2023-03-31-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 2023

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 2023

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 2023

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 2023.

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 4 HILLBROW CLOSE ACCOUNTANTS & BEXLEY. TAX CONSULTANTS DA5 2HF

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

Page 2

REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report along with the financial statements of the charity for the year ended 31[st] March 2023. 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 Mrs Ubong Matthias Uttah Mrs Anietie Joseph-Aninmadu

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.

Page 3

REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE -SOUTHAMPTON REPORT OF THE TRUSTEES (CONTD.) FOR THE YEAR ENDED 31 MARCH 2023

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 2023

Unrestricted Restricted Endowmen Funds Funds Funds £ £ £ 289,811 - - - - - 289,811 - - - - - 791 - - 49,908 - - 154,356 - - 205,055 - - 84,756 - - - - - 84,756 - -	Unrestricted Restricted Endowmen Funds Funds Funds £ £ £ 289,811 - - - - - 289,811 - - - - - 791 - - 49,908 - - 154,356 - - 205,055 - - 84,756 - - - - - 84,756 - -	2023 2022 £ 289,811 170,726 - - 289,811 170,726 - - 791 805 49,908 24,920 154,356 127,017 205,055 152,742 84,756 17,984 - - 84,756 17,984 Total Funds
Funds £ 289,811 - 289,811 - 791 49,908 154,356 205,055 84,756 - 84,756	Funds £ - - - - - - - - - - -

		- 805 24,920 127,017
		152,742
		17,984 - 17,984

Page 5 THE REDEEMED CHRISTIAN CHURCH OF GOD HOLY GHOST ZONE - SOUTHAMPTON BALANCE SHEET AS AT 31 MARCH 2023

2023

2022

Notes

FIXED ASSETS

Tangible Assets

471,229

474,924

CURRENT ASSETS Debtors & Prepayments 5 28,348 Bank/Cash Balances 134,009 Development Fund Account 46,800 Charity Account 504 209,661 CURRENT LIABILITIES Creditors and Accruals 6 (7,681) LONG CURRENT LIABILITIES Loan 1 226,616 Loan 2 - Bounced Back Loan 29,565 UNRESTRICTED FUNDS Accumulated Funds 332,272 Add: Net movement in funds - Unrestricted funds 84,756 Net movement in funds - Restricted funds 0 Accumulated Funds C/F	201,980 673,209 256,181 417,028 417,028	10,420 141,742 6,146 1,880 160,188 (26,867) 235,857 40,116 314,288 17,984 0	133,321
			608,245
			275,973 332,272
			332,272

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 2023

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 Rental Income Other Income HMRC JRS Grant Building Project Fund Gift Aid TOTAL INCOMING RESOURCES	Unrestricted Restricted Endowmen Funds Funds Funds £ £ £ 67,440 - - 88,828 - - 24,168 - - 8,288 - - - - - 49,236 - - 51,851 - - 289,811 - -	Unrestricted Restricted Endowmen Funds Funds Funds £ £ £ 67,440 - - 88,828 - - 24,168 - - 8,288 - - - - - 49,236 - - 51,851 - - 289,811 - -	Unrestricted Restricted Endowmen Funds Funds Funds £ £ £ 67,440 - - 88,828 - - 24,168 - - 8,288 - - - - - 49,236 - - 51,851 - - 289,811 - -	Unrestricted Restricted Endowmen Funds Funds Funds £ £ £ 67,440 - - 88,828 - - 24,168 - - 8,288 - - - - - 49,236 - - 51,851 - - 289,811 - -	Unrestricted Restricted Endowmen Funds Funds Funds £ £ £ 67,440 - - 88,828 - - 24,168 - - 8,288 - - - - - 49,236 - - 51,851 - - 289,811 - -	2023 2022 £ £ 67,440 47,256 88,828 62,239 24,168 - 8,288 5,763 - 20,750 49,236 - 51,851 34,718 289,811 170,726 Total Funds
			Funds £ 67,440 88,828 24,168 8,288 - 49,236 51,851 289,811		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 2023

3. RESOURCES EXPENDED 3a. Missionary and charitable giving: 3b. Activities directly relating to the work of the Church Church - running expenses Church maintenance Training conferences and meeting Expenditure on parish magazine and bookstall Evangelism Welfare 3c. Church management and administration Administration	Unrestricted Restricted Endowmen Funds Funds Funds 2023 2022 £ £ £ £ £ 791 - - 791 805 791 - - 791 805 19,803 - - 19,803 8,163 4,588 - - 4,588 1,075 2,821 - - 2,821 1,841 663 - - 663 377 9,677 - - 9,677 2,380 12,356 - - 12,356 11,084 49,908 - - 49,908 24,920 147,260 - - 147,260 119,825 Total Funds	Unrestricted Restricted Endowmen Funds Funds Funds 2023 2022 £ £ £ £ £ 791 - - 791 805 791 - - 791 805 19,803 - - 19,803 8,163 4,588 - - 4,588 1,075 2,821 - - 2,821 1,841 663 - - 663 377 9,677 - - 9,677 2,380 12,356 - - 12,356 11,084 49,908 - - 49,908 24,920 147,260 - - 147,260 119,825 Total Funds	Unrestricted Restricted Endowmen Funds Funds Funds 2023 2022 £ £ £ £ £ 791 - - 791 805 791 - - 791 805 19,803 - - 19,803 8,163 4,588 - - 4,588 1,075 2,821 - - 2,821 1,841 663 - - 663 377 9,677 - - 9,677 2,380 12,356 - - 12,356 11,084 49,908 - - 49,908 24,920 147,260 - - 147,260 119,825 Total Funds	Unrestricted Restricted Endowmen Funds Funds Funds 2023 2022 £ £ £ £ £ 791 - - 791 805 791 - - 791 805 19,803 - - 19,803 8,163 4,588 - - 4,588 1,075 2,821 - - 2,821 1,841 663 - - 663 377 9,677 - - 9,677 2,380 12,356 - - 12,356 11,084 49,908 - - 49,908 24,920 147,260 - - 147,260 119,825 Total Funds
	Funds £ 791 791 19,803 4,588 2,821 663 9,677 12,356 49,908 147,260		Funds £ - - - - - - - - - -

4 FIXED ASSETS

Bank Charges Loan Interest Arrangement Fees TOTAL RESOURCES EXPENDED	943 6,153 - 154,356 205,055	- - - - -	- - - -	943 6,153 - 154,356 205,055	1,039 6,153 - 127,017	1,039 6,153 -
					152,742

							Computer
		Land &	Motor	Recording	Furniture	Musical	& Office
		building	Vehicle Equipmen		& Fittings	Equipment	Equipment	Book	Total
		£	£	£		£	£	£	£
Cost
At 1 April 2022		465,505	16,272	670	21,347	19,463	4,500	1,000	528,757
Addition		0	0	429	0	0	0	0	429
At 31 March 2023		465,505	16,272	1,099	21,347	19,463	4,500	1,000	529,186
Aggregate Depreciation
At 1 April 2022		0	16,270	670	17,406	13,987	4,500	1,000	53,833
Charge for the year		0	0	43	2,135	1,946	0	0	4,124
At 31 March 2023		0	16,270	713	19,541	15,933	4,500	1,000	57,957
Net Book Value
At 31 March 2023		465,505	2	386	1,806	3,530	0	0	471,229
At 31 March 2022		465,505	2	0	3,941	5,476	0	0	474,924
			Page 8
	THE	REDEEMED	CHRISTIAN		CHURCH OF GOD
		HOLY GHOST ZONE- SOUTHAMPTON
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
		FOR THE YEAR ENDED			31 MAY 2023

5 6 7	DEBTORS AND PREPAYMENTS 2022 2022 Debtors and Prepayment 28,348 10,420 CREDITORS AND ACCRUALS Other Creditors and Accruals 7,681 26,867 CLERGY ALLOWANCES Pastors Allowances / Wages 43,333 -

No employee received remuneration amounting to more than £60,000 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 prepares its accounts in accordance with the SORP and with applicable accounting standards.

Page 9