THE REDEEMED CHRISTIAN CHURCH OF GODCITY OF PEACE, READING.
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2023
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CHARITY REG NO 1145566
The Redeemed Christian Church of God-City of Peace, Reading.
Contents
Reference and administrative details of the charity, its trustees and advisers for the year ended 31 December, 2023 .. 4
Trustees’ report for the year ended 31 December 2023 ..................................................................................................... 5 Trustees’ report for the year ended 31 December 2023 cont’d. ......................................................................................... 6 Independent examiner’s report on the accounts for year ended 31 December, 2023 ....................................................... 7 Statement of financial activities for the year ended 31 December, 2023 ........................................................................... 8 Balance Sheet as at 31 December, 2023 .............................................................................................................................. 9 Notes to the accounts for the year ended 31 December, 2023 ........................................................................................ 10 Notes to the accounts for the year ended 31 December, 2023 cont’d ............................................................................. 11 Notes to the Accounts for the year ended 31 December, 2023 Cont’d ............................................................................ 12
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The Redeemed Christian Church of God-City of Peace, Reading.
Reference and administrative details of the charity, its trustees and advisers for the year ended 31 December, 2023
GENERAL OVERSEER
Pastor E.A Adeboye
Trustees Pastor Oladipo Lawal Pastor Tunde Olagunju Pastor Abayomi Kolade Dr. Dele Alabi Dr (Mrs) Ayobami Bamidele
Charity Registration Number Principal Office
1145566 21, South Street
Reading.
Pastor In Charge
Independent Examiner
M38 9TJ. Bankers
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RG2 8TX
Pastor Joseph Bamidele
Adebayo OLABISI, FCA, FFA, FIPA 7, Mossbrook Drive, Manchester.
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NATWEST Bank
Market Place Branch, Reading.
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The Redeemed Christian Church of God-City of Peace, Reading.
Trustees’ report for the year ended 31 December 2023
The Trustees submit their annual report and the Financial Statements of the Redeemed Christian Church of God (RCCG) CITY OF PEACE (The Charity) for the year ended 31 December, 2023. The Trustees confirm that the Annual Report and the Financial Statements of the Charity comply with the current statutory requirements of the Charity’s governing documents and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005
The Charity operates under the name CITY OF PEACE
STATUS
The Charity was constituted under a Trust Deed and was registered in England and Wales with Charity number 1145566.
APPOINTMENT OR ELECTION OF TRUSTEES:
Trustees are elected and or appointed under the terms of the Trust Deed.
POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES
The induction process for a newly appointed member of the Board of Trustees comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Pastor in charge on the powers and responsibilities of the Trustees.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Charity is organised so that the Trustees meet regularly to manage its affairs. The Pastor in Charge- Pastor Joseph Bamidele manages the day-to-day administration of the Charity on a voluntary basis.
RELATED PARTY RELATIONSHIPS: RCCG (CITY OF PEACE) is a Parish of the Redeemed Christian Church of God which has parishes all over the world. The Parish’s relationship with other Parishes is governed by an “ Agreement of Common Purpose ”
RISK MANAGEMENT
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to operations and finances of the Charity, and are satisfied the systems are in place to mitigate our exposures to the major risks
OBJECTS AND ACTIVITIES
The principal object is the advancement of the Christian faith worldwide, and to promote any charitable activity for the benefit of the local people through:
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Running seminars in the Church with proven ministers of the faith to guide members in the various aspects of Christian faith;
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Support for other Charities and Christian events.
The activities for achieving its objectives include:
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Community outreach events;
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Conferences and events;
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Welfare support to members and general public; and
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Various missionary activities.
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The Redeemed Christian Church of God-City of Peace, Reading.
Trustees’ report for the year ended 31 December 2023 cont’d.
FUNDING AND GRANT MAKING POLICY: The principal source of funding to the Charity is Donations complimented by Gift Aids. The Charity also give out grants and support in line with its objectives.
VOLUNTEERS: The Charity’s activities are carried out by volunteers who provided services in different capacities. It is estimated that over 3,900 hours were provided by volunteers during the year. If this is conservatively valued at current living wage rate of £9.50 per hour, the volunteers’ effort will amount to £37,050.
REVIEW OF ACTIVITIES: Trustees record their appreciation to all Donors who supported the Charity to the tune of £159,174 during the period under review. The Charity also gave out £4,940 in Donation and Grants. The Trustees are satisfied with the success of the Charity in meeting its objectives during the same period; and are optimistic that it will continue to do so.
INVESTMENTS: There were no investments during the period.
STATEMENTS OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and Financial Statements in accordance with applicable laws 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 the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Financial Statements are required to give a true and fair view of the state of affairs of the Charity for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently:
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Make judgement 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 company will continue in operation.
The trustees recognise their responsibilities to keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended.
Approved by the Trustees on 05/05/2024. and signed on their behalf by:
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Pastor Olatunde OLAGUNJU
(Trustee).
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The Redeemed Christian Church of God-City of Peace, Reading.
Independent examiner’s report on the accounts for year ended 31 December, 2023
TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) CITY OF PEACE
I report on the accounts of the Charity for the Year ended 31 DECEMBER 2023 which is set out on pages 8-12.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under Section 145(1) of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility to:
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Examine the accounts (under section 145(1) (a) of the 2011 Act;
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Follow the procedures laid down in the general directions given by the Charity Commissioners and
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State whether particular matters have come to my attention.
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BASIS OF EXAMINER’S STATEMENT
My examination was carried out in accordance with the general directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
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EXAMINER’S STATEMENT
In connection with my examination, no matter has come to my attention to give me reasonable cause to believe that in any material respect the requirements:
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To keep accounting records in accordance with the requirement of Section 130 of the Charities Act 2011; and
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To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act 2011
have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
SIGNED
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Adebayo OLABISI FCA, FFA, FIPA. Total Enterprise Support Ltd.
7, Mossbrook Drive, Manchester M38 9TJ.
DATE: 6[th] May, 2024
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The Redeemed Christian Church of God-City of Peace, Reading.
Statement of financial activities for the year ended 31 December, 2023
| Notes Incoming Resources: Voluntary Donations 2 Gift Aid Claims 3a Other income 3b Total Resources Expended Charitable Expenditure: Grants Payable-Institutional 4 Cost of Activities in furtherance of Charity's Objects 5 Management and Governance Costs 6 Total Resources Expended Net Incoming/(Outgoing) Resources Total Funds at the Beginning of the Year Balance at the end of the Year |
2023 £ 159,174 24,293 1,493 184,960 1,500 56,860 22,698 81,058 103,902 113,597 217,499 |
2022 £ 94,769 10,203 |
|---|---|---|
| 104,972 | ||
| 1,080 61,058 15,944 |
||
| 78,082 | ||
| 26,890 86,707 |
||
| 113,597 |
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The Redeemed Christian Church of God-City of Peace, Reading.
Balance Sheet as at 31 December, 2023
| Notes Fixed Assets: Tangible Assets 7 Current Assets: Bank and Cash Balances 8a Receivables 8b Total Assets Liabilities: Amount Due within 1 Year 9 Net Assets Charity Funds: General Unrestricted Total Funds |
2023 £ 3,311 252,910 8,098 264,319 46,820 |
2022 £ 2,816 132,853 - 135,669 22,072 113,597 113,597 113,597 |
|---|---|---|
| 217,499 | ||
| 217,499 217,499 |
The Accounts have been prepared in accordance with special provisions of Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued in March 2007 as modified for smaller Charities.
Approved by the Trustees on: 05/05/2024. and Signed on their behalf by:
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Pastor Olatunde Olagunju
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The Redeemed Christian Church of God-City of Peace, Reading.
Notes to the accounts for the year ended 31 December, 2023
Note 1 Accounting Policies
a The Accounts have been prepared under the Historical Cost Convention in accordance with applicable Accounting Standards. They follow Best Practices as stated out in the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued in March, 2007 as modified for small Charities.
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b) Income is accounted for on Actual Receipt Basis while Expenditures are recorded on Accrual Basis
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c) Fixed Assets: Comprise of Motor Vehicles, Musical Equipment, Office Equipment and Furniture items, and are stated at Cost Less Depreciation
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d) Depreciation is provided at rates calculated to write off the cost of the assets (less expected disposal value) over expected useful lives. The following rates apply:
| lives. The following rates apply: | |
|---|---|
| Motor Vehicles: | -20% |
| Computer and Other Equipment: Furniture & Fittings |
-20% -20% |
Note 2 Donations, Legacies and Similar Incoming Resources
| Tithes Offering Thanksgiving, Building & Others Note 3a Gift Aid Note 3b Interest received |
2023 £ 96,675 18,614 43,885 159,174 24,293 1,493 |
2022 £ 44,870 23,511 26,388 |
|---|---|---|
| 94,769 | ||
| 10,203 | ||
| - |
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The Redeemed Christian Church of God-City of Peace, Reading.
| Notes to the accounts for the year ended Note 4 Grants Payable-Institutional World Evangelical Mission (WEM) Central Office Funding Note 5 Cost of Activities in Furtherance of Charity Objects Accommodation & Lodging Travel and Subsistence Rent, rates and Licences Welfare Expenses Donations & Other supports Telephone and Communication Printing and Publicity Motor Vehicle Expenses Insurance Depreciation Sundry Expenses Training & Development Visiting Evangelism and Outreach events Note 6 Management and Governance Costs Pastoral Allowance/ Administrative Honorarium Legal and Professional fees Independent Examiner's fee |
31 December, 2023 cont’d 2023 2022 £ £ 1,000 720 500 360 1,500 1,080 3,526 4,749 3,682 25,107 23,807 8,272 16,845 3,440 2,440 683 2,002 1,542 2,460 665 1,025 1,678 990 1,330 3,629 555 470 999 577 4,314 3,131 56,860 61,058 15,703 9,832 6,695 5,812 300 300 22,698 15,944 |
|---|---|
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The Redeemed Christian Church of God-City of Peace, Reading.
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|---|---|---|---|---|
|Notes to the Accounts for the year ended 31 December, 2023 Cont’d|
|Motor|Computer|Furniture|Total|
|Vehicles|and Other|&|
|Note 7|Fixed Assets|Equipment|Fittings|
|£|£|£|£|
|Cost|
|At 31st December, 2022|10,800|4,823|2,569|18,192|
|Additions during the Year|1,825|1,825|
|Disposals|-|
|At 31st December, 2023|10,800|6,648|2,569|20,017|
|-|
|Depreciation|-|
|At 31st December, 2022|10,790|2,122|2,464|15,376|
|Charge for the Year|1,330|1,330|
|Disposals|-|
|At 31st December, 2023|10,790|3,452|2,464|16,706|
|-|
|Net Book Value|-|
|At 31st December, 2022|10|2,552|105|5,331|
|At 31st December, 2023|10|3,196|105|3,311|
|31 Dec.|
|2023|31 Dec, 2022|
|Note 8a|Bank Balances|£|£|
|Bank Balances|252,910|132,853|
|252,910|132,853|
|Note 8b|Receivables|8,098|
|Note 9|Creditors & Accruals|
|Pastorate Allowances|15,703|11,011|
|Other creditors|30,817|10,761|
|Independent Examiner's fee|300|300|
|46,820|22,072|
|12|
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The Redeemed Christian Church of God-City of Peace, Reading.
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