Charity number 1198043
REDEEMED CHRISTIAN SCHOOL OF MISSION
Report and Accounts
31 March 2023
Redeemed Christian School of Mission Charity number 1198043 Trustees Report
The trustees present their report and accounts for the year ended 31 March 2023.
Charity Activities
The charity's principal activity during the year continued to be propagation of the gospel and contributing to the community.
Trustees
The following persons served as trustees during the year:
Dr Cornelius Alalade Michael Kehinde Afolake Feyibunmi Adeleke Sanusi Babatunde Adedibu Alfred Olorunfemi Joel Eyinade
This report was approved by the trustees on 24 February 2025 and signed on its behalf.
Pastor Joel Eyinade Chairman
Redeemed Christian School Of Mission
STATEMENT OF FINANCIAL ACTIVITIES
For the year ending 31 March 2023
Income & Expenditure Account
| Note Incoming Resources Incoming resources from generated funds: Voluntary donations 3 Investment Income 4 Activities for generating funds 5 Incoming resources from charitable activities 6 Gift Aid reclaim Total incoming resources Resources Expended Administrative Expenses 8 Charitable activities Governance Cost 9 Total resources expended Net incoming resources / (resources expended) before transfers Transfers between Funds Net movement of funds in year Net income / expenditure for the year Total Funds brought forward Total Funds at 01 April 2023 14 |
Restricted Funds 2023 £ - - - - - - - - - - - - - - - |
Unrestricted Funds 2023 £ 9,163 - - - - 9,163 (6,509) (10,133) (300) (16,942) - - (7,779) (7,779) 12,530 4,751 |
Total Total Funds Funds 2023 2022 £ £ 9,163 14,100 - - - 32,706 - - - - 9,163 46,806 (6,509) (14,460) (10,133) (19,139) (300) (955) (16,942) (34,554) - - - - (7,779) 12,252 (7,779) 12,252 12,530 278 4,751 12,530 |
|---|---|---|---|
Redeemed Christian School Of Mission
STATEMENT OF FINANCIAL ACTIVITIES
Balance Sheet as at 31 March 2023
| Note Fixed Assets Tangible Assets 11 Current Assets Debtors 12 Investments held as current assets 12 Cash at Bank and in Hand 12 Creditors:Amounts falling due within one year Net Current Assets Net Assets Charity Funds Restricted Funds Unrestricted Funds 14 |
£ - 4,900 - 151 300 |
2023 £ - - - 5,051 5,051 300 4,751 - 4,751 4,751 |
£ - - - 12,830 300 |
2022 £ - - - 12,830 |
|---|---|---|---|---|
| 12,830 300 |
||||
| 12,530 | ||||
| - 12,530 |
||||
| 12,530 |
Redeemed Christian School Of Mission
Notes to the Financial Statements
For the year ended 31 March 2023
Note 1 Basis of preparation
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014
1.2 Change of accounting policy
The accounts present a true and fair view and the accounting policies adopted are those outlined in note { 1.1 }.
Note 2 Accounting policies
2.1 INCOME
| Recognition of | These are included in the Statement of Financial Activities (SoFA) |
|---|---|
| income | when: |
| • the charity becomes entitled to the resources; | |
| · it is more likely than not that the trustees will receive the resources; and | |
| • the monetary value can be measured with sufficient reliability. | |
| Offsetting | There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. |
| Grants and | Grants and donations are only included in the SoFA when the general income recognition criteria are met. |
| donations | |
| In the case of performance related grants, income must only be recognised to the extent that the charity has | |
| provided the specified goods or services as entitlement to the grant only occurs when the performance related | |
| conditions are met . | |
| Legacies | Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the |
| executors have established that there are sufficient assets in the estate and any conditions attached to the legacy | |
| are either within the control of the charity or have been met. | |
| Government grants | The charity has received government grants in the reporting period |
| Tax reclaims on donations and gifts |
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. |
| Contractual | |
| income and | This is only included in the SoFA once the charity has provided the related goods or services or met the |
| performance | performance related conditions. |
| related grants | |
| Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless | |
| Donated goods | impractical to do so. |
| y | |
| goods donated for |
Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from
| sale less the expected costs of sale, and recognised in 'Income from other trading activities' with the | |
|---|---|
| corresponding stock recognised in the balance sheet. On its sale the value of stock is charged against 'Income | |
| from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading | |
| activities'. | |
| Goods donated for on- | |
| going use by the charity | |
| Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable. | |
| Donated services | Donated services and facilities are included in the SOFA when received at the value of the gift to the charity |
| and facilities | provided the value of the gift can be measured reliably. |
| Donated services and facilities that are consumed immediately are recognised as income with an equivalent | |
| amount recognised as an expense under the appropriate heading in the SOFA. | |
| Support costs | The charity has incurred expenditure on support costs. |
| Volunteer help | The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report. |
| Income from | |
| interest, royalties | This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. |
| and dividends | |
| Income from | |
| membership | Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies. |
| subscriptions | |
| Membership subscriptions which gives a member the right to buy services or other benefits are recognised as | |
| income earned from the provision of goods and services as income from charitable activities. | |
| Settlement of | Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to |
| insurance claims | 5.12 FRS 102 SORP) and are included as an item of other income in the SoFA. |
| Investment gains | This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting |
| and losses | from revaluing investments to market value at the end of the year. |
2.2 EXPENDITURE AND LIABILITIES
| 2.2 EXPENDITURE | AND LIABILITIES |
|---|---|
| Liability | Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation |
| recognition | committing the charity to pay out resources and the amount of the obligation can be measured with reasonable |
| certainty. | |
| Governance and | Support costs have been allocated between governance costs and other support. Governance costs comprise all |
| support costs | costs involving public accountability of the charity and its compliance with regulation and good practice. |
| Support costs include central functions and have been allocated to activity cost categories on a basis consistent | |
| with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent | |
| and other costs by their usage. | |
| Grants with | Where the charity gives a grant with conditions for its payment being a specific level of service or output to be |
| performance | provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified |
| conditions | service or output. |
| Grants payable | Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the |
| without | commitment, a liability for the full funding obligation must be recognised. |
| performance | |
| conditions | |
| Redundancy cost | The charity made no redundancy payments during the reporting period. |
| Deferred income | No material item of deferred income has been included in the accounts. |
| Creditors | The charity has creditors which are measured at settlement amounts less any trade discounts |
| Provisions for | A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate |
| liabilities | of the amount required to settle the obligation at the reporting date |
| Basic financial | The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS 102 SORP. |
| instruments | Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS 102 SORP. |
| 2.3 ASSETS | |
|---|---|
| Tangible fixed | These are capitalised if they can be used for more than one year, and cost at least |
| assets for use by charity |
They are valued at cost. |
| The depreciation rates and methods used are disclosed in note 7. | |
| Intangible fixed | The charity has intangible fixed assets, that is, non-monetary assets that do not have physical substance but are |
| assets | identifiable and are controlled by the charity through custody or legal rights. The amortisation rates and methods |
| used are disclosed in note 15 | |
| They are valued at cost. | |
| Investments | Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost |
| and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted | |
| investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment. | |
| Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than | |
| 1 year are treated as current asset investments | |
| Stocks and work in | Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net realisable value. |
| progress | |
| Goods or services provided as part of a charitable activity are measured at net realisable value based on the | |
| service potential provided by items of stock. | |
| Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract. | |
| Debtors | Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount |
| after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or | |
| other consideration expected to be received. |
| 3 Voluntary Income Donation 4 Investment Income Interest on Bank & Deposit Account |
Restricted Unrestricted Funds Funds 2023 2023 £ £ - 9,163 - 9,163 Restricted Unrestricted Funds Funds 2023 2023 £ £ - - - - |
Total Funds 2023 £ 9,163 9,163 Total Funds 2023 £ - - |
Total Funds 2022 £ 14,100 |
|---|---|---|---|
| 14,100 | |||
| Total Funds 2022 £ - |
|||
| - |
5 Activities for generating funds
| Restricted Unrestricted Funds Funds 2023 2023 £ £ Course fees - - Gift Aid reclaim - - - - Incoming resources from charitable activities Restricted Unrestricted Funds Funds 2023 2023 Faith and Worship: Literature Sales - - Other incoming resources Loan Restricted Unrestricted Funds Funds 2023 2023 £ £ Other - - - - Analysis of charitable expenditure Direct Charitable Activities £ Banking Costs 15 Charity activities 10,133 Printing and Stationery - Rent & Rates - Stipend 3,000 Telephone 866 Sundry expenses 12 Professional fees - Travel, Trips and Outing 2,617 16,642 |
Total Funds 2023 £ - - - Total Funds 2023 £ - Total Funds 2023 £ - - 2023 Total £ 15 10,133 - - 3,000 866 12 - 2,617 16,642 |
Total Funds 2022 £ 32,706 - |
|---|---|---|
| 32,706 | ||
| Total Funds 2022 £ - |
||
| Total Funds 2022 £ |
||
| - | ||
| 2022 Total £ 30 19,139 228 1,350 6,310 367 1,780 2,658 1,737 |
||
| 33,599 |
6 Incoming resources from charitable activities
7 Other incoming resources Loan
8 Analysis of charitable expenditure
9 Net Incoming / (outgoing) resources
This is stated after charging:
| This is stated after charging: | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | - | 55 | ||
| Accountant's remuneration | 300 | 900 | ||
| 300 | 955 |
10 Taxation
The organisation is a registered charity and no provision is considered necessary for taxation.
11 Tangible Fixed Assets
| Free hold Leasehold Land Building Land £ £ Cost At 1 April 2022 - Additions - - Disposal - At 31 March 2023 - - Depreciation At 1 April 2022 - - Charge for the year - - Elimination on disposals - - At 31 March 2023 - - Net Book Value At 31 March 2023 - - At 1 April 2022 - - 12 Debtors: (Falling due within one year) Due within one year: Debtors Prepayments |
Fixtures & Equipment Total £ 772 - - 772 772 - 772 - - 2023 £ 4,900 - 4,900 |
Total £ 772 - - |
|---|---|---|
| 772 | ||
| 772 - - |
||
| 772 | ||
| - | ||
| - | ||
| 2022 £ - - |
||
| - |
13[Creditors: ][(Falling due within one year)]
| Creditors:(Falling due within one year) | ||
|---|---|---|
| Property payment due Loan for the property Accruals |
2023 £ - - 300 300 |
2022 £ - - 300 |
| 300 |
14 Statement of funds
| Unrestricted Funds General Funds Restricted Funds Fund Raising Other Total Funds |
Brought Incoming Forward Resources £ £ 12,530 9,163 - - - - |
Resources Expended £ 16,942 - - 16,942 |
Carried Forward £ 4,751 |
|---|---|---|---|
| - - |
|||
| 12,530 9,163 |
4,751 |
Independent Examiner’s report to the trustees of Redeemed Christian School of Mission
I report on the accounts for the year ended 31 March 2023 which are set out on pages 2 to 10.
Respective 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 43(2) of the responsibilities Charities Act 1993 (the 1993 Act) and that an independent examination is needed. It is my of responsibility to: trustees/Direct • examine the accounts under section 43 of the 1993 Act, ors and • to follow the procedures laid down in the general Directions given by the Charity Commission examiner (under section 43(7)(b) of the 1993 Act, and
- to state whether particular matters have come to my attention.
Basis of 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 independent comparison of the accounts presented with those records. It also includes consideration of any examiner’s unusual items or disclosures in the accounts, and seeking explanations from the trustees/directors statement 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 In connection with my examination, no matter has come to my attention examiner's 1. which gives me reasonable cause to believe that in, any material respect, the requirements: statement • to keep accounting records in accordance with section 41 of the 1993 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting
-
requirements of the 1993 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.
25 February 2025
Olusola Olalekan Shokunbi FCCA
Paul Victoria Accountants
2nd Floor, 134 South street, Romford, Essex RM1 1TE