2021-03-31-accounts - Redeemed Christian Church Of God - Living Word Liberation Centre (Holy Ghost Zone)

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REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE- SOUTHAMPTON FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

CONTENTS 1. CHARITY INFORMATION 2. ACCOUNTANT’S REPORT 3. REPORT OF THE TRUSTEES 4. BALANCE SHEET 5. INCOME AND EXPENDITURE ACCOUNT 6. NOTES TO THE ACCOUNTS	PAGES
	1 2 3-4 5 6 7-9

REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

CHARITY NO.: 1133816 REGISTERED OFFICE: 21/25 St Marys Place Southampton SO14 3HY BANKER LLOYDS TSB ACCOUNTANTS: TMA Associates Ltd Accountants & Tax Consultants 4 Hillbrow Close, Bexley Kent. DA5 2HF

Page 1

ACCOUNTANTS’ REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON FOR THE YEAR ENDED 31 MARCH 2021

We have examined the financial statements on pages 5 to 6 which have been prepared under the accounting policies set out on page 4 for the year ended 31 March 2021.

Respective responsibilities of Trustees and Examiner

The Trustees are responsible for the preparation of accounts, and they consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.

It is our responsibility to

examine the accounts (under section 43(3)(a) of the 1993 Act);
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
to state whether particular matters have come to my attention.

Basis of Opinion

We conducted our examination in accordance with the General Directions given by the Charity Commissioners. 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 any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Opinion

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

which gives me reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with section 41of the 1993 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act. have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

TMA ASSOCIATES LTD ACCOUNTANTS & TAX CONSULTANTS

4 HILLBROW CLOSE BEXLEY. DA5 2HF

DATE ..............................…............

Page 2

REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report along with the financial statements of the charity for the year ended 31[st] March 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 4 and comply with the charity’s trust deed and applicable below.

Constitution and objects

Redeemed Christian Church of God, Holy Ghost Zone - Southampton is constituted under a trust deed and is a registered charity number 1133816.

The objects of the charity are worshipping of God, spreading the word and preaching the Gospel of Christ and the life after life. To contribute to the health and educational needs of the community.

Organisation

The trustees who have served during the year and since the year end are set out below:-

Mrs Olabisi Oluwakemi Abu Mr Frank Abu

Reserves Policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

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REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON REPORT OF THE TRUSTEES (CONTD.) FOR THE YEAR ENDED 31 MARCH 2021

Trustees’ responsibilities in relation to the financial statements

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 charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:-

Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping accounting records which 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 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees and signed on their behalf by:

……………………………………………

Date ………………………….

Page 4

THE REDEEMED CHRISTIAN CHURCH OF GOD

HOLY GHOST ZONE - SOUTHAMPTON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Restricted Funds £ - 82,500 82,500 - - - - 82,500	Restricted Funds £ - 82,500 82,500 - - - - 82,500	2021 2020 £ £ 140,351 171,155 82,500 - 222,851 171,155 - - 679 890 19,528 36,886 128,334 129,722 148,541 167,498 Total Funds


82,500
- - - - 82,500	- - - -	- 890 36,886 129,722
		167,498

NET INCOMING/(OUTGOING) RESOURCES GAINS AND LOSSES ON INVESTMENTS

NET MOVEMENT IN FUNDS

(8,190) 82,500 - 74,310 3,657 - - - - - (8,190) 82,500 - 74,310 3,657

Page 5 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON BALANCE SHEET AS AT 31 MARCH 2021

FIXED ASSETS

Tangible Assets

----- Start of picture text -----
2021 2020
Notes £ £ £ £
4 482,403 486,285
----- End of picture text -----

CURRENT ASSETS

Debtors & Prepayments 5 Bank/Cash Balances Development Fund Account Charity Account CURRENT LIABILITIES Creditors and Accruals 6 LONG CURRENT LIABILITIES Loan 1 Loan 2 - Bounced Back Loan UNRESTRICTED FUNDS Accumulated Funds Add: Net movement in funds - Unrestricted funds Net movement in funds - Restricted funds Accumulated Funds C/F	6,920 130,228 2,327 657 140,132 (11,920) 248,145 48,182 239,978 (8,190) 82,500	9,395 19,406 327 600 29,728 128,212 (6,462) ~~610,615~~ 269,573 0 296,327 ~~314,288~~ 236,321 0 3,657 ~~314,288~~	23,266 ~~509,551~~	23,266
			269,573 ~~239,978~~
			~~239,978~~

APPROVED BY THE BOARD OF TRUSTEES ON …………………………………………………

AND SIGNED ON THEIR BEHALF BY: ……………………………………….

Signed ……………………………………………..

The notes on pages 7 to 9 form part of these financial statements

Page 6 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES

a. The accounts are prepared under the historical cost convention with the exception of investments which are stated at market value. They comply with the requirements of Statement of Recommended Practice 'Accounting Charities' ('SORP') and are in accordance with applicable accounting standards.
b. General accumulated funds are unrestricted funds available to the church for its general purposes and include funds designated by the Church for a particular purpose; the use of such designated funds remains at the discretion of the Church's Trustees.
c. An insurance payout of £82,500 was classified as restricted fund as set out by the claim document
d. The governance, management and administration expenses reported in note 3 relate to the whole of the Church's activities and a proportion of these charges are allocated to expenditure headings on a basis consistent with the use of the resources.
e. Investments are stated at market value. It is the Church's policy to keep valuations up to date such that when investments are sold there is no gain or loss arising to previous years.
f. Tangible assets are included at cost and depreciation is provided on a straight line basis, in order to write off the assets over their useful lives.

g. All expenditure is accounted for on an Accrual Basis.

The depreciation rates are as follows:
Motor Vehicle	20%
Building Improvement	10%
Recording Equipment	10%
Musical Equipment	10%
Computer and Office Equipment	10%
Fixtures and Fittings	10%

2	INCOMING RESOURCES Collection Tithes & Appeal Other income HMRC JRS Grant Insurance Payout Gift Aid TOTAL INCOMING RESOURCES	Unrestricted Funds £ 39,539 52,075 4,837 43,900 - - 140,351	Restricted Funds £ - - - - 82,500 - 82,500	Restricted Funds £ - - - - 82,500 - 82,500	Endowment Funds £ - - - - - - -	Endowment Funds £ - - - - - - -	2021 2020 £ £ 39,539 57,793 52,075 76,118 4,837 7,048 43,900 0 82,500 0 0 30,196 222,851 171,155 Total Funds

Page 7 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS (CONTD.) FOR THE YEAR ENDED 31 MARCH 2021

Restricted Funds £ - - - - - - - - - - - - - - -	Restricted Funds £ - - - - - - - - - - - - - - -	2021 2020 £ £ 679 890 679 890 3,859 16,753 4,386 1,162 1,898 2,597 - - 2,009 6,777 7,376 9,597 19,528 36,886 121,392 122,957 789 612 6,153 6,153 - - 128,334 129,722 148,541 167,498 Total Funds

£

	-
	- - - - - -
	-
	- - - -
	-
	-	167,498

Land & building £	Motor Vehicle £	Recording Equipmen	Furniture & Fittings	Musical Equipment £	Computer & Office Equipment £	Book £	Total £
		£

Cost

At 1 April 2020 Addition At 31 March 2021 Aggregate Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net Book Value At 31 March 2021 At 31 March 2020	465,505 0 465,505 0 0 0 465,505 465,505	16,272 670 0 0 16,272 670 9,762 670 3,254 0 13,016 670 3,256 0 6,510 0	21,347 0 21,347 13,136 2,135 15,271 6,076 8,211	15,335 3,878 19,213 10,120 1,921 12,041 7,172 5,215	4,500 0 4,500 3,656 450 4,106 394 844	1,000 0 1,000 1,000 0 1,000 0 0	524,629 3,878 528,507	524,629 3,878 528,507
							38,344 7,760 46,104 482,403	38,344 7,760 46,104

							486,285

Page 8 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTD.) FOR THE YEAR ENDED 31 MAY 2021

5 DEBTORS AND PREPAYMENTS Debtors and Prepayment

2021	2020
6,920	9,395

6 CREDITORS AND ACCRUALS

Other Creditors and Accruals

11,920

6,462

7 CLERGY ALLOWANCES

Pastors Allowances

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

8 FUNDS

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objectives.

Restricted funds comprise those funds which the trustees are obliged to spend only on particular purposes set out by the donor or in an appeal document

This is an unincorporated charity, constituted by trust deed. It's principal objective is spreading the word and preaching the Gospel of Christ and the life after life. To contribute to the health and educational needs of the community. It has restricted fund which consists of insurance payout during the year. It prepares its accounts in accordance with the SORP and with applicable accounting standards.

Page 9