Registered number. 08434543 Charity numbfrT'. 1151560 REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') TRINITY CHAPEL (A company lirnited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ill 64Fl5. A27 ¢cPANIEs HOUSE
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG'I TRINrrY CHAPEL (A company limited by guarantsel corEPs Page Reference and administrativ• detaily of th• Charitable Company its Trwsl•os and advisers Tru8tees' report Independent aud110. report on th• flnancial 8ttsm•nts Statem•nt of finan¢i•l activiti•s 8-12 13 Income and expenditure account Balan sheet 14 15-16 Statement of ¢•sh flows 17 Notes to thè financial $tat•mMts 18-36
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG.) TRINrrY CHAPEL (A company limhed by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COIAPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 310ECEM8ER 2023 Mr Agu INkv4u Dr Shola Adeaga Mr Olatfvgwale OdLWte Company regi8t•rnd number 08434543 Charity registernd Thumber 1151560 Rogist•r•d offi The BrocA( Abbey Road Stratford London E15 2QT Chief ex•cutiv• oTr•r Mr Akinyemi OdUsU Ind•pendent auditorn Stephen Michael Associates Chartered CertIfd Accountartts 201 Borough High Street Lorthn SE1 1JA B*nk•v8 Barclays Bank pk 737 Barking Roaj Lon&)n E13 9PL Page 1
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG'I TRINifi CHAPEL IA company limited by guafantso) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual rew1 together with Ihe audited financHI statements of the Charitable Ccwnpany for the year 1 January 2023 to 31 Oecember 2023. The Annual report seNes the purposes of both Trustees, report and a directors. report under company law. The Trustees confirm that the Annual report and financial statements of the charrtable company ccYnt4y with the current stslutory requirernents. the requiremenls of the charilable compan$ wveming (Jctumenl and the wovisions of the Slalemenl of Recommended Practice ISORP) applthle lo chafrties preparing their accounts in aCcrdae with the Financial Reporting standard aWicable in the UK and Republ of Ireland {FRS102) (effective 1 January 2019). Since the Charitable Cornp8ny qualifies as small under sect1 382 of the Crynpanies Act 2006, the Strategic report requi of medium and large cerfnpanies under the compan Act 2006 (SlrategK Re[ and Directors, Report) Regulab"on$ 2013 has been omitted. Obj•¢tives and activltlgs . Policies and otyKtives The Chartys main obj.ects are.. The advaneemenl of the Christian rely)n wortdwits.. and The relief of poverty Workn. The Charivs main c4ecbves continu? to be: Empowering membefs & anyone that identifies with the elhos of the charity to set up an initiative or enterSe that amplrfs their purpose & vis)n. Intensfyiry efforts in develw'ng more c(xnmunity based initiatwes Ihal wil serve as a source of transfonnation in our SOcty. Setting up fomial & infomial perf¢)mianc& evaluats'on & feedback structures that will enable the charity run more effectivety. Repositioning the charty in Ihe minds of tr communty. rebranth'ng the charty & the buikdir4J with a vmv to changing people's mind sets or perCepn about the chuh. Refurbishing the chaTfy Premises & making rt morefil for PUTP05e including the restoration of vibrant and Irue worship. Reaching out more with a vw lo bringing in new wsitors V specrfK bfJge events & more indusive use of Charty premtses & more outward fc¢used ministy events. Repfodueing new leaders & grcws thal will enaNe Successi planning for all aaS of our operations. Intensrfw'ng wr training effrwts to ensure * have a rewlar supply of competent volunteers & able lay ministers. In setting objectives and planning for actM"lies. the Trustees have given Ce consideration to general guidance published by the Charity commiss relating to publK benefft. induding the guidat)ce 'Public bènefit.. running a charity IP821' and, its supplementsry putAi¢ guidance on the adVancerne of ielvJion for the public benefrt.. Page 2
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') TRINITY CHAPEL IA company limited by guaranteo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Obj•ctiv•s and a¢tiviti•s (¢ontlnuedl b. Stratsgies for achiovlng obiectiv•s The Charivs strategies for achieving these objectives Trg'. Putting together quate finanaal & administrative support tr rnnning of all the CharTVs aclivibes induding the establishment of new church parishes. Building a netsrk of relats"onships wthin the kncal & natK)nal community with a view to engaging them in joint ccrfnmunty efforts Puth"ng together project leams to coordwwle various actibtities both in the Church & in the Communty. Fundraising to finance the objethes. c. Actlvltles und•rtak•n to achteve obiectl¥es Leadership TrainiryJ Volunteer Training Community Outreach Events Conferences & Events d. Volunteers The Charity is grateful for the efforts of Tts Trmlunleer workforce that are invofved in various areas of service provision. development, and IMementation of the Church's vision. It L% ImsSible lo put a value on the efforts ol these people.. we do however have a volunteers. training pro3ramme whh calws for the welfare, spiritual and SOCiOweconcwnic develwmenl of these people. •. Main a¢tiviti•s undertaken to further the Charitable Company purpos for th• public benefit It pursues these objects by the op8ration of a centre for Chrts" worship at rts premises in StratFord, Lorbdon where il felocaled to in Marth 2023 from the prev)us tiOn in Be¢klon, Essex. The Charty runs a number of eommunty based vehicles of transfLyman that focus on assw6bng the disaantaged & less well off in our local communities & abroad. The Charty also makes regular donations to a number of exlemal organisaticrfis overseas that are better placed to further advance various causes. Our site is a venue that is accessible to 811 when programmes are being run & events cater for peot4e from 1 walks of lrfe. We run youth, marrge. chiklren's. men's & women's based events. Page 3
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') TRINITY CHAPEL IA company limit by guarnnlw) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 Aehievemfjnts and perfomian¢e a. Rèview of activities Significant actiwties that contn"trNJted to the achwent of these objecbves ¥bWe.' The Charity continued to supwrt ottw charitss nabonalty & in1ematicaItr in areas that are in line with our 04eclives. Community Outreach events in¢bJde a Lo Outthth di5th"txrting grfis in Ihe Strarford area during the Valentsne seaw in February, f¢xrfl dislribLrtion to the homeless during Easter and Merry Miracles iniliative. a CSR CamPan that suppld care pacl(s lo the homeless during the Christmas period in December 2023. We also embarked on a shoe box operation in support of Samafitan's Purse which provides Christrnas grfts for less prileged children in other countries in Europe. Conferences 8fKI events organised during the year induded. of physical and virtual conferences for the18dies, chikjren and the men. The Charity ¢ontinLd to host the annual Chrtstmas Carol Serviee. Training programmes were also run whKh included Volunteers Training & Leaders Meetings. The various accountabilty gr{pS were maintaHd. b. F•ctorn relevant to achi•v• obi•¢tiv•s The other single most important factor is the contsnued ccnmitment of members both financialty and in voluntary hours. c. Inv•stm•nt poli¢y and performanc The Trustees have decthd that at presenL funds shwhj be relained in Banks and Building Societs. Any change in such banking arrangements shoukl be agreed by the Board. As far as possible, funds will be retained in interest bearing accwnts. FiTron¢ial review . Going concern After making appropriate erries, the Trustees have a reasonable expeelalKJn that Ihe Charitable Company has adequate resoue$ to continue in opeTatKJnal existence for the foreseeable future. For this reason, they continue to adopt the going eoneem basis in preparing the finan¢o1 statements. Further details regarding the adoption of the going eoncern basis can be found in the a¢nting w11c$. b. R•4¢8 poli¢y Th& Trustees are aware of the requIent lo have a reser¥t &K)Iw in place and aim to maintsin a target balance of a rnonth's worth of fixed operational costs at any gi¥en time. in order to ensure the on90ing delivery of its charitable objects during an unforeseen downlum in income. The current level of free reserves {unreslrtcled fund less fixed asset elemenl) is at a level that is more than a month's worlh of fixed operational costs. The Ifee reserves as at 31 December 2023 is £148.522 {2022- £459,208}. Page 4
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG.) TRINifY CHAPEL {A company limit•d by gu•Tantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 c. Finan¢lal risk managemenl objectives and policies The Trustees have assessed the major risks to which the church is exposed. in particular those related lo the operations and finances of the church. The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial syslems and by examining the operationa risks faced by the church, they have established effecbve systems to miligate the Charity's extK)sure to these risks. d. Principal funding The Charitys principa funding is through members. ¢tributIOnS and (k)nabons: on which we claim gift aKI mnthly on qualfying i10Me. Structurnp governan¢• and m•nag?ment . Constilutlon Redeemed Christsan Church of Gcl I'RCCG.) Trinity Chapel ts registered as a charitable company b'mited by guarantee and was set up by a Memorandum of ASsocian. b. Methods of appointment or •l•¢tion of Trust¢•s managernent of the Charitable C¢>npary is the responsI'11ty of the Trustees who are elected and Cc0pted under the tern of the Memorandum of Asslxiation. c. Or9anisational slructurn and d•ci8iOTrvmaking policies The Charty is organised such that the day to day njnning the Church has been (Wated to the partsh Pastor. who is supported by the respethve functional HJs. The Trustees are consulted on all issues that are material in nature and delemine the strategic dIreCtn of the Charitys affairs. Trustees meet fomally a5 and when required to review the Chantys operations. d. Policies adoptsd for tho indu10 and tralnlng ol Trustrts New Trustees are issued an orientstK)n pack that details their legal olgationS under charity law, the Charitys decision-ming prccesses and retent financial perforrnan of the Chanty. Trustees are encouraged lo attend appropriate extemal training events where these will facihtste the undertaking of their role. Chaiilies ComMissn buletins l updates a also forwar(led lo Twstees as and when issued. e. Pay policy lor k•y management peTronn•l The Trustees conspjer the Chantys Trustees. the Past(Ys and A(kninislrator comprtse the key rnanagement personnel of the Charty in charge of directing and controlling. wnning and operating the Trust on a daY-tdaY basis. All Trustees give of their Iwne freety their capacity as Trustees. No Trustee received remuneration in the year. The pay of the Charivs senkw slaff is revwed annually and ntxmalty increased to account for inflion based c•) the lalesl Consumer Price Index. The remuneration is also bench-marked with charities of a similar sEe and acb.vty to ensure that the rernuneratn set is fair and not of line wiiti that gerlty pa*J for similar roks. Page 5
REDEEMED CHRISTIAN CHURCH OF GOO I'RCCG.) TRINITY CHAPEL (A Company 11rnit ty guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Stru¢ture> govornance and maTragem8nt (continued) l. Financlal rlsk managwn•nt The Trustees have assessed the major risks to whr¢h the Charitable Company is exposed. in particular those related to the operat$ and finances of the Charrtable Company. and are satisfied that systems and procedu are in place to mrtwale exposure to the major risks. Plans for futhr• perlods The Chafity continues trj exptore various ways of reaching Out to its communty and spreading the gospel of Christ in an effectNe manner by raising its profile in the community. We abo intend to extend our worldwid¢ influence through our various media efforts. The Charty continues lookirvJ to grow in membershy and to devdop its members to mae transformational impact in swety. The Chaiity relocated to Strafford in March 2023 after spending 14 years in Beckton. The new location is under a 25-year lease and the Charity tc*)k SSeSsion in August 2022. Signfftant renovation works have been nbarked on to ensure that rt is a fil for purpose home for th8 members. Thi8 Wtll serve to support the local community with opportunities to rent worksp2 I ¢feren facilities during the week that is aftordable. These new premises will also serve to draw in potential members and go a long way lo generating further ineome. Trustees. liabllity The trustees ol the Charilable Company guarantee to contfQ)ule an amount not exceeding £1 to the assets of the Charilable clpanY in the event of wirKling up. Page 6
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG'I TRINrrY CHAPEL {A company limited by guarant•el TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Truste•s' rnsponsibiliti The TTuslees (who are also the d1Clor$ of the Charilable Company for the purposes of MpanY law} are responsie for preparing the Trustees. reFKJrt and the financKg1 statements in accordance with appluble law and United ngdorn Accounb'ng Sdards (United K[r&n Generaltry Aepted Accounbng Practice). Company law requires the Trustees to prepare financial statements for exh financial year. Under company law, the Trustees must not approve the financial ststements unless Ihey are satisfied that they give a true and fair view of the slate of affairs of the Charitable Company and of its incoming resources and application of resourees. In¢dIng its inccKne and expenditure. for that perKJ. In preparin9 these financkql statements, the Trustees are requI(j lo". select suitable accounting polries and then appty Ihem consistenty. observe the methlxls arKI principles of the Charities SORP IFRS 102).. make judgments and a¢counliry eslimates th81 are reasable and prudent", stale whether aFWicabte UK Accounting Standar¢ls IFRS 11r2) ve been follo*Ed. subj'ect lo any material departures disdosed and explained in the financial statements., prepare the financial statements on the going ¢ceM baw un5 rt 1$ inapwlle to presume that the Charitable Cornpany wll continue in busines& The Trustees are reswnsible for keeping •Jequate accounting record5 that are sufficnt lo show and explain the Charitable Companls transactions and disdose with reasortabfe accuracy at any time the financial position of the Charrtable Company and enable them to ensure that the financial slalements compty with the Compantes t 20(. They are also responsknle for safeguarding the assets of Ihe Charitsble Company and hence for L2king reasonable steps for the prgventson and detection of fraud and other irregularits"es. Disclosur• of infornmlion to audftors Each of the persons who are Trustees at the ts.me when this Trustee5' re[rt approved has confinnod that.. so far as that Tru$lee is aware. there is no reknnt audit infomiation of which the chan$ auditors are unaware. and that Trustee has taken all the steps that ought to have been tthen as a Trustee in ordw to be aware of any relet audit infom)atson and to establish that the charitys auditors are aware of that inf0mli0. Auditorn The auditors, Stephen Michael Associates. have indicated their wltingness lo continue in offtt. desunated Trustees wll propose a motion reapwnb.ng Ihe auditors * a meeting of the Trustees. Apwov8d by ordeT oflhe members ofthe board of Trustees and ggned on their beha by.. Mr Olabowale Odusol• Dale.. 11 74 Pago 7
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG'I TRINtrY CHAPEL (A company limi1 by guarant•o1 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOO ('RCCG') TRINITY CHAPEL Oplnlon We have audited the financial statements of Redeemed Christian Church of God {'RCCG'I Trinty Chapel (the 'cttaritable companll for the year ended 31 December 2023 which comprise the Statement of financial activies, Ihe Income and expenditure accounL the Balance sheet, the Statement of cash flows and the related notes, including a summary of sNJnrficant aeeounling pokEs. The financk21 reports.ng frnmework that has been applied in their preparation 1$ aWicable law and United Kingd¢xn AccountJ"ng Standards. inclusjing Financial Reporting Standard 102 'The Financial Reporting Standard appiKable in the UK and Republic of Ireland (United KingLJm Gemralty Accepted A¢unting Pr¥$}. In our opinion the financwl statements" gr¥e a true and fair view of Ihe state of the Charila (xJmpanls affai as at 31 December 2023 and of its incoming rvsources and application of resources. irthdiThJ its incm and expendtture for the year then ended,. have been roperly prered in accordance 7Mih United Kinwth Generalty Accepted AccounlrThJ Praelice.. and have been prepared in accordan the requirements of Ihe Ccrfnwies Act 2006. 8as1s for oplnlon We eonducted our audr( in xcordance wiiti Intenwlional Standards on Audth"ng (UIQ IISAS (UKII and applicable law. Our resFK)nsibilitr'es under those stsndards are further described in the ALtditors' reS[nsIbl11tses for the audit of the financial sLements seth.on of our rewrL We are independent of the ¢haritsble company in acrdanCe wth the ethical requirements that are relevant lo our aLKlil of the finan¢kAI ststements in the United Kingdom, including the Financial Reporting Coun¢il's Ethal Standard. and we have fulfil our other ethical responsibililies in a¢coTdance these requirements. We belwe that the audit evidence we have obtained is sUffent and appropriate to provrde a basis for our opinic. Conclusions relating to golng concern In audiling the finanual ststernents, we have conduded that the Twslees, use of the going concem basis of unthng in the preparation of the financial statements is appropnate. Based on the work we have perfomied, we have not identified any malerial uncertainties relating to evenl$ or conditn$ that, indiwdualty or collectNety. may cast snIficant doubl on Ihe ¢harrtable company's atsilrty lo contsnue as a going cOreM. for a period of at *st tr1Ve M¢th$ from when the financial slalements are authorised for issue. Our responwbililies and the resp)nsibli15 of the Trustees with re¥e¢l tt) going concem are described in the relevant seth"on5 of this report. P4e8
REOEEMED CHRISTIAN CHURCH OF GOD {RCCG'} TRI41TY CHAPEL IA company Ilmlted by guarant••l INDEPENDENT AUDrfoRS' REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG'> TRINITY CHAPEL (CONTINUEO) Other Infomiation The other infomiation comprises the infOatiOn induded in the Annual report other than the financial statements and our ALJrtors' report thereon. The Trustees are respons)le for the other irrformation contained wthin the Annual iewrt. Our ¢)pinion on the financ1 statements does not cover the other infonnation and, except to the extent otherwise explKrtty stated in OUT reFrf do not express any form of assurance conclusion Ihereon. Our responsibility 15 to the other informats.on arKI, in doin9 50, consKder whether the olher inlomation is materialty InnsIStenI with the financ1 statements or our krKMledge obtained in the course of the audit, or otherwise appears to be materialty mrsstaled. If we Klentify such malerial inconsistencies or apparent material misstements. we are required to tjeteffliine whether this gives rise lo a material mi5s1atement in the finan¢MI slatements themsdves. If. based on the Work we have perfomied. we conclude that there 15 a material misstatement of this olher inf0mat, we are required to rert that fact We have nothing to rop)rt in this regard. Opinion on other matt•vs prtscribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the aud the infom7ath given in Ihe Trustees. reix)rt for the financial year for which the finala1 statements are prepared is consistent the finarti81 stslements. the Tiustees. report has been Prepa in OrdanCe with altable legal r&Juirements. Mattgrs on which are required to report by exceptloTh In the light of our knthvledge and underslanding of Ihe charilable company ¥d its envtronment obtsined in the course of Ihe alit. have not identif material misslatements in the Trnstees, reporL We have nothing to report in respect of the folky*ing matters in relation to whh compan Act 2006 requires us lo repryt to you if, in our opinion." adequate accounting records have not teen kert or relums adequate for our audit have not been received from branches not visited by us. or the fin8nckal statements are not in agreement wth Ihe aco)unb'ng records and returns.. or certain di5closure$ of Trustees. remunerabon Specif ty W are not made" or we have not received au the infomiation and explanaIN$ we require for our audi( or the Trustees were not enliued to prepare the finarKial ststernents in accordance wth the small companies regime arKI take advantsge of the sm811 cA)mpanies' exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic rep)rt. Page 9
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') TRINtri CHAPEL (A Gompany limitod by guarnnt•o) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOD ('RCCfy) TRINtrY CHAPEL (CONTINUED) Responsibilltles of truslees As explaned more fvlty in the Trustees. reSponslI1tieS statement. the Trustees {who are also the direclors.ol the charitable company for the purposes of company lawl are reSnSible fot the preparab.on of the financial statements and for being sakn"sfied that they gwe a true arld fair view. and for such inlernal control as the Trustees detemiine 15 necessary to enable the preparatK)n of financial slatements th are free from material misstaternen( whether due to fraud or error. In preparing the financtal statements, the Trylee$ are reSpOnb for assessirrfJ the charitable compan$ ability to conkn.nue as a going ncern. disclosing. as applKable. mattets related lo going concern and using the going concem basis of a¢unting unles5 Ihe Twstees erther intend to Irqu¢date the charitable company or lo cease operations. or have no fealistic ahemative bul to so. Page 10
REOEEMED CHRISTIAN CHURCH OF GOD fRCCG') TRINffY CHAPEL IA rnPany lirni¢ed ty guarantee) INDEPENDENT AUDITORS. REPORT TO THE hlEAIBERS OF REDEEMEO CHRISTIAN CHURCH OF GOD I'RCCG'I TRINrri CHAPEL (CONTINUED Auditorn. responsibilities forth• audit of the financial stst¢monts Our objectives are to obtain reasonable assurance about tthether the finarrial slaiements as a whole are free from material miwalemenl. whether due lo fraud or error. and to issue an Audrtors. report that includes our opinion. Reasonable assurance is a hh levd of assurance. bLrt is not a guarantee that an aud¢t conducted in a¢cordance with ISAS (UK) whll aw detect a material misststemenl when il extsls. Mrsstatements can arise from fraud or error and a cOnSered material rf, indidUal or in the aggregate, they could reasonably be expected to influence the econom dectsions of users taken on the basts of these finanual slalements. Irregularities. including fraud. are instances of non•cOmplnce laws and regulations. We de51gn procedures in line our respJnsibikn"es. ¢xrfined ab)ve. to delect materia misstatements in respect of irregularities, including fraud. The exlenl to t¥hi¢h our prcteilures are Capab of delecbng irregularilies, cluding fraud is detsiled below.. We identffied areas of laws and regulations that coukl reasonabty be expected lo have a material effect on the financial statements from OUT sector experience through discuOn with the Trustees and other management las required by aud"n9 stsndards). We had regard to laws and regulattt)ns in areas Ihal directty aff&t the finan¢ial sLments includin9 financol reporting and taxat legislatn. We Considered the extent of ¢omplk?nce wilh those and regulalK•ns as part of our procedure on the related financial statement rtems. With the eXp1K)n of any known or wssible non c(Mnpliance, and as required by auditing standards, our work in resFect of these was limited lo enquiry of the Trustees. We communicated idenlffied Iwws and regulattons Ihroughout our team and remained alert to any indications of non compliance throughout the audit. We addressed the risk of fraud through management override of controls, ty testing the appropriateness of journal entries and other adjustments," assessing whether the judgements made in making accounting estimates are InditiVe ol a polenld tyas," and evaluabng the business rationale of any significant IransactiMs that are unusual or sxrtsrde the nom1 ¢ce of business. Our audit prcredures were destgned lo reSd to risks of material misstatement in the financial statements, recognising that the risk of not de1"nY o material misstslemenl due lo fraud is higher than the risk of not detecting one resLtttirvJ from error. as fraud may invcAve delitwale concealment by, for example. forgery, misrepresentations or through colluston. The a Inhent limrtkn.ons in the audit procedures performed and the further removed non complonce laws and regulattns is from the events and transacb.ons feflecled in the financial ststements, the less lrf(ely we are to tecome aware of IL A further des¢riptton of our responstiliti"es for the audit of the financHI statements is ktated on the Financkil Reporting CcHJ1rs *bsite at VAV4V.frc.or .uklauditorsres sibl"tieS. This desenption form$ part of our Auditors. ieporL Page 11
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG'} TRFNrrY CHAPEL IA cornpany limited by guarantse INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF REDEEMED CHRISTIAN CHURCH OF GOO ('RCCG') TRINITY CHAPEL (CONTINUED) Use of our rnport This rewrt is made solely to the charitable companls members. as a in 0rdance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has undertaen so that we rnh1 state to the ehantsble company's members YSe matters we are required to state lo them in an Audrtors, rew)rt and for no other purpose. To the fullest extent permitted by L7w. we do not accept or assume resp)nsibility lo anyone other than the charitsble company and its mernbers. as a bcNJy. for authl for this report or for the opinions we have formed. Mr St•phen Ol*dapo Od¢leye {S•niorstalutory auditor) for and on behalf of Stephen hlichael Assoeiates Chartered Cerbfied Accountants Statutory Auditors 201 Borough High Slreel London SE1 1JA Date". Page 12
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG'I TRINiff CHAPEL (A ¢ompany limit•d by guar4ntw) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Total funds 2023 Total funds 2022 funds 2023 funds 2023 In¢om• from: Donations and legacies Charitable adivits.es Investrnents 220.739 1,117.326 51.613 15.223 1. 130,447 24.770 37.842 51.613 15223 Total income 220.n9 963.423 1.184.162 1, 193,059 Expgnditure on: Charitsble activities 115.343 1.101.897 949.386 Totsl expondituro 115.343 986.$54 1.101.897 949.386 N•t movement in funds 105.396 {23,1311 82.265 243.673 Reconciliation of funds". Total funds brought foThrnrd Nel movemenl in fvnds 597.724 105.396 664.433 123.1311 1.262.157 82.265 7.018,484 243,673 Total funds ¢aYrled forward 703.120 641.302 1,344.422 1,262, 157 The Statement of finanaal rudeS all gains and losses rec¢Th3nised in the year. The notes on pages 18 10 36 form part of these financial ststements. Page 13
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG.) TRINiff CHAPEL (A company limited by guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 . Total funds 2023 Total funds 2022 Gross In¢om• in the reporting period Less: Total expenditure 1.184.162 {1,101,897) 1,193.059 (949.386) Nèt expenditurel{incom•) for th• rnporting p•riod 82.265 243,673 The notes on pages 18 10 36 fm part of these fin¥oal slatements. Pagè 14
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG'I TRINITY CHAPEL (A Company limited by guarantee) REGISTERED NUMBER.. 08434543 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Fixed assets Tangible assets 1,048.559 604,031 1.048.$59 604.031 Curyent *ssets Oebtors Cash al bank and in hand 12 218.on 127.487 169.010 537,696 315.560 700.706 Creditors: amounts falling due wilhm one year 13 (49.697) (42.580) Net current assets 29S.863 658, 126 Total assets less current liabllftles 1.344A22 7.262, 157 Net ass•ts excluding pension asset 1.344.422 1,262, 157 Total net assets 1.344.422 1,262,157 Charity fund8 Re51Ticted funds Unrestricted funds 15 15 703.120 641.302 597, 724 664,433 Total funds 1A44.422 1.262, 157 Page 15
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG') TRINITY CWEL (A company limited by guarantee) REGISTERED NUMBER: 08434543 BALANCE SHEET ICONTINUED AS AT 31 DECEPABER 2023 The Trustees acknowledge their respon$ibililies for cOMp.ng with the requirements of the Act respect lo accountr'ng ordS and prepatiOn of fLtNwcial statemertts. The financial statements have been prepargj in &cordance wilh Ihe prolonS applvble to entiti.es subject lo the Small companies re9ime. The financral statements were aFvr¢)ved and authorised for issue by the Trustees and sned on Iheir behalf by.. Mr Olab¢)wale Qdu80ts Dale.. Il SOOQW ?OZ The Th)tes on pages 18 to 36 fom of these financial Stsiements. Page 16
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG'} TRINITY CHAPEL {A company limit¢d by guarantoe) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash fl¢>ws from op•rating •¢tivities Nel cash used in operating acliwties 124.553 148.575 Cash flows fr¢m investing activiti•# Purchase of tsngible fixed assets 1528.762) (591, 147) Net cash In inv¢sting actbvities 1528.762) {591,1471 Cash flows fmm fin•ncing acti¥iti•s Net cash provid•d by finan¢lng acllvrii¢s Change in cash and cash equivalents In the year Cash and cash equivalents at the tw.nniw of the year 1404209) 531.696 (442,S721 974,268 Cash and cash equivalents 0¢ the end of the year 127.487 537.696 The notes on pages 18 to 36 fom part of these financial statements Page 17
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG'I TRINiff CHAPEL (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Goneral inforniatloTr The charItae company is a private eL¥npany kn)ited by guarantee. ints)rporaled in England on 18 February 2013. address of its registered office is." The Brook Abbey Road Stratford E15 2QT. Accountlng policies 2.1 Basis of proparalion of financial statoments The financial slalements have prepared in &cordance with the Charities SORP {FRS 102} - Ac¢ounliNJ and Rep)rtirKJ by Charities". Statement of Recommended Practice appluble to charrties pParIng their accounts in accordan wlh the Financial Reporting Standard appltcabie in the UK and Republic of Ireland IFRS 102) leffectr¥e 1 January 2019), the Finan¢wl Reporting Standard applthble in the UK Republic of Irelwd IFRS 1021 and the Companw Act 20C6. Redeemed Christian chh of God I'RCCG,) Trinty ChaFel meets the definits.on of a public benefit entty under FRS 102. Assets and liabi1rt are inib.alty recognised al hi$tori¢al c051 or transactKJn value unless otheise ststed in the rean1 accounting polrcy. 2.2 Going concern The finanual statements have been prepared on a ing concem b3515 as the trustees believe that no material uncertaintes exist. The Iruslees have conskkned the cashflow forecast and the projected inctyne arKI expendrture for 12 months from authorlg these financial stslemenls. The level of free reserves and funds held 15 sufficient for the chanty to Èe able to continue as a going concem. 2.3 Incom• Air irthme is recogntsed once Ihe Charitsb Company has entitlement lo the income, it is kycbab that the incne will be TeceNed and the amount of income recwvable can be measured reliably. Grants are included in the Ststemenl of financial actNities on a receNle bosis. The balance of income received for specffic pUr[seS but not expended during the period is shown in the relevant furKls on the Balan sheet. Where twxne 1$ receNed in advance of entitlement of feceipt. its recognitrjn is deferyed and included in creditors as deferred income. Whare entitlement occurs before inccthe is received, Ihe income is accrued. Income tsx woverable in relati to d(malwis received under Gift A"d or deeds of covenant is recognised at the time of the donatKJn. Income L7x recoverabk in reLgtion to wwestrnenl income ts recwised at the time the investment ineome 15 receivable. 2.4 Expenditur• Page 18
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG'I TRINifY CHAPEL (A company Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OEC&IIBER 2023 Ac¢ounting policies (¢ontSnued) Expendiiure is rectsynised once there is a legal or constfuctNe obligation to transfer 00M1¢ benefit lo a third party, il probab that a transfer of economic benefits will be required in settlemenl and the amount of the obligath)n be measured reliabty. Expenditure is classified by actiwty. The costs of each acbvity are made up of the total of direct costs and shared costs, inclLKling support costs invofved in undertaking each activty. Direct costs attributable to a single aclivty are alkxaled direclly to that actmty. Shared costs vthich contribute lo more than one activity and support Costs are not attributsble to a single acb.vty are apportioned beeert those activitses on a basis consistenl wth the use of resources. Central staff costs are allocated on the basis of Iwne sperrt. and dewlakn Ch alkxated on the p)rfJ'on of the asseys use. Expenditure charle &tivilres ts inwrred on directy undertaking the aclNiltes whth fvrther the Charilable Companls objectives, as well as any associated support costs. l expendibAe is inclusive of irreco¥erable VAT. 2.5 Government grants Govemment grants reling to tsngitlo red assets are treated as deferred income and released lo the Ststemenl of financial acti¥e$ over the expected useful Irves of the assets concemed. Olher grants are credited lo the Ststement of financial aCtNitS as the related expenditure 15 tncurred. 2.6 IntWOSt receivable Interest on funds hekl on dep)srt 15 irlUded when receivabfe and Ihe amounl can be measured relHbly by the charitse Company. this is normalty upon notsficètn of the interest paid or payable the instilutron with the furrfts are deposited 2.7 Gift Aid Where thg right io rernI Grfl has been estabh'shed. Ihe amounl receivable is reccyjnised as investment income in ts Statement offmla1 acbvitw. 18 Forglgn ¢urren¢les Monetary assets and liablilies denornThited in foreign currencies are translated into steth'ng al rntes of exchange ruling at the rewrting date. Transactims in foreign currewes are translated into 5terlirvJ al the rate ruling on the date of the Iransackn"on. ExchaThJe gains and losses afe recognised Ni the Stalemenl cl financ1 aclwities. 2.9 Tangible fix•d a85ets and deprnclatlon Tangible flxed assets costing £500 ¢ more are oprtatised WKI recognised vthen fuwre eLonomK benefits are probable and the cost or value ofthe asset can be MeaSud relrdbty. Tangible fixed assets are intslky recc*Jnised at cost After recognrtion, under the cost model. tangible fixed assets are measured al cosl kss accumulated depreciation and any accumulated impairment losses. AJI costs incurred to bring a tangible fixed asset inlo rt$ intended working ondilim shtyjkl be incknled in ts m&¥uremerf of cost Page 19
REDEEMEO CHRISTIAN CHURCH OF GOD ('RCCGI TRINIry CHAPEL (A Company limit9d by guarant•g) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ouftting policies (continued) 2.9 Tangible fixed assets and depreciatlon IcontiThu Depre¢iatw)n is charged $0 as to albcate wst of tangible fixed assets less theii residual value over their estmed useful li4os. usir¥J the strap3hl-line method. Depfe¢ialion is prtided on the folkming basis: Short-lerm leasehokj propety Music Equip & Church Fumiturg- Fixtures and fittings Media equipment Computer equipment 4% Strah1 line 33% straKJht line 13% Strah1 line 33% straight line 33% straight hne 2.10 Debtor5 Trade other debtors are reccJnised at the settlement amount after any trade discount offered. Prepayments afe vdued at the amount prepa nel of any trade discounts due. 2.11 Ca¥h at bank and in hand Cash at bank and in hand includes cash and short-lemi highly IVId investrnents with a short matuiity of three months or less fr(xn the date of wuisitDn or opening of the deposit or similar ounl. 2.12 Liabilili06 and provlslons Lialylibes are ¢CliSed when the is an obligth.cffj at the Balance sfel dale as a resurt of a past evenL rt IS Probable that a transfer of economic tenefit will be required in settlement. and the amount the settlement can be estinated reliabty. LiatH"lities are recognised at the amount that the Charitable C¢xnpany anticipates it will pay lo settle the debt or the amount it has CeIVed as a¢fvanced payments for the goods or 5erv¢ces il mu51 promde. Provisions are measured al the best estwnate of the amounts rewired to settle the obligation. Where the effect of the b.me value of money is material. the provisKJn is based on the present value of those amounts, diseounled at the pr&tsx discount rate that reflects the risks specifi¢ lo the liability. The unwinding of the discount 15 recognised in the Statement of financial activities as a finan cosL 2.13 Finan¢lal Instruments The Charrtable Cc4nPally <)nty has financFal assets and financial 1o1y.h1 of a kKI that qualfy as bas financpl instruments. Bas financial instruments are In"81ty recognised at transaclK)n value and subsequently measured at their settlement Yue wlh the exCeptn of bank kxns which are subsequently MeaSud at amortised cost using the effeclNe interest method. 2.14 Operatlng leases Rentals paid under ¢Jperating leases are tharged to the Statement of financial aclNities on a slraight-line basis over the kne temi. Page 20
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG) TRbNrrY CHAPEL (A ¢ompany lirnrted by guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng policlos (¢ontinuod) 2.15 Pension8 The Charilabb Company opwates a deffined ¢triArtion penson stheme and the pension char represents the amounts payable by the Charitable Company to the furnfj in resFed of the year. 2.16 Fund •c¢ountSng General funds are unrestrKted funds are available for use at the discreticffl of the Trustees in furtherance of the general Otlectr of the Charilablg Company and have not been desynated for other purposes. Restricted hJnd$ are furKts which are to be used in aOrdanCe with srecffic reslrictions imposed by nors or which have been raised by Ihe Charitable Company for partKular purposes. The costs of raising and administering such funds a charged against the specrfic ful. The aim and use of festricted furd is set out in the notes to the financ*1 statements. Investh)ent irKome. gains and losses aft allocated to the apw¢Wte fund. Pa9B 21
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG') TRINiff CHAPEL {A Company limit by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Re8trlctod Unr¢strict¢d funds fvnd8 2023 2023 Total funds 2023 L)onaltons Governmenl grants 142,020 78.719 896.587 1,038,607 78,719 220,739 896.587 1.117.326 The Government grant Ihe refvnd of VAT cffj renovat1 aThl refft on the leasehold prc¢erty through the Listed Pe of Worship scheme. Restricted Unrestiycled fijnds funds 2022 2022 Tolal fvnds 2022 Donations Govemment grants t99.023 114.906 816.518 1.015,541 114.906 313,929 816.518 1,130.447 In¢ome from charitable activities Unrestricted funds 2023 Total funds 2023 Income from charrtable xtNities- Events and Conferere$ Income from charitable aclNities- Sale of txxjks arKI tapes Income from charitable 1"e5- Cafe S1.613 51.613 51,613 51.613 Page 22
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG') TRINrrY CHAPEL (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2023 In¢ome from charitable actiVbtSes (continued Unrestricted funds 2023 Total funds 2022 Income from charrtable actNibes- E%ents and eonferences Income from charitable actNilies- sa of twks and tapes Income from charitatde a¢tNibes- Cafe 8,861 1.266 14,643 8.861 1,266 14,643 24,770 24.770 Investment in¢om¢ Unr•strict•d funds 2023 Total fund$ 2023 Investment income- local investrnenl properties Investment income- thal cash 14.300 923 14.300 923 15.223 15.223 Unrestrrted funds 2022 Total funds 2022 Investment income- local invesbiient ProTtieS Investment income- Ictal 37,550 292 37.550 292 37,842 37.842. Page 23
REDEEMED CHRISTIAN CHURCH OF GOO (IICCG'I TRINrrY CHAPEL (A company Ilmited ty guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of"expenditur• on Charitsbh xtl¥lties Summary by fund typ• Restrict Unr•strkt¢d funds funds 2023 2023 Total 2023 Advancement of Christian Faith Worldthde 115,343 986.554 1.101,897 Reslrthd Unrestricted fvnds fvnd$ 2022 2022 Total 2022 Advancement of Christian Faith WorhwKle 4,925 944,461 949,386 Anatysis of •xpenditur• by activiti•s Activities undertaken dire¢tly 2023 Support costs 2023 Total fund$ 2023 Advancement of Chrislian Faith Wortdwide 270,379 831,518 1.101.897 Activilies undertaken direcuy 2022 Support costs 2022 Total funds 2022 Advancement of ChristTran Faith worhIe 225.400 723.986 949,386 Page 24
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG'I TRINITY CHAPEL (A company Ilmlled by guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of expendir4 by acti¥iti•s (continu•d Analysi8 of dir•ct costs Advanc•m¢ nlof Christlan Faith Worldwide 2023 Total funds 2023 Staff costs Missary & Charitable DOnatnS- UK Visiting speakers expon Conferences and Events Wellare 138.651 15.800 4,958 102.920 8.050 138.651 15,8lXI 4.958 102.920 8.050 270.379 270,379 Advancemen t ol Chnstian Faith W0rtdWe 2022 Total funds 2022 Staff costs Missionary & Charitable Donab"ons- UK Hall Hire Visiting speakers expenses Conferences aTrJ Events Welfare 131.064 16,990 19,846 73.296 39,279 4,925 731,064 t6,990 19,846 13,296 39.279 4,925 225,400 225,400 Page 25
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG') TRINITY CHAPEL IA company Ilmll•d by 9uarant••l NOTES TO THE FINANCIAL STATEMEtrUS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of •xpenditur• by activities (conlinued) Anatysis of support ¢o#ts Ad¥anc8ffle ntof Christlan Falth Worldwide 2023 Total funds 2023 Staff costs DepreatiOn Premises costs Communication costs Muttimedia & IT expenses Grfts to parishioners and others Sundry church expenses Consultancy Refreshments Travelling expenses HI of vehicles and equip¥nent Prsnling. postage and staInery Advertising and publicaions In5uran¢e 8ank Charges FoX {gainl I loss Staff training res¢JJTces VAT on con$lruclion GoveTnance c05t5 131,181 84.234 302.430 4,275 82,711 1,970 42,330 53,425 11,540 9.517 885 4.589 3,952 1,563 8,877 14) 20 81,019 131.181 84.234 302.430 4.275 82,711 1,970 42.330 53.425 11.540 9.517 885 4,589 3.952 1.563 8.877 {4} 20 81,019 7.004 831,518 831.518 Page 26
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG'I TRINIry CHAPEL (A company Ilmltod by gu•rnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of exp•ndilur• by activiti•s (¢ontinued) An*ly8is of support costs (continued) Advancemen l of chriStn Faifh Total funds 2022 2022 Staff cos15 Depreciation Missionary & Charitable Dwtirx6- UK Premises costs Communvlion costs Multimedia & IT expenses Gifts to parishionefs and others Sundry church expenses Consultsncy Repairs and maintenance Refreshments Travelling expenses Hire of vehides and equipment Legal and profes&onal fees Printing. post•Je and stationery Advertising and publicatsons Insurance Bank charges Forex (gain) I k)ss Events C8tering Staff training resources Members Training and sporksorship VAT on constructi Governance costs 146,395 36,481 10,469 738,067 16.004 43,583 2.767 23,745 38,000 15,413 12.105 3.414 10,879 86.119 667 8,605 1.303 9.709 (823) 146,395 36.487 tO.469 138.067 16.004 43.583 2, 767 23. 745 75,413 12.105 3.414 10,819 86.119 667 8.6Q5 1,303 9, 709 (823) 550 488 400 114,906 4.800 400 114,906 4.800 723,986 T23,986 Page 27
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG') TRINiff CHAPEL (A ¢ompany Ilmlt•d by guarant•e} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2023 Auditorn. remuneration 2023 2022 Fees payable lo the Charrtable Ctynpanys auditor for the audit of the Charitable Ccffipan¥s annual accounts Fees payable to the Chartsble Compan*$ auditor in respect rt. Al non•audit services not induded above 4.800 2023 2022 Wages and sataries Social security costs Conlribution to (Jefined ContributK pension schemes 247.490 18.799 252,345 19,267 5.847 269.832 277.459 The average nurnber ot persons by the Charitsb]e Crynpany during the year w8s as follows". 2023 No. 2022 Pastors Church Adrninistration The number of employees whose ernF40 beneffts (exdudiw empknyer pensKJn costs) exceedèd £60.000 was". 2023 2022 In the band £70.001 - £80,000 In the band £80,fX)1 - £90.th)0 10. Trustws. remunerallon and exp•n8e8 During the year. no Trustees received any r•Jnuneration or other benefts 12022- £NIL). During the year ended 31 December 2023. Tnjstee expenses have been incurred f2022- £NIL). Pa9e 28
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') TRINITY CHAPEL IA company Ilmlted by guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangible fix assots Short4erm leasehold Other fixed Tolal Cost or valuation At 1 January2023 Additions $28.806 428.334 514.784 100,428 1,043.590 528.762 At 31 De¢emtw 2023 957.140 615.212 1.572.352 Deprnciatlon At 1 January2023 Charge for the year 439.559 52.330 439,559 84.234 31.904 At 31 December 2023 31.904 491.889 523.793 Not l)ook valu• At 31 Decemter 2023 925,236 123.323 1,048,559 At 31 December 2022 528,806. 75.225 604.031 12. Debtorn 2023 2022 l)ue aft•f morn than one y•ar Other debtors 130.000 130.000 130.000 130,000 Oue withln one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 16.651 1.000 55,574 14.848 28.459 62 10.489 218.073 169,010 Page 29
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG') TRINrrY CHAPEL (A company limit by guarant¢e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Crndi¢ors: Amounts falllng due wtthln ono yoar 2023 2022 Trade credito Other taxab.on and sccial secur PensK)n fund knan payable Other CTeditOTS Accruals and deferred inccwne 20.179 10,925 2.452 500 1S.641 23,071 1.33t 17.994 49.697 42.580 14. Financial instNm•nts 2023 2022 Financial atsts Financial assets measured at fair 1e through inc¢me and expenditure 127.487 531,696 Financk4 assets measured al fair value through Iorne and extWKliture comprise Cash al bank and in hand. Page 30
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG') TRINtTY CHAPEL (A company Ilt¢d by guafantsts) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Stst•ment of funds Statem•Trt of funds- ¢urrrf year Balan¢0 #t 31 December 2023 Balance at 1 January 2023 Ineome EXpdItle Unr•8tricted funds General Funds 963.423 {986.$541 641,302 Restrf¢ted fund# Brook Buihjing Welfare VAT on ccffi5truction 586.026 11.698 128,328 13.692 78.719 {28.574) {8.050) 178.719 685,780 17,340 S97.724 220,739 {115,343) 703.120 Total of fund$ 1.262.1S7 1.184.162 11,101.897) 1.344,422 The Brook Building fund was used as part-payment for Ihe rennovath of the new church premises purchased as a short Ieasehgd and iepRsents future ¢Jepreckibon (£28.574 per year - 4% of original cost covered by the fund). Wellare fund relates to thnal*)ns received towards supporting general weware needs. The charilable company has enwgh fvnds in the bank to SUFPOrt the Welfare fund. Page 31
REDEEMED CHRISTIAN CHURCH OF GOO {'RCCG') TRINITY CHAPEL IA ¢4)mpany limit•d by guar4nt¢•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statemont of fund8 (continuod} Statement of funds - prlor year Balance al 31 L)ecember 2022 Balance al l January 2022 Income E%pgnditu Unraslricted funds General Funds 614.858 994,036 (944.461) 664.433 Restricted funds Brook BuildKvJ Wellare 398.416 5.210 187.610 11.413 586.026 tl.698 (4,925) 403.626 199.023 (4.925) 597.724 Total of lunds 1,018,484 1. 193.059 (949,386) 1,262,157 Page 32
REDEEMED CHRISTIAN CHURCH OF GOD I'RCCG.) TRI4rrY CHAPEL IA Company limited by guarants•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Summary of fundg Summary of funds - y•ar Balanu at 31 D•cembor 2023 B•lanc• * 1 January 2023 In¢om6 Expenditur• General fvnds Restricted furKts 963,423 220.739 1986.5541 1115.3431 641,302 703.120 597.724 1.261157 1.184.162 {1.101.8971 1,344,422 Summary of funds- prior year Balance at 31 C*cember 2022 Balance al l January 2022 Income Expendituro General funds Restricted fvnds 614.8S9 403.626 994.036 199.Q23 (944,461) (4,925J 664.433 $97,724 1.018.484 1. 193.059 (949.386) 1.262, t57 Page 33
REDEEMED CHRISTIAN CHURCH OF GOD {'RCCG'> TRINrrY CHAPEL IA CoMnY limitod by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Analysis of n•1 a¥sets batween funds Anoty8i8 of net asuts between fvnd8- current ye•r Restricted Unrestricted fvnds funds 2023 2023 Total fund$ 2023 Tangible fixed assets Debtors due after more than one JEar Current asset$ Creditors due within year 685.780 362.779 130.000 198.220 (49.697) 1.048,559 130.000 215.$60 (49.697) 17.340 Total 703.120 641,302 1.344.422 Analysis of n•t aM•ts belwoen funds- Pfior y•ar RestrKfed unftstn.cted funds funds 2022 2022 Tolal nds 2022 Tangibb f8 assets Debtors due after more than one year Current assets Creditors due thIn cw)8 year 528.806 75,225 130.000 501, 788 (42,580) 604,031 130,000 570. 706 (42,580) 68,918 Totsl 597.724 664,433 1.262, 157 18. Reconciliation of n•t mov•m•nt in fvnds to n•t ush flow from 0ratIng a¢tlviti•s 2023 2022 Nel income for the year (as per Ststement of Finanual Activi> 82.265 243,673 Adjustments for. Oepreciation charges Increase in debtors Increase in credilors 84,234 (49.063) 7.117 36,481 (143.390) 11,811 Net provided by op•r*ting acti¥i¢i•s 124,553 148.575 Page 34
REDEEMED CHRISTIAN CHURCH OF GOD 1cCG.l TRINrrY CHAPEL (A company Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysis of ush and cash equivalents 2023 2022 Cash in hand 127,4B7 531,696 Total cash and cash equivalents 127.487 531,696 20. Anatysis of chanw in net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank aNJ in Ind Debt due within 1 year 531,696 (1.3311 (404,209) 127,487 {2,4S2) 530.365 1405.3301 125.036 21. P•n$ion MMItM•nts The Chanty QFerate5 a defined contributions Fensh scheme. The assets of the xheme are held separately frcffi those of the Chaity in an independendy •Jmintstered fund. The pension cost charge represents contributions payable by the Charty to the fund and amounted to £3.54312022 - £5.847J. Operatlng lease commitinents At 31 December 2023 the Charitsble Company had commrtments to make future minimum lease payments undef non-cancdl*e operating1&3ses as folh)w5'. 2023 2022 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 yeaTS 260.000 1.040.000 4.940.000 260,000 1,040,000 5,200,000 6.240.000 6,500,000 Page 35
REDEEMED CHRISTIAN CHURCH OF GOD ('RCCG'I TRINifY CHAPEL (A ¢ompany lirnltgd by guarant9•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. R•l•ted party traCtionS The Charitable Company has not entered into any lated pty twsactK)n durin9 the year. nor are there any outstsnding balanees trMng between related parties ar the charitab C¢yxpany at 31 December 2023. Pag8 36