2023-06-30-accounts - The Redeemed Christian Church Of God Pentecost Arena Birmingham

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The Redeemed Christian Church of God Pentecost Arena Birmingham

THE REDEEMED CHRISTIAN CHURCH OF GOD PENTECOST ARENA BIRMINGHAM

FINANCIAL STATEMENT FOR THE YEAR ENDED 30[TH] JUNE 2023

The Redeemed Christian Church of God Pentecost Arena Birmingham

THE REDEEMED CHRISTIAN CHURCH OF GOD

PENTECOST ARENA BIRMINGHAM

FINANCIAL STATEMENT FOR THE YEAR ENDED 30[TH] JUNE 2023

CONTENT	PAGE
Corporate Information	2
Finance Statement for the Year	4-5
Board of Trustee’s Report	6
Achievement and Performance	7
Financial Review	8
Independent Examiner’s Report	9
Balance Sheet	10
Income Statement	10-13

The Redeemed Christian Church of God Pentecost Arena Birmingham

CORPORATE INFORMATION

Charity Registered Number: 1169547 Company Limited by Guarantee Number: 09657944

Board of Trustees

Mrs Aramide Omowunmi Fatosin Member
Dr Oladipo Babalola Member
Mrs Adenike Amoshe Member
Dr Gabriel Oyeniyi Oludare Chairman .

Pastor/Minister in Charge

Pastor Simeon Oluwasanmi

Registered Office

33 ST. MARKS STREET

BIRMINGHAM.

B1 2UH

Bankers:

BARCLAYS BANK BIRMINGHAM

Accountants:

Heritage Accounting Services

27, Cleveland Street Wolverhampton WV1 3HT

The Redeemed Christian Church of God Pentecost Arena Birmingham

FINANCIAL STATEMENT FOR THE YEAR ENDED 30[th] JUNE 2023

ACCOUNTING POLICIES

Scope and Basis of the financial statements

The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and the statement of Recommended Practice “Accounting and Reporting by Charities” published in March 2007.

The charity has taken advantage of the concession which allows it to publish only a statement of financial activities. The charity generated a total income of £44,419 and had a surplus of £6,867 during the year.

Income

Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.

Expenses

Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises.

Majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with the use of resources.

Fixed assets

Fixed assets are stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Fixtures and Fittings 25%

The Redeemed Christian Church of God Pentecost Arena Birmingham

Cash Flow statement

The financial statements do not include a cash flow statement as charity has taken advantage of the exemption from preparing such a statement that are available to smaller entities.

Fund accounting

Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The Redeemed Christian Church of God Pentecost Arena Birmingham

Board of Trustee’s Report

The Trustees are pleased to report that the church continues to be successful by ministering to many people in prayers and welfare. The church also continues to grow in membership strength so much so that the currently rented place of worship it has been using at The Sanctuary, Tangmere Drive, Castle Vale B35 7PX, since its inception is becoming too small to accommodate parishioners, especially on Sundays. As a result, the church is actively looking for a bigger and more suitable building/premises of its own.

The church is also more able to reach out to the community as well as conduct many of its community-based activities which were seriously curtailed during the covid-19 pandemic.

During the year, the Board welcomed a newly appointed and registered fourth member, Mrs Adenike Amoshe, who has since actively taken up her position on the Board.

Dr Gabriel Oludare Chairman.

The Redeemed Christian Church of God Pentecost Arena Birmingham

*REDEEMED CHRISTIAN CHURCH OF GOD* *PENTECOST ARENA BIRMINGHAM* ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 *FINANCIAL STATEMENTS-INCOME AND EXPENDITURE ACCOUNT.* 2023 INCOMING RESOURCES NOTES Unrestricte d Restricte d Total GENERAL RESOURCES Funds Fund £ £ £ Donations 1 38,317 38,317 Other Receipts 6,102 6,102 Total Income 44,419 44,419 EXPENSES Administrative and Charitable Activities 2 37,627 Total Expenses 37,627 Net Income 6,792**



		2022
	Unrestricte d
	Funds
	£
	39,613
	6,037
44,419 44,419	45,650
37,627 37,627 6,792

	26,807
	26,807

	18,843

The Redeemed Christian Church of God Pentecost Arena Birmingham

*REDEEMED CHRISTIAN CHURCH OF GOD*
*PENTECOST ARENA BIRMINGHAM*
ACCOUNTS FOR THE YEAR ENDED 30 JUNE
2023
*FINANCIAL STATEMENTS-BALANCE SHEET***			2023	2022
	NOTES		£	£
FIXED ASSETS
Tangible		5	8,820	6,900
Investments			-	-
			8,820	6,900
CURRENT ASSETS
Cash at Bank / Hand		7	119,289	114,417

CREDITORS
Sundry Creditor		8	425	425
Amount due within one year			425	425
NET CURRENT ASSETS			118,864	113,992

TOTAL ASSETS			127,684	120,892
LONG TERM LIABILITIES (CREDITORS)
Amount due after more than one year
			-	-
NET ASSETS			128,092	120,892
RESERVES
Unrestricted Funds			120,892	102,049
Net income for the year			6,792	18,843
ACCUMULATED FUND			127,684	120,892

The Redeemed Christian Church of God Pentecost Arena Birmingham

*REDEEMED CHRISTIAN CHURCH OF GOD*
*PENTECOST ARENA BIRMINGHAM*
ACCOUNTS FOR THE YEAR ENDED 30 JUNE
2023
*FINANCIAL STATEMENTS-NOTES TO THE ACCOUNTS***
	*NOTES*
		2023		2022
		£		£
DONATIONS	1
Tithe		25,975		38,463
Offering		10,441		-
Thanksgiving		1,901		1,150
TOTAL		38,317		39,613
OTHER RECIEPTS
Gift Aid Receipts		6,102		6,037
Building Fund-Restricted		-		-
Total Income Generated		44,419		45,650
		Unrestricted
		Funds
		£	£
DIRECT EXPENSES	2
Rent and Rates		8,788	4,639
Sundry Payments		295	417
Travel and Subsistence			6,807
Resources-Books and Manuals		385	160
Training		2,000
Multimedia		335	1,150
Printing & Stationery		35	1,100
Repairs and Maintenance		2,768	790
Honorarium		2,700	750
Pastorate		1,089	700
Music and Media		100	752

The Redeemed Christian Church of God Pentecost Arena Birmingham

TOTAL DIRECT EXPENSES EXPENSES- CHARITABLE ACTIVITIES Donations Worlrd Evangelistic Mission 6,455 Central office Fund 850 Community Engagement 1,595 Mission and Outreach 2,832 Depreciation 3,706 Welfare 3,269 TOTAL CHARITABLE EXPENSES OTHER EXPENSES Professional Fees 425 TOTAL OPERATING EXPENSES	18,495 - 6,517 300 2,300 - 18,707 425 425 37,627	17,265








		9,117


		425

		26,807

The Redeemed Christian Church of God Pentecost Arena Birmingham

Taxation 4 RCCG Pentecost Arena Birmingham is a registered charity and is eligible for the exemptions from taxation available to Charities on their charitable activities. No charge to taxation therefore arises. Fixed Assets 5 Fixtures & Fittings Motor Vehicle COST £ £ £ At 1st January, 2021 9,200 Additions 5,625 - - At 31st December 2021 5,625 - 9,200 DEPRECIATION At 1st January, 2021 - 2,300 Charge for the Year 1,406 2,300 At 31st December 2021 1,406 - 4,600 NET BOOK VALUE At 31st December 2020 4,219 - 4,600 Bank and Cash Balances 7 Savings Account 102,888 Current Account 16,401 119,289 Creditors- amounts failling due within one year. 8 Sundry Creditor- Accounting Fee 425 425 RESERVES ACCUMULATIVE FUND 9 BAL BROUGHT FORWARD 120,892 NET INCOME FOR THE YEAR 6,867 TOTALS 127,759	Taxation 4 RCCG Pentecost Arena Birmingham is a registered charity and is eligible for the exemptions from taxation available to Charities on their charitable activities. No charge to taxation therefore arises. Fixed Assets 5 Fixtures & Fittings Motor Vehicle COST £ £ £ At 1st January, 2021 9,200 Additions 5,625 - - At 31st December 2021 5,625 - 9,200 DEPRECIATION At 1st January, 2021 - 2,300 Charge for the Year 1,406 2,300 At 31st December 2021 1,406 - 4,600 NET BOOK VALUE At 31st December 2020 4,219 - 4,600 Bank and Cash Balances 7 Savings Account 102,888 Current Account 16,401 119,289 Creditors- amounts failling due within one year. 8 Sundry Creditor- Accounting Fee 425 425 RESERVES ACCUMULATIVE FUND 9 BAL BROUGHT FORWARD 120,892 NET INCOME FOR THE YEAR 6,867 TOTALS 127,759





		Total
		£
		9,200
		5,625
5,625	- 9,200	14,825
- 1,406	2,300 2,300
		2,300
		3,706
1,406	- 4,600	6,006

4,219	- 4,600	8,819
102,888 16,401

119,289
425
425
120,892 6,867
127,759

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