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2022-04-30-accounts

THE REDEEMED ASSEMBLIES TRUST

Charity No. 1126373

Trustees' Report and Unaudited Accounts

30 April 2022

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 2022.

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

Key Management Personnel
Trustee OSAGIE OMORUYI
Trustee LINDA OHONYON
Trustee NIAMKEY AMAN VICTOR EZANI
Trustee PASTOR SUNDAY
Chair SANDRA OKUNDAYE
Accountants
SA ACCOUNTANCY PRACTICE
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

The charity is governed by a constitution signed and approved by the trustees of the church The main activity of the organisation is to extend the gospel of the Lord Jesus Christ to the communities, having fellowship with one another for edification and supporting the emotional and physical needs of its members and the wider community.

Page 2

THE REDEEMED ASSEMBLIES TRUST

Trustees Annual Report

Our fellowships transcend across the borders of United Kingdom to the uttermost parts of the world. Other activities includes:

? relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress;

? provide support to families to eliminate food poverty and essentials through her Foodbank and Food Redistribution Unit;

? provide Community residents with employment coaching and support;

? provide Community residents food banks, and daily breakfast throughout the year 2022

ACHIEVEMENTS AND PERFORMANCE

The organisation, through distribution of tracts, group & individual virtual evangelism has continued to propagate the gospel throughout the communities in spite of increasing cost of livin.

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

STRUCTURE, GOVERNANCE AND MANAGEMENT

It is our hope and prayer that through our dedication and hard work, the Lord will bless and help us to achieve our purpose. The organisation’s commitment to maintaining a positive momentum over the coming years is to offer excellent value for money. We also want to continue to develop a healthy and attractive relationship with our members and the entire community.

Page 3

THE REDEEMED ASSEMBLIES TRUST Trustees Annual Report

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.

The Charity Act 1993 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the trustees are required to:

Signed on behalf of the charity's trustees

S. IYI Trustee 30 April 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 2022 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

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of FCCA, FAIA.

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:

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 FCCA, FAIA SA ACCOUNTANCY PRACTICE Equitable House 10 Woolwich New Road London

SE18 6AB 30 April 2022

Page 5

THE REDEEMED ASSEMBLIES TRUST Statement of Financial Activities for the year ended 30 April 2022

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 (expenditure)/income
9
Transfers between funds
Net (expenditure)/income
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricte
d funds
2022
£
326,256
93,385
115,837		 Total funds
2022
£
326,256
93,385
115,837		 Total funds
2021
£
507,781
149,435
224,294
535,478
51,951
69,969
430,834		 535,478
51,951
69,969
430,834		 881,510
221,576
142,776
379,539
552,754
-		 552,754
-		 743,891
-
(17,276)
-		 (17,276)
-		 137,619
-
(17,276) (17,276) 137,619
(17,276)
271,904		 (17,276)
271,904		 137,619
134,285
254,628 254,628 271,904

Page 6

THE REDEEMED ASSEMBLIES TRUST Balance Sheet

at 30 April 2022

Charity No. 1126373
Fixed assets
Tangible assets
12
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors:Amounts falling due after more than one year
14
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
15
Unrestricted funds
15
General funds
Reserves
15
Total funds
Approved by the trustees on 30 April 2022
And signed on their behalf by:
S. IYI
Trustee
30 April 2022		 2022
£
198,080
198,080
102,068
102,068
(11,380)
90,688
288,768
(34,140)
254,628
254,628
254,628
254,628
254,628		 2021
£
201,773
201,773
120,131
120,131
-
120,131
321,904
(50,000)
271,904
271,904
271,904
271,904
271,904

Page 7

THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts

for the year ended 30 April 2022

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

Income

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

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

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
£
38,281
192,943
95,032
326,256
Unrestricted
£
3,167
90,218
93,385		 Unrestricted
funds
2021
£
507,781
149,435
224,294
881,510
221,576
142,776
379,539
743,891
137,619
137,619
137,619
134,285
271,904
Total
2022
£
38,281
192,943
95,032
326,256
Total
2022
£
3,167
90,218
93,385		 Total funds
2021
£
507,781
149,435
224,294
881,510
221,576
142,776
379,539
743,891
137,619
137,619
137,619
134,285
271,904
Total
2021
£
46,959
308,751
152,071
507,781
Total
2021
£
5,067
144,368
149,435

Page 11

THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts

5 Other income

6
Expenditure on raising funds
Costs of generating voluntary
income
7
Expenditure on charitable activities
Expenditure on charitable
activities
Governance costs		 Unrestricted
£
28,195
48,608
24,036
14,998
115,837		 Total
2022
£
28,195
48,608
24,036
14,998
115,837		 Total
2021
£
-
106,138
94,156
24,000
224,294
Unrestricted
£
51,951
-
51,951
Unrestricted
£
1,270
48,776
10,495
9,428
69,969		 Total
2022
£
51,951
-
51,951
Total
2022
£
1,270
48,776
10,495
9,428
69,969		 Total
2021
£
216,486
5,090
221,576
Total
2021
£
500
11,680
121,178
9,418
142,776

Page 12

THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts

8 Other expenditure

Unrestricted
Total
2022
£
£
Employee costs
240,681
240,681
Motor and travel costs
20,334
20,334
Premises costs
90,151
90,151
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
8,287
8,287
General administrative costs
13,326
13,326
Legal and professional costs
58,055
58,055
430,834
430,834
9
Net (expenditure)/income before transfers
2022
This is stated after charging:
£
Depreciation of owned fixed assets
8,287
10 Trustee remuneration and expenses
One or more of the trustees has been paid remuneration in the current or prior periods.
11 Staff costs
Salaries and wages
170,492
Social security costs
14,574
Pension costs
1,693
186,759
No employee received emoluments in excess of £60,000.
12 Tangible fixed assets
Land and
buildings
Motor
Vehicles
Plant &
Machinery
£
£
£
Cost or revaluation
At 1 May 2021
179,724
27,795
41,433
Additions
-
4,594
-
At 30 April 2022
179,724
32,389
41,433
Depreciation and
impairment
At 1 May 2021
-
32,389
14,790
Depreciation charge for the
year
-
-
8,287
At 30 April 2022
-
32,389
23,077
Net book values
At 30 April 2022
179,724
-
18,356
At 30 April 2021
179,724
(4,594)
26,643		 Total
2021
£
213,857
25,127
57,147
13,846
21,710
47,852
379,539
2021
£
13,846
146,811
8,066
2,010
156,887
Total
£
248,952
4,594
253,546
47,179
8,287
55,466
198,080
201,773

Page 13

THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts

THE REDEEMED ASSEMBLIES TRUST
Notes to the Accounts
13 Creditors:
amounts falling due within one year
Bank loans and overdrafts		 2022
£
11,380
11,380		 2021
£
-
-
14 Creditors:
amounts falling due after more than one year
Bank loans and overdrafts
15 Movement in funds
At 1 May
2021
Restricted funds:
Unrestricted funds:
General funds
271,904
Revaluation Reserves:
Total funds
271,904
16 Analysis of net assets between funds
Fixed assets
Net current assets
Creditors due in more than one year and
provisions		 2022
£
34,140
34,140		 2021
£
50,000
50,000
Incoming
resources
(including
other
gains/losses
)
£
535,478
535,478		 Resources
expended
£
(552,754)
(552,754)
Unrestricted
funds
£
198,080
90,688
(34,140)
254,628		 At 30 April
2022
£
254,628
254,628
Total
£
198,080
90,688
(34,140)
254,628

Page 14

THE REDEEMED ASSEMBLIES TRUST Notes to the Accounts

17 Reconciliation of net debt

Cash and cash equivalents
Bank loans
Net debt		 At 1 May
2021
£		 Cash flows
£		 At 30 April
2022
£
120,131 (18,063) 102,068
120,131
(50,000)		 (18,063) 102,068
(45,520)
4,480
(50,000)
70,131		 4,480
(13,583)		 (45,520)
56,548
18 Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases
2022
Land and
buildings
£
Operating leases with expiry date:
Pension commitments
The pension cost charge to the charity
amounted to:		 are as follows:
2022
Other
£
2022
£
1,693		 2021
Land and
buildings
£		 2021
Other
£
2021
£
2,010

Page 15

THE REDEEMED ASSEMBLIES TRUST Detailed Statement of Financial Activities

for the year ended 30 April 2022

Income and endowments from:
Donations and legacies
Charitable activities
Other
Total income and endowments
Expenditure on:
Costs of generating donations and
legacies
Total of expenditure on raising
funds
Charitable activities
Governance costs
Total of expenditure on charitable
activities
Employee costs
Salaries/wages
Employer's NIC		 Unrestricted
funds
2022
£
38,281
192,943
95,032
326,256
3,167
90,218
93,385
28,195
48,608
24,036
14,998
115,837
535,478
51,951
-
51,951
51,951
1,270
48,776
10,495
60,541
9,428
9,428
69,969
170,492
14,574		 Total funds
2022
£
38,281
192,943
95,032
326,256
3,167
90,218
93,385
28,195
48,608
24,036
14,998
115,837
535,478
51,951
-
51,951
51,951
1,270
48,776
10,495
60,541
9,428
9,428
69,969
170,492
14,574		 Total funds
2021
£
46,959
308,751
152,071
507,781
5,067
144,368
149,435
-
106,138
94,156
24,000
224,294
881,510
216,486
5,090
221,576
221,576
500
11,680
121,178
133,358
9,418
9,418
142,776
146,811
8,066

Page 16

THE REDEEMED ASSEMBLIES TRUST

Detailed Statement of Financial Activities

Pension costs
Staff training
Staff welfare
Temporary staff
Motor and travel costs
Vehicles - General costs
Vehicles - Insurance and licences
Vehicles - Repairs and
maintenance
Travel and subsistence
Premises costs
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
General insurances
Stationery and printing
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Consultancy fees
Management charges
Solicitor's fees
Other legal and professional
costs
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net (expenditure)/income		 1,693
7,215
41,066
5,641
240,681
4,109
4,451
8,999
2,775
20,334
70,463
3,204
-
596
15,888
90,151
-
8,287
684
4,850
5,464
2,328
21,613
2,910
1,250
11,058
5,312
37,525
58,055
430,834
552,754
-
(17,276)		 1,693
7,215
41,066
5,641
240,681
4,109
4,451
8,999
2,775
20,334
70,463
3,204
-
596
15,888
90,151
-
8,287
684
4,850
5,464
2,328
21,613
2,910
1,250
11,058
5,312
37,525
58,055
430,834
552,754
-
(17,276)		 2,010
5,270
42,590
9,110
213,857
9,653
5,348
8,062
2,064
25,127
13,625
3,957
1,231
541
37,793
57,147
-
13,846
1,171
4,020
14,726
1,793
35,556
3,110
1,251
-
2,820
40,671
47,852
379,539
743,891
-
137,619

Page 17

THE REDEEMED ASSEMBLIES TRUST Detailed Statement of Financial Activities

THE REDEEMED ASSEMBLIES TRUST
Detailed Statement of Financial Activities
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 (17,276)
-
(17,276)
271,904
254,628		 (17,276)
-
(17,276)
271,904
254,628		 137,619
-
137,619
134,285
271,904

Page 18

THE REDEEMED ASSEMBLIES TRUST Statement of Cash flows for the year ended 30 April 2022

Cash flows from operating activities
Net (expenditure)/income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Net cash used in operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Dividends, interest and rents from investments
Net cash from investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash (used in)/from financing activities
Net decrease 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		 2022
£
(17,276)
8,287
(115,837)
(124,826)
(4,594)
115,837
111,243
(4,480)
(4,480)
(18,063)
120,131
102,068		 2021
£
137,619
13,846
(224,294)
(72,829)
(212,724)
224,294
11,570
44,400
44,400
(16,859)
136,990
120,131
Components of cash and cash equivalents
Cash and bank balances 102,068 120,131
102,068 120,131

Page 19