THE REDEEMED ASSEMBLIES TRUST
Charity No. 1126373
Trustees' Report and Unaudited Accounts
30 April 2021
THE REDEEMED ASSEMBLIES TRUST Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 3 to 4 |
| Independent Examiner's Report | 5 to 5 |
| Statement of Financial Activities | 6 to 6 |
| Balance Sheet | 7 to 7 |
| Statement of Cash flows | 14 to 14 |
| Notes to the Accounts | 8 to 13 |
| Detailed Statement of Financial Activities | 15 to 16 |
Page 1
THE REDEEMED ASSEMBLIES TRUST Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 30 April 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1126373
Principal Office
821 Old Kent Road London SE15 1NX
Trustees
The following Trustees served during the year:
S. IYI L. OHONYON S. OKUNDAYE O. OMORUYI
Key Management Personnel
| Trustee | OSAGIE OMORUYI |
|---|---|
| Trustee | LINDA OHONYON |
| Trustee | NIAMKEY AMAN VICTOR EZANI |
| Trustee | PASTOR SUNDAY |
| Chair | SANDRA OKUNDAYE |
Accountants
SA ACCOUNTANCY PRACTICE Suit 201, Equitable House 10 Woolwich New Road London SE18 6AB
Bankers
Barclays Bank PLC & Santander UK 104-108 Tower Bridge Rd, London SE1 3NG
OBJECTIVES AND ACTIVITIES
Page 2
THE REDEEMED ASSEMBLIES TRUST Trustees Annual Report
ACHIEVEMENTS AND PERFORMANCE
During the pandemic period Sunday church service and Friday prayer meeting were held online via zoom and YouTube. This enabled the gospel of Jesus Christ to reached different people of different backgrounds. There were an encouraging number of positive impact with online services
During this financial year, there was an increase in the supply of our food bank, including deliveries. The Trust purchased four (4) food bank vans; over £250,000 worth of food, essentials and other support given to the community members. There were other foreign missions projects some including Benue Community Water Project in Nigeria, Onwubiko in Ivory Coast Mission, among other projects.
The Redeemed Assemblies Trust was able to secure various grants including Government Furlough JRS, CCLORS Funding, WRAP (Waste & Food Redistribution), London Community Response, Covid-19 Emergency Response, and other grants from Southwark Council in support of the Covid-19 pandemic. Due to the financial impact of Covid-19, the Trust also contracted a Bounce Back Loan. The church trained volunteers to support with our COVID RELIEF project in the community.
In June 2020, church purchased a church property in Manchester for the Manchester Perish and completed a major renovation on the property. There was also change of trustees The Redeemed Assemblies Trust during this period. All necessary administrative activities to support change of trustees were completed, submitted and documented.
The Men's & Women's ministries marked their respective yearly anniversaries by organising forums to discuss various issues related to men, women, youth and family relationships. These programmes also attracted a lot of participants and helped resolve a lot of domestic issues. The church also organised marriage seminars to help married couples in and out of church community. Though this year was challenging, by the grace of God we were still able to reach many with the help of technology and we looking forward to operating differently when we go in person with the experience gained during this difficult time.
PLANS FOR FUTURE PERIODS
The Redeemed Assemblies Trust is always committed to focusing on our established vision until we have achieved our mission. Our acclaimed purpose has really propelled us to stick to the visions as spelt out as follows;
? Open more branches in the UK. ? Continue to affect the local community in a positive way. ? Continue to offer support in cash and in kind to the needy. ? Pioneer a music school to involve the youth in our community. ? To set up coffee morning to engage the elderly in our community
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
S. IYI
Page 3
THE REDEEMED ASSEMBLIES TRUST Trustees Annual Report
Trustee
11 January 2022
Page 4
THE REDEEMED ASSEMBLIES TRUST Independent Examiners Report
Independent Examiner's Report to the trustees of THE REDEEMED ASSEMBLIES TRUST
I report to the trustees on my examination of the accounts of THE REDEEMED ASSEMBLIES TRUST for the year ended 30 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark Essandoh SA ACCOUNTANCY PRACTICE Suit 201, Equitable House 10 Woolwich New Road London
SE18 6AB 11 January 2022
Page 5
THE REDEEMED ASSEMBLIES TRUST Statement of Financial Activities for the year ended 30 April 2021
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Other 5 Total Expenditure on: Raising funds 6 Charitable activities 7 Other 8 Total Net gains on investments Net income 9 Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Total funds 2021 £ 507,781 149,435 224,294 |
Total funds 2020 £ 96,449 397,360 51,564 |
|---|---|---|
| 881,510 221,576 142,776 379,539 |
545,373 4,881 132,282 353,732 |
|
| 743,891 - |
490,895 - |
|
| 137,619 - |
54,478 - |
|
| 137,619 | 54,478 | |
| 137,619 134,285 |
54,478 79,807 |
|
| 271,904 | 134,285 |
Page 6
THE REDEEMED ASSEMBLIES TRUST Balance Sheet
at 30 April 2021
| at 30 April 2021 | ||
|---|---|---|
| Charity No. 1126373 Fixed assets Tangible assets Current assets Cash at bank and in hand Creditors:Amount falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Total funds |
2021 £ 201,773 201,773 120,131 120,131 - 120,131 321,904 271,904 271,904 271,904 |
2020 £ 2,895 |
| 2,895 136,990 |
||
| 136,990 (5,600) |
||
| 131,390 134,285 |
||
| 134,285 | ||
| 134,285 | ||
| 134,285 |
Approved by the trustees on 11 January 2022
And signed on their behalf by:
S. IYI Trustee 11 January 2022
Page 7
THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts
for the year ended 30 April 2021
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 9
THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 10
THE REDEEMED ASSEMBLIES TRUST
Notes to the Accounts
2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
||
|---|---|---|
| Income and endowments from: Donations and legacies Charitable activities Other Total Expenditure on: Raising funds Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies 4 Income from charitable activities |
Unrestricted funds 2020 £ 96,449 397,360 51,564 545,373 4,881 132,282 353,732 490,895 54,478 54,478 54,478 79,807 134,285 Total 2021 £ 46,959 507,781 Total 2021 £ 5,067 144,368 - - 149,435 |
Total funds 2020 £ 96,449 397,360 51,564 |
| 545,373 4,881 132,282 353,732 |
||
| 490,895 | ||
| 54,478 | ||
| 54,478 | ||
| 54,478 79,807 |
||
| 134,285 | ||
| Total 2020 £ 96,449 |
||
| 96,449 | ||
| Total 2020 £ 104,112 91,074 125,542 76,632 |
||
| 397,360 |
Page 11
THE REDEEMED ASSEMBLIES TRUST
Notes to the Accounts
5 Other income
| 6 Expenditure on raising funds Fundraising trading costs 7 Expenditure on charitable activities Expenditure on charitable activities Governance costs 8 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs |
Total 2021 £ - 106,138 224,294 |
Total 2020 £ 50,854 710 |
|---|---|---|
| 51,564 | ||
| Total 2021 £ - 221,576 Total 2021 £ 500 11,680 9,418 142,776 Total 2021 £ 213,857 25,127 57,147 13,846 21,710 47,852 379,539 |
Total 2020 £ 4,881 |
|
| 4,881 | ||
| Total 2020 £ 87,062 1,580 43,640 |
||
| 132,282 | ||
| Total 2020 £ 168,177 37,457 102,716 7,246 4,355 33,781 |
||
| 353,732 |
Page 12
THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts
9 Net income before transfers
| Net income before transfers | ||
|---|---|---|
| 2021 | 2020 | |
| This is stated after charging: | £ | £ |
| Depreciation of owned fixed assets | 13,846 | 7,246 |
10 Trustee remuneration and expenses
One or more of the trustees has been paid remuneration in the current or prior periods.
| Trustee Remuneration S. IYI 9,418 Number of trustees paid expenses 11 Staff costs Salaries and wages No employee received emoluments in excess of £60,000. 12 Creditors: amounts falling due within one year Other loans |
Pension - 2021 Number - 146,811 156,887 2021 £ - - |
Other benefits - |
2020 Number 12 114,400 |
|---|---|---|---|
| 114,400 | |||
| 2020 £ 5,600 |
|||
| 5,600 | |||
| 13 Reconciliation of net debt Cash and cash equivalents Borrowings Net debt |
At 1 May 2020 £ |
Cash flows £ |
At 30 April 2021 £ |
| 136,990 | (16,859) | 120,131 | |
| 136,990 (5,600) |
(16,859) | 120,131 - |
|
| 5,600 | |||
| (5,600) 131,390 |
(44,400) (61,259) |
(50,000) | |
| 70,131 | |||
Page 13
THE REDEEMED ASSEMBLIES TRUST Statement of Cash flows for the year ended 30 April 2021
| Cash flows from operating activities Net income per Statement of Financial Activities Net cash (used in)/provided by operating activities Net cash from investing activities Cash flows from financing activities Repayment of borrowings Net cash from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2021 £ 137,619 (72,829) 11,570 44,400 44,400 (16,859) 136,990 120,131 |
2020 £ 54,478 |
|---|---|---|
| 25,872 | ||
| 51,564 | ||
| 5,600 | ||
| 5,600 | ||
| 83,036 | ||
| 12,000 | ||
| 95,036 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 120,131 | 136,990 |
| 120,131 | 136,990 |
Page 14
THE REDEEMED ASSEMBLIES TRUST Detailed Statement of Financial Activities
for the year ended 30 April 2021
| Income and endowments from: Donations and legacies Charitable activities Other Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Charitable activities Governance costs Total of expenditure on charitable activities Salaries/wages Staff training Staff welfare Temporary staff Vehicles - Repairs and maintenance Travel and subsistence |
Total funds 2021 £ 46,959 507,781 5,067 144,368 - - 149,435 - 106,138 224,294 881,510 - - 221,576 500 11,680 133,358 9,418 9,418 142,776 146,811 5,270 42,590 9,110 213,857 8,062 2,064 25,127 |
Total funds 2020 £ 96,449 |
|---|---|---|
| 96,449 | ||
| 104,112 91,074 125,542 76,632 |
||
| 397,360 | ||
| 50,854 710 |
||
| 51,564 | ||
| 545,373 4,881 |
||
| 4,881 | ||
| 4,881 87,062 1,580 |
||
| 88,642 | ||
| 43,640 | ||
| 43,640 | ||
| 132,282 114,400 2,184 35,293 16,300 |
||
| 168,177 | ||
| 1,884 35,573 |
||
| 37,457 |
Page 15
THE REDEEMED ASSEMBLIES TRUST Detailed Statement of Financial Activities
| Rent Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Motor Vehicles Depreciation of Plant & Machinery Information and publications Stationery and printing Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
13,625 3,957 1,231 541 37,793 57,147 - 13,846 - 4,020 1,793 35,556 3,110 40,671 47,852 379,539 743,891 - 137,619 137,619 - 137,619 134,285 271,904 |
47,303 2,504 5,257 3,769 43,883 |
|---|---|---|
| 102,716 | ||
| 5,559 1,687 3,209 123 1,023 |
||
| 11,601 | ||
| 1,940 31,841 |
||
| 33,781 | ||
| 353,732 | ||
| 490,895 - |
||
| 54,478 | ||
| 54,478 - |
||
| 54,478 | ||
| 79,807 | ||
| 134,285 |
Page 16