CHARITY REGISTRATION NUMBER: 1195257
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Unaudited Financial Statements
31 March 2023
BENSIRI CONSULTANCY SERVICES LIMITED
Certified Accountants Business Incubation Centre Durham Way South Newton Aycliffe Durham DL5 6XP
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Financial Statements
Year ended 31 March 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 |
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Trustees' Annual Report
Year ended 31 March 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
Registered charity name THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY Charity registration number 1195257 Principal office St Timothy Evang Lutheran Church Queen Alexandra Road Sunderland, SR2 9AA
The trustees
K F Obhokhan E Etin-Osa Irorere G Edoza
Independent examiner
Kofi Amaoah Bentil - LLM, ACCA(CAT), BBA(Hons) Banking & Fin. Business Incubation Centre Durham Way South Newton Aycliffe Durham DL5 6XP
Structure, governance and management
Mr Isreal Odige is the Head Pastor; he is responsible for the daily management of the Charity, with support from the Trustee members. Mr Lucky Pemu - Trustee Member Mr Godwin Edoza - Trustee Member
Mr Valantine Osaghae Ogida - Trustee Member Mrs Kate Fatimetu Obhokhan Mr Eric Etin-Osa Irorere
Objectives and activities
THE ADVANCEMENT OF THE CHRISTIAN FAITH WORLDWIDE IN ACCORDANCE WITH THE DOCTRINES SET OUT IN THE STATEMENT OF FAITH CONTAINED IN THE SCHEDULE
Achievements and performance
The Church during the reporting year was able to provide counselling, direction, and food to the less privilege in the society.
1
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Trustees' Annual Report (continued)
Year ended 31 March 2023
Financial review
The Church during the period did make or held any financial investments
The trustees' annual report was approved on 31 March 2023 and signed on behalf of the board of trustees by:
Lucky Pemu Trustee member
2
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Independent Examiner's Report to the Trustees of THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
I report on the accounts for the year ended 31st Mar 2023. Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 43(2) of the Charities Act 1993(the 1993 Act)) and that an independent examination is required. The charity's gross income is above £10,000 and I am qualified to undertake the examination by being a qualified Certified Accountant, supervised by HMRC Anti-Money Laundering. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under Section 43 of the 1993 Act and to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 43(7)(b) of the 1993 Act); and to state whether particular matters have come to my attention.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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.
Kofi Amaoah Bentil - LLM, ACCA(CAT), BBA(Hons) Banking & Fin. Independent Examiner
Business Incubation Centre Durham Way South Newton Aycliffe Durham DL5 6XP
3
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Total funds | Total funds | ||
| Note | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 4 | 25,529 | 17,762 |
| ---------------------------- | ---------------------------- | ||
| Total income | 25,529 | 17,762 | |
| ============================ | ============================ | ||
| Expenditure | |||
| Expenditure on raising funds: | |||
| Costs of raising donations and legacies | 5 | 10,400 | 9,614 |
| Expenditure on charitable activities | 6,7 | 15,129 | 8,148 |
| ---------------------------- | ---------------------------- | ||
| Total expenditure | 25,529 | 17,762 | |
| ============================ | ============================ | ||
| Reconciliation of funds | |||
| Total funds brought forward | – | – | |
| ---------------------------- | ---------------------------- | ||
| Total funds carried forward | – | – | |
| ============================ | ============================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
4
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Statement of Financial Position
31 March 2023
2023 2022 Note £ £
These financial statements were approved by the board of trustees and authorised for issue on 31 March 2023, and are signed on behalf of the board by:
Isreal Odige Head Pastor
The notes on pages 7 to 11 form part of these financial statements.
5
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Statement of Cash Flows
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net decrease in cash and cash equivalents | – | – |
| Cash and cash equivalents at beginning of year | – | – |
| -------------- | -------------- | |
| Cash and cash equivalents at end of year | – | – |
| ============== | ============== |
The notes on pages 7 to 11 form part of these financial statements.
6
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Alexandria Road, Sunderland, SR4 7JG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
7
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
8
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Financial instruments (continued)
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
5.
| Total Funds | Total Funds | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations | ||
| Donations type 1 | 25,529 | 17,762 |
| Costs of raising donations and legacies | ||
| Total Funds | Total Funds | |
| 2023 | 2022 | |
| £ | £ | |
| Costs of raising donations and legacies - Donations | 10,400 | 9,614 |
| ============================ | ======================= |
9
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Notes to the Financial Statements (continued)
Year ended 31 March 2023
6. Expenditure on charitable activities by fund type
| Total Funds | Total Funds | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Activity type 1 | – | 8,148 | |
| Activity type 20 | 15,129 | – | |
| ---------------------------- | ----------------------- | ||
| 15,129 | 8,148 | ||
| ============================ | ======================= | ||
| Expenditure on charitable activities by activity type | |||
| Activities | |||
| undertaken | Total funds | Total fund | |
| directly | 2023 | 2022 | |
| £ | £ | £ | |
| Activity type 1 | – | – | 8,148 |
| Activity type 20 | 15,129 | 15,129 | – |
| ---------------------------- | ---------------------------- | ----------------------- | |
| 15,129 | 15,129 | 8,148 | |
| ============================ | ============================ | ======================= |
7. Expenditure on charitable activities by activity type
8. Independent examination fees
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 550 | 470 |
| ============== | ============== |
9. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
10. Trustee remuneration and expenses
no remuneration or other benefits from employment with the charity or a related entity were received by the trustees
11. Analysis of changes in net debt
At At 1 Apr 2022 Cash flows 31 Mar 2023 £ £ £
10
THE REDEEMED CHRISTIAN CHURCH OF GOD ALL NATIONS ASSEMBLY
Notes to the Financial Statements (continued)
Year ended 31 March 2023
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The charity transitioned to FRS 102 on 1 April 2021.
No transitional adjustments were required in the retained funds or income or expenditure for the year.
11