REGISTERED CHARITY NO: 1064008 ST JAMES REDEMPTION CHURCH OKE-AYO FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 1ST DECEMBER 2023 E. WILLIAMS & CO. (CHARTERED CERTIFIED ACCOUNTANTS) ST JAMES REDEMPTIO￿, CHURCH OKE-AYO CONTENTS PAGE Legal & Administrative details Report of the trustees Examin&s report Statement of Financial ActÈvities Balance sheet Noies to the accounts ST JAMES REDEMPTION CHURCH OKE-AYO Le al #nd Admin Strative de12i15 for the e4 end 1st December 2023 Status The organisation i5 a registered charity Charity number lo64￿8 Registered office 132 Comny)nwealth Wa). London SE2 OLE Honorary Officers Rev J B Odularu FounderlLeader (passed away in April 2019) PastOT Bayo Onabanjo Church paS￿r Yerni Soweminx) - Patron Prophetess R Akinbisehin- SecTethry BankeTS Natwest BaDk PIC Brixlon Branch 504 Brixton Road London SW9 8EB Independent examiners E. WilliaTnS & Co. Chartered Certified Accouniants 120 Streatham Hill London SW2 4RP ST JAMES REDEMPTIOII CHURCH OKE-AYO rt of the Trustees for the verlr ended 31st Deeemb¢r 2023 The direcloT<tMsiees have pleasure in presenting their rep)n and the financial staiements for rhe period 31 st December 2023. The fmancial 5tatem¢nts have been prepared in accordance with the a￿UntIng policies sct out oll page 7 and coll4)ly wid) the Statement of Recommended Practs¢e and LAW. Objectives The objective of the Charity is to propagate Christianity through: biblical sDJdies, theological education. evangelical trainin Christian seminars and symposium and publication and distribution of Christian b￿kS and tspes. Activities and Revlew In 2023 the principal activities of the church coniinued to be the provision of services for the spiritual development and training of its members. Theological education through trdining courses, computer trnining and information and advices servir¢s. It also continues to carry out regular evangelis Our expenditure for the year ended 31st December 2023 tO￿lled £14894. compared io an income of £25506. This l¢aves a surplus for the period in the amount of £10612. This year Si James Redemption Cburch (Oke-Ayo) continued to enjoy a very high level of support from volunteeTS including indiNiduals and local organisalions. The church held services throughout the year at the san* location. This provides stablity and has a positive impact on membeTship growth. MeTt]bership is expected kn Continue to incrcmse in 2023 Responslbilities oc the Trustees The Charities Act 1993 requires the Truste¢s to prepare financial statements for eacb financial year which give a ttue and fair view of the stale of the affairs of ihe organisaiion as al the balance sheci date and of its incoming resources and application of resources including income and expenditur¢ for the year then ended. In pr¢paring ihosc financial Sta￿mellts. the Board of Trustees is required to: select suitable accounting ￿111¢}eS and then applv them consistently make judge)r*nts and estimates that are reasonable and prlldeni stste whether applicable accoutjting standards ha￿t been followed subject to any material departures disclosed and explained in the financial sthtements prcpare the financial statements on the goin8 concem b&$is unless it is inappropriate to assume that the church will coniinue OD thai b3SiS The Tntste¢s are responsible for kceping accounting records whicb disclose with r&wnable accuracy at ally time th¢ fllwicial position of the Chariry and to enable them to ensure that the financial ststements comply with Ihe Charities Aci 1993. ST JAMES REDEMPTIO￿ CHURCH OKE-AYO ort of tbe Try5tees for the Year ended 315t December 2023 cotttiDued The TTUStees are also resrKJnsible for safeguarding the assets of the Chariry and hence for raking reasonable steps for the prevention and detection of fraud and other irregul￿]UeS. Truslee5 The TNstres who served during the year and up to the date of this report were as follows: Sp Apostle Prophet Rev JB Odula MISIA Pastor Bayo Onabanjo MISIA Yemi Sowemimo Spm Prophetess Ronke Akinbisehin Founderil£ader & Minister in charge (passed away April 2019) Church Pastor Church Patron Church Secrelary Independent Eiaminer E. WilliaU￿ & Co. weTe appointed by the trustees to carry out an independent examination of the Cbarity's accounts. Approved by the Trustees on.. ..and signed on its behalf by Signature..... OtrJ TRUSTEE TRUSTEE INDF.PENDENT E￿ML￿ER's REPORT I'o THE MANAGE.MELYT COMMIT"fEE OF ST JAMES RL"DE)IPTIOh" CHLRCH e report oil the financial stslements of St Janr5 Reden]ption Church for the period ended 31si December 2023 whi¢h are set out on pag¢s S to 9. Respective Respollsibilities of the Director￿[rustees and Examiner As described on pages_ and 3, the twsiees under charity la•A'. are responsible for the preparntion of financial statemenls. and they consider thai the charity is exempl from an audit. It is our res￿nSibIlity lo catry oul procedures designed to enable us lo report our opinion. Ba$ls of Oplnlon The ivork il.as Londucled in accordancc M'ith the StatenKnl of Siandards for Rcponbng Acu)UDtants, and so our procedures Lonsisied of ¢omparing thc aLLounl>* Wilh the accouDLing rcLords krpl by the Lharity. arxl nuking SULh iimitcd enquiries of the orri¥ers of the Lhdrily as M¢ Lonsidcrcd ThecC5SÉ￿ for the purp)ses ol thts" rcport. Thcsc procrAlures proK"ide ollly ihe assurancc expressed in our opinion. OpiDkon tn our opinion. no matter has come to our attention: i) which gil'es us reasonable cause to believe that ID any maierial respeci the requirements - to keep accounling records in accordance witb the Compl￿1¢& Aci ?006 bave not been met" 2) having regard only io. and on the basis of. the infor1T￿l0￿ conthined in Ihose accouniing rccords- (i) the accounts ha￿¢ been drdwn up in a manner consistrnl with the accouniing requireTr£nls specified in the ACQ and (li) Ihe chariiy satlsfied the conditions for exemption from an audit of the accounls lor the period specified in the Act as modified by tILe Act and did not. at an! time within that year. fall within any" of the categories of chari(ies not enliiled to the e.iemption specified in the Act. E. Ililliams & Co. Charttred Certified Accountants I?0 SLrLathani I lill London SW? 4RP ST JAMES REDEMPTION CHURCH OKE-AYO STATEMENT OF FINANCIAL ACTIVITIES (Incorpordtitig Income and Expenditure) for the peri(Ml ended 31si Ikcember 2023 Unrestricted Restricted Total Funds fijnds funds Note 2023 2022 Incoming Re$our¢es Total Church Collections Investment & miscel Income Donations Total Ineoming Resource5 25.507 25,507 23.140 25,507 25,507 23,14 Resources Expended Direct charit&ble expenditure Fundraising & publiciry Gov¢man¢e Total Resources eiptnded 12.595 12.595 19,911 2.?99 14,894 2,666 22577 2.299 14,894 Net Movement in Funds 10,613 10.613 563 Transfer between Funds Fund Balances brought forward Fund Balallces c&rrled forward 19,931 30,544 19,931 30.544 19.368 19,931 All the chariws aclivities are continuing. The charity had no recognis¢d gain% or loss other than the net incoming resourses for the year. The Move￿rnt in rcserve5 is showTk above. The notes on pages 8 to 9 fomi part of these financial Slatell￿nts. ST JAMES REDEMPTION CHURCH OKE-AYO Registered Charity number.. 1064W8 BALLYCE SHEET AS AT 31 ST DECEMBER 2023 2022 Notes Tangible fixed Assets 20.624 21,350 Current Assets Debtors Cash at hand and in bank 12.193 11,514 11.514 CreditOTY: amollnt5 falling due within one ye4r Net current a55etsl]iabilities 10 6,586 6,106 5.607 5,408 Totsl Assets les5 Current Liabilities 26.231 26,758 Creditors: #mounts fslllng due after more than oDe year Net A58ets 3.249 3,349 23.409 ?2,982 Funds Restricied ￿ll&s Unrestricted Funds: 22,982 23,409 Designated funds 22,982 23.409 The Ac¢ounts oll pages 34 have been approved by tbe manageu￿1 committee on .. behalf by: . and signed on its Signed .. Name of Director.. ST JAMI ES REDEMPTION CHURCH OKE-AYO Notes to Ibe Financial Statements for the period ended 31st De¢embcr 2023 l. Accounting Policies The accounts have been prepared in accordance with applicable accounting slandards and follow the recommendations in The Statements of Recommended Practice - Accounting by Charities. Basis of preparatloD of account5 The financial slatements have been prepared on historical cost convention and include the resulis of the Charity's operations w,hi¢h are described in the Tn￿teeS R¢wrt and all of which are continuing. Ineome Voluntary income received by way of tithe5 and offerings is included in full in the statemeni of financial activities when received. b) Donation5 in kind are valued and included in income to the extent ihat it represents goods or services which would otherwise be purchased {if any). d) GranLS are re¢ognised in ￿11 in the Sratement of Financial Activiiies in the year in which they are reCeiN.￿ or receivable. whichever is earlier (if any). PToceed5 from fees Lharged are recognised as income in the period in which they are receivable (if any). Restricted funds are to be used for specified PUTtK)s¢s as laid down by th¢ donor. Expenditure which meets these criteria is id¢ntifi¢d to the fund. g) Unrestricted funds are donations and other income received or geneTated for the charitable purposes. Expendltur¢ GoN'ernance cosls of the charity relate to the administraiion costs of running the charity such as the costs of meetings, audit and statutory compliance. They also include costs incurred in the general administration of the charity and which cannot be directly attributed to the proTrision of the Services of the organisation. h) Depreciation is provided on all taogible r￿ed assets at a rate calculated to write of the cost of each asset over its expected useful life, as follows: EquipmenL FIA￿TeS and Fittings 2￿/0 on reducing balance method otes to ihe Flnancixl Sigtements lor tbe period ended 31st December 2023 (¢ontinyed) 2. ColleCtion￿other ineome Unrestricted Restricted Total Fun