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2021-12-31-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 2021

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 - 30

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 2021

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 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 2021

The trustees present their annual report together with the financial statements of the Charity for the year ended 31 December 2021. 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

The charity has adopted the following strategies for achieving the above objectives: • organisation of conferences and events with proven speakers and ministers of the faith to inspire and guide members; and

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 2021

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 2021

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.

The outbreak of Corona virus in the year 2020 means the church had to review her operations. The government lockdown was lifter in the second quarter of 2021, the year in report, and the church was able to start physical service. However, since not all parishioners were ready to return to the physical service, the church had to adopt the hybrid approach where parishioners can join services physically and virtually.

The charity was able to return to some of her charitable activities which were put on hold during the lockdown.

The charity supported poverty alleviation in the community by giving out food items for those who need 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

Support the elderly and members who are infirmed by supplying groceries.

Support people and help people to lose weight by allowing Slimming World to use our facilities.

Support fellow Christians such as Jesus Reigns Ministry by allowing them to use our facilities.

Support Samaritan’s Christmas Child Appeal.

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.

We conducted trainings on PA console management and training on maximising the use of Zoom App.

We also conducted training on safeguarding for volunteers within and outside our charity.

Regular Weekly & Monthly Online Activities:

  1. Weekly Midweek prayers.

  2. Weekly House Fellowship.

  3. Weekly Bible studies.

  4. Monthly Communion Services.

  5. Monthly Night Vigil.

  6. Women’s Early Morning Prayers.

  7. Women’s Monthly Night Vigil.

  8. Marriage Seminar.

Page 4

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

BOARDS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021

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 2020 to 2021 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 2021

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: 19 August 2022

Mr Akintayo Akinsooto Ojo Trustee

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 2021

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 2021.

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: 22 August 2022 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 2021

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
2021
£
8,767
-
8,767
8,767
8,767
-
181,301
-
181,301		 Unrestricted
funds
2021
£
237,190
7,090
244,280
216,654
216,654
27,626
544,326
27,626
571,952		 Total
funds
2021
£
245,957
7,090
253,047
225,421
225,421
27,626
725,627
27,626
753,253		 Total
funds
2020
£
226,811
4,994
231,805
212,826
212,826
18,979
706,648
18,979
725,627

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

The notes on pages 13 to 30 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 2021

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
86,399
87,148
(70,297)		 2021
£
1,208,445
1,208,445
16,851
1,225,296
(472,042)
753,254
753,254
181,301
571,953
753,254		 748
68,967
69,715
(66,627)		 2020
£
1,235,593
1,235,593
3,088
1,238,681
(513,054)
725,627
725,627
181,301
544,326
725,627

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.

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 2021

The financial statements were approved and authorised for issue by the Trustees on 19 August 2022 and signed on their behalf by:

Dr Abiodun Olayinka Obisesan Mr Akintayo Akinsooto Ojo Trustee Trustee

The notes on pages 13 to 30 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 2021

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 30 form part of these financial statements		 2021
£
67,927
7,090
(16,574)
(9,484)
(41,011)
(41,011)
17,432
68,967
86,399		 2020
£
80,637
4,995
(15,389)
(10,394)
(45,452)
(45,452)
24,791
44,176
68,967

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 2021

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 2021

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 2021

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 2021

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
2021 2021 2021
£ £ £
Donations
Building fund 8,767 - 8,767
Tithes - 141,172 141,172
Collection at all services - 60,531 60,531
Gift Aid - 32,376 32,376

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 2021

3. Income from donations and legacies (continued)

Similar incoming resources
Bookstall income
Other income
Subtotal detailed disclosure
Donations
Subtotal
Total 2021
Donations
Building fund
Tithes
Collection at all services
Gift Aid
Similar incoming resources
Bookstall income
Vending machine income
Subtotal detailed disclosure
Donations
Government grants
Subtotal
Total 2020		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
70
-
141
8,767
234,290
-
2,900
-
2,900
8,767
237,190
Restricted
funds
2020
Unrestricted
funds
2020
£
£
3,040
-
-
93,188
-
72,958
-
33,839
-
363
-
-
3,040
200,348
-
10,243
-
13,180
-
23,423
3,040
223,771		 Total
funds
2021
£
70
141
243,057
2,900
2,900
245,957
Total
funds
2020
£
3,040
93,188
72,958
33,839
363
-
203,388
10,243
13,180
23,423
226,811

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 2021

3. Income from donations and legacies (continued)

4. Investment income

Unrestricted
funds
2021
£
Investment income - local investment properties
7,090
Unrestricted
funds
2020
£
Investment income - local investment properties
4,994
Bank interest receivable
-
Total 2020
4,994
Analysis of grants
Grants to
Institutions
2021
£
Grants- Missionary
28,574
Grants to
Institutions
2020
£
Grants - Missionary
30,515		 Total
funds
2021
£
7,090
Total
funds
2020
£
4,994
-
4,994
Total
funds
2021
£
28,574
Total
funds
2020
£
30,515

5. Analysis of grants

The Charity has made the following material grants to institutions during the year:

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 2021

5. Analysis of grants (continued)

Name of institution
RCCG World Evangelism
RCCG Central Office
RCCG Inspiration House
Other grants to institutions		 2021
£
25,274
1,200
-
26,474
2,100
28,574		 2020
£
24,706
1,200
3,000
28,906
1,609
30,515

6. Analysis of expenditure on charitable activities

Summary by fund type

Support costs
Direct costs
Total 2021
Support costs
Direct costs
Total 2020		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
8,767
176,183
-
40,471
8,767
216,654
Restricted
funds
2020
Unrestricted
funds
2020
£
£
3,040
170,412
-
39,374
3,040
209,786		 Total
funds
2021
£
184,950
40,471
225,421
Total
funds
2020
£
173,452
39,374
212,826

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 2021

6. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Support costs
Direct costs
Support costs
Direct costs		 Staff costs
2021
Depreciation
2021
£
£
61,843
43,722
-
-
61,843
43,722
Staff costs
2020
Depreciation
2020
£
£
56,181
44,719
-
-
56,181
44,719		 Other costs
2021
£
79,385
40,471
119,856
Other costs
2020
£
72,552
39,374
111,926		 Total
funds
2021
£
184,950
40,471
225,421
Total
funds
2020
£
173,452
39,374
212,826

7. Analysis of expenditure by activities

Support costs
Direct costs
Total 2021		 Advanceme
nt of
christian
faith
2021
£
-
11,897
11,897		 Grant
funding of
activities
2021
£
-
28,574
28,574		 Support
costs
2021
£
184,950
-
184,950		 Total
funds
2021
£
184,950
40,471
225,421

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 2021

7. Analysis of expenditure by activities (continued)

Support costs
Direct costs
Total 2020		 Advancemen
t of christian
faith
2020
£
-
8,858
8,858		 Grant
funding of
activities
2020
£
-
30,515
30,515		 Support
costs
2020
£
173,452
-
173,452		 Total
funds
2020
£
173,452
39,373
212,826

Analysis of direct costs

Visiting Ministers expenses
Rates
Ministry expenses
Hire of equipment
Other
Total 2021
Rates
Ministry expenses
Total 2020
Analysis of support costs		 Advanceme
nt of
christian
faith
2021
£
3,150
7,329
928
491
(1)
11,897
Advancemen
t of christian
faith
2020
£
8,186
672
8,858		 Total
funds
2021
£
3,150
7,329
928
491
(1)
11,897
Total
funds
2020
£
8,186
672
8,858

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 2021

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Hire purchase interest
Music and equipment
Gas and electricity
Insurance
Telephone
Cleaning
Loan interest
Welfare
Professional fees
Printing, postages and stationery
Bank charges
Motor expenses
Travel
Sundry expenses
Mortgage interest
Training
Admin services & costs
Dues and subscription
Advertising and promotion
Volunteer costs
Evangelism
Bookkeeping and accounting services
Computer and IT support
Equipment rental
Health and safety
Repairs , renewals and maintenance
Governance costs
Total 2021		 Total
funds
2021
£
61,843
43,722
1,140
2,431
3,929
2,963
1,483
1,901
6,589
6,419
563
200
148
428
50
750
10,178
411
16,186
1,041
1,800
-
-
5,250
997
478
8
12,542
1,500
184,950		 Total
funds
2020
£
56,181
44,719
1,140
-
3,876
1,821
10
2,240
7,348
3,053
-
210
123
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
173,452

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 2021

8. Independent examiner's remuneration

2021 2020
£ £
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		 2021
£
60,000
1,843
61,843		 2020
£
54,917
1,264
56,181

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

2021 2020
No. No.
Administrative 2 2

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 (2020 - £NIL) .

During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL) .

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 2021

11. Tangible fixed assets

Freehold
property
£
Cost or valuation
At 1 January 2021
1,391,856
Additions
-
At 31 December 2021
1,391,856
Depreciation
At 1 January 2021
186,027
Charge for the year
27,837
At 31 December 2021
213,864
Net book value
At 31 December 2021
1,177,992
At 31 December 2020
1,205,829
12.
Debtors
Due within one year
Other debtors
13.
Creditors: Amounts falling due within one
Bank overdrafts
Bank loans
Other taxation and social security		 Music and
church
equipment
£
106,142
-
106,142
90,248
6,918
97,166
8,976
15,893
year		 Motor
vehicles
£
27,594
-
27,594
18,948
2,162
21,110
6,484
8,646		 Computer
equipment
£
36,982
16,574
53,556
31,757
6,805
38,562
14,994
5,225
2021
£
749
749
2021
£
207
53,378
5,788		 Total
£
1,562,574
16,574
1,579,148
326,980
43,722
370,702
1,208,446
1,235,593
2020
£
748
748
2020
£
-
53,378
3,326

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 2021

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

Obligations under finance lease and hire purchase contracts
Accruals		 2021
£
4,174
6,750
70,297		 2020
£
4,173
5,750
66,627

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

Bank loans
Other loans
Net obligations under finance lease and hire purchase contracts		 2021
£
262,306
206,456
3,280
472,042		 2020
£
287,540
218,061
7,453
513,054

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 2021
£
315,684
315,684		 2020
£
340,918
340,918

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 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 2021

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Restricted Fund
Total of funds		 Balance at 1
January
2021
£
544,326
181,301
725,627		 Income
£
244,281
8,767
253,048		 Expenditure
£
(216,654)
(8,767)
(225,421)		 Balance at
31
December
2021
£
571,953
181,301
753,254

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 2021

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
2020
£
525,346
181,301
706,647
Balance at 1
January
2021
£
544,326
181,301
725,627		 Income
£
228,766
3,040
231,806
Income
£
244,281
8,767
253,048		 Expenditure
£
(209,786)
(3,040)
(212,826)
Expenditure
£
(216,654)
(8,767)
(225,421)		 Balance at
31
December
2020
£
544,326
181,301
725,627
Balance at
31
December
2021
£
571,953
181,301
753,254

16. Summary of funds Summary of funds - current year

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 2021

16. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 January
2020
£
525,346
181,301
706,647		 Income
£
228,766
3,040
231,806		 Expenditure
£
(209,786)
(3,040)
(212,826)		 Balance at
31
December
2020
£
544,326
181,301
725,627

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

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 year
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Other unallocated
Total		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
181,301
1,027,144
-
87,148
-
(70,297)
-
(472,042)
181,301
571,953
Restricted
funds
2020
Unrestricted
funds
2020
£
£
181,301
1,054,292
-
69,714
-
(66,627)
-
(513,054)
-
2
181,301
544,327		 Total
funds
2021
£
1,208,445
87,148
(70,297)
(472,042)
753,254
Total
funds
2020
£
1,235,593
69,714
(66,627)
(513,054)
2
725,628

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 2021

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

Net income for the year (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
2021
£
Cash at bank and in hand
68,967
Bank overdrafts repayable on demand
-
Debt due within 1 year
(53,378)
Debt due after 1 year
(505,600)
Finance leases
(11,628)
(501,639)		 2021
£
27,626
15,885
27,837
(7,090)
(1)
3,670
67,927
2021
£
86,399
86,399
Cash flows
£
17,432
(207)
-
36,838
4,174
58,237		 2020
£
18,979
16,882
27,837
(4,995)
17,692
4,242
80,637
2020
£
68,967
68,967
At 31
December
2021
£
86,399
(207)
(53,378)
(468,762)
(7,454)
(443,402)

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 2021

21. Related party transactions

During the year a company in which one of the trustee served as a director received fees amounting to £5,250 (2020 : £4,250).

Page 30