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2020-12-31-accounts

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

Charity Registered Number: 1152456

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

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

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

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CONTENTS
Page
Trustee's Report 3-6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance sheet 9
Notes to the Accounts 10– 13
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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

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

General Overseer: Pastor E A Adeboye
Trustees Pastor John Edobor Omaka
Pastor Ademola Akinniran Akinyemi
Mrs Afolasade Oluyemidale Bright
Mr Azuka Evans Oyem
Pastor in Charge: Pastor Gbolahan Bright
Charity registered number: 1152456
Resource/Worship/ 194 Rushgreen Road
Tuition Centre: Romford
RM7 0JU
Banker: Barclays Bank
Independent Examiner: JOS Accountants Limited
Unit 3, 51-57 High Street South
East Ham, London
E6 6EJ
United Kingdom

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees of The Redeemed Christian Church of God The Master’s Sanctuary present their report and Financial Statements for the year ended 31st December 2020 which have been prepared in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued in October 2000 and Revised SORP 2005.

Structure, Governance and Management

a. CONSTITUTION

The church is constituted under a Trust deed and is a registered charity with charity registration number 1152456.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

New trustees are elected based on the contribution that they will make to the governance of the organization and the skills that they will bring into the life of the charity. They are provided with copies of the Charity Commission's guidance to trustees and introduced to the activities of the charity by the existing board.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

Existing trustees are provided with training as and when required.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The board of Trustees is headed by a Chairman, the Secretary to the trust and a Financial Administrator. The 25 voluntary workers. The Trustees are responsible for making all decisions regarding allocation of fund and activities.

e. RELATED PARTY RELATIONSHIPS

The Master’s Sanctuary is a parish of The Redeemed Christian Church of God - a network comprised of parishes all over the world. There is an agreement of common purposes entered by The Master’s Sanctuary with The Redeemed Christian Church of God which documents this relationship.

Objectives and Activities

a. POLICIES AND OBJECTIVES

The Redeemed Christian Church of God The Master’s Sanctuary is a parish of The Redeemed Christian Church of God. Our aim is to excel in every aspect of our Mission, whilst at the same time continually maintaining transparency and proper accountability

The Charity's objects are:

1 The advancement of the Christian religion worldwide; and

2 The relief of poverty.

Towards the achievement of these objects, the Charity operates a Christian worship centre at 194 Rush-green Road Romford, RM7 0JU organizing various events to promote the Christian faith and to reach out, in love, to the community at large.

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020- CONT’D

b. GRANT MAKING POLICIES

Grants are made to other charitable bodies. The church supports missionary organizations such as the Festival of Life and the World Evangelical Mission, and other missions and projects within and outside the UK.

c. VOLUNTEERS

The charity is most appreciative of the unflinching support of its volunteers who tirelessly help in the provision of service. It is therefore with gratitude to God that we once again report a robust membership giving which has significantly impacted once again on our reported figures for the year. We are pleased and thankful for their continuous commitment and support. Members’ contribution accounted for most of our gross income. The church maintains her core objectives as well as the overall focus of the Redeemed Christian Church of God Mission as a whole.

d. RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, those related to operations and finances of the charity and are satisfied those systems are in place to mitigate exposures to the major risks.

Achievements and performance

The Trustees are pleased to report that the Church continued to be successful spiritually and in general wellbeing of its members and worshippers. The Church continue to improve in membership strength and is increasingly reaching out to the community.

The church continues with regular evangelism, prayer, praise, and worship. Services are conducted at our worship center. Evangelical literatures are distributed on major media platforms, as well as physically, by means of door to door, and street evangelism.

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020- CONT’D

These are the highlights of 2020 events and activities:

Added to these are the increase in the level of donations of our members.

As stated in our previous report, the church set up a Fabric Task Group which involves some community services. Some of their activities during the year is clearing the grounds of rubbish, clearing the drains to stop overflowing when it rains, cleaning the inside of the church main building; ensuring that it is fit for purpose.

We thank the Fabric Task Group for looking after the building. We also thank all our volunteers for the various work done during that year.

Finally, the offer of free Maths tuition continues to grow exponentially. In the current year, TMS experienced another record high with more students attending tuition. Help, support and mentoring have enabled all students to succeed with stellar grades.

I am pleased to report that God has been our help and strength. With all the various departments working collaboratively, we continue to grow and spread the gospel. Praise be to God!

Review of Transactions and Financial Position.

Gross Income
Net movement of funds
Net Generate Funds		 2020
£
53,989
14,196
102,093		 2019
£..
68,981
25,895
87,897

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

TRUSTEES REPORT FOR THE YEAR ENDED

31 DECEMBER 2020- CONT’D

Future Development Plans

The charity aims at building on its current achievement in effectively spreading the ethos, love and hope that Christian faith offers. It also aims at building upon its current efforts of community involvement, in its bid to make our community and the larger world a better place for all.

The charity is planning to buy the building being used as worship centre and start work to bring the vision to fulfilment.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Church and of the surplus or deficit of the Church for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner

The Trustees appointed JOS Accountants Limited, a firm of Accounting & Management Consultants, as the Charity’s independent examiner. A resolution for re-appointment as independent examiner will be proposed during the Trustees meeting for the year.

This report was approved by the trustees and signed on its behalf by:

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15/10/2021
-------------------------------------------------}signed/date
Pastor John Edobor Omaka
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INDEPENDENT EXAMINERS REPORT

We have examined the financial statements, which comprise the financial activities, the balance sheet, the related notes and the accounting policies of The Redeemed Christian Church of God The Master’s Sanctuary for the year ended 31st December 2020.

Respective responsibilities of trustees and independent examiner

As described earlier, the trustees are responsible for the preparation of the financial statements. It is my responsibility to carry out an examination of those financial statements and to issue a report based on that examination.

Scope of examination

We conducted my examination in accordance with directions given by the Charity Commissioners under section 43(7)(b) of the Charities Act 1993. An examination is limited to enquiries of the charity's personnel and analytical and review procedures applied to financial data and this provides less assurance than an audit. We have not performed an audit, and accordingly, we do not express an audit opinion.

Independent examiner's statement

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

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

• To keep accounting records in accordance with section 41 of the Act; and

• To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or

  1. To which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

15/10/2021 ------------------------------------------ (signed and dated) JOS Accountants Limited Unit 3, 51-57 High Street South East Ham, London E6 6EJ United Kingdom

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THE REDEEMED CHRISTIAN CHURCH OF GOD

THE MASTER'S SANCTUARY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME & ENDOWNMENT
Donations and legacies
EXPENDITURE ON:
Total charitable activities
Governance costs
Excess/(deficit) Income
Funds brought forward		 NOTES
2
6
7		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
53,989
-
53,989
68,981
39,202
-
39,202
42,595
591
-
591
491
39,793
-
39,793
43,086
14,196
-
14,196
25,895
87,897
-
87,897
62,002
102,093
-
102,093
87,897

The notes thereon form integral part of the accounts

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THE REDEEMED CHRISTIAN CHURCH OF GOD

THE MASTER'S SANCTUARY

BALANCE SHEET AS AT

31 DECEMBER 2020
Assets:
NOTES
Fixed Assets
7
Rent deposit
Current assets
Gift aid receivable
Prepaid rent
Bank balance
Creditors: Amount falling due
within one year
9
Net working capital
Financed by:
General funds
Creditors- Long term
10		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
1,060
-
1,060
1,539
4,375
-
4,375
4,375
5,435
-
5,435
5,914
14,165
-
14,165
15,626
4,375
-
4,375
4,375
114,783
-
114,783
63,011
133,323
-
133,323
83,012
664
-
664
1,029
132,659
-
132,659
81,983
138,093
-
138,093
87,897
102,093
-
102,093
87,897
36,000
-
36,000
-
138,093
-
138,093
87,897

The notes thereon form integral part of the accounts

The balance sheet and accompanying notes was approved and signed on its behalf by

15/10/2021 ------------------------------------------------------} Signed & dated Pastor John Edobor Omaka (Trustee)

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting Policies:

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom with the application of FRSSE and the Statement of Recommended Practice, “Accounting and Reporting by Charities” (“SORP 2000 and SORP 2005”) issued by the Charity Commission. A summary of the principal accounting policies, which have been applied consistently, is set out below.

a) Basis of Preparation of Financial Statements

The financial statements are prepared under the historic cost convention and include the results of the Charity's operations, which are described in the Trustees Report, all of which are continuing.

b) Comparative Figures

Comparative figures are shown on the statement of Accounts of the charity.

c) Incoming Resources

All income is credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable.

d) Restricted funds

The restricted funds are to be used for specific purposes as specified within the objects of the Charity. Expenditure, which meets these criteria, will be identified to the fund, together with a fair allocation of management and support costs.

e) Unrestricted Funds

Unrestricted funds are donations and other incomes received or generated for the objects of the Charity without further specified purpose and are available for general funds.

f) Resources Expended

Direct Charitable Expenditure includes all expenditure incurred by the Charity in direct pursuit of its charitable objectives.

Governance expenditure includes all costs not directly related to the Charitable activities and cannot be allocated to direct charitable expenditure.

g) Donated Services and Gifts in Kind

The value of donated services and gifts in kind provided to the charity is recognised in the statement of financial activities and in the Balance Sheet at their value to the charity, as determined by the Trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.

f) Tangible fixed assets

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

Musical equipment-25% Office equipment-25%

g) Taxation

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

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

NOTES TO THE ACCOUNTS ENDED

31 DECEMBER 2020 CONT'D

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

as required by the SORP 2015
NOTES
2
3		 Donations, grants and legacies
Tithe & offering
Gift Aid
Building Offering
Other donations
Charitable activities-Direct
spending
Outreach & publicity
Conferences & Training
Maths tuition
Welfares
Training
Entertainment & hospitality
Visiting ministers		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
44,172
-
44,172
42,971
9,718
-
9,718
23,585
100
-
100
2,125
-
-
-
300
53,989
-
53,989
68,981
-
-
-
800
505
-
505
610
6,332
-
6,332
6,000
3,212
-
3,212
1,718
-
-
-
1,501
410
-
410
2,037
320
-
320
980
10,779
-
10,779
13,646

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

NOTES TO THE ACCOUNTS ENDED 31 DECEMBER 2020 CONT'D

NOTES
4
5
6
7		 Charitable activities-Grant
funding activities
RCCG -Central Office WEM & COF
Support costs for charitable activities
Premises & administrative costs
Rent and rate
Hire of Container
Printing and stationery
Utilities
Telephone
Depreciation
Repairs
Professional fees
Depreciation
Total charitable expenditure
Direct spending
Grant making activities
Support costs
Other expenditure- governance costs
Independent examination		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
675
-
675
1,853
675
-
675
1,853
18,562
-
18,562
18,342
5,616
-
5,616
4,804
-
- -
95
1,173
-
1,173
1,221
305
-
305
75
784
-
784
707
-
- -
1,854
1,309
-
1,309
-
27,748
-
27,748
27,098
10,779
-
10,779
13,646
675
-
675
1,853
27,748
-
27,748
27,098
39,202
-
39,202
42,597
591
-
591
491
591
-
591
491

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THE REDEEMED CHRISTIAN CHURCH OF GOD THE MASTER'S SANCTUARY

NOTES TO THE ACCOUNTS ENDED

31 DECEMBER 2020 CONT'D

NOTES
8
Fixed assets
Costs 1 January 2020
Addition during the year
Depreciation
As at 1 January 2020
Charged for the year
Net Book Value
31st December 2020
31st December 2019
9
Creditors: Amount falling due
within one year
Sundry creditors
WEM- RCCG
Professional charges		 Music
Office
Equipment
Equipment
Total
£
£
£
1,458
875
2,333
-
802
802
1,458
1,677
3,135
730
562
1,292
365
419
784
1,094
981
2,075
364
696
1,060
729
809
1,539
Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
124
-
124
421
-
-
-
150
540
-
540
458
664
-
664
1,029

10 Long term loan

The charity took the government bounce back loan. Repayment over five years is due to start after one year.

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