CHARITY REGISTRATION NUM8ER.. 1171221 The Redeemed Christian Church of GOD CRA Unaudited Financial Statements 31 December 2023 Certified Accountants 472 BEARWOOD ROAD SMETHWICK WEST MIDLANDS ENGLAND B66 4HA
The Redeemed Christian Church of GOD CRA Financial Statements Year ended 31 December 2023 Trustees. annual report Independent examinerfs report to the trustees Statement of financial actimties Statement of financial pjsition Statement of cash flows Notes to the financial statements The following pages do not forni part of the financial statements Detailed statement of financial aCtItieS Notes to the detailed statement of financial activities Page 14 15
The Redeemed Christian Church of GOD CRA Trustees. Annual Report Year ended 31 December 2023 The truslees present their iep(Kt aThJ the un#Illed financial slalements of the charity fc the year ended 31 Oecember 2023. Chair's fePQrt The trustee of the Redeemed Christ church of GCKJ Covenant Restoration assembly are pleased lo esent these annual port and financial slalemenl of charity for the yEar ending 311h December 2018.This is to meet the requirement for the account submisSn lo Ihe charity commission. In preparing this repcKt the guKlance and requirevnenl issued by the charity commiSsn have been folbwed. ReferMce and adrninistrative details Registered charity name The Redeemed Chn"sb"an Church of GOD CRA Charity registralion numbgr 1171221 Prlnclpal office The trustees Mr Adke Mr Odusami Mr Arowdo Independent examiner Grmlfrey Massa { Certrfied AccnnI) 472 BEARWOOD ROAD SMETHWICK WEST MIDLANDS ENGLAND B66 4HA Objectives and a1VitieS We are a friendly. diverse community church in Ihe tr*art of Worcester. vlè seek to fu11 our objectives through extensive relevant programs in and outsrde the community. We believe in the propagation of the wspel of the IcKd Jesus arKJ lo lead people lo a growng relationship and fellowship in Christ Jesus. Our vision 15 the continuous of doctrinal leaching.ChuTch aThting and translormation, helping the needy and advancing the church faith wilhin communty in Worcester and environ. TO SPREAD AND PROPAGATE THE FULL GOSPEL OF OUR LORD JESUS CHRIST AND PRIMARILY BUT NOT EXCLUSIVELY THE FUNDAMENTAL TRUTHS SET FORTH IN OUR CONSTITUTION
The Redeemed Christian Church of GOD CRA Trustees. Annual Report (conllnued) Year ended 31 December 2023 Objectives and activities (conl•nued) Our church continue to grow with different programmes and aclwilies carried out during the course of the year lo Impad Ihe life of the pari5hioner5 and the community al large. Our aim is to fulfil our calling in the ld Jesus, which is to respond lo the gospel of God's love in Christ and to live out ils discipleship in worship and mission. vthich is lo Worship and lo celebrate GcJ's love. Learning and caring.Service lo be a good neightx)ur to people in need and Evangelism lo make m(ye followers of Jesus Christ. We continue lo have our servi5 in morning and a MKI week serVe on Wednesday. a breakfast prayer meeting on the first Saturday of Ihe month and a monthly prayer meeting every 13sI FraY of the month. We also have the children and yDuth church with different activities and programmes organised for that age group. We have also been Working closely with other churches and organisation wth in the community. Most especially the Ge0n bible society. We also have the Beacon grcmjp that meet in the church every Tuesday lo fellowship and attend to the need of Ihe homeless and those coming out of drugs and Substan abuse. During the year we also had signrficanl improvement to our worship Auditorium wrth new fIng5, a new place for the yrjulh and the media team with purchase of new music equipment for the choirs team. Social Action The welfare team meet regularly to organise activities that berEfil the church member and our lotal comrnunity, The beacon group go out on trips regularty. We )Sted eThJ of Ihe yEar party and invrted the less privilege in the community, we also go out the evangelise and speak to people at the city centre We are mindful of the trust assign&J to us when church member donate and give lo the charity .11 is important that we do mt jeopardise our main Source of income and maintain a sdid case for support. Financial protocols and disciplines have been well eslatAi5hed. and perfomance at all levels is a specrfic matter of Verfation during annual audit pr($. Discipline in W(SS is critical in maintaining the high integrity levels 1¢h are foundaltonal to encouragirvj the trust of ours member. The charity income are mostly from voluntary donatn$ and giviro by church members aThY those visiting and attending our services. Donation for the year ending 31 th December 2018 was Trustee Signature Dr O Odusami P5t Joshua Arowolo Psl NI Adegoke IE l.i.o..1.2 .... The Irustees. annual report was approved on .... trustees by.. and signed on beharf of the board of Mr Arowolo Trustee
The Redeemed Christian Church of GOD CRA Independent Examiner's Report to the Trustees of The Redeemed Chrlstian Church of GOD CRA Year ended 31 December 2023 I report lo the Iruslees on my examinalN)n of the finar431 slalements of The Redeemed Christian Church of GOD CRA {'Ihe charity'} for the ar ended 31 t)ecember 2023. Re$ponsibilil•es and ba¥ls of report As the Iruslees of the charity are responsitAe for the wepaTalion of the financial slalemenls in accordance wth the requirements of the CharitS A¢1 2011 ('Ihe Act.). I rep1 in respect of my examination ol the chartys financial slalemenls carried out under section 145 of the 2011 Act aThJ in carryiThJ out my examinalK)n I have followed all the applicable Directions given by the Charity CommissK)n under section 145(5Xbl of the Act. Independent •xaminer's stalemont I have completed my examination. I confirm that Th) material matters have come lo my attention in Connect Nwth the examination giving me &ryuse lo believe that in any material respect.. accting records V•ve not kept in respect of charity as required by section 130 of the the finala1 statements (ktr accord wrth Ihose records: or the fInarla1 statements do not comFdy with the aPpIAble requirements concerning the form and conlenl of accounts sel out in Ihe CharItS (Accounts and Reports) Regulations 2008 oltw than any requ1ment Ihal Ihe acu)unls give a 'tnJe and lair. view which is not a matter consKlered as part of an independent examination. I have no eoncerns and have come across no other matters in connectson with the examination lo which attention should be dravm in thi5 reFth in wder lo enable a proper understanding of the accounts to be reached. rey 5sa ( certrfd Accountsnt) ni Examiner Inde 472 BEARWOOD ROAD SMETHWICK WEST MIDLANDS ENGLAND B66 4HA
The Redeemed Christian Church of GOD CRA Stalement of Financlal Activities Year ended 31 December 2023 2023 Unre51ricled funds Totsl fvndg 2022 Total funds Income and endowments Donations le9acies Total Income 60,411 .411 60.411 7S.929 ,411 75.929 Expenditure ExpeThYilure on charilable activrties Tal expenditure 60,723 71.346 60.723 60.684 71.346 Net (•xpendilure)Iln¢ome and net movement In funds (312) (273} 4,583 Other recognised gain$ and losses Other reccrfJn15ed gainsl{losses) Net movement in funds 44.297 44,297 44,297 43.985 44.024 48.880 ROne111a110n of funds Tolal funds brwght forward Total funds Carried forward 4.583 4,583 48.880 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derNe from conkn"ThJing acliw'ties. Th• not•s on pays 7 to 12 form part of th•s• financial 51al•mgntg.
The Redeemed Chrlstian Church of GOD CRA Statement of Financial Position 31 December 2023 2023 2022 Flxed •$sets Tangible fixed assels 10 39.216 24,736 Current assets Cash al bank and in hand 9,391 9,391 24,144 24.144 N•t ¢urr•rt assetg Total assets l•$$ current IlabllltSes 48,607 48,880 Funds of th¢ ¢harity unrestrted funds 48,568 48,880 48.880 Total charity funds 11 48,568 These financial slalemenls We approved by the trxtard ol tnJ$lees and authcKised for Issue on . and are s19rd on behaf of the board ty. Mr Arowolo Truslee Th• note8 on pages 7 to 12 fomi wt of thvso financlal stat*menls.
The Redeemed Christian Church of GOD CRA Statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from operating actlvlties Nel {expenditureyirtome (2731 Adjustmenls lThr.' Interest payable and similar charges Cash gerwaled from operation5 199 25 174} 4,eiJ8 Inlerest paid Net cash {used inyfrom operating activit5 (199) {273) {251 Cash flows from Inv•sting actlvitles Purchase of tangle assets Net cash used in investing actNities 114.480) {14.480) (24.736) {24,736) N•t decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of ye {14.753) 24,144 {20,153) 9.391 (20.1531 Th• not•s on pagm 7 to 12 lomi part olth•i• flnancl•l tstat•m•nts.
The Redeemed Christian Church of GOD CRA Notes to the Financial Statements Year ended 31 December 2023 G•neral Infomiation The charity is a public benefit entity aThJ a regrslered charity in Enand and Wales and is unincorrK)Taled. The address of principal office is Vesta Tilley House, Lowesmoor, Worcesler. WR1 2RS, Worcestershire. Statement of compliance These financial statemen15 have been prepared rn Complian wth FRS 102. The Financi31 Reporting Standard applicable in the UK and Ihe RepublK of Ireland., the Statement of Recommended Practice applicable lo charrties preparing their accounts In accordance with the Finala1 Reporting Standard applicable in the UK aThJ Republ of Ireland IFRS 1021 (Charities SORP IFRS 102}) and the Charities Act 2011. Accounting poli¢les Basis of preparation The financial slalemenls have been prepared on the historical cost basis, as modrfied by the revaluation of certain financial assets aThJ liabilrts aTrJ investment properties measured at fair value through income or expendilure. The financiai statements are pped in sterfing. wknich is the fUlOnal currency of the entity. Going con¢em There are no material uncertainties atr•)ul the thariV5 8bAity lo continue. Fund accounting unreStrle funds are avaIlae for use al the discreti¢)n of the trustees lo further any of the charitws purposes. Designated funds are unrestricted fuThYs eamiarked by the tnJstees for particular future Proje or commitment. Restricted funds are suty'ected to restrictions on their exwdrture declare(I by the dOr or through the lem)s of an appeal. and fall into one of two sub-dasses.. restricted income funds or endowent funds.
The Redeemed Christian Church of GOD CRA Notes to the Financlal Statements (coftJThnd) Year ended 31 December 2023 A¢counting pollclo5 (conllnved) Incomlng r•source All incoming resources are included in statement of financial aclivils wthen enlillemenl has passed lo the charity., il is prObate thal the economic benefits associaled with the transaction will flow lo the charity and Ihe amount can be rdiaL4y measured. The fc4{0'rJ specTfic policies are applied lo particular categ)ries of income.. income from donations or aTrts is recognised there is evhfjerte ol entitlemenl lo Ihe gfft. receipt is wobable and ils amThJnt can be measuied reliably. legacy income is recogni5ed bthen receipt ts probable aThJ enliuemenl is estaljished. i)me from donated g(M)ds is measur&J al faff value of the gcmids unless this is implalea1 to measure reliaNy. in which case Ihe value rs derived from the cost lo the donor or the esiimaled resale value. Donated facili15 aThJ services are recognised in the accounts when received rf the value can relblY measured. am¢JJnls a induded for the Contribut of eral volunteers. income from conlracls for the sUpY of serViS is recognised with the delivery of the conlracled service. This is classrfwj as unrestrtell funds unless there És a contractual requirement for it lo be spent on a pariicjjlar purptse aThl relurned rf unspent. in whh case 51 may be regarded as reslricled. Resources expended Expendilvre is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. and dassrfd under heading5 of the slatement of financ1 &tivilies to which it relates.. expenditure on raisiro funds irlUdeS Ihe eosts of all fijndraising &tivrties. events, non- charitable tradiro &tNities. and Ihe Sale of donated 95. expendrture on charitable activit5 irtludes all wsls incurred by a charity in undertaking aclivits.es that further ils charrtable aims for the benefit of bts beneflaTIeS. including those support costs and co$15 rdalirrfJ to the g)vemance of the charity apportioned lo charitable activities. other expenditure IlUdeS all expendilure that is neither related to raisiTrJ funds for the tharity part of its exFfKliture on chan1ae activi1$. All costs are allctated to expenditure ealegorbes reflecting the use of the resource. Direct costs attributable lo a single activity are allocated decIty lo that activity. Shared costs are appOoned between activit9 they contribute lo on a reasonable, lu51ifiable and consislenl basi5. Operatingloases Lease payThenls are recognised as an expense over the lease term on a stfaHJhl-Il basis. The Jregale benelil of lease incentives Is recognised as a reduction to expense over ihe lease lerm. on a strah11ne basis.
The Redeemed Christian Church of GOD CRA Notes to the Financial Statements (conthi•él Year ended 31 December 2023 Accounting policles (continu•dJ Tangibl• assets Tangible asse15 are initially recorded at cost. aThY subsequently 518led at cost less any accumulated depreciation and impairfflenl k)sses_ Any larwJible assets carried al revalued amounts are orded al Ihe fair value al the dale of revaluation less any subsequent aceumulaled deFKecialion aThJ subsequent accumulaled impairment losses. An increase in Ihe carryiryJ amount of an assel as a result of a revalualion, is recognised in other recognised gains and losses, unless il reverses 8 charge for impairment that has previously been recognised as expenditure wlhin the statement of fInala1 aclivits"es. A decrease in the cafrying amount of an asset as a result of revalualn, is recognised in other recognised gains and losses, except to which il offsets any previous fevalualion gain, in which case the loss is shown within other recognised gains and losses on the slalemenl of financk?l aclivilies. Impalrnient of fixed assets A review for indKatrKs of impairmenl is carrd out at eh re119 dale, the recoverable amtyjnl being estimated Whe such iThlicalors exist. Where the carryirKJ value exceeds the recoverable amount, the assel is impaired 1rdInglY. Pr)r impaim)ents are also reviewed for possible reversal at each reportirrfJ dale. For the purwses of impaimienl testing. when it is not wssible lo eslimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- genef31ing unil to which the asset belongs. The cash-generaling unit is the smallest identifiable group of assets that includes the asset and generales cash inflows that largely independent of the cash infiows from other assets or groups of assets. For impairment testing of 9)odwill, g(KMJ%w"Il acquired in a trM)siness combination is, from the acqUisitn dale, allocale(I lo each of the cash*neratr"ng units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabililTres of the charity are a$Sned to those units. Financlal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party lo the eontractual provisions of the inslnJmenl. Bas financTral instruments are inilk41ty recognised at the amount receivable w paYae induding any related transaction costs. Current assets 8fKI current liabilrfts are subsequently measured at cash other cnnseratn expected to paid or received arml rKJl discounted. Debt instruments are subsequenlty measured al amortised cosl. Where inve51rnents in shares are b1Y traded their lair value can olherwise measured reliably, the investmenl is subsequently meastsred at fair value with changes in fair value recognised in income and exnditure. Al other such investments are subsequently measured al cost less impairment.
The Redeemed Christian Church of GOD CRA Notes to the Financlal Statements (¢antlnwd) Year ended 31 December 2023 Accounting pollcles Iconelnuedl Flnanclal Instruments (ci)niiftwdJ Other financial wislTumenls. TludIng derivatives. are inilially recognised al fair Value. unless panent for an assel is deferred bend normal business lerms or financed al a rale of interest that is not a markel rate. in which case the asset is measured al the present value of the future payments disewnled al a market rale of inleresl f(Y a simAar debt inslrumenl. Other financial instruments are subsequenlly mea5UTed al faw value, wth any changes recognised in the slalemenl of fancIal 1"1. Ihe exception of he(Igiry instruments in a desKJnated hedging rdatK)nship. Financial assets that are measured at cost or amortised cost are reviewed for objecltve eviden of impairment al the end of exh Teporling dale. If there is objective evKJerTrce Df Impairment, an impairmenl loss is recognised under the appropriate headiro in the slalemenl of financial tivrties in whh the inilial gain was recrmJnised. all equity in51rumenls regardless of swnrficance. and other financial assets that are indivUally signrficant. these are assessed indivwjually for impaKmenl. Other financial as5els are either assessed indNhlualty or gouted on the basis of similar (xedit rtsk characlerislics. Any reversals of impaimienl are recognised immediately. lo Ihe exlenl that the reversal does rKl result in 8 e2fry.ng amounl of the fFnancial asset that exceeds %that the caTr0 amount woukJ have been had the impairment nol pre¥slY been recognised. Donations and legxies Unrestricted T¢)tsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Church Donations 40.195 40.195 Sg,792 59,792 Granls HMRC Gift 20.216 20.216 16.137 16.137 .411 .411 75,929 75,929 Expenditure on charltable aclivities by fvnd type Unreslricled Total Funds Unreslricled Total Funds Funds 2023 FurKIs 2022 Activits Funded By Church Donthns 60,723 71,346 71,346 10
The Redeemed Christian Church of GOD CRA Notes to the Financial Statements (conlthu•dl Year ended 31 December 2023 Expenditure on ¢haritabl• actlvities by activity typ• AclNil*s Undertaken Total funds direclly 2023 Total fund 2022 Activitie5 Funded By Church Donati5 60.684 60,684 71,346 Net lexpendi¢ur•Vincom• Nel {expendilureyincome is slaled after charn(CreditIng}'. 2023 2022 Operating lease fenlals 150 Staff cosls The average head count of ernOYeeS dunrKJ Jear was Nil {2022: Nil). No employee receiv1 employee tenefils of more Ihan £60.(KM) during the {2022." Nil). Trust remunerati¢>n and expenses 10. Tangible fixed assels Flant and machinery Molc yeh¢eS Equipment Total Cost At 1 January 2023 Additions 17.181 14,480 655 24,736 14,480 At 31 Decèmber 2023 31.661 655 39,216 Depreciation At 1 January 2023 and 31 December 2023 Carrying amount At 31 December 2023 Al 31 December 2022 31.661 655 39.216 17.181 655 24.736
The Redeemed Christian Church of GOD CRA Notes to the Financial Statements Year ended 31 December 2023 11. Analys1¥ of charltabl• funds UTrr05tricted funds At 1 January 202 Gains and 31 December losses 2023 Irwe Expenditure General funds Unrestricted lsjnd 7- desc in alcs 4.583 60.411 160.7231 4.271 44,297 44,297 4,583 fA).411 {.723) 44,297 48,568 At 1 JaThJary 202 Al Gains and31 December 105ses 2022 Income Expenditure General fund3 Unrestricted furKI 7 - dese in alcs 75.929 4.583 {71.346) 44.297 44.297 75.929 (71.3461 44,297 48,880 12. Analysis of changes in net debt At At 1 Jan 2023 Cash 110 31 Dec 2023 Cash al bank aTrJ in hand 24,144 (14.753} 9.391 12
The Redeemed Christian Church of GOD CRA Management Inforniation Year ended 31 December 2023 The following pages do not fonn part of the financial statements. 13
The Redeemed Christian Church of GOD CRA Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donations and legacies Church Donations HMRC Gift Aid 40,195 20.216 59,792 16.137 60,411 75,929 Total income 60,411 75.929 Expenditure Expenditure on charitable activiti¢s Wages and salaries Operating leases Rent Rates and water Light and heal Repairs arvj maintenance Insurance Other establishment Vehicle leas4nh1re Other molorltravel c051s Legal and Professional fees Telephone Other office costs Interest on debenture loans Catering and Entertainment Slalionery COF World Evangelical wcc Donnations To Local Parishes World Evangelul Ministries Website Shrubby Sludio Zoom 2.800 150 7.570 3,622 1,414 3,914 8.392 7.172 13.643 545 305 1,129 12.640 1,550 418 12,331 2,613 818 5,870 25 7,452 4.598 283 5.209 3.456 380 5.520 111 4.193 1,6 169 81 4,982 4.530 262 466 378 71.346 Total expenditure 71.346 Net {exp•nditurellincome 12731 14
The Redeemed Christian Church of GOD CRA Notes to the Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Expenditure on charitable a¢tlvilies Activities Funded By Church Donations Activities undertaken directly Direct charitable activity 1 - wageslsalaries Direcl charitable activity 1 - operaling leases Renl Direcl charitable aclwity 1 - rates & waler Light & heal Repairs & maintenan Insurance Cleaning and tjecoralions Direct charitable activity 1 - vehKJe leasing Other motornravel c051s Legal and professi)nal fees Telep1ne Direct charitable activty 1- other Off costs Bank Charges Calering and Enlertainment Slalionery COF World Evangaltsl wcc Donnalions To Local Parishes Wortd Evangelical MinistrS Website Shrubby Studio Zoom 2,800 150 7,570 3.622 1,414 3,914 8,392 7,172 13.643 545 305 1,129 12.640 1.550 418 12.331 2.613 818 5.870 25 7,452 4.598 283 5,209 3,456 380 5,520 81 4,982 4,530 262 466 378 4,193 1,6 71.346 Expenditure on charitable activitiés 71,346 15