THE REDEEMED CHRISTIAN CHURCH OF GOD MASTERS TOUCH
PARISH
Financial Statements for the year ended 31 March 2023
| Contents | Page |
|---|---|
| Trustees and Professional Advisors | 2 |
| Trustees Report | 3-5 |
| Independent Examiner Report | 6 |
| Statement of Financial Activity | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9-12 |
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Charity Registration No: 1180181
Trustees and Professional Advisors
Principal Office:
11 Kimstone Close Portsmouth PO1 4JL
Trustees:
Adesola Adeojo Oluwayemisi Olaiya Babajide Adegbuyi Joyce Bakare
Bankers:
Barclays Bank Uk Plc Leicester LE87 2BB
Independent Examiners:
Bilberry Accountants Limited Chartered Accountants Kingsgate, 62 High Street Redhill RH1 1SG
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Trustee Report
The Trustees present their annual report for the year ended 31 March 2023 under the Charities Act 2011, together with the annual accounts for the year and confirm that the latter comply with the requirements of the Charities Act, the Trust Deed and the charities SORP 2005.
Structure, Governance and Management
The church is a registered charity. It operates within the framework of 4 main Committees:
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The Board of Trustees (BOT)
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The Main Church Board
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Ladies Committee
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Youth Committee
The charity is governed by a constitution and Trust Deed registered on 19[th] September 2018. The method of appointment of the Board is set out in the constitution of RCCG. The Church Board is-composed of 8 members including the Youth leader.
Organisational Management
The Board of Trustees delegate to any one or more of the Trustees the transaction of any business or performance of any act required to be transacted or performed in the execution of the trust of the Charity and which is within the professional or business competence of such Trustee or Trustees.
The Board of Trustees exercise reasonable supervision over any Trustee or Trustees acting on their behalf under this provision and ensure that all their acts and proceedings are fully and promptly reported to them.
Trustee induction
Following appointment of new Trustees, the first meeting includes an induction session of New Trustees by Old Trustees and Office Bearers of the Main Church Board including explanations of the roles and responsibilities of trustees.
Objects, Aims, Objectives and Activities
Charitable objects
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The main objective of the church is to advance the gospel of Jesus Christ in accordance with the Holy Scriptures as contained in the Confession of our Faith as per our church constitution.
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The relief of sickness and the promotion and preservation of good health by the provision of funds, goods, items or services and counselling support and prayers in the United Kingdom, or other parts of the World, as the Trustees may from time to time determine.
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The furtherance of such other purposes as are exclusively charitable under the laws of England and Wales as the Trustees from time to time determine.
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The charity is controlled by its governing document, a trust deed, and constitutes an incorporated charity.
Risk Management
Trustees have the responsibility of measuring, tasking and taking action to control such risk in accordance with the Charity constitution and policies and procedures. Detailed consideration of risk is delegated to any one or more of the Trustees. Risks are identified, assessed, controlled and established throughout the year informally. An informal review of the charities risk management process is undertaken on an annual basis.
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Trustees continue to improve and ensure that the system of internal controls is adequate and cost effective. Through the risk management process established for the church the trustees are satisfied that the major risks have been adequately mitigated where necessary.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Achievements and Performance
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In line with our vision the church was involved in various outreach programs to share the Good News of Jesus Christ with people resident in Portsmouth through various forms of media and community projects.
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The church continued to offer pastoral, counselling, prayer and support services to the members of the church and community.
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The charity held a family fun day during the summer and invited members of the community to participate.
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The Sunday school department continued with bible lessons but due to the pandemic the annual trip was not held.
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The church supported the local youth to participate in Regional and National Youth empowerment activities.
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community.
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The Youth department conducted successful youth meetings creating awareness of substance abuse and depression among the youth and the entire community.
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The members have supported the bereaved families by donating food and funds freely.
Principal activities during the year
The charity runs regular Sunday service programmes. Morning Service holds from 8:30-9:30AM & Afternoon Service holds from 1:30-3:00PM. Where the adolescents, children, teenagers, young adults and the adults worship. Prayer meetings are conducted every Thursday between 5:30pm to 6:00pm. Apart from the above mentioned the church runs an annual local Conference known as International Conference of Winners,
meetings. Most of these activities were held on-line due to the pandemic.
Volunteers
Members from within the church work tirelessly to make sure our church is run smoothly throughout the year. The Trustees and the management committee would like to thank all the volunteers for their invaluable support, donations and any contributions they have made to the Charity.
Future Plans
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The charity is praying and have a desire to purchase a property building suitable for community use and projects.
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The Advancement of the Christian Faith through Evangelism, Intercession, Missions, Discipleship, leadership development, fostering spiritual synergy, the Sacraments and planting new churches.
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The Advancement of Education through Bible Study; Ministers Internship, Bible Students supervision and spiritual support.
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To continue to offer pastoral, counselling, prayer and support services to church members and the community.
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To continue providing weekly Sunday school classes for children aged 13 years and below.
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The charity intends to get more involved in community projects and youth development programmes.
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The charity intends to start a music school for the youth and women empowerment projects
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The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or another disadvantage.
All objects and purposes remain exclusively charitable under the laws of The Charities Commission in England and Wales in line with our confession faith and our governing documents.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the law applicable in United Kingdom and Charities SORP.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to;
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Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles in the Charities SORP.
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Make judgments and estimates that are reasonable and prudent.
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements Comply with the Charities Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Financial review
The Statement of Financial Activities shows total revenues of £70,189. Detailed sources of income are shown in note 2-3. Total expenditure was £31,792.
Approved by the Trustees on 29[th] January 2024
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Independent Examiner's Report
The Management and Board of Trustees of The Redeemed Christian Church Of God Masters Parish,who are registered as a charity, appointed me to independently examine their trustees' report, financial reports and the accompanying notes.
Responsibilities of Management and Board of Trustees
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To safeguard the Charity's assets and in particular to ensure that the Financial Reports are free from material misstatements due to fraud.
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To keep adequate financial records and to ensure that the published reports are based on these records. To ensure that the published reports are true and fair.
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Consider their charity to qualify for an independent examination in terms of Part 8 and sections 145 and 152 of the Charities Act of 2011.
My Responsibility
To carry out procedures such as analytical reviews, comparing the published reports to the financial records kept by the charity and enquiring from those tasked with the governance of the charity any matters that need clarity.
I also considered the disclosures of material facts in the financial reports and the going concern of the charity.
The nature and extent of my examination did not provide appropriate and adequate audit evidence and therefore no audit opinion is provided in this report.
Independent Examiner's statement
In the course of my examination, no matters came to my attention which give me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act and Regulations of the 2008 Accounts Regulations
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the preparation of accounts which accord with the accounting records and comply with Regulations of the 2008 Accounts Regulations have not been met, or
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to which in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
For and on Behalf of Bilberry Accountants Ltd Chartered Accountants
29[th] January 2024
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Statement of Financial Activity
For the year ended 31 March 2023
| Note Incoming Resources Voluntary Income 2 Activities for generating funds Other Income 3 Total Income Resources Charitable Expenditure Ministry costs 4 Church Governance 5 Church Running Community Building Total Resources Expended Net movement in Funds Fund balance brought forward Fund balance carried forward |
31-Mar 2023 £ 55,525 605 14,059 |
|---|---|
| 70,189 | |
| 2,500 480 26,126 2,711 |
|
| 31,817 | |
| 38,372 | |
| 29,004 67,376 |
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Statement of Financial Position As at 31 March 2023
| Note Fixed Assets Tangible assets 6 Current Assets Cash at bank and in hand 7 Trade and other debtors 8 Current Liabilities Creditors amounts falling due within one year Trade and other creditors 9 Net current Assets NET ASSETS CHARITY FUNDS |
31-Mar 2023 £ 5,509 48,314 14,033 |
|---|---|
| 62,347 (480) |
|
| 61,867 | |
| 67,376 | |
| 67,376 |
The financial statements of The Redeemed Christian Church Of God Masters Touch Pasish, registration number 1180181 were approved by the Trustees on 29 January 2024.
Approved on behalf by:
Adesola Adeojo
Trustee
Joyce Bakare Trustee
Page 8 of 12
Notes to the Financial Statements for the year ended 31 March 2023
1. Accounting Policy
a) Basis of preparation
The financial statements have been prepared under the historical cost convention and are in accordance with
b) Fund accounting
Unrestricted funds are general funds that are available for use at the objectives of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
c) Incoming resources
Voluntary income, including donations, gifts and legacies and grants that provide core funding or are of a general nature, are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
d) Resources expended
Expenditure is recognised when a liability is incurred. Funding provided through contractual agreements and performance related grants are recognised as goods or services supplied.
Other grant payments costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Governance costs include those incurred in the governance of its assets and are primarily associated with constitutional and statutory requirements.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating office property costs by floor areas, management and human resources costs by the number of staff, and finance and IT costs by work done.
e) Donated Goods and volunteer and other donated services.
Donated goods are recognised in different ways dependent on how they are used by the charity:
- (i) Those donated for resale produce income in the trading venture when they are disposed of. (ii) Those donated for onward transmission to beneficiaries (chiefly clothing, food and medical supplies) are included in the statement of financial activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.
The charity has not received any goods for use by the charity itself. The value of services provided by volunteers is not incorporated into these financial statements. Where services are provided to the charity as a
Page 9 of 12
donation that would normally be purchased from our suppliers this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.
f) Taxation
Irrecoverable VAT is not separately analysed and is charged to the statement of financial activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.
Tax recovered from voluntary income received under gift aid is recognised when the related income is receivable and is allocated to the income category to which the income relates.
g) Tangible fixed assets and depreciation
Tangible assets are stated at cost and depreciated over their useful economic lives at the following rates:
Fixture and fittings 5 years Equipment 5 years Computers 5 years
Where the recoverable amount of a tangible asset is found to be below its net book value, the asset is written down to its recoverable amount and the loss on impairment is charged to the relevant expenditure category of the statement of financial activities.
Where an asset is not primarily used to generate income, its impairment is assessed by reference to its service potential on its initial acquisition. The charity currently has no tangible fixed assets to which impairment provisions apply.
2. Voluntary income
| 2. Voluntary income | |
|---|---|
| Tithe Love offering Thanksgiving offering |
2023 £ 43,111 11,823 421 |
| 55,355 |
3. Other Income
| 3. Other Income Gift Aid Interest received Restricted donations 4. Ministry costs Employee costs |
2023 £ 14,033 26 0 |
|---|---|
| 14,059 | |
| 2023 £ 2,500 |
|
| 2,500 |
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5. Church governance
| Accountancy and independent examination fees | 2023 £ 480 480 |
|---|---|
6. Property Plant and Equipment
| Cost At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge during the period Disposals At 31 March 2023 Net Book Value At 31 March 2022 At 31 March 2023 7. Cash and cash equivalent Cash at bank and in hand |
5 5 Computers Musical Instruments £ £ 794 6,092 |
Total £ 6,886 |
|---|---|---|
| 794 6,092 |
6,886 | |
| 159 1,218 |
1,377 | |
| 159 1,218 |
1,377 | |
| - - 635 4,874 |
- 5,509 |
|
| 2023 £ 48,314 |
||
| 48,314 |
Restricted fund balance included in the cash at bank is £0 (2022- £0)
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8. Trade and other debtors
| 8. Trade and other debtors | |
|---|---|
| Gift Aid accrual 9. Trade and other creditors Accountancy and independent examination fees |
2023 £ 14,033 |
| 14,033 | |
| 2022 £ 480 |
|
| 480 |
10. Capital commitments
There was no capital commitment in 2023 ( 2022: Nil )
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