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2023-03-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

0

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023

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 2023

The Trustees of RCCG – House of Faith Connections present their report and Financial Statements for the year ended 31st March 2023 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, 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 2023 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), Youth 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, Youth Week, Mother’s Day events, Father’s Day events, Leadership Training, Retreats for Ministers, Prayers retreat for members and interested outsiders, and food bank project.

We also support the World Evangelical Mission through RCCG UK, African Mission. The charity also provides support to members who are 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, through contributions we made to our central body (RCCG, UK Central office). 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 £101,800 if calculated in monetary value of about £10.18 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 .

2023 2022
£ £
Gross Income 200,933 191,845
Net movement of funds 46,925 61,639
General funds (NBV) 354,786 307,862

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023- 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 laws 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 a 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:

9/01/2024

-------------------------------------------------} 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 2023.

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 inquiries 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.

9[th] January 2024 ------------------------------------------ (signed and dated) Onasanya Ogundele 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

31 MARCH 2023
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
2023
2023
2023
2022
£
£
£
£
181,775
19,157
200,932
191,846
136,173
16,442
152,615
129,107
1,392
-
1,392
1,100
137,565
16,442
154,007
130,207
44,210
2,715
46,925
61,639
-
-
-
-
307,861
-
307,861
246,222
352,071
2,715
354,786
307,861

The notes thereon form an integral part of the accounts

7

THE REDEEMED CHRISTIAN CHURCH OF GOD

HOUSE OF FAITH CONNECTIONS

BALANCE SHEET

AS AT 31 MARCH 2023
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
2023
2023
2023
2022
£
£
£
£
37,955
-
37,955
37,955
119,221
-
119,221
133,247
62,031
-
62,030
26,352
219,207
-
219,206
197,554
25,560
-
25,560
29,122
120,908
14,865
135,773
114,402
146,467
14,865
161,332
143,524
750
-
750
750
145,717
14,865
160,582
142,774
-
364,924
14,865
379,788
340,327
352,071
2,715
354,786
307,862
-
-
-
382
25,002
-
25,002
32,083
377,073
2,715
379,788
340,327

The notes thereon form an integral part of the accounts

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

----- Start of picture text -----
9/01/24
----- End of picture text -----

------------------------------------------------] 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 2023

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 recognized 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.

.

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 – CONT’D

g) Pastor’s welfare

Included in the welfare is £29.065 (£30,201 for year 2022) being Pastor’s welfare. The Pastor confirmed that the payment has been declared to the HM Revenue for the necessary tax.

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% Motor vehicle 20%

10

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2023

Detailed analysis of income and expenditure for the year ended 31 March 2023 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
Foodbank
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
2023
2023
2023
2022
£
£
£
£
157,054
-
157,054
137,012
24,125
-
24,125
32,756
590
-
590
1,590
-
19,157
19,157
20,010
7
-
7
478
181,775
19,157
200,933
191,846
5,171
-
5,171
2,026
7,507
-
7,507
3,161
-
16,442
16,442
16,399
40,261
-
40,261
41,293
4,399
-
4,399
-
5,576
-
5,576
1,410
3,217
-
3,217
2,170
66,131
16,442
82,573
66,459
8,160
-
8,160
4,850
1,736
-
1,736
2,018
9,896
-
9,896
6,868

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2023 - CONT’D

NOTES
Support costs for charitable activities
5
Premises & administrative costs
Motor running & Travels
Mortgage interest
Printing and stationery
Finance charges
Utilities
Telephone
Professional fees
Insurance
Repairs
Subscriptions
Decoration
General expenses
Depreciation
Mortgage depreciation
6
Total charitable expenditure
Direct spending
Grantmaking 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
2023
2023
2023
2022
£
£
£
£
4,049
-
4,049
802
-
-
-
893
3,749
-
3,749
3,194
1,826
-
1,826
822
4,758
-
4,758
3,325
1,477
-
1,477
2,212
2,680
-
2,680
3,683
5,173
-
5,173
3,969
6,495
-
6,495
4,381
1,176
-
1,176
-
-
-
-
338
1,292
-
1,292
3,566
13,446
-
13,446
14,569
14,026
-
14,026
14,026
60,147
-
60,147
55,780
66,131
16,442
82,573
66,459
9,896
-
9,896
6,868
60,147
-
60,147
55,780
136,173
16,442
152,615
129,107
750
-
750
750
642
-
642
350
1,392
-
1,392
1,100

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THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2023 - 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 2022
Addition during the year
Disposal
Depreciation
As at 1 April 2022
Charged for the year
Disposal
Net Book Value
31st March 2023
31st March 2022		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2023
2023
2022
£
£
£
£
270,000
-
270,000
270,000
-
136,753
-
-
136,753
-
122,727
133,247
-
133,247
147,273
-
14,026
-
-
14,026
-
14,026
119,221
-
119,221
133,247
Equipment
Renovation
Vehicle
Total
£
£
£
£
85,477
88,864
8,500
182,841
12,316
-
36,809
49,125
-
-
-
-
97,793
88,864
45,309
231,966
62,748
85,242
8,499
156,489
2,463
3,621
7,362
13,446
-
-
-
-
65,211
88,863
15,861
169,935
32,582
1
29,448
62,031
22,729
3,622
1
26,352

13

THE REDEEMED CHRISTIAN CHURCH OF GOD HOUSE OF FAITH CONNECTIONS

NOTES TO THE ACCOUNTS ENDED

31 MARCH 2023 - CONT’D

31 MARCH 2023 - CONT’D
NOTES
11
12		 Creditors: Amount falling due
within one year
WEM- RCCG
Other creditors
Mortgage Loan
At cost on 1st April 2022
Capital repayment for the year
Balance as at 31st March 2023		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2023
2023
2022
£
£
£
£
-
-
-
-
750
-
750
750
750
-
750
750
-
-
-
382
-
-
-
-
382
-
-
-
-

13 Trustees Remuneration and reimbursement of expenses the trustees did not receive any remuneration this financial year.

14