2022-12-31-accounts - The Redeemed Christian Church Of God The King's Glory Church

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RCCG The Kings Glory Church

Minutes of the Trustee meetings held on the 22[nd] December 2022

In attendance

Deaconess Grace Akinlade chaired the meeting
Pastor Ade Ajayi
Bro Kanayo Ndibe - Minutes secretary
Pastor Oladapo Adegoke

The meeting started at 5.06 pm with a prayer by Bro Kanayo.

Deaconess Grace

Chaired the meeting.

Read the minutes of the last Trustee’s meeting

Pastor Dapo

The church met the building target. Funding for the project came from contributions from members, friends, and support from other sister parishes. Ask for agreement, and there were no objections. I have added a few extensions/additions, for example, the new space divider on the entrance meeting space, which was done at the cost of £7,000. We will also need a portable cabin for the teenagers, to accommodate the growing number of children in the children’s department above.

We have renewed the Church building insurance.

Action: confirm whether the insurance covers the church members during outreach activities.

An internal person needs to check/audit the accountant’s account before making it public.

Pastor Ade

We need to review the legal structure to see if it is still suitable for the operations.

Pastor Dapo

Summary of the year of maturity

Introduction of natural groups initiatives implemented – women and single’s groups are active, and we hope to start men’s groups in 2023.

Started the Fairstead Home groups, and because of the success recorded, it will be extended across the whole church.

Induction course for new entrants in Kings Lynn (Navigate Kings Lynn)

Procured the planned church transport for £7,500 against the £10,000 budget. It is a used vehicle that is still in good condition. The benefits include improvement in the attendance level of some of our programs.

Finance

Pastor Dapo

Bounce back loan £11,583.00; it has a low interest which we are servicing accordingly. The outstanding mortgage is £190,415.00.

Spent more on multimedia, £10,000, to improve the audio-visual strategy of the church, especially during the outreach programs for an improved experience.

The increased energy bills recorded in May/June entries are because of some building project costs executed during that period.

We are reiterating the need for an internal auditor for the accounts.

As advised during the last meeting, we have achieved the planned reserve target of 4 months (£20,000).

We are yet to claim the gift aid for this year of approximately (£30,000). The current balance is £40,000, and there is an outstanding payment to be made of £10,000 meant for the equipment purchased.

The mortgage fixed rate will end in 3-year time.

Pastor Ade

There is a need to make some lump payments before the end of the three years. Deaconess Grace seconded it.

There is a need for trustee training to equip us in administering the compliance requirements of the charity commission. Especially there is a need for

Regular fire compliance, Pasto Dapo confirmed our compliance with it.
Robust Child protection policy, which Pastor Dapo confirmed that we are compliant
Meeting to focus more on Strategic issues leaving operations to the Pastor and the leadership team.
Legal structure compliance. Action : Pastor Dapo to speak to Duncan because we have overgrown the current structure. Hoping that a Charitable incorporated organization limited by guarantee is the right way to go.
Explicit the expenditures because this is the focus of the public interest.
Contact the central office to inspect accounts to capture their inputs in our accounting duties.
Accounts/reports should reflect the charity and volunteering duties performed, such as person-hours of volunteers for missions and evangelism.

Closed at 18.36 with a closing prayer by Pastor Ade

Registered Charity Number

1182416

RCCG The Kings Glory Church

Financial Statement For The Year Ended

31st December 2022

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
	Annual accounts for theperiod
	Period start date	1st Jan 22	To	Period end date	31st Dec 22

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 resources expended* *Total incoming resources* *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		Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05
		-	-	-	-	-
		140,797	-	-	140,797	142,893
			-	-	-	-
		-	-	-	-	-
		-	-	-	-	-
		-	-	-	-	-
		140,797	-	-	140,797	142,893

		-	-	-	-	-
		111,435	-	-	111,435	45,792
		-	-	-	-	-
			-	-	-	-
		18,449	-	-	18,449	12,632
		-	-	-	-	-
		-	-	-	-	-
		129,885	-	-	129,885	58,424
		10,912	-	-	10,912	84,469
		-	-	-	-	-
		10,912	-	-	10,912	84,469

			-	-	-	55,000
			-	-	-	-
		10,912	-	-	10,912	139,469
		298,914	-	-	298,914	159,445
					-	-
		309,826	-	-	309,826	298,914

Page 1

RCCG The Kings Glory Church

Section B Balance sheet as at 31st December 2022

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
487,211			487,211	500,409


487,211			487,211	500,409


300			300	300

24,564			24,564	10,008
24,864			24,864	10,308

250			250	250

24,614	-	-	24,614	10,058

511,825	-	-	511,825	510,467

201,999	-	-	201,999	211,553
-	-	-	-	-

309,826	-	-	309,826	298,914

309,826			309,826	298,914




309,826	-		309,826	298,914

Print Signature			Date of approval Name

Page 2

RCCG The Kings Glory Church

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 3

RCCG The Kings Glory Church

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 4

RCCG The Kings Glory Church

Section C Notes to the accounts (cont)

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	140,797	142,893
Building	-	-
Other
Interest earned
Total	140,797	142,893

Gift aid		11,616
	-	-
	-	-
	-	-
	-	-
Total	-	11,616

	-	-
	-	-
	-	-
	-	-
	-	-
Total	-	-







Total	-	-

Page 5

RCCG The Kings Glory Church

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	2,446	1,299
Multimedia	12,796	9,714
Transport	362	-
Children	727	626
Admin	5,707	1,251
Choir	5,242	-
Utility	6,503	2,927
Honourarium	5,850	2,250
Sanctuary	9,701	2,583
TrainingEvents	600	2,200
Rent	-	1,083
Men Department	984	-
Women Department	1,127	-
Usher	264	-
Bounce Back loan Interest	334
Pastor's Allowance	14,400
Telephone		395
Charges		68
Depreciation	35,258	18,480
Professional Fees		2,450
Cleaning		465
Mortgage Interest	9,132
Total	111,435	45,792

RCCG WEM	9,104	11,205
RCCG COF	300	300
Evangelism	830
Outreach Events	4,476	357
Welfare		300
Donation		240
CharitySupport	3,739	230
Total	18,449	12,632

	-	-
	-	-
	-	-
Total	-	-

Page 6

Section C Notes to the accounts (cont)

RCCG The Kings Glory Church

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).

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

Page 7

RCCG The Kings Glory Church

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 £	Furniture £	Motor van £	Total
				£
275,000	235,272	8,617		518,889
	14,560		7,500	22,060
				-
				-
				-
275,000	249,832	8,617	7,500	540,949

SL or RB	SL or RB	SL or RB


-	16,326	2,154	-	18,480
	31,229	2,154	1,875	35,258
-	-	-		-
-	-	-		-
-	-	-		-
-	-	-		-
-	47,555	4,308	1,875	53,739

275,000	218,946	6,463	-	500,409
275,000	202,277	4,309	5,625	487,211

Page 8

RCCG The Kings Glory Church

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	300	-
		-	-
300	300	-	-

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		-
			-
-		190,415	196,763
-		11,583	14,790
250	250	201,999	211,553

Page 9

RCCG The Kings Glory Church

INDEPENDENT EXAMINER'S REPORT FOR YEAR ENDED 31 DECEMBER 2022

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 2022 set out on pages 5 to 9.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that 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: 24th Oct 2023