REGISTERED CHARITY NUMBER: 1189288
Unaudited Financial Statements for the Year Ended 30 September 2022
for
The Redeemed Worship Centre CIO (A Company Limited by Guarantee)
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
The Redeemed Worship Centre CIO
Contents of the Financial Statements for the Year Ended 30 September 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 15 |
| Detailed Statement of Financial Activities | 16 to 17 |
The Redeemed Worship Centre CIO
Reference and Administrative Details for the Year Ended 30 September 2022
TRUSTEES S Dube J C Ndlovu T Phiri W U Chellan P Sibanda P Moyo T Ndlovu PRINCIPAL ADDRESS 42 Hackness Road Hamilton Leicester LE5 1EX REGISTERED CHARITY NUMBER 1189288 INDEPENDENT EXAMINER The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP ADVISERS Barclays Bank 1-3 Haymarket Towers LE1 1WA
Page 1
The Redeemed Worship Centre CIO
Trustees' Report for the Year Ended 30 September 2022
The trustees present their report with the financial statements of the charity for the year ended 30 September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019.
OBJECTIVES AND ACTIVITIES Objectives and aims
The purposes of the Church are:
The advancement of the Christian faith in accordance with the Basis of Faith, primarily, but not exclusively, within Leicester and the surrounding neighbourhood; and such other charitable purposes as shall, in the opinion of the charity trustees, put into practice the Christian faith in accordance with the Basis of Faith, including but not limited to: the prevention and relief of need, hardship and sickness; the advancement of education; and the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life;
Provided that the advancement of such purposes must be undertaken in a manner that is consistent with the Doctrinal Distinctive and Ethical Statements as may be adopted and amended by the Church from time to time.
We are a multi-cultural church in the city of Leicester aiming to serve our community to the best of our ability. As we are just starting, our programmes to be implemented will include various age groups from new born babies to the elderly. More activities will be implemented as and when we have more volunteers coming in and willing to be part of the church.
Public benefit
The trustees have had regard to the Charity Commission guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
We aim to continue with our religious activities and general charitable purposes. After further relaxation of Covid rules during the beginning of 2022 the church started with some face to face outdoor meetings once a month. We officially went back to weekly face to face indoor/church Sunday meetings from 8 May 2022.
Impact of Covid
There has been a slight decline in financial giving of the church due to the impact of Covid however, a slow rising is also beginning to be seen in this matter. The church is regaining its confidence and we will be able to increase our service to our community in due course.
Page 2
The Redeemed Worship Centre CIO
Trustees' Report for the Year Ended 30 September 2022
FINANCIAL REVIEW
Financial position
The statement of financial activities shows total income for the year of £102,759 and the total expenditure of £68,770 leaving a surplus of £33,989 for the period.
Reserves policy
The trustees are responsible for setting a reserves policy, taking into account the administrative overheads of the charity.
The restricted reserves is for the potential purchase of the current church building which is being leased, the trustees are actively trying to purchase this building as it meets all of their charitable needs.
Maintaining reserves
It is anticipated that once levels of income are established, that a monthly amount will be set aside to maintain the basic level of reserves deemed necessary by the trustees.
At 30 September 2022 the Charity held unrestricted funds amounting to £98,690 and restricted fund of £15,330.
FUTURE PLANS
There are no big events planned except the intention to purchase the current church building which is being leased in which our meetings will be held.
Our main objective is to purchase a building where we will be running our meetings. We would like to run free holiday clubs for 5-11-year-olds during half term holidays throughout the year, once we are able to purchase a building.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity governing constitution was adopted on 9 April 2020 and the charity was incorporated as a Charitable Incorporated Organisation (CIO) on 30 April 2020.
Page 3
The Redeemed Worship Centre CIO
Trustees' Report for the Year Ended 30 September 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Church.
Subject to the following paragraphs, every charity trustee shall be an elder of the church governed by this constitution and no-one may be appointed as an elder within the church without also being appointed as a charity trustee. The responsibilities of the elders are the responsibilities that are assigned to elders in the New Testament.
The charity trustees may describe the role and responsibilities of elders in more detail in the Rules.
The charity trustees may use the Rules to specify circumstances in which a person may be appointed as an elder without being a charity trustee or circumstances in which a person may be appointed as a charity trustee without also being an elder.
Whenever it is the case that the charity trustees and elders are not exactly the same group of people, the charity trustees must exercise control and independent decision-making, but may delegate powers to the elders.
Organisational structure
The charity trustees are responsible for the general control and management of the charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Approved by order of the board of trustees on 13[th] January 2023 and signed on its behalf by:
P Moyo - Trustee
Page 4
Independent Examiner's Report to the Trustees of The Redeemed Worship Centre CIO
Independent examiner's report to the trustees of The Redeemed Worship Centre CIO
I report to the charity trustees on my examination of the accounts of The Redeemed Worship Centre CIO (the Trust) for the year ended 30 September 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mrs LG Parkes FCA FCCA ICAEW The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Date: 13[th] January 2023
Page 5
The Redeemed Worship Centre CIO
Statement of Financial Activities for the Year Ended 30 September 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 87,679 EXPENDITURE ON Charitable activities 3 Charitable activities 60,139 Support costs 1,280 Governance costs 5,551 Total 66,970 NET INCOME 20,709 RECONCILIATION OF FUNDS Total funds brought forward 79,781 TOTAL FUNDS CARRIED FORWARD 100,490 |
Year Ended 30.9.22 Restricted Total fund funds £ £ 15,080 102,759 - 60,139 - 1,280 - 5,551 - 66,970 15,080 35,789 250 80,031 15,330 115,820 |
Period 9.4.20 to 30.9.21 Total funds £ 141,246 |
|---|---|---|
| 54,714 565 5,936 |
||
| 61,215 | ||
| 80,031 - |
||
| 80,031 |
The notes form part of these financial statements
Page 6
The Redeemed Worship Centre CIO
Balance Sheet 30 September 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 10,130 CURRENT ASSETS Debtors 11 11,059 Cash at bank and in hand 84,195 95,254 CREDITORS Amounts falling due within one year 12 (4,894) NET CURRENT ASSETS 90,360 TOTAL ASSETS LESS CURRENT LIABILITIES 100,490 NET ASSETS 100,490 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - 15,330 15,330 - 15,330 15,330 15,330 |
30.9.22 Total funds £ 10,130 11,059 99,525 110,584 (4,894) 105,690 115,820 115,820 100,490 15,330 115,820 |
30.9.21 Total funds £ 4,419 6,349 73,463 79,812 (4,200) 75,612 80,031 80,031 79,781 250 80,031 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13[th] January 2023 and were signed on its behalf by:
P Moyo - Trustee
The notes form part of these financial statements
Page 7
The Redeemed Worship Centre CIO
Notes to the Financial Statements for the Year Ended 30 September 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulation 2008 only to the extent to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 8
The Redeemed Worship Centre CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
1. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and cash on deposit.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. DONATIONS AND LEGACIES
| Year Ended 30.9.22 £ Donations - General 4,619 Donations - Tithe 63,852 Gift aid 19,208 Special - Building 15,080 102,759 |
Period 9.4.20 to 30.9.21 £ 4,687 112,709 23,187 413 250 141,246 |
|---|---|
continued...
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The Redeemed Worship Centre CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
3. CHARITABLE ACTIVITIES COSTS
| 3. | CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|---|
| Direct | Support | ||||
| Costs | (see | costs (see | |||
| note | 4) | note 5) | Totals | ||
| £ | £ | £ | |||
| Charitable activities | 60,139 | - | 60,139 | ||
| Support costs | - | 1,280 | 1,280 | ||
| Governance costs | - | 5,551 | 5,551 | ||
| 60,139 | 6,831 | 66,970 | |||
| 4. | DIRECT COSTS OF CHARITABLE ACTIVITIES | ||||
| Period | |||||
| 9.4.20 | |||||
| Year Ended | to | ||||
| 30.9.22 | 30.9.21 | ||||
| £ | £ | ||||
| Trustees' remuneration etc | 19,075 | 9,130 | |||
| Advertising | 419 | 750 | |||
| Ministry costs | 8,277 | - | |||
| Services | 4,833 | 8,995 | |||
| Small equipment & instruments | 2,178 | 6,780 | |||
| Consumables | 3,932 | 3,659 | |||
| Rent | 10,700 | 4,657 | |||
| Computer consumables | 2,358 | 4,927 | |||
| Gifts- compassion & ministry | 1,052 | 10,328 | |||
| Bereavement | 1,200 | 2,000 | |||
| Sundries | - | 67 | |||
| Soft furnishings | 606 | - | |||
| Youth prize | 75 | - | |||
| Youth activities | 238 | - | |||
| Touching lives | 733 | - | |||
| Depreciation | 4,463 | 3,421 | |||
| 60,139 | 54,714 |
continued...
Page 10
The Redeemed Worship Centre CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
5. SUPPORT COSTS
| SUPPORT COSTS | ||||||
|---|---|---|---|---|---|---|
| Governance | ||||||
| Management | costs | Totals | ||||
| £ | £ | £ | ||||
| Support costs | 1,280 | - | 1,280 | |||
| Governance costs | - | 5,551 | 5,551 | |||
| 1,280 | 5,551 | 6,831 | ||||
| Support costs, included in the above, are as follows: | ||||||
| Period | ||||||
| 9.4.20 | ||||||
| Year Ended | to | |||||
| 30.9.22 | 30.9.21 | |||||
| Support | Governance |
Total | Total | |||
| costs | costs | activities | activities | |||
| £ | £ | £ | £ | |||
| Insurance | 290 | - | 290 | 280 | ||
| Postage and stationery | 934 | - | 934 | 246 | ||
| Travel | 56 | - | 56 | 39 | ||
| Accountancy services | - | 4,470 | 4,470 | 4,200 | ||
| Payroll processing fees | - | 180 | 180 | 873 | ||
| Legal fees | - | 901 | 901 | 863 | ||
| 1,280 | 5,551 | 6,831 | 6,501 |
6. TRUSTEES' REMUNERATION AND BENEFITS
| TRUSTEES' REMUNERATION AND BENEFITS | ||
|---|---|---|
| Period | ||
| 9.4.20 | ||
| Year Ended | to | |
| 30.9.22 | 30.9.21 | |
| £ | £ | |
| Trustees' salaries | 19,000 | 9,000 |
| Trustees' social security | (227) | - |
| Trustees' pensions paid | 302 | 130 |
| 19,075 | 9,130 |
The trustee, P Moyo, is paid in his capacity as a Pastor of the church for which legal authority is given in the charity governing document.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2022 nor for the period ended 30 September 2021.
continued...
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The Redeemed Worship Centre CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Period | |||||
|---|---|---|---|---|---|
| 9.4.20 | |||||
| Year Ended | to | ||||
| 30.9.22 | 30.9.21 | ||||
| Pastoral services | 1 | 1 | |||
| No employees received emoluments in excess of £60,000. | |||||
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||||
| Unrestricted | Restricted |
Total | |||
| fund | fund | funds | |||
| £ | £ | £ | |||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 140,996 | 250 | 141,246 | ||
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Charitable activities | 54,714 | - | 54,714 | ||
| Support costs | 565 | - | 565 | ||
| Governance costs | 5,936 | - | 5,936 | ||
| Total | 61,215 | - | 61,215 | ||
| NET INCOME | 79,781 | 250 | 80,031 | ||
| TOTAL FUNDS CARRIED FORWARD | 79,781 | 250 | 80,031 |
9. INDEPENDENT EXAMINATION
The amount paid to the independent examiner for the independent examination was £3,300 and £2,550 for other accountancy services.
continued...
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The Redeemed Worship Centre CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
10. TANGIBLE FIXED ASSETS
| COST At 1 October 2021 Additions At 30 September 2022 DEPRECIATION At 1 October 2021 Charge for year At 30 September 2022 NET BOOK VALUE At 30 September 2022 At 30 September 2021 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Tax recoverable Taxation and social security Prepayments |
Fixtures and Computer fittings equipment Totals £ £ £ 1,563 6,277 7,840 9,839 335 10,174 11,402 6,612 18,014 313 3,108 3,421 2,280 2,183 4,463 2,593 5,291 7,884 8,809 1,321 10,130 1,250 3,169 4,419 30.9.22 30.9.21 £ £ 9,959 5,574 - 775 1,100 - 11,059 6,349 |
Fixtures and Computer fittings equipment Totals £ £ £ 1,563 6,277 7,840 9,839 335 10,174 11,402 6,612 18,014 313 3,108 3,421 2,280 2,183 4,463 2,593 5,291 7,884 8,809 1,321 10,130 1,250 3,169 4,419 30.9.22 30.9.21 £ £ 9,959 5,574 - 775 1,100 - 11,059 6,349 |
|---|---|---|
| 6,349 |
continued...
Page 13
The Redeemed Worship Centre CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Taxation and social security Other creditors 13. MOVEMENT IN FUNDS At 1.10.21 £ Unrestricted funds General fund 79,781 Restricted funds Buildings 250 TOTAL FUNDS 80,031 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 87,679 Restricted funds Buildings 15,080 TOTAL FUNDS 102,759 |
30.9.22 30.9.21 £ £ 423 - 4,471 4,200 4,894 4,200 Net movement At in funds 30.9.22 £ £ 20,709 100,490 15,080 15,330 35,789 115,820 Resources Movement expended in funds £ £ (66,970) 20,709 - 15,080 (66,970) 35,789 |
|---|---|
continued...
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The Redeemed Worship Centre CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||
|---|---|---|
| movement | At | |
| in funds | 30.9.21 | |
| £ | £ | |
| Unrestricted funds | ||
| General fund | 79,781 | 79,781 |
| Restricted funds | ||
| Buildings | 250 | 250 |
| TOTAL FUNDS | 80,031 | 80,031 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Buildings TOTAL FUNDS |
Incoming resources £ 140,996 250 141,246 |
Resources Movemen expended in funds £ £ (61,215) 79,781 - 250 (61,215) 80,031 |
Resources Movemen expended in funds £ £ (61,215) 79,781 - 250 (61,215) 80,031 |
|---|---|---|---|
| 80,031 |
The restricted building fund is for the purchase of the church property.
14. RELATED PARTY DISCLOSURES
During the period, seven trustees made personal donations to the Charity amounting to £20,367 (£29,467 - 2021). No benefits were received as a result of these donations.
Page 15