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← Redeemed Christian Church Of God Covenant Restoration Assembly Nottingham

2024-04-05-accounts

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2024

REDEEMED CHRISTIAN CHURCH OF GOD Covenant Restoration Assembly Nottingham

…a people in His presence, raising a blessed generation PS 16:11

Website: https://rccgcranottingham.org/

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TABLE OF CONTENTS

TABLE OF CONTENTS TABLE OF CONTENTS
CORPORATE INFORMATION __________ 3
TRUSTEES ANNUAL REPORT ______ 4
1.0 INTRODUCTION __________ 4
2.0 STRUCTURE, GOVERNANCE AND MANAGEMENT _____ 4
2.1 Governing Document ____________ 4
2.2 Trustee Appointments ____________ 4
2.3 Organizational Structure __________ 4
2.4 Related Party Relationship ________ 5
2.5 Risk Management _________ 5
3.0 OBJECTIVES AND ACTIVITIES _________ 5
3.1 Objectives _________ 5
3.2 Activities __________ 6
4.0 ACHIEVEMENT AND PERFORMANCE _________ 9
4.1 Public Benefit Statement _________ 10
4.2 Grant Making Policies ___________ 11
4.3 Contribution Made by Volunteers ________ 11
4.3 Future Development ____________ 12
FINANCIAL SUMMARY – FY’2024 _________ 13
5.1 Principal Funding Sources _______ 14
5.2 Reserves Policy _________ 15
5.3 Scope and Basis of the Financial Statements ____ 16
FINANCIAL STATEMENTS _________ 17
Statement of Financial Activities (Summary of Income and Expenditure) _______ 17
Statement of Financial Position _________ 18
NOTES TO FINANCIAL STATEMENTS _____ 19 NOTES TO FINANCIAL STATEMENTS _____ 19
INDEPENDENT EXAMINER’S REPORT__________ 24

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CORPORATE INFORMATION

Charity Registered Number: 1136253

Board of Trustees

Pastor Taiwo Enoch Olugbenga – Chairman

Pastor Chukwuka John – Secretary Pastor Adebowale Babatunde Adesina Pastor Sunday Afolabi

Dr Presidor Kendabie

Pastor-In-Charge

Pastor Vincent T. T. Ibikunle

Registered Office

75 Raleigh Street Nottingham. NG7 4DL

Bankers:

HSBC Bank Plc Unity Trust Bank Plc Kingdom Bank

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TRUSTEES ANNUAL REPORT

1.0 INTRODUCTION

The Board of Trustees of RCCG Covenant Restoration Assembly, Nottingham presents their annual report and accounts for the year ended April 5th, 2024.

2.0 STRUCTURE, GOVERNANCE AND MANAGEMENT

This section spells out the structure and governance of RCCG Covenant Restoration Assembly Nottingham.

2.1 Governing Document

The charity is constituted as a “Trust” and governed by ‘Trust Deed’ dated 31st December 2009.

2.2 Trustee Appointments

Trustees are appointed under the terms of the trust deed.

New Trustees are given induction on appointment, explaining the overview objectives of the charity and the requirements of the Charity Commission.

2.3 Organizational Structure

The spiritual aspect of the church is handled by the Parish Pastor including the day to day running of the charity which is overseen by the Trustees and Board of Ministers, who meet regularly to review the operations of the church and make decisions on major issues affecting the church.

The church’s key activities and operations are centered on the various constituent cellular groups: Men, Women, Elders, Youth and Singles, Teenagers and Children for effective organization. The cellular structure is effective at ensuring that the expectations and needs of every group are adequately met.

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2.4 Related Party Relationship

RCCG, Covenant Restoration Assembly Nottingham, is a member of the Redeemed Christian Church of God (RCCG), a global church with parishes in over 190 countries. The relationship is governed by an “Agreement for Common Purposes” between the parish and RCCG. The referenced “Agreement for Common Purposes” document is constantly monitored and recommended for updates, to take cognizance of unfolding events (policies, regulations) in the United Kingdom.

RCCG CRA Nottingham falls under UK region 7 Province 2.

2.5 Risk Management

The trustee board performs its duty of safeguarding the charity against major risk. The board regularly reviews the charity’s governance structures, policies, procedures, and practices. It recommends strategic and operational options and implements adequate prudent controls and preventative action to safeguard the assets of the charity, as well as its reputation.

3.0 OBJECTIVES AND ACTIVITIES

3.1 Objectives

RCCG Covenant Restoration Assembly Nottingham’s main objectives are:

In furtherance of the above objectives, the activities of the charity are classified under the following themes:

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3.2 Activities

2023: Year of Supernatural Help and Victory - Daniel 4:17; Psalm 34:7, 40; Hebrew 13:56; Psalm 40:17

2024: The Year of His Glory - Exo 33:18-23; Psalm 19:1, 22:3; 1 Thessalonians 5:16

The church engages in regular activities as detailed below in pursuance of our charitable objectives. Some of these programs were held online/virtually.

Regular Church Regular Church Activities

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Special Programmes Held Within the Period April 6th, 2023 – April 5th, 2024

April • Easter Celebration Service Apr 9th2023
• RCCG Workers’ Rally, Themed: A renewed strength April 18th2023
• Teenagers’ Service April 23rd2023
• Safeguarding Children Training April 29th, 2023
May • Social action week and thanksgiving service May 14th, 2023
• Good Women Fellowship Conference @ Victory
House		 May 27th2023
• Evangelism Week and Sunday May 28th2023
June • Prayer and Power Conference with Pastor Leke June 9th – 11th
• Father’s Day celebration service Jun 18th 2023
• Youth Weekend Away @ Ocean Edge Holiday Park June 16th– 19th
• Elder’s National Conference/ Elder’s Sunday Service June 23rd– 25th
• Pastors Appreciation Week June 26th– Jul 2nd
July • 10-Days
Fasting
and
Prayers
toward
Annual
Convention: Themed - Exceeding Expectations		 July 1st– 10th2023
• Drama Ministration Service – Ministering Bola & Group July 16th2023
• RCCG UK Sport Day/ Church Planting Course July 22nd2023
• Family Picnic (Mablethorpe Beach Trip) July 23rd2023
Aug • RCCG 71stAnnual Convention August 7th– 13th
• RCCG UK Youth Annual Convention August 26th2023
Sept • Women’s Annual Convention with Pst. Mrs. Itunu
Obileye		 Sept 8th– 10th
• RCCG UK Sunday School Conference Sept 15th– 16th
• Nottingham Trent University Campus Outreach Sept 16th– 24th

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• RCCG UK Children’s Teachers’ Conference Sept 23rd
Oct • Israel Pilgrimage
• Festival of Life and Covenant Partners Reception October 12th2023
• RCCG UK Schools’ Graduation / Ordination Service October 14th2023
• Workers’ Rally with Daddy GO/ AGM October 19th2023
• Teenagers Sunday October 29th2023
Nov • 19thChurch Anniversary: Ministering Pst Mrs. Modupe
Afolabi		 Nov 19th2023
• Church Planting Course Nov 11th,18th, 25th
• Children & Teenagers Weekend with Aunty Etima,
Coach Wendy Ologe and David Folaranmi		 Nov 19th,24th26th
Dec • Christmas Carol & Children’s Nativity Service December 10th
• Children’s Christmas Party December 16th
• Christmas Service December 24th
• Cross-over night Service December 31st
Jan’24 • 7-Day Prayer & Fasting Programme: Theme: “The year
of his Glory”		 Dec 27th– Jan 3rd
2024
• Europe Continental Annual Fasting Jan 8th– 12th2024
• 50-Days Annual Fasting – RCCG Worldwide Jan 11th– Feb 29th
• Leadership Conference Minstering Pst Ibrahim Jan 19th– 21st2024
Feb’24 • Region 7 Leadership Conference at Victory House February 3rd 2024
• Evangelism Sunday with CfAN February 11th2024
• Singles & Couples Agape Love Services February 18th2024
• Workers and Volunteer Meeting February 24th2024
• Special Family Interactive Service with Open Door
Christian Charity		 Feb 25th

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Mar’24 • Gracious Women Prayer Meeting March 9th2024
• Mother’s Day Celebration Service March 10th2024
• Prayer Conference with Pastor Olawale March 15th– 17th
• Christian Life and Witness Course March 16th2024
• Continental’s Let’s Go A Fishing March 29th– 31st
• Easter Camping for Children ages 6 – 12 years March 29th– 30th
• Easter Sunday March 31st2024

4.0 ACHIEVEMENT AND PERFORMANCE

The church continues to see an increase in its membership, cutting across students, working families.

The church makes it a priority to help new members especially those that have just relocated into Nottingham to settle in with ease by connecting them to members who live within their location, similar jobs, students with lecturers etc.

The church continues to hold 2 services on Sundays. The church undertook a major renovation of the property which included the creation of a smaller auditorium to accommodate more people during services.

The church started a Youth and Young Adults church known as YAYA Chosen Generation. They hold their services on the 2[nd] and 4[th] Sunday of every month at 3pm

The church also established an independent mission parish RCCG CRA Mowe during the year.

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“The church is also looking into other ways it can maximize its current space or increase capacity!”

4.1 Public Benefit Statement

The charity recognizes its responsibility to clearly demonstrate that its purposes or ‘aims’ serve the public benefit. This report outlines the ways in which the charity has fulfilled these objectives. The trustees also confirm that, before determining the charity’s activities, they have carefully considered the Charity Commission’s guidance on public benefit. In addition to our life-changing messages delivered every Sunday and streamed live across various social media platforms, bringing hope, joy, and love to people of all races, genders, and beliefs, the church also engaged in the following community service initiatives throughout the year:

The Matthew Project has been continuously successful in providing over 175 food parcels per month to its beneficiaries. This is about 10,000kg worth of groceries in the

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reporting period. It continues to partner with FareShare who supply a variety of fresh food and off the shelf food items. We also have support from church members.

4.2 Grant Making Policies

Under the “Agreement for Common Purposes”, Covenant Restoration Assembly Nottingham has agreed to make regular contributions to the Central Office Funds (COF) and the World Evangelism Mission (WEM) through RCCG Central Office UK. We support Africa Missions, an aid relief Agency to underprivileged people and communities, mainly in Africa. We also actively and strongly support other missionary organizations, such as Christ For All Nations (CFAN), UCB Word for Today, Festival of Life, Good Women Fellowship, Annual Conventions held at the RCCG National Headquarters and other missions whose goals and visions are aligned with ours.

4.3 Contribution Made by Volunteers

The charity enjoys the services of various volunteers, who contribute enormously to various areas of service provision, development, and implementation of the church’s vision. The volunteers are encouraged to attend various training and development programs organized by the charity and other organisations which could also have a positive impact in their secular activities and add value to themselves.

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4.3 Future Development

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FINANCIAL SUMMARY – FY’2024

Total Received Income Total Expenditure £296,395 £273,373

Surss Surplus

£23,022

Total Asset Total Liabilities Total Cash at Bank £771,013A £63,413 £65,555

Average Church Members 350

Gift Aid Funding Grants £68,687 £2,000

The accounts reported this period is for the 12-month period ending April 5th 2024. Last year accounts submitted was for the 15month period Jan 1[st] 2022 – April 5[th] 2023 as a result of change in our accounting year.

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5.1 Principal Funding Sources

CRA continues to benefit from the generous donations of its members. The Charity’s main source of fund has been through voluntary donations from members.

The charity received total funds of £296k, £292k of which was unrestricted income and £4.1k in restricted income (made up of £2k community grant and £2.1k in contributions to mortgage fund). Voluntary income received for the same period was 45% more than prior year when comparing the same period mostly due to increase in tithe and gift aid of £69k claimed.

Total expenditure was £273k. CRA closed the year with a surplus of £23k in spite of a 59% increase in expenses compared to PY. Cash at bank at the end of the period was £66k.

This financial support (mainly from member donations) continues to enable the church to be self-sustaining in meeting its day-to-day operational needs, planned investments in its growth and in fulfilling a myriad of public benefit and charitable services. To this end, the church is very grateful to its generous donors and members.

As a result of its sustainable income support streams; various charitable objectives and community needs are being continually met. The present level of funding is adequate to support the continuation of the church objectives and hence continues to operate as a going concern.

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5.2 Reserves Policy

The charity is aware of the need to have a documentary policy in place regarding reserve. As part the church’s mortgage loan covenant, it is imperative that the church has a minimum of 12months mortgage payment which is approximately £5,110 available at any point in time. As a result, the trustees deem it prudent to have reserves of 3 month’s running cost to cover any unforeseen circumstances. These reserves are in unrestricted funds that can be used to mitigate any short-term financial difficulties. This policy is reviewed on an ongoing basis.

This report was approved by the Board of Trustees and signed on their behalf by:

Full Name: Pastor Taiwo Enoch Olugbenga

Position : Chairman

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5.3 Scope and Basis of the Financial Statements

The accounts have been prepared under historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. However, property has been revalued to present a true and fair view of its value. The accounts were prepared in accordance with the Statement of Recommended Practice SORP: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities Act 2011, as amended by the Charities Act 2022.

The organization’s accounting period was changed from Dec 31st to April 5th, and account submitted last year was for the period Jan 1[st] , 2022 – Apr 5[th] , 2023.

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FINANCIAL STATEMENTS

Statement of Financial Activities (Summary of Income and Expenditure)

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Statement of Financial Position 1136253 ur￿StrICte inc¢Th Endo￿nt Totsl ti¥s Totsl last d funds furKIs F￿ed assets F01 F02 F03 F04 F05 691,349 691,349 706,487 691.349 691,349 706,487 Current assets 14.108 65.555 14.108 65,555 3,030 50,721 Cash at arnl in IWNI 79.663 79.663 53,751 25.865 25.865 14,990 53.798 53.798 38,761 745,148 745,148 745,248 37.549 37,549 60,671 707.599 707,599 684.571 Funds of the Charity 707.599 707,599 254,046 430,531 707.599 707,599 684,577 18

NOTES TO FINANCIAL STATEMENTS

1. Going Concern

There is no material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern.

2. Change in Accounting Estimate / Policy

There have been no changes to our Accounting Estimate / Policy.

3. Income

Income is recognized in the period on the SoFA when the charity becomes entitled to the resources and the monetary value can be measured with sufficient reliability.

Unrestricted Income funds – is made up majorly of voluntary donations at £221k, gift aid claims of £69k and other income of £2.2k. Gift aid received has been classified as ‘Other Income’ for the current year and the PY reclassified. Gift aid of £28k was recorded within Donations and legacies in prior year accounts.

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Restricted Income funds– is made up of £2.1k voluntary donations received specifically as contribution towards RCCG UK camp ground and £2k grand from Arnold Clark community fund.

4. Expenditure

Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognized at the point when a legal or constructive obligation arises. Most

costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

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Other Repairs and Maintenance cost of £47k includes the cost of repairs and maintenance carried out on the building during the year. The work done includes repairs to water damaged walls for some of the rooms, roof repair, guttering, repainting of the whole church, remediation of garden, washing of external stone walls, safe proofing classes, room conversions and plastering, flooring etc.

5. Other Recognized Income

There was no transfer between funds in the reporting period nor any extraordinary items.

6. Tangible Fixed Asset

Fixed assets (with the exception of property) with a purchase value of £500 or more is depreciated on a straight-line basis and stated at cost less depreciation. Going forward, property will be valued at the revaluated amount less depreciation.

Fixtures and fittings 7years
Equipment 5yrs
Computers 5yrs
Property 44yrs

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Fixed Asset Schedule

Section C Notes to the accounts (cont) Section C Notes to the accounts (cont) Section C Notes to the accounts (cont) Section C Notes to the accounts (cont)
Tangible fixed assets
At the beginning of the year
Additions
Revaluations
Disposals
Transfers *
At end of the year		 Freehold land &
buildings
Plant,
machinery and
motor vehicles
Computer
Equipment - Cost
b/fwd
Fixtures, fittings
and equipment
Total
£
£
£
£
700,000 20,142 8,280 6,036 734,458
- 4,238 - - 4,238
- - -
-
- - -
-
- - -
-
700,000 24,380 8,280 6,036 738,696
~~o~~
Depreciation and impairments
*Basis
At beginning of the year
Disposals
Depreciation
Revaluation Adjustment
Impairment
Transfers
At end of the year
Net book value at the beginning
of the year
Net book value at the end of the
year
Net book value**		 SL (Straight
Line)
SL
SL
SL
SL
6,097 17,259 4,360 256 27,971
- - - - -
15,077 1,781 1,656 862 19,376
-
- - - - -
- - - - -
21,173 19,039 6,016 1,118 47,347
693,903 2,883 3,921 5,780 706,487
678,827 5,340 2,265 4,918 691,349
~~wus~~
7. Creditors falling due within one year

These figures include accrued expense of £9,544, mortgage commitment of £5,110 for the year and 1 year repayment of Bounce back loan £9,211.

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8. Creditors falling due after one year

The church has a total balance of £38k on its mortgage of which £22k is due after one year. The church also has a Bounce Back Loan it services monthly. The balance on this is £15,243 whilst £9,210 of it is due within 1 year.

9. Funds of the Charity

None of this is restricted funds.

10. Material Prior Year Errors

No material prior year error has been identified in the reporting period (3.47 FRS 102 SORP).

11. Related Party Transactions

During the year, the church made donations and contributions to other RCCG, and charitable organisations as shown in note 4 under Central Office and Charitable Giving.

12. Trustee Remuneration & Expenses

During the year, none of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity.

13. Staff Cost and Numbers

The church had 1 full time staff and 1 part time staff during the reporting year. The Salaries and wages included in the administrative cost is: £41,837.

14. Independent Examiner Fees

Independent Examiner Fees has been accrued at £375.

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INDEPENDENT EXAMINER’S REPORT

Report to the trustees/members of: The Redeemed Christian Church of God, Covenant

Restoration Assembly Nottingham

On accounts for the year ended: 5th April 2024

Charity No: 1136253

Respective responsibilities of trustees and 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 144 of the Charities Act 2011 (the Charities Act) as amended by the Charities Act 2022 and that an independent examination is needed. It is my responsibility to:

B asis of independent examiner’s statement

My examination was carried out in accordance with 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 any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. 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 statement below.

Independent examiner’s statement,

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

Signed:

QaziArshad

Date: 14[th] January 2025

Qazi Naveed Arshad (MA, FIAB) For and on behalf of Solutions Accountants and Financial Services Ltd 149 Radford Road, Nottingham. NG7 5EH

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