Charity number:1142160
THE REDEEMED CHRISTIAN CHURCH OF GOD KINGDOM OF PRAISE & THANKSGIVING
TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
THE REDEEMED CHRISTIAN CHURCH OF GOD-KINGDOM OF PRAISE & THANKSGIVING Report and Accounts for the period ended 31 May 2021
CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES 1142160
THE REDEEMED CHRISTIAN CHURCH OF GOD-KINGDOM OF PRAISE & THANKSGIVING Report and Accounts for the period ended 31 May 2021
CONTENTS
| Charity Information | 1 |
|---|---|
| Trustees annual report | 2-4 |
| Accountant's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to Accounts | 8-10 |
THE REDEEMED CHRISTIAN CHURCH OF GOD -KINGDOM OF PRAISE & THANKSGIVING Charity Information
General Overseer
Pastor E. A. Adeboye
Trustees
Mr. Bamidele Jackson Kolawole Pastor Akintayo Aiyegbusi Mr. Michael Olufemi Bolorunduro
Minister In Charge
Pastor Olutayo Osadugba
Charity Registration No:
1142160
Principal Location
The Round Chapel 2 Powercroft Road Hackney London E5 0PU
Bankers
HSBC Bank PLC Nationwide Building Society Natwest Bank PLC
Accountants
Gabriel Christopher & co Suite 13, Forest House 8 Gainsborough Road London E11 1HT
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THE REDEEMED CHRISTIAN CHURCH OF GOD- KINGDOM OF PRAISE & THANKSGIVING
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2021
The Trustees submit their annual report and the financial statements of The Redeemed Christian Church of God(RCCG) Kingdom of Praise & Thanksgiving (the church) for the year ended 31 May 2021. The Trustees confirm that the annual report and financial statements of the church comply with current statutory requirements, the requirements of the church's governing documents and the provisions of the Statement of Recommended Practise (SORP) "Accounting and Reporting by Charities" issued in April 2005.
Structure, governance and management
CONSTITUTION
The church is constituted under a constitution adopted on 10 July 2010 as amended on 31 October 2010 with Charity registration number 1142160
METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the church is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
The induction process for a newly appointed member of the Trustees comprises an initial meeting with other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.
Princial activities
The charity's principal activity during the year continued to be the advancement of the christian faith in United Kingdom and worldwide in accordance with the doctrine set out in the statement of faith of our trust deed and the relief of poverty to the general public within our community.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
The church is organised so that the trustees meet regularly to manage its affairs. The day to day administration of the church is managed by the trustees.
Review of activities in the year
We have had tremendous growth in the physical and spiritual life of the church during the year and in the advancement of the Christian Faith in accordance with the doctrines set out in the Statement of Faith as contained in our Trust Deed.
Our yearly conferences were well attended, and many attendees indicated that they were blessed by these programes
Community Outreach Events
RCCG KOPAT in partnership with London Catholic Workers and Clapton Park URC, are engaged in soup kitchen project for homeless people in our community. This project has been going on for more than seven years. This project bring some relief to less priviledge members of our community, and affirm the love of Christ which we preach.
In addition to this we supply ready made food to shelter accomodation in Mare street. We hope to continue this project in the future.
We provided covid response groceries to our members who were adversely affected by Covid 19 during the year.
Provision of welfare support to members
The church was able to give welfare support in form of travel cards, grants and gifts to less priviledge members of our church during the year.
RELATED PARTY RELATIONSHIPS
RCCG Kingdom of Praise & Thanksgiving is a 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'.
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Financial Review
The charity's financial statement for the year ended 31 May 2021 shows a net increase in fund of £105,595 (2020: £23,454 decrease).
The value of the charity's net assets at 31 May 2021 was a surplus of £209,272 (2020:a surplus of £103,696)
RISK MANAGEMENT
The Trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church, and are satisfied that systems are in place to mitigate our exposure to the major risks.
GRANT MAKING POLICIES
Under the Common Purposes Agreement (see above), RCCG-Kingdom Of Praise & Thanksgiving has agreed to make an annual contribution to RCCG (UK). In addition, the church supports missionary organisations such as Festival of Life and World Evangelism Mission. The church also provides support to members of the congregation who are in need. This is done at the discretion of the trustees.
VOLUNTEERS
The church is grateful for the efforts of its volunteers who are involved in service provision, it is estimated that over 2,000 volunteer hours were provided during the year. If this is conservatively valued at £8.00 an hour the volunteer effort amounts to over £16,000
INVESTMENT POLICY AND PERFORMANCE
The Trustees have decided that at present, funds should 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.
RESERVES POLICY
The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.
PRINCIPAL FUNDING
This is provided mainly through voluntary giving of tithes and offerings by the church members and through gift aid scheme. Pledges and donations are also taken for specific projects.
Plans for the future
a. FUTURE DEVELOPMENTS
The church continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life- changing impact in society.
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Trustees' Responsibilities in Relation to the Financial Statements
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.
Law applicable to charities in England and Wales requires the trustees to prepare financial statement for each financial year which gives a true and fair view of the state of affairs of the charity and of surplus or deficit for the period. In preparing the financial statements the trustees have:
-Selected suitable accounting policies and applied them consistently; -Made judgments and estimates that are reasonable and prudent; -Stated whether applicable accounting standards have been followed -Prepared the financial statements on a going concern basis
The Trustees have overall responsibility of ensuring that the church has an appropriate system of controls; financial or otherwise. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at anytime the financial position of the church, and to enable them to ensure that the financial statements comply with the Charities Act 2012 and ( Charities, Accounts and Report) the 2008 regulation requirements. They are responsible for safeguarding the assets of the Charity and hence take reasonable steps for the detection and prevention of fraud and other irregularities.
Approval
This report was approved by the Board of Trustees and signed on their behalf by:
Signature: AkintayoAiyegbusi
Name: Akintayo Aiyegbusi Date: 10/05/2022
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THE REDEEMED CHRISTIAN CHURCH OF GOD-KINGDOM OF PRAISE & THANKSGIVING
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD-KINGDOM OF PRAISE & THANKSGIVING
I report on the accounts of the Trust for the period ended 31 May 2021, which are set out on pages 6 to 10.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2012 (the 2012 act) and that an independent examination is needed.
It is my responsibility:
-
to examine the account under section 145 of the 2012 Act;
-
to follow the procedures laid down in the general Direction given by the Charity Commission under section 145(5)(b) of the 2012 Act; and
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to state whether particular matters have come to my attention
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2012 Act
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and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2012 Act 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.
A. G. Oyewole FCCA
Gabriel Christopher & Co Chartered Certified Accountants Suite 13, Forest House 8 Gainsborough Road London E11 1HT
10/05/2022
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THE REDEEMED CHRISTIAN CHURCH OF GOD-KINGDOM OF PRAISE & THANKSGIVING Statement of Financial Activities for the year ended 31 May 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | ||
| Incoming Resources | 1.3 | ||||
| Incoming resources from generated funds: | |||||
| Voluntary income: donations | 2 | 200,960 | 200,960 | 117,260 | |
| Activities in furtherance of the charity | - | - | - | - | |
| objects | - | ||||
| Total Incoming Resources | 200,960 | - | 200,960 | 117,260 | |
| Resources Expended | |||||
| Charitable expenditure | |||||
| Grants payable- individual | 3 | 8,235 | - | 8,235 | 9,426 |
| Grants payable - institutional | 4 | - | - | - | 12,350 |
| Costs of activities in furtherance of: | - | ||||
| charity's objects | 5 | 79,287 | - | 79,287 | 112,367 |
| Management and governance costs: | 6 | 7,842 | - | 7,842 | 6,571 |
| Total Resources expended | 95,365 | - | 95,365 | 140,714 | |
| Net Incoming/(Outgoing) Resources for the year | 105,595 | - | 105,595 | (23,454) | |
| Net Movement in Funds | 7 | - | - | - | - |
| Total fund at 01 June 2020 | 103,676 | - | 103,676 | 127,130 | |
| Total funds at 31 May 2021 | 6 | 209,272 | - | 209,272 | 103,676 |
All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.
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THE REDEEMED CHRISTIAN CHURCH OF GOD-KINGDOM OF PRAISE & THANKSGIVING Balance sheet as at 31 May 2021
| Notes FIXED ASSETS Tangible Fixed Assets 7 CURRENT ASSETS Debtors 8 Cash in Hand/ Bank CREDITORS: 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amount falling due more than a year NET ASSETS ACCUMULATED FUNDS Restricted 10 Unrestricted 10.1 TOTAL FUNDS Amount falling due within a year |
£ 29,390 159,597 |
|---|---|
Approved by the Trustees and Signed on their behalf:
| Signature: | AkintayoAiyegbusi |
|---|---|
| Name: | Akintayo Aiyegbusi |
| Date: | 10/05/2022 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD-KINGDOM OF PRAISE & THANKSGIVING Notes to the financial statements for the period ended 31 May 2021
ACCOUNTING POLICIES
1.1 Basis of preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for smaller Entities (effective January 2007).The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities" published in March 2005 and applicable accounting standards.
1.2 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 Church 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 which have been raised by the Church for particular purposes. The cost 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 accounts.
1.3 Incoming resources
These are recognised in full in the Statement of Financial Activities in the period in which they are received Included are income from tithes, offerings, gift aid and interest received during the year from investments and accounted for as restricted or unrestricted-funds.
| 2. Voluntary Income: Donations Tithes & Offerings Building Fund Gift Aid Income (Accumulated) Bank Interest 3. Grants payable - individual Members welfare 4. Grants payable - institutions Word Evangelical Mission (WEM) RCCG Central office |
Unrestricted Fund Restricted Fund Total Fund 2021 2021 2021 £ £ £ 148,998 - 148,998 - - - 51,963 - 51,963 - - - 200,960 - 200,960 £ £ £ 8,235 - 8,235 8,235 - 8,235 £ £ £ - - - - - - - - - |
Total Fund 2020 £ 117,260 - - - |
|---|---|---|
| 117,260 | ||
| £ 9,426 |
||
| 9,426 | ||
| £ 9,941 2,409 |
||
| 12,350 |
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5. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECTS
This comprises all expenditure directly related to the objects of the of the charity. It also includes the expenditure in support of that activity where material.
| 2021 Unrestricted Restricted Total Funds Funds Funds Rent & Rates 9,971 - 9,971 Homeless Feeding Project 7,681 - 7,681 Honorarium -(Guest ministers) 13,262 - 13,262 Covid 19 Members' Welfare 1,200 1,200 Conference & Festivity expenses 3,623 - 3,623 Choir Expenses - - Holy Communion - - - Volunteer's Expenses 16,669 - 16,669 Motor Expenses 8,222 - 8,222 Telephone Expenses 2,909 - 2,909 Repairs & Maintenance 1,466 - 1,466 Admin Expenses 3,514 - 3,514 Bank charges 61 61 Insurance 6,567 - 6,567 Travelling Expenses 38 - 38 Magazines, postage & stationeries 32 - 32 Website and IT expenses 4,074 - 4,074 Subscriptions - - - 79,287 - 79,287 2021 Unrestricted Fund Restricted Fund Total Fund 6. GOVERNANCE COSTS £ £ £ Legal & Professional fees 2,292 - 2,292 Accountancy fees 900 - 900 Depreciation 4,650 - 4,650 7,842 - 7,842 4.1 NET MOVEMENT IN FUNDS FOR THE YEAR 2021 The net movement in funds for the year is stated £ after charging Depreciation of tangible fixed assets 4,650 Acountancy fees 900 5,550 |
2020 Total Funds 28,536 2,191 10,510 5,207 8,354 211 70 20,507 8,954 1,755 2,249 3,425 134 7,540 10,812 964 829 120 |
|---|---|
| 112,367 | |
| 2020 Total Fund £ - 900 5,671 |
|
| 6,571 | |
| 2020 £ 5,671 900 |
|
| 6,571 |
5.DEPRECIATION
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Music equipment Office equipment Van 6. FUNDS At 1 June Surplus/(Deficit) for the year At 31 May |
18% reducing balance 18% reducing balance 18% reducing balance Unrestricted Restricted Total Funds Funds Funds 2021 £ £ £ 103,676 - 103,676 105,595 - 105,595 209,272 - 209,272 |
Total Funds 2020 £ 127,130 (23,454) |
|---|---|---|
| 103,676 |
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7. FIXED ASSETS
| COST At 01 June 2020 Add: Additions At 31 May 2021 Depreciation At 01 June 2020 Charge for the year At 31 May 2021 Net book value At 31 May 2021 At 31 May 2020 8. DEBTORS Other Debtors 9.CREDITORS:AMOUNTS FALLING DUE WI Accountancy fee |
Musical Instrument Office Equipment Van Total £ £ £ £ 39,271 13,621 9,081 61,973 - - - 39,271 13,621 9,081 61,973 23,133 6,320 6,684 36,138 2,905 1,314 431 4,650 26,038 7,634 7,115 40,788 13,233 5,987 1,966 21,185 16,138 7,301 2,397 25,835 2021 2020 £ £ 29,390 18,587 29,390 18,587 THIN ONE YEAR 2021 2020 £ £ 900 900 900 900 |
Musical Instrument Office Equipment Van Total £ £ £ £ 39,271 13,621 9,081 61,973 - - - 39,271 13,621 9,081 61,973 23,133 6,320 6,684 36,138 2,905 1,314 431 4,650 26,038 7,634 7,115 40,788 13,233 5,987 1,966 21,185 16,138 7,301 2,397 25,835 2021 2020 £ £ 29,390 18,587 29,390 18,587 THIN ONE YEAR 2021 2020 £ £ 900 900 900 900 |
Musical Instrument Office Equipment Van Total £ £ £ £ 39,271 13,621 9,081 61,973 - - - 39,271 13,621 9,081 61,973 23,133 6,320 6,684 36,138 2,905 1,314 431 4,650 26,038 7,634 7,115 40,788 13,233 5,987 1,966 21,185 16,138 7,301 2,397 25,835 2021 2020 £ £ 29,390 18,587 29,390 18,587 THIN ONE YEAR 2021 2020 £ £ 900 900 900 900 |
|---|---|---|---|
| THIN ONE YEAR | 2021 £ 29,390 29,390 2021 £ 900 900 |
||
| 18,587 | |||
| 2020 £ 900 |
|||
| 900 |
RELATED PARTY TRANSACTION
There are no related party transactions during the period
10. UNRESTRICTED FUNDS
These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.
10.1 RESTRICTED FUNDS
Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.
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