**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:
1. 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
3. 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...
Page 9
**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...
Page 11
**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...
Page 12
**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...
Page 14
**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