
2022
2022
2021
£
£
£
£
37,955
-
37,955
37,955
133,247
-
133,247
147,273
26,352
-
26,352
12,510
197,554
-
197,554
197,738
29,122
-
29,122
20,694
106,527
7,875
114,402
93,932
135,649
7,875
143,524
114,626
750
-
750
3,241
134,899
7,875
142,774
111,385
-
332,452
7,875
340,327
309,123
304,251
3,611
307,862
246,222
382
-
382
27,901
32,083
-
32,083
35,000
336,716
3,611
340,327
309,123

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 -----
10/01/2023
----- End of picture text -----

------------------------------------------------] Signed & Dated

Pastor Oladayo Olugbile (Trustee)

8

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

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 £30, 201 (£22,685 for year 2021) being Pastor’s welfare. The Pastor confirmed that the payment has been declared to the HM Revenue for the necessary tax.

9

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 – 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%

10

THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2022

Detailed analysis of income and expenditure for the year ended 31 March 2022 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		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
137,012
-
137,012
102,109
32,756
-
32,756
20,694
1,590
-
1,590
3,343
-
20,010
20,010
22,905
478
-
478
1,505
171,835
20,010
191,845
150,556
2,026
-
2,026
321
3,161
-
3,161
3,832
-
16,399
16,399
10,538
41,293
-
41,293
30,598
-
-
-
-
1,410
-
1,410
1,408
2,170
-
2,170
450
50,061
16,399
66,460
47,148
4,850
-
4,850
6,239
2,018
-
2,018
-
6,868
-
6,868
6,239

11

THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2022 - CONT’D

NOTES
5
Support costs for charitable activities
Premises & administrative costs
Motor running & Travels
Mortgage interest
Printing and stationery
Finance charges
Utilities
Telephone
Profesional fees
Insurance
Repairs
Decoration
General expenses
Depreciation
Mortgage depreciation
6
Total charitable expenditure
Direct spending
Grant making activities
Support costs
7
Other expenditure- governance costs
Independent examination
Interest on loan		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
802
-
802
-
893
-
893
2,534
3,194
-
3,194
3,403
822
-
822
32
3,325
-
3,325
2,202
2,212
-
2,212
2,836
3,683
-
3,683
2,770
3,969
-
3,969
3,461
4,381
-
4,381
6,538
338
-
338
2,050
3,566
-
3,566
2,556
14,569
-
14,569
16,818
14,026
-
14,026
14,026
55,778
-
55,778
59,227
50,061
16,399
66,460
47,148
6,868
-
6,868
6,239
55,778
-
55,778
59,227
112,707
16,399
129,106
112,614
750
-
750
750
350
-
350
-
1,100
-
1,100
750

12

THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2022 - CONT’D

NOTES

8 Freehold land

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
Less amortization b/d
Less amortization for the year
NBV b/f
10
Fixed assets
Costs 1 April 2021
Addition during the year
Disposal
Depreciation
As at 1 April 2021
Charged for the year
Disposal
Net Book Value
31st March 2022
31st March 2021		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
270,000
-
270,000
270,000
(122,727)
-
(122,727)
(108,701)
147,273
-
147,273
161,299
(14,026)
-
(14,026)
(14,026)
133,247
-
133,247
147,273
Equipment
Renovation
Vehicle
Total
£
£
£
£
57,066
88,864
8,500
154,430
28,411
-
-
28,411
-
-
-
-
85,477
88,864
8,500
182,841
57,066
76,356
8,499
141,921
5,682
8,886
-
14,569
-
-
-
-
62,748
85,242
8,499
156,490
22,729
3,622
1
**26,352 **
1
12,508
1
12,510

13

THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2022 - CONT’D

NOTES TO THE ACCOUNTS ENDED
31 MARCH 2022 - CONT’D
NOTES
11
12		 Creditors: Amount falling due
within one year
WEM- RCCG
Other creditors
Mortgage Loan
At cost on 1st April 2021
Capital repayment for the year
Balance as at 31st March 2022		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
-
-
-
-
750
-
750
3,241
750
-
750
3,241
27,901
-
27,901
53,770
(27,518)
-
(27,518)
(25,869)
382
-
382
27,901

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