Registered charity number : 1155722
THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Financial Statements for the Year Ended 31 December 2022
THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Reports of the Trustees for the year ended 31 December 2022
Administrative Information:
The Redeemed Christian Church of God: Strong Tower Foundation of Hope and Excellence is part of The Redeemed Christian Church of God (UK) a national church organisation in the United Kingdom.
Address
10 Amos Avenue Manchester M40 2RJ.
Board of Trustees
Pastor Olusola Ajayi Pastor 'Bosola Ogunsola (Chairman) Mr Kingsley Oloruntosin Kuku-Ogunfeibo Ms Kehinde Olufunso Ajumobi
Pastor-in-Charge
Pastor Olusola Ajayi
Banker
HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Reports of the Trustees continued
Aims and purpose
The strategic objectives of the Redeemed Christian Church of God (RCCG), Strong Tower Fountation of Hope and Excellence are directly linked to its aims. They are:
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Worship and Prayer - learning about the Gospel through periodic bible study and increasing awareness of God’s presence by spreading His love.
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Service - provision of pastoral care for the people living in the community.
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Missionary activities - developing confidence in evangelism and in capacity to spread of God and faith to all.
Objective and activities
The church is actively engaged in collaboration with local churches and organisations as an expression of its added community services.
Structure, governance and management
Thee was no change in the composition of the board of trustees in the year. The board met regularly and set the direction and policy framework for the Church. The board also put in place the process for reviewing, evaluating and implementing appropriate risk management framework.
Risk management
The trustees actively review the major risks which the charity faces on a regular basis. The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Financial review
Total income during the year was £32,492 (2021: £20,133), an increase of 61% over 2021. The significant increase in income is due to gift aid claim received during the year. The total expenditure was £18,740 (2021: £12,329) representing 52% increase compared to prior year. Overall, the church fund stood at a positive balance of £38,129.
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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Accounting Policies
a) Basis of accounting
The financial statements are prepared in accordance with the Charities Statement of Recommended Practice (SORP). The statement of financial activities (SOFA) is presented in columns for general fund and endowment capital, showing the net incoming resources, resources expended, and all other recognised gains and losses in the appropriate column.
The financial statements are also prepared in accordance with the historical cost convention. They comply with all applicable United Kingdom law and accounting standards.
b) Incoming resources
Donations, contributions and legacies are accounted for when entitlement has been confirmed, the amount can be measured accurately and receipt is certain.
c) Resources expended
All resources expended are accounted for on an accrual basis. Any ensuing liabilities are recognised as soon as constructive obligation arises.
d) Funds
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.
Restricted funds are funds which are to be used in accordance with specific instructions imposed by donors or which have been raised by the trustees’ particular purpose. The cost of raising and administering such funds are charged against specific fund.
e) Depreciation
Depreciation on fixed assets is charged so as to write off their full costs less estimated residual value over their expected useful lives at the following rates:
Computer equipment 50% straight line Motor vehicle 25% straight line
f) 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. The Trustees have considered the impacts that the Covid-19 pandemic may have for the Charity and it is deemed that the Charity can meet its commitments and liabiities and can contiinue for the forseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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THE REDEEMED CHRISTIAN CHURCH OF GOD:
STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Statements of Financial Activities for the year ended 31 December 2022
| Unrestricted | Restricted | Total | |||
|---|---|---|---|---|---|
| Fund | Fund | 2022 | 2021 | ||
| Incoming resources | Notes | £ | £ | ||
| Voluntary incomes | 1 | 32,492 | 0 | 32,492 | 20,133 |
| Other income | 0 | 0 | 0 | 0 | |
| Total incoming resources | 32,492 | 0 | 32,492 | 20,133 | |
| Resources expended | |||||
| Church activities | 2 | 18,740 | 0 | 18,740 | 12,329 |
| Fund raising | 0 | 0 | 0 | 0 | |
| Total resources expended | 18,740 | 0 | 18,740 | 12,329 | |
| Net incoming/(Outgoing) resources | |||||
| before transfers | 13,752 | 0 | 13,752 | 7,804 | |
| Gross transfers between funds | 0 | 0 | 0 | 0 | |
| Net incoming/(Outgoing) resources after transfers | |||||
| and before other recognised gain/loss | 13,752 | 0 | 13,752 | 7,804 | |
| Gain/(loss) on revaluation and disposal of | |||||
| investment assets | 0 | 0 | 0 | 0 | |
| Net movement in funds | 13,752 | 0 | 13,752 | 7,804 | |
| Total funds b/f at 1 January 2022 | 19,555 | 0 | 0 | 11,751 | |
| Total funds c/f at 31 December | 2022 | 33,307 | 0 | 33,307 | 19,555 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Balance sheet at 31 December 2022
| Notes 2022 £ Fixed assets Tangible assets 4 0 Current assets Prepayment 5 2,470 Cash at bank and in hand 6 35,659 38,129 Creditors: amounts falling due within one year 0 Net current assets 38,129 Total assets less current liabilities 38,129 Funds of the Charity Unrestricted fund 7 38,129 Restricted fund 0 Total Funds carried forward 38,129 |
2021 £ 0 |
|---|---|
| 3,692 20,685 |
|
| 24,377 0 24,377 |
|
| 24,377 | |
| 24,377 0 |
|
| 24,377 |
Approved by the Board of Trustees on 21 October, 2023 and signed on their behalf by
Bosola Ogunsola
Pastor 'Bosola Ogunsola Chair, Board of Trustees
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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Notes to the Financial Statements for the year ended 31 December 2022
| 1. Incoming resources | Unrestricted Restricted Total Fund Fund 2022 2021 £ £ |
|---|---|
| Tithes Offering |
13,136.34 0.00 13,136.34 13,126.89 7,073.15 0.00 7,073.15 7,006.39 |
| Gift aid 2. Resources expended Rent Allowance Conference and training Honorarium Repairs and renewals Insurance Telephone and communication Stationery/Administrative expenses Hospitality/Welfare Transport and travelling Legal/professional fees Accounting fee Bank and financial charges Remittances to Central Office |
12,282.23 0.00 12,282.23 0.00 |
| 32,491.72 0.00 32,491.72 20,133.28 |
|
| 5,432.00 0.00 5,432.00 1,044.00 3,600.00 0.00 3,600.00 3,900.00 3,423.69 0.00 3,423.69 1,812.96 1,060.00 0.00 1,060.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 865.16 0.00 865.16 774.08 511.98 0.00 511.98 1,117.29 1,425.89 0.00 1,425.89 2,026.35 670.98 0.00 670.98 749.76 390.00 0.00 390.00 0.00 700.00 0.00 700.00 300.00 60.40 0.00 60.40 5.00 600.00 0.00 600.00 600.00 |
|
| 18,740.10 0.00 18,740.10 12,329.44 |
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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Notes to the Financial Statements for the year ended 31 December 2022
| 3. Net incoming/(Outgoing) resources This is stated after charging: Depreciation Accountancy service |
2022 £ 0 360 |
2021 £ 200 300 |
|---|---|---|
| 4. Tangible fixed assets Cost: At 1 January 2022 Addition At 31 December 2022 Depreciation: At 1 January 2022 Addition At 31 December 2022 Net book value: At 01 January 2022 At 31 December 2022 |
2022 £ Computer Equipment & Other £ 800 0 800 600 200 800 0 0 |
2021 £ Computer Equipment & Other £ 800 0 |
| 800 | ||
| 400 200 |
||
| 600 | ||
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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Notes to the Financial Statements for the year ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| 5. Prepayment Rent Church office Debtors |
£ 1,044 1,426 2,470 £ 0 35,659 35,659 £ 24,377 13,752 38,129 |
£ 1,044 2,648 3,692 |
| 6. Cash and Bank Savings account Current account |
£ 0 20,685 20,685 £ 4,822 0 19,555 24,377 |
|
| 7. Funds of the Charity Opening balance Prior year adjustments Unrestricted |
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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE
Independent Examiner's Report to the trustees of RCCG Strong Tower Fountation of Hope and Excellence
I report on the accounts for the year 31 December, 2022 which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
The Church's trustees are responsibilities for the preparation of the accounts. The church's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:
examine the accounts (under section 145 of the CharitiesAct), to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act, and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also include consideration of any unusual items or disclosures in the accounts, and seeking explanations from trustees concerning any such matters. The procedures undertaken do not provide all the evidence that be required in an audit, and consequently no opinion is given as to whether the accounts presents a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent Examiner’s statement
In the course of my examination, no matter has come to my attention:
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which give me reasonable cause to believe that in, any material respect, the requirements a. to keep accounting records in accordance with section 130 of the Charities Act; and b. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act; have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Matthew Odu
Practical Advice Consulting Limited 1000 Great West Road, Brentford London. TW8 9DW.
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