Charity number: 1193620 Company number: 11726788
The Redeemed Christian Church of God FruitfulTabernacle Canvey Island
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND
Report and Accounts for the period ended 31 December 2023
CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES 1193620
COMPANY REGISTRATION NUMBER IN ENGLAND AND WALES
11726788
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND
Reports and Accounts
| CONTENTS | |
|---|---|
| Charity Information | 1 |
| Trustees Annual Report | 2-4 |
| Accountant's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to Accounts | 8-10 |
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND Charity Informations:
General Overseer
Pastor E. A. Adeboye
Directors/Trustees
Mr Abidemi Olufemi Oshidero- Director/ Trustee -Resigned 01/10/2023 Mr Abimbola Lawrence- Director/ Trustee Ms Rafiat Bisola Olufemi - Director/ Trustee Ms Margaret Folu Odukoya- Director
Minister In Charge
Pastor Margaret Folu Odukoya
Charity Registration No:
1193620
Company Registration No:
11726788
Principal Location:
35-37 Eastern Esplande Canvey Island SS8 7DN
Bankers:
Barclays
Independent Examiner:
Toda Consult 19 York Road Northfleet Kent DA11 9PU
Page 1
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees submit their annual report and the financial statements of The Redeemed Christian Church of GodFruitful Tabernacle Canvey Island (the church) for the year ended 31 December 2023. The Trustees confirm that the annual report and financial statements of the church comply with current statutory requirements, the requirements of the church's governing documents and the provisions of the Statement of Recommended Practise (SORP) "Accounting and Reporting by Charities" issued in March 2005.
Structure, governance and management
a. CONSTITUTION
The church was constituted under a company limited by guarantee under a memorandum and article of association incorporated 14 December 2018, and was registered on 22 February 2021 as a charity in England and Wales with charity number 11726788
b. METHOD OF APPOINTMENT OR ELECTION OF DIRECTORS/TRUSTEES
Directors/ Trustees are elected and co-opted under the terms of the Articles of Association
c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
The induction process for a newly appointed member of the Trustees comprises an initial meeting with other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The church is organised so that the directors/ trustees meet regularly to manage its affairs. The day to day administration of the church is managed by the trustees. Mr Abidemi Olufemi Osindero resigned during the year ended 31 December 2023. The charity is currently in the process of recruiting a new trustee to the Board.
e. RELATED PARTY RELATIONSHIPS
RCCG Fruitful Tabernacle Canvey Island is a member of the Redeemed Christian Church of God (RCCG) which has parishes all over the world. The parish's relationship with RCCG and other parishes is governed by an 'Agreement for Common Purposes'.
f. RISK MANAGEMENT
The Trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church, and are satisfied that systems are in place to mitigate our exposure to the major risks.
Objectives and Activities
a. POLICIES AND OBJECTIVES
The objects of the Charity are:
-
The advancement of the Christian faith worldwide; and
-
The relief of poverty
b. STRATEGIES FOR ACHIEVING OBJECTIVES
The church has adopted the following strategies for achieving the above objectives:
- organising seminars and conferences in the church with proven speakers and ministers of the faith to guide members in the various aspects of the christian faith; and
*support for other charities and Christian events.
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C. ACTIVITIES FOR ACHIEVING OBJECTIVES
*Community Outreach Events
*Confrences and events
*Welfare support to members and general public, and
*Various missionary activities
The Charity was involved in the following public benefit efforts:
-
Organising Sunday and midweek teaching of Christian principles for community members who wish to improve on Christian faith,
-
Organised Christmas party for the community
-
Organise confrences and seminars, which is open to all members of public free of charge
d. GRANT MAKING POLICIES
Under the Common Purposes Agreement (see above), RCCG-Fruitful Tabernacle Canvey Island has agreed to make contributions to RCCG (UK). In addition, the church supports missionary organisations such as Festival of Life and World Evangelism Mission. The church also provides support to members of the congregation who are in need. This is done at the discretion of the trustees.
e. VOLUNTEERS
The church is grateful for the efforts of its volunteers who are involved in service provision, it is estimated that over 2000 volunteer hours were provided during the year. If this is conservatively valued at £10.00 an hour the volunteers' efforts amounts to over £20,000.00.
Achievements and performance
a. REVIEW OF ACTIVITIES
We have had tremendous growth in the physical and spiritual life of the church during the year and in the advancement of the Christian Faith in accordance with the doctrines set out in the Statement of Faith as contained in the article.
b. INVESTMENT POLICY AND PERFORMANCE
The Trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.
Financial review
a. RESERVES POLICY
Reserves Policy
The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.
b. PRINCIPAL FUNDING
This is provided mainly through voluntary giving of tithes and offerings by the church members and through gift aid scheme. Pledges are also taken for specific projects.
Plans for the future
a. FUTURE DEVELOPMENTS
The church continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life- changing impact in society.
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Trustees' Responsibilities in Relation to the Financial Statements
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.
The Charities Act requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to:
a) Select suitable accounting policies and apply them consistently;
b) Make judgements and estimates that are reasonable and prudent;
c) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records, which 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 the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Board of Trustees and signed on their behalf by:
Signature: Rafiat Bisola Olufemi
Name: Ms Rafiat Bisola Olufemi
Date: 03/10/2024
Page 4
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RCCG - FRUITFUL TABERNACLE CANVEY ISLAND
I report on the accounts of the Trust for the period ended 31 December 2023, which are set out on pages 6 to 10.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER
As the Charity's Trustees, you are responsible for the preparation of the Account: you consider that the audit requirement of section 43(2) of the Charities Act 1993 ("the Act") does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7) of the Act, whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the Accounts.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
-
Which gives me reasonable cause to believe that any material respect the requirements:
-
to keep accounting records in accordance with section 41 of the Act, and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act.
-
Have not been met: or
-
To which, in my opinion, attention be drawn to enable a proper understanding of the accounts to be reached.
Oludare Gabriel Agbola
03/10/2024
Toda Consult 19 York Road Northfleet Kent DA11 9PU
Page 5
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND Statement of Financial Activities for the year ended 31 December 2023
| 2023 | 2023 | 2023 | 2022 | ||
|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | ||
| Incoming Resources | |||||
| Incoming resources from generated funds: | |||||
| Voluntary income:donations | 2 | 77,273 | - | 77,273 | 77,771 |
| Community Project grant | 3 | 80,230 | - | 80,230 | 56,857 |
| Total Incoming Resources | 157,503 | - | 157,503 | 134,628 | |
| Resources Expended | |||||
| Charitable expenditure | |||||
| Grants payable - institutional | 4 | 4,750 | - | 4,750 | 3,600 |
| Community project expenses | 5 | 73,561 | - | 73,561 | 44,778 |
| Costs of activities in furtherance of proje | 6 | 74,427 | 74,427 | 63,028 | |
| Management and governance costs: | 7 | 3,645 | - | 3,645 | 4,322 |
| Total Resources expended | 156,383 | - | 156,383 | 115,729 | |
| Net Incoming/(Outgoing) Resources for the year | 1,120 | - | 1,120 | 18,900 | |
| Total funds at 1 December 2023 | 87,079 | - | 87,079 | 68,179 | |
| Transfer between funds | - | - | - | - | |
| Total funds at 31 December 2023 | 8 | 88,199 | - | 88,199 | 87,079 |
All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.
Page 6
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND Balance sheet as at 31 December 2023
| Notes FIXED ASSETS Tangible Fixed Assets 9 CURRENT ASSETS Debtors 10 Cash in Hand/ Bank CREDITORS: 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amount falling due more than a year 12 NET ASSETS ACCUMULATED FUNDS Restricted 14 Unrestricted 13 TOTAL FUNDS Amount falling due within a year |
£ 50,000 30,793 |
|---|---|
The accounts have been prepared in accordance with the special provision of Statement of Recommended practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities.
Approved by the Trustees and Signed on their behalf:
Name: Rafiat Bisola Olufemi
Signature: Ms Rafiat Bisola Olufemi
Date: 03/10/2024
Page 7
THE REDEEMED CHRISTIAN CHURCH OF GOD FRUITFUL TABERNACLE CANVEY ISLAND
Notes to the financial statements for the period ended 31 December 2023
ACCOUNTING POLICIES
1.1 Basis of preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards. They follow best practice as set out in the statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities.
1.2 Income and Expenditure
Income and expenditure are accounted for on accrual basis
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the accounts.
Unrestricted funds are incoming resources received for the objects of the charity without further specific purpose and are available as general funds.
| Unrestricted Fund Restricted Fund Total Fund 2. Voluntary Income: Donations 2023 2023 2023 £ £ £ Tithes & Offerings 73,046 - 73,046 Donation received - - Gift aid 4,139 - 4,139 Interest 89 77,273 - 77,184 3. Grants received £ £ £ Project Grants 80,230 - 80,230 80,230 - 80,230 4. Grants payable - institutions £ £ £ Word Evangelical Mission (WEM) 3,000 - 3,000 RCCG Central office 600 - 600 Others mission activities 1,150 1,150 4,750 - 4,750 5. Grant expenses £ £ £ - - - Project volunteers expenses 39,996 - 39,996 Skills empowerment and training exp 22,346 22,346 Other project expenses 11,218 11,218 73,561 - 73,561 |
Total Fund 2022 £ 71,924 5,841 - 6 |
|---|---|
| 77,771 | |
| £ 56,857 |
|
| 56,857 | |
| £ 3,000 600 - |
|
| 3,600 | |
| £ - 36,333 5,060 3,385 |
|
| 44,778 |
Page 8
5. COST OF ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECTS
This comprises all expenditure directly related to the objects of the of the charity. It also includes the expenditure in support of that activity where material.
| Unrestricted Restricted Total Funds Funds Funds 2023 2023 2023 £ £ £ Visiting Speakers' Expenses 1,300 - 1,300 Thanksgiving expenses 2,503 2,503 Welfare expenses 8,132 - 8,132 Project running expenses 27,277 - 27,277 Charity events 7,838 - 7,838 Youth and Children Dept 1,494 - 1,494 Events, retreat etc 2,789 2,789 Sunday School 429 - 429 Rent & Rates 13,450 - 13,450 Communiation expenses 1,627 - 1,627 Advert and Publicity 1,940 - 1,940 Admin and Travelling Expenses 1,047 - 1,047 Printing, Postage & Stationery 865 - 865 Insurance 227 - 227 Music expenses 3,328 - 3,328 Premises repairs and maintenance 180 - 180 74,427 - 74,427 Restricted Fund Total Fund 6. GOVERNANCE COSTS 2023 2023 2023 £ £ £ Legal & Professional Fees 1,800 - 1,800 Depreciation 1,845 - 1,845 3,645 - 3,645 6.1 NET MOVEMENT IN FUNDS FOR THE YEAR 2023 The net movement in funds for the year is stated £ after charging: Legal & Professional Fees 1,800 Bank Charges & Interest - 1,800 |
Total Funds 2022 £ - - 13,188 18,781 8,012 - - - 8,629 1,486 1,515 3,194 268 - 2,640 5,314 |
|---|---|
| 63,028 | |
| Total Fund 2022 £ 2,072 2,250 |
|
| 4,322 | |
| 2022 £ 2,072 - |
|
| 2,072 |
7. DEPRECIATION
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Van & office equipment 8. MOVEMENT IN FUNDS At 1 January Surplus/(Deficit) for the year At 31 December |
18% - reducing balance Unrestricted Restricted Total Funds Funds Funds 2023 2023 2023 £ £ £ 87,079 - 87,079 1,120 - 1,120 88,199 - 88,199 |
Total Funds 2022 £ 68,179 18,900 |
|---|---|---|
| 87,079 |
Page 9
9. FIXED ASSETS
| Cost At 1 Jan 2023 Additions At 31 Dec 2023 Depreciation At 1 Jan 2023 Charge for the year At 31 Dec 2023 Net Book Value At 31 December 2023 At 31 December 2022 10. DEBTORS Loan to Charity Loan to member 11. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals Others 12. CREDITORS:AMOUNTS FALLING DUE AFTER ONE YEAR Loan |
Computer equipment £ 4,019 - 4,019 723 593 1,317 2,702 3,296 2023 £ 45,000 5,000 50,000 2023 £ 1,000 1,000 2023 £ - - |
Computer equipment £ 4,019 - |
Music Equipment Total £ £ 11,848 15,867 - - |
|---|---|---|---|
| 4,019 | 11,848 15,867 |
||
| 723 593 |
4,893 5,616 1,252 1,845 |
||
| 1,317 | 6,145 7,461 |
||
| 2,702 | 5,703 8,406 |
||
| 3,296 | 6,955 10,251 |
||
| 2022 £ 45,000 45,000 2022 £ 900 711 1,611 2022 £ - - |
13. UNRESTRICTED FUNDS
These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.
14. RESTRICTED FUNDS
Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.
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