THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY
Charity Registered Number: 1144053 Company Registered Number: 07783611
TRUSTEES’ REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 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 |
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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 2022
General Overseer: Pastor E A Adeboye Trustees/Directors; Mr Hassan Olayemi Tajudeen (Chairman) Mr Akintayo Daniel Aiyegbusi (Secretary to the Trustees) Mrs. Funmilola Gbadeyan (Treasurer) Company’s 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 2022
The Trustees who are also the Directors of RCCG Open Heavens Sanctuary present their report and Financial Statements for the year ended 31st December 2022 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 four paid employees 36 other voluntary workers. The Trustees are responsible for making all decisions regarding allocation of fund and activities. The dayto-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 2022 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
This year we have been able to put the effect of coronavirus pandemic behind us and are able to focus on our core values of preaching and advancing the Christian faith within our community, even though the coronavirus is still out there, the society is gradually accepting to live with it and we as an organization are still very careful in our mode of operation.
This year we have been able to carry out different programs and seminars relating to Mens and Women’s health, Mental health, safeguarding for children, we engage professionals in delivering these seminars.
Towards the end of the year, we have also started the economic advance program in the area of Data Analysis programing which allows the participant to apply for jobs in line with their level or training acquired.
Our finances are still being affected because of the lingering effect of the coronavirus pandemic on the economy and on the good people who supports our services by their good will offering. We were able to receive further discretionary funds through the local government authority grants put in place by the Chancellor of the Exchequer. A larger percentage of our members and service users have now returned to fellowship, and we also have new members joining us every week.
Our online presence keeps increasing and has continued to provide those who would not have come to us because of distance the opportunity to benefit from our services and their life has been turn around positively.
The Trustees are pleased to report that the Church continued to be successful spiritually and in general in the wellbeing of its members and worshippers.
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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY
MANAGEMENT ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
Review of the Accounts
| Gross Income Net movement of funds Net book value |
2022 £ 174,573 20, 539 171,248 |
2021 £ 127,450 (9,951) 150,709 |
|---|---|---|
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 to build upon its current efforts of community involvement, in its bid to make our community and the larger world a better place for all. To achieve this, we will start the distribution of nonperishable food items in partnership with Loop run in the coming year and would also extend out Data Analysis Training program to the wider community.
For us to be able to carry out many of the programs we have in mind for the benefit of our community, we have discovered that we will need a bigger accommodation and to this effect we have started looking for a suitable building or land for development in our neighborhood and we plan to start raising fund from our members and the wider community to fund the project.
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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - 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:
-
select suitable accounting policies and then apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Church will continue in operation.
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:
05/06/2023
-------------------------------------------------} 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 2022.
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:
-
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 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
- To which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
05/06/2023 ------------------------------------------ (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 2022
| INCOME & ENDOWNMENT Donations and legacies EXPENDITURE ON: Total charitable activities Governance costs Excess Income Prior year adjustment Funds brought forward |
NOTES 2 6 7 |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2022 2022 2021 £ £ £ £ 174,573 - 174,573 127,450 |
|---|---|---|
| 149,123 - 149,123 143,809 1,397 - 1,397 908 |
||
| 150,520 - 150,520 144,717 |
||
| 24,053 - 24,053 (17,266) (3,514) - (3,514) 7,315 150,709 - 150,709 160,660 |
||
| 171,248 - 171,248 150,709 |
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 2022 Assets: NOTES Fixed Assets 8 Rent deposit Current assets Debtors and receivables 9 Cash & bank Creditors: Amount falling due within one year 10 Net working capital Financed by: General funds Creditors- Long term 11 |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2022 2022 2021 £ £ £ £ 156,747 - 156,747 169,777 10,000 - 10,000 10,000 |
|---|---|
| 166,747 - 166,747 179,777 |
|
| 13,241 - 13,241 3,849 15,927 - 15,927 3,773 |
|
| 29,168 - 29,168 7,622 |
|
| 750 - 750 6,425 |
|
| 28,418 - 28,418 1,197 |
|
| 195,165 - 195,165 180,973 |
|
| 171,248 - 171,248 150,708 23,917 - 23,917 30,265 |
|
| 195,165 - 195,165 180,973 |
The notes thereon form integral part of the accounts
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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY
BALANCE SHEET AS AT 31 DECEMBER 2022 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 2022. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2022 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:
05/06/2023 -------------------------------------------------------------------} Sign & Date Mr Olayemi Tajudeen Hassan - Chairman BOT/Director
05/06/2023 -------------------------------------------------------------------} Sign & Date Mrs. Funmilola Gbadeyan (Treasurer)
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THE REDEEMED CHRISTIAN CHURCH OF GOD OPEN HEAVENS SANCTUARY
NOTES TO THE MANAGEMENT ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022 CONT'D
Detailed analysis of income and expenditure for the year ended 31 December 2022 as required by the SORP 2015
| NOTES 2 3 |
Donations, grants and legacies Tithe Offering Thanksgiving Building support & pledges Other income Gift aid Grants 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 2022 2022 2022 2021 £ £ £ £ 68,863 - 68,863 50,119 25,156 - 25,156 17,450 7,071 - 7,071 3,294 35,164 - 35,164 31,157 - - - 4,911 21,600 - 21,600 12,685 16,719 - 16,719 7,834 |
|---|---|---|
| 174,573 - 174,573 127,450 |
||
| 2,305 - 2,305 1,647 6,097 - 6,097 12,509 3,070 - 3,070 608 - - - - 55,555 - 55,555 58,719 5,997 - 5,997 2,190 |
||
| 73,024 - 73,024 75,674 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD
OPEN HEAVENS SNACTUARY
NOTES TO THE ACCOUNTS ENDED
31 DECEMBER 2022 CONT'D
| NOTES TO THE ACCOUNTS ENDED 31 DECEMBER 2022 CONT'D |
|||||
|---|---|---|---|---|---|
| Current year Current year Current year Prior year Unrestricted Restricted Total Total NOTES Funds Funds Funds Funds 4 Charitable activities- Grant 2022 2022 2022 2021 funding activities £ £ £ £ RCCG -Central Office WEM & COF 9,816 - 9,816 7,500 Other Charities 450 - 450 1,100 10,266 - 10,266 8,600 5 Support costs for charitable activities Premises & administrative costs Rent & rate 23,797 - 23,797 22,000 Printing, stationery, and Postage 7,451 - 7,451 3,112 Telephone & Communication 2,112 - 2,112 1,570 General church running expenses 3,093 - 3,093 2,884 Travel expenses 5,484 - 5,484 428 Utilities 4,381 - 4,381 2,383 Insurance 1,664 - 1,664 4,359 Repairs 2,605 - 2,605 2,623 Depreciation 15,247 - 15,247 20,176 65,833 - 65,833 59,535 |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2022 2022 2021 £ £ £ £ 9,816 - 9,816 7,500 450 - 450 1,100 |
||||
| 10,266 | - | 10,266 | 8,600 | ||
| 23,797 7,451 2,112 3,093 5,484 4,381 1,664 2,605 15,247 |
- - - - - - - - - |
23,797 7,451 2,112 3,093 5,484 4,381 1,664 2,605 15,247 |
22,000 3,112 1,570 2,884 428 2,383 4,359 2,623 20,176 |
||
| 65,833 | - | 65,833 | 59,535 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD
OPEN HEAVENS SNACTUARY
NOTES TO THE ACCOUNTS ENDED
| NOTES 6 7 8 |
31 DECEMBER 2022 CONT'D Current year Current year Current year Unrestricted Restricted Total Funds Funds Funds 2022 2022 2022 Total charitable expenditure £ £ £ Direct spending 73,024 - 73,024 Grant making activities 10,266 - 10,266 Support costs 65,833 - 65,833 149,123 - 149,123 Other expenditure- governance costs Independent examination 705 - 705 Interest on Loan 692 - 692 1,397 - 1,397 Building Church Fixed assets Renovation Equipment £ £ Costs 1 January 2022 260,577 34,966 Addition during the year - 2,218 260,577 37,184 Depreciation As at 1 January 2022 90,802 34,965 Charged for the year 13,029 2,218 103,831 37,183 Net Book Value 31st December 2022 156,746 1 31st December 2021 169,776 1 |
Current year Current year Current year Unrestricted Restricted Total Funds Funds Funds 2022 2022 2022 £ £ £ 73,024 - 73,024 10,266 - 10,266 65,833 - 65,833 |
Prior year Total Funds 2021 £ 75,674 8,600 59,535 |
|---|---|---|---|
| 149,123 - 149,123 |
143,809 | ||
| 425 483 |
|||
| 1,397 - 1,397 |
908 | ||
| Building Church Renovation Equipment £ £ 260,577 34,966 - 2,218 260,577 37,184 90,802 34,965 13,029 2,218 103,831 37,183 156,746 1 169,776 1 |
Total £ 295,543 2,218 |
||
| 297,761 | |||
| 125,767 15,247 |
|||
| 141,014 | |||
| 156,747 | |||
| 169,777 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD
OPEN HEAVENS SNACTUARY
NOTES TO THE ACCOUNTS ENDED
31 DECEMBER 2022 CONT'D
| 31 DECEMBER 2022 CONT'D | |
|---|---|
| NOTES 9 Debtors & receivables Gift aid receivable Members balances 10 Creditors: Amount falling due within one year Creditors Accrual 11 Creditors: Amount falling due after one year Lloyds bank loan Other loans |
Current year Current year Current year Prior year Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2022 2022 2021 £ £ £ £ 5,241 - 5,241 3,849 8,000 - 8,000 - |
| 13,241 - 13,241 3,849 |
|
| - - - 6,000 750 - 750 425 |
|
| 750 - 750 6,425 |
|
| 23,917 - 23,917 30,265 - - - - |
|
| 23,917 - 23,917 30,265 |
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