## 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: 

- Suitable accounting policies are selected and then consistently applied. 

- Judgements and estimates that are made are reasonable and prudent. 

- Applicable accounting standards and statements of recommended practice have been followed. 

- • Financial statements are prepared on a going concern basis unless it's inappropriate to assume that the charity will continue its activities 

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; 

- Examine the account (under section 43(3)(a) of the 1993 Act) 

- To follow the procedures laid down in the general directions given by the commissioners (under section 43(7)(b) of the 1993 Act) 

## **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? 

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

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

2. 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|
|||£|£||£|
|**Fixed**assets||||||
|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**<br>**Fixed assets**<br>Tangibleassets<br>8<br>**Current assets**<br>Inventory<br>Other debtors<br>12<br>Cash at bank - 49639137<br>13<br>Cashatbank-49096516<br>13<br>cash at bank - 49390880<br>13<br>**Creditors: amounts falling due**<br>**within one year**<br>14<br>_Net current assets_<br>_Total assets less current liabilities_<br>_Net assets_<br>**Funds**<br>_Unrestrictedfunds_<br>_Restrictedfunds_<br>_Total funds_|**Unrestricted**<br>**Restricted ****`31/12/2020`**<br>**`31/12/2019`**<br>**funds**<br>**funds**<br>**Total**<br>**funds**<br>**Total funds**<br>£<br>£<br>£<br>2178.45 <br>2178.45<br>1981.08|
|---|---|
||2178.45 <br>2178.45<br>1981.08|
||0.00 <br>0.00<br>0.00<br>1583.87 <br>1583.87<br>3954.15<br>24834.44 <br>24834.44<br>2414.44<br>58757.98 <br>58757.98<br>55208.86|
||85176.29 <br>85176.29<br>61577.45|
||1293.52<br>1293.52<br>8159.49|
||83882.77<br>83882.77<br>61577.45|
||83882.77 <br>83882.77<br>55399.04|
||83882.77 <br>83882.77<br>55399.04|
||83882.77 <br>83882.77<br>52076.36|
||83882.77 <br>83882.77<br>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<br>**2) Voluntary income**<br>Voluntary donation and giving<br>**Total**<br>**Analysis of resources expended**<br>**3)Costs of generating voluntary income**<br>Pastors Allowance<br>Honourarium<br>Ordained Ministers' Conference<br>Bible School<br>Travel expenses(SA)<br>Pastoral expenses<br>Pastors retreat expenses<br>**Total**<br>**4) Administrative Services**<br>Office Rent<br>Venue hire<br>Electricity<br>Diesel_I_Fuel<br>Travel & mileage<br>Internet<br>Computer/ Web design<br>Equipment purchase<br>Office Removal Expenses<br> <br>Stationeries/office supplies<br>Returned cheques<br>Interest/Bank charges<br>Insurance<br>Brochures and Publication<br>Children Outreach expenses<br>Printing/Publications<br>Sundry expenses (loan repayment)<br> <br>**Total**<br>Vehicle expenses<br>Telephone (office)<br>Telephone||**2020**<br>£<br>64270.45<br>**64270.45**|**2019**<br>£<br>50428.66<br>1200.00<br>**51628.66**|
|---|---|---|---|
|||14400.00<br>350<br>1498.00<br>250.00|14400.00<br>800<br>620.00<br>1800.00|
||<br>|**16498.00**<br>4470.16<br>1971.00<br>500.00<br>1200.00<br>64.81<br> <br>567.46<br>741.98<br>320.98<br>207.35<br>370.000<br>1675.90<br>345.31<br> <br>64.81<br>25.00<br>818.64|**17620.00**<br>6699.96<br>7245.00<br>1500.00<br>1,300.00<br>200.00<br>922.20<br>140.16<br>348.28<br>309.00<br>259.99<br>440.00<br>60.00<br>1680.22<br>250.00<br>3500.00<br>**24854.81**|
||**13343.40**|||



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THE REDEEMED CHRISTIAN CHURCH OF GOD LIVING FOUNTAIN OF WATERS 

|**5)**<br>**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 

|8)Tangible fixed assets|||||
|---|---|---|---|---|
||Motor|Office|Furniture<br>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|
|**Depreciation**charge for**year**|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**<br>|**Quantity**|**price**<br>|**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 

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