2023-09-14-accounts - Rccg Praise Chapel

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RCCG Praise Chapel CIO

Charity No. 1191969

Trustee's Annual Report and financial statements

14 September 2023

RCCG Praise Chapel CIO CONTENTS

	Pages
Trustees Annual Report	1
Independent Examiner's report	2
Statement Of Financial Activities	3
Balance Sheet	4
Notes To The Accounts	5-11
Detailed Statement Of Financial Activities	12-13

RCCG Praise Chapel CIO TRUSTEES ANNUAL REPORT

The Trustee, presents their report with the unaudited financial statements of the charity for the year ended 14 September 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1191969

Registered Office

48 Manser road Rainham Essex RM13 8NL

Trustee

The Directors of the charitable company are its Trustee for the purposes of charity law. The following Director and Trustee served during the year:

IRIKEFE CHAPELL NATUFE

Directors of Corporate Trustees

IRIKEFE CHAPELL NATUFE (Chair) IBIRONKE ADEWUSI KENNY ADEBAMBO STELL RAHMAN-HAASTRUP JULIET IYERE

Accountants

Paul Victoria Accountants 2nd Floor 134 South street Romford, Essex RM1 1TE

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with taking reasonable steps for the the Companies Act 2006. The Trustee is also responsible for safeguarding the assets of the charity and hence prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

IRIKEFE CHAPELL NATUFE Chairman 13 June 2024

Independent Examiner’s report to the trustees/directors of RCCG PRAISE CHAPEL CIO

I report on the accounts for the year ended 14 September 2023 which are set out on pages 3 to

Respective responsibilities of trustees/Directors and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees/directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 ("the 2011 Act") and that an independent examination is needed. It is my responsibility to:

· examine the accounts under section 145 of the 2011 Act,

· to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and

to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees/directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in, any material respect, the requirements:

· to keep accounting records in accordance with section 130 of the

· to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met ; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

13 June 2024

Olusola Olalekan Shokunbi FCCA Paul Victoria Accountants

2nd Floor, 134 South street, Romford, Essex RM1 1TE

RCCG Praise Chapel CIO STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 14 September 2023

Unrestricte d funds 2023 £ 42,695	Restricte d funds 2023 £ 0	Total Funds 2023 £ 42,695	Total Funds 2022 £ 48,675
42,695 0 8,022 23,687	0 0 0 0	42,695 0 8,022 23,687	48,675 0 19,721 17,951
31,709 0	0 0	31,709 0	37,672 0
10,986 0	0 0	10,986 0	11,003 0
10,986 0	0 0	10,986 0	11,003 0
10,986 24,043	0 0	10,986 24,043	11,003 13,040
35,029	0	35,029	24,043

RCCG Praise Chapel CIO BALANCE SHEET

as at 14 September 2023

Notes Fixed assets Investments 10 Current Assets Debtors 11 Cash at bank and in hand Net Current Assets Creditor: Amounts falling due within one year Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Restricted income funds Unrestricted funds 12 General funds Reserves 12 Total funds	2023 £ 30,750 30,750 1,600 3,528 5,128 5,128 (850) 35,028 35,028 35,028 0 0 35,028 35,028 35,028	2022 £ 18,250
		18,250 0 6,642
		6,642
		6,642 (850) 24,042
		24,042
		24,042
		0
		0 24,042
		24,042
		24,042

The financial statements on pages 3 to 15 were approved by the Trustees on 13 June 2024 and were signed on its behalf by:

Irikefe Chapell NATUFE Chair of Trustees

RCCG Praise Chapel CIO NOTES TO THE ACCOUNTS

for the year ended 14 September 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts inaccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective1 January 2015) -(Charities SORP(FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies(valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Fund accounting
Unrestricted funds	These are available for use at the discretion of the trustees in furtherance of the
	general objects of the charity.
Designated funds	These are unrestricted funds earmarked by the trustees for particular purposes.
Revaluationfunds	These are unrestricted funds which include are valuation reservere presenting the
	restatement of investment assets at their market values.
Income
Recognitionof incom	Income is included in the Statement of Financial Activities (SoFA)when the charity
	becomes entitled to,and virtually certain to receive,the income and the amount of
	income can be measured with sufficient reliability.
Income with	Where income has related expenditure the income and related expenditure is reported
related expenditure	gross in the SoFA.
Donations and	Voluntary income received by way of grants,donations and gifts is included in the SOFA
Legacies	when receivable and only when the Charity has unconditional entitlement to the income.
Volunteer help	The value of any volunteer help received is not included in the accounts.
Investment income	This is included in the accounts when receivable.
Gains/(losses)on	This includes any gain or loss resulting from revaluing investments to market value at
revaluation of fixed	the end of the year.
assets
Gains/(losses) on	This includes any gain or loss on th esale of investments.
investment assets

RCCG Praise Chapel CIO NOTES TO THE ACCOUNTS

Expenditure

Recognition of Expenditure is recognised on anaccruals basis.Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to whch it relates. Expenditure on These comprise the costs associated with attracting voluntary income,fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of it sactivities and charitable activities services in the furtherance of its objects,including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrualf for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutionaland statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity. Taxation The charity is exempt from corporation tax on its charitable activities.

Intangible fixed assets and amortisation

Intangible fixed assets(including purchase dgoodwill,patents and trademarks) are carried at cost less accumulated amortisation and impairement losses.

Stocks

Stock is included at the lower of cost or net realisable value.Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand,demand deposits with banks and other short-term highly liquid investments with original maturties of three months or less and bank overdrafts. In the statement of financial position,bank overdrafts are shown within borrowings or current liabilities. In the Statement of CashFlows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demandand form an integral part of the company's cash management.

RCCG Praise Chapel CIO NOTES TO THE ACCOUNTS

Trade and other creditors

Short term creditors are measured at the transaction price.Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charityare translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of charity are recorded at the rate of exchange on the date that the transaction occurred.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation.

Lease payments are apportioned between finance expenses and the reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balancy of liability. Finance expenses are recognised immediately, unless they are directly attributableto qualifying assets, in which case they are capitalised in accordance with the charity's spolicy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, suchi ncentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been the company has no further payments obligations. The contributions are recognised as expenses when they fall due.Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held seperately from the company in independently administered funds.

2. Company status

The CIO is a registered Charity organisation and consequently does not have share Capital.

RCCG Praise Chapel CIO NOTES TO THE ACCOUNTS

3 Statement of Financial Activities-prior year

Unrestricted funds Restricted funds 2022 2022 £ £ Income and endowments from: Donations and Legacies 48,675 0 Total 48,675 0 Expenditure on: Raising funds 0 0 Charitable activities 19,721 0 Other 17,951 0 Total 37,672 0 Net expenditure 11,003 0 Transfer between funds 0 0 Net Income before other gains/(losses): 11,003 0 Other gains and losses: 0 0 Net movement in funds: 11,003 0 Reconciliation of funds: Total funds brought forward 13,040 0 Total funds carried forward 24,043 0 4 Income from donations, legacies and Gift Aid reclaim Unrestricted funds Total 2023 £ £ 42,695 42,695 42,695 42,695	Total funds 2022 £ 48,675
	48,675 0 19,721 17,951
	37,672

	11,003 0
	11,003 0
	11,003 13,040
	24,043
	Total 2022 £ 48,675
	48,675

5 Expenditure on raising funds

Costs of generating voluntary income	Total 2023 £ 0 0	Total 2022 £ 0
		0

RCCG Praise Chapel CIO NOTES TO THE ACCOUNTS

6 Expenditure on charitable activities

Unrestricted fuds £ Expenditure on charitable activities 8,022 Governance costs 0 8,022 7 Other expenditure Unrestricted funds £ Employee costs 0 Motor and travel costs 0 Premises costs 7,220 Amortisation, depreciation, 0 impairment, profit/loss on 0 disposal of fixed assets 0 General administrative costs 5,487 Legal and professional costs 1,130 13,837 8 Net (expenditure)/income before transfers 2023 This is stated after charging: £ Depreciation of owned fixed assets 0 9 Staff costs 2023 Salaries and wages 9,849 Training 0 9,849	Total 2023 £ 8,022 0 8,022 Total 2023 £ 0 0 7,220 0 0 0 5,487 1,130 13,837	Total 2022 £ 19,721 0
		19,721
		Total 2022 £ 0 0 6,461 0 0 0 4,010 3,740
		14,211
		2022 £
		0
		2022 2,640 1,100
		3,740

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

RCCG Praise Chapel CIO NOTES TO THE ACCOUNTS

10 Tangible fixed assets

Cost or revaluation Additions at 14 September 2023 Depreciation and impairement At 1 November 2022 Depreciation charge for the year At 14 September 2023 Net book values At 14 September 2023 At 31 October 2022 11 Debtors Trade debtors	TFA 2 £ 0 0 0 0 0 0 0	TFA3 £ 0 0 0 0 0 0 0 2023 £ 1,600 1,600	Investment £ 12,500 12,500 0 0 0 30,750 18,250	Total £ 12,500
				12,500
				0 0
				0
				30,750
				18,250
				2022 £ 0
				0

12 Movement in funds

At 1 Novembe r 2022 £ Restricted funds: Restricted income funds: 0 Total 0 Unrestricted funds: General funds 24,042 24,042	Incoming resources (including other gains/losses) £ 0 0 42,695 42,695	Resource s Expended £ 0 0 31,709 31,709	Gross Transfers £ 0 0 0 0	At 14 Septembe r 2023 £ 0
				0
				35,028
				35,028

RCCG Praise Chapel CIO NOTES TO THE ACCOUNTS

13 Analysis of net assets between funds

13 Analysis of net assets between funds
Unrestricted funds £ Fixed assets 30,750 Net current assets 0 30,750	Total £ 30,750 0
	30,750

14 Related party disclosures

Nothing to report for the year.

RCCG Praise Chapel CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 14 September 2023

	Unrestricted funds	Total funds	Total funds
	2023	2023	2022
	£	£	£
Income and endowments from:
Donations and Legacies	42,695	42,695	34,762
Gift Aid Reclaim	0	0	13,913
	42,695	42,695	48,675
Total income and endownments	42,695	42,695	48,675
Expenditure on:
Costs of generating donations and
legacies	0	0	0
	0	0	0
Total of expenditure on raising funds	0	0	0
Charitable activities	8,022	8,022	19,721
	8,022	8,022	19,721
Total of expenditure on charitable activities	8,022	8,022	19,721
Other expenditure	0	0	0
	0	0	0
Employee costs
Salaries/wages	9,849	9,849	2,640
Training	0	0	1,100
	9,849	9,849	3,740
Motor and travel costs
Vehicles-General costs	0	0	0
Vehicles-Fuel	0	0	0
Vehicles-Insurance and licences	0	0	0
Vehicles-Repairs and maintenance	0	0	0
Travel and subsistence	0	0	0
	0	0	0
Premises costs
Rent	7,220	7,220	6,461
	7,220	7,220	6,461

RCCG Praise Chapel CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 14 September 2023

General administrative costs, including depreciation and amortisation Bank charges Accountancy gift aid payments Equiment expensed Insurance Software, IT support and related costs Subscription Stationery and printing Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investment Net(expenditure)/income Transfers between funds Net(expenditure)/income before other gains/(losses) Other Gains Net movement in funds	0 0 450 4,540 316 0 181 0 0 5,487 280 850 1,130 23,967 31,709 0 10,986 0 10,986 0 10,986	0 0 450 4,540 316 0 181 0 0 5,487 280 850 1,130 23,967 31,709 0 10,986 0 10,986 0 10,986	0 0 1,000 2,068 465 0 173 305 0
			4,011
			2,890 850
			3,740

			20,840
			37,672 0
			11,003 0
			11,003 0
			11,003