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← Redeemed Christian Church Of God ("Rccg") Mount Zion

2024-12-31-accounts

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Charity number: 1084573

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION PARISH

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Content
INDEX
Content Page
Index to Content 2
Trustees Report 3
Accountants Certificate 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Account 12

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

TRUSTEES’ REPORT FOR THE YEAR ENDING 31 DECEMBER 2024

The Trustees present their statutory report with the financial statements of RCCG Mount Zion, London for the year 2024. The report has been prepared in compliance with the charities act 1993. Financial statements have been prepared in accordance in the accounting policies and comply with the charity’s governing documents and provision of the updated Statement of Recommended Practice (SORP) & Accounting and Reporting by Charities (FRS 102)

Charity Information

The trustee Include: Pastor Oladele Bakare Pastor Olufemi Olukayode Adebajo Mr Abel Akintunde Ajuwon Pastor Simisola Kareem

The Church address is: 275 Old Kent Road, London. SE1 5LU Phone: 02072520242

E-mail: info@rccgmountzion.com Website: www.rcgmountzion.co.uk

Chief Executive Officer and : Pastor Theophilus Adeniyi Adesina Senior Pastor

Church Office Staff:

Personal/Administrative Assistant: Emmanuel O. Ogunmefun

Bankers

HSBC Bank: 47 Rye Lane Peckham London SE15 5ET

Accountant: AdrianGold & co

Registered Charity Number: 1084573 since January, 2001

Method of appointment or Election of Trustees

The Management of the charity is the responsibility of the trustee who are appointed and co-opted under the terms of the trust deed.

Policies adopted for the Induction and Training of Board of Trustees

The induction process for any newly appointed member of the trustees comprised of an initial with the chairman and other trustees where the power and responsibilities of the trustees are also clearly explained. Trustees are also registered for different training events, conferences and seminars, usually organized by the central office of the Redeemed Christian

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Church of God, UK. Booklets sent by the Charity Commission are also, always circulated to the trustees. This ensures strict compliance to relevant regulation.

Organizational Structure and Decision Making

The Church has a spiritual leader in the person of Pastor Theophilus A. Adesina, but the governing of the charity is entirely the responsibility of the Board of Trustees, and is independent and free from any external influence. The Board of trustees meets regularly to manage the affairs of the Church. However, some urgent matters that may need to be attended to after normal meeting are held could be done on phone. There is a Personal/Administrative Assistant who manages the day-to-day administration of the Church alongside volunteers.

Related Party Relationship

RCCG Mount Zion, London is a member of the Redeemed Christian Church of God (RCCG) worldwide which has Parishes all over United Kingdom (UK). Her (RCCG Mount Zion) relationship with RCCG UK is governed by an ‘Agreement for common purpose’ between the Parishes and RCCG UK Central office.

Objectives of the Charity

The objectives of the charity are as follows:

  1. The advancement of Christian Faith Worldwide

  2. Relief for Poverty and help for the needy

To achieve the above objective the charity is engaged in

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

j) Activities and Achievement in the year

The charity is committed and ministering to the needs of the various social and age group within and outside the church, she provide forum for manpower development of her members, equipping them educationally, socially and spiritually.

To achieve the above, we organize

Risk Analysis and Management

The Board of Trustees has considered the risks to which the charity is exposed and systems have been established to minimize those risks and also minimize the impact on the charity. Part of these is the constant maintenance of the fire exits and noise level monitoring. Double glazed windows and sound proof doors are used in places that leads to the neighbors. Internal procedures and control are established which are review regularly to ensure compliance at all times

Reserve Policy

The trustees of the charity have a reserve policy. They are conscious of the fact that the charity is not self-financing, so that funds must be available to fall back on in case of financial challenges. In this regard the Trustees consider that the charity needs to hold reserves equivalent to two months operating expenditures which currently equates to £25560

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Volunteers

Mount Zion Parish is grateful for the effort of its Volunteers who are involve in service provision, it is estimated that over one thousand five hundred and twenty (1520) Volunteer hours were provided during the year. If this is conservatively valued at £11.44 an hour, the volunteer effort will amount to £17389. We will continue to ensure that the best value is derived from the sterling effort of our Volunteers.

Responsibilities of the Trustees

The charity Act 1993 requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charity as at the balance date and of its incoming resources and application of resources, including income and expenditure, for the year then ended.

In preparing the financial statements which gives a true and fair view, the Trustees should follow best practice and:

a) Select suitable accounting policies and then apply them consistently

b) Make judgement and estimates that are reasonable and prudent

c) State whether applicable accounting standards have been followed, subject to any

material departures disclosed and explained in the notes to accounts

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and also to ensure that the financial statements comply with the charity Act 1993. They are also responsible for safe guarding the asset of the charity and hence for taking reasonable steps for the prevention and detection of fraud and irregularities.

Thanks

The Trustees are very grateful to God, Pastor T. A. Adesina, the administration staff and all volunteers for the day to day running of the church. We are aware of the fact that without your efforts, we would not have been able to do the work effectively.

The Trustees feel privileged to serve.

On behalf of the Board of Trustees.

Signed By Trustee Secretary

Approved by the Trustees on 23/09/2024

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value and in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” published in October 2008 and applicable accounting standards.

1.2 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 parish and which have not been designated for other purposes. Restricted fund are funds which are to be used in accordance with specific restriction imposed by donors which have been raised by the parish for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and the use of each restricted fund is set out in the note to the financial statements. Investment income, gains and losses to the appropriate fund.

1.3 Incoming resources

All incoming resources are included in the statement of Financial Activities when the parish is legally entitled to the income and the amount can be quantified with reasonable accuracy.

1.4 Resources expended

All expenditure is accounted for on an accrual basis and has been included under expense categories that aggregate all cost for allocation to activities. Where costs cannot be directly attributed to particular activity, they have been allocated on a basis consistent with the use of the resources. Overhead have been allocated on basis of staff cost, grant payable is charge in the year when the offer is made expect where that offer is conditional, such grant being recognised as expenditure when the conditions attached are fulfilled. Grant offered subject to condition which have not been met at the year-end are noted as commitment, but not accrued as expenditure.

1.5 Cash flow

The financial statements do not include cash flow statement because the church as a small reporting entity is exempt from requirement to prepare such statement under the Financial Reporting Standards for Smaller Entities (effective June 2002).

1.6 Tangible Fixed Assets and depreciation

All assets costing more than ₤400 are capitalized. Non -Current Assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their estimated useful lives, which is five years except for Motor Vehicle which is depreciated over 4 years.

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

1.7 Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalized as tangible fixed assets. Assets obtained 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 lease are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to the future period the finance element of the rental payment is charged to the SOFA so as to produce constant periodic rate of charge on the net obligation outstanding in each period.

1.8 Operating Leases: Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to SOFA as incurred.

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Accountants, Auditors, Tax & Advisors

AdrianGold&co

Co.

THE REDEEMED CHRISTIAN CHURCH OF GOD (MOUNT ZION)

ACCOUNTANTS CERTIFICATE FOR THE PERIOD ENDED 31[ST ] DECEMBER 2024 .

In accordance with instruction given to us, we have prepared the Annexed Income and Expenditure account and balance sheet under the historical cost convention, using the accounting records; information and explanation supplied to us by the trustees, and certify that they are in accordance there-in.

24, Cardozo Road London N7 9RL

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REDEEMED CHRISTIAN CHURCH OF GOD(RCCG) MOUNT ZION

REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31st December 2024

Unrestricted Restricted
Notes Fund Fund Total 2024 Total 2023
INCOMING RESOURCES £ £ £ £
Donation, Legacies and Similar Incomes Resource 2&3 178,471.07 1,901.50 180,372.57 159,137.94
Income from Gift Aid 4 36,952.54 0.00 36,952.54 42,592.95
Income from Investment & Other 5 11,926.63 0.00 11,926.63 10,794.70
TOTAL INCOMING RESOURCES 227,350.24 1,901.50 229,251.74 212,525.59
RESOURCES EXPENDED
CHARITABLE EXPENDITURE
Grant Paid Insttitutional 6 10,845.00 0.00 10,845.00 11,060.00
Cost of Activities in Furtherance off 7, 8 &9 131,691.57 0.00 131,691.57 119,678.99
Charity Objectives
Resources Expended in on Managing and 10 8,748.72 0.00 8,748.72 22,820.82
Administering the Charity
TOTAL RESOURCES EXPENDED 151,285.29 0.00 151,285.29 153,559.81
NET MOVEMENT OF FUND FOR THE YEAR 76,064.95 1,901.50 77,966.45 58,965.78
NET MOVEMENT OF FUND 0.00 0.00 0.00 0.00
TOTAL FUND AS AT 1ST JANUARY 789,108.00 62,474.08 851,582.08 796,412.12
TOTAL FUND AS 31ST DECEMBER 865,172.95 64,375.58 929,548.53 855,377.90

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Balance Sheet as at 31st of December 2024

Notes
Non Current Asset
11
CURRENT ASSETS
Debtors
12
Investment
Other Current Assets
13
Bank Balances
14
Creditors Amount falling due in less than one year
15
NET CURRENT ASSET/LIABILITIES
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors Amount falling due in more than one year
16
Funds (Net Total less Total Liabilities)
CHARITY Fund
Restricted Fund
Unrestricted Fund
TOTAL FUND		 2024
2023
£
£
£
£
956,454.35
960,670.58
29,205.32
37,425.32
3,232.36
3,000.00
36,104.52
42,592.95
82,008.01
41,340.37
150,550.21
124,358.64
52,177.20
53,195.29
98,373.01
71,163.35
1,054,827.36
1,031,833.93
125,278.83
176,456.03
929,548.53
855,377.90
64,375.58
62,474.08
865,172.95
792,903.82
929,548.53
855,377.90		 2024
2023
£
£
£
£
956,454.35
960,670.58
29,205.32
37,425.32
3,232.36
3,000.00
36,104.52
42,592.95
82,008.01
41,340.37
150,550.21
124,358.64
52,177.20
53,195.29
98,373.01
71,163.35
1,054,827.36
1,031,833.93
125,278.83
176,456.03
929,548.53
855,377.90
64,375.58
62,474.08
865,172.95
792,903.82
929,548.53
855,377.90
1,031,833.93
176,456.03
855,377.90
62,474.08
792,903.82
855,377.90

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Notes to the Financial Statement For the year ended 31st of December 2024

Unrestricted Restricted Restricted
Fund Fund 2024 2023
**2 ** Donations £ £ £ £
Tithes & Offerings 178,471.07 0.00 178,471.07 154,522.55
Welfare Offerings 209.00 209.00 1,483.19
178,471.07 **209.00 ** **178,680.07 ** 156,005.74
**3 ** Other Voluntary Income
Building Offering 416.93 416.93 2,194.30
Mission offering 1,275.57 1,275.57 937.90
0.00 1,692.50 1,692.50 3,132.20
**4 ** Income from Gift Aid 36,952.54 0.00 36,952.54 42,592.95
**5 ** Income From Investment & Others
Sales of Books and Tapes 219.00 0.00 219.00 110.00
Rental Income 11,000.00 0.00 11,000.00 10,000.00
Bank Interest Received 707.63 0.00 707.63 684.70
11,926.63 0.00 11,926.63 10,794.70
**6 ** Grant Paid: Missionary and Charitable Giving
Central Office Expenses 3,080.00 0.00 3,080.00 2,500.00
Donation to FOL and Others 1,200.00 0.00 1,200.00 0.00
Home Mission and Other Church Society 0.00 160.00
Other Mission Expenses 565.00 565.00 2,000.00
Pakistan Mission 0.00 400.00
WEM 6,000.00 0.00 6,000.00 6,000.00
10,845.00 0.00 10,845.00 11,060.00
**7 ** Direct Church Expenditure
Children Church Expenses 0.00 0.00 100.00
Wages and Salary 68,011.04 0.00 68,011.04 44,000.00
Gifts 700.00 0.00 700.00 0.00
Honorarium 1,151.51 0.00 1,151.51 6,816.00
Other Ministers and Pastor expenses 905.00 0.00 905.00 535.00
Telephone 240.00 0.00 240.00 0.00
Accomodation and Other Church Expenses 2,556.75 0.00 2,556.75 619.00
Depreciation: Motor Vehicle 4,500.00 0.00 4,500.00 4,500.00
:Furnitures & Fittings 0.00 0.00 0.00
78,064.30 0.00 78,064.30 56,570.00

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Notes to the Financial Statement For the year ended 31st of December 2024

8 CHURCH OUTREACH AND MISSION
Hospitality
Missions Travel
Music
Publicity for Programmes
Subsciptions
Studio
Welfare
Purchase of Books and Tapes
Church Outreach and Mission -Other
Dep - Studio Equipment
9 CHURCH RUNNING EXPENSES
Insurance
Holy Communion
Interest on Mortgage
Multimedia
Motor Vehicle Expense
Repairs and Servicing
Cleaning
Water, Gas & Electricity
Dep - Church Equipment
10
ADMINISTARTION EXPENSES
Advertising - Church Programmes
Bank Charges & Interest
Volunteering Cost
General Expenses
Computer & Int Expenses
Licence & Permit
Training
Office Stationery
Proffesional Fees
Dep - Office Equipment
Transport Expenses		 Unrestricted
Fund
Restricted
Fund
2024
2023
£
£
£
£
570.00
0.00
570.00
690.00
176.00
0.00
176.00
618.00
6,510.00
0.00
6,510.00
7,042.61
220.00
0.00
220.00
297.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,407.29
6,525.00
0.00
6,525.00
14,425.00
600.00
0.00
600.00
432.00
220.00
0.00
220.00
500.00
3,688.00
3,688.00
2,656.40
18,509.00
0.00
18,509.00
28,069.05
2,656.09
0.00
2,656.09
4,919.06
0.00
0.00
0.00
101.98
8,822.80
0.00
8,822.80
7,804.71
6,305.02
3,791.09
0.00
3,791.09
2,184.25
7,695.00
0.00
7,695.00
2,630.28
0.00
0.00
50.99
3,919.47
0.00
3,919.47
15,719.62
1,928.80
0.00
1,928.80
1,629.05
35,118.27
0.00
28,813.25
35,039.94
54.29
0.00
54.29
780.00
4,932.53
0.00
4,932.53
4,490.81
0.00
0.00
14,330.00
538.30
0.00
538.30
1,604.61
493.60
0.00
493.60
0.00
100.00
0.00
100.00
155.00
0.00
0.00
0.00
0.00
0.00
0.00
130.00
0.00
130.00
250.00
2,500.00
0.00
2,500.00
1,000.00
0.00
0.00
210.40
8,748.72
0.00
8,748.72
22,820.82

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Notes to the Financial Statement For the year ended 31st of December 2024

12 FIXED ASSETS SCHEDULE

Cost Church Studio Furniture & Office Freehold Motor TOTAL
Equipment Equipment Fittings Equipment Property Vehicle
£ £ £ £ £ £ £
At 1st January 2024 65,007.93 63,457.22 71,009.88 17,990.90 944,738.00 18,000.00 1,180,203.93
Additions 1,988.77 4,122.20 0.00 0.00 0.00 0.00 6,110.97
Disposal 0.00 0.00 0.00 0.00 0.00 0.00 0.00
At 31st December 2024 66,996.70 67,579.42 71,009.88 17,990.90 **944,738.00 ** 18,000.00 1,186,314.90
Depreciation
At 1st of January 2024 60,120.77 57,753.40 71,009.88 17,149.30 **0.00 ** 13,500.00 219,533.35
Charge for the year 1,928.80 3,688.00 0.00 210.40 0.00 4,500.00 10,327.20
Disposal 0.00 0.00 0.00 0.00 0.00 0.00 0.00
At 31st December 2024 62,049.57 61,441.40 71,009.88 17,359.70 **0.00 ** 18,000.00 229,860.55
Net Book Value
At 31st December 2024 4,947.13 6,138.02 0.00 631.20 944,738.00 0.00 956,454.35
At 31st December 2023 4,887.16 5,703.82 0.00 841.60 944,738.00 4,500.00 960,670.58

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REDEEMED CHRISTIAN CHURCH OF GOD (RCCG) MOUNT ZION

Notes to the Financial Statement

For the year ended 31st of December 2024

13 DEBTORS
Sundry & Other Debtors
Other Current Assets
14 CASH IN HAND & AT BANK
HSBC Building Account
HSBC Current Account
HSBC Mission Account
HSBC Project Account
HSBC Saving Account
Natwest Current Account
CREDITORS (amount payable in the next one year)
15 Kingdom Bank(Mortgage)
Other Current Liabilities
16 CREDITORS (amount payable in more than one year)
Kingdom Bank(Mortgage)		 2024
£
29,205.32
36,104.52
65,309.84
2024
£
10834.21
5023.55
311.36
5140.97
60697.92
0.00
82,008.01
51,177.20
1,000.00
52,177.20
125,278.83		 2023
£
37,425.32
42,592.95
80,018.27
2024
£
7,562.42
2,090.26
403.36
294.04
30,990.29
0.00
41,340.37
52,195.29
1,000.00
53,195.29
176,456.03

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