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2020-12-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

Charity Registered Number: 1144053 Company Registered Number: 07783611

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS
Page
Trustee's Report 3-6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance sheet 9-10
Notes to the Accounts 11 – 15

1

THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

General Overseer: Pastor E A Adeboye Trustees/Directors; Mr Hassan Olayemi Tajudeen (Chairman) Mr Akintayo Daniel Aiyegbusi (Secretary) Mrs. Funmilola Gbadeyan (Treasurer) Mr Rasaki James (resigned 01/09/2020) Miss Temitope Oke (resigned 01/09/2020) Secretary Pastor Stephen Adekoya Pastor in Charge: Pastor Stephen Adekoya Charity registered number: 1144053 Company registered number: 07783611 Worship Center: 228A-234A Heathway Dagenham, Essex, RM10 8QS Registered office: As above Banker: Lloyds Bank Independent Examiner: JOS Accountants Limited Unit 3, 51-57 High Street South East Ham, London E6 6EJ United Kingdom

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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED

31 DECEMBER 2020

The Trustees who are also the Directors of RCCG Open Heavens Sanctuary present their report and Financial Statements for the year ended 31st December 2020 which have been prepared in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued in October 2000 and Revised SORP 2005.

Structure, Governance and Management

a. CONSTITUTION

The church is constituted under a Trust deed and is a registered charity with charity registration number 1144053 and constitutes a limited company, limited by guarantee as defined by Companies act 2006.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

New trustees are elected based on the contribution that they will make to the governance of the organization and the skills that they will bring into the life of the charity. They are provided with copies of the Charity Commission's guidance to trustees and introduced the activities of the charity by the existing board.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Existing trustees are provided with training as and when required.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING The board of Trustees is headed by a Chairman, the Secretary to the trust and a Financial Administrator. The charity has three paid employees 35 other voluntary workers. The Trustees are responsible for making all decisions regarding allocation of fund and activities. The day-to-day administration of the church is managed by the Company Secretary/Parish Pastor who liaises with the board as need may arise.

e. RELATED PARTY RELATIONSHIPS

Open Heavens Sanctuary is a parish of The Redeemed Christian Church of God - a network comprised of parishes all over the world. There is an agreement of common purposes entered by Open Heavens Sanctuary with The Redeemed Christian Church of God which documents this relationship.

Objectives and Activities

a. POLICIES AND OBJECTIVES

The Redeemed Christian Church of God Open Heavens Sanctuary is a parish of the Redeemed Christian Church of God. Our aim is to excel in every aspect of our Mission, whilst at the same time continually maintaining transparency and proper accountability

The charity's objects are: 1 The advancement of the Christian faith worldwide; 2 To evangelise in the power of Holy Spirit

3 The relief of poverty. Towards the achievement of these objects, the charity operates a Christian worship centre at 228A-234A Heathway, Dagenham, Essex, RM10 8QS; and organising various events to promote Christian faith and to reach out, in love, to the community at large.

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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 CONT’D

b. GRANT MAKING POLICIES

Grants are made to other charitable bodies. The church supports missionary organizations such as the Festival of Life and the World Evangelical Mission, and other missions and projects within and outside the UK.

c. VOLUNTEERS

The charity is most appreciative of the unflinching support of its volunteers who tirelessly help in the provision of service. It is therefore with gratitude to God that we once again report a robust membership giving which has significantly impacted once again on our reported figures for the year. We are pleased and thankful for their continuous commitment and support. Members’ contribution accounted for most of our gross income. The church maintains her core objectives as well as the overall focus of the Redeemed Christian Church of God as a Mission.

d. RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, particularly those related to operations and finances of the charity and are satisfied that systems are in place to mitigate exposures to the major risks.

Achievements and performance

The outbreak of the coronavirus pandemic came as a surprise in the beginning of the year to us and the entire world. This development affected our operations during the year. The charity was unable to operate by our usual fellowshipping and congregating because of the lockdown. We resulted into online meetings which drastically affected our income. At the early stage of the lockdown, we have to provide support for our members in so many areas including buying food items and delivering it to each and every one at home. Thanks to the government Job Retention Scheme we were able to retain two of our employees who would have been laid off due to lack of funds. We also received some discretionary funds through the local government authority grants put in place by the Chancellor of the Exchequer. We also secured the Bounce Back Loan at a reduced rate of 2.5% enabling us to pay back our high interest rate loan. Access to the grant and the loan enabled us to put measures in place to make our venue COVID-19 compliance as soon as the government began to allow for skeletal services in places of worship and this additional and unplanned expenses were the reason why we have a deficit in our statement of financial activities for the year in question.

Despite the Covid-19 problems, the Trustees are pleased to report that the Church continued to be successful spiritually and in general wellbeing of its members and worshippers.

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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 CONT’D

Review of Transactions and Financial Position .

Gross Income
Net movement of funds
Net book value		 2020
£
128,253
(8,749)
160,660		 2019
£..
129,951.
3,238
176,712

Future Development Plans

The charity aims at building on its current achievement in effectively spreading the ethos, of love and hope that Christian faith offers. It also aims at building upon its current efforts of community involvement, in its bid to make our community and the larger world a better place for all.

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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED

31 DECEMBER 2020- CONT’D

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Church and of the surplus or deficit of the Church for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner

The Trustees appointed JOS Accountants, a firm of Accounting & Management Consultants, as the Charity’s independent examiner. A resolution for re-appointment as independent examiner will be proposed during the Trustees meeting for the year.

This report was approved by the trustees and signed on its behalf by:

13/09/2021 -------------------------------------------------} Sign & Date

Mr Olayemi Tajudeen Hassan (Chairman)

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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

INDEPENDENT EXAMINERS REPORT

We have examined the financial statements, which comprise the financial activities, the balance sheet, the related notes and the accounting policies of The Redeemed Christian Church of God Open Heavens Sanctuary for the year ended 31st December 2020.

Respective responsibilities of trustees and independent examiner

As described earlier, the trustees are responsible for the preparation of the financial statements. It is my responsibility to carry out an examination of those financial statements and to issue a report based on that examination.

Scope of examination

We conducted our examination in accordance with directions given by the Charity Commissioners under section 43(7)(b) of the Charities Act 1993. An examination is limited to enquiries of the charity's personnel and analytical and review procedures applied to financial data and this provides less assurance than an audit. We have not performed an audit, and accordingly, we do not express an audit opinion.

Independent examiner's statement

In connection with our examination, no matter has come to our attention:

  1. Which gives me reasonable cause to believe that in any material respect the requirements:

• To keep accounting records in accordance with section 41 of the Act; and

• To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or

  1. To which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

20/09/2021

------------------------------------------ (signed and dated) JOS Accountants Limited Unit 3, 51-57 High Street South East Ham, London E6 6EJ United Kingdom

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THE REDEEMED CHRISTIAN CHURCH OF GOD

OPEN HEAVENS SNACTUARY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED

31 DECEMBER 2020

INCOME & ENDOWNMENT
Donations and legacies
EXPENDITURE ON:
Total charitable activities
Governance costs
Excess/(deficit) Income
Revaluation surplus
Funds brought forward		 NOTES
2
6
7		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
120,256
7,997
128,253
129,951
128,579
7,997
136,576
125,675
425
-
425
1,039
129,004
7,997
137,001
126,714
(8,749)
-
(8,749)
3,237
(7,302)
-
(7,302)
55,397
176,711
-
176,711
118,077
160,660
-
160,660
176,711

The notes thereon form integral part of the accounts

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THE REDEEMED CHRISTIAN CHURCH OF GOD

OPEN HEAVENS SNACTUARY

BALANCE SHEET AS AT

31 DECEMBER 2020
Assets:
NOTES
Fixed Assets
7
Rent deposit
Current assets
Debtors and receivables
8
Cash & bank
Creditors: Amount falling due
within one year
9
Net working capital
Financed by:
General funds
Creditors- Long term
10		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
186,926
186,926
208,862
10,000
-
10,000
10,000
196,926
-
196,926
218,862
4,319
-
4,319
3,559
6,619
-
6,619
3,990
10,938
-
10,938
7,549
12,204
-
12,204
28,193
-1,266
-
-
1,266
-
20,644
8,734
-
195,660
198,218
160,660
-
160,660
176,712
35,000
-
35,000
21,506
195,660
-
195,660
198,218

The notes thereon form integral part of the accounts

9

THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

BALANCE SHEET AS AT 31 DECEMBER 2020 CON’D

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

----- Start of picture text -----
13/09/2021
-------------------------------------------------------------------} Sign & Date
Mr Olayemi Tajudeen Hassan - Chairman BOT/Director
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13/09/2021
-------------------------------------------------------------------} Sign & Date
Mrs. Funmilola Gbadeyan (Treasurer)
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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting Policies:

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom with the application of FRSSE and the Statement of Recommended Practice, “Accounting and Reporting by Charities” (“SORP 2000 and SORP 2005”) issued by the Charity Commission. A summary of the principal accounting policies, which have been applied consistently, is set out below.

a) Basis of Preparation of Financial Statements

The financial statements are prepared under the historic cost convention and include the results of the Charity's operations, which are described in the Trustees Report, all of which are continuing.

b) Comparative Figures

Comparative figures are shown on the statement of Accounts of the charity.

c) Incoming Resources

All income is credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable.

d) Restricted funds

The restricted funds are to be used for specific purposes as specified within the objects of the Charity. Expenditure, which meets these criteria, will be identified to the fund, together with a fair allocation of management and support costs.

e) Unrestricted Funds

Unrestricted funds are donations and other incomes received or generated for the objects of the Charity without further specified purpose and are available for general funds.

f) Resources Expended

Direct Charitable Expenditure includes all expenditure incurred by the Charity in direct pursuit of its charitable objectives.

Governance expenditure includes all costs not directly related to the Charitable activities and cannot be allocated to direct charitable expenditure.

g) Donated Services and Gifts in Kind

The value of donated services and gifts in kind provided to the charity is recognised in the statement of financial activities and in the Balance Sheet at their value to the charity, as determined by the Trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.

f) Tangible fixed assets

Depreciation is provided on a straight line basis at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold Property Refurbishment -5% Fixtures and fittings -25%

g) Taxation

The charity is exempt from corporation tax on its charitable activities.

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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SNACTUARY

NOTES TO THE ACCOUNTS ENDED

31 DECEMBER 2020 CONT'D

Detailed analysis of income and expenditure for the year ended 31 December 2020

as required by the SORP 2015

NOTES
2
3		 Donations, grants and legacies
Tithe
Offering
Thanksgiving
Building support
Other pledges
Grants
Other income
Gift aid
Charitable activities-Direct
spending
Outreach & publicity
Welfares
Entertainment & hospitality
Training
Pastoral & ministries expenses
Visiting ministers		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
48,697
-
48,697
54,740
17,108
-
17,108
19,728
3,733
-
3,733
7,359
20,515
-
20,515
12,298
-
-
-
11,644
5,000.00
7,997
12,997
-
11,873
-
11,873
9,490
13,331
-
13,331
14,692
120,256
7,997
128,253
129,951
814
-
814
2,927
6,726
-
6,726
1,831
423
-
423
1,176
-
-
-
1,481
58,040
7,997
66,037
55,367
890
-
890
3,297
66,893
7,997
74,890
66,079

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THE REDEEMED CHRISTIAN CHURCH OF GOD

OPEN HEAVENS SNACTUARY

NOTES TO THE ACCOUNTS ENDED

31 DECEMBER 2020 CONT'D

NOTES
4
5		 Charitable activities-Grant
funding activities
RCCG -Central Office WEM & COF
Other Charities
Support costs for charitable activities
Premises & administrative costs
Rent & rate
Printing, stationery and Postage
Telephone & Communication
General church running expenses
Utilities
Insurance
Repairs
Depreciation		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
3,677
-
3,677
7,588
1,440
-
1,440
-
5,117
-
5,117
7,588
21,000
-
21,000
20,000
2,228
-
2,228
539
1,514
-
1,514
2,516
2,823
-
2,823
2,011
1,754
-
1,754
1,398
1,053
-
1,053
1,916
5,183
-
5,183
4,210
21,014
-
21,014
19,418
56,569
-
56,569
52,008

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THE REDEEMED CHRISTIAN CHURCH OF GOD

OPEN HEAVENS SNACTUARY

NOTES TO THE ACCOUNTS ENDED

31 DECEMBER 2020 CONT'D

NOTES
6
Total charitable expenditure
Direct spending
Grant making activities
Support costs
7
Other expenditure- governance
costs
Independent examination
Interest on Loan
8
Fixed assets
Costs 1 January 2020
Addition during the year
Depreciation
As at 1 January 2020
Charged for the year
Net Book Value
31st December 2020
31st December 2019		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
66,893
7,997
74,890
66,079
5,117
-
5,117
7,588
56,569
-
56,569
52,008		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
66,893
7,997
74,890
66,079
5,117
-
5,117
7,588
56,569
-
56,569
52,008
128,579 7,997
136,576
125,675
425
-		 -
425.00
450.00
-
-
589.00
425 -
425.00
1,039.00
Building
Renovation
£
260,577
-		 Church
Equipment
Total
£
£
25,555
286,132
6,384
6,384
260,577 31,939
292,516
64,744
13,029		 19,833
84,577
7,985
21,014
77,773 27,818
105,591
182,804 4,122
186,926
195,833 5,722
201,556

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THE REDEEMED CHRISTIAN CHURCH OF GOD

OPEN HEAVENS SNACTUARY

NOTES TO THE ACCOUNTS ENDED

31 DECEMBER 2020 CONT'D

31 DECEMBER 2020 CONT'D
NOTES
9
Debtors & receivables
Gift aid receivable
Members balances		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
3,689
-
3,689
3,559
630
-
630
-
4,319
-
4,319
3,559
10
Creditors: Amount falling due
within one year
Creditors
Accrual
11
Creditors: Amount falling due
after one year
Lloyds bank loan
Other loans		 12,000
-
12,000
27,950
204
-
204
243
12,204
-
12,204
28,193
35,000
-
35,000
19,948
-
-
-
1,559
35,000
-
35,000
21,507

15