REDEEMED CHRISTIAN CHURCH OF GOD GRACE CHAPEL CHESTERFIELD
COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2022
Company reg. no 07396730 Charity reg. no.1140405
DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
Company Information
| Directors/Trustees | Obed Kwao Nortu |
|---|---|
| Mrs Faith Azala Okhuoya | |
| Olusegun Emmanuel | |
| Secretary | Olutoyin Bolanle Taiwo |
| Company number | 07396730 |
| Charity number | 1140405 |
| Registered office | 89 New Square |
| Chesterfield | |
| Derbyshire | |
| S40 1PH | |
| Accountants | DTT Consultancy Ltd |
| 36 Daffodil Close | |
| Hatfield | |
| Hertfordshire | |
| ALI0 9FF |
REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
| Reference and administrative details of the charity | 3 |
|---|---|
| Directors' report | 4 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 15 |
REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
DIRECTORS' REPORT FOR YEAR ENDED 31 OCTOBER 2022
The directors and trustees present their report and the accounts for the year ended 31 October 2022.
The financial statements have been prepared in accordance with the accounting policiesset out in note 1 to the the accounts and comply with the charity's memorandum and articles, applicable by law (Companies Act 2006 and Charities Act 2011) and the requirements of the Statement of Recommended Practice "Accounting and Reporting by Charities"issued in March 2005.
Legal and Administrative details
REDEEMED CHRISTIAN CHURCH OF GOD GRACE CHAPEL CHESTERFIELD was incorporated as a private company, limited by guarantee, on 5 October 2011, company number 07396730
Trustees
The trustees who are also directors for the purposes of the Companies Act 2006 that served in the year were as follows:
Directors
Mr Obed Kwao Nortu Mrs Faith Azala Okhuoya Mr Olusegun Olumayokun Emmanuel
Secretary
Olutoyin Bolanle Taiwo
Structure, Governance and Management
Governing Document
The company is limited by guarantee and registered as a charity under the Charities ACT 2011. It is governed by its Memorandum and Articles of Association incorporated on 5th Oct 2011. The company has applied for charitable status for taxation purposes and is currently a registered charity.
Anyone over the age of 16 can become a member of the company subject to approval by the trustees.
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
DIRECTORS' REPORT (Continued) FOR THE YEAR ENDED 31 OCTOBER 2022
Governing document continued…..
No director has any beneficial interest in the charitable company. The number of guarantees at 31 October 2022 was three. Every member of the Charity promises that if the Chairty is dissolved while he or she is a member or within twelve months after he or she ceases to be a member, to contribute such sum (not exceeding £10) that may be demanded towards the payment of debts and liabilities of the Charity.
Recruitment and Appointment of Trustees
Appointment of trustees begun from the first annual general meeting and was in accordance with the articles of association. At every subsequent annual general meeting, one third of the trustees are subject to retirement by rotation.
If the company at the meeting at which a trustee retires by rotation does not fill the vacancy the retiring trustee shall, if willing to act, be deemed to be reappointed unless at the meeting it is resolved not to fill the vacancy or unless a resolution is put to the meeting and lost. The number of trustees shall not be less than two and are not subject to any maximum . Trustees have the power to co opt members to a commitee so long as those co opted members do not exceed one half of the total number of trustees on that committee.
Trustee Induction and Training
Any new trustees undergo an orientation day to brief them on their legal obligations under Charity and Company Law, the content of the Memorandum and Articles of Association and the processes on decision making within the organisation. The Charity encourages trustees to attend, at their discretion; appropriate external training events were these will be of use for the undertaking of the role.
Organisational Structure
The trustees, which at present there are three, provide the strategic direction of the charity. The aims and objectives are communicated to the congregation and members of the church.
Assets held on behalf of another charity
There are no assets held on behalf of another charity.
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
DIRECTORS' REPORT (Continued) FOR THE YEAR ENDED 31 OCTOBER 2022
Risk Management
The trustees have a risk management strategy that includes:
-
i. An annual review of the risks the charity may face;
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ii. The establishment of systems and procedures to mitigate those risks identified in the plan;
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iii. The implementation of procedures designed to minimise any potential impact on the charity should they materialise.
Financial risk is to be mitigated by the secretary monitoring the bank frequently to ensure no losses from error or fraud take place.
The policies of risk management are continuously reviewed to ensure they still meet the needs of the charity.
Objectives
The charity's objects are:
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The advancement of the Christian religion worldwide
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The relief of poverty worldwide.
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To impact the community in every positive way possible.
It pursues these objects by the operation of a centre for Christian worship at its premises in the town centre of Chesterfield town and by a programme of events aimed at reaching out to the un-churched together with a range of community-centred projects.
The charity’s main objectives for the year were :
The establishment forums to reach out to the community
To establish a new church
The promotion of festivals, celebrations and exhibitions and outreaches Mental Health Forum
Food parcels for struggling families Singing for pleasure to combat loneliness Coffe mornings on Mondays Operating a mother and Toddler group and other play schemes Soup kitchen – where the homeless are fed 3 times a week Running a wellbeing forum
STRATEGIES
The charity’s strategies for achieving these objectives were:
-
Building a wider network of relationships within the local community to enable the community’s involvement in the charity’s exhibitions,
-
Organizing / supporting Family fun days with other churches in town
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Providing music and refreshments in the market square every Quarter
-
Mother and Toddler group,
-
Hosting 24hr Prayer event on behalf of all churches annually.
-
Singing for pleasure. Over 50s come and sing hymns and folksongs
-
A mental health awareness forum and a quiet spacewhere we are present and in partnership with statutory services
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
DIRECTORS' REPORT (Continued) FOR THE YEAR ENDED 31 OCTOBER 2022
Activities for public benefit
The company currently carries out many activities that are for public benefit
Charity fund raising
The church has regular and commited members who give tithes and other donations for the furtherance of the church's activities.
The church operates a café which provides beverages and snacks. The food is subsidised and the café exists to attract customers who then may be introduced to the church and its works.
Achievements and Performance
The trustees are pleased to report the following
-
The Charity moved to a new mortgaged premises
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Built a wider network of relationships within the local community to enable the community’s involvement in the charity’s exhibitions,
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Street Pastors Operational base is still within Grace Chapel building.
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We have been able to provide music and refreshments in the market square every quarter
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We organised and hosted our Annual musical festival for the town
-
Mother and Toddler group is running and growing strong
-
We have started a wellbeing forum for the mentally challenged
-
We planted a new church
Plans for the future
The trustees look towards the future with the following proposals:
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To continue to propagate our faith by running courses like ‘Christianity Explored’ and continuing to hold regular Christian worship
-
services
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The establishment of new church parishes, small groups and community centres.
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The promotion of festivals & Concerts, celebrations, community days and exhibitions.
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To continue to work with local authorities and charities for a safer neighbourhood
-
To continue to work with other clients for the relief of poverty
Approved by the Directors on 23rd August 2023 and signed on their behalf by:
Mr Obed Kwao Nortu
Director
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2022
TO THE DIRECTORS OF REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
I report on the accounts of the charity for the year ended 31 October 2022 which is set out on pages 9 to 14.
RESPECTIVE RESPONSIBILITIES OF THE DIRECTORS AND THE EXAMINER
The charity's directors are responsible for the preparation of the accounts. The charity's directors consider that an audit is not required for this year under section 476 of the Companies Act 2006 and that an independent examination is needed.
It is my responsibility to:
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, • examine the accounts under section 145 of Charities Act 2011;
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, • follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
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, • state whether particular matters have come to my attention.
BASIS OF EXAMINER'S STATEMENT
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 Directors 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.
EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
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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 the requirement of Section 386 and 387 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records and to
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comply with the accounting requirements of Section 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
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Tunji Ogedengbe
36 Daffodil Close Hatfield Hertfordshire AL10 9FF
Date: 23rd August 2023
Page 8
REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2022
| Notes INCOMING RESOURCES Donations, legacies & similar incoming resources 2 Activities for generating funds 3 Total incoming resources RESOURCES EXPENDED Cost of generating funds 4 Charitable activities 5 Governance costs 6 Total resources expended Net (Outgoing)/Income resources for year Prior year adjustment Balance b/fwd BALANCE AT END OF YEAR |
2022 2021 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 97,561 97,561 132,484 - - - |
|---|---|
| 97,561 - 97,561 132,484 |
|
| 11,439 - 11,439 12,853 86,066 - 86,066 82,941 350 - 350 2,850 |
|
| 97,854 - 97,854 98,644 |
|
| 294 - - 294 - 33,840 29,845 - 29,845 - - 190,985 190,985 157,146 |
|
| 160,847 - 160,847 190,985 |
The statement of financial activities includes all surpluses and deficits recognised in the year.
All incoming resources and resources expended derive from continuing activities.
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
Balance Sheet
At 31 OCTOBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Total | Total | ||
| Funds | Funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 9 | 329,000 | 330,003 |
| CURRENT ASSETS | |||
| Debtors: amounts falling due after more than one year | 11 | 1,850 | 1,850 |
| Cash in hand | 8,921 | 25,272 | |
| 10,771 | 27,122 | ||
| Creditors: amounts falling due | |||
| within one year | 12 | 20,350 | 21,550 |
| Net current assets/(liabilities) | 20,350 | 21,550 | |
| Total assets less current liabilities | 319,421 | 335,576 | |
| Creditors: amounts falling due after one year | |||
| (Note 13) | 158,573 | 144,590 | |
| Net Assets | 160,847 | 190,985 | |
| CHARITY FUNDS | |||
| General - unrestricted | 9 | 160,847 | 190,985 |
| General - restricted | 8 | - | - |
| TOTAL FUNDS | 160,847 | 190,985 |
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements were approved by the Directors on 23rd August 2023 and signed on their behalf by:
Obed Kwao Nortu - Director
Page 10
REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
Notes to the Financial Statements FOR THE YEAR ENDED 31 OCTOBER 2022
1. ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005) issued in March 2005, together with the Financial Reporting Standard for Smaller Entities (effective April 2008) and with the Companies Act 2006 The principal accounting policies adopted in the preparation of the financial statements are as follows:
Incoming resources
All incoming resources are included in the statement of financial activities when the company is entitled to the income and the amount can be quantified with reasonable accuracy. The following policies are applied to particular categories of income:Service contracts and grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
Where income has been received under service contracts but the related services have not been performed by the year end, the balance is carried forward as deferred income.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as the expenditure to which it relates. Charitable expenditure comprises costs incurred by the company in the delivery of its activities and services for its clients. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the company and include the accountancy and costs linked to the strategic management of the company.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis as set out in note 13.
Tangible fixed assets and depreciation
Depreciation has been provided at the following rates in order to write down the cost or valuation, less estimated residual value, of the tangible fixed assets, by equal annual instalments on a straight line basis over their expected useful lives.
Fixtures & Fittings 10% reducing balance Equipment 15% straight line Motor vehicle 20% reducing balance
Investment income
Investment income is recognised in the accounts when it is received.
Value added tax
The compnay is not registered Value Added Tax as it reviewed its position and found that it did not require to be registered. Expenditure in these financial statements, incurred by Redeemed Christian Church of God Chapel Chesterfield, is therefore shown inclusive of value added tax.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Taxation
The charitable company has dormant status for corporation tax by HMRC.
2. DONATIONS AND GIFTS
| Tithes Offering Thanksgiving Individual support income Outreach Other Gift Aid 3. ACTIVITIES FOR GENERATING FUNDS Little Gems |
2,022 2,021 £ £ 55,729 71,960 15,200 17,841 3,500 2,218 - 2,200 4,115 16,176 19,017 9,400 12,689 |
|---|---|
| 97,561 132,484 |
|
| 2,022 2,021 £ £ |
|
| - - |
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
4. COSTS OF GENERATING FUNDS
| 4. COSTS OF GENERATING FUNDS | 4. COSTS OF GENERATING FUNDS | 4. COSTS OF GENERATING FUNDS |
|---|---|---|
| 2,022 2,021 £ £ |
||
| Rent | 630 | - |
| Office Expense | 1,105 | 1,250 |
| Utility | 10,479 | 7,504 |
| Legal Expense | - | 2,014 |
| Café Expenses | - | 2,085 |
| Outreach | 50 | - |
| 11,439 12,853 |
5. CHARITABLE ACTIVITIES
| 5. CHARITABLE ACTIVITIES | 5. CHARITABLE ACTIVITIES | 5. CHARITABLE ACTIVITIES |
|---|---|---|
| 2,022 2,021 £ £ |
||
| Staff costs | 21,046 | 13,420 |
| Honorariapayments | 7,105 | 2,900 |
| Volunteer | 500 | - |
| Stationaryandprinting | 4,356 | 3,840 |
| Conference costs | 2,261 | 1,941 |
| WEM/COF | 3,244 | 1,800 |
| Projects | 5,659 | - |
| TV Licence | - | 13 |
| Welfare | 203 | - |
| Multimedia | 885 | - |
| Hospitality | 1,983 | 1,850 |
| Mortgage Interest | 12,834 | 14,219 |
| Software | 1,286 | |
| FOL | 220 | 240 |
| Donation | 120 | 1,250 |
| Vehicle expenses and travel costs | 6,001 | 1,871 |
| Insurance/Licence | 2,434 | 3,450 |
| Website costs & Telephone | 3,570 | 5,200 |
| Accountancy& Professional Fees | 2,474 | - |
| Discipleshipcosts and training | 2,266 | 3,205 |
| Bank charges | 704 | 620 |
| Repairs and renewals(maintenance) | 20 | 13,500 |
| Depreciation | 1,003 | 3,567 |
| Dues/Evangelical | 890 | 1,100 |
| Office Equip | 1,916 | 7,500 |
| Region | 1,825 | - |
| Other | 180 | 1,350 |
| Mission support | 1,079 | 105 |
| Total charitable activities 86,066 82,941 |
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
NOTES TO THE FINNANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
6. GOVERANCE COSTS
| 6. GOVERANCE COSTS | |
|---|---|
| Legal and professional fees Independent Examination |
2022 2021 £ £ - 2,500 350 350 |
| 350 2,850 |
7. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Current assets Current liabilities Long term current liabilities |
Restricted Unrestricted 2022 2021 £ £ £ £ 329,000 329,000 330,003 10,771 10,771 27,122 20,350 - 20,350 - 21,550 - 158,573 - 158,573 - 144,590 - |
|---|---|
| - 160,847 160,847 190,985 |
8. RESTRICTED FUNDS
Restricted funds comes from support of the RCCG church network.
| network. Haggai Support from province |
B/f Incoming Outgoing Outgoing £ £ £ - - - - - - - - |
|---|---|
| - - - - |
9. Unrestricted funds
Funds from Tithes and church offerings consist of the majority of the unrestricted funding.
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2022
10. TANGIBLE FIXED ASSETS
| Cost As at 1 November 2021 Additions At 31 October 2022 Depreciation As at 1 November 2021 Charge for the year At 31 October 2022 Net book value at 31 October 2022 At 31 October 2022 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Debtors Gift aid receivable |
Property Motor Vehicles Equipment, Fixtures & Fittings Total £ £ £ £ 329,000 7,455 33,160 369,615 - |
Property Motor Vehicles Equipment, Fixtures & Fittings Total £ £ £ £ 329,000 7,455 33,160 369,615 - |
|---|---|---|
| 329,000 7,455 |
33,160 369,615 |
|
| 7,455 | 32,157 39,612 1,003 1,003 |
|
| - 7,455 |
33,160 40,615 |
|
| 329,000 - |
- 329,000 |
|
| - | 1,003 1,003 |
|
| 2022 2021 £ £ 1,850 1,850 - - |
||
| 1,850 1,850 |
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REDEEMED CHRISTIAN CHURCH OF GOD - GRACE CHAPEL CHESTERFIELD
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2022
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |
|---|---|
| Accruals and deferred income Musical equipment Mortgage payment |
2022 2021 £ £ 350 350 - 1,200 20,000 20,000 |
| 20,350 21,550 |
12. CREDITORS: AMOUNTS FALLING AFTER ONE YEAR
| Mortgage payment 14. Directors and employees Staff costs were as follows: Wages and salaries |
2022 2021 £ £ 158,573 144,590 |
|---|---|
| 158,573 144,590 |
|
| 2022 2021 £ £ 21,046 13,420 |
|
| 21,046 13,420 |
The directors did not receive any remuneration or expenses.
The average number of staff employed by the charity during the year was 3.There were no employees whose emoluments amounted to over £60,000 in the year. There were no employees for whom retirement benefits are accruing under a money purchase pension scheme.
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