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2020-12-31-accounts

THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

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

THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

CONTENTS PAGE
Administrative information 3
Trustees report 4-6
Independent examiners report 7
Statement of financial activities 8
Balance sheets 9
Note to the financial statements 10-16

THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

Administrative Information

Chairperson

Pastor Isaac Akande

Treasurer

Deaconess Julia Osai

Other trustees

Pastor David Peters

Charity registered Number: 1146502

Register Office:

11 Felstead Road Waltham Cross Hertfordshire EN8 7HB

Independent Examiner:

Evonne Nicholson PETUEL LTD A/S PAccountant Level 17 Dashwood House, 69 Old Broad St London EC2M 1QS Tel: 0203 995 1159 / 07394145624

Banker

NatWest Bank Enfield Branch

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

Trustees Report for the year ended 31st December 2020

The Trustees present their financial statements for the year ended 31st December 2020.

The Trustees of The RCCG Living Foundation of Waters present their reports and their financial statements of the organisation for the year ended 31st December 2020. The trustees have adopted the provisions of the statement of Recommended Practice (SORP) "Accounting and Reporting by

Charities "issued in March 2005 in preparing the annual report and financial statement of the charity.

Charity Details

A list of names and addresses of the charity principal officers and bankers is set out on page 3.

Objectives

The charity's principal activity is the proclamation of the gospel of Jesus Christ

1. To advance the Christian Faith (in accordance with the statement of belief) in such way and in such parts of the United Kingdom or the world as the trustees from time to time may think fit.

2. To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the trustees from time to time may think fit.

3. To advance education in such ways and in such parts of the United Kingdom or the world as the trustees from time to time may think fit

4. The trustees must use the income and may use the capital of the church in promoting the objects.

Organisation

The RCCG living Foundation of Waters is governed by a board of trustees who are elected to serve the church and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure the gaps are filled.

Risk and Internal Control

The Trustees review the main operational risks and take actions to manage or mitigate it accordingly.

Evangelism

Evangelisms were carried out throughout the year, reaching out to those who were on the street through radio programs and publicity, including seminars and church services.

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

Review Of transactions and financial position

During the year, donation, gift aid and Tithe received totaled £62.270.45 the donations and gifts received have been made available without restriction as to its usage.

The balances on the charity's fund are unrestricted. These will be used to fund the charity's objectives during the new financial year. The trustees confirm that the charity's assets are available and adequate to enable it to fulfil its obligations.

Reserve Policy

Freely available reserves are a pool of unapplied resources available to meet future demands on the charity's resources. This is "general purpose money that can be spent on any of the purposes of the charity. Free reserves of the charity are represented by its unrestricted funds less the net book value of its assets, as at 31st December 2020, these amounted to £81,159.72

Reserves are required to ensure the charity can meet its general business commitments.

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

Trustees Report for the year 31st December 2020 (continuation)

Statement of trustees' responsibilities for the preparation of financial statements

Charity Law requires the trustees to prepare their financial statements which show a true

and fair view of the state of the charity affairs as at the year end and of the resources received and expended by the charity for the year ended.

In order to meet this requirement, the trustees must be satisfied that:

The Trustees are responsible for ensuring that proper books are maintained, for safe guiding the assets of the charity, and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Board has reviewed the effectiveness of the system of internal control and there are no material weaknesses that would have resulted in losses, contingencies and uncertainties that require a separate disclosure

in these accounts

Approved by order of the board on

signature Date

Pastor Isaac Akande Trustee Chairperson

Signature Date Deaconess Julia Osai Treasurer

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

Independent Examiner's Report.

We report on the accounts for the year ended 31st December 2020, which are set out on pages 7-16

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the account It is our responsibility to;

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the charity. 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.

Independent examiner's statement

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

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

  2. To keep accounting records in accordance with section 41 of the 1993 Act and

  3. To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met or

  4. To which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached

Evonne Nicholson PETUEL LTD A/S PAccountant Level 17 Dashwood House, 69 Old Broad St London EC2M 1QS

Date....27-09-2021............

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

BALANCE SHEET AS AT 31ST DECEMBER 2020

Notes Unrestricted Restricted 31/12/2020 31/12/2019
funds funds Total funds Total funds
£ £ £
Fixedassets
Tangibleassets 8 2178.45 2178.45 1981.08
2178.45 2178.45 1981.08
Current assets
Inventory
Other debtors 12 0.00 0.00 0.00
Cash at bank-49639137 13 1583.87 1583.87 3954.15
Cash at bank-49096516 13 24834.44 24834.44 2414.44
Cash at bank-49390880 13 58757.98 58757.98 55208.86
85176.29 85176.29 61577.45
Creditors: amounts falling due
within one year 14 1293.52 1293.52 8159.49
Net current assets 83882.77 83882.77 61577.45
Total assets fess current liabilities 83882.77 83882.77 55399.04
Net assets 83882.77 83882.77 55399.04
Funds
Unrestricted funds 83882.77 83882.77 52076.36
Restricted funds
Total funds 83882.77 83882.77 52076.36

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

BALANCE SHEET AS AT 31ST DECEMBER 2020

Notes
Fixed assets
Tangibleassets
8
Current assets
Inventory
Other debtors
12
Cash at bank - 49639137
13
Cashatbank-49096516
13
cash at bank - 49390880
13
Creditors: amounts falling due
within one year
14
Net current assets
Total assets less current liabilities
Net assets
Funds
Unrestrictedfunds
Restrictedfunds
Total funds		 Unrestricted
Restricted 31/12/2020
31/12/2019
funds
funds
Total
funds
Total funds
£
£
£
2178.45
2178.45
1981.08
2178.45
2178.45
1981.08
0.00
0.00
0.00
1583.87
1583.87
3954.15
24834.44
24834.44
2414.44
58757.98
58757.98
55208.86
85176.29
85176.29
61577.45
1293.52
1293.52
8159.49
83882.77
83882.77
61577.45
83882.77
83882.77
55399.04
83882.77
83882.77
55399.04
83882.77
83882.77
52076.36
83882.77
83882.77
52076.36

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

NOTES TO THE ACCOUNTS

Notes to the Accounts

For the year ended 31st December 2020

Accounting Policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with the financial Reporting Standard Entities (effective April 2008).

Incoming Resources

Incomes are mainly from grants and sundry incomes received are included in the financial statement when received. .

Resources Expended

All expenditures are accounted for using accrual basis and have been classified under headings that aggregate all costs related to the category

Taxation

As a charity, the charitable funds are exempt from corporation tax but not from VAT.

Recoverable VAT is in accordance with standard accounting practice, included in the cost of those items to which it relates.

Depreciation

Depreciation has been provided at the following rates on a reducing balance method.

Plant and Machinery 20%
Motor Vehicle 20%
Office Equipment 20%
Furniture and Fixtures 20%
1) Operating Profit 2020 2019
This is stated after charging:
Depreciation of owned fixed assets 554.61 495.27

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

Analysis of incoming resources
2) Voluntary income
Voluntary donation and giving
Total
Analysis of resources expended
3)Costs of generating voluntary income
Pastors Allowance
Honourarium
Ordained Ministers' Conference
Bible School
Travel expenses(SA)
Pastoral expenses
Pastors retreat expenses
Total
4) Administrative Services
Office Rent
Venue hire
Electricity
Diesel_I_Fuel
Travel & mileage
Internet
Computer/ Web design
Equipment purchase
Office Removal Expenses

Stationeries/office supplies
Returned cheques
Interest/Bank charges
Insurance
Brochures and Publication
Children Outreach expenses
Printing/Publications
Sundry expenses (loan repayment)

Total
Vehicle expenses
Telephone (office)
Telephone		 2020
£
64270.45
64270.45		 2019
£
50428.66
1200.00
51628.66
14400.00
350
1498.00
250.00		 14400.00
800
620.00
1800.00

16498.00
4470.16
1971.00
500.00
1200.00
64.81

567.46
741.98
320.98
207.35
370.000
1675.90
345.31

64.81
25.00
818.64		 17620.00
6699.96
7245.00
1500.00
1,300.00
200.00
922.20
140.16
348.28
309.00
259.99
440.00
60.00
1680.22
250.00
3500.00
24854.81
13343.40

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

5)
Charitable activities
Conferences&Conventions 980.00
Welfare 415.00 4466.39
Hospitality/entertainment 5515.00 533.06
Retreat expenses 300.00 250.00
Sunday school expenses
Gifts
Outreach work
Mission’s offerings 600.00 600.00
Resources·
Outgoing and trips
West African Evangelical Missions (WEM) 1200 2000.00
Training expenses
Central office contribution 960.00 960.00
Grants
Accrual - workers' retreat exp
Miscellaneous expenses 1200.00
Total 19790.00 10989.45
6) Governance costs
Bookkeeping/accounting fees 900.00 900.00
Licensing&Fees 309.79 266.28
Total 1209.79 1166.28
7) Other Resources expended
Depreciation 495.27
Sundry 1430.00
0.00 1925.27

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

8)Tangible fixed assets
Motor Office Furniture
Total
vehicle equipment and
fixtures
Cost/NBV £ £ £ £
At 01/01/2020 0.00 6184.40 3174.14 9358.54
Additions 0.00 741.98 741.98
Deposits 0.00 0.00 0.00 0.00
Balanceat31/12/2020 0.00 **6926.38 ** **3174.14 ** 10100.52
Accumulated depreciation
At 01/01/2020 0.00 5113.66 2263.80 7,377.46
Depreciationcharge foryear 0.00 362.54 182.07 544.61
0.00 5476.20 2445.87 7922.07
Net book value
Balance at 31/12/2020 0.00 1450.18 728.27 2178.45

9} Additions

Additions
DRUM PART 1 177.98 177.98
MUSICAL INSRUMENT PARTS 1 138.00 138.00
CUSTOMISED APPLE IPAD 1 426.00 426.00

Total

741.98 

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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

10) Furniture and fitting Unit
Details
 Quantity price
 Amount
Plastic chairs (visitors) 8 15 120
Electric heater 3 30 90
Fire extinguisher foam 1 50 50
Fire extinguisher CO2 1 50 50
Fire extinguisher Water 1 80 80
Meter box wooden cover with loc 1 35 35
Steel pulpit 1 50 50
Wall clock 2 10 20
wooden notice board 1 5 5
Leather Chairs (visitor) 10 30 300
High visibility jacket 4 30 120
Executive table 1 220 220
Executive pedal chair 1 100 100
Computer desk 1 150 150
Secretary chair 1 60 60
2-Drawer safe 1 100 100
2-drawer Wooden snacks Cupboa1 1 50 50
Paper cutter 1 40 40
First aid box - 20 people 1 24 24
Electric kettle 1 25 25
GEC Telephone box 1 50 50
Vertical rotator fan 1 30 30
Microphone with stands 6 50 300
Multi socket extension box 1 30 30
Glazed RCCG mission statement 1 50 50
Total 2149 
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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

11) Office Equipment

11) Office Equipment
Details Quantities Unit prices Amounts
Sound mixer 1 200 200
Musical keyboard 1 200 200
Television set 1 200 200
konga drums 2 75 150
Projector screen 2 220 440
Standing fan 1 250 250
Sound transmission cable 1 150 150
Dell monitor, keyboard and mous1 1 160 160
HP Computer system 1 250 250
Flat screen monitor, keyboard anc 1 100 100
Refrigerator 1 250 250
Steel Filling 1 130 130
Lexmark printer 1 100 100
Mini CD player 1 80 80
Instrument spare part 1 200 200
Drumming Set 1 500 500
Eiki LC-WB200A WXGA Projector 1 789 789
SoundCraft EPM12 Flightcase 1 102.5 102.5
Shure SMSS Dynamic Vocal Micro 4 99.5 398
9 Microphone Case ABS 1 37.99 37.99
Soundcraft EPM12 12-Channel Mi: 1 261.5 261.5
XLR (F)-XLR (M) Pro Mic Cable,2( 2 19 38
Microphone Windsheild Foam CO|1 5.48 5.48
5 Pack Microphone Windscreen F< 1 3.15 3.15
Stand Hardware Bag 1194 x 310 x 1 55.75 55.75
XLR to Jack Adapter 2 6 12
Yamaha MSR400 Speaker Cover 3 39 117
Heavy Duty Kick Drum Pedal 1 33.98 33.98
Yamaha MSR400 PA Speaker Pair 1 525.5 525.5
Pearl 11-3/4" Conga Stand 2 30.44 60.88
Heavy Duty Kick Drum Pedal 1 34.03 34.03
Staines Metal Lectern 1 217.14 217.14
5 Pack Microphone Windscreen Fe 1 380 380
Printer 1 230 230
Total 6661.9 
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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS

12) Other Debtors £ £
13) Cash at Bank
Cash at bank-49639137 1,583.87 3,954.15
NatWest building Account no. 49096516 24,834.44 2,414.44
Natwest Business Reserve Account no. 49390880 58,757.98 55,208.86
85,176.29 61,577.45
14) Creditors: amounts falling due within one year
Accounting fees 900.00 900.00
Accrual (UNPAID WEM) 393.52 7,259.49
1,293.52 8,159.49

Assets Reclassifications

Items of Inventories previously classified as Inventories, hence current assets are been reclassified as either office equipment or furniture and fittings to enhance understanding of items

Restricted Funds

Restricted fund related to the church building which will serve as a permanent site for the church reserved for the purpose of securing a mortgage on a property 

16