REGISTERED COMPANY NUMBER: 07478903 (England and Wales) REGISTERED CHARITY NUMBER: 1139924
Report of the Trustees and Financial Statements for the year ended 31 December 2023
RCCG CITY OF GRACE PETERBOROUGH
DTT Consultancy Ltd 36 Daffodil Close Hatfield Hertfordshire AL10 9FF
RCCG CITY OF GRACE PETERBOROUGH Contents of the Financial Statements
For the year ended 31 December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 9 |
| Detailed Statement of Financial Activities | 10 to 11 |
RCCG CITY OF GRACE PETERBOROUGH
Report of the Trustees For the year ended 31 December 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07478903 (England and Wales)
Registered Charity number
1139924
Registered office
105 WELLINGTON STREET PETERBOROUGH CAMBRIDGESHIRE UNITED KINGDOM PE1 5DU
Trustees
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Mr Adediran Gabriel Ajayi
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Mr. Oladapo Adegoke
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Mr. Adekunle Adenuga
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Pastor Vincent Tokunbo Ibikunle
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Mr. Adewemimo Adewusi
Company Secretary
Mr. Adewemimo Adewusi
Independent Examiner
DTT Consultancy Limited 36 Daffodil Close Hatfield Herts AL10 9FF
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The church is organised so that the trustees meet regularly to manage its affairs. There is a full-time office administrator, who manages the day to day administrations of the church.
Related parties
RCCG-City of Grace is a member of Redeemed Christian Church of God (RCCG) which has Parishes all over the world. The relationship is governed by an Agreement for common purposes between the Parishes and RCCG. Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 1
RCCG CITY OF GRACE PETERBOROUGH
Report of the Trustees
For the year ended 31 December 2023
Introduction
The year began on a high note with a thanksgiving and celebration service, attended by the church members from all across the city. Though the year has been so unpredictable filled with intriguing times because of the pandemic, nonetheless, God has truly been faithful to City of Grace. The theme of the year is “Enlarge”. The Lord has increased the church and testimonies abound in City of Grace of the mighty hand of God at work in the life of the members.
At the start of the year, a detailed programme was drawn out in accordance to the RCCG calendar and the scheduled activities of the church to achieve the objectives laid down for the year; out of which include prayer and prophetic conference, the church’s 17[th] Anniversary and project, and outreach programmes (breakfast outreach to the community and Peterborough Alive, a music concert that brings the community together from all walks of life as well as show cases the activities of other charities.
Church Services
Due to the growth in the numbers, the church started two services to run every Sunday to temporarily address the situation of limited space in the current property. A bigger and spacious property would meet the need of the growing numbers.
Church Events
1. Prayer and prophetic conference
The event attracted a lot of people from within and outside the United Kingdom.
2 . Music Outreach
The church hosted a Gospel Music Outreach at the City Centre and had the quarterly worship night tagged The Atmosphere with different choirs and guest artistes in attendance.
3. Breakfast Outreach
The breakfast Outreach on Easter weekend was a success. The attendance was quite impressive. The homeless and the less privileged in the community attended the outreach. This project takes place within the church’s property and involves counselling and dealing with social issues like drug addiction.
4. Peterborough Alive
RCCG City of Grace Peterborough hosts a community-focused music festival yearly called Peterborough Alive whose aim is to bring people of all backgrounds and cultures from across Peterborough and the UK together, as we understand that music unites people. Through this platform, local charities (SHINE, Smile International, TimeStop Homeless Shelter) showcase their charitable activities and seek for support. The event is scheduled for Friday, 21[st] September 2024. The MP has been invited as well as representatives of Peterborough Council. Preparation and planning are in full gear for the event. The guest artistes are Peterborough Mass Choir, Philippa Hanna, Faith Child, Bukola Bekes and the host choir, Grace Voices.
Support for Local Community Development
The church supports local charities to mitigate homelessness and to empower the displaced and the disadvantaged. The church has been working with charities like “The New Haven” and “Axiom Housing Peterborough Foyer” which provide temporary accommodation to the homeless and provide empowerment opportunities especially for young persons. “Feeding the homeless project” of the church provides support to the homeless, displaced and disadvantaged through these charities by donating food and clothing.
Financial Support for Disadvantaged Children
The Church Supports Disadvantaged Children in third-world countries, rendering financial support to families in Ghana, West Africa – since July 2013. The church receives custom updates per child, which tracks the progress and development of the children’s wellbeing and general education and currently partners with Compassion UK- a charity which aims to sponsor children from underprivileged background, giving them life-changing support including food, education, health-checks. Welfare Project
The church, primarily through its welfare and missions’ teams, undertakes projects within and beyond the borders of the community. The church runs a welfare project that caters for the needs of its members. The welfare system serves members who are in need.
Page 2
RCCG CITY OF GRACE PETERBOROUGH
Report of the Trustees For the year ended 31 December 2023
FINANCIAL REVIEW
Reserves policy
The net incoming resources for the year amounted to £159,249. All these have been unrestricted reserves and no fund is allocated to restricted project.
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets should be transferred to reserves.
The free reserves held by the church should be 3 months of annual expenditure. At this level, the trustees feel that would be able to continue the current activities of the church in the event of significant drop in funding.
Principal funding sources
This is provided mainly through voluntary tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects.
FUTURE DEVELOPMENTS
The church will continue 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, We intend to plant more parishes and accommodate new members.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees (who are also the directors of RCCG - City of Grace for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
Date: 19th February, 2024
Mr Adediran Gabriel Ajayi
Page 3
Independent Examiner's Report to the Trustees of RCCG CITY OF GRACE PETERBOROUGH For the year ended 31 December 2023
I report on the accounts for the year ended 31 December 2023 set out on pages four to nine. Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees 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 required. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of FCCA. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under Section 43 of the 1993 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 43(7)(b) of the 1993 Act); and
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to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was 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 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 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. Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
DTT Consultancy Limited 36 Daffodil Close Hatfield Herts AL10 9FF
Date: 19th February, 2024
Page 4
RCCG CITY OF GRACE PETERBOROUGH
Statement of Financial Activities
For the year ended 31 December 2023
| Notes INCOMING RESOURCES Incoming resources from generated funds Voluntary income Gift Aid 2 Grant Total incoming resources RESOURCES EXPENDED Charitable activities Cost of generating income Total resources expended NET INCOMING RESOURCES RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 2023 2023 2022 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 384,922 384,922 243,221 32,242 32,242 57,291 - - |
|---|---|
| 417,165 - 417,165 300,530 |
|
| 102,597 102,597 80,151 155,318 155,318 125,841 |
|
| 257,916 257,916 205,993 |
|
| 159,249 - 159,249 94,538 670,725 670,725 576,187 |
|
| 829,974 - 829,974 670,725 |
Page 5
RCCG CITY OF GRACE PETERBOROUGH
Balance Sheet
As At 31 December 2023
| 2023 2023 2023 2022 Unrestricted Unrestricted Total Total Funds Funds Funds Funds Notes £ £ £ £ FIXED ASSETS Tangible assets 5 1,193,250 800,267 CURRENT ASSETS Debtors 6 - 7,000 Cash in hand 159,532 83,763 Total Current Asset 159,532 90,763 Less Current Liabilities Amounts falling due within one year 7 62,066 24,950 Net Current Assets (liabilites) 97,467 65,813 Total Assets less Current Lialibilities 1,290,716 866,080 Less Amounts falling due after more than one year 8 460,742 195,355 NET ASSETS 829,974 670,725 FUNDS 9 Unrestricted funds 829,974 670,725 TOTAL FUNDS 829,974 670,725 |
2023 2023 2023 2022 Unrestricted Unrestricted Total Total Funds Funds Funds Funds Notes £ £ £ £ FIXED ASSETS Tangible assets 5 1,193,250 800,267 CURRENT ASSETS Debtors 6 - 7,000 Cash in hand 159,532 83,763 Total Current Asset 159,532 90,763 Less Current Liabilities Amounts falling due within one year 7 62,066 24,950 Net Current Assets (liabilites) 97,467 65,813 Total Assets less Current Lialibilities 1,290,716 866,080 Less Amounts falling due after more than one year 8 460,742 195,355 NET ASSETS 829,974 670,725 FUNDS 9 Unrestricted funds 829,974 670,725 TOTAL FUNDS 829,974 670,725 |
2023 2023 2023 2022 Unrestricted Unrestricted Total Total Funds Funds Funds Funds Notes £ £ £ £ FIXED ASSETS Tangible assets 5 1,193,250 800,267 CURRENT ASSETS Debtors 6 - 7,000 Cash in hand 159,532 83,763 Total Current Asset 159,532 90,763 Less Current Liabilities Amounts falling due within one year 7 62,066 24,950 Net Current Assets (liabilites) 97,467 65,813 Total Assets less Current Lialibilities 1,290,716 866,080 Less Amounts falling due after more than one year 8 460,742 195,355 NET ASSETS 829,974 670,725 FUNDS 9 Unrestricted funds 829,974 670,725 TOTAL FUNDS 829,974 670,725 |
2023 2023 2023 2022 Unrestricted Unrestricted Total Total Funds Funds Funds Funds Notes £ £ £ £ FIXED ASSETS Tangible assets 5 1,193,250 800,267 CURRENT ASSETS Debtors 6 - 7,000 Cash in hand 159,532 83,763 Total Current Asset 159,532 90,763 Less Current Liabilities Amounts falling due within one year 7 62,066 24,950 Net Current Assets (liabilites) 97,467 65,813 Total Assets less Current Lialibilities 1,290,716 866,080 Less Amounts falling due after more than one year 8 460,742 195,355 NET ASSETS 829,974 670,725 FUNDS 9 Unrestricted funds 829,974 670,725 TOTAL FUNDS 829,974 670,725 |
|---|---|---|---|
| 829,974 670,725 |
|||
| 829,974 670,725 |
|||
| 829,974 670,725 |
Page 6
RCCG CITY OF GRACE PETERBOROUGH
Balance Sheet - continued As At 31 December 2023
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved by the Board of Trustees on 19th February, 2024 and were signed on its behalf by:
Mr Adediran Gabriel Ajayi
Page 7
RCCG CITY OF GRACE PETERBOROUGH
Notes to the Financial Statements For the year ended 31 December 2023
1. ACCOUNTING POLICIES Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Fixtures and fittings | -25% on straight line balance |
|---|---|
| Motor vehicles | -25% on straight line balance |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Asset under Finance
There are two assests with monthly instaments. This is been written off in the year that the finance payment relate to.
| 2.Gift Aid | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Gift aid | 32,242 | 57,291 |
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RCCG CITY OF GRACE PETERBOROUGH
Notes to the Financial Statements - continued For the year ended 31 December 2023
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023
Trustees' Expenses
There were no trustees' expenses paid neither for the year ended 31 December 2023
5. TANGIBLE FIXED ASSETS
| 5. TANGIBLE FIXED ASSETS | |
|---|---|
| COST At 1 January 2023 Additions during year At 31 December 2023 DEPRECIATION At 31 December 2022 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Freehold Freehold Equipment Fixtures and Motor property 1 property 2 fittings vehicles Totals £ £ £ £ 814,134 - 84,211 19,693 918,038 - 330,023 21,387 16,000 367,410 |
| 814,134 330,023 105,598 35,693 1,285,448 |
|
| - 52,743 19,693 72,436 15,762 4,000 19,762 |
|
| - 68,505 23,693 92,198 |
|
| 814,134 330,023 37,093 12,000 1,193,250 |
|
| 814,134 - 31,468 - 845,602 |
6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |
|---|---|
| Debtors 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Mortgage Covid Intervention Other creditors Accountancy fees |
2023 2022 £ £ - 7,000 |
| 2023 2022 £ £ 48,500 11,500 12,397 669 13,100 500 350 |
|
| 62,066 24,950 |
Page 9
RCCG CITY OF GRACE PETERBOROUGH
Notes to the Financial Statements - continued For the year ended 31 December 2023
8 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Mortgage Covid Intervention Loan |
2023 2022 £ £ 435,948 152,939 24,794 42,416 |
|---|---|
| 460,742 195,355 |
9 MOVEMENT IN FUNDS
| Unrestricted funds Unrestricted funds TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds TOTAL FUNDS |
Net movement in At 1/1/23 funds At 31/12/23 £ £ £ 670,725 159,249 829,974 |
|---|---|
| 670,725 159,249 829,974 |
|
| Incoming Resources Net movement resources expended £ £ £ 417,165 257,916 159,249 |
|
| 417,165 257,916 159,249 |
Page 10
RCCG CITY OF GRACE PETERBOROUGH
Detailed Statement of Financial Activities for the year ended 31 December 2023
| INCOMING RESOURCES Voluntary income Tithes & Offering Gift Aid Total income Investment income Bank interest receivable Total incoming resources RESOURCES EXPENDED Charitable activities World Evangelism Mission + WEM Central Office Festival of Life Honorarium Donation Welfare Books, CDs and Tapes Children &Teenage department Regional contribution Training, Conference & Congress Outreach Evangelism & Outreach (Inc. Peterborough Alive) Hospitality & Conference (anniversary year) Total Charitable activities Costs of generating income Mortgage interest Other Interest Staff related cost Choir related cost Advertisment Telephone Insurance Office Expenses Transport & Hotel Accommodation Vehicle Running Cost Music Electricity, Gas and Water Zonal contribution Printing and stationery Pension Legal & Consultancy fees Cleaning Professional fees Accountancy fee Storage Equipment Bank charges & interest Multimedia Car park hire Repairs Computer Cost/ IT Assets under Finance Depreciation Total Costs of generating income Total Resources expended Surplus of income/(expenditure |
2023 2023 £ £ 384,922 32,242 417,165 - |
2023 2023 £ £ 384,922 32,242 417,165 - |
2022 2022 £ £ 243,221 57,291 300,512 18 |
2022 2022 £ £ 243,221 57,291 300,512 18 |
|---|---|---|---|---|
| 417,165 | 300,530 | |||
| 34,343 1,500 1,200 7,908 11,600 4,950 - 4,593 150 1,877 2,800 20,699 10,977 19,585 1,142 50,230 - - 447 2,662 2,185 4,896 9,707 5,588 5,181 - 580 600 220 1,616 5,611 500 2,087 13,519 2,084 1,215 4,600 941 360 - 19,762 |
102,597 155,318 257,916 |
9,488 1,200 1,200 2,850 2,200 7,800 705 - - 190 - 30,101 24,416 |
80,151 125,841 205,992 |
|
| 6,468 56,784 2,262 348 1,287 2,305 3,865 2,794 9,873 302 9,435 500 - - - 1,111 1,734 350 - - 3,381 - - 6,591 1,275 2,170 13,006 |
||||
| 159,249 | 94,520 |
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