2023-09-30-accounts - The Redeemed Worship Centre

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REGISTERED CHARITY NUMBER: 1189288

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

THE REDEEMED WORSHIP CENTRE CIO

Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

THE REDEEMED WORSHIP CENTRE CIO

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13 to 14
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THE REDEEMED WORSHIP CENTRE CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 30 September 2023. 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).

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.

Located within the diverse city of Leicester, our multi-cultural church is dedicated to wholeheartedly serving our vibrant community to the best of our capabilities. Our inclusive programs cater to individuals across all age groups, from newborn babies to the elderly, ensuring that everyone has the opportunity to engage and benefit from our services. In collaboration with One Church, we organise a nurturing mum and toddler group every Tuesday, from 10 am to 12 pm, fostering a sense of community and support among caregivers and their young ones. Furthermore, our church serves as one of a few hubs for the Open Hands charity, facilitating the collection of donated goods to extend assistance to those in need. We run a free coffee morning for the community every last Saturday of the month. This program includes free cup-cakes, scones, and soup for the community. In addition to the above we are running free holiday clubs for 5-11 year-olds during half term holidays throughout the year.

Public benefit

The trustees have had regard to the Charity Commission guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The church has recently made a significant investment in acquiring a two-story building for the substantial sum of £600,000 on the 1st of June 2023. This property holds particular significance as it was previously the location rented by our congregation. Our steadfast commitment extends to maintaining and furthering our religious activities and charitable endeavours within this new establishment. Given the relaxation of COVID restrictions, we have resumed conducting thrice-weekly in-person church services within the indoor setting. Consequently, our congregation has witnessed a progressive increase in membership attributed to the resumption of face-to-face gatherings.

The building needs some drainage work to be done as well as roof leak issues. We need to put up the denomination and building name on the front of the building. All these commitments need to be financed in the following few months. The building also needs registering as a place of worship and a place where we can run marriages of couples as this is one of the beliefs of our church.

FINANCIAL REVIEW

Financial position

The statement of financial activities shows total income for the year of £171,039 and the total expenditure of £84,115 leaving a surplus of £86,924 for the period.

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THE REDEEMED WORSHIP CENTRE CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

FINANCIAL REVIEW

Reserves policy

The trustees are responsible for setting a reserves policy, considering the administrative overheads of the charity.

The Trustees reviewed the reserves of the Church. They concluded that the policy is to maintain unrestricted funds, which are the free reserves of the Church, at a level of which equates to at least three month's committed expenditure.

Reserves held at the year end amount to £202,744 (2022 - £115,820).

FUTURE PLANS

There are no big events planned except to access the sustainability of all the activities which have been implemented this far.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, which is based on the Charity Commission Foundation Model for a Charitable Incorporated Organisation.

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.

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.

Chief executive officer

The chief executive officer for The Redeemed Worship Centre is Peter Moyo.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1189288

Principal address

The Redeemed Worship Centre The Lighthouse 45 Upper Tichborne Street Leicester LE2 1GL

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THE REDEEMED WORSHIP CENTRE CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Trustees

P Moyo T Ndlovu S Dube J C Ndlovu T Phiri P Sibanda

Independent Examiner

Mr Phillip Bott Bsc(Hons) FCA Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

Approved by order of the board of trustees on 12 June 2024 and signed on its behalf by:

P Moyo - Trustee

Page 3

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 2023.

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
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.

Use of our report

This report is made solely to the charity's members. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our work, for this report, or for the opinions we have formed.

Mr Phillip Bott Bsc(Hons) FCA

Mark J Rees LLP Chartered Accountants Granville Hall Granville Road Leicester Leicestershire LE1 7RU

14 June 2024

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THE REDEEMED WORSHIP CENTRE CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 151,858 EXPENDITURE ON Charitable activities Charitable activities 75,778 Support costs 4,977 Governance costs 3,360 Total 84,115 NET INCOME 67,743 Transfers between funds 11 34,511 Net movement in funds 102,254 RECONCILIATION OF FUNDS Total funds brought forward 100,490 TOTAL FUNDS CARRIED FORWARD 202,744	Restricted fund £ 19,181 - - - - 19,181 (34,511) (15,330) 15,330 -	2023 Total funds £ 171,039 75,778 4,977 3,360 84,115 86,924 - 86,924 115,820 202,744	2022 Total funds £ 102,759 60,139 1,280 5,551 66,970 35,789 - 35,789 80,031 115,820

The notes form part of these financial statements

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THE REDEEMED WORSHIP CENTRE CIO

BALANCE SHEET 30 SEPTEMBER 2023

Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Debtors 6 Cash at bank and in hand CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 8 NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS	Unrestricted fund £ 613,596 1,491 13,334 14,825 (9,907) 4,918 618,514 (415,770) 202,744	Restricted fund £ - - - - - - - - -	2023 Total funds £ 613,596 1,491 13,334 14,825 (9,907) 4,918 618,514 (415,770) 202,744 202,744 - 202,744	2022 Total funds £ 10,130 11,059 99,525 110,584 (4,894) 105,690 115,820 - 115,820 100,490 15,330 115,820

The financial statements were approved by the Board of Trustees and authorised for issue on 12 June 2024 and were signed on its behalf by:

P Moyo - Trustee

The notes form part of these financial statements

Page 6

THE REDEEMED WORSHIP CENTRE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Income

Income is composed of varieties of donations, gift aid and contributions to restricted funds. 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.

Freehold property - 2% straight-line basis excluding land 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...

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THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' salaries Trustees' social security Trustees' pensions paid	2023 £ 12,000 (23) 173 12,150	2022 £ 19,000 (227) 302 19,075

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022.

3. STAFF COSTS

Wages and salaries Social security costs The average monthly number of employees during the year was as follows: Average number of employees	2023 £ 13,134 (23) 13,111 2023 2	2022 £ 19,000 (227) 18,773 2022 1

No employees received emoluments in excess of £60,000.

continued...

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THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
INCOME AND ENDOWMENTS FROM
Donations and legacies
EXPENDITURE ON
Charitable activities
Charitable activities
Support costs
Governance costs
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
5.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 October 2022
-
Additions
610,108
At 30 September 2023
610,108
DEPRECIATION
At 1 October 2022
-
Charge for year
9,762
At 30 September 2023
9,762
NET BOOK VALUE
At 30 September 2023
600,346
At 30 September 2022
-

ACTIVITIES 30 SEPTEMBER 2022
Unrestricted
Restricted
Total
fund
fund
funds
£
£
£
87,679
15,080
102,759
60,139
-
60,139
1,280
-
1,280
5,551
-
5,551
66,970
-
66,970
20,709
15,080
35,789
79,781
250
80,031
100,490
15,330
115,820
Fixtures
and
Computer
fittings
equipment
Totals
£
£
£
11,402
6,612
18,014
7,152
1,492
618,752
18,554
8,104
636,766
2,593
5,291
7,884
3,711
1,813
15,286
6,304
7,104
23,170
12,250
1,000
613,596
8,809
1,321
10,130

Included in cost or valuation of land and buildings is freehold land of £122,021 which is not depreciated.

continued...

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THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

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6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 1,491 9,959
-
Prepayments and accrued income 1,100
1,491 11,059
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
-
Bank loans and overdrafts (see note 9) 3,547
Trade creditors 3,000 -
Taxation and social security - 423
Other creditors 3,360 4,471
9,907 4,894
8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
-
Bank loans (see note 9) 415,770
9. LOANS
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year on demand:
Bank loans 3,547 -
Amounts falling between one and two years:
-
Bank loans - 1-2 years 3,841
Amounts falling due between two and five years:
-
Bank loans - 2-5 years 13,560
Amounts falling due in more than five years:
Repayable by instalments:
-
Bank loans more 5 yr by instal 398,369
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continued...

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THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

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|||| |---|---|---| |2023|2022| |£|£| |Bank loan|419,317|-|

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The bank loan is secured on the property to which it relates.

11. MOVEMENT IN FUNDS

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|||||| |---|---|---|---|---| |Net|Transfers| |At|movement|between|At| |1.10.22|in funds|funds|30.9.23| |£|£|£|£| |Unrestricted funds| |General fund|100,490|67,743|34,511|202,744| |Restricted funds| |-| |Buildings|15,330|19,181|(34,511)| |TOTAL FUNDS|115,820|86,924|-|202,744| |Net movement in funds, included in the above are as follows:| |Incoming|Resources|Movement| |resources|expended|in funds| |£|£|£| |Unrestricted funds| |General fund|151,858|(84,115)|67,743| |Restricted funds| |-| |Buildings|19,181|19,181| |TOTAL FUNDS|171,039|(84,115)|86,924|

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continued...

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THE REDEEMED WORSHIP CENTRE CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.10.21 £ Unrestricted funds General fund 79,781 Restricted funds Buildings 250 TOTAL FUNDS 80,031 Comparative 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	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

The restricted building fund is for the purchase of the church property.

Transfers between funds

Following the purchase of the church to which the sole restricted fund relates, the balance of the asset that relates to the Building fund was transferred to unrestricted funds as there are no restrictions imposed on the church.

12. RELATED PARTY DISCLOSURES

During the year, Trustees made personal donations to the charity amounting to £34,794 (2022: 20,367). No benefits were received as a result of their donations.

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THE REDEEMED WORSHIP CENTRE CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

INCOME AND ENDOWMENTS Donations and legacies Donations tithe Donations Gift aid Building Total incoming resources EXPENDITURE Charitable activities Trustees' salaries Trustees' social security Trustees' pensions paid Wages Travel Insurance Light and heat Postage and stationery Advertising Ministry costs Services Small equipment Consumables Rent Computer consumables Gifts Bereavement Soft furnishings Youth prize Youth activities Touching lives Repairs Depreciation of tangible fixed assets Support costs Finance Bank interest	2023 £ 105,534 15,335 30,989 19,181 171,039 171,039 12,000 (23) 173 1,134 124 297 1,976 3,125 1,101 4,900 5,728 2,808 5,039 4,600 3,597 1,000 603 1,084 - 700 - 2,713 15,286 67,965 10,962	2022 £ 63,852 4,619 19,208 15,080 102,759 102,759 19,000 (227) 302 - 56 290 - 934 419 8,277 4,833 2,178 3,932 10,700 2,358 1,052 1,200 606 75 238 733 - 4,463 61,419 -

This page does not form part of the statutory financial statements

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THE REDEEMED WORSHIP CENTRE CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Finance Governance costs Independent exam fees Accountancy and legal fees Total resources expended Net income	2023 £ 3,360 1,828 5,188 84,115 86,924	2022 £ 4,470 1,081 5,551 66,970 35,789

This page does not form part of the statutory financial statements

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