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2020-12-31-accounts

Charity number: 1 151560 Company number: 08434543

REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

CONTENTS
Page
Reference and administrative details of the charity, its Trustees and
advisers
Trustees' report 2-7
Independent auditors' report on the financial statements 8- 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15-37

REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINI'TY CHAPEL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

Mr Agu Irukwu Dr Shola Adeaga Mr Olabowale Odusote Mr Sola Ewedemi(resigned 29 October 2020)

Minister in charge Mr Akinyemi Odusolu Charity registered number 1151560 Company registered 08434543 number Principal office The Discovery Centre Jenkins Lane Barking Essex EGll OAD Independentauditors Stephen Michael Associates Chartered Certified Accountants Statutory Auditors lst Floor 3 More London Riverside London SE12RE Bankers Barclays Bank plc 737 Barking Road London E13 9PL

Page 1

REDEEMED CHRISTIAN CHURCH OF GOO('RCCG ') TRINITY CHAPEL

TRUSTEES'REPORT FORTHEYEAR ENDED 31 DECEMBER2020

The Trustees present their annual report together with the audited financial statements of the charitable company for the year I January 2020 to 31 December 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02)(effective IJanuary 201 9).

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The charitable company also operates under the name Trinity Chapel

This report represents the first for the charitable company since the merger with the trust. The merger was driven primarily by the desire to take advantage of the separate legal personality and limited legal liability for Trustees, particularly in the light of the proposed acquisition of church property and increased trading activities.

The assets and liabilities of the original Trust were transferred to the charitable company with effect from 01 July 2020.

The charitable company has been dormant since incorporation and therefore comparative figures in these accounts are for the trust only covering the period of 1 8 months to 30 June 2020.

Objectives and activities

a.Policies and objectives

The Charity's main objects are

The Charity's main objectives continue to be

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

TRUSTEES'REPORT(CONTINUED) FOR THE YEAR ENDED 30 DECEMBER 2020

Objectives and activities(continued)

b. Strategies for achieving objectives

The Charity's strategies for achieving these objectives were

c. Activities undertaken to achieve objectives

d. Public benefit statement

In determining how best to pursue these objectives, the Trustees have taken on board the Charity Commission's general guidance on public benefit and. its supplementary public guidance on the advancement of religion for the public benefit.

e. Volunteers

The Charity is grateful for the eff ons of its volunteer workforce that are involved in various areas of service provision, development and implementation of the Church's vision. It is impossible to put a value on the efforts of these peopled we do however have a volunteers' training programme which caters for the welfare, spiritual and socio-economic development of these people.

f. Main activities undertaken to further the charity's purposes for the public benefit

It pursues these objects by the operation of a centre for Christian worship at its premises in Barking, Essex. The Charity runs a number of community-based vehicles of transformation that focus on assisting the disadvantaged & less well off in our local communities & abroad.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

TRUSTEES'REPORT(CONTINUED) FORTHEYEAR ENDED31 DECEMBER2020

The Charity also makes regular donations to a number of external organisations overseas that are better placed to further advance various causes. Our site is a venue that is accessible to all when programmes are being run & events cater for people from all walks of life. We run youth, marriage, children's, men's & women's-based events.

Achievements and performance

a. Review of activities

Significant activities that contributed to the achievement of these objectives were

The various accountability groups were maintained.

b. Investment policy and perf ormance

The Trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the Board. As far as possible, funds will be retained in interest bearing accounts. The ownership of all bank accounts of the Charity will be transferred to the Limited by Guarantee Company on the dissolution of the Charity.

c. Factors relevant to achieve objectives

The other single most important factor is the continued commitment of members both financially and in voluntary hours.

Page4

REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

TRUSTEES' REPORT (CONTINUEO) FOR THEYEAR ENDED31 DECEMBER2020

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt ' the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b.Reserves policy

The Trustees are aware of the requirement to have a reserve policy in place and aim to maintain a target balance of a month's worth of fixed operational costs at any given time, in order to ensure the ongoing delivery of its charitable objects during an unforeseen downturn in income. The current level of free reserves (unrestricted fund less fixed asset element) as transferred from the Charity to the Charity Company is at a level that is more than a month's worth of fixed operational costs. The free reserves as at 31 December 2020 is £482,302.

c. Review of financial position

The Charity recorded a decent level of income in the year in spite of the Covid-1 9 limitations such that services continued to be held remotely. As a result of the planned move to a new location, there is a specific drive to raise a building fund. Out of the income of £438,791 earned in the year. £37,587 is restricted to the building fund. Members continue to commit to making donations.

d.Principalfunding

The Charity's principal funding is through members' contributions and donationsl on which we claim gift aid monthly on qualifying income.

Structure, governance and management

a. Constitution

The organisation is a charitable company limited by guarantee, incorporated on 1 8 February 2013 with Company number 08434543. The company was established under a Memorandum of Association which stipulates the objects and powers of the charitable company and is also a registered charity with the charity number 1 151560.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The Charity is organised such that the day to day running of the Church has been delegated to the parish Pastor and the Charity Administrator. The Trustees are consulted on all issues that are material in nature and determine the strategic direction of the Charity's affairs. Trustees meet formally as and when required to review the Charity's operations.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

TRUSTEES' REPORT (CONTINUED) FOR THEYEAR ENDED31 DECEMBER2020

Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees

New Trustees are issued with an orientation pack that details their legal obligations under charity law, the Charity's decision-making processes and recent financial perf ormance of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Charities Commission bulletins / updates are also forwarded to Trustees as and when issued.

e. Pay policy for key management personnel

The Trustees consider the Charity's Trustees, the Pastors and Administrator comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Trust on a day-today basis. All Trustees give of their time freely in their capacity as Trustees. No Trustee received remuneration in the year.

The pay of the Charity's senior staff is reviewed annually and normally increased to account for inflation based on the latest Consumer Price Index. The remuneration is also bench-marked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

f. Financial risk management

The Trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church. The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational risks faced by the church. they have established effective systems to mitigate the Charity's exposure to these risks.

Plansforfuture periods

The Charity continues to explore various ways of reaching out to its community and spreading the gospel of Christ in an effective manner by raising its profile in the community. We also intend to extend our worldwide influence through our various media efforts.

The Charity continues looking to grow in membership and to develop its members to make transformational impact in society.

The Charity is in the process of relocating to a new site after spending 1 2 years in the current location. Plans for the new location in addition to ensuring a fit for purpose home for the members, include the designation of a cafe / affordable workspace area. This will serve to support the local community with opportunities to rent workspace during the week that is aff ordable. This new premises will also serve to draw in potential members and go a long way to generating further income.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

TRUSTEES'REPORT(CONTINUED) FOR THEYEAR ENDED31 DECEMBER2020

Board of Trustees' responsibilities statement

The Board of Trustees (who are also directors of Redeemed Christian Church of God ('RCCG ') Trinity Chapel for the purposes of Company law) are responsible for preparing the Board of Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (The United Kingdom Generally Accepted Accounting Practice).

Company law requires the Board of Trustees to prepare financial statements for each financial year. Under Company law the Board of Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of aff airs of the charitable company for that period.

In preparing these financial statements, the Board of Trustees are required to;

The Board of Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and otherirregularities.

Disclosure of information to Auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that

Auditors

The charitable company's auditors. Stephen Michael Associates, have indicated their willingness to continue in office and offer themselves for re appointment at the next Annual General Meeting.

In preparing this report, the Board of Trustees have taken advantage of the small companies' exemptions provided by section 41 5A of the Companies Act 2006.

Approved by order of the members of the board of Trustees on and signed on their behalf by

[NAME] 0 t al"' o w\l,e.. (:1) C{.,U £ -o-l'C (:;;£ik.--->

[DATE] z lwl

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG ') TRINITY CHAPEL

Opinion

We have audited the financial statements of Redeemed Christian Church of God ('RCCG ') Trinity Chapel (the 'charitable company ') for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland ' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements

Basisforopinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised forissue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINA'W CHAPEL(CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities oftrustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page9

REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINA'W CHAPEL(CONTINUED) :

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINIT'Y CHAPEL(CONTINUED) :

Use ofourreport

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body. for our audit work, for this report. or for the

Mr Stephen Oladapo Odeleye (Senior statutory auditor)

found on behalfof Stephen Michael Associates

Chartered Certified Accountants

Statutory Auditors

lst Floor 3 More London Riverside London SEI 2RE

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REDEEMED CHRISTIAN CHURCH OF GOD CRCCG? TRINITY CHAPEL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBEFI 2020 Restrlcted funds Unrestrlcted Totsl funds lunds 31 Decernbor Trust onty Total fvnds 31 December 2020 31 December 2020 18 months 30 June 2020 Note Income from: Donations and Legac Charttable Activities Investments 50.768 387.584 438,352 1,502, 748 214,988 1,845 307 132 439 Total Income 387.716 438.791 1.719,581 Expendllure on: Charrtable Activities 14.168 275.064 289.232 1,393 523 Total Expendlture 14,168 275.064 289,232 1,393,521 Net movement In lund$ 36.907 112,652 149,559 326.060 Reconclllatlon of Funds.. Total Funds broughi f￿ard Net movement in Funds 294.907 369.650 112.652 664.557 149.559 338,497 326,060 Total Funds carrled forward 331,814 482,302 814116 664,557 The Statement of financial actiwties includes all gains and losses recognised in tho year. The notes on pages 15 to 37 form part of Ihese financial statemenis. Pagè 12

I REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINI'lV CHAPEL

BALANCE SHEET AS AT 31 DECEMBER 2020

Trustonly
31 30June
December 2020
2020
£ £
Note
Fixed Assets
Tangible Assets 12 9,536 11,794
Current Assets 9,536 11,794
Debtors 13 111.223 111.132
Cash at bank and in hand 723,689 598,588
834,912 709,720
Creditors: amounts falling due within 14 (30.332) (56,957)
one year
Net Current Assets 804,580 652,763
Total Assets less Current
Liabilities		 814,116 664,557
Total Net Assets 814,116 664.557
Charity Funds
Restricted Funds 18 339,531 294.907
Unrestricted Funds 18 474,585 369,650
TotaIFunds 814.116 664.557

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf y

[NAME] b IQ£-b t,..*. \ {..... (9 d q. J ' b +-<S--:ii#FD Date: 2-'3 / o ''i / -- I

The notes on pages 1 5 to 37 form part of these financial statements

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

STATEMENTOFCASH FLOWS FOR THEYEAR ENDED31 DECEMBER 2020

31 December
2020		 Trustonly
Tora/
funds
18 months to
30June
2020
£ £
Cash flows from operating activities:
Net cash used in operating activities 126.778 381.948
Cash flows from investing activities:
Purchase oftangiblefixed assets (1,678)
Net cash used in investing activities (1,678) @,80@
Cash flows from financing activities:
Net cash provided by financing activities
Change in cash and cash equivalents in the period 125,100 377,142
Cash and cash equivalents at the beginning of the 598,589 221,447
period
Cash and cash equivalents at the end of the period 723.689 598,589

The notes on pages 1 5 to 37 form part of these financial statements

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINI'TY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

l General information

The charitable company is a private company limited by guarantee, incorporated in England on 18 February 2013.

The address of its registered office is The Discovery Centre Jenkins Lane Barking Essex IGll OAD

2 Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 IJanuary 2019). the FinanciaIReporting Standard applicable in the UK and Republic of Ireland(FRS 102) and the Companies Act 2006.

Redeemed Christian Church of God ('RCCG ') Trinity Chapel meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

2 Accounting policies(continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives. as well as any associated supportcosts.

All expenditure is inclusive of irrecoverable VAT

2.4 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurre

2.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

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2 Accounting policies(continued)
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2.6 Tangible fixed assets and depreciation (continued)

Depreciation is provided on the following bases

Equipment and furniture 33.33% straight line Fixture and fittings 12.5% straight line

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered Prepayments are valued at the amount prepaid net of any trade discounts'due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accoun

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as afinance cost.

2.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

2.12 Fund accounting (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund

3

Analysis of principal Statement of Financial Activities (SOFA) components

4. Analysis of principal Statement of Financial Activities (SOFA) components

For 6 months to 31 December 2020

Trinity
Chapel
Company
I July
2020		 Trinity
Chapel
Charity
I July
2020		 Trinity
Chapel
Company
31
December		 Combined
total
31
December
2020
2020
£ £ £ £
Total Income
Total Expenditure		 438,791
289,238		 438,791
289,232
Net movement in
funds 149,559 149,559

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

For the 18 months to 30 June 2020

Trinity Chapel Trinity Chapel Combined total
Company£ Charity
P		 £
Total Income
Total Expenditure		 1.719.581
1.393.521		 1,719.581
1.393.521
Net movement in
funds 326.060 326.060

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

  1. Income from donations and legacies
ncome from donations and legacies
Restricted Unrestricted Total
funds funds funds
31 December 31 December 31 December
2020 2020 2020
£ £ £
Donations 43,051 387,584 430,635
Government grants 7,717 7.717
50,768 387.584 438.352
Restricted
;unds		 Unrestricted
funds		 rrustonly
Told/
funds
30June2020 30June2020
£ £ 30June
2020
£
Donations 250.418 1,242,547 f,492.965
Government grants 9,783 9,783
260.201 1,242,547 f,502,748

The Government grant is money received under the Corona Virus Job Retention Scheme

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

6 Income from charitable activities

Unrestricted Total
funds funds
31 December 31 December
2020 2020
£ £

Income from charitable activities - Events and conference fees Income from charitable activities - Books and tapes sale Income from charitable activities - Hall hire and other related income Income from charitable activities - Cafe

Unrestricted
funds		 Trustonly
7bM/
funds
30June2020 30June2020
£ £
Income from charhable activities - Events and conference
fees		 70,028 70,028
Income from charitable activities - Books and tapes sale 3,377 3,377
Income from charitable activities - Hall hire and other related
income		 104,056 104,056
Income from charitable activities - Cafe 37,587 37,587
214,988 214,988

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

7. Investment income

Restricted
funds		 Unrestricted
funds		 Total
funds
31 December 31 December 31 December
2020 2020 2020
£ £ £
Investment income - local cash 307 132 439
Restricted Unrestricted Total
funds funds funds
30June2020 30June2020 Trustonly
30June2020
£ £ £
Investment income - local cash 430 1,415 1,845
8. Analysis of expenditure on charitable activities
Restricted Unrestricted Total
funds funds funds
31 December 31 December 31 December
2020 2020 2020
£ £ £
Advancement of Christian Faith Worldwide 14,168 275,064 289,232
Restricted Unrestricted rota/
funds funds funds
30June2020n 30June2020
£		 Trustonly
30June2020
£
Advancement of Christian Faith Worldwide 9,783 1,383.738 ]J93, 521

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

9. Analysis of expenditure by activities

Activities
undertaken
directly		 Support
costs		 Total
funds
31 December 31 December 31 December
2020 2020 2020
£ £ £
Advancement of Christian Faith Worldwide 211,705 289,232
Activities Trustonly
undeRaken Support Tora/
directly costs funds
30June 30June 30June
2020 2020 2020
£ £ £
Advancement of Christian Faith Worldwide 419,239 974.282 1,393,521

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

8 Analysis of expenditure by activities (continued)

Analysis of direct costs

Activities
undertaken Total
directly funds
31 December 31 December
2020 2020
£ £
Staff costs
Donations
Hall hire		 43,053
18,483		 43,053
18,483
Visiting speakers expenses
Conferences and events
Welfare		 2,053
7,487
6,451		 2,053
7,487
6,451
77,527 77,527
Activities
undertaken Lola/
directly funds
30June 30June
2020 2020
£ £
Staff costs
Donations
Han hire
visitingspeakers expenses
Conferences and events
We#bre		 {36,131
68,600
39,951
25,732
143,420
5,405		 136,131
68,600
39,951
25.732
143,420
5,405
419,239 419,239

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Advancement
of Christian
Faith Total
Worldwide funds
31 December 31 December
2020 2020
£ F
Staff costs
Depreciation
Premises cost		 60.790
3,935
73.074		 60,790
3,935
73,074
Sundry church expenses 2,451 2,451
Staff training
Cafe		 98 98
Communication cost 8
115		 8
115
Multimedia & IT expenses 9
491		 9
491
Legaland professionalfee
Insurance		 37
B14		 37
814
Hire of vehicle and equipment
Gifts to parishioners and others		 932
065
9l		 932
065
9
l
Eventcatering 260 260
Advertising and publication 377
5		 377
5
Consultancy 000
18		 000
18
Printing postage and stationery 224 224
Bank charges 756
5		 756
5
Travelling expenses
Refreshment		 738 738
Repairs and maintenance
Bookstalls		 6,569 6,569
Foreign exchange (gain)/loss
Governance costs		 107
4,872		 107
4,872

----- Start of picture text -----
211.705 211,705
----- End of picture text -----

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

Analysis of support costs (continued)

Advancement
of Christian
Faith 7bh/
Worldwide Funds
30June Trustonly
30June
2020 2020
£ £
Staff cos ts
Depreciation
Premises cost
Sundrychurch expenses
Staff training
Cafe
Communication cost
Multimedia & IT expenses
Legalandprofessionalfee
Insurance		 197,102
13.346
425,460
17,935
505
29,298
21,587
37,820
7.538		 {97,102
13,346
425,460
17,935
505
29,298
21,587
37,820
2,798
7,538
Hire of vehicle and equipment
Gifts to parishioners and others
Event catering
Advertising and publication
Consultancy
Printing postage and stationery
Bank charges
Travelling expenses
Refreshment
Repairs and maintenance
Bookstafls		 33,951
8,/47
5,655
20,531
56,300
4.552
22,118
9,826
43,489
7,307		 33,951
8,747
5,655
20,531
56,300
4,552
22.118
9,826
7,919
43.489
1,301
Foreign exchange (gain)/loss
Governance costs		 (126)
7,236		 7,236
974.282 974,282

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

9. Auditors' remuneration

12 months 18 months
Trustonly
31
December 30June
2020 2020
£ £
F.ees payable to the charity's auditor for the audit of the
charity's annual
Accounts 4,296 6,036
Fees payable to the charity's auditor in respect of:
All non-audit services not included above 576 1,200

10. Staff costs

1 2 months 18 months
31 Trustonly
December 30June
2020 2020
£ £
Wages and salaries 93,851 293,855
Socialsecurity costs 7,986 24,842
Contribution to defined contribution pension schemes 2,006 4,753
103,843 323,450

The average number of persons employed by the charity during the year ended 31 December2020 was as follows: ' '

12 months Trustonly
18 months
31 December 30June2020
Pastors
Church Administration

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER2020

10. Staffcosts (continued)

£60,000 wasof employees whose employee benefits (excluding employer pension costs) exceeded

rrustonly 12 months 78 months 31 December 30 June 2020

Inthe band £70,001-£80,000

11. Trustees' remuneration and expenses

During the year ended 31 December 2020. no Trustees received any remuneration or other benefits

During the year ended 31 December 2020, no Trustee expenses have been incurred.

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Tangiblefixed assets

Other fixed
assets
£
Cost or valuation
At I January 2020
Merger - Trust only 407,608
Additions 1,678
At 31 December 2020 409,286
Depreciation
At I January 2020
Merger - Trust only 395,815
Charge for the year 3,935
At 31 December 2020 399,750
Net book value
At 31 December 2020 9,536
At 30 June 2020 - Trust only 11.794

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Debtors

1 2 months Trustonly
18 months
31 December 2020 30June2020
£
£
Due after more than one year
Other debtors:		 71,265
Due within one year
Other debtors 71,265 400
Prepayments and accrued income
Tax recoverable		 28,076
11,882		 30,398
9,069
111,223 {11,132
editors: Amounts falling due within one year
1 2 months Trustonly
18 months
31 December 30June2020
2020
£ £
Other taxation and social security 7,136 5,984
Other creditors 15,243 39,501
Accruals and deferred income 7,953 11,472
30,332 56,957

14. Creditors: Amounts falling due within one year

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTESTOTHEFINANCIALSTATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

15. Financial instruments

----- Start of picture text -----
12 months Trustonly
18 months
31 December 30June2020
2020
£ £
Financialassets
Financial assets measured at fair value through
income and expenditure 723,689 598,589
----- End of picture text -----

Financial assets measured at fair value through income and expenditure comprise cash at bank andin hand.

16. Analysis of net assets as at I July 2020 merger date

Trinity Chapel
Company		 Trinity Chapel
Charity		 Combined
total
£ £ £
Netassets 664.557 664.557
Represented by:
Restricted funds 294.907 294.907
Unrestricted funds 369.650 369.650
Totalfunds 664.557 664.557

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINI'TY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 7. Statement of funds

Summary of funds -- current year

Balance at
I January
2020		 Balance at
I January
2020		 Merger
Trustonly
Balance at
I July 2020		 Income Expenditure Balance
at31
December
2020
£ £ £ £ £
Unrestrictedfunds
General Funds 369.650 387.716 (275,064) 482,302
Restrictedfunds
Building fund
Welfare fund		 282.292
12,615		 37,587
5,771
(6,451)		 319.879
11,935
Corona Virus Job
Retention Scheme		 7,717 (7,717)
294.907 58.792 (14,168) 339.531
664.557 438.791 (289,232) 814.116

Building fund represents donations towards the purchase or renovation of the church's new place of worship. Welfare fund relates to donations towards supporting general welfare needs including the donations to the Love Your Neighbour initiative which feeds the homeless in Barking.

The charity has enough funds to support the restricted fund

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTESTOTHEFINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Summary of funds prior period O'rust only)

Balance at30
Balance atl
January		 June20200
2019 Income Expenditure
£ £ £
Unrestricted funds
Genera! Funds 294,438 1,458,950 l1,383,738) 369.650
Restricted funds
Buildlngfund
Corona Virus Job
Retention Scheme		 44,059 250.848
9,783
C9.283)		 294.907
44.059 260,631 l9,783) 294907
Totaloffunds 338.497 1,719,581 l1,393,521) 664,557

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Summary of funds
Balance at
I January		 Merger
Trustonly
Balance at		 Balance
at 31
December
2020
P		 I July 2020
£		 Income
£		 Expenditur
e		 2020
£
£
General Funds 369,650 387,716 (275,064) 482,302
Restricted funds 294,907 51,075 331,814
664,557 438,791 (289,232) 814,116

Summary of funds prior period O'rust only)

Balance at
Balance at I 30June
January 2020
2019
£		 Income
£		 Expenditure
£		 £
General Funds 294,438 t,458,950 (1,383,738) 369,650
Restricted Funds 44.059 260.631 (9.783) 294.907
338.497 }.719.581 :1,393,521) 364.557

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REDEEMED CHRISTIAN CHURCH OF GOD('RCCG ') TRINITY CHAPEL

23. Pension commitments

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £2,006 (June 2020

24 Operating lease commitments

At 31 December 2021, the Charity did not have any commitments to make future minimum lease payments under non- cancellable operating leases as the lease on the current premises has expired and a new lease has not yet been entered into for the next rental. The Charity is in the process of negotiating a new lease when arrangements for the rental of new premises is completed.

25. Related partytransactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2020.

26. Merger

The Trustees made the decision in 2017 to close the Redeemed Christian Church of God ('RCCG ') Trinly Chapel (trust) and transfer all the Charity's assets and liabilities to a charitable company under waseffectedon30June2020. same name, being registered with the Companies House as a company limited by guarantee '' '' This

Page 37