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2020-12-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD CHRIST’S LOVE ASSEMBLY

Charity reg. no 1127783

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1

THE REDEEMED CHRISTIAN CHURCH OF GOD

CHRIST’S LOVE ASSEMBLY

CONTENTS

Reference and administrative details of the charity 3
Trustees’ report 4 – 7
Independent examiner’s report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 – 15

2

THE REDEEMED CHRISTIAN CHURCH OF GOD CHRIST’S LOVE ASSEMBLY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Dr Foyeke C Tolani Mr Omotayo A Owodunni Mr Tom O Samuel Mr Ayodele Okuyemi Ms Adeola Akintoye Charity registration Number 1127783 Principal Office 1 Rylands Old Marston Oxford OX3 0SX Pastor in charge Dr Patrick O Tolani Accountants Toda Consult 19, York Road, Northfleet, Kent. DA11 9PU Bankers Lloyds Bank Carfax Oxford

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THE REDEEMED CHRISTIAN CHURCH OF GOD CHRIST’S LOVE ASSEMBLY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees submit their annual report and the financial statements of The Redeemed Christian Church of God Christ’s Love Assembly (the charity) for the year ended 31 December 2020. The trustees confirm that the annual report and financial statements comply with the current statutory requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in December 2005.

The charity also trades under the name Christ’s Love Assembly.

STATUS

The charity is constituted under a Trust Deed dated 16[th] November 2008 and is registered in England and Wales with charity number 1127783.

APPOINTMENT OF TRUSTEES

Trustees are appointed under the terms of the trust deed. There was no change in the membership of the Board of Trustees during the year under review.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEE’S The induction process for the newly appointed member of the board of trustee usually comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Parish Pastor on the powers and responsibilities of the trustees.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The charity is organized so that the trustees can meet regularly to manage its affairs. All major decisions are collectively taken by the trustees. The trustees are unpaid, and details of any related party transactions are disclosed as applicable in the notes to the account. The Parish Pastor manages the day-to-day administration of the church.

RELATED PARTY RELATONSHIPS

The Redeemed Christian Church of God Christ’s Love Assembly is a parish of The Redeemed Christian Church of God which has parishes all over the world. The parish’s relationship with other parishes is governed by an ‘Agreement for Common Purposes’.

RISK MANAGEMENT

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

4

THE REDEEMED CHRISTIAN CHURCH OF GOD CHRIST’S LOVE ASSEMBLY

TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTS AND ACTIVITIES

The principal object is the advancement of Christian faith worldwide and the relief of poverty, and any charitable purpose at the discretion of the trustees for the benefit of the community. To achieve its objectives, the church adopted the following strategies:

The activities for achieving its objectives include:

PUBLIC BENEFIT

The church’s Sunday and mid-week services are open to the public to build on their Christian faith.

Various programs and activities were due to be organised for women, men, the elderly, the youths/teenagers and children during the year and they would have involved participation of both members of the church and the local community. However, due to the Covid 19 pandemic, events were either cancelled, postponed, hybrid or totally occurred online.

We could not carry out any of our usual activities for the year. The ones we managed to do like the Oxford Power Conference, International Mother Language Day were done online.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

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THE REDEEMED CHRISTIAN CHURCH OF GOD CHRIST’S LOVE ASSEMBLY

TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

GRANT MAKING POLICY

The church supports visiting ministers of the gospel both within and outside the United Kingdom. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Life and other RCCG programs. The church supports other charities and missionaries that share its objects in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need.

VOLUNTEERS

The church is grateful to the unstinting efforts of its volunteers who are involved in providing services for the charity.

REVIEW OF ACTIVITIES

The church continues to enjoy tremendous growth in its physical and spiritual life during the year, and in the advancement of Christian faith in accordance with the doctrines set out in the Statement of faith as contained in our Trust Deed. The church continues to progress in its search for a permanent place of worship.

INVESTMENT POLICY

The trustees’ have decided that at present, funds should be retained in Banks and Building Societies, and as far as possible in interest bearing accounts.

RESERVES POLICY

The trustees’ policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended which equals to roughly £16,000 to £32,000 in general funds. The Trustees feel that this would enable the current activities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed. The trustees are continuing to seek additional unrestricted funds to build up its reserves.

PRINCIPAL FUNDING

Funding has been provided mainly through tithes and offerings by church members and through Gift Aid claims. Pledges are also taken for specific projects. Donations were received towards the church building project.

FUTURE DEVELOPMENT

The charity continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life-changing impact in society.

6

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The charity trustees are responsible for preparing the Trustees’ Annual Report and financial statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptable Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees recognize their responsibilities to keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence taking reasonable steps for prevention and detection of fraud and other irregularities.

The appended financial statements have been prepared on the accruals basis and have been examined by an examined by and independent examiner, whose report is also appended.

Approved by the Trustees on the 26 October 2021 and signed on their behalf by:

F C Tolani Tom O Samuel

Dr. F C Tolani Trustee

Mr. Tom O Samuel Trustee

7

THE REDEEMED CHRISTIAN CHURCH OF GOD CHRIST’S LOVE ASSEMBLY

INDEPENTDENT EXAMINER’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD, CHRIST’S LOVE ASSEMBLY

I report on the accounts of the charity of the year ended 31 December 2020 which is set out on the pages 9 to 15.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 142(2) of the Charities Act 2011 and that an independent examination is needed.

It is my responsibilities to:

BASIS OF EXAMINER’S STATEMENT

My examinations are carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of an unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such manners. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair” view and the report is limited to those matters set out in the statements below.

EXAMINER’S STATEMENT

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

Mr Oludare Agbola

Toda Consult

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THE REDEEMED CHRISTIAN CHURCH OF GOD – CHRIST’S LOVE ASSEMBLY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOMING RESOURCES
Incoming resources from generated funds:
Donations, legacies & similar incoming resources 2
Other income
3
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Grants payable- institutional
4
Cost of activities in furtherance of charities objects
5
Management and governance costs
6
TOTAL RESOURCES EXPENDED
Net Incoming /(outgoing) resources for year
Total funds at the start of the year
Balance at end of year		 2020
2020
2020
2019

Unrestricted
Funds
Restricted
Funds
Total Funds
Total
Funds
£
£
£
£
29,011
-
29,011
45,024
9,261
-
9,261
79
38,272
-
38,272
45,102
3,773
-
3,773
6,758
22,676
-
22,676
31,019
17,565
-
17,565
17,920
44,014
-
44,014
55,697
(5,742
-
(5,742)
(10,594)
189,183
189,183
199,777
183,441
-
183,441
189,183

The charity’s incoming resources and resources expended all relate to continuing activities.

9

THE REDEEMED CHRISTIAN CHURCH OF GOD – CHRIST’S LOVE ASSEMBLY BALANCE SHEET AS AT 31 DECEMBER 2020

Notes
FIXED ASSETS
Tangible Fixed Assets
7
CURRENT ASSETS
Debtors 8
Cash at bank and in hand
9
CREDITORS:amount falling due within
one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS
£
32,500
150,501		 2020
£
1,440		 £
39,850
146,491		 2019
£
3,842
1,440


182,001		 3,842

185,341
183,001
(1,000)		 186,341
(1,000)
183,441 189,183
-
183,441		 -
189,183
183,441 189,183

The accounts have been prepared in accordance with the special provision of Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modifies for smaller charities.

Approved by the Trustees on 26 October 2021 and signed on their behalf by:

F C Tolani

Dr F C Tolani

Trustee

10

THE REDEEMED CHRISTIAN CHURCH OF GOD – CHRIST’S LOVE ASSEMBLY NOTES TO ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

  1. ACCOUNTING POLICIES

  2. (a) The accounts are prepared under the historical cost convention and in accordance with applicable accounting standards. They follow best practice set out as set out in the statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities.

  3. (b) Income and expenditure is accounted for on an accruals basis.

  4. (c) Fixed assets comprise furniture and equipment and musical equipment and have been costing more than £300. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Musical equipment - 25% reducing balance
Furniture and fittings - 25% reducing balance
Computer equipment - 25% reducing balance
Motor Vehicles - 25% reducing balance
2. DONATIONS, LEGACIES AND
SIMILAR INCOMING RESOURCES
Collection at all services
Gift Aid claim
Total		 Restricted
Unrestricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
-
29,011
29,011
42,453
-
-
-
2,571
-
29,011
29,011
45,024

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THE REDEEMED CHRISTIAN CHURCH OF GOD – CHRIST’S LOVE ASSEMBLY NOTES TO ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. OTHER INCOME
Grant
Bank Interest
Note
4. GRANTS PAYABLE-
INSTITUTIONAL
Charitable giving – UK
4.1
4.1 LIST OF INSTITUTIONS GRANTS
PAYABLE
RCCG- WEM - World Evangelism
RCCG -Central Office -World Evangelism
Festival of Life
Others		 Restricted
Unrestricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
-
9,210
9,210
-
-
52
52
79
-
9,261
9,261
79
£
£
£
£
-
3,773
3,773
6,758
-
3,773
3,773
6,758
£
£
£
£
-
1,373
1,373
4,808
-
600
600
1,200
-
1,000
1,000
500
-
800
800
250
-
3,773
3,773
6,758

12

THE REDEEMED CHRISTIAN CHURCH OF GOD – CHRIST’S LOVE ASSEMBLY NOTES TO ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. COST OF ACTIVITIES IN
FURTHERANCE OF
CHARITY'S OBJECTS
Visiting speakers’ expenses
Seminar & conferences
Travel and subsistence
Telephone & internet
Hall hire, rent & rates
Premises repairs and
maintenance
Welfare & hospitality
Printing, postage, and stationery
Vehicle running expenses
Sunday School
Subscription
Music & liturgy
Depreciation
Bank & finance charges
IT, website expenses
Praise Gate expenses
Publicity
6. MANAGEMENT AND GOVERNANCE
COSTS
Staff Costs
Pension
Book-keeping and payroll
services
Accountancy fees		 2020
2020
2020
2019
£
£
£
£
Restricted
Unrestricted
Total
Total
Funds
Funds
Funds
Funds
£
£
£
£
-
-
-
2,250
-
1,171
1,171
2,530
-
903
903
2,024
-
639
639
1,667
-
2,898
2,898
7,717
-
4,601
4,601
-
-
2,435
2,435
2,197
-
290
290
1,090
-
1,961
1,961
3,612
-
275
275
150
-
129
129
132
-
1,389
1,389
944
-
3,268
3,268
4,547
-
319
319
426
-
1,764
1,764
170
-
500
500
1,563
-
132
132
-
-
22,676
22,676
31,019
£
£
£
£
-
15,600
15,600
15,988
-
376
376
354
-
589
589
578
-
1,000
1,000
1,000
-
17,565
17,565
17,920

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THE REDEEMED CHRISTIAN CHURCH OF GOD – CHRIST’S LOVE ASSEMBLY NOTES TO ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. TANGIBLE FIXED ASSETS

Cost
At 1 January 2019
Additions
At 31 December 2020
Depreciation
At 1 January 2019
Charge for the year
At 31 December 2020
Net Book Value
At 31 December 2020
At 31 December 2019
8. CASH BALANCES
Cash in Bank & in hand at year end
9. DEBTORS
Other debit balances		 Musical
equipment
Computers
&
projectors
£
£
17,291
8,429
-
866		 Motor
Vehicle
Total
£
£
14,352
40,072
-
866
17,291
9,295		 14,352
40,938
13,449
8,429
3,112
156		 14,352
36,230
-
3,268
16,562
8,585		 14,352
39,498
729
710		 -
1,440
3,842
-		 -
3,842
2020
2019
£
£
150,501
146,491
150,501
146,491
2020
2019
£
£
32,500
39,850
32,500
39,850

Charitable loans were granted to other charities operating in the United Kingdom and individual members of RCCG-CLA for charitable purposes.

14

THE REDEEMED CHRISTIAN CHURCH OF GOD – CHRIST’S LOVE ASSEMBLY NOTES TO ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

10.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
10.CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrual: accountancy fees		 2020
2019
£
£
1,000
1,000
1,000
1,000

11.RELATED PARTY TRANSACTIONS

During the year, the church paid institutional grants to other RCCG organisations such as the World Evangelism Mission as stated in note 4.1.

12. STAFF COST AND NUMBERS

The average number of employees during the year was as follows:

The average number of employees during the year was as follows:
Pastoral
Charity administration
Total		 2020
2019
No.
No.
1
1
1
1
2
2

No employee received remuneration amounting to more than £50,000 in the year.

13. NET INCOMING RESOURCES/ (RESOURCES EXPENDED)

This is stated after charging
Depreciation of tangible assets
Accountant's fees		 2020
2019
£
£
3,268
4,547
1,000
1,000
14. FUNDS
At 1 January
Surplus/(Deficit) for the year
Prior year adjustment
At 31 December		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
189,183
-
189,183
221,177
(5,742)
-
(5,742)
(10,594)
-
-
(21,400)
183,441
-
183,441
189,183

15