Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-313877881203200318197636404013377242552646364040387788false2023-12-312023-01-01No description of principal activity22 07530478 2023-01-01 2023-12-31 07530478 2022-01-01 2022-12-31 07530478 2023-12-31 07530478 2022-12-31 07530478 2023-01-01 07530478 2022-01-01 07530478 c:CompanySecretary1 2023-01-01 2023-12-31 07530478 c:RegisteredOffice 2023-01-01 2023-12-31 07530478 d:Buildings 2023-01-01 2023-12-31 07530478 d:Buildings 2023-12-31 07530478 d:Buildings 2022-12-31 07530478 d:PlantMachinery 2023-01-01 2023-12-31 07530478 d:PlantMachinery 2023-12-31 07530478 d:PlantMachinery 2022-12-31 07530478 d:MotorVehicles 2023-01-01 2023-12-31 07530478 d:MotorVehicles 2023-12-31 07530478 d:MotorVehicles 2022-12-31 07530478 d:OfficeEquipment 2023-01-01 2023-12-31 07530478 d:ComputerEquipment 2023-01-01 2023-12-31 07530478 d:ComputerEquipment 2023-12-31 07530478 d:ComputerEquipment 2022-12-31 07530478 d:CurrentFinancialInstruments 2023-12-31 07530478 d:CurrentFinancialInstruments 2022-12-31 07530478 d:Non-currentFinancialInstruments 2023-12-31 07530478 d:Non-currentFinancialInstruments 2022-12-31 07530478 d:Non-currentFinancialInstruments 1 2023-12-31 07530478 d:Non-currentFinancialInstruments 1 2022-12-31 07530478 c:FRS102 2023-01-01 2023-12-31 07530478 c:IndependentExaminationCharity 2023-01-01 2023-12-31 07530478 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07530478 b:Trustee1 2023-01-01 2023-12-31 07530478 b:Trustee2 2023-01-01 2023-12-31 07530478 b:Trustee3 2023-01-01 2023-12-31 07530478 b:Trustee4 2023-01-01 2023-12-31 07530478 b:UnrestrictedFundsGeneral 2023-01-01 2023-12-31 07530478 b:RestrictedIncomeFunds 2023-01-01 2023-12-31 07530478 b:RestrictedIncomeFunds 2022-01-01 2022-12-31 07530478 b:TotalEndowmentFunds 2023-01-01 2023-12-31 07530478 b:TotalEndowmentFunds 2022-01-01 2022-12-31 07530478 b:UnrestrictedFundsGeneral 2023-12-31 07530478 b:UnrestrictedFundsGeneral 2022-12-31 07530478 b:RestrictedIncomeFunds 2023-12-31 07530478 b:RestrictedIncomeFunds 2022-12-31 07530478 b:TotalEndowmentFunds 2023-12-31 07530478 b:TotalEndowmentFunds 2022-12-31 07530478 1 2023-01-01 2023-12-31 07530478 1 2022-01-01 2022-12-31 07530478 b:RestrictedIncomeFunds 1 2023-01-01 2023-12-31 07530478 b:RestrictedIncomeFunds 1 2022-01-01 2022-12-31 07530478 b:TotalEndowmentFunds 1 2023-01-01 2023-12-31 07530478 b:TotalEndowmentFunds 1 2022-01-01 2022-12-31 07530478 b:TotalUnrestrictedFunds 2023-12-31 07530478 b:TotalUnrestrictedFunds 2022-12-31 07530478 b:TotalRestrictedIncomeFunds 2023-12-31 07530478 b:TotalRestrictedIncomeFunds 2022-12-31 07530478 c:FullAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07530478
Charity number: 1141424










THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
(A company limited by guarantee)







UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Charity, its Trustees and advisers
1
Trustees' report
2 - 7
Independent examiner's report
8 - 9
Statement of financial activities
10
Balance sheet
11 - 12
Statement of cash flows
13
Notes to the financial statements
14 - 31

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023


Trustees
Dr Oludare Adetokunbo Demuren, Chair
Dr Adeniyi Faboya
Dr Abiodun Olayinka Obisesan
Mr Akintayo Akinsooto Ojo

Company registered number
07530478

Charity registered number
1141424

Registered office
CO2 8GU

Company secretary
Pastor Abiodun Obisesan

Accountants
AdeKay & Co Limited
Chartered Certified Accountants
6 Medcalf Road
Enfield
EN3 6HL

Bankers
HSBC
26 High Street
Colchester
CO1 1DQ

Barclays Bank Plc
9 High Street
Colchester
Essex
CO1 1DA

Page 1

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Charity for the yearyear ended    31 December 2023The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
 

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

The Charity is constituted as a company limited by guarantee, and is therefore governed by a Memorandum and Articles of Association. 
The principal object of the Redeemed Christian Church of God is the advancement of the Christian faith
worldwide and relief of poverty.
Our primary objective is to seek the advancement of Christian religion in accordance with preaching of the faith of the early Apostles and wherever possible, educate people using the word of God as our guide. We aim to establish and manage schools, Bible schools, vocational Bible schools, correspondence courses, and to teach religious knowledge in schools, institutions and the wider community. 
 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
 

b. Strategies for achieving objectives
 

The charity has adopted the following strategies for achieving the above objectives:
• organisation of conferences and events with proven speakers and ministers of the faith to inspire and  guide members; and
• financial and administrative support for other charities and Christian events with like purposes.
 
 

c. Activities undertaken to achieve objectives
 

The charity seeks to achieve its objectives by: 
• Various missionary activities.
• Community Outreach Events.
• Provision of welfare support to members; and
• Conferences & Events.
 

Page 2

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 
Objectives and activities (continued)

d. Public Benefit Statement
 

The Board of Trustees confirm that they have met their duties in strict compliance with the provisions of section 4 and 17 of the Charities Act 2011, and have had due regards to the Charity Commission’s general guidance on public benefit. Particular consideration has been given to the Charity Commission's supplementary public guidance provisions on the advancement of religion for the public benefit
 

e. Volunteers
 

The Church is grateful for the unstinting efforts of its volunteers who are involved in service provision.  It is estimated that over 7,500 volunteer hours were provided during the year.  If this is conservatively valued at £8.50 per hour, the volunteer efforts amount to over £63,750. 
 


Achievements and performance
 

a. Review of activities
 

During the year under review, the Church was of benefit to its congregation and its local community both spiritually and to a limited extent, financially. The church continues to run its Sunday and midweek services for the benefit of local community members.
The charity supported poverty alleviation in the community by giving out food items to those who are less able to meet their basic needs during the year.
We continue to support our community through our food bank donations month on month.
We participated in a Christmas initiative tagged “Love Your Neighbour.” In this initiative with our fund commitment and counterpart funding received we were able to make boxes of Christmas dinner available to families in Colchester
In line with our Community Social Responsibility, we have continued to:
Support the Blind Society in Nigeria December 2023
Support Community Poverty – Food Bank donations month on month.
Support people and help people to lose weight by allowing Slimming World to use our facilities
Support fellow Christians such as Jesus Reigns Ministry by allowing them to use our facilities
Pentecost Celebration with other churches in Colchester June 2023
Support Samaritan’s Christmas Child Appeal
Church BBQ – August 2023
Free family Fun Fair – September 2023
Christmas Celebrations December 2023
Regular Weekly & Monthly Activities:             
Weekly Midweek prayers
Weekly House Fellowship
Weekly Bible studies
Monthly Communion Services
Monthly Night Vigil
Women’s Early Morning Prayers
Men’s Early Morning Prayers
Women’s Monthly Night Vigil
Bi-monthly Marriage Seminars
Breakfast meeting/seminars     
Conferences:
 
Page 3

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 
Achievements and performance (continued)

Daughters of Zion conference May 2023
Province Conference June 2023
Province 2 Region 3 Women’s Conference July 2023
Youth Conference August 2023
Pastors Province Conference November 2023
Prayer Conference 2023
Workers Appreciation November 2023
 

Page 4

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 
Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

b. Reserves policy
 

The Board of Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charitable company should be 3 months of average annual expenditure. At this level, the Board of Trustees holds the view that they would be able to continue the current activities of the charitable company in the event of a significant drop in funding.
The Board of Trustees are in the process of considering a review of the reserve policy to be in the light of the wider strategic future plans. This is to ensure that the level of the reserve we hold are not only appropriate to our current position and annual expenditure, but also taking into full cognisance what our future strategic plans
are.
 

c. Material investments policy
 

The Board have decided that at present, funds should continue to 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. 
 

d. Principal funding
 

This is provided mainly through voluntary tithes and offerings by the church members and through gift aid scheme.  Pledges are also taken for specific projects.
 

Structure, governance and management
 

a. Constitution
 

The Redeemed Christian Church of God- Stillwaters Colchester is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
 

b. Methods of appointment or election of Trustees
 

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association
 
 

c. Organisational structure and decision-making policies
 

The church is organised so that the trustees meet regularly to manage its affairs. There is a part time administrator, who manages the day to day administration of the church.
 

Page 5

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 
Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees
 

Most trustees are already familiar with the activities of the charitable organisation as they are drawn from members who have the skill set to offer and empathy with our core values. Newly elected trustees are encouraged to attend a series of training sessions led by the Chair. 
The courses attended equip the trustees with skills to carry out their duties as trustees. The training enables them to understand: 
• Their obligation as trustees.
• The importance of the main documents which set out the operational framework for the charity including the Memorandum and Articles of association.
• The control of resources and current financial position using the management accounts. 
• Their responsibility for the statutory accounts.
• How to translate future plans and objectives into budgets and plans. 
• Use of budgetary control.
During induction, they meet other trustees. As part of the induction training, they are encouraged to attend appropriate external events where these will facilitate the undertaking of their role. 
An induction pack is provided for new Directors/Trustees.
 

e. Related party relationships
 

The RCCG Stillwaters Colchester is 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'.
The parish supports visiting ministers of the gospel from within and outside the UK. Support is also given to RCCG Central Office, World Evangelism Mission, Festival of Live and other RCCG Programmes. The parish also gives occasional grant to congregational members who are in need.
 

f. Financial risk management
 

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
 

Plans for future periods
 

The Church intends to continue with its activities for the foreseeable future and enlarge its operations as the resources allow and according to leading of the Holy Spirit.
 The charity continues to expand its influence in and support for the community programmes and events. The charity plans to roll over the activities held for charitable purposes in 2023 to 2024 and adopt new projects.
 

Board Members' liability
 

The Board  Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
 

Page 6

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
 
Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


 

Approved by order of the members of the board of Trustees and signed on their behalf by:



Dr Abiodun Olayinka Obisesan
Trustee
Date: 9 October 2024
Page 7

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of The Redeemed Christian Church of God- Stillwaters Colchester ('the Charity')

 
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.


Responsibilities and basis of report


As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').


Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.


Independent examiner's statement


Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of (enter body here), which is one of the listed bodies.


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

3.
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

4.
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 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.


This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.



Signed:      Dated: 10 October 2024

Adegboyega Adesigbin FCCA      ACCA

AdeKay & Co Limited
Page 8

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Chartered Certified Accountants
6 Medcalf Road
Enfield
EN3 6HL
Page 9

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023


Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
Note
        £
        £
        £
        £

Income from:







Donations and legacies

3

9,734

391,662

401,396

292,216
 
Investments

4

-

12,391

12,391

11,717
 
Total income
9,734
404,053
413,787
303,933
Expenditure on:







Charitable activities

6

21,608

336,791

358,399

261,693
 
Total expenditure
21,608
336,791
358,399
261,693

Net movement in funds
  
(11,874)
67,262
55,388
42,240

Reconciliation of funds:

  





Total funds brought forward

  

193,894

601,600

795,494

753,254
 
Net movement in funds

  

(11,874)

67,262

55,388

42,240
 
Total funds carried forward
  
182,020
668,862
850,882
795,494

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
REGISTERED NUMBER: 07530478

 
 
BALANCE SHEET
AS AT 31 DECEMBER 2023


2023
2022
£
£

Fixed assets

Tangible assets
1,183,727
1,184,416

1,183,727
1,184,416

Current assets

Debtors
723
24,609

Cash at bank and in hand
147,517
92,087

148,240
116,696

Creditors: amounts falling due within one year
(66,495)
(68,725)

Net current assets 
 
 
81,745
 
 
47,971

Total assets less current liabilities
1,265,472
1,232,387

Creditors: amounts falling due after more than one year
(414,590)
(436,893)

Net assets excluding pension asset 
850,882
795,494

Total net assets 
850,882
795,494


Charity funds

Restricted funds
182,020
193,894

Unrestricted funds
668,862
601,600

Total funds
850,882
795,494

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 09 October 2024 and signed on their behalf by:

Page 11

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)
REGISTERED NUMBER: 07530478

 
 
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023




Dr Abiodun Olayinka Obisesan
Trustee



Mr Akintayo Akinsooto Ojo
Trustee

The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER
 
(A company limited by guarantee)

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Net cash used in operating activities

109,902
48,435

Cash flows from investing activities

Dividends, interests and rents from investments
(12,391)
11,718

Purchase of tangible fixed assets
(44,559)
(19,317)

Net cash used in investing activities

(56,950)
(7,599)

Cash flows from financing activities

Repayments of borrowing
-
(35,148)

Repayments of finance leases
2,478
-

Net cash provided by/(used in) financing activities

2,478
(35,148)

Change in cash and cash equivalents in the year
 
55,430
 
5,688

Cash and cash equivalents at the beginning of the year
92,087
86,399

Cash and cash equivalents at the end of the year
147,517
92,087

The notes on pages 14 to 31 form part of these financial statements

Page 13

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Redeemed Christian Church of God - Stillwaters Colchester is a company limited by guarantee
incorporated and registered with the Charity Commission in England & Wales. The registered
address is Heath House, Heath Business Park, Grange Way, Colchester, C02 8GU.
 


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Redeemed Christian Church of God- Stillwaters Colchester meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
2.2

Going concern

The Board consider that there are no material uncertainties about the charitable company ability to continue as a going concern. The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. 

  
2.3

Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

  
2.4

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 14

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

2.4

Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity
and include project management carried out at Headquarters. Governance costs are those incurred
in connection with administration of the charity and compliance with constitutional and statutory
requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations, including
support costs and costs relating to the governance of the charity apportioned to charitable activities.

  
2.5

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

 
2.6

Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
straight line
Computer equipment
-
33%
straight line

  
2.7

Debtors

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

Page 15

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.8

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


2.9

Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

  
2.10

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.11

Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

  
2.12

Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

Page 16

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs 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 financial statements.

Investment income, gains and losses are allocated to the appropriate fund.


3.

Income from donations and legacies




Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £
Donations





Tithes

-

132,607

132,607

Collection at all services

-

178,549

178,549

Gift Aid

-

44,643

44,643

Similar incoming resources





Bookstall income

-

2,340

2,340

Welfare Collection

-

528

528

Province Funds

9,734

-

9,734

Confereence registration & offering

-

3,943

3,943

Subtotal detailed disclosure



9,734
362,610
372,344
Donations

-

22,169

22,169

Camp Ground Project

-

6,883

6,883

Subtotal



-
29,052
29,052


9,734
391,662
401,396

Page 17

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Income from donations and legacies (continued)




Restricted funds
2022
Unrestricted funds
2022
Total
funds
2022
        £
        £
        £
Donations





Tithes

-

104,060

104,060

Collectionat all services

-

114,057

114,057

Gift Aid

-

40,433

40,433

Similar incoming resources





Bookstall income

-

286

286

Other income

-

978

978

Church Bus Pledge

5,000

-

5,000

Province Funds

20,927

-

20,927

Conference registration & offering

-

1,330

1,330

Subtotal detailed disclosure



25,927
261,144
287,071
Donations

-

5,144

5,144

Similar incoming resources

-

1

1

Subtotal



-
5,145
5,145


25,927
266,289
292,216


4.

Investment income



Unrestricted funds
2023
Total
funds
2023
        £
        £



Investment income - rental income

12,220

12,220

Investment income - interest receivable

171

171



12,391
12,391

Page 18

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.Investment income (continued)



Unrestricted funds
2022
Total
funds
2022
        £
        £



Investment income - rental income

11,710

11,710

Investment income - interest receivable

7

7



11,717
11,717


5.

Analysis of grants



Grants to Institutions
2023
Total
funds
2023
        £
        £



Grants- Missionary

53,960

53,960




Grants to Institutions
2022
Total
funds
2022
        £
        £



Grants- Missionary

34,289

34,289


The Charity has made the following material grants to institutions during the year:

Page 19

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.Analysis of grants (continued)

2023
2022
£
£

Name of institution

RCCG World Evangelism
33,113
29,639

RCCG Central Office
3,056
1,200

RCCG Camp Ground
8,000
-

RCCG Province
2,559
2,850

RCCG Other Charities
3,880
-

RCCG Others
3,102
-

RCCG African Mission
250
600

53,960
34,289

53,960
34,289


6.

Analysis of expenditure on charitable activities


Summary by fund type




Restricted funds
2023
Unrestricted funds
2023
Total
2023
        £
        £
        £




Support costs

21,608

238,453

260,061

Direct costs

-

98,338

98,338



21,608
336,791
358,399




Restricted funds
2022
Unrestricted funds
2022
Total
2022
        £
        £
        £




Support costs

13,334

195,861

209,195

Direct costs

-

52,498

52,498



13,334
248,359
261,693

Page 20

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.Analysis of expenditure on charitable activities (continued)

Summary by expenditure type





Staff costs
2023
Depreciation
2023
Other costs
2023
Total
2023
        £
        £
        £
        £





Support costs

64,942

45,249

149,870

260,061

Direct costs

-

-

98,338

98,338



64,942
45,249
248,208
358,399





Staff costs
2022
Depreciation
2022
Other costs
2022
Total
2022
        £
        £
        £
        £





Support costs

62,092

43,346

103,757

209,195

Direct costs

-

-

52,498

52,498



62,092
43,346
156,255
261,693


7.

Analysis of expenditure by activities





Advancement of christian faith
2023
Grant funding of activities
2023
Support costs
2023
Total
funds
2023
        £
        £
        £
        £





Support costs

-

-

260,061

260,061

Direct costs

44,378

53,960

-

98,338



44,378
53,960
260,061
358,399






Page 21

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.Analysis of expenditure by activities (continued)

Advancement of christian faith
2022
Grant funding of activities
2022
Support costs
2022
Total
funds
2022
        £
        £
        £
        £





Direct costs

-

-

209,195

209,195

Support costs

18,209

34,289

-

52,498



18,209
34,289
209,195
261,693


Analysis of direct costs



Advancement of christian faith
2023
Total
funds
2023
        £
        £



Visiting Ministers expenses

15,720

15,720

Rates

8,622

8,622

Evangelism & special events

11,258

11,258

Ministry expenses

8,778

8,778



44,378
44,378



Advancement of christian faith
2022
Total
funds
2022
        £
        £



Visiting Ministers expenses

6,546

6,546

Rates

9,007

9,007

Ministry expenses

2,250

2,250

Hire of equipment

406

406



18,209
18,209

Analysis of support costs

Page 22

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.Analysis of expenditure by activities (continued)



Total
funds
2023
Total
funds
2022
        £
        £



Staff costs

64,942

62,092
 
Depreciation

45,249

43,346
 
Music and euipment

1,685

2,288
 
Gas and electricity

19,100

2,745
 
Insurance

3,836

3,044
 
Telephone

95

-
 
Cleaning

2,816

1,792
 
Loan interest

16,947

8,466
 
Welfare

15,607

12,677
 
Professional fees

460

655
 
Printing, postages and stationery

1,220

1,118
 
Bank charges

743

688
 
Conference and Meetings

3,072

774
 
Motor expenses

8,297

750
 
Travel

6,844

580
 
Mortgage interest

21,608

13,334
 
Training

3,603

275
 
Admin services & costs

18,304

17,192
 
Dues and subscriptions

1,687

928
 
Advertising and promotion

2,586

696
 
Volunteer costs

4,024

829
 
Bookkeeping and accounting services

5,850

5,500
 
Computer and IT support

4,807

1,897
 
Health and safety

827

45
 
Repairs,renewals and maintenance

2,052

13,084
 
Community Engagements costs

1,800

10,750
 
Technical Services costs

-

1,650
 
Independent Examiners' fees

2,000

2,000
 


260,061
209,195

Page 23

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.

Independent examiner's remuneration

2023
2022
£
£

Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts
2,000
2,000


9.



Staff costs


2023
2022
£
£


Wages and salaries
64,942
60,000

Social security costs
-
2,092

64,942
62,092

The average number of persons employed by the Charity during the year was as follows:


2023
2022

No.
No.


Ministry
2
2

No employee received remuneration amounting to more than £60,000 in either year.





10.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).

Page 24

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets




Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£


Cost or valuation

At 1 January 2023
1,391,856
114,828
27,594
64,187
1,598,465

Additions
-
15,665
-
28,894
44,559


At 31 December 2023

1,391,856
130,493
27,594
93,081
1,643,024


Depreciation

At 1 January 2023
241,701
103,531
22,731
46,085
414,048

Charge for the year
27,837
7,628
1,216
8,568
45,249
Other unallocated
-
1
-
-
1


At 31 December 2023

269,538
111,160
23,947
54,653
459,298


Net book value


At 31 December 2023
1,122,318
19,333
3,647
38,428
1,183,726


At 31 December 2022
1,150,155
11,296
4,863
18,102
1,184,416


12.



Debtors


2023
2022
£
£


Due within one year

Other debtors
723
723

Gif Aid Tax recoverable
-
23,886

723
24,609


13.



Creditors: Amounts falling due within one year


2023
2022
£
£


Bank loans
53,378
53,378

Other taxation and social security
4,967
4,967
Page 25

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.Creditors: Amounts falling due within one year (continued)

2023
2022
£
£


Obligations under finance lease and hire purchase contracts
-
2,580

Accruals and deferred income
8,150
7,800

66,495
68,725


14.



Creditors: Amounts falling due after more than one year


2023
2022
£
£


Bank loans
224,200
240,228

Other loans
190,390
196,665

414,590
436,893

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:


2023
2022
£
£


Payable or repayable by instalments
277,578
293,606

277,578
293,606

The loan outstanding is a repayment mortgage of the church building at  Heath House, Heath Business Centre, off Whitehall Road, Colchester, Essex CO2 8HG.

Page 26

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.

Statement of funds


Statement of funds - current year

Balance at 1 January 2023
£
Income
£
Expenditure
£
Balance at 31 December 2023
£

Unrestricted funds





General Funds 1

601,600

404,053

-

1,005,653
 
Unallocated amounts

-

-

(336,791)

(336,791)
 



601,600
404,053
(336,791)
668,862

Restricted funds






Restricted Fund 1

193,894

9,734

(21,608)

182,020
 

Total of funds


795,494
413,787
(358,399)
850,882

Page 27

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 January 2022
£
Income
£
Expenditure
£
Balance at
31 December 2022
£

Unrestricted funds





General Funds 1

571,953

278,006

(248,359)

601,600
 


Balance at
1 January 2022
£
Income
£
Expenditure
£
Balance at
31 December 2022
£





Restricted funds






Restricted Fund 1

181,301

25,927

(13,334)

193,894
 


Total of funds


753,254
303,933
(261,693)
795,494


16.

Summary of funds


Summary of funds - current year

Balance at 1 January 2023
£
 
Income
£
 
Expenditure
£
 
Balance at 31 December 2023
£
 
General funds

601,600

404,053

(336,791)

668,862
 
Restricted funds

193,894

9,734

(21,608)

182,020
 


795,494
413,787
(358,399)
850,882

Page 28

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.

Summary of funds (continued)


Summary of funds - prior year

Balance at
1 January 2022
£
 
Income
£
 
Expenditure
£
 
Balance at
31 December 2022
£
 
General funds

571,953

278,006

(248,359)

601,600
 
Restricted funds

181,301

25,927

(13,334)

193,894
 


753,254
303,933
(261,693)
795,494


17.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

182,020

1,001,707

1,183,727

Current assets

-

148,241

148,241

Creditors due within one year

-

(66,495)

(66,495)

Creditors due in more than one year

-

(414,590)

(414,590)

Difference

-

(1)

1

Total 


182,020
668,862
850,882


Page 29

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.Analysis of net assets between funds (continued)


Analysis of net assets between funds - prior year

Restricted funds
2022
Restricted funds - class ii
2022
Unrestricted funds
2022
Total
funds
2022
        £
        £
        £
        £




Tangible fixed assets

181,301

-

1,003,115

1,184,416

Current assets

12,593

-

104,103

116,696

Creditors due within one year

-

-

(68,725)

(68,725)

Creditors due in more than one year

-

(436,893)

-

(436,893)

Other unallocated
-
436,893
(436,893)
-
Total 

193,894
-
601,600
795,494


18.



Reconciliation of net movement in funds to net cash flow from operating activities


2023
2022
£
£

Net income for the year (as per Statement of Financial Activities)



55,388

42,240

Adjustments for:

Depreciation charges
17,412
15,509

Amortisation charges
27,837
27,837

Dividends, interests and rents from investments
(12,391)
(11,718)

Decrease/(increase) in debtors
23,886
(23,861)

Decrease in creditors
(2,230)
(1,572)

Net cash provided by operating activities
109,902
48,435



19.



Analysis of cash and cash equivalents


2023
2022
£
£

Cash in hand
147,517
92,087

Total cash and cash equivalents
147,517
92,087

Page 30

 
THE REDEEMED CHRISTIAN CHURCH OF GOD- STILLWATERS COLCHESTER

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.



Analysis of changes in net debt





At 1 January 2023
Cash flows
At 31 December 2023
£
£

£

Cash at bank and in hand

92,087

55,430

147,517

Debt due within 1 year

(53,378)

-

(53,378)

Debt due after 1 year

(436,893)

22,303

(414,590)

Finance leases

(2,580)

2,580

-


(400,764)
80,313
(320,451)



21.


Related party transactions

Page 31