_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 0 _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| 1 _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 2 _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% 3 _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. 4 _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. 5 _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. 6 _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 7 _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**| 8 _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**| 9 _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**
**-**| 10 _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**| 11 _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**| 12