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← The Redeemed Christian Church Of God, Strong Tower Fountain Of Hope And Excellence

2023-12-31-accounts

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 2023

THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE

Reports of the Trustees for the year ended 31 December 2023

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.

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Board of Trustees

Pastor Olusola Ajayi Pastor 'Bosola Ogunsola (Chairman) Mr Kingsley Oloruntosin Kuku-Ogunfeibo Ms Kehinde Olufunso Ajumobi

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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:

  1. Worship and Prayer - learning about the Gospel through periodic bible study and increasing awareness of God’s presence by spreading His love.

  2. Service - provision of pastoral care for the people living in the community.

  3. 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 £27,677 (2022: £32,492), a decrease of 15% over 2022. The income of the church has reture to the expected range after last year. The total expenditure was £18,602 (2022: £18,740) at the same level as last year. Overall, the church fund stood at a positive balance of £47,204.

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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 2023

**Unrestricted ** Restricted Total
Fund Fund 2023 2022
Incoming resources Notes £ £
Voluntary incomes 1 27,677 0 27,677 32,492
Other income 0 0 0 0
Total incoming resources 27,677 0 27,677 32,492
Resources expended
Church activities 2 18,602 0 18,602 18,740
Fund raising 0 0 0 0
Total resources expended 18,602 0 18,602 18,740
Net incoming/(Outgoing) resources
before transfers 9,075 0 9,075 13,752
Gross transfers between funds 0 0 0 0
Net incoming/(Outgoing) resources after transfers
and before other recognised gain/loss 9,075 0 9,075 13,752
Gain/(loss) on revaluation and disposal of
investment assets 0 0 0 0
Net movement in funds 9,075 0 9,075 13,752
Total funds b/f at 1 January 2023 33,307 0 0 19,555
Total funds c/f at 31 December 2023 42,382 0 42,382 33,307

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THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE

Balance sheet at 31 December 2023

Notes
2023
£
Fixed assets
Tangible assets
4
7,820
Current assets
Prepayment
5
2,470
Cash at bank and in hand
6
36,914
39,384
Creditors: amounts falling due within one year
0
Net current assets
39,384
Total assets less current liabilities
47,204
Funds of the Charity
Unrestricted fund
7
47,204
Restricted fund
0
Total Funds carried forward
47,204		 2022
£
0
2,470
35,659
38,129
0
38,129
38,129
38,129
0
38,129

Approved by the Board of Trustees on 09 October, 2024 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 2023

1. Incoming resources Unrestricted Restricted
Total
Fund
Fund
2023
2022
£
£
Tithes
Offering		 16,065.11
0.00
16,065.11
13,136.34
8,650.44
0.00
8,650.44
7,073.15
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		 2,961.28
0.00
2,961.28
12,282.23
27,676.83
0.00
27,676.83
32,491.72
6,000.00
0.00
6,000.00
5,432.00
3,249.12
0.00
3,249.12
3,600.00
3,490.00
0.00
3,490.00
3,423.69
100.00
0.00
100.00
1,060.00
488.70
0.00
488.70
0.00
0.00
0.00
0.00
0.00
993.26
0.00
993.26
865.16
522.95
0.00
522.95
511.98
1,650.00
0.00
1,650.00
1,425.89
895.99
0.00
895.99
670.98
0.00
0.00
0.00
390.00
400.00
0.00
400.00
700.00
67.20
0.00
67.20
60.40
745.00
0.00
745.00
600.00
18,602.22
0.00
18,602.22
18,740.10

THE REDEEMED CHRISTIAN CHURCH OF GOD: STRONG TOWER FOUNTAIN OF HOPE AND EXCELLENCE

Notes to the Financial Statements for the year ended 31 December 2023

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3. Net incoming/(Outgoing) resources
This is stated after charging:
Depreciation
Accountancy service		 2023
2022
£
£
0
0
360
360
4. Tangible fixed assets
Cost:
At 1 January 2023
Addition
At 31 December 2023
Depreciation:
At 1 January 2023
Addition
At 31 December 2023
Net book value:
At 01 January 2023
At 31 December 2023		 2023
2022
£
£
Computer
Equipment &
Other
Computer
Equipment &
Other
£
£
800
800
0
0
800
800
600
600
200
200
800
800
0
0

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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 2023

2023 2022
5. Prepayment
Rent Church office
Debtors		 £
1,044
1,426
2,470
£
0
36,914
36,914
£
38,129
0
9,075
47,204		 £
1,044
1,426
2,470
6. Cash and Bank
Savings account
Current account		 £
0
35,659
35,659
£
24,377
0
13,752
38,129
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, 2023 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:

  1. which give me reasonable cause to believe that in, any material respect, the requirements

  2. 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

  3. 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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