Sign.com Document ID: e46caa2bc2 - Page 1/11Sign.com Document ID: 83a83dad56 - Page 1/11 REGISTERED CHARITY NO: 1064008 ## ST JAMES REDEMPTION CHURCH OKE-AYO ## FINANCIAL STATEMENTS FOR THE PERIOD ENDED ## 31ST DECEMBER 2024 ## E. WILLIAMS & CO. (CHARTERED CERTIFIED ACCOUNTANTS) Sign.com Document ID: e46caa2bc2 - Page 2/11Sign.com Document ID: 83a83dad56 - Page 2/11 ## **ST JAMES REDEMPTION CHURCH OKE-AYO** ## **CONTENTS** ||PAGE| |---|---| |Legal & Administrative details|1| |Report of the trustees|2-3| |Examiner's report|4| |Statement of Financial Activities|5| |Balance sheet|6| |Notes to the accounts|7-9| Sign.com Document ID: e46caa2bc2 - Page 3/11Sign.com Document ID: 83a83dad56 - Page 3/11 ## **ST JAMES REDEMPTION CHURCH OKE-AYO** **Legal and Administrative details for the year ended 31st December 2024** Status The organisation is a registered charity Charity number 1064008 Registered office 132 Commonwealth Way London SE2 0LE Honorary Officers Rev J B Odularu Founder/Leader (passed away in April 2019) Pastor Bayo Onabanjo Church pastor Yemi Sowemimo - Patron Prophetess R Akinbisehin - Secretary Bankers Natwest Bank Plc Brixton Branch 504 Brixton Road London SW9 8EB Independent examiners E. Williams & Co. Chartered Certified Accountants 120 Streatham Hill London SW2 4RP **1** Sign.com Document ID: e46caa2bc2 - Page 4/11Sign.com Document ID: 83a83dad56 - Page 4/11 ## **ST JAMES REDEMPTION CHURCH OKE-AYO** ## **Report of the Trustees for the year ended 31st December 2024** The directors/trustees have pleasure in presenting their report and the financial statements for the period 31st December 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Statement of Recommended Practice and Law. ## **Objectives** The objective of the Charity is to propagate Christianity through: biblical studies, theological education, evangelical training, Christian seminars and symposium and publication and distribution of Christian books and tapes. ## **Activities and Review** In 2024 the principal activities of the church continued to be the provision of services for the spiritual development and training of its members. Theological education through training courses, computer training and information and advices services. It also continues to carry out regular evangelism. Our expenditure for the year ended 31st December 2024 totalled £24678, compared to an income of £31790. This leaves a surplus for the period in the amount of £7112. This year St James Redemption Church (Oke-Ayo) continued to enjoy a very high level of support from volunteers including individuals and local organisations. The church held services throughout the year at the same location. This provides stablity and has a positive impact on membership growth. Membership is expected to continue to increase in 2025 ## **Responsibilities of the Trustees** The Charities Act 1993 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the organisation as at the balance sheet date and of its incoming resources and application of resources including income and expenditure for the year then ended. In preparing those financial statements, the Board of Trustees is required to: - select suitable accounting policies and then apply them consistently - make judgements and estimates that are reasonable and prudent - state whether applicable accounting standards 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 assume that the church will continue on that basis The Trustees are responsible for keeping 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. **2** Sign.com Document ID: e46caa2bc2 - Page 5/11Sign.com Document ID: 83a83dad56 - Page 5/11 ## **ST JAMES REDEMPTION CHURCH OKE-AYO** ## **Report of the Trustees for the year ended 31st December 2024 (continued)** The Trustees 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. ## **Trustees** The Trustees who served during the year and up to the date of this report were as follows: Sp Apostle Prophet Rev JB Odularu Founder/Leader & Minister in charge (passed away April 2019) M/S/A Pastor Bayo Onabanjo Church Pastor M/S/A Yemi Sowemimo Church Patron SpM Prophetess Ronke Akinbisehin Church Secretary ## **Independent Examiner** E. Williams & Co. were appointed by the trustees to carry out an independent examination of the Charity’s accounts. ## 15/12/2025 Approved by the Trustees on….................................................and signed on its behalf by Signature….................................................. Signature….................................................. ## 15/12/2025 15/12/2025 Name…...................................................... Name…...................................................... TRUSTEE TRUSTEE **3** Sign.com Document ID: e46caa2bc2 - Page 6/11Sign.com Document ID: 83a83dad56 - Page 6/11 ## **INDEPENDENT EXAMINER'S REPORT TO THE MANAGEMENT COMMITTEE OF ST JAMES REDEMPTION CHURCH** We report on the financial statements of St James Redemption Church for the period ended 31st December 2024 which are set out on pages 5 to 9. ## **Respective Responsibilities of the Directors/Trustees and Examiner** As described on pages 2 and 3, the trustees under charity law, are responsible for the preparation of financial statements; and they consider that the charity is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion. ## **Basis of Opinion** The work was conducted in accordance with the Statement of Standards for Reporting Accountants, and so our procedures consisted of comparing the accounts with the accounting records kept by the charity, and making such limited enquiries of the officers of the charity as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion. ## Opinion In our opinion, no matter has come to our attention: - 1) which gives us reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with the Companies Act 2006 have not been met; and - 2) having regard only to, and on the basis of, the information contained in those accounting records: (i) the accounts have been drawn up in a manner consistent with the accounting requirements specified in the Act; and (ii) the charity satisfied the conditions for exemption from an audit of the accounts for the period specified in the Act as modified by the Act and did not, at any time within that year, fall within any of the categories of charities not entitled to the exemption specified in the Act. **E. Williams & Co. Chartered Certified Accountants** 120 Streatham Hill London SW2 4RP 19/01/2026 **Date** …........................................................ **4** Sign.com Document ID: e46caa2bc2 - Page 7/11Sign.com Document ID: 83a83dad56 - Page 7/11 ## **ST JAMES REDEMPTION CHURCH OKE-AYO** ## **STATEMENT OF FINANCIAL ACTIVITIES** (Incorporating Income and Expenditure) for the period ended 31st December 2024 |Note
**Incoming Resources**
Total Church Collections
2
Investment & miscel Income
Donations|Unrestricted
Restricted Total Funds
funds
funds
2024
2023
£
£
£
£
31,791
0
31,791
25,507
0
0
0
0
0
0
0
0| |---|---| |**Total Incoming Resources**|**31,791**
**0**
**31,791**
**25,507**| |**Resources Expended**
Direct charitable expenditure
3
Fundraising & publicity
4
Governance
5|19,583
0
19,583
12,595
0
0
0
0
5,096
0
5,096
2,299| |**Total Resources expended**|**24,679**
**0**
**24,679**
**14,894**| |**Net Movement in Funds**
Transfer between Funds
Fund Balances brought forward|7,112
0
7,112
10,613
0
0
0
0
30,544
0
30,544
19,931| |**Fund Balances carried forward**|**37,656**
**0**
**37,656**
**30,544**| All the charity's activities are continuing. The charity had no recognised gains or loss other than the net incoming resourses for the year. The movement in reserves is shown above. The notes on pages 8 to 9 form part of these financial statements. **5** Sign.com Document ID: e46caa2bc2 - Page 8/11Sign.com Document ID: 83a83dad56 - Page 8/11 ## **ST JAMES REDEMPTION CHURCH OKE-AYO** Registered Charity number: 1064008 ## **BALANCE SHEET AS AT 31ST DECEMBER 2024** |||||2023| |---|---|---|---|---| |||£||£| |**Notes**||||| |**Tangible fixed Assets**
8||20,043||20,624| |**Current Assets**
Debtors
7
Cash at hand and in bank|0
32,342||0
12,193|| |10
**Net current assets/liabilities**
**Creditors: amounts falling due within one**
**year**|32,342
6,106|26,236|12,193
6,586|5,607| |**Total Assets less Current Liabilities**
11
**Creditors: amounts falling due after more**
**than one year**||46,279
3,249||26,231
3,249| |**Net Assets**||43,030||22,982| |**Funds**
Restricted funds
Unrestricted Funds:
Designated funds||0
43,030||0
22,982| |||43,030||22,982| The Accounts on pages 3-6 have been approved by the management committee on …................................... and signed on its behalf by: Eph mre Signed ..................................................................... > Name of Director: Ezekiel Sowemimo **6** Sign.com Document ID: e46caa2bc2 - Page 9/11Sign.com Document ID: 83a83dad56 - Page 9/11 ## **ST JAMES REDEMPTION CHURCH OKE-AYO** ## **Notes to the Financial Statements for the period ended 31st December 2024** ## **1. Accounting Policies** - a) The accounts have been prepared in accordance with applicable accounting standards and follow the recommendations in The Statements of Recommended Practice - Accounting by Charities. ## **Basis of preparation of accounts** The financial statements have been prepared on historical cost convention and include the results of the charity’s operations which are described in the Trustees Report and all of which are continuing. ## **Income** - b) Voluntary income received by way of tithes and offerings is included in full in the statement of financial activities when received. - c) Donations in kind are valued and included in income to the extent that it represents goods or services which would otherwise be purchased (if any). - d) Grants are recognised in full in the Statement of Financial Activities in the year in which they are received, or receivable, whichever is earlier (if any). - e) Proceeds from fees charged are recognised as income in the period in which they are receivable (if any). - f) Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund. - g) Unrestricted funds are donations and other income received or generated for the charitable purposes. ## **Expenditure** - h) Governance costs of the charity relate to the administration 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 provision of the Services of the organisation. - i) Depreciation is provided on all tangible fixed assets at a rate calculated to write of the cost of each asset over its expected useful life, as follows: Equipment, Fixtures and Fittings 20% on reducing balance method **7** Sign.com Document ID: e46caa2bc2 - Page 10/11Sign.com Document ID: 83a83dad56 - Page 10/11 ## **Notes to the Financial Statements for the period ended 31st December 2024 (continued)** |**2. Collections/other income**
Note
Tithes
Offerings
Thanksgiving/collections
Donations
HQ fund
Creditors written off
Gift Aid
Miscellaneous
**3. Charitable Costs**
Fees-bands men
Pastors stipend
Rent/Premises Hire
Telephone/Internet
Business rates
Gospel missionary travel
Motor vehicle expenses
Printing, postage & stationery
Miscellaneous
Light & heat
Welfare expenses
Building maintenance & refurbishment
**4. Fundraising & Publicity**
Fund Raising Expenses
Publicity, Adverts and Evangelism
**5. Governance**
Bank Charges
Insurance of offices
Management Committee meetings
Charitable gifts-donations
Charitable missions (pastor)
Legal & professional services
Missionary support & training
Members' spiritual Development
Depreciation|Unrestricted
Restricted Total Funds
Total Funds
funds
funds
2024
2023
£
£
£
£
16,145
0
16,145
15,269
6,227
0
6,227
5,889
0
0
0
0
4,599
0
4,599
4,349
0
0
0
0
0
0
0
0
4,820
0
4,820
0
0
0
0
0
31,791
0
31,791
25,507
Unrestricted
Restricted Total Funds
Total Funds
funds
funds
2024
2023
0
0
0
0
0
0
0
0
8,483
0
8,483
11,415
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100
0
100
0
0
0
0
0
0
0
0
0
0
0
0
1,180
11,000
0
11,000
0
19,583
0
19,583
12,595
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,457
0
2,457
1,100
0
0
0
0
960
0
960
0
545
0
545
65
0
0
0
0
1,134
0
1,134
1,134
5,096
0
5,096
2,299
7,112
0
7,112
10,613| |---|---| **8** Sign.com Document ID: e46caa2bc2 - Page 11/11Sign.com Document ID: 83a83dad56 - Page 11/11 ## **Notes to the Financial Statements for the period ended 31st December 2024 (continued)** |**6. Donations in Kind**|||| |---|---|---|---| |There were no donations in kind during the period||0|0| |||0|0| |**7. Employees**|||| |The average number of people employed during this year was||0|0| |**8. Tangible Fixed Assets**|||| |||Fixtures|| ||Musical|Fittings|| ||Instrument|Equip|Total| ||£|£|£| |Value at 1st January|4,360|13,530|17,890| |Addition during the year|0|0|0| |Cost at 31st December 2024|4,360|13,530|17,890| |Depreciation at 31st December 2023
Charge for the year|3,622
148|11,364
433|14,986
581| |Depreciation carried forward|3,770|11,797|15,567| |Net Book Value at 31st December 2024
Net Book Value at 31st December 2023
**Please note: other assests brought forward**
**9. Debtors**
Loans and advances
Pledges unpaid
Others-Prepayments|590
738|1,733
2,166
**2024**
£
0
0
0|2,323
2,904
17,720
20,043
2023
£
0
0
0| |||0|0| |**10. Creditors: amounts falling due within one year**
Account/Audit fees
Other creditors & accruals
Other creditors
Bank overdraft balance||560
4,665
881
0|1,040
4,665
881
0| |||6,106|6,586| |**11. Creditors: amounts falling due after more than one year**
Mary band loan
Others||100
3,249|100
3,349| |||3,349|3,449| **9**