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2024-08-31-accounts

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 2024

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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 2024

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 2. Deacon Rasheed Adedoyin 3. Pastor Kola Oliyide

  2. Dr.Omotayo Olasoji Shorun

Chairman Member Member Member

  1. 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 £91,397 and had a surplus of £20,355 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.

This hybrid mode of worship has enabled the church to:

2.3. We had monthly Ministers and HOD meeting to help in planning the spiritual growth of the members. We held Quarterly workers meetings both at area and parish(local) level.

2.4. 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.

2.5 The youth church continues to grow in numbers and spiritually, new youth executives were selected for freshness and for new ideas. 7In addition to the new youth executives, we support the youth church by giving the opportunity to anchor the service every other month.

2.6 In a bid to encourage Godly love in our homes, Family conference and a dinner was organised in October 2023. Furthermore, we had family bonding during the summer themed “Family summer picnic” in August 2024.

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The Redeemed Christian Church of God CRA ERDINGTON

2.7 Considering the future of the church, The Teenager’s arm of the church was not left out, the church hired methodist church every Sunday for the teenagers except during the youth Sunday.

2.8 As part of the Choir Department’s project, a Sunday service was dedicated to praising and worshipping. At another day, we had a cultural Sunday, where different cultures were represented with full costumes and presentations such as songs, hymns and words were done.

2.9 PUBLIC BENEFIT : As a responsible religious organization, our community are not left out, we have the warm space program as part of our CSR project with the support from the Share Prosperity Fund, Erdington Neighborhood Network Scheme and Birmingham City Council the church is open to the people as we provide food, space, internet access to the community every Tuesday but now changed to Wednesday. We have supported over 300 members of the public including a few of our

members during this year . And with the Help of our medical team, medical outreaches were done, blood pressures, blood sugar levels and other minimal health checks were done, and necessary health awareness was created for both our members and members of the public.

2.9.1. WARM SPACE HUB: The project was largely successful and met the outcomes set out in the grant application form. Overall, we supported 225people (50% more) than 150 planned when we applied for the grant. We ran a 3 in 1 project which supported the Young and Older People and Black and Ethnic Minorities in Erdington Constituency.

We opened the Warm Space for members of the community to use, provided food and basic toiletries to restore members of the public and use the warm space to support them into employment by providing computers to search for work and preparing CV’s.

Additionally, we offered free counselling support to the community of Erdington constituency.

2.9.2. COUNSELLING PROJECT: From February 2024 to July 2024, we provided free counselling support to 20 (included in the 225 above) members the community of Erdington, Castle Vale, and the surrounding areas. We have engaged the services of a professional counsellor, Mariam Clarke to provide the one-to-one counselling support to people referred to us. The service was provided through face-to-face, online and by telephone to clients.

We collaborated with the YMCA in Erdington and other local community organisations like Compass Support in Castle Vale to connect us with some of their clients within the community whom they feel might benefit from this support. This collaboration has proven to be quite successful, and most of the individuals referred to us have engaged well.

The YMCA collaboration has been useful because they not only refer some of their residents to us, but they have also allowed us access to a private space within their office building to provide face-to-face counselling support to all the clients.

2.9.3. MUSICAL PROJECT: ERDINGTON MUSICAL HUB: During the period we supported 54

Members of the public from grants received from ENNS. By providing music and mental health support, we enhance the quality of life for our participants, bringing them joy and emotional well-being. The music hub fosters a sense of community, reducing feelings of isolation and loneliness. Additionally, it offers opportunities for individuals to develop new skills and explore various musical instruments.

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The Redeemed Christian Church of God CRA ERDINGTON

Also, our hub has enabled people to explore various musical instruments and experience music and musicians from around the world. Opportunities like this are not available anywhere else in the city.

3.0 FINANCIAL PERFORMANCE & REVIEW:

In promoting Christian faith, the church has managed to generate a total income of £91,397 (2023: £77,001) through holding regular weekly meetings, conferences and grants for 3 different projects. Expenditures was £71.042 (including project grants) and against £54,976 in previous year.

As at 31[st] August 2024, the church accumulated funds increased from £135,275 to £155,630 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, see attendance report to the Board. 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 Wednesdays will continue to serve the community even beyond winter period. We couldn’t get funding for the Musical Hub so we put that on hold for now.

Pastor Olusegun Emmanuel, On behalf of the Trustees

Board Chair

Pastor Rasaq Ibrahim

Lead Pastor

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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 2024

FINANCIAL STATEMENTS- INCOME AND EXPENDITURE ACCOUNT.

INCOMING RESOURCES
NOTES
GENERAL RESOURCES
Voluntary DonationsUnrestricted
1
Project Grant
Building Fund (Restricted)
Gift Aid Receipts (unrestricted)
Total Income
EXPENSES
Administrative and Charitable Activities
2
Total Expenses
Net Income		 2024
£
47,606
26,415
8,620
8,756
91,397
71,042
71,042
20,355		 2023
£
43,662
20,313
3,110
9,916
77,001
54,976
54,976
22,025

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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 2024 FINANCIAL STATEMENTS- BALANCE SHEET

THE REDEEMED CHRISTIAN CHURCH OF GOD
COVENANT RESTORATION ASSEMBLY
ERDINGTON
ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024
FINANCIAL STATEMENTS-BALANCE SHEET
NOTES
FIXED ASSETS
Tangible
5
Investments
CURRENT ASSETS
Deferred Income-gift aid
Cash at Bank
7
CREDITORS
Amount due within one year
8
Project Creditors
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		 £
129,414
-
129,414
8,756
20,216
28,972
2,320
435
2,755
155,630
0
135,275
20,355
155,630		 £
128,325
-
128,325
9,455
9,455
2,503
-
2,503
135,275
0
113,250
22,025
135,275

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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 2024 FINANCIAL STATEMENTS- NOTES TO THE ACCOUNTS

NOTES
Resources From Voluntary Income NOTE 1
UNRESTRICTED FUND
Tithe
Offering
Thanksgiving
Project Income
Other Receipts NOTE 6
Gift Aid Received
RESTRICTED FUND
Building Fund Donations
TOTAL FUND GENERATED
Administrative Expenses NOTE 2
Rent
Audit and Accounting Fees
Members Celebration & Welfare
Project Expenses
Honorarium & Training
Wem
FOL
Printing
Travelling		 Unrestricted
Funds
£
31,375
13,175
2,785
26,415
270
74,021
8,756
8,620
91,397
Unrestricted
Funds
£
510
520
3,796
17,710
1,050
6,000
-
50
-		 Unrestricted
Funds
£
25,818
14,626
914
20,313
2,304
63,975
9,916
3,110
77,001
Unrestricted
Funds
£
827
620
4,368
14,375
2,900
4,700
-
861
424

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The Redeemed Christian Church of God CRA ERDINGTON

Training and Retreat
1,227
Resources- Books
-
Church Thanksgiving and Workers
Refreshment
1,924
Building Decorations and repairs
-
Utility-Electricity, Gas, Water & Internet
3,437
Anniversary
-
Insurance Public Liability
798
COF
600
Pastor's Stipends
16,388
Equipment's Repair and Maintenance
470
Entertainment
1,704
Statutory Payment-HMRC
2,244
Bank Charges
149
Evangelism/Outreach
-
Rccg Donations & Dues
3,400
Subscription - Churches Together
-
Sundry Expenses
1,753
Pastor's Thanks giving
1,950
Depreciation
5,361
71,042
Governance CostsNOTE 3
3
No trustee recieved any remuneration during the period.
TaxationNOTE 4
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.		 700
533
1,220
170
2,025
2,096
767
600
11,050
-
-
855
421
665
150
40
529
2,025
2,054
54,976

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The Redeemed Christian Church of God CRA ERDINGTON

FIXED ASSETS NOTE 5

COST
At 1st September, 2023
Additions
Asset Disposal
At 31st August 2024
DEPRECIATION
At 1st September, 2023
Charge for the Year
At 31st August 2024
NET BOOK VALUE
At 31st August 2024
OTHER INCOMENOTE 6
Other Income
BANK BALANCESNOTE 7
HSBC
LLOYDS
BUILDING FUND ACCOUNT
Bank Balances
Creditors-NOTE 8
amounts failling due within one year
Pastor's Thanksgiving Offering
Accrued Expenses (Accountancy fee)		 Equipts
£
15,432
6,450		 Pupilt & Furn
Building
MV

£
£
£

700
122,480
3,285

-
-
-
-		 Total

£

141,897

6,450

-
21,882
700
122,480
3,285
148,347
8,521
3,858
438
1,328
3,285

175
1,328
-
13,572

5,361
12,379
613
2,656
3,285
18,933
-
9,503
87
119,824
-
129,414
270
270
5,605
-
14,610
20,215
1,950
370
2,320		 5,304
-
4,150
9,454
2,133
370
2,503

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The Redeemed Christian Church of God CRA ERDINGTON

Project- Rent NOTE 9
Project fund Refunded		 435
435		 -

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