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2020-12-31-accounts

Registered number: 07530478 Charity number: 1141424

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10 - 11
Statement of cash flows 12
Notes to the financial statements 13 - 31

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Dr Oludare Adetokunbo Demuren, Chair
Dr Adeniyi Faboya
Dr Abiodun Olayinka Obisesan
Mr Akintayo Akinsooto Ojo
Company registered
number
07530478
Charity registered
number
1141424
Registered office
Heath House, Heath Business Park
Grange Way
Colchester
CO2 8GU
Pastor in charge
Pastor Abiodun Obisesan
Accountants
AdeKay & Co Limited
Chartered Certified Accountants
6 Medcalf Road
Enfield
EN3 6HL
Bankers
HSBC
26 High Street
Colchester
CO1 1DQ
Barclays Bank Plc
9 High Street
Colchester
Essex
CO1 1DA

Page 1

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

BOARDS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their annual report together with the financial statements of the Charity for the 1 January 2020 to 31 December 2020. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The Charity is constituted as a company limited by guarantee, and is therefore governed by a Memorandum and Articles of Association.

The principal object of the Redeemed Christian Church of God is the advancement of the Christian faith worldwide and relief of poverty.

Our primary objective is to seek the advancement of Christian religion in accordance with preaching of the faith of the early Apostles and wherever possible, educate people using the word of God as our guide. We aim to establish and manage schools, Bible schools, vocational Bible schools, correspondence courses, and to teach religious knowledge in schools, institutions and the wider community.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

c. Activities undertaken to achieve objectives

The charity seeks to achieve its objectives by:

Page 2

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

BOARDS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities (continued)

d. Public Benefit Statement

The Board of Trustees confirm that they have met their duties in strict compliance with the provisions of section 4 and 17 of the Charities Act 2011, and have had due regards to the Charity Commission’s general guidance on public benefit. Particular consideration has been given to the Charity Commission's supplementary public guidance provisions on the advancement of religion for the public benefit

e. Volunteers

The Church is grateful for the unstinting efforts of its volunteers who are involved in service provision. It is estimated that over 7,150 volunteer hours were provided during the year. If this is conservatively valued at £8.50 per hour, the volunteer efforts amount to over £60,775.

Page 3

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

BOARDS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

a. Review of activities

During the year under review, the Church was of benefit to its congregation and its local community both spiritually and to a limited extent, financially. The church continues to run its Sunday and midweek services for the benefit of local community members.

Due to the outbreak of Corona virus in the year in report, and government several measures to control it resulting in limitation being placed on physical gathering, we could not hold some of our regular activities that takes us into our community. Our annual Black History month celebrations could not hold in October 2020.

In our bid to support the governments effort in alleviating the challenges of the out break of the pandemic, our charity gave out food items for those who needed it during the year.

We continue to support our community through our food bank donations month on month.

We participated in a Christmas initiative tagged “Love Your Neighbour”. In this initiative with our fund commitment and counterpart funding received we were able to make boxes of Christmas dinner available to families in Colchester

We supported the Blind Society in Nigeria

We conducted a health and safety training in line with the government Covid-19 protocols. This is to enable members of the community understand the disease and prevent the spread.

b. Impact of Covid- 19 Pandemic

As a result of the outbreak of COVID-19 Pandemic in the first half of the year under review, government introduced several measures to curtail further spread of the virus. Nationwide lockdowns were declared. The Lockdown impacted our physical meetings as places of worship were prohibited from opening, and physical gathering suspended. To enable us to continue to meet the needs of our members, at a very difficult time, we moved our services to a virtual platform. Sunday worship services, midweek bible study, regular prayer meetings and seminars were all moved to a virtual platform using Zoom.

Page 4

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

BOARDS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Board of Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charitable company should be 3 months of average annual expenditure. At this level, the Board of Trustees holds the view that they would be able to continue the current activities of the charitable company in the event of a significant drop in funding.

The Board of Trustees are in the process of considering a review of the reserve policy to be in the light of the wider strategic future plans. This is to ensure that the level of the reserve we hold are not only appropriate to our current position and annual expenditure, but also taking into full cognisance what our future strategic plans are.

c. Investments policy and performance

The Board have decided that at present, funds should continue to be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the Board. As far as possible, funds will be retained in interest bearing accounts.

d. Principal funding

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.

Structure, governance and management

a. Constitution

The Redeemed Christian Church of God- Stillwaters Colchester is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the trustees who are elected and co-opted under the terms of the Memorandum of Association.

c. Organisational structure and decision-making policies

The church is organised so that the trustees meet regularly to manage its affairs. There is a part time administrator, who manages the day to day administration of the church.

Page 5

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

BOARDS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees

Most trustees are already familiar with the activities of the charitable organisation as they are drawn from members who have the skill set to offer and empathy with our core values. Newly elected trustees are encouraged to attend a series of training sessions led by the Chair.

The courses attended equip the trustees with skills to carry out their duties as trustees. The training enables them to understand:

During induction, they meet other trustees. As part of the induction training, they are encouraged to attend appropriate external events where these will facilitate the undertaking of their role. An induction pack is provided for new Directors/Trustees.

e. Related party relationships

The RCCG Stillwaters Colchester is member of the Redeemed Christian Church of God (RCCG) which has parishes all over the world. The parish's relationship with RCCG and other parishes is governed by an 'Agreement for Common Purposes'.

The parish supports visiting ministers of the gospel from within and outside the UK. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Live and other RCCG Programmes. The parish also gives occasional grant to congregational members who are in need.

f. Financial risk management

The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The Church intends to continue with its activities for the foreseeable future and enlarge its operations as the resources allow and according to leading of the Holy Spirit.

The charity continues to expand its influence in and support for the community programmes and events. The charity plans to roll over the activities held for charitable purposes in 2019 to 2020 and adopt new projects.

Board Members' liability

The Board Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Page 6

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

BOARDS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Trustees' responsibilities

The trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial . Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. 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 order of the members of the board of trustees and signed on their behalf by:

Dr Abiodun Obisesan Trustee Date: 13 September 2021

Page 7

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's report to the Trustees of The Redeemed Christian Church of GodStillwaters Colchester ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.

Responsibilities and basis of report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 16 September 2021 Adegboyega Adesigbin FCCA ACCA

AdeKay & Co Limited

Chartered Certified Accountants 6 Medcalf Road Enfield EN3 6HL

Page 8

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2020
£
3,040
-
3,040
3,040
3,040
-
181,301
-
181,301		 Unrestricted
funds
2020
£
223,771
4,994
228,765
209,786
209,786
18,979
525,347
18,979
544,326		 Total
funds
2020
£
226,811
4,994
231,805
212,826
212,826
18,979
706,648
18,979
725,627		 Total
funds
2019
£
219,348
13,282
232,630
218,726
218,726
13,904
692,744
13,904
706,648

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 31 form part of these financial statements.

Page 9

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee) REGISTERED NUMBER: 07530478

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 749
68,967
69,716
(66,627)		 2020
£
1,235,593
1,235,593
3,089
1,238,682
(513,054)
725,628
725,628
181,301
544,327
725,628		 18,441
44,176
62,617
(62,385)		 2019
£
1,264,924
1,264,924
232
1,265,156
(558,508)
706,648
706,648
181,301
525,347
706,648

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Page 10

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee) REGISTERED NUMBER: 07530478

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2020

Dr Abiodun Olayinka Obisesan Mr Akintayo Akinsooto Ojo Trustee Trustee Date: 13 September 2021

The notes on pages 13 to 31 form part of these financial statements.

Page 11

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Interests receivable and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 13 to 31 form part of these financial statements		 2020
£
90,627
(4,995)
(15,389)
(20,384)
(45,452)
(45,452)
24,791
44,176
68,967		 2019
£
79,659
(13,282)
(15,391)
(28,673)
(51,203)
(51,203)
(217)
44,393
44,176

Page 12

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

Redeemed Christian Church of God - Stillwaters Colchester is a company limited by guarantee incorporated and registered with the Charity Commission in England & Wales. The registered address is Heath House, Heath Business Park, Grange Way, Colchester, C02 8GU.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Redeemed Christian Church of God- Stillwaters Colchester meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Board consider that there are no material uncertainties about the charitable company ability to continue as a going concern. The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 13

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 14

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property - 2.0% straight line Music & church equipment - 25.0% straight line Motor vehicles - 25.0% reducing balance Office equipment - 25.0% straight line Computer equipment - 33.3% straight line

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

Page 15

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.13 Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Income from donations and legacies

Restricted Unrestricted Total
funds funds funds
2020 2020 2020
£ £ £
Donations
Building fund 3,040 - 3,040
Tithes - 93,188 93,188
Collection at all services - 72,958 72,958
Gift Aid - 33,839 33,839
- - -

Page 16

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Income from donations and legacies (continued)

Similar incoming resources
Bookstall income
Other income
Subtotal detailed disclosure
Donations
Government grants
Subtotal
Total 2020
Donations
Building fund
Tithes
Collection at all services
Gift Aid
Similar incoming resources
Bookstall income
Vending machine income
Subtotal detailed disclosure		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
-
363
-
-
3,040
200,348
-
10,243
-
13,180
-
23,423
3,040
223,771
Restricted
funds
2019
Unrestricted
funds
2019
£
£
5,667
-
-
93,549
-
71,831
-
26,503
-
600
-
7,014
5,667
199,497		 Total
funds
2020
£
363
-
203,388
10,243
13,180
23,423
226,811
Total
funds
2019
£
5,667
93,549
71,831
26,503
600
7,014
205,164

Page 17

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Income from donations and legacies (continued)

Donations
Similar incoming resources
Subtotal
Total 2019
4.
Investment income
Investment income - local investment properties
Investment income - local investment properties
Bank interest receivable
Total 2019		 Restricted
funds
2019
Unrestricted
funds
2019
£
£
-
14,184
-
-
-
14,184
5,667
213,681
Unrestricted
funds
2020
£
4,994
Unrestricted
funds
2019
£
13,272
10
13,282		 Total
funds
2019
£
14,184
-
14,184
219,348
Total
funds
2020
£
4,994
Total
funds
2019
£
13,272
10
13,282

Page 18

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Analysis of grants

Grants- Missionary
Grants - Missionary		 Grants to
Institutions
2020
£
30,515
Grants to
Institutions
2019
£
28,043		 Total
funds
2020
£
30,515
Total
funds
2019
£
28,043

6. Analysis of expenditure on charitable activities

Summary by fund type

Support costs
Direct costs
Total 2020
Support costs
Direct costs
Other
Total 2019		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
3,040
170,987
-
38,799
3,040
209,786
Restricted
funds
2019
Unrestricted
funds
2019
£
£
5,667
167,880
-
45,178
-
-
5,667
213,058		 Total
funds
2020
£
174,027
38,799
212,826
Total
funds
2019
£
173,547
45,178
1
218,726

Page 19

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure by activities

Support costs
Direct costs
Total 2020
Support costs
Direct costs
Total 2019		 Advanceme
nt of
christian
faith
2020
£
-
8,283
8,283
Advancemen
t of christian
faith
2019
£
-
17,135
17,135		 Grant
funding of
activities
2020
£
-
30,515
30,515
Grant
funding of
activities
2019
£
-
28,043
28,043		 Support
costs
2020
£
174,027
-
174,027
Support
costs
2019
£
173,548
-
173,548		 Total
funds
2020
£
174,027
38,798
212,826
Total
funds
2019
£
173,548
45,178
218,726

Analysis of direct costs

Rates
Minstry expenses
Total 2020		 Advanceme
nt of
christian
faith
2020
£
8,186
97
8,283		 Total
funds
2020
£
8,186
97
8,283

Page 20

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Visiting speakers expenses
Rates
Minstry expenses
Total 2019		 Advancemen
t of christian
faith
2019
£
6,401
9,040
1,694
17,135		 Total
funds
2019
£
6,401
9,040
1,694
17,135

Page 21

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Hire purchase interest
Gas and electricity
Insurance
Telephone and fax
Cleaning
Loan interest
Welfare
Printing, postages and stationery
Bank charges
Motor expenses
Travel
Mortgage interest
Training
Admin services & costs
Dues ans subscription
Advertising and promotion
Volunteer costs
Evangelism
Bookkeeping and accounting services
Computer and IT expenses
Equipment Rental
Health & safety
Repairs renewals and maintenance
Governance costs
Total 2020		 Advanceme
nt of
christian
faith
2020
£
56,181
44,719
1,140
3,876
1,821
10
2,240
7,348
3,053
210
698
3,425
1,349
11,527
2,627
12,624
1,366
2,344
1,250
200
4,250
2,358
113
2,140
5,658
1,500
174,027		 Total
funds
2020
£
56,181
44,719
1,140
3,876
1,821
10
2,240
7,348
3,053
210
698
3,425
1,349
11,527
2,627
12,624
1,366
2,344
1,250
200
4,250
2,358
113
2,140
5,658
1,500
174,027

Page 22

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Music and equipment
Gas and electricity
Insurance
Telephone and fax
Minor repairs and service
Loan interest
Welfare
Professional fees
Printing, postages and stationery
Bank charges
Seminars and conferences
Motor expenses
Travel
Sundry church expenses
Bookstalls and vending machine
Mortgage interest
Training
Admin services & costs
Dues and subscription
Advertisisng and promotion
Volunteer costs
Evangelism
Bookkeeping and accounting services
Computer and IT expenses
Repairs, renewals and maintenance
Governance costs
Total 2019		 Advancemen
t of christian
faith
2019
£
27,266
46,871
333
5,240
3,591
2,160
3,172
8,835
3,331
1,250
1,517
150
2,836
2,354
2,629
233
537
14,158
5,092
11,405
901
2,324
6,590
7,822
4,950
1,504
4,997
1,500
173,548		 Total
funds
2019
£
27,266
46,871
333
5,240
3,591
2,160
3,172
8,835
3,331
1,250
1,517
150
2,836
2,354
2,629
233
537
14,158
5,092
11,405
901
2,324
6,590
7,822
4,950
1,504
4,997
1,500
173,548

Page 23

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Independent examiner's remuneration

2020 2019
£ £
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts 1,500 1,500

9. Staff costs

Wages and salaries
Social security costs		 2020
£
54,917
1,264
56,181		 2019
£
25,000
2,266
27,266

The average number of persons employed by the Charity during the year was as follows:

2020 2019
No. No.
Administrative 2 1

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .

Page 24

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. Tangible fixed assets

Freehold
property
£
Cost or valuation
At 1 January 2020
1,391,856
Additions
-
At 31 December 2020
1,391,856
Depreciation
At 1 January 2020
158,190
Charge for the year
27,837
At 31 December 2020
186,027
Net book value
At 31 December 2020
1,205,829
At 31 December 2019
1,233,666
12.
Debtors
Due within one year
Other debtors
Tax recoverable
13.
Creditors: Amounts falling due within one
Bank loans
Other taxation and social security		 Music and
church
equipment
£
91,423
14,719
106,142
83,547
6,701
90,248
15,894
7,876
year		 Motor
vehicles
£
27,594
-
27,594
12,073
6,875
18,948
8,646
15,521		 Computer
equipment
£
36,312
670
36,982
28,451
3,306
31,757
5,225
7,861
2020
£
749
-
749
2020
£
53,378
3,326		 Total
£
1,547,185
15,389
1,562,574
282,261
44,719
326,980
1,235,594
1,264,924
2019
£
1,720
16,721
18,441
2019
£
53,378
-

Page 25

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Creditors: Amounts falling due within one year (continued)

Obligations under finance lease and hire purchase contracts
Other creditors
Accruals		 2020
£
4,173
-
5,750
66,627		 2019
£
1,225
1,332
6,450
62,385

14. Creditors: Amounts falling due after more than one year

Bank loans
Other loans
Net obligations under finance lease and hire purchase contracts		 2020
£
287,540
218,061
7,453
513,054		 2019
£
313,724
230,207
14,577
558,508

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments 2020
£
340,918
340,918		 2019
£
367,102
367,102

The loan outstanding is a repayment mortgage of the church building at Heath House, Heath Business Centre, off Whitehall Road, Colchester, Essex CO2 8HG.

The bank loan is a Barclays Bank mortgage secured on the church premises at Heath House, Heath Business Centre, off Whitehall Road, Colchester, Essex CO2 8HG.

Page 26

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Restricted Fund
Total of funds		 Balance at 1
January
2020
£
525,347
181,301
706,648		 Income
£
228,766
3,040
231,806		 Expenditure
£
(209,786)
(3,040)
(212,826)		 Balance at
31
December
2020
£
544,327
181,301
725,628

Page 27

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Restricted Fund
Total of funds
Summary of funds
Summary of funds - current year
General funds
Restricted funds		 Balance at
1 January
2019
£
511,443
181,301
692,744
Balance at 1
January
2020
£
525,347
181,301
706,648		 Income
£
226,962
5,667
5,667
Income
£
228,766
3,040
231,806		 Expenditure
£
(213,058)
(5,667)
(218,725)
Expenditure
£
(209,786)
(3,040)
(212,826)		 Balance at
31
December
2019
£
525,347
181,301
706,648
Balance at
31
December
2020
£
544,327
181,301
725,628

16. Summary of funds Summary of funds - current year

Page 28

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 January
2019
£
511,443
181,301
692,744		 Income
£
226,962
5,667
232,629		 Expenditure
£
(213,058)
(5,667)
(218,725)		 Balance at
31
December
2019
£
525,347
181,301
706,648

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
181,301
1,054,292
-
69,716
-
(66,627)
-
(513,054)
181,301
544,327
Restricted
funds
2019
Unrestricted
funds
2019
£
£
181,301
1,083,623
-
62,617
-
(62,385)
-
(558,508)
181,301
525,347		 Total
funds
2020
£
1,235,593
69,716
(66,627)
(513,054)
725,628
Total
funds
2019
£
1,264,924
62,617
(62,385)
(558,508)
706,648

Page 29

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
19.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
20.
Analysis of changes in net debt
At 1
January
2020
£
Cash at bank and in hand
44,176
Debt due within 1 year
(53,378)
Debt due after 1 year
(543,931)
Finance leases
(15,802)
(568,935)		 2020
£
18,979
16,882
27,837
4,995
17,692
4,242
90,627
2020
£
68,967
68,967
Cash flows
£
24,791
-
38,331
4,174
67,296		 2019
£
13,904
19,035
27,837
13,282
(5,700)
11,301
79,659
2019
£
44,176
44,176
At 31
December
2020
£
68,967
(53,378)
(505,600)
(11,628)
(501,639)

Page 30

THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. Related party transactions

During the year a company in which Mr A A Ojo served as a director received fees amounting to £4,250 (2019 £4,950).

Page 31