OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY TRUSTEES' REPORT AND ACCOUNTS YEAR ENDED 31ST DECEMBER 2022

CHARITY REGISTRATION NO: 1146132

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2022

CONTENTS PAGE
LEGAL AND ADMINISTRATIVE INFORMATION 1
REPORT OF THE TRUSTEES 2 - 3
REPORT OF THE INDEPENDENT EXAMINERS 4
STATEMENTS OF FINANCIAL ACTIVITIES 5
BALANCE SHEET 6
NOTES TO THE FINANCIAL STATEMENTS 7 - 10
INCOME AND EXPENDITURE 11

1

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31ST DECEMBER 2022

CHARITY REGISTRATION NUMBER: 1146132 REGISTERED OFFICE: 36 Louisville Avenue Gillingham Kent ME7 4EJ TRUSTEES: Olaitan Abiodun Christy Oladele Adedamola Timothy Adedoyin Odewale PASTOR IN CHARGE Olanrewaju Joda ACCOUNTANT New Bond Accountants Ltd Charities & Business Certified Accountants and Advisors 4a-6a Hythe Street Dartford Kent DA1 1BX

2

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY REPORT OF THE TRUSTEES YEAR ENDED 31ST DECEMBER 2022

The trustees present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number : 1146132

Registered address

36 Louisville Avenue Gillingham Kent ME7 4EJ

Trustees

Abiodun Olaitan Christy Oladele Adedoyin Odewale Adedamola Timothy

Pastor in charge

Olanrewaju Joda

Independent examiner

Wunmi Shitta, FCCA New Bond Accountants Charities & Business Certified Accountants and Advisors 4a-6a Hythe Street Dartford Kent DA1 1BX

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust co-opted 9th January 2012, and constitutes an unincorporated charity. The Church received charity status on the 28th February 2012. It is managed by a board of trustee and assisted by, a Pastor who is the Minister in charge.

The pastor is the person in charge of the church to carry out the day to day management and running of the Church. He is assisted by a team of ministers to whom responsibilities are delegated. The pastor also meets with the members of the church board of trustees and liaise regularly with the them on crucial matters.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Reserve policy

The Trustees aim to retain sufficient free reserves at a level which equates to a minimum of three month unrestricted expenditure. These are retained in order to ensure that the Church can meet its commitments and provide its services and activities to its members.

3

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY REPORT OF THE TRUSTEES YEAR ENDED 31ST DECEMBER 2018

OBJECTIVES AND ACTIVITIES

The Charity's objects are:

The main activities in relation to these objects are:

Financial review

The Charity's financial statement for the year ended 31 December 2022 shows a surplus in funds of £3,565 (2021: £1,178)). Unrestricted reserves at 31 December 2022 is (£26,073), (2021: £22,508).

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE BOARD:

Accountants

The accountants, New Bond Accountants Ltd will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

............................................. Olaitan Abiodun - Trustee Date: 27/10/2023

4

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY REPORT OF THE INDEPENDENT EXAMINERS

YEAR ENDED 31ST DECEMBER 2022

I report on the accounts for the year ended 31st December 2022 set out on pages five to ten.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.

Independent examiner's statement

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

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts 'to be reached.

Wunmi Shitta, FCCA New Bond Accountants Ltd Charities & Business Certified Accountants and Advisors 4a-6a Hythe Street Dartford, Kent DA1 1BX

Date: 29/10/2023

5

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST DECEMBER 2022

Unrestricted
INCOMING RESOURCES Notes 2022 2021
Incoming resources from generated funds
Voluntary income 2 85,437 79,191
85,437 79,191
RESOURCES EXPENDED
Resources Expended to Charitable Activities 3 66,025 57,325
Governance cost 4 1,460 1,806
Management Costs 5 14,388 18,873
Finance Charges 9
TOTAL RESOURCES EXPENDED 81,872 78,013
NET INCOME/EXPENDITURE FOR THE YEAR £3,565 £1,178
RECONCILIATION OF FUNDS
Total funds brought forward 22,508 21,330
TOTAL FUND CARRIED FORWARD £26,073 £22,508

None of the charity's activities were acquired or discontinued during the year and there were no recognised gains and losses for 2021 or 2022 other than those included in the statement of financial activities.

The notes on pages 7 to 10 form part of these accounts.

6

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY BALANCE SHEET YEAR ENDED 31ST DECEMBER 2022

FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS: due within one year
Net Current Assets
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS:
Restricted Funds
Unrestricted Funds		 Notes
8
9
10		 Unrestricted
2022
2021
2,374
3,391
-
1,700
24,199
18,593
24,199
20,293
(500)
(1,176)
£23,699
19,117
£26,073
£22,508
2022
2021
3,561
26,073
18,947
£26,073
£22,508		 2021
3,391
1,700
18,593
20,293
(1,176)
19,117

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

Olaitan Abiodun - Trustee Date 27/10/2023

The notes on pages 7 to 10 form part of these accounts.

7

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY NOTES TO THE ACCOUNTS YEAR ENDED 31ST DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102) .The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Accounting convention

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Tithes & Offerings

Income from tithes and offerings, is included in incoming resources when these are receivable Investment Income

Investment income consists of net interest received during the year and accounted for as unrestricted fund

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Costs of charitable activities are those costs relating to the activities carried out to meet the objectives of the Church. These include both directly attributable costs and apportioned support costs.

Governance costs

Governance costs are the costs associated with the strategic direction of the organisation and with meeting regulatory responsibilities including apportioned support cost.

Tangible fixed assets

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

Tangible Assets

Taxation

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

Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

8

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY NOTES TO THE ACCOUNTS YEAR ENDED 31ST DECEMBER 2022

2. VOLULTARY INCOME
Tithes and offerings
Donations and other income
Gift aid
Grants
Interest
Total incoming resources
3. CHARITABLE ACTIVITIES
Wages & Salaries
Advertisement & Promotiom
Central Office
Charitable donations
Conference & Meetings
Honorarium
Hospitality
Ministry Expenses
Music Expenses
Premises cost
Welfare
Books & Periodicals
World Evangelistic Mission
4. GOVERNANCE COST
Examiners fee
5. SUPPORT COSTS: MANAGEMENT
Depreciation - Owned Assets
Light and heating
Office & Administrative
Insurance
Motor Vehicle Expenses
Legal and professional fees
Repairs and Maintenance
Telephone and Internet
PAYE Contributions
Travel & Subsistence
Manse expenses
Employees Pension		 2022
78,751
6,680
0
0
6
£85,437
2022
16,592
1,016
2,200
2,082
2,678
7,544
2,468
1,111
5,555
11,850
5,487
168
7,273
66,025
1,460
1,017
0
1,213
303
500
1,387
520
781
1,514
934
5,385
834
£14,388		 2021
61,079
4,936
10,774
2,400
2
£79,191		 2021
61,079
4,936
10,774
2,400
2
£79,191		 2021
61,079
4,936
10,774
2,400
2
£79,191
2021
28,129
957
1,700
1,283
2,324
5,713
1,395
3,126
3,264
7,400
1,265
769
57,325
1,806
1,002
0
16
40
304
1,248
584
13,233
419
1,516
511
-
£18,873		 2021
28,129
957
1,700
1,283
2,324
5,713
1,395
3,126
3,264
7,400
1,265
769
57,325
1,806

9

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY NOTES TO THE ACCOUNTS - CONTINUED YEAR ENDED 31ST DECEMBER 2022

6. SUPPORT COSTS: FINANCE CHARGES

Bank Charges

2022 2021
- £2

7. STAFF COSTS

No employees received emoluments in excess of £60,000.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2022.

The average number of employees analysed by function :

1 1

8. FIXED ASSETS
COST
At 1st January 2022
DEPRECIATION
Opening Balance
Charge for the year
NET BOOK VALUE
As at 31st December 2022
As at 31st December 2021
9. CREDITORS : Amounts falling due after one year
Other Creditors		 Fixtures and
Fittings
Total
6,049
6,049
2,658
2,658
1,017
1,017
3,675
3,675
£2,374
£2,374
£3,391
£3,391
£500
£1,176		 Fixtures and
Fittings
Total
6,049
6,049
2,658
2,658
1,017
1,017
3,675
3,675
£2,374
£2,374
£3,391
£3,391
£500
£1,176		 Total
6,049
2,658
1,017
3,675

10

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY NOTES TO THE ACCOUNTS YEAR ENDED 31ST DECEMBER 2022

10. MOVEMENTS IN FUNDS
Unrestricted Funds
General Fund
General fund for the year
General fund brought forward
Total funds		 Incoming
Resources
£85,437		 Resources
Expended
£81,872
2022
3,565
22,508
26,073		 Movement in Movement in
Funds
£3,565
2021
1,178
21,330
£22,508

11

THE REDEEMED CHRISTIAN CHURCH OF GOD PRAISE CITY INCOME AND EXPENDITURE YEAR ENDED 31ST DECEMBER 2022

INCOME AND EXPENDITURE
YEAR ENDED 31ST DECEMBER 2022
Incoming Resources:
Voluntary income:
Tithes and offerings
Donations and other income
Grants
Gift aid
Interest
Total incoming resources
RESOURCES EXPENDED:
Cost of generating voluntary income
Charitable activities:
Wages & Salaries
Advertisement & Promotiom
Central Office
Charitable donations
Conference & Meetings
Honorarium
Hospitality
Ministry Expenses
Music Expenses
Premises cost
Welfare
Books & Periodicals
World Evangelistic Mission
GOVERNANCE COST
Examiners fee
SUPPORT COSTS: MANAGEMENT
Depreciation - Owned Assets
Light and heating
Office & Administrative
Insurance
Motor Vehicle Expenses
Legal and professional fees
Repairs and Maintenance
Telephone and Internet
PAYE Contributions
Travel & Subsistence
Manse expenses
Employees Pension
SUPPORT COSTS: FINANCE CHARGES
Bank Charges
Total resources expended
Net expenditure		 2022
£
78,751
6,680
0
0
6
£85,437
16,592
1,016
2,200
2,082
2,678
7,544
2,468
1,111
5,555
11,850
5,487
168
7,273
66,025
1,460
1,017
0
1,213
303
500
1,387
520
781
1,514
934
5,385
834
£14,388
-
£81,872
£3,565		 2021
£
61,079
4,936
2,400
10,774
2
£79,191
28,129
957
1,700
1,283
2,324
5,713
1,395
3,126
3,264
7,400
1,265
769
0
57,325
1,806
1,002
0
16
40
304
1,248
584
13,233
419
1,516
511
-
£18,873		 28,129
957
1,700
1,283
2,324
5,713
1,395
3,126
3,264
7,400
1,265
769
0
57,325
1,806
£9
£78,013
£1,178