The Redeemed Christian Church of God CRA ERDINGTON
THE REDEEMED CHRISTIAN CHURCH OF GOD COVENANT RESTORATION ASSEMBLY ERDINGTON FINANCIAL STATEMENT FOR THE YEAR ENDED 30[TH] AUGUST 2023
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The Redeemed Christian Church of God CRA ERDINGTON
THE REDEEMED CHRISTIAN CHURCH OF GOD COVENANT RESTORATION ASSEMBLY ERDINGTON FINANCIAL STATEMENT FOR THE YEAR ENDED 30[TH] AUGUST 2023
| CONTENT | PAGE |
|---|---|
| Corporate Information | 2 |
| Finance Statement for the Year | 3 |
| Board of Trustee’s Report | 4-5 |
| Financial Review | 8 |
| Independent Examiner’s Report | 9 |
| Balance Sheet | 10 |
| Income Statement | 10-13 |
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The Redeemed Christian Church of God CRA ERDINGTON
CORPORATE INFORMATION
| Charity Registered Number: | 1143591 |
|---|---|
| Company Limited by Guarantee Number: | 07742599 |
| Board of Trustees | |
| 1. Pastor Olusegun Emmanuel | Chairman |
| 2. Deacon Rasheed Adedoyin | Member |
| 3. Pastor Kola Oliyide | Member (Appt 20/06/2023) |
| 4. Dr.Omotayo Olasoji Shorun | Member (Appt.20/06/2023) |
| 5. Bro. Banjo Adegoke. | Member/Secretary |
Pastor/Minister in Charge
Pastor Rasaq Ibrahim
Registered Office
35 Cupfields Avenue,
Tipton,
Dudley
DY4 0RE
Bankers:
HSBC BANK PLC ERDINGTON, BIRMINGHAM
Accountants:
Heritage Accounting Services 27, Cleveland Street Wolverhampton WV1 3HT
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The Redeemed Christian Church of God CRA ERDINGTON
FINANCIAL STATEMENT FOR THE YEAR ENDED 30[th] August 2023
ACCOUNTING POLICIES
Scope and Basis of the financial statements
The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and the statement of Recommended Practice “Accounting and Reporting by Charities” published in March 2007.
The charity has taken advantage of the concession which allows it to publish only a statement of financial activities. The charity generated a total income of £77,001 and had a surplus of £22025 during the year.
Income
Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.
Expenses
Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises.
Majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with the use of resources.
Fixed assets
Fixed assets are stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:
Equipments 25%
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The Redeemed Christian Church of God CRA ERDINGTON
Cash Flow statement
The financial statements do not include a cash flow statement as charity has taken advantage of the exemption from preparing such a statement that are available to smaller entities.
Fund accounting
Unrestricted funds are 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.
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The Redeemed Christian Church of God CRA ERDINGTON
BOARD OF TRUSTEES’ REPORT
1.0. OBJECTIVES AND ACTIVITIES
1.1.The purpose of the charity, as set out in its governing document are to: The Charity is involved in propagating the good news message of Jesus Christ. Teaching members and the public about the scriptures. Organising workshops and lectures to improve relationships and community co-existence with other faith-based organisations within our community. Visiting the less privileged in our community to assist financially and physical demonstration of love.
1.2. We also promote and preserve good health by the provision counselling services, food and basic toiletries of any kind through the provision and support from time to time as we thinks fit. The Church provides other charitable services, both to its membership and to the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord.
2.0. SUMMARY OF THE MAIN ACTIVITIES IN RELATION TO THESE OBJECTIVIES:
2.1. Corporate gatherings for worship, prayer and mutual encouragement. This is central to the work and witness of the church. We have continued to provide well structured, enjoyable services in the year including series of teachings and enrichment seminars during our Sunday, Tuesday and Thursday services. Prayer life of the church continues in every service and every last Friday of the month provide further opportunities for church members to have Holy Communion and pray together for God’s leading and offer prayer needs for country, community, households, church family and individuals.
2.2. By popular demand, our mid-week services on Tuesdays, Thursdays and Saturday prayer Hour have continued virtually via zoom.
2.3. The Multimedia team have been equipped to support our livestream and media productions, and publicity strategy.
This hybrid mode of worship has enabled the church to: • continue to grow and to continue to worship. • help and encourage the congregation and wider community.
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The Redeemed Christian Church of God CRA ERDINGTON
2.4. The evangelism ministry has also been actively reaching out with the gospel consistently within the local community. Plans are in place to develop a wider evangelism and publicity strategy with other RCCG Churches in North Birmingham. The youth group has also increased in capacity and a newly created Unit evolve to take care of the Teenagers and their numbers growing.
2.5. We continue to place welfare calls to check on families weekly. Every member is encouraged to check a family at least during the week particularly the elderly and those with children.
3.0 FINANCIAL PERFORMANCE & REVIEW:
In promoting Christian faith, the church has managed to generate a total income of £77,001 (2022: £53,565) through holding regular weekly meetings, and conferences. Expenditures was £54,976 and against £35,194 in previous year.
As at 31[st] August 2023, the church accumulated funds increased from £113,250 to £135,275 as at year end.
It is the Trustees’ objective to build up sufficient reserves to cover six months’ recurrent expenditure and for the purchase of a new church location because of the urgent need for a new building.
4.0. GROWTH AND CHALLENGES :
The church continues to grow in numerical strength and activities. This is a welcome development and our need for a more suitable and permanent place of worship and base for our charitable projects is even more pressing. The church leadership continues in her bid to secure a suitable building for the ministry’s operations and activities.
5.0. PLANS FOR THE FUTURE
In furtherance of the gospel and proving pastoral care, we will continue to improve our operations and activities as above in furtherance of the objects of the church. This includes quarterly Workers retreats, organizing conferences and seminars, to promote the Christian faith, married couples' dinner and regular leadership training. We will continue to offer welfare support to individuals within our congregation and the local community at large through our Warm Space Hub which opened on Tuesdays and Music projects Wednesday evenings.
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The Redeemed Christian Church of God CRA ERDINGTON
The Accounts and report were approved by the Trustees on 26 November 2023
Olusegun Emmanuel,
Chair, Board of Trustees
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The Redeemed Christian Church of God CRA ERDINGTON
THE REDEEMED CHRISTIAN CHURCH OF GOD COVENANT RESTORATION ASSEMBLY ERDINGTON ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
FINANCIAL STATEMENTS- INCOME AND EXPENDITURE ACCOUNT.
| INCOMING RESOURCES NOTES GENERAL RESOURCES Voluntary DonationsUnrestricted 1 Building Fund (Restricted) Gift Aid Receipts (unrestricted) Total Income EXPENSES Administrative and Charitable Activities 2 Total Expenses Net Income |
2023 £ 63,975 3,110 9,916 77,001 54,976 54,976 22,025 |
2022 £ 38,276 5,622 9,667 |
|---|---|---|
| 53,565 | ||
| 35,194 | ||
| 35,194 | ||
| 18,371 |
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The Redeemed Christian Church of God CRA ERDINGTON
THE REDEEMED CHRISTIAN CHURCH OF GOD
COVENANT RESTORATION ASSEMBLY ERDINGTON ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL STATEMENTS- BALANCE SHEET
| THE REDEEMED CHRISTIAN CHURCH OF GOD COVENANT RESTORATION ASSEMBLY ERDINGTON ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL STATEMENTS-BALANCE SHEET |
||
|---|---|---|
| NOTE S FIXED ASSETS Tangible 5 Investments CURRENT ASSETS Cash at Bank 7 CREDITORS Amount due within one year 8 Building Project- Short Term Loan NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM LIABILITIES (CREDITORS) Amount due after more than one year ACCUMULATED FUND Balance brought forward Residual Income for the year Balance Carried forward |
£ 128,325 - 128,325 9,455 9,455 2,503 - 2,503 135,27 0 113,250 22,025 135,275 |
£ 125,13 8 - |
| 125,13 8 |
||
| 3,404 | ||
| 3,404 | ||
| 2,952 12,338 |
||
| 15,290 | ||
| 113,25 0 |
||
| 0 98,880 14,370 |
||
| 113,25 0 |
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The Redeemed Christian Church of God CRA ERDINGTON
THE REDEEMED CHRISTIAN CHURCH OF
GOD COVENANT RESTORATION ASSEMBLY ERDINGTON ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL STATEMENTS- NOTES TO THE ACCOUNTS
| NOTES Resources From Voluntary Income 1 UNRESTRICTED FUND Tithe Offering Thanksgiving Project Income Other Receipts 6 Gift Aid Received RESTRICTED FUND Building Fund Donations TOTAL FUND GENERATED Administrative Expenses 2 Rent Audit and Accounting Fees Members Celebration & Welfare Project Expenses Honorarium & Training Wem FOL Printing Travelling Training and Retreat Resources- Books Church Thanksgiving and Workers Refreshment Building Decorations and repairs Utility-Electricity, Gas, Water & Internet Anniversary Insurance Public Liability COF Pastor's Stipends Statutory Payment-HMRC Bank Charges Evangelism/Outreach |
Unrestricted Funds £ 25,818 14,626 914 20,313 2,304 63,975 3,110 67,085 Unrestricted Funds £ 827.50 620 4,368 14,375 2,900 4,700 - 861 424 700 533 1,220 170 2,025 2,096 767 600 11,050 855 421 665 |
Unrestricte d Funds £ |
|---|---|---|
| 19,349 11,128 999 1,500 5,300 |
||
| 38,276 5,622 |
||
| 43,898 | ||
| Unrestricte d Funds £ |
||
| - 620 3,867 1,608 1,550 4,800 - 533 303 2,177 957 1,770 1,014 600 11,700 736 125 - |
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The Redeemed Christian Church of God CRA ERDINGTON
| Rccg Donations & Dues Subscription - Churches Together Church Decoration Sundry Expenses Donations Newness of Life Church Depreciation |
150 40 - 529 2,025 2,054 54,976 |
850 - 160 145 35 1,645 |
|---|---|---|
| 35,195 |
| Governance Costs 3 No trustee recieved any remuneration during the period. Taxation 4 RCCG CRA ERDINGTON is a registered charity and is eligible for the exemptions. from taxation available to Charities on their charitable activities. No charge to taxation therefore arises. FIXED ASSETS 5 Equipt s Pupilt & Furn Building MV Total COST £ £ £ £ £ At 1st September, 2022 14,520 350 118,500 3,285 136,655 Additions 912 350 3,980 - 5,242 Asset Disposal - - At 31st August 2023 15,432 700 122,480 3,285 141,897 DEPRECIATION At 1st September, 2022 7,883 350 - 3,285 11,518 Charge for the Year 638 88 1,328 - 2,054 At 31st August 2023 8,521 438 1,328 3,285 13,572 NET BOOK VALUE - At 31st August 2023 6,911 262 121,152 - 128,325 OTHER INCOME 6 Other Income 2,304 2,304 |
Governance Costs 3 No trustee recieved any remuneration during the period. Taxation 4 RCCG CRA ERDINGTON is a registered charity and is eligible for the exemptions. from taxation available to Charities on their charitable activities. No charge to taxation therefore arises. FIXED ASSETS 5 Equipt s Pupilt & Furn Building MV Total COST £ £ £ £ £ At 1st September, 2022 14,520 350 118,500 3,285 136,655 Additions 912 350 3,980 - 5,242 Asset Disposal - - At 31st August 2023 15,432 700 122,480 3,285 141,897 DEPRECIATION At 1st September, 2022 7,883 350 - 3,285 11,518 Charge for the Year 638 88 1,328 - 2,054 At 31st August 2023 8,521 438 1,328 3,285 13,572 NET BOOK VALUE - At 31st August 2023 6,911 262 121,152 - 128,325 OTHER INCOME 6 Other Income 2,304 2,304 |
Governance Costs 3 No trustee recieved any remuneration during the period. Taxation 4 RCCG CRA ERDINGTON is a registered charity and is eligible for the exemptions. from taxation available to Charities on their charitable activities. No charge to taxation therefore arises. FIXED ASSETS 5 Equipt s Pupilt & Furn Building MV Total COST £ £ £ £ £ At 1st September, 2022 14,520 350 118,500 3,285 136,655 Additions 912 350 3,980 - 5,242 Asset Disposal - - At 31st August 2023 15,432 700 122,480 3,285 141,897 DEPRECIATION At 1st September, 2022 7,883 350 - 3,285 11,518 Charge for the Year 638 88 1,328 - 2,054 At 31st August 2023 8,521 438 1,328 3,285 13,572 NET BOOK VALUE - At 31st August 2023 6,911 262 121,152 - 128,325 OTHER INCOME 6 Other Income 2,304 2,304 |
|---|---|---|
| 15,432 | 700 122,480 3,285 141,897 |
|
| 7,883 638 |
350 - 3,285 11,518 88 1,328 - 2,054 |
|
| 8,521 | 438 1,328 3,285 13,572 |
|
| - | ||
| 6,911 | 262 121,152 - 128,325 |
|
| 6 | 2,304 2,304 |
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The Redeemed Christian Church of God CRA ERDINGTON
| BANK BALANCES7 HSBC LLOYDS BUILDING FUND ACCOUNT Bank Balances Creditors- amounts failling due within one year. 8 Pastor's Thanksgiving Offering Accrued Expenses (Accountancy fee) Short Term Loan- Building Project RCCG Newness of Life Stoke on Trend Short Term Loan- HSBC 9 |
5,304 - 4,150 9,454 2,133 370 2,503 - - - |
3,179 25 200 |
|---|---|---|
| 3,404 | ||
| 2,332 620 |
||
| 2,952 | ||
| 5,000 7,338 |
||
| 12,338 |
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