**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.
Page 1
**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
Page 2
**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:
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.
## **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
Page 4
**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
Page 5
**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...
Page 7
**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...
Page 8
**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...
Page 9
**THE REDEEMED WORSHIP CENTRE CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023**
**----- Start of picture text -----**
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
**----- End of picture text -----**
continued...
Page 10
**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:
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|£|£|
|Bank loan|419,317|-|
**----- End of picture text -----**
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|
**----- End of picture text -----**
continued...
Page 11
**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.
Page 12
**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
Page 13
**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
Page 14