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2022-09-30-accounts

DocuSign Envelope ID: B74DF458-1A39-4D1C-A842-A9070CD02006

Charity registration number 1162733

Company registration number 08677110 (England and Wales)

REDEEMED CAMP

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr B O Giwa Mrs D O Giwa Miss O I Dele-Giwa Mrs L O Brown Mr M Magbagbeola Secretary Miss O I Dele-Giwa Charity number 1162733 Company number 08677110 Registered office 3rd Floor 86-90 Paul Street London EC2A 4NE Independent examiner Noel Aloko FCCA abacus azure Chartered Certified Accountants 85-87 Bayham Street London NW1 0AG Bankers Cooperative Bank 1 Balloon Street Manchester M60 4EP Cambridge & Counties Bank Limited Charnwood Court 5B New Walk Leicester LE1 6TE Aldermore Bank Plc 1st floor Block B Western House Lynch Wood Peterborough PE2 6FZ

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CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 14

DocuSign Envelope ID: B74DF458-1A39-4D1C-A842-A9070CD02006

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2022

The trustees present their annual report and financial statements for the year ended 30 September 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Charity's objects are to further such exclusively charitable purposes under the law of England and Wales in any part of the world, within a Christian ethos, as the Directors may in their discretion think fit, and in particular (without prejudice to the generality of the foregoing):

(a) the advancement of the Christian faith for the public benefit in accordance with the holy bible.

(b) to relieve those in need by reason of financial hardship and sickness by providing or assisting in the provision of grants, items and services to individuals in need and/or charities, or other organisations’ with similar objects and by providing all the necessary support designed to enable individuals generate a sustainable income and be selfsufficient.

(c) to advance education by providing learning tools, educational resources and training programs.

There have been no changes in these during the year.

The focus of our work

All our charitable activities focus on supporting individuals and families facing social challenges and reducing the strain of everyday life by offering resources that make a difference. They are all undertaken to further our charitable purposes for the public benefit.

This financial year, Redeemed Camp has advanced its objects primarily through its arms – Adun, the Library, For The Sake of Heaven & Public Outreach.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. We also assess the success of each key activity and the benefits they have brought to those groups of people we aim to help. The review helps us ensure our aims, objectives and activities remained focused on our stated purposes.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

We have benchmarked the Charity’s performance in the last 12 months against the strategic plans set out in our trustees Report for the previous financial year.

1. Increased investment in maintaining free access to the library:

In the 2021/22 we invested a sum of £7,573 in maintaining the Library and the premium collections that have been enabled, such as the Harvard Business School collection, for users to access for free. We continue to work with EBSCO, as our library system partner, and our website was revamped during the year to give greater prominence to the library and the resources available. We hope this will encourage increased use of the library over time.

2. Connected Communities

We maintained the social media prayer and scripture group at 3300 membership.

3. Digital Op-ed blog

For the Sake of Heaven remains an effectual pull towards our take on scripture. It’s also a tool for engaging with followers on social media, where articles written on FTSOH are shared and passionately debated. The volume of posts increased this year.

4. Adun:

We continued to positively impact the lives of individuals and families. During the year we spent £3,426 (2020/21: £2,677) on the following:

5. Marketing in Current Social Media Landscape :

Following on from the Cambridge Analytica data handling controversy and consequent changes in the way social media giants manage data and marketing, we took a cautious approach to marketing over the period in review. We spent a total of £3,263 on marketing during the year (2021: £5,616), this is down 42% on the previous period. This led to a reduction in visits to the website and social media activities.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Google reported that 29k visitors (-50.73%) interacted with pages 39k pages (-52%%) on the previous period. We had 2.7 million social media reach, down 28% on the previous year and 9.6 million impressions, down 60% on the previous period. Nonetheless, we had a 4.7% increase in following over the period. Redeemed Camp has kept her number one position in online search ranking on major web search engines, including google, Microsoft Edge and Yahoo.

Financial review

The principal funding sources for the Charity remain donations and gifts from its members. The Charity had a 30% uplift in income and raised a total of £70,137 (2021: £54,142).

Total expenditure for the year is £26,350, an increase of 7% against the previous year (2021: £24,628).

Economic landscape

Despite the current economic climate, we remain in good financial health and have a substantial amount of funds in reserves to deliver the charity’s activities. We’re mindful of inflation and the cost of living at unprecedented levels, however this has not impacted the Charity’s income, nor its liquidity. However, rising costs has meant that expenditure incurred to deliver the Charity’s activities will continue to increase in all areas due to the ongoing uncertainty in the current economic climate.

DocuSign Envelope ID: B74DF458-1A39-4D1C-A842-A9070CD02006

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Reserves Policy

The Trustees have examined the Charity's requirements for reserves considering the main risks to the organisation. It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 24 month’s expenditure. The Trustees believe that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At the end of the period the Charity reported £183,241 in reserves.

Redeemed Camp has adequate resources to continue its operational existence for the foreseeable future. The Trustees believe that it is appropriate to continue to adopt the going concern basis in preparing the annual trustees report and financial statements.

Investment Policy

The Charity currently has a policy of keeping any surplus liquid funds in cash at banks where immediate access and security of funds are guaranteed.

The trustees has assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The key risks identified in developing and delivering the Charity’s future plans are directly related to the lasting impact of COVID-19 and the ongoing uncertainty in the current economic climate. The Charity continues to review its delivery channels, and will continue to develop new partnerships with frontline organisations to provide targeted assistance where it will have the greatest impact.

Plans for future periods

Redeemed Camp intends to continue making a positive difference to society through its charitable work, reducing the strain of everyday life by offering resources that make a difference and growing the platform where everyone is empowered to be the best version of themselves and positively impact their local communities. Delivering on this kind of commitment, especially when factoring the impact of uncertainty in the current economic climate requires very different ways of working for charities, adaptation of delivery models as well as the development of new partnerships and skills.

In the forthcoming year, we aim to:

Structure, governance and management

The Charity is a company limited by guarantee, incorporated on the 4th of September 2013 and registered as a charity on the 20th of July 2015.

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr B O Giwa

Mrs D O Giwa

Miss O I Dele-Giwa

Mrs L O Brown

Mr M Magbagbeola

Trustee Selection

Under the requirements of the Memorandum and Articles of Association the Directors are elected to serve for a period of three years after which they may retire or may be re-elected for up to a further two terms, each of three years.

The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as the Directors.

The trustees meet quarterly and are responsible for the strategic direction and policy of the Charity.

All Directors give their time voluntarily and received no benefits from the Charity.

Due to the nature of the Charity’s objectives much of the Charity’s work inevitably focuses upon the disadvantaged and minorities in society. The Directors seek to ensure that the needs of these people are appropriately reflected through the diversity of the trustee body. Also, the more traditional business skills required to operate a business are well represented on the Board of Directors.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Trustees Induction and Training

In the organisation, both new and old trustees are required and encouraged to attend a series of short training sessions to familiarise themselves with the Charity and the context within which it operates and cover:

The trustees' report was approved by the Board of Trustees.

Mr B O Giwa chairman

23 January 2023

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INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF REDEEMED CAMP

I report to the trustees on my examination of the financial statements of Redeemed Camp (the Charity) for the year ended 30 September 2022.

Responsibilities and basis of report

As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Noel Aloko FCCA

abacus azure Chartered Certified Accountants 85-87 Bayham Street London NW1 0AG

Dated: 24 January 2023

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STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
41,120
28,724
Investments
4
293
-
Total income
41,413
28,724
Expenditure on:
Charitable activities
5
16,068
10,282
Net income for the year/
Net movement in funds
25,345
18,442
Fund balances at 1 October
2021
99,047
40,407
Fund balances at 30
September 2022
124,392
58,849		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
69,844
35,949
17,156
293
1,037
-
70,137
36,986
17,156
26,350
17,863
6,765
43,787
19,123
10,391
139,454
79,924
30,016
183,241
99,047
40,407		 Total
2021
£
53,105
1,037
54,142
24,628
29,514
109,940
139,454

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DocuSign Envelope ID: B74DF458-1A39-4D1C-A842-A9070CD02006

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BALANCE SHEET

AS AT 30 SEPTEMBER 2022

Notes
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within
one year
10
Net current assets
Income funds
Restricted funds
Unrestricted funds		 2022
£
4,471
179,130
183,601
(360)		 £
183,241
58,849
124,392
183,241		 2021
£
10,549
129,265
139,814
(360)		 £
139,454
40,407
99,047
139,454

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2022.

The trustees acknowledge their responsibilities for ensuring that the Charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 23 January 2023

Mr B O Giwa Trustee

Company registration number 08677110

DocuSign Envelope ID: B74DF458-1A39-4D1C-A842-A9070CD02006

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1 Accounting policies

Charity information

Redeemed Camp is a private company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Memorandum & Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

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

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

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

1 Accounting policies

(Continued)

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
funds
Restricted
funds
2022
£
2022
£
Donations and gifts
32,720
-
Adun
-
11,825
Education
-
11,154
Other donations
8,100
5,745
Donated services
300
-
41,120
28,724
For the year ended 30 September 2021
35,949
17,156		 Total
2022
£
32,720
11,825
11,154
13,845
300
69,844		 Total
2021
£
28,531
7,371
6,354
10,549
300
53,105
53,105

4 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Interest receivable 293 1,037

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2022

5 Charitable activities

Connected communities
Adun
Library
Education
Share of support costs (see note 6)
Share of governance costs (see note 6)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 30 September 2021
Unrestricted funds
Restricted funds
Support costs
Support Governance
costs
costs
£
£
Administration
2,365
-
Independent examiner's fees
-
660
Legal and professional
-
48
2,365
708
Analysed between
Charitable activities
2,365
708		 2022
£
5,422
3,426
7,573
6,856
23,277
2,365
708
26,350
16,068
10,282
26,350
17,863
6,765
24,628
2022
£
2,365
660
48
3,073
3,073		 2021
£
3,574
2,677
11,640
4,088
21,979
1,941
708
24,628
17,863
6,765
24,628
2021
£
1,941
660
48
2,649
2,649

6 Support costs

Governance costs includes payments to the independent examiner of £660 (2021- £660) for examination fees.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2022

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

8 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was
9
Debtors
Amounts falling due within one year:
Other debtors
10
Creditors: amounts falling due within one year
Accruals and deferred income
11
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 30
September 2022 are
represented by:
Current assets/(liabilities)
124,393
58,848
124,393
58,848		 more than £60,000.
Total
Unrestricted
funds
2022
2021
£
£
183,241
99,046
183,241
99,046		 2022
Number
-
2022
£
4,471
2022
£
360
Restricted
funds
2021
£
40,408
40,408		 2021
Number
-
2021
£
10,549
2021
£
360
Total
2021
£
139,454
139,454

12 Related party transactions

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2022

12 Related party transactions

(Continued)

Transactions with related parties

During the year the Charity entered into the following transactions with related parties:

Sponsorship
2022 2021
£ £
Save The King Limited 1,340 1,069
1,340 1,069

The Charity has one trustee / director in common with Save The King Limited. Redeemed Camp sponsored Winter Warmer Packs in support of its help the homeless initiative and made a general contribution to its annual convocation.