_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
0
_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|
1
_The Redeemed Christian Church of God Pentecost Arena Birmingham_
## **CORPORATE INFORMATION**
Charity Registered Number: 1169547 Company Limited by Guarantee Number: 09657944
**Board of Trustees**
1. Mrs Aramide Omowunmi Fatosin Member
2. Dr Oladipo Babalola Member
3. Mrs Adenike Amoshe Member
4. 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
2
_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%
3
_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.
4
_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.
5
_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**|**_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**||
6
_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**|
7
_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**||||
8
_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**|
9
_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**|**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**||||
10
The Redeemed Christian GhurGh of God PenteGost Arena Birmingham
li