2020-12-31-accounts - The Redeemed Christian Church Of God The King's Glory Church

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The King’s Glory CHURCH, King’s Lynn

…A better life in Christ

Trustees Minutes Meeting of RCCG, The King’s Glory Church

Title: TKG Building Renovation and Finance Review
Venue: Conference Call
Date: 10th April 2020
Time: 10.30am

In attendance:

Grace Akinlade – Chair of trustees
Kanayo Ndibe - Trustee
Oladapo Adegoke – Pastor
Toyin Adegoke – Pastor and Administrator

Absent with Apology:

Richard Hinchcliffe – Trustee

Opening Prayer: Grace Akinlade

1 AGENDA

Current state of play with the Church building.
Builder selection.
Managing project risk
Raising funds / managing what we have.
Review 2019 Accounts.

Worship Centre: 27 Bryggen Road, PE30 2HZ. King’s Lynn

Correspondence Address: Bishop Lynn House, 18 Tuesday Market Place, King's Lynn, Norfolk, PE30 1JW Tel: 01553 600 036 Email: info@thekingsglory.org.uk

RCCG is a worldwide church organisation established since 1952. Registered in the United Kingdom. TKG charity number 1182416 General Overseer: Pastor E. A. Adeboye

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The King’s Glory CHURCH, King’s Lynn

…A better life in Christ

2 BUILDING UPDATE

Presented by Dapo Adegoke

The preliminary / preparation work on the Church building (27 Bryggen road) has started after the purchase of the property. The work is being carried out in the backdrop of the COVID-19 lockdown, so things are taking a little longer to achieve than anticipated, of course the church and the contactors are complying with the government regulations on the premises.

The following have been achieved.
a. Building regulation application.
b. Building insurance (about £137 per month).
c. Asbestos survey and removal (£5280). Completed on the 10[th] of March.
d. Structural calculations for the mezzanine.
A building committee has been setup to review all the aspects the building project. The building committed member include the following people.
a. Gboyega Ojo – Chair
b. Oluwaseyi Okewole
c. Kingston Nwosu
d. Orville Robinson
Due to the cost of the renovation, the building project has been split into two phases.

Phase 1

The office area including the reception hall, pastor’s office, the mother and baby room, admin office .

Corridors. Storage and toilets.
Preparation for the first-floor mezzanine.

Phase 2

Main Hall, the mezzanine (office and children’s hall).

Worship Centre: 27 Bryggen Road, PE30 2HZ. King’s Lynn

Correspondence Address: Bishop Lynn House, 18 Tuesday Market Place, King's Lynn, Norfolk, PE30 1JW Tel: 01553 600 036 Email: info@thekingsglory.org.uk

RCCG is a worldwide church organisation established since 1952. Registered in the United Kingdom. TKG charity number 1182416 General Overseer: Pastor E. A. Adeboye

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The King’s Glory CHURCH, King’s Lynn

…A better life in Christ

3 BUILDER SELECTION.

Presenter Oladapo Adegoke

The building committee split the renovation into distinct work.

Plumbing
Electrics
Roofing
Civil work and decorating

The workmen selection strategy is getting quotes for individual work item from different providers and comparing with a building contractor that can provide all work items.

The building committee concluded that having a contractor that provides all the services required will be of benefit because the contractor will also manage the project. It was noted that the cost increase over

individual work items is justifiable, if the church is using separate contractors for different work item, the church will require a part time project manager and also more difficult to hold people responsible.

Two building contractors where shortlisted.

ADK Builders and plumbers - 53 Grosvenor Road Wisbech Cambridgeshire PE13 3NB
Archmates - 2 Waterlands, Love Farm, St Neots Cambridgeshire PE19 6GT

ADK Builders and Plumber was chosen out of the shortlist because of three reasons

Demonstrated more experience.
ADK can do all the required work items.
The quote was on par with Archmate but Archmate does not do plumbing and electrics.

The current budget of phase 1 construction is £86000 this will be revised upward when the full cost of the mezzanine preparation is available.

Worship Centre: 27 Bryggen Road, PE30 2HZ. King’s Lynn

Correspondence Address: Bishop Lynn House, 18 Tuesday Market Place, King's Lynn, Norfolk, PE30 1JW Tel: 01553 600 036 Email: info@thekingsglory.org.uk

RCCG is a worldwide church organisation established since 1952. Registered in the United Kingdom. TKG charity number 1182416 General Overseer: Pastor E. A. Adeboye

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The King’s Glory CHURCH, King’s Lynn

…A better life in Christ

4 MANAGING PROJECT RISK

Presented by Dapo Adegoke

These are steps that the building committee have recommend managing the project risks.

Review the ADK’s terms and conditions(done).
Ask ADK for liability insurance (provided).
Ask for references (two references provided).
ADK to provide schedule of work and we create finer grain milestones from the schedule of work to limit the amount of money given to ADK at once (requested).
Request contacts of workmen to be submitted as part of the contract (oustanding).
The trustee a limiting the singular amount to be paid to any trustee to maximum of £10000 (done).

5 RAISING FUNDS / MANAGING WHAT WE HAVE.

Presented by Dapo Adegoke

At the time of the Trustee’s meeting the church has £42,000 in its account. We require about £90,000 for the phase 1 project (that is £50,000 deficit. This deficit need resolving withing the three months it will take to complete the project.

Options considered:

Register for VAT so that we do not pay VAT on purchases. We can ask building contractor to make purchases in TKG’s name then claim VAT back. We expect to save about £5000 -£6000 (this will not work, I spoke with an accountant).
Grant for disabled Toilet.
Bank Loan possibility of £10000 - £20000 loan since the mortgage cost is low (£870 per month repayment).
Ask other churches that we are affiliate to.
Ask past members.
Charity commission gift aid (this has been applied for, £8200 expected

Worship Centre: 27 Bryggen Road, PE30 2HZ. King’s Lynn

Correspondence Address: Bishop Lynn House, 18 Tuesday Market Place, King's Lynn, Norfolk, PE30 1JW Tel: 01553 600 036 Email: info@thekingsglory.org.uk

RCCG is a worldwide church organisation established since 1952. Registered in the United Kingdom. TKG charity number 1182416 General Overseer: Pastor E. A. Adeboye

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The King’s Glory CHURCH, King’s Lynn

…A better life in Christ

REVIEW 2019 ACCOUNTS.

Worship Centre: 27 Bryggen Road, PE30 2HZ. King’s Lynn

Correspondence Address: Bishop Lynn House, 18 Tuesday Market Place, King's Lynn, Norfolk, PE30 1JW Tel: 01553 600 036 Email: info@thekingsglory.org.uk

RCCG is a worldwide church organisation established since 1952. Registered in the United Kingdom. TKG charity number 1182416 General Overseer: Pastor E. A. Adeboye

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The King’s Glory CHURCH, King’s Lynn

  - …A better life in Christ

5.1 THESE QUERIES WERE RAISED

1. ‘Admin’ of 2019 is significantly more than 2018: This is due to the associated cost of the mortgage and the planning application for the building.

2. Transport: This includes the train ticket for guest ministers and travel cost for pastor’s official work outside of the regular church related travel. E.g traveling to London for training or pastors’ meeting.

3. Rent increase: This is due to the cost of hiring additional room in Fairstead community centre to accommodate the Children.

4. Evangelism zero cost: Now this is calculated with Outreach events but may change in future.

2020 ACCOUNT

Presented by Dapo Adegoke

The major financial expenditure for 2020 is moving to our North Lynn home and cost relating to outreach in the community.

Thank You.

Worship Centre: 27 Bryggen Road, PE30 2HZ. King’s Lynn

Correspondence Address: Bishop Lynn House, 18 Tuesday Market Place, King's Lynn, Norfolk, PE30 1JW Tel: 01553 600 036 Email: info@thekingsglory.org.uk

RCCG is a worldwide church organisation established since 1952. Registered in the United Kingdom. TKG charity number 1182416 General Overseer: Pastor E. A. Adeboye

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Registered Charity Number

1182416

RCCG The Kings Glory Church

Financial Statement For The Year Ended

30th December 2020

Prepared by DTT Consultancy Ltd

RCCG The Kings Glory Church	RCCG The Kings Glory Church	RCCG The Kings Glory Church	RCCG The Kings Glory Church	1182416	1182416
	Annual accounts for theperiod
	Period start date	1st Jan 20	To	Period end date	31st Dec 20

Section A	Statement of financial activities
Recommended categories by activity Details of own analysis Note Incoming resources (Note 3) Incoming resources from generated funds Voluntary income S01 Gift Aid S02 Investment income S03 Incoming resources from charitable activities S04 Other incoming resources S05 S06 Resources expended (Notes 4-8) Costs of Generating Funds Costs of generating voluntary income S07 Fundraising trading costs S08 Investment management costs S09 Charitable activities S10 Governance costs S11 Other resources expended S12 S13 S14 S15 S16 S17 S18 S19 S20 Prior Year Adjustment S21 *Total funds carried forward* Total funds brought forward *Net movement in funds* *Net incoming/(outgoing) resources before* *transfers* Gains and losses on investment assets Gains and losses on revaluation of fixed assets for the charity’s own use Other recognised gains/(losses) *Net incoming/(outgoing) resources before other* *recognised gains/(losses)* Gross transfers between funds *Total resources expended* *Total incoming resources*		Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05
		-	-	-	-	-
		108,323	-	-	108,323	70,261
			-	-	-	-
		-	-	-	-	-
		-	-	-	-	-
		-	-	-	-	-
		108,323	-	-	108,323	70,261

		-	-	-	-	-
		19,683	-	-	19,683	18,421
		-	-	-	-	-
			-	-	-	-
		10,812	-	-	10,812	9,026
		-	-	-	-	-
		-	-	-	-	-
		30,495	-	-	30,495	27,447
		77,828	-	-	77,828	42,814
		-	-	-	-	-
		77,828	-	-	77,828	42,814

		-	-	-	-	-
			-	-	-	-
		77,828	-	-	77,828	42,814
		81,617	-	-	81,617	38,803
		-			-	-
		159,445	-	-	159,445	81,617

Page 6

RCCG - Jan - Dec 2020

Section B Balance sheet

Unrestricted funds Restricted income funds Endowment funds £ £ £ F01 F02 F03	Unrestricted funds Restricted income funds Endowment funds £ £ £ F01 F02 F03	Unrestricted funds Restricted income funds Endowment funds £ £ £ F01 F02 F03	Total this year Total last year £ £ F04 F05	Total this year Total last year £ £ F04 F05
324,662			324,662


324,662			324,662


300			300	2,800

2,509			2,509	79,067
2,809			2,809	81,867

250			250	250

2,559	-	-	2,559	81,617

327,221	-	-	327,221	81,617

167,776	-	-	167,776	-
-	-	-	-	-

159,445	-	-	159,445	81,617

159,445			159,445	81,617




159,445	-		159,445	81,617

Print Signature			Date of approval Name
				12-Nov-19

Page 7

RCCG - Jan - Dec 2020

Section C Notes to the accounts

Note 1 Basis of preparation

This section should be completed by all charities .

1.1 Basis of accounting

These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with:

Accounting and Reporting by Charities – Statement of Recommended Practice (SORP 2005);

• and with* Accounting Standards; or Financial Reporting Standards for Smaller Enterprises (FRSSE);

and with the Charities Act 1993.

[** except for the following].

Give details in this box if a different standard has been followed.

-Tick as appropriate:
if all relevant disclosures shown in the pack have been given then please tick “Accounting Standards”;
if disclosures completed in these accounts have been restricted to those required by the FRSSE, then please tick “Financial
Reporting Standards for Smaller Enterprises (FRSSE)”.

** - If no departures from the chosen standards have been made then delete these words; otherwise give details of any changes in the boxes.

1.2 Change in basis of accounting

There has been no change to the accounting policies (valuation rules and methods of accounting) since last year (§ except for the following).

§ if no changes have been made to accounting policies then delete these words.

1.3 Changes to previous accounts

No changes have been made to accounts for previous years

Page 8

RCCG - Jan - Dec 2020

Section C Notes to the accounts (cont)

Note 2 Accounting policies

This standard list of accounting policies has been applied by the charity except for those deleted. Where a different or additional policy has been adopted then this is detailed in the box below.

INCOMING RESOURCES
Recognition of incoming	These are included in the Statement of Financial Activities (SoFA) when:
resources	· the charity becomes entitled to the resources;
	· the trustees are virtually certain they will receive the resources; and
	· the monetary value can be measured with sufficient reliability.
Incoming resources with related	Where incoming resources have related expenditure (as with fundraising or contract income) the
expenditure	incoming resources and related expenditure are reported gross in the SoFA.
Grants and donations	Grants and donations are only included in the SoFA when the charity has unconditional entitlement to
	the resources.
Tax reclaims on donations and	Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which
gifts	they relate.
Contractual income and	This is only included in the SoFA once the related goods or services have been delivered.
performance related grants
Gifts in kind	Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
	Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed
	by the charity.
	Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable.
Donated services and facilities	These are only included in incoming resources (with an equivalent amount in resources expended)
	where the benefit to the charity is reasonably quantifiable, measurable and material_._The value
	placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer help	The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
Investment income	This is included in the accounts when receivable.
Investment gains and losses	This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing
	investments to market value at the end of the year.
EXPENDITURE AND LIABILITIES
Liability recognition	Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to
	pay out resources.
Governance costs	Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings
	and cost of any legal advice to trustees on governance or constitutional matters.
Grants with performance	Where the charity gives a grant with conditions for its payment being a specific level of service or
conditions	output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has
	provided the specified service or output.
Grants payable without	These are only recognised in the accounts when a commitment has been made and there are no
performance conditions	conditions to be met relating to the grant which remain in the control of the charity.
Support Costs	Support costs include central functions and have been allocated to activity cost categories on a basis
	consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff
	costs by the time spent and other costs by their usage.
ASSETS
Tangible fixed assets for use by	These are capitalised if they can be used for more than one year, and cost at least £500. They are
charity	valued at cost or a reasonable value on receipt.
Investments	Investments quoted on a recognised stock exchange are valued at market value at the year end. Other
	investment assets are included at trustees' best estimate of market value.
Stocks and work in progress	These are valued at the lower of cost or market value.

Page 9

Section C Notes to the accounts (cont)

RCCG - Jan - Dec 2020

Note 3 Analysis of incoming resources

Incoming resources may be further analysed if this would help the reader of the accounts.

Analysis	This year £	Last year £
Tithes,offeringand thanksgiving	108,323	70,261
Building	-
Other
Interest earned
Total	108,323	25,436

Gift aid	33,164
	-
	-
	-
	-
Total	33,164

	-
	-
	-
	-
	-	-
Total	-	-







Total	-	-

Page 10

RCCG - Jan - Dec 2020

Section C Notes to the accounts (cont)

Note 4 Analysis of resources expended

Resources expended may be further analysed if this would help the reader of the accounts.

Analysis	This year Last year £ £	This year Last year £ £
Hospitality	251	1,667
Multimedia	1,065	1,332
Transport		177
Children		202
Admin	3,963	1,463
Choir		628
Printing		340
Honourarium		1,500
Sanctuary	3,331	622
TrainingEvents		409
Rent	10,380	6,599
Men dept		-
Conference		140
Professional Fees		2,547
Independent Examination		250
SundryExpense	693	545
Total	19,683	18,421

RCCG WEM	8,006	7,030
RCCG COF	300	300
Outreach Events	276	303
Welfare		243
CharitySupport	2,230	1,150
Total	10,812	9,026

	-	-
	-	-
	-	-
Total	-	-

Page 11

RCCG - Jan - Dec 2020

Section C Notes to the accounts (cont)

Note 5 Support Costs

Please complete this note if the charity has analysed its expenses using activity categories and has support costs.

Support cost type	Fundraising activity £	Charitable Activity £	Governance Activity £	Total Cost £
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
Total	-	-	-	-

Note 6 Details of certain items of expenditure

6.1 Trustee expenses

Please provide details of the amount of any payment or reimbursement of out-of-pocket expenses made to trustees or to third parties for expenses incurred by trustees. If no expenses were paid, please enter ‘None’ in the appropriate box(es).

Number of trustees who were paid expenses

Nature of the expenses

Total amount paid

This year	Last year


£	£

6.2 Fees for examination or audit of the accounts

Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner or auditor. If nothing was paid please enter NONE in the appropriate box(es).

Other fees (for example: advice, consultancy, accountancy services) paid to the independent examiner or auditor Independent examiner’s or auditors' fees for reporting on the accounts	This year £	Last year £
	250	250

Page 12

RCCG - Jan - Dec 2020

Section C Notes to the accounts (cont)

Note 9 Tangible fixed assets Please complete this note if the charity has any tangible fixed assets

9.1 Cost or valuation

Church Building £	Building work £	Motor vehicles £	Building Repairs	Total

220,000	104,662			324,662
				-
				-
				-
				-
220,000	104,662	-	-	324,662
SL or RB	SL or RB	SL or RB




-	-	-		-
-	-	-		-
-	-	-		-
-	-	-		-
-	-	-	-	-


220,000	104,662	-	-	324,662

Page 13

RCCG - Jan - Dec 2020

Section C Notes to the accounts (cont)

Note 11 Debtors and prepayments

Please complete this note if the charity has any debtors or prepayments.

Amounts falling due within oneyear	Amounts falling due within oneyear	Amounts falling due after more than oneyear	Amounts falling due after more than oneyear
This year £	Last year £	This year £	Last year £
		-	-
	-	-	-
300	2,800	-
		-	-
300	2,800	-	-

Note 12 Creditors and accruals

Please complete this note if the charity has any creditors or accruals. 12.1 Analysis of creditors

Amounts falling due within oneyear	Amounts falling due within oneyear	Amounts falling due after more than oneyear	Amounts falling due after more than oneyear
This year £	Last year £	This year £	Last year £
-	-		-
250	250		-
			-
-		151,153
-		16,623	-
250	250	167,776	-

Page 14

RCCG The Kings Glory Church

INDEPENDENT EXAMINER'S REPORT

FOR YEAR ENDED 31 DECEMBER 2020

TO THE TRUSTEES OF THE REDEEMED CHRISTIAN CHURCH OF GOD - The Kings Glory Church

I report on the accounts for the year ended 31 December 2020 set out on pages 5 to 9.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER

an

audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

(i) examine the accounts under section 145 of the 2011 Act;

(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

(iii) to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair"

view and the report is limited to those matters set out in the statements below.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no matter has come to my attention:

(a) which gives me reasonable cause to believe that in any material respect the requirements:

(i) to keep accounting records in accordance with section 130 of the 2011 Act; and

(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;

have not been met.

(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Tunji Ogedengbe 36 Daffodil Close Hatfield Hertfordshire AL10 9FF

Date: 27th Oct 2021